Document:

<PAGE>
                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

     This Employment Agreement ("Agreement") is dated as of September 1, 2001,
by and between Metal Management, Inc., a Delaware corporation ("MTLM"), and
William T. Proler ("Employee").

     IT IS HEREBY AGREED:

     1. EMPLOYMENT. On the terms and subject to the conditions set forth in this
Agreement, MTLM agrees to employ the Employee as the President of its Proler
Southwest, Inc. ("Proler Southwest") subsidiary to perform such duties and
responsibilities as are consistent with such position and such other positions
as may be assigned to Employee, from time to time, by MTLM and are at least
equivalent to those duties and responsibilities performed by Employee as an
employee of Proler Southwest. Employee's duties hereunder shall be performable
for the Proler Southwest operations of MTLM only in the Houston, Texas area,
except that periodic trips to Proler Southwest's and MTLM's other Gulf Coast
operations or customers outside the Houston area or attending MTLM corporate
meetings may be required, and shall include, but not be limited to,
participating in decisions regarding finance, information systems, due diligence
on financial and operational aspects of acquisitions and the integration of
acquisitions, working with senior management of MTLM on budgets, contracts,
scrap purchases and personnel decisions for Proler Southwest's and MTLM's other
Gulf Coast operations. For as long as Employee is so employed, he will devote
his full business time, energy and ability to his duties, except for incidental
attention to the management of his personal affairs.

     2. TERM. The term of employment under this Agreement shall commence on the
date hereof (the "Commencement Date") and shall continue through, and ending as
of the close of business on August 31, 2003 (the "Employment Period"); provided,
however, that the Employment Period shall be automatically extended for
successive one (1) year periods unless at least ninety (90) days before the end
of the then applicable Employment Period, either the Employee or MTLM, as the
case may be, notifies the other of its desire not to further extend the
Employment Period; and provided, further, that the Employment Period may
terminate sooner upon the occurrence of certain events as described in Sections
5, 6, 7 and 8 hereof. For purposes of this Agreement, "Balance of the Term"
shall mean the period beginning on the date of termination of the Employment
Period (the "Termination Date") and ending on the date that the Employment
Period would have ended pursuant to this Section 2 due to lapse of time
(assuming no further extensions of the Employment Period beyond those already in
effect as of the Termination Date), without regard to Sections 5, 6, 7 or 8
hereof.

     3. COMPENSATION.

        (a)   Base Compensation. The base compensation to be paid to Employee
              for his services under this Agreement shall be $300,000 per year,
              payable in equal periodic installments in accordance with the
              usual payroll practices of MTLM, but no less frequently than
              monthly, commencing on the date hereof. MTLM and the Employee
              agree that Employee's base

<PAGE>

              compensation shall be subject to annual review for cost of living
              and merit factors, with any adjustments being mutually agreed
              upon. The foregoing is hereafter referred to as Employee's "Base
              Compensation."

        (b)   Bonuses. During the Employment Period, Employee shall earn a
              so-called "guaranteed bonus" in regard to each year of employment
              by MTLM equal to twenty-five percent (25%) of Employee's Base
              Compensation under Section 3(a) hereof during such year. During
              the Employment Period, Employee shall also be eligible to receive
              a so-called "discretionary bonus" in regard to each year of
              employment by MTLM, in an amount to be determined by the Board of
              Directors of MTLM (or the Compensation Committee thereof, if any)
              in consultation with William T. Proler based primarily upon the
              financial results of the Proler Southwest and Gulf Coast operating
              region operating region during such year, provided that the
              discretionary bonus for Employee shall be determined in accordance
              with the bonus standards and criteria then being used by MTLM to
              determine the discretionary bonuses for senior management officers
              of MTLM.

     4. FRINGE BENEFITS. MTLM shall furnish Employee with accident and health
insurance and reimbursement of all documented reasonable and necessary
out-of-pocket expenses incurred by Employee on behalf of MTLM by reason of
Employee's duties hereunder. Further, MTLM shall furnish Employee with all of
the additional fringe benefits made generally available by MTLM to its executive
officers recognizing that such fringe benefits may be changed from time to time
provided Employee will be deemed immediately eligible for any such fringe
benefits. Employee shall be entitled to take five (5) weeks of paid vacation per
year, and shall be paid on all national and state holidays, during the
Employment Period. Vacation allowances shall not be cumulative from year to
year. MTLM shall include Employee as a covered person under MTLM's directors and
officers insurance policy. MTLM shall furnish Employee with appropriate office
space, equipment, supplies, and such other facilities and personnel as necessary
or appropriate (de minimis use thereof by Employee for personal reasons shall
not be deemed a breach of this Agreement). MTLM will pay the Employee's dues in
such societies and organizations as MTLM deems appropriate, and will pay on
behalf of Employee (or reimburse Employee for) documented reasonable
out-of-pocket expenses incurred by Employee in attending conventions, seminars,
trade shows and other business meetings and business entertainment and
promotional expenses. MTLM shall permit Employee to continue to use the
automobile currently used by Employee as an employee of Proler Southwest as of
the Commencement Date and pay Employee an automobile allowance of $500.00 per
month.

