Document:

Exhibit 10.2

                         EXECUTIVE EMPLOYMENT AGREEMENT

     This Employment  Agreement (the "Agreement") is made and entered into as of
September 1, 2001, by and between Royal Precision,  Inc, a Delaware  corporation
(the  "Company"),  and John  Lauchnor,  an individual  residing at 2251 Moorwood
Drive, Holt, Michigan 48842 (the "Executive").

                                    RECITALS

WHEREAS,  prior to the date of this  Agreement,  Executive has held positions in
plant  management,  general  management and is now a general manager of a global
operation and a division head of Precision Cast Parts; and

WHEREAS,  the Company  desires to employ  Executive from September 24, 2001 (the
"Effective Date") until expiration of the term of this Agreement,  and Executive
is willing to be employed by the Company  during that  period,  on the terms and
subject to the conditions set forth in this Agreement.

NOW  THEREFORE,  in  consideration  of the mutual  covenants and promises of the
parties, the Company and Executive covenant and agree as follows:

1.   DUTIES.  During the term of this  Agreement,  Executive will be employed by
the Company to initially serve as President and Chief  Operating  Officer of the
Company.  Executive will devote such full amount of business time to the conduct
of the  business of the  Company as may be  reasonably  required to  effectively
discharge   Executive's   duties  under  this  Agreement  and,  subject  to  the
supervision  and direction of the  Company's  Chairman of the Board and Board of
Directors (the "Board"), will faithfully,  industriously, and to the best of his
ability, experience and talent, perform those duties and have such authority and
powers as are contained in the Company's  job  description  for the offices of a
President and Chief Operating Officer.  The Executive shall observe and abide by
all reasonable  corporate  policies and decisions of the Company in all business
matters.

2.   TERM OF EMPLOYMENT

     2.1.  DEFINITIONS.  For purposes of this Agreement the following terms have
the following meanings:

          (a)  "Termination  for  Cause"  means  termination  by the  Company of
Executive's  employment (i) by reason of Executive's willful dishonesty towards,
fraud upon, or deliberate  injury or attempted  injury to, the Company,  (ii) by
reason of  Executive's  breach of this  Agreement  or failure to  discharge  the
outlined  duties or (iii) by reason of  Executive's  negligence  or  intentional
misconduct  with respect to the  performance  of  Executive's  duties under this
Agreement.
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          (b)  "Termination  Other  than For  Cause"  means  termination  by the
Company of  Executive's  employment  by the Company  for reasons  other than the
Disability  (as defined in Section 2.5) or the death of Executive or those which
constitute Termination for Cause.

          (c)  "Voluntary   Termination"   means  termination  by  Executive  of
Executive's  employment  with the Company,  excluding  termination  by reason of
Executive's Disability or death as described in Sections 2.5 and 2.6.

     2.2.  BASIC TERM.  The term of  employment of Executive by the Company (the
"Term") will commence on the Effective  Date and will extend  through the period
ending on the third anniversary of the Effective Date (the "Termination  Date").
The Company and Executive may extend the Term by mutual written  agreement,  and
such  additional  period  shall be  included  in the  definition  of  "Term." If
Executive, upon the request of the Company,  continues to render services in the
Company's employ after the Term in the absence of any written  extension,  it is
understood that such continued  employment will be "at will,"  terminable at any
time by either party.

     2.3.  TERMINATION  FOR CAUSE.  Termination for Cause may be effected by the
Company at any time during the Term by written  notification to Executive.  Upon
Termination for Cause,  Executive is to be immediately  paid all accrued salary,
incentive compensation to the extent earned, vested deferred compensation (other
than  pension  plan or  profit  sharing  plan  benefits,  which  will be paid in
accordance with the applicable  plan), and accrued vacation pay, all to the date
of termination, but Executive will not be paid any severance compensation.

     2.4.  TERMINATION  OTHER THAN FOR CAUSE.  Notwithstanding  anything else in
this Agreement, the Company may effect a Termination Other Than for Cause at any
time upon giving notice to Executive of such  Termination  Other Than for Cause.
Upon any Termination  Other Than for Cause,  Executive will  immediately be paid
all accrued salary, all incentive  compensation to the extent earned,  severance
compensation as provided in Section 4, vested deferred  compensation (other than
pension plan or profit sharing plan  benefits,  which will be paid in accordance
with  the  applicable  plan),  and  accrued  vacation  pay,  all to the  date of
termination.

     2.5.  TERMINATION  DUE TO DISABILITY.  In the event that,  during the Term,
Executive  should,  in the  reasonable  judgment  of the Board,  fail to perform
Executive's duties under this Agreement because of illness or physical or mental
incapacity  ("Disability"),  and such Disability  continues for a period of more
than three  consecutive  months or for a period of 26 weeks out of any 52 weeks,
the Company will have the right to terminate  Executive's  employment under this
Agreement by written  notification  to Executive and payment to Executive of all
accrued  salary  and  incentive  compensation  to the extent  earned,  severance
compensation as provided in Section 4, vested deferred  compensation (other than
pension plan or profit sharing plan  benefits,  which will be paid in accordance
with the  applicable  plan),  and all accrued  vacation  pay, all to the date of
termination.  Any  determination  by  the  Board  with  respect  to  Executive's
Disability must be based on a determination  of competent  medical  authority or
authorities,  a copy of which  determination  shall be delivered to Executive at
the time it is delivered to the Board.

