Document:

<PAGE>
                                                                    Exhibit 10.1

                                                               EXECUTION VERSION

Confidential Materials omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote omissions.

                       AMENDMENT NO. 1 TO CREDIT AGREEMENT

      This Amendment (this "Amendment") is entered into as of April 21, 2004 by
and among Robbins & Myers, Inc., an Ohio corporation (the "Borrower"), Robbins &
Myers Finance Europe B.V., a Netherlands corporation (the "Subsidiary
Borrower"), Bank One, NA, individually and as administrative agent (the
"Agent"), and the other financial institutions signatory hereto.

                                    RECITALS

      A. The Borrower, the Subsidiary Borrower, the Agent and the Lenders are
party to that certain Third Amended and Restated Credit Agreement dated as of
October 7, 2003 (the "Credit Agreement"). Unless otherwise specified herein,
capitalized terms used in this Amendment shall have the meanings ascribed to
them by the Credit Agreement.

      B. The Borrower, the Subsidiary Borrower, the Agent and the undersigned
Lenders wish to amend the Credit Agreement on the terms and conditions set forth
below.

      Now, therefore, in consideration of the mutual execution hereof and other
good and valuable consideration, the parties hereto agree as follows:

      1. Amendment to Credit Agreement. Upon the "Effective Date" (as defined
below), the Credit Agreement shall be amended as follows:

      (a) Each of the following terms defined in Section 1.01 of the Credit
Agreement is amended in its entirety to read as follows:

            "Consolidated EBIT" shall mean, for any period for any person,
      Consolidated Net Income of such person for such period, plus, to the
      extent deducted in computing Consolidated Net Income for such period, the
      sum of (i) Consolidated Interest Expense for such period, (ii) Cash Tax
      Expense for such period, and (iii) [ ** ], minus, to the extent added in
      computing such Consolidated Net Income for such period, the sum of (i) any
      interest income and (ii) any non-cash income or non-cash gains during such
      period that requires footnote disclosure on financial statements, reports
      or other filings pursuant to or in accordance with GAAP or applicable SEC
      regulations, all as determined on a
<PAGE>
      consolidated basis with respect to such person and its Consolidated
      Subsidiaries in accordance with GAAP.

            "Consolidated EBITDA" shall mean, for any period for any person,
      Consolidated Net Income of such person for such period, plus, to the
      extent deducted in computing such Consolidated Net Income for such period,
      the sum of (i) Consolidated Interest Expense for such period, (ii) Cash
      Tax Expense for such period, (iii) [ ** ], and (iv) depreciation,
      depletion, amortization of intangibles and other non-cash charges or
      non-cash losses, minus, to the extent added in computing such Consolidated
      Net Income for such period, the sum of (i) any interest income, and (ii)
      any non-cash income or non-cash gains during such period that requires
      footnote disclosure on financial statements, reports or other filings
      pursuant to or in accordance with GAAP or applicable SEC regulations, all
      as determined on a consolidated basis with respect to such person and its
      Consolidated Subsidiaries in accordance with GAAP.

      (b) The definition of Consolidated Net Income set forth in Section 1.01 of
the Credit Agreement is amended by deleting clause (f) in its entirety and
replacing it with the following new clause (f):

            (f) up to $2,500,000 of non-recurring cash charges which have been
      previously specifically identified by the Borrower to the Administrative
      Agent in writing and which are incurred through the fiscal quarter ending
      November 30, 2004.

      (c) Section 1.01 of the Credit Agreement is amended by inserting the
following new definition therein in alphabetical order:

                  [ ** ]

      (d) Section 6.13(a) is amended in its entirety to read as follows:

            (a) Consolidated Fixed Charge Coverage Ratio. The Borrower will not
      permit the Consolidated Fixed Charge Coverage Ratio (i) to be less than
      2.00 to 1.00 for any Reference Period ending on or prior to May 31, 2005,
      (ii) to be less than 2.25 to 1.0 for any Reference Period ending after May
      31, 2005 and on or prior to November 30, 2005, or (iii) to be less than
      2.50 to 1.0 for any Reference Period ending thereafter.

      (e) Section 6.13(b) is amended in its entirety to read as follows:

            (b) Consolidated Leverage Ratio. The Borrower will not permit the
      Consolidated Leverage Ratio to exceed 4.00 to 1.00 for any Reference
      Period ending on or prior to May 31, 2005 (ii) to exceed 3.75 to 1.0 for
      any Reference Period ending after May 31, 2005 and on or prior to November
      30, 2005, or (iii) to exceed 3.5 to 1.0 for any Reference Period ending
      thereafter.

      2. Waiver. The Lenders hereby waive any breach of [ ** ] the Credit
Agreement arising solely out of [ ** ] and agree that [ ** ] shall be excluded
from [ ** ].
<PAGE>
      3. Release of Guaranty; Termination of Pledge Agreements; Release of
Collateral. The Lenders hereby confirm and ratify the authority of the
Collateral Agent to, and direct the Collateral Agent to, effective upon the
consummation of the [ ** ] (i) release [ ** ] from any and all obligations under
that certain Amended and Restated Guarantee Agreement dated as of May 15, 1998
and (ii) release the lien of the Pledge Agreement upon all previously pledged
shares and Intercompany Notes of [ ** ] and deliver such pledged shares and
Intercompany Notes to the Borrower. Notwithstanding the foregoing, the
provisions of this Section 2 shall not be deemed to be a release of any other
collateral granted to the Collateral Agent pursuant to any Collateral Document.

      4. Representations and Warranties of the Borrowers. Each of the Borrowers
represents and warrants that:

      (a) The execution, delivery and performance by such Borrower of this
Amendment have been duly authorized by all necessary corporate action and that
this Amendment is a legal, valid and binding obligation of such Borrower
enforceable against such Borrower in accordance with its terms, except