     5. DEATH OR PERMANENT DISABILITY. If, during the Employment Period,
Employee dies (as confirmed by a certificate of death) or Employee is
permanently disabled such that, in the opinion of a physician selected by MTLM,
Employee is rendered incapable of performing the services contemplated under
this Agreement for a period of twelve (12) consecutive months by reason of
illness, accident, or other physical or mental disability ("Permanent
Disability"), this Agreement shall be deemed to be terminated as of the date of
such death or of the determination of Permanent Disability. Notwithstanding the
foregoing, the Employee shall be entitled to the benefits as provided in Section
8 hereof.

                                       2
<PAGE>

     6. INVOLUNTARY TERMINATION. Except in the case of termination for Cause
pursuant to Section 7 hereof, if MTLM terminates Employee's employment hereunder
without Employee's consent, all of Employee's benefits under this Agreement
shall cease immediately upon the date of such termination, provided that
Employee shall continue to be entitled to receive the benefits as provided in
Section 8 hereof.

     7. TERMINATION VOLUNTARY OR FOR CAUSE.

        (a)   In the event: (i) Employee voluntarily terminates his employment
              hereunder without "Good Reason" (as defined below); or (ii)
              Employee's employment hereunder is terminated for Cause, all of
              his benefits under this Agreement shall cease immediately upon the
              date of such termination, provided that Employee shall be entitled
              to receive the compensation provided in Section 3 hereof paid on a
              pro rata basis to the date of such termination.

        (b)   TERMINATION FOR CAUSE. Any of the following events shall be
              considered as "Cause" for the immediate termination of the
              Employment Period by MTLM:

              (i)   final and non-appealable conviction of Employee for a
                    felony; or

              (ii)  final and non-appealable conviction of Employee for
                    misappropriation by Employee of funds or property of MTLM or
                    the commission of other acts of dishonesty relating to his
                    employment; or

              (iii) willful breach or material neglect by Employee of any of
                    his material duties hereunder; or

              (iv)  conduct on the part of Employee which is materially adverse
                    to any known interest of MTLM that continues unabated, or
                    uncured to the reasonable satisfaction of Employer, after
                    the expiration of 10 days following receipt of written
                    notice by Employee from MTLM.

              Notwithstanding the foregoing, the Employee shall not be deemed
              to have been terminated for Cause unless and until there shall
              have been delivered to him a written termination notice signed by
              the Chairman of the Board of Directors, or Chief Executive
              Officer, of MTLM.

     8. ACCELERATION OF PAYMENTS.

        (a)   For this Agreement, the following terms shall have the following
              meanings:

              (i)   "Good Reason" shall mean the occurrence of any of the
                    following events without Employee's express written consent:
                    (a) a reduction

                                       3
<PAGE>

                     by MTLM of Employee's compensation provided in Section 3
                     hereof; (b) any material breach by MTLM of any provisions
                     of this Agreement which is not cured by MTLM within 10 days
                     following receipt by MTLM of written notice of such breach
                     from Employee; (c) a requirement by MTLM that Employee
                     perform his duties outside the Houston, Texas area, except
                     that periodic trips to Proler Southwest's or MTLM's other
                     Gulf Coast operations or customers outside Houston, Texas
                     and periodic MTLM corporate meetings outside Houston, Texas
                     shall not be deemed to be a breach; or (d) the assignment
                     of the Executive by MTLM without his consent to a position,
                     responsibility or duties of a material lesser status or
                     degree of responsibility than his position,
                     responsibilities or duties as of the Commencement Date.

               (ii)  A "Change of Control" shall be deemed to have occurred if
                     any "person" as such term is used in Sections 13(d) and
                     14(d) of the Securities Exchange Act of 1934, as then in
                     effect, other than: (a) MTLM; (b) any "person" who on the
                     date hereof is a director or officer of MTLM; or (c) Albert
                     A. Cozzi, Frank J. Cozzi and Gregory P. Cozzi and their
                     respective affiliates and heirs, is or becomes the
                     "beneficial owner" as defined in Rule 13d-3 under such Act,
                     directly or indirectly, of securities of MTLM representing
                     51% or more of the combined voting power of MTLM's then
                     outstanding securities on a fully diluted basis.

               (iii) "Trigger Date" means the date on which a Triggering Event
                     occurs.

               (iv)  "Triggering Event" means any of: (a) a Change of Control;
                     (b) a resignation of Employee as an employee of MTLM due to
                     Good Reason; (c) termination of the Employment Period under
                     Section 5 hereof; or (d) involuntary termination of the
                     Employment Period by MTLM, except in the case of
                     termination for Cause.