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     2.6.  DEATH.  In the event of  Executive's  death  during  the term of this
Agreement,  Executive's  employment is to be deemed to have terminated as of the
last day of the month during which Executive's  death occurred,  and the Company
will pay to Executive's  estate accrued  salary,  incentive  compensation to the
extent earned,  vested deferred  compensation (other than pension plan or profit
sharing plan  benefits,  which will be paid in  accordance  with the  applicable
plan),  and accrued  vacation pay, all to the date of termination.  In addition,
the Company shall pay Executive's  Base Salary to Executive's  surviving  spouse
for the period  commencing on the first month  following  Executive's  death and
ending on the shorter of (a) the death of Executive's  surviving  spouse, or (b)
six months.

     2.7. VOLUNTARY TERMINATION.  In the event of a Voluntary  Termination,  the
Company will  immediately  pay to Executive  all accrued  salary,  all incentive
compensation  to the extent earned,  vested  deferred  compensation  (other than
pension plan or profit sharing plan  benefits,  which will be paid in accordance
with  the  applicable  plan),  and  accrued  vacation  pay,  all to the  date of
termination, but Executive will not be paid any severance compensation.

3.   SALARY, BENEFITS AND OTHER COMPENSATION.

     3.1.  BASE SALARY.  As payment for the services to be rendered by Executive
as provided in Section 1 and subject to the terms and  conditions  of Section 2,
the Company  agrees to pay to Executive a "Base  Salary,"  payable in accordance
with the  customary  pay  practices of the Company.  The Base Salary  payable to
Executive  under this Section will  initially  be  $185,000.  Executive  will be
entitled to regular  annual  salary  reviews and raises  during the term of this
Agreement in the same general manner as other officers of the Company.

     3.2.  BONUS.  In addition to amounts  paid to  Executive  pursuant to other
sections  of this  Agreement,  Executive  shall be entitled to a bonus that will
equal  up to  50%  of his  Base  Salary  if  key  objectives  are  accomplished.
Initially, for fiscal year 2002, 75% of this bonus will be based upon net income
before tax of the Company  for the period  September  1, 2001 and May 31,  2002;
and,  25% of the  bonus  will  be  based  upon  cash  flow of the  Company  from
operations for the same period. The Personnel and Compensation  Committee of the
Board shall establish a plan outlining how such bonus shall be earned for fiscal
year 2002 and the years thereafter.

     3.3.  BENEFIT PLANS.  During the term of Executive's  employment under this
Agreement,  Executive is to be eligible to participate  in all employee  benefit
plans to the extent maintained by the Company,  including  (without  limitation)
any life,  disability,  health,  accident  and other  insurance  programs,  paid
vacations, and similar plans or programs,  subject in each case to the generally
applicable  terms and  conditions  of the plan or program in question and to the
determinations of any committee administering such plan or program. The Company,
in lieu of other life insurance  benefits,  shall use reasonable efforts in good
faith to secure a $500,000 term life insurance  policy ( or such other policy as
the Company  may  determine  is  reasonable  having a death  benefit of at least
$500,000) on the life of Executive which shall be owned by the Company.  So long
as  Executive  is an  employee  of  the  Company,  Executive  shall  select  the
beneficiary of such policy.

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     3.4.  WITHHOLDING OF TAXES.  Executive  understands that the services to be
rendered by Executive  under this  Agreement  will cause  Executive to recognize
taxable income,  which is considered under the Internal Revenue Code of 1986, as
amended, and applicable regulations thereunder as compensation income subject to
the withholding of income tax (and Social Security or other  employment  taxes).
Executive  hereby  consents to the  withholding of such taxes as are required by
the Company.

     3.5.  EXPENSES.  During  the  term  of this  Agreement,  the  Company  will
reimburse Executive for Executive's  reasonable  out-of-pocket expenses incurred
in connection with the Company's business,  including travel expenses, food, and
lodging  while away from home,  subject to such policies as the Company may from
time to time reasonably establish for its employees.

     3.6.  SIGNING BONUS. The Company shall pay Executive a signing bonus in the
amount of $30,000. Such bonus shall be payable as follows:

                    DATE                              AMOUNT
                    ----                              ------
              November 15, 2001                       $15,000
              December 15, 2001                       $15,000

     3.7. REIMBURSEMENT OF FEES. After execution of this Agreement,  the Company
shall reimburse Executive for normal moving expenses,  closing costs and realtor
fees on both the sale and purchase of his old and new homes upon presentation of
appropriate   documentation.   The  Company   will   increase  the  payment  for
reimbursement  of these fees to cover the amount of any taxes that may be due by
Executive as a result of receipt of such reimbursement.

     3.8.  DEFERRAL  PROGRAM.  The Company shall use reasonable  efforts in good
faith to cause to be established an appropriate  salary deferral program for the
benefit of Executive,  which may be made available to others,  pursuant to which
Executive may contribute, on a tax deferred basis, up to 25% of his compensation
with no match by the Company.

     3.9.  DIRECTORSHIP.  The Company shall cause  Executive to be a director of
the  Company  and shall  cause  Executive  to be  re-nominated  and elected as a
director of the Company for so long as Executive  continues to be the  President
of the Company.

     3.10.  STOCK OPTIONS.  The Company shall cause to be granted to Executive a
nonqualified  stock  option to purchase up to 250,000  shares of Common Stock of
the Company under the Company's Stock Option Plan, at an exercise price equal to
the closing  price of a share of common  stock of the Company on  September  21,
2001.  The options  shall vest at the rate of 25% per year starting on the first
anniversary of date of the Effective Date.

     3.11.  COUNTRY CLUB. On and after June 1, 2002,  the Company will reimburse
Executive for the initiation fee for one country club up to $25,000.

4.   SEVERANCE COMPENSATION.

     4.1.  TERMINATION  OTHER THAN FOR CAUSE;  PAYMENT IN LIEU OF NOTICE. In the
event  Executive's  employment is  terminated  in a  Termination  Other Than for
Cause,  Executive will be paid as severance pay Executive's  Base Salary for the
period  commencing on the date that  Executive's  employment  is terminated  and
ending 12 months from the date of such  termination,  on the dates  specified in
Section 3.1 for payment of Executive's Base Salary.