        (b)    OCCURRENCE OF TRIGGERING EVENT. Upon the occurrence of a
               Triggering Event, Employee shall receive from MTLM a lump sum
               payment equal to the Base Compensation provided under Section
               3(a) hereof that otherwise would have been payable to Employee
               for the Balance of the Term but for the occurrence of a
               Triggering Event, plus any earned bonuses as set forth in Section
               3(b) hereof (determined on a pro rated basis in comparison to
               Employee's bonus, if any, from the prior year) for the year in
               which the Triggering Event occurred. Furthermore, any unvested
               stock options or unvested long term incentive plan compensation
               shall immediately become vested and be exercisable for the 270
               days following the date of the Triggering Event. Additionally, in
               the event that this Agreement terminates because (i) either party
               has provided a notice of non-renewal under Section 2 to preclude
               the automatic annual extension of this

                                       4
<PAGE>

               Agreement and this Agreement so expires at the end of the
               Employment Period; or (ii) MTLM terminates the Employee's
               employment for reasons other than Cause, (iii) Employee
               terminates this Agreement for Good Reason, or (iv) this Agreement
               is terminated as a result of Employee's permanent disability (as
               provided in Section 5), then in any such case, Employee shall, at
               no cost to Employee, be entitled to continue to participate in
               the MTLM provided health and medical insurance programs for a
               period of five (5) years from the date of termination, unless,
               (y) such continued participation is prohibited by any applicable
               laws or would otherwise jeopardize the tax qualified status of
               any such programs; or (z) Employee, either directly or
               indirectly, engages in an activity that would violate Section 9
               hereof, if conducted during a Non-Competition Period. If,
               however, MTLM is prohibited by applicable law or would otherwise
               jeopardize the tax qualified status of any health or medical
               insurance plan and as a result terminates coverage, it shall
               reimburse Employee for the cost of obtaining comparable third
               party coverage, subject to the restrictions in clause (z) above.

        (c)    TIME OF PAYMENT FOLLOWING TRIGGERING EVENT. All accelerated
               payments of Base Compensation, bonuses, and long term incentive
               plan compensation due to Employee pursuant to this Section shall
               be paid promptly but in any event within thirty (30) days after
               the Trigger Date. If the full amount of such accelerated payments
               is not paid within five (5) business days after the Trigger Date,
               such amounts shall be evidenced by a promissory note from MTLM to
               Employee bearing interest at the rate of 12% per annum from the
               Trigger Date until paid.

     9. NON-COMPETITION.

        (a)    GENERAL. In addition to any other obligations of Employee under
               any other agreement with MTLM, in order to assure that MTLM will
               realize the benefits of this Agreement and in consideration of
               the employment set forth in this Agreement, Employee agrees that
               he shall not

               (i)    during the period comprising the Balance of the Term (the
                      "Non-Competition Period"), directly or indirectly, whether
                      through an affiliate or otherwise, alone or as a partner,
                      joint venturer, member, officer, director, employee,
                      consultant, agent, independent contractor, stockholder, or
                      in any other capacity of any company or business, engage
                      in any business activity in the States of Texas or
                      Mississippi, which is directly or indirectly in
                      competition with the business conducted by MTLM or any
                      subsidiary or affiliate of MTLM on the Termination Date;
                      provided, however; that, the beneficial ownership of less
                      than 5% of the shares of stock of any corporation having a
                      class of equity securities actively traded on a national
                      securities exchange or over-the-counter market shall not

                                       5
<PAGE>

                      be deemed, in and of itself, to violate the prohibitions
                      of this section;

               (ii)   during the Non-Competition Period, directly or indirectly
                      (a) induce any person which is a customer of MTLM or any
                      subsidiary or affiliate of MTLM on the Termination Date to
                      patronize any business directly or indirectly in
                      competition with the business conducted by MTLM or any
                      subsidiary or affiliate of MTLM on the Termination Date;
                      (b) canvass, solicit or accept from any person which is a
                      customer of MTLM or any subsidiary or affiliate of MTLM on
                      the Termination Date, any such competitive business, or
                      (c) request or advise any person which is a customer of
                      MTLM or any subsidiary or affiliate of MTLM on the
                      Termination Date to withdraw, curtail or cancel any such
                      customer's business with MTLM or any subsidiary or
                      affiliate of MTLM on the Termination Date;

               (iii)  during the Non-Competition Period, directly or indirectly
                      employ, or knowingly permit any company or business
                      directly or indirectly controlled by him, to employ, any
                      person who was employed by any of MTLM or any then
                      subsidiary or affiliate of MTLM at or within six months
                      prior to the Termination Date, or in any manner seek to
                      induce any such person to leave his or her employment;

               (iv)   directly or indirectly, at any time following the
                      Termination Date, in any way utilize, disclose, copy,
                      reproduce or retain in his possession any of MTLM's or any
                      subsidiary's or affiliate's proprietary rights or records,
                      including, but not limited to, any of their customer or
                      price lists.

        (b)    EMPLOYEE ELECTION TO END NON-COMPETITION PERIOD. In the event
               that (i) a Change in Control occurs in which a French company by
               the name of CFF, or any of its affiliates, becomes the beneficial
               owner of more than 50% of MTLM or acquires the capital stock of
               Proler Southwest or substantially all of its assets, or otherwise
               becomes entitled to appoint a majority of its board of directors
               or otherwise control its management then Employee shall have the
               right to elect, within thirty (30) days of either such event, to
               terminate this Agreement in which case the Non-Competition Period
               shall terminate effective with the date of termination. In the
               event of a termination under this clause (b), Employee shall not
               be entitled to any separation or severance benefits provided for
               under this Agreement for periods following the date of
               termination notwithstanding anything in this Agreement to the
               contrary.

        (c)    SCOPE OF RESTRICTION. The Employee agrees and acknowledges that
               the restrictions contained in this Section 9 are reasonable in
               scope and

                                       6
<PAGE>

               duration and are necessary to protect MTLM after the Commencement
               Date. If any provision of this Section 9 as applied to any party
               or to any circumstance is adjudged by a court to be invalid or
               unenforceable, the same will in no way affect any other
               circumstance or the validity or enforceability of this Agreement.
               If any such provision, or any part thereof, is held to be
               unenforceable because of the duration of such provision or the
               area covered thereby, the parties agree that the court making
               such determination shall have the power to reduce the duration
               and/or area of such provision, and/or to delete specific words or
               phrases, and in its reduced form, such provision shall then be
               enforceable and shall be enforced. The parties agree and
               acknowledge that the breach of this Section 9 will cause
               irreparable damage to MTLM and upon breach of any provision of
               this Section 9, MTLM shall be entitled to injunctive relief,
               specific performance or other equitable relief; provided,
               however, that this shall in no way limit any other remedies which
               MTLM may have (including, without limitation, the right to seek
               monetary damages).

     10. CONFIDENTIALITY OF INFORMATION; DUTY OF NON-DISCLOSURE. The Employee
acknowledges and agrees that his employment by MTLM under this Agreement
necessarily involves his understanding of and access to certain trade secrets
and confidential information pertaining to the business of MTLM or any
subsidiary or affiliate of MTLM. Accordingly, the Employee agrees that during
the Agreement Term, and until the expiration of the Non-Competition Period, he
will not, directly or indirectly, without the prior written consent of MTLM,
disclose to or use for the benefit of any person, corporation or other entity,
or for himself any and all files, trade secrets or other confidential
information concerning the internal affairs of MTLM or any subsidiary or
affiliate of MTLM, including, but not limited to, confidential information
pertaining to clients, services, products, earnings, finances, operations,
methods or other activities; provided, however, that the foregoing shall not
apply to information which is of public record or is generally known, disclosed
or available to the general public or the industry generally. Further, the
Employee agrees that he shall not, directly or indirectly, remove or retain,
without the express prior written consent of MTLM, and upon termination of this
Agreement for any reason shall return to MTLM, any confidential figures,
calculations, letters, papers, records, computer disks, computer print-outs,
lists, documents, instruments, drawings, designs, programs, brochures, sales
literature, or any copies thereof, or any information or instruments derived
therefrom, or any other similar information of any type or description, however
such information might be obtained or recorded, arising out of or in any way
relating to the business of MTLM or any subsidiary or affiliate of MTLM or
obtained as a result of his employment by MTLM or any subsidiary or affiliate of
MTLM. The Employee acknowledges that all of the foregoing are proprietary
information, and are the exclusive property of MTLM. The covenants contained in
this Section 10 shall survive the termination of this Agreement.

     11. GOODWILL. MTLM has invested substantial time and money in the
development of its products, services, territories, advertising and marketing
thereof, soliciting clients and creating goodwill. By accepting employment with
MTLM, the Employee acknowledges that the customers are the customers of MTLM and
its subsidiaries and affiliates, and that any goodwill created by the Employee
belongs to and shall inure to the benefit of MTLM.

                                       7
<PAGE>

     12. SUCCESSOR COMPANIES. This Agreement shall be binding upon and inure to
the benefit of the successors and assigns of MTLM, whether by merger, sale of
assets or otherwise.

     13. NOTICES. Any notice or request to be given hereunder to either party
hereto shall be deemed effective only if in writing and either (a) delivered
personally to Employee (in the case of a notice to Employee) or to the President
of MTLM, or (b) sent by certified or registered mail, postage prepaid, to the
addresses set forth on the signature page hereof or to such other address as
either party may hereafter specify to the other by notice similarly served.