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     4.2.  TERMINATION FOR DISABILITY.  In the event  Executive's  employment is
terminated because of Executive's  Disability pursuant to Section 2.5, Executive
will be  entitled  to the  benefits  available  under the  Company's  disability
policies,  if any,  and such salary  continuation  as may be  determined  by the
Personal and Compensation Committee.

     4.3.  OTHER  TERMINATION.   In  the  event  of  a  Voluntary   Termination,
Termination  for Cause or Death,  Executive  or  Executive's  estate will not be
entitled to any severance pay except salary continuation as may be determined by
the Personal and Compensation Committee.

5.   NO CONFLICT.  Executive hereby  represents and warrants to the Company that
he is not  under any  contractual,  fiduciary  or other  obligation  that  would
conflict in any manner  whatsoever  with his  obligations  and duties under this
Agreement, and that the execution and performance of this Agreement by Executive
will not  breach  any  agreement  (oral  or  written),  fiduciary  duty or other
obligation  to which  Executive  presently  is a party or by which  Executive is
bound.  Executive shall indemnify,  defend and hold harmless the Company and its
officers, directors, shareholders, employees and agents from and against any and
all costs and expenses  (including,  without limitation,  reasonable  attorney's
fees)  incurred  by the Company as a result of or in  connection  with any claim
successfully made by any other person or entity that Executive's employment with
the Company  has caused or will cause (a) any harm to such person or entity,  or
(b) the breach of any  contractual,  fiduciary or other  obligation owed to such
person or entity.

6.   PROPRIETARY INFORMATION; NON-COMPETE, ETC.

     6.1. POSITION OF LOYALTY. In the course of Executive's  employment with the
Company,  and because of the nature of Executive's  responsibilities,  Executive
may  acquire and have access to valuable  trade  secrets,  proprietary  data and
other confidential information (collectively,  "Confidential  Information") with
respect to the Company's customers,  suppliers,  competitors and business.  Such
Confidential  Information  includes  but is not  limited to the  following:  the
Company's existing and contemplated services,  products,  business and financial
methods and practices,  plans,  pricing,  selling techniques,  business systems,
product technologies and formulae, and special methods and processes involved in
providing services,  lists of the Company's existing and prospective  suppliers,
subcontractors  and/or customers,  methods of obtaining suppliers and customers,
credit and financial  data of the Company's  present and  prospective  suppliers
and/or customers,  particular business requirements of the Company's present and
prospective customers as well as similar information related to any subsidiaries
the Company may have. In addition,  Executive,  on behalf of the Company, may in
the future enhance or develop personal  acquaintances and relationships with the
Company's present and prospective suppliers, subcontractors and customers, which
acquaintances  and  relationships may constitute the Company's only contact with
such persons or  entities.  As a  consequence  thereof,  the parties  agree that
Executive  occupies  or will  occupy a  position  of trust and  confidence  with
respect to the Company's  affairs and its products and services.  In view of the
foregoing  and in  consideration  of the  remuneration  to be paid to  Executive
hereunder, Executive acknowledges and agrees that it is reasonable and necessary
for the  protection  of the goodwill and business of the Company that  Executive
make the  covenants  contained in Sections 6.2 through 6.6 below  regarding  the
conduct of Executive  during and subsequent to employment with the Company,  and
that the Company will suffer  irreparable injury if Executive engages in conduct
prohibited thereby.  Executive  represents that observance of the aforementioned
covenants will not cause  Executive any undue hardship nor will it  unreasonably
interfere  with  Executive's  ability  to  earn a  livelihood,  so  long  as the
remuneration to be paid to Executive  hereunder is timely paid without offset or
counterclaim.

     6.2.  NON-DISCLOSURE.  Executive,  while in the employ of the Company or at
any time  thereafter,  will not,  without  the  express  written  consent of the
Company,  directly or indirectly  communicate  or divulge to, or use for his own
benefit  or  for  the  benefit  of  any  other  person,  firm,   association  or
corporation,  any of the Company's or its subsidiaries' Confidential Information
which was  communicated  to or  otherwise  learned of or acquired  by  Executive
during  the  course  of his  employment  with the  Company;  provided;  however,
Executive  may  disclose  or use such  information  under  any of the  following
circumstances:  (a)  disclosure  or use  thereof in good faith by  Executive  in

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connection with the performance of his duties in the course of his employment by
the Company; (b) disclosure which Executive is advised by counsel is required by
a court or other governmental agency of competent jurisdiction or (c) disclosure
or use by Executive  of any such  information  or data which is generally  known
within the industry or is otherwise available through independent sources.

     6.3. RETURN OF INFORMATION AND EQUIPMENT. Promptly after the termination of
employment  with  the  Company   (whether  or  not  pursuant  to  an  employment
agreement),  Executive  will deliver to the Company all  originals and copies of
memoranda,  customer lists,  samples,  records,  documents,  computer  programs,
product information,  hardware,  equipment (e.g.,  computers,  fax machines) and
other  materials and  equipment  owned or leased by the Company and requested by
the Company which he has obtained from the Company  (other than as a gift) while
serving in any such capacity. Executive will take all action necessary to remove
any Confidential  Information from any computers or other electronic  devices he
may own or possess and upon request certify to the Company that he has done so.