     14. ASSIGNMENT. This Agreement and the rights and obligations of the
parties hereto shall bind and inure to the benefit of each of the parties
hereto, and shall also bind and inure to the benefit of Employee's heirs and
legal representatives and any successor or successors of MTLM by merger or
consolidation and any assignee of all or substantially all of MTLM's business
and properties; except as to any such successor or assignee of MTLM, neither
this Agreement nor any duties, rights or benefits hereunder may be assigned by
MTLM or by Employee without the express written consent of Employee or MTLM, as
the case may be.

     15. GOVERNING LAW. This Agreement shall be construed and enforced in
accordance with the laws of the State of Texas without reference to its
choice-of-law principles.

     16. MODIFICATION. No modification or waiver of any provision hereof shall
be made unless it be in writing and signed by both of the parties hereto.

     17. SCOPE OF AGREEMENT. This Agreement constitutes the whole of the
agreement between the parties on the subject matter, superseding all prior oral
and written conversations, negotiations, understandings, and agreements in
effect as of the date of this Agreement specifically including, but not limited
to, the employment agreement by and between the Employee and MTLM, dated August
27, 1997.

     18. SEVERABILITY. To the extent that any provision of this Agreement may be
deemed or determined to be unenforceable for any reason, such unenforceability
shall not impair or affect any other provision, and this Agreement shall be
interpreted so as to most fully give effect to its terms and still be
enforceable.

                                       8
<PAGE>
     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
effective as of the day and year first above written.

                                       METAL MANAGEMENT, INC.

                                       By: /s/ Albert A. Cozzi
                                           ---------------------------------
                                           Albert A. Cozzi
                                           Chairman and Chief Executive Officer

                                           William T. Proler
                                           ---------------------------------
                                           William T. Proler
                                           Employee

                                       9<PAGE>
                                                                    Exhibit 10.1

Seller:           Seagate Technology LLC
                  --------------------------

Buyer:            DRB #10, LLC
                  --------------------------

Purchase Price:   $7,150.00
                   -------------------------

Agreement Date:   August 15, 2001
                  --------------------------

Earnest Money:    $100,000
                   -------------------------

                               PURCHASE AGREEMENT

         THIS AGREEMENT, is made as of the Agreement Date between Seller and
Buyer and, in consideration of good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Seller agrees to sell the Property
(as hereinafter defined) and Buyer agrees to purchase the Property, upon the
following terms and conditions:

         1.   Property. The "Property" consists of approximately 27 acres of
land located at the intersection of Lyndale Avenue and 107th Street,
Bloomington, Hennepin County, Minnesota, as well as the building located thereon
and the fixtures, tangible personal property, and equipment located in such
building (or on such land) as of the Agreement Date; provided, however, that the
Property shall not include the "Non-Purchased Excluded Assets" described on
Exhibit A of Attachment 1 hereto; and, further provided, however, that the
Property shall specifically include the items described on Exhibit B to
Attachment 1 hereto.

         2.   No Warranties. The entire agreement between the Seller and Buyer
with respect to the Property and the sale thereof is expressly set forth in this
Agreement. The parties are not bound by any agreements, understandings,
provisions, conditions, representations or warranties (whether written or oral
and whether made by Seller or any agent, employee or principal of Seller or any
other party) other than as are expressly set forth and stipulated in this
Agreement. Without in any manner limiting the generality of the foregoing, Buyer
acknowledges that it and its representatives have or before closing will have
fully inspected the Property or will be provided with an adequate opportunity to
do so, are or will be fully familiar with the financial and physical (including
without limitation environmental) condition thereof, and that the Property has
been purchased by Buyer in an "AS IS" and "WHERE IS" condition and with all
existing defects as a result of such inspections and investigations and not in
reliance on any agreement, understanding, condition, warranty (including,
without limitation warranties of habitability, merchantability or fitness for a
particular purpose) or representation made by Seller or any agent, employee or
principal of Seller or any other party (except as expressly elsewhere provided
in this Agreement) as to the financial or physical (including, without
limitation environmental) condition of the Property or the soils, geology and
groundwater of the Property or areas surrounding the Property, as to any matter,
including without limitation as to any permitted use thereof, the zoning
classification thereof, the existence, quality, nature, adequacy and physical
condition of utilities servicing the Property, or compliance thereof with
federal, state or local laws, as to the income or expense in connection
therewith, or as to any other matter
<PAGE>
in connection therewith. Buyer acknowledges that neither Seller, or any agent or
employee of Seller nor any other party acting on behalf of Seller has made or
shall be deemed to have made any such agreement, condition, representation or
warranty either expressed or implied. This Section 2 shall survive closing, and
shall be deemed incorporated by reference and made a part of all documents
delivered by Seller to Buyer in connection with the sale of the Property.

                  a.  Condition of Delivery. Seller has no obligation to deliver
         the Property in a "broom clean" condition if it is currently not in
         broom clean condition, and at closing Seller may leave in the subject
         property all items of personal property and equipment, partitions and
         debris as are now presently therein, except as otherwise provided with
         respect to the Non-Purchased Excluded Assets and as provided in
         Sections 18 and 19 hereof.

                  b.  Seller Repairs. Between the Agreement Date and the
         closing, Seller shall perform all customary repairs to the Property as
         Seller has customarily previously performed to maintain them in the
         same condition as they are as of the Agreement Date, as said condition
         shall be changed by wear and tear, damage by fire or other casualty, or
         vandalism. Notwithstanding the foregoing, Seller shall have no
         obligation to make any structural or extraordinary repairs or capital
         improvements.

                  c.  Release. Notwithstanding anything to the contrary
         contained in this Agreement, Buyer hereby releases Seller and (as the
         case may be) Seller's officers, directors, shareholders, trustees,
         partners, employees, managers and agents from any and all claims,
         demands, causes of actions, losses, damages, liabilities, costs and
         expenses (including attorney's fees whether the suit is instituted or
         not) whether known or unknown, liquidated or contingent (hereinafter
         collectively called the "Claims") arising from or relating to: (i) any
         defects, errors or omissions in the design or construction of the
         improvements which are part of the Property, whether the same are the
         result of negligence or otherwise; or (ii) any other conditions,
         including environmental and other physical conditions, affecting the
         Property whether the same are a result of negligence or otherwise. The
         release set forth in this section specifically includes, without
         limitation, any claims under any environmental laws of the United
         States (including, without limitation, claims for contribution under
         Section 113 of the Comprehensive Environmental Response, Compensation
         and Liability act [42 U.S.C.A. 9613]), the State of Minnesota or any
         political subdivision thereof or under the Americans with Disabilities
         Act of 1990, as any of those laws may be amended from time to time and
         any regulations, orders, rules of procedure or guidelines promulgated
         in connection with such laws, regardless of whether they are in
         existence on the Agreement Date. Buyer acknowledges that Buyer has been
         represented by independent legal counsel of Buyer's selection and Buyer
         is granting this release of its own volition and after consultation
         with Buyer's counsel.

                  d.  Seller Reports. Buyer acknowledges that Seller makes no
         warranties or representations regarding the adequacy, accuracy or
         completeness of Seller's
<PAGE>
         environmental or other materials relating to the subject property made
         available to Buyer (collectively the "Reports") or other documents
         relating to the Property, and Buyer shall have no claim against Seller
         based upon the Reports or such other documents relating to the Property
         or Seller's failure to deliver any documents relating to the Property
         to Buyer. Buyer further acknowledges that Buyer has had full
         opportunity to perform such physical inspections, environmental and
         engineering investigations, and appraisals as Buyer deems appropriate.

                  e.  Effect of Disclaimers. Buyer acknowledges and agrees that
         the Purchase Price has been negotiated to take into account that the
         Property is being sold subject to the provisions of this Section of
         this Agreement and that Seller would have charged a higher purchase
         price if the provisions in this Section were not agreed upon by Buyer.

         3.   Closing. Buyer shall pay the Purchase Price to Seller (with due
credit for the Earnest Money) at the closing which shall occur 30 days after
Seller has delivered to Buyer a fully-executed counterpart of this Agreement and
amounts owing by Buyer at the closing shall be paid in collected funds.

         4.   Prorations; Costs.

                  a.  Seller shall pay all real estate taxes due and payable in
         years prior to the closing and those payable in the year of closing
         shall be prorated based on the number of days in the calendar year of
         closing prior to the closing and those days after the closing.

                  b.  All levied, deferred, and pending assessments shall be
         paid by Seller.

                  c.  Buyer will reduce its payment at closing to Seller by the
         cost of preparation of a title commitment respecting the Property (but
         not the cost of title insurance), as well as $3.40 for each $1,000 of
         the Purchase Price and Buyer will bear all other costs of deed taxes
         and recording fees for all documents necessary to vest title in the
         Property in Buyer. Buyer and Seller will each pay one-half of closing
         fees charged by a title company.

         5.   Examination of Title. Seller shall promptly provide at its cost to
Buyer a commitment for title insurance certified to the current date and the
Property shall be conveyed by Seller to Buyer by limited warranty deed, subject
to Section 17 hereof.