     6.4. NON-COMPETITION.  Executive agrees that during his employment with the
Company  and for a period of one year  thereafter  (or if this  period  shall be
unenforceable by law, then for such lesser period as shall be required by law to
make the provisions of this Section enforceable), hereinafter referred to as the
"Non  Competition  Period",  so long as the  Company  is not in  breach  of this
Agreement,  Executive  will not,  without  the  express  written  consent of the
Company (by an officer other than Executive) or approval of the Board,  directly
or indirectly,  own, manage, participate in, advise or consult with or otherwise
engage in or have any connection with (as an employee, representative,  agent or
otherwise)  any  business  in any  geographic  area in which  the  Company  then
competes which provides any product or service (or similar or related product or
service) provided by the Company or actively  contemplated to be provided by the
Company on the date of termination of  Executive's  employment  with the Company
except that  Executive  shall not be  precluded  hereby from owning stock or any
other  securities in a publicly  traded company where such  investment  entitles
Executive to less than one percent of the voting control over such company.

     6.5.  NON-SOLICITATION OF CUSTOMERS,  SUBCONTRACTORS AND SUPPLIERS.  During
Executive's  employment  with the  Company,  and for a period of (i) three years
following the  termination  of Executive's  employment  with the Company for any
reason  whatsoever,  other than breach of this  Agreement  by the Company (or if
this period shall be  unenforceable by law, then for such lesser period as shall
be required by law to make the provisions of this Section enforceable),  or (ii)
if the employment of Executive is terminated  pursuant to Section 4.1, 12 months
following the termination of Executive's employment with the Company, and except
in the good faith  furtherance  of the interests of the Company,  Executive will
not,  without the express  written  consent of the Company (by an officer  other
than Executive) or approval of the Board,  contact  (whether or not initiated by
Executive),  with a view toward selling any product or service  competitive with
any product or service sold or, to Executive's knowledge, proposed to be sold by
the Company or any  subsidiary of the Company at the time of such  contact,  any
person,  firm,  association  or  corporation:  (a) to which the  Company  or any
subsidiary of the Company sold any product or service during the preceding year,
(b) which  Executive  solicited,  contacted or otherwise dealt with on behalf of
the  Company  or any  subsidiary  of the  Company,  or (c) which  Executive  was
otherwise   aware  was  a  customer  or   prospective   customer,   or  supplier
subcontractor  or  prospective  supplier  subcontractor,  of the  Company or any
subsidiary of the Company.  Executive  will not directly or indirectly  make any
such  contact,  either for his benefit or for the  benefit of any person,  firm,
association or corporation, and Executive will not in any manner assist any such
person, firm, association or corporation to make any such contact.

     6.6. NON-INTERFERENCE.  During Executive's employment with the Company, and
for a period of three years following the termination of Executive's  employment
with the Company for any reason whatsoever,  other than breach of this Agreement
by the Company (or if this period shall be  unenforceable  by law, then for such
lesser period as shall be required by law to make the provisions of this Section
enforceable),  Executive shall not induce or encourage,  directly or indirectly,
(a) any  employee  of the  Company  to leave his or her  employment,  or to seek
employment with anyone other than the Company,  unless it has been determined by
the Board or a division head where appropriate, that such employee's performance
or other  characteristics or circumstances are such that such employee's leaving
the  Company  is in the best  interests  of the  Company,  or (b) any  customer,
subcontractor or supplier (including without limitation, independent contractors
engaged by the Company to provide or deliver  products  to, or perform  services
for,  customers  of the  Company)  of the  Company  to modify or  terminate  any
relationship,  whether or not evidenced by a written contract,  with the Company
unless it has been determined by the Board or division head, where  appropriate,
that such modification or termination is in the best interests of the Company.

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7.   INDEPENDENT ADVICE. Each of Executive and the Company hereby represents and
warrants  to the  other  that  he or it has  been  advised  to and  has  had the
opportunity  to seek the advice of independent  counsel in connection  with this
Agreement  and  the  transactions  contemplated  hereby  and has  obtained  such
independent  advice or hereby  waives his or its right to seek such  independent
advice.  Each further  represents that he or it has made the decision to execute
this  Agreement  independent  of any  other  agreement  and  independent  of any
statements  or  opinions  which  may have  been  made or  given by any  counsel,
Executive or the Company.

8.   ARBITRATION.

     8.1.  AGREEMENT.  The  Company  and  Executive  agree to settle any and all
claims,  disputes or controversies arising out of or relating to (a) Executive's
application  or  candidacy  for  employment,   (b)  any  aspect  of  Executive's
employment  with the Company and/or (c) the cessation of Executive's  employment
with the Company (hereinafter any such claims,  disputes and controversies shall
be referred to as "Disputes"),  exclusively by final and binding  arbitration in
the manner set forth in this Agreement, except for Disputes set forth in Section
8.3  which  shall not be  subject  to  arbitration.  Such  arbitration  shall be
administered by the American Arbitration  Association ("AAA") in accordance with
the AAA's  National Rules for the  Resolution of Employment  Disputes  ("Rules")
then in effect, as modified by this Agreement.  This means that Disputes subject
to arbitration will be decided by a panel of three arbitrators, rather than by a
court or jury, and that the Company and Executive  waive their rights to a court
or jury trial. Additionally, if either party files a lawsuit regarding a Dispute
subject to arbitration, the other party may use this Agreement in support of its
request to the court to dismiss the  lawsuit  and require  such party to instead
use arbitration. If either party files a lawsuit in court involving claims which
are, and other claims which are not,  subject to arbitration,  such party agrees
that the court shall stay  litigation of the  non-arbitrable  claims and require
that arbitration take place with respect to those claims subject to arbitration.
The arbitrators' decision on the arbitrable claims, including any determinations
as to the disputed factual or legal issues,  shall be entitled to full force and
effect in any later court  lawsuit on any  non-arbitrable  claims.  Both parties
agree  that  Executive  may still  file  administrative  charges  with the Equal
Employment Opportunity Commission or similar federal, state or local agency, but
that  upon  receipt  of  a   right-to-sue   letter  or  similar   administrative
determination,  Executive  shall  arbitrate  against  the  Company  any  Dispute
encompassed therein.

     8.2.  EXAMPLES  OF DISPUTES  SUBJECT TO  ARBITRATION.  Disputes  subject to
arbitration under this Agreement include,  without limitation,  claims, disputes
and controversies  arising under the Age Discrimination in Employment Act, Title
VII of the Civil Rights Act of 1964, as amended, including the amendments of the
Civil Rights Act of 1991,  the Americans with  Disabilities  Act, the Fair Labor
Standards Act, 42 U.S.C.  section 1981, as amended,  including the amendments of
the Civil  Rights Act of 1991,  Executive  Polygraph  Protection-Act,  Executive
Retirement Income Security Act, the National Labor Relations Act, federal, state
or  other  governmental   discrimination  statutes,   federal,  state  or  other
governmental  statutes,  common  law  or  ordinances  regulating  employment  or
employment termination,  the law of contract or the law of tort, including,  but
not limited to, claims for malicious prosecution,  wrongful discharge,  wrongful
arrest/wrongful  imprisonment,  intentional or negligent infliction of emotional
distress  or  defamation.   Additionally,   whether  a  Dispute  is  subject  to
arbitration is an issue that shall be decided by arbitration.

     8.3.  DISPUTES NOT SUBJECT TO  ARBITRATION.  The only Disputes  between the
Company and Executive not subject to arbitration are (a) claims by Executive for
state unemployment benefits and state workers' compensation benefits, (b) claims
by the Company  that  Executive  violated  Section 6 of this  Agreement  and (c)
claims by the Company that Executive  violated any common law duties owed to the
Company after termination of employment  (hereinafter any such claims,  disputes
and controversies shall be referred to as a "Non-Arbitrable Dispute"). Statutory
or common law claims  alleging  that the  Company  retaliated  or  discriminated
against Executive for filing a state employment insurance claim, however,  shall
be  subject  to  arbitration.  With  respect  to  Section  6 of this  Agreement,
Executive  acknowledges  and agrees that the remedy at law for any breach of the
provisions therein is inadequate and that the Company,  in addition to any other
relief available to it, shall be entitled to temporary and permanent  injunctive
relief without the necessity of proving actual damage.

     8.4.  PROCEDURES.  Commencement  of  arbitration  shall be  governed by the
Rules.  Any Dispute  subject to  arbitration  must be submitted  within one year
after  the date on which  the  submitting  party  knew,  or  through  reasonable
diligence  should have known, of the facts giving rise to Executive's  claim(s);

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however,  if such  Dispute  arises under a  particular  statute,  the time limit
provided for in such statute,  if any, shall govern.  Three arbitrators shall be
used and  shall be  appointed  in  accordance  with  Section  8.5.  The place of
arbitration shall be Torrington,  Connecticut and a stenographic record shall be
made of any arbitration  hearing. The award rendered by the arbitrators shall be
in writing and shall be based on applicable law and judicial  precedent.  Unless
the parties  otherwise  agree,  the award shall include the findings of fact and
conclusions  of law on which the award is based.  Judgment  on such award may be
entered in any court  having  jurisdiction  thereof.  The award  rendered by the
arbitrators  shall be final and binding as to both  Executive  and the  Company.
Either party may appeal the arbitrators'  decision to a court in accordance with
the appeal procedures of the Federal Arbitration Act, 9 U.S.C. section 1 et seq.
or Delaware's arbitration laws.

     8.5.  APPOINTMENT  OF  ARBITRATORS.  Each party shall appoint an arbitrator
within  20  days  after  submission  of  the  Dispute  to  arbitration  and  the
arbitrators so appointed  shall appoint a third  arbitrator  within 10 days from
the date of the appointment of the last party-appointed  arbitrator. A party not
appointing  an  arbitrator  in a  timely  fashion  shall  forfeit  its  right to
participate  in  the  selection  of  the  third  arbitrator  hereunder.   If  no
appointment  of the third  arbitrator  is made  within  that time or any  agreed
extension  thereof,  the AAA may appoint a neutral  arbitrator  who shall act as
chairperson.

     8.6.  CONFIDENTIALITY.  All  aspects  of an  arbitration  pursuant  to this
Agreement and the Rules, including the hearing and record of the proceeding, and
the fact of  arbitration  shall be  confidential  and  shall  not be open to the
public, except (a) to the extent both parties agree otherwise in writing, (b) as
may be appropriate in any subsequent  proceeding between the parties,  or (c) as
may be appropriate in response to a  governmental  agency or legal process.  All
settlement   negotiations,   mediations,   and  the  results  thereof  shall  be
confidential.

9.   MISCELLANEOUS.

     9.1.  WAIVER.  The waiver of any breach of any provision of this  Agreement
will not operate or be  construed  as a waiver of any  subsequent  breach of the
same or other provision of this Agreement.

     9.2. ENTIRE AGREEMENT;  MODIFICATION.  Except as otherwise provided in this
Agreement,  this Agreement represents the entire understanding among the parties
with  respect  to the  subject  matter  of this  Agreement,  and this  Agreement
supersedes   any  and  all  prior   understandings,   agreements,   plans,   and
negotiations,  whether  written  or oral,  with  respect to the  subject  matter
hereof,  including  without  limitation,  any  understandings,   agreements,  or
obligations respecting any past or future compensation, bonuses, reimbursements,
or other  payments to  Executive  from the  Company.  All  modifications  to the
Agreement must be in writing and signed by the party against whom enforcement of
such modification is sought.