         6.   Contingencies. Unless waived by Buyer in writing, Buyer's
obligation to purchase the Property shall be subject to: (i) performance of
Seller's obligations hereunder; (ii) the continued accuracy of Seller's
representations and warranties set forth in Section 8 of this Agreement; and
(iii) Buyer's satisfaction, in Buyer's sole discretion as to the contingencies
described in this Section 6.
<PAGE>
                  a.  Physical Condition. On or before date of Closing, Buyer
         shall have satisfied itself, at Buyer's sole discretion, with the
         physical condition of the Property; provided, however, that following
         10 days after Seller has delivered to Buyer a fully-executed
         counterpart of this Agreement, Buyer shall not be entitled to a refund
         of any of the Earnest Money if Buyer is not satisfied with the physical
         condition of the Property.

                  b.  Environmental Condition. On or before date of Closing,
         Buyer shall have satisfied itself, in Buyer's sole discretion, with the
         environmental condition of the Property; provided, however, that
         following 30 days after Seller has delivered to Buyer a fully-executed
         counterpart of this Agreement, Buyer shall not be entitled to a refund
         of any of the Earnest Money if Buyer is not satisfied with the
         environmental condition of the Property.

                  c.  Title. Buyer receives from Seller marketable title to the
         Property without exception except as set forth on Attachment 2 (which
         sets forth the "Permitted Encumbrances") of this Agreement.

         7.   Inspection. Buyer and Buyer's representatives, at Buyer's sole
cost and expense, shall have the right to enter upon the Property for the
purposes of viewing the Property and making such other physical inspection as
Buyer shall deem appropriate. Buyer shall repair and restore any damage to the
Property caused by or occurring during Buyer's testing and return the Property
to substantially the same condition as existed prior to such entry. Buyer shall
have the right to review any documents in Seller's possession related to the
Property. If Buyer consummates acquisition of the Property, Buyer shall own all
such documents described in the preceding sentence and Seller consents to any
professional (being non-employees of Seller such as surveyors or architects) who
provided services to Seller in connection with such documents being employed by
Buyer (and in connection therewith, using any file materials in such
professional's possession).

         8.   Seller's Representations and Warranties. To induce Buyer to: (i)
enter into this Agreement; (ii) purchase the Property; and (iii) consummate the
transaction contemplated by this Agreement, Seller hereby warrants and
represents to Buyer, as follows:

                  a.  Governmental Matters. Seller has not received written
         notice of: (i) any pending or contemplated annexation or condemnation
         proceedings, or purchase in lieu of the same, affecting or which may
         affect all or any part of the Property, (ii) any proposed or pending
         proceeding to change or redefine the zoning classification of all or
         any part of the Property; (iii) any proposed change(s) in any road
         patterns or grades which would adversely and materially affect access
         to the roads providing a means of ingress or egress to or from the
         Property; or (iv) any uncured violation of any legal requirement,
         restriction, condition, covenant or agreement affecting the Property or
         the use, operation, maintenance, or management of the Property.

                  b.  Title. Seller represents and warrants to Buyer that, to
         Seller's actual knowledge as of the date of this Agreement, without
         investigation of any kind or nature whatsoever, Seller will at the
         closing hereunder be the sole owner of the Property and
<PAGE>
         will transfer to Buyer at the closing good and marketable title to the
         Property subject only to the Permitted Encumbrances described in
         Attachment 2 and, specifically, but not by way of limitation: (i) there
         shall be no leases, tenancies, agreements or other contracts of any
         nature or type affecting or serving the Property as of the closing
         except service contracts which are readily terminable without penalty;
         and (ii) the Property is not subject to any other contracts for sale,
         options, rights of first refusal or similar contract rights or
         restrictions which limit Seller's right to sell the Property to Buyer.
         Notwithstanding the preceding sentence, it is acknowledged Seller is
         party to an agreement with another potential purchaser; in respect
         thereof, Seller represents that any of its obligations to such other
         potential purchaser will not limit Seller's right to consummate the
         transaction contemplated hereby, and convey marketable title (so long
         as the closing occurs before September 28, 2001); Seller shall
         indemnify, defend, and hold Buyer harmless from any cost, expense, or
         liability in connection with such other purchaser's agreements in
         respect of the Property.

         9.   Environmental Matters.

                  a.  Representations by Seller. Seller represents and warrants
         to Buyer that, to Seller's actual knowledge as of the date of this
         Agreement without investigation of any kind or nature whatsoever: (i)
         there are no material Hazardous Substances located on the Property,
         except as disclosed in the environmental reports which Seller delivers
         to Buyer within five days after Seller signs the Agreement; and (ii)
         the Property has not been used by Seller in connection with the
         generation, disposal, storage, treatment or transportation of material
         Hazardous Substances except as disclosed in the environmental reports
         described above. Notwithstanding the preceding provisions of this
         Section 9(a), it is understood that certain of the Non-Purchased
         Excluded Assets may be Hazardous Substances but will be removed by
         Seller from the Property. It is also understood that there are certain
         supplies used in the normal operation of the Property (such as fuel
         oil, lubricants and gasoline) which may Hazardous Substances.

                  b.  "Hazardous Substance" Definition. For purposes of this
         Agreement, the term "Hazardous Substance" includes, but is not limited
         to, substances defined as "hazardous substances", "toxic substances",
         or "Hazardous waste" in the Comprehensive Environmental Response
         Compensation Liability Act of 1980, a amended, 42 USC Section 9601, et
         seq., and substances defined as "hazardous waste", "hazardous
         substances", or "pollutants or contaminants" ion the Minnesota
         Environmental Response and Liability Act, Minn. Stat.Section 115B.02.
         The term "Hazardous Substance" shall also include polychlorinated
         biphenyls, petroleum, including crude oil or any fraction thereof,
         petroleum products, heating oil, natural gas, natural gas liquids,
         liquefied natural gas or synthetic gas usable for fuel.