     9.3. DELIVERY OF MATERIALS;  NOTICES. Materials required to be delivered to
either party hereunder  shall be delivered as indicated  below.  Any notice,  or
other  communication  under  this  Agreement  shall be in  writing  and shall be
considered  given:  (a) upon personal  delivery or delivery by telecopier  (with
confirmation of completed delivery by sender), (b) two business days after being
deposited  with an "overnight"  courier or "express mail" service,  or (c) seven
business days after being mailed by  registered  or certified  first class mail,
return  receipt  requested,  in each case addressed to the notified party at its
address set forth  below (or at such other  address as such party may specify by
notice to the other delivered in accordance with this section):

     If to the Company:                          If to Executive:

     Royal Precision, Inc.                       John Lauchnor
     535 Migeon Avenue                           2251 Moorwood Drive
     Torrington, Connecticut  06790              Holt, Michigan  48842
     Attn.: Chairman of the Board

                                       8
<PAGE>
     9.4.  HEADINGS.  The section  headings of this  Agreement  are intended for
reference and may not by themselves determine the construction or interpretation
of this Agreement.

     9.5.  GOVERNING LAW. This Agreement is executed in and shall be governed by
and construed in accordance with the laws of the State of Delaware applicable to
contracts to be performed solely in the State of Delaware.

     9.6. SURVIVAL OF THE COMPANY'S OBLIGATIONS.  This Agreement will be binding
on,  and  inure  to  the  benefit  of,  the  executors,  administrators,  heirs,
successors,  and  assigns of the  parties;  provided,  however,  that  except as
expressly provided in this Agreement,  this Agreement may not be assigned either
by the Company or by Executive.

     9.7.  COUNTERPARTS.   This  Agreement  may  be  executed  in  one  or  more
counterparts,  all of which  taken  together  will  constitute  one and the same
Agreement.

     9.8.  ENFORCEMENT.  If any portion of this  Agreement is  determined  to be
invalid or  unenforceable,  that  portion of this  Agreement  will be  adjusted,
rather than voided, to achieve the intent of the parties under this Agreement.

     9.9.  LEGAL  FEES.  For  any  Dispute   subject  to  arbitration   and  any
Non-Arbitrable  Dispute described in Section 8.3(a),  regardless of the outcome,
each party,  having  full  knowledge  that  various  federal and state  statutes
provide for the recovery of attorney fees and expenses under certain situations,
agrees to be fully  responsible  for its own attorney fees and incidental  costs
and such fees and costs shall not be  included in any award or order.  All other
costs, fees and expenses shall be handled as follows: (a) the initial filing fee
shall be paid by the party filing for  arbitration;  (b) the remaining  costs of
arbitration, including without limitation, the daily or hourly fees and expenses
(including  travel)  of the  arbitrators  who  decide  the  case,  the cost of a
reporter who transcribes the proceeding, and expenses of renting a room in which
the  arbitration  is held shall be split evenly between the parties and shall be
paid at the time  provided  for in the  Rules.  For any  Non-Arbitrable  Dispute
described in Section  8.3(b) or (c), the  prevailing  party shall be entitled to
recover  from the other  party all costs,  legal fees and  expenses  through all
proceedings, trials and appeals.

     IN WITNESS  WHEREOF,  the parties  hereto have executed and delivered  this
Agreement as of the date first written above.

ROYAL PRECISION, INC.                   EXECUTIVE

By: /s/ Richard P. Johnston             /s/ John Lauchnor
   -------------------------------      ----------------------------------------
   Richard P. Johnston                  John Lauchnor
   Chairman of the Board

                                       9<PAGE>
                                                                    EXHIBIT 10.1

                             MYERS INDUSTRIES, INC.
                           2001 RESTRICTED STOCK PLAN
--------------------------------------------------------------------------------

         1. PURPOSE. The purpose of the Myers Industries, Inc. 2001 Restricted
Stock Plan (the "Plan") is to enable Myers Industries, Inc. (the "Company") and
its subsidiaries to provide present and prospective officers and key employees
with an opportunity to obtain an equity ownership interest in the Company
through the grant of restricted stock awards ("Award" or "Awards") of the
Company's common stock, no par value ("Common Stock").

         2. ADMINISTRATION. The Plan shall be administered by the Board of
Directors of the Company, unless such Board appoints the Compensation Committee
of the Board in its' place (in either case, the "Committee"). A majority of
members of the Committee shall constitute a quorum, and all determinations of
the Committee shall be made by a majority of its members. Any determination of
the Committee under the Plan may be made without notice or meeting, by a writing
signed by a majority of the Committee members.

         In accordance with and subject to the provisions of the Plan, the
Committee shall (A) select the Participants from those employees meeting the
eligibility criteria described in Section 4; (B) determine the number of Shares
to be subject to each Award; (C) determine the time at which Awards are made;
(D) determine the duration and nature of Award restrictions; (E) fix such other
provisions of the Awards as the Committee may deem necessary or desirable in its
sole discretion, consistent with the terms of the Plan; and (F) determine the
form or forms of agreement with Participants which shall evidence the particular
terms, conditions, rights and duties of the Company and the Participants with
respect to Awards (the "Award Agreements").

         The Committee shall have the authority, subject to the provisions of
the Plan, to establish, adopt, and revise such rules and regulations relating to
the Plan as it may deem necessary or desirable for the administration of the
Plan. Each determination, interpretation, or other action made or taken by the
Committee pursuant to the provisions of the Plan shall be conclusive and binding
for all purposes and on all persons, including, without limitation, the Company,
the stockholders of the Company, the Committee and each of the members thereof,
the Board of Directors, officers and employees of the Company, and the
Participants and their respective successors in interest.

         3. COMMON STOCK SUBJECT TO THE PLAN. There is hereby reserved for
issuance as Awards under the Plan an aggregate of 75,000 shares of Common Stock,
which may be authorized but unissued or treasury shares.

         Any shares subject to Awards may thereafter be subject to new Awards
under this Plan if shares of Common Stock are issued under such Awards and are
thereafter reacquired by the

<PAGE>

Company pursuant to rights reserved by the Company upon issuance thereof,
including, without limitation, the forfeiture of shares subject to an Award
prior to the lapse of restrictions.

         If the Company shall at any time change the number of issued shares of
Common Stock without new considerations to the Company (by stock dividends,
stock splits, or similar transactions), the total number of shares reserved for
issuance under the Plan shall be adjusted proportionately. Awards may also
contain provisions for their continuation or for other equitable adjustments
after changes in the Common Stock resulting from reorganization, sale, merger,
consolidation or similar circumstances.

         4. PARTICIPANTS. "Participants" will consist of such key employees
(including officers) of the Company and any present or future subsidiary as the
Committee, in its sole discretion, determines to be mainly responsible for the
success and future growth and profitability of the Company and value to its
stockholders and whom the Committee may designate from time to time to receive
Awards under the Plan. Awards may be granted under this Plan to persons who have
previously received Awards or other benefits under this or other plans of the
Company.

         5. AWARDS. Awards will consist of grants of restricted shares of Common
Stock ("Restricted Shares") to Participants as a bonus for service rendered to
the Company without other payment therefor. In addition to the restrictions
described in Section 6, any Award under the Plan may be subject to such other
provision (whether or not applicable to an Award to any other Participant) as
the Committee deems appropriate, including, without limitation, provisions for
the forfeiture of and restrictions on the sale, resale or other disposition of
shares acquired under any Award, provisions giving the Company the right to
repurchase shares acquired under any Award, provisions to comply with federal
and state securities laws, or understandings or conditions as to the
Participant's employment in addition to those specifically provided for under
the Plan.

         6. RESTRICTIONS. A Participant shall not have a right to retain any
Restricted Shares granted under an Award unless and until such restrictions have
by their terms lapsed. The lapsing of such restrictions is referred to herein as
"Vesting," and the shares after Vesting has occurred are referred to herein as
"Vested Shares." The restrictions which the Committee may place on the Awards
include, without limitation, the Participant's continued employment with the
Company for certain periods of time as determined by the Committee and the
attainment of various performance goals by the Participant and/or the Company as
specified by the Committee with respect to such Award. The Committee may, in its
sole discretion, require different periods of employment or different
performance goals with respect to different Participants, with respect to
different Awards or with respect to separate, designated portions of an Award.
The Committee may, in its sole discretion, terminate restrictions on shares
issued pursuant to an Award prior to the time such restrictions otherwise would
have lapsed. Any Restricted Shares granted under an Award which have not become
Vested Shares on or before the termination date, if any, set forth in the Award
Agreement shall permanently be forfeited, and shall thereafter become available
for reissuance under the Plan.

                                       2

<PAGE>

         7. ENFORCEMENT OF RESTRICTIONS. The Committee in its sole discretion,
may employ one or more methods of enforcing the restrictions referred to in
Sections 6, 8, 9 and 11, including, without limitation, the following: placing a
legend on the stock certificates referring to the restrictions; requiring the
Participant to keep stock certificates, duly endorsed, in the custody of the
Company or its designated agent while the restrictions remain in effect; not
issuing certificates for Restricted Shares until the shares become Vested
Shares; or (D) retain a possessory lien in the Award Shares as provided in
Section 11 below.

         8. PRIVILEGES OF SHAREHOLDER. Restricted Shares shall constitute issued
and outstanding shares of the Company for all corporate purposes but only at
such time as such Shares are Vested Shares and are actually issued to the
Participant. Notwithstanding the foregoing, prior to the time at which a
Restricted Share becomes a Vested Share, the Participant's right to assign or
transfer such Restricted Share shall be subject to the limitations of Section 9.
Certificates representing Restricted Shares shall bear a restrictive legend
disclosing the restrictions, the existence of the Plan, and the existence of the
applicable Award.

         9. NON-TRANSFERABILITY. No right or interest of any Participant in any
Award made pursuant to the Plan shall, prior to the satisfaction of all
restrictions applicable thereto, be assignable or transferable, in whole or in
part, during the lifetime of the Participant, either voluntarily or
involuntarily, or be made subject to any lien (except as provided in Sections 7
and 11), directly or indirectly, by operation of law or otherwise, including
execution, levy, garnishment, attachment, pledge or bankruptcy. In the event of
a Participant's death, a Participant's right and interest in any Award shall, to
the extent provided in the Award, be transferable by testamentary will or the
laws of descent and distribution, and the issuance of any shares subject to an
Award shall be made to the Participant's legal representatives, heirs or
legatees upon furnishing the Committee with evidence satisfactory to the
Committee of such status.

         10. WITHHOLDING TAXES. The Company is entitled to withhold and deduct
from future wages of the Participant, or make other arrangements for the
collection of, all legally required amounts necessary to satisfy any federal,
state, or local tax requirements attributable to the grant, vesting or
applicable tax elections (including, without limitation, elections under Section
83(b) of the Code), with respect to the Restricted Shares, or the payment of any
dividends or other distributions with respect to the Restricted Shares, or
require the Participant promptly to remit the amount of such withholding to the
Company as a condition to the continuation of such Award, the delivery of
certificates evidencing Vested Shares, or the payment of any dividends paid on
Restricted Shares.