         10.  Default. Either Buyer or Seller shall be in default under this
Agreement if either party fails to observe, perform or comply with any term,
condition or obligation of this Agreement within the time period(s) described in
this Agreement. In the event of default, the parties shall have the rights
described as to such default in this Agreement, provided, however, that nothing
herein shall deprive either party of any rights or remedies available to such
party at law or in equity, including the right of enforcing the specific
performance of this Agreement,
<PAGE>
provided action to enforce the specific performance of this Agreement shall be
commenced within six months after such right of action shall arise.

         11.  Termination of Agreement. In the event of termination of this
Agreement for any reason described in this Agreement which entitles Buyer to a
return of the Earnest Money (including those described in Section 6), Buyer
specifically agrees that the Earnest Money shall not be returned to Buyer unless
and until Buyer provides Seller with a recordable Quit Claim Deed to the
Property executed by Buyer.

         12.  Risk of Loss. Between the date of this Agreement and the closing,
the risk of ownership and loss of the Property shall belong solely to Seller.
If, prior to closing, all or any portion of the Property is condemned, taken by
eminent domain, damaged by fire or by any other cause of any nature, Seller
shall, to the extent Seller receives knowledge of the same, immediately give
Buyer notice of such condemnation, taking or damage. After receipt of notice of
such condemnation, taking or damage (from Seller or otherwise), Buyer shall have
the option either: (i) to require Seller to convey the Property at closing to
Buyer in its damaged condition, upon and subject to all of the other terms and
conditions of this Agreement without reduction of the Purchase Price (in which
case Buyer shall be entitled to the proceeds of any recovery relating to such
damage or taking from parties other than Seller, including, without limitation
insurance or eminent domain proceeds); or (ii) to terminate this Agreement by
giving notice of such termination to Seller, whereupon this Agreement shall be
terminated, the Earnest Money shall be returned to Buyer, provided, however,
that the terms and conditions of Section 11 shall apply, and thereafter neither
party shall have any further obligations or liabilities to the other. The right
to terminate this Agreement shall be exercised within 10 business days of the
date of notice of the event giving rise to such notice and if not exercised by
Buyer within said time period such right shall be deemed to have been waived.

         13.  Successors and Assigns. The terms, conditions and covenants hereof
shall extend to, be binding upon and inure to the benefit of the successors and
assigns of the parties to this Agreement.

         14.  Survival of Covenants. All agreements, and all warranties,
representations and indemnities specifically set forth in this Agreement shall
survive the closing and shall bind the parties subsequent to the closing as
fully as if new agreements were entered into at closing, any rule of law to the
contrary notwithstanding.

         15.  Leaseback. At the closing, Seller and Buyer shall enter into the
Leaseback Agreement as set forth on Attachment 3.

         16.  {INTENTIONALLY OMITTED}

         17.  Transfer to Owned Entity. At Buyer's request, Seller will, prior
to the closing hereunder, transfer the Property (by way of a deed in the form
described above) to a Minnesota limited liability company owned wholly by
Seller, and at the closing hereunder, transfer to Buyer all ownership interests
in such entity (which entity Seller represents and warrants will have no assets
other than the Property and no liabilities).
<PAGE>
         18.  Removal of Non-purchased Excluded Assets. When Seller's occupancy
of the Property terminates (being at the end of the term of Seller's leaseback),
Seller will remove all Non-Purchased Excluded Assets from the Property.

         19.  Clean Up. When Seller's occupancy of the Property terminates
(being at the end of the term of Seller's leaseback), Seller will remove all
chemicals or hazardous substances used in its business operations and clean any
piping, vats, or ducts used in connection therewith. If appropriate in
connection with such materials, Seller shall obtain a licensed contractor to
perform such activities and certify the completion thereof.

         IN WITNESS WHEREOF, the parties have executed this Purchase Agreement
as of the day and year first above written.

SELLER:                                     BUYER:

SEAGATE TECHNOLOGY LLC                      DRB #10, LLC

By  /s/ Jeffrey B. Nelson                   By  /s/ David R. Busch
    ------------------------------              ------------------------------
    Its  Vice President                         Its  Authorized Officer
         -------------------------                   -------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]