         11. LIEN ON SHARES. The Company may, in its sole discretion, require
that a Participant, as a condition to the receipt of an Award, grant to the
Company a possessory lien on the Restricted Shares in order to secure
re-transfer of the Shares into the name of the Company, and ensure adequate
provision for any tax withholding obligations arising with respect to such
Award, and to that end, may require that certificates evidencing Restricted
Shares be deposited by the Participant with the Company, together with stock
powers or other instruments of assignment, each endorsed in blank, which will
permit the transfer to the Company of all or any portion of the Restricted
Shares

                                        3

<PAGE>

which are forfeited or required to be retained to satisfy the participant's
withholding obligations to the Company.

         12. SHARE ISSUANCE AND TRANSFER RESTRICTIONS.

             (A) SHARE ISSUANCE. Notwithstanding any other provision of the Plan
or any Award Agreement entered into pursuant hereto, the Company shall not be
required to issue or deliver any certificate for shares under this Plan, unless
and until both of the following are satisfied:

                  (i) either:

                          (a) there shall be in effect with respect to such
             shares a registration statement under the Securities Act of 1933,
             as amended (the "Securities Act") and any applicable state
             securities laws, if the Committee, in its sole discretion, shall
             have determined to file, cause to become effective and maintain the
             effectiveness of such registration statement; or

                          (b) if the Committee has determined not to so register
             the shares, exemptions from registration under the Securities Act
             and applicable state securities laws shall be available for such
             issuance as determined by counsel for the Company and there shall
             have been received from the Participant (or, in the event of death
             or disability, the Participant's hear(s) or legal
             representative(s)) any representations or agreements requested by
             the Company in order to permit such issuance to be made pursuant to
             such exemptions; and

                  (ii) there shall have been obtained any other consent,
         approval or permit from any state or federal government agency which
         the Committee shall, in its sole discretion and upon the advice of
         counsel, deem necessary or advisable.

             (B) TRANSFERS OF VESTED SHARES. Vested Shares may not be sold,
assigned, transferred, pledged, encumbered, or otherwise disposed of (whether
voluntarily or involuntarily) except pursuant to registration under the
Securities Act and applicable state securities laws or pursuant to exemptions
from such registrations. The Company may condition the sale, assignment,
transfer, pledge, encumbrance or other disposition of such shares not issued
pursuant to an effective and current registration statement under the Securities
Act and all applicable state securities laws, on the receipt from the party to
whom the shares are to be so transferred of any representations or agreements
requested by the Company in order to permit such transfer to be made.

                                        4

<PAGE>

             (C) LEGENDS. Unless a registration under the Securities Act is in
effect with respect to the issuance or transfer of Vested Shares, each
certificate representing such shares shall be endorsed with a legend in
substantially the following form, unless counsel for the Company is of the
opinion as to any such certificate that such legend is unnecessary:

             THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
             REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
             "ACT"), OR UNDER APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES
             HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE,
             SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, OR OTHERWISE
             DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
             UNDER THE ACT AND SUCH STATE LAWS OR PURSUANT TO AN EXEMPTION FROM
             REGISTRATION STATEMENT UNDER THE ACT AND SUCH STATE LAWS, THE
             AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF
             THE COMPANY.

         13. TENURE. An Award shall not confer upon the Participant any right
with respect to being continued in the employ of the Company or to interfere in
any way with the right of the Company to terminate his employment at any time,
for any reason, with or without cause, except as may otherwise be stated in a
written employment agreement between the Company and the Participant.

         14. ACCELERATION ON CHANGE OF CONTROL. The Committee may provide, in
its sole discretion, in one or more Awards, that notwithstanding the provisions
of each Award which would result in a forfeiture as a result of the
Participant's termination of employment with the Company prior to the Vesting of
Restricted Shares, the Restricted Shares subject to such Award shall immediately
become Vested Shares as a result of a Change in Control as defined in the Award
Agreement, or the affected Participant's employment or separation agreement with
the Company at the time of reference. Notwithstanding anything to the contrary
in the Plan, unless expressly provided to the contrary in the Award Agreement,
if Restricted Shares experience an acceleration in Vesting on a Change in
Control as permitted by the preceding sentence, the portion of the Restricted
Shares which experience such acceleration will be limited to that number which
will not cause or contribute to an "excess parachute payment" with respect to
the Participant, as reasonably determined by the Committee in accordance with
Section 280G of the Code.

         15. AMENDMENT, MODIFICATION AND TERMINATION. The Board of Directors may
amend the Plan from time to time or terminate the Plan at any time. In addition,
the Committee may amend the terms of any Award previously granted under this
Plan, prospectively or retroactively. However, no action authorized by this
Section 15 shall impair the rights of any Participant without the Participant's
consent.

                                        5

<PAGE>

         16. EFFECTIVE DATE AND DURATION. The Plan is effective as of September
25, 2001. The Plan shall continue in effect until it is terminated by action of
the Board of Directors, but such termination shall not affect the then
outstanding terms of any Award. No Award shall be granted more than 10 years
after the date of adoption of this Plan; provided, however, that the terms and
conditions applicable to any Award granted within such period may thereafter be
amended or modified by mutual agreement between the Company and the Participant
or such other persons as may then have an interest therein. Also, by mutual
agreement between the Company and a Participant, or under any future plan of the
Company, Awards may be granted to such Participant in substitution and exchange
for, and in cancellation of, any Awards previously granted such Participant
under this Plan, or any benefit previously or thereafter granted to him under
any future plan of the Company.

         17. EXCLUSIVITY OF THE PLAN. Nothing contained in this Plan is intended
to amend, modify or rescind any previously approved compensation plans or
programs adopted by the Company. The Plan will be construed to be in addition to
any and all such other plans or programs. The adoption of the Plan by the
Company will not be construed as creating any limitations on the power or
authority of the Board of Directors to adopt such additional or other
compensation arrangements as the Board of Directors may deem necessary or
desirable.

                                        6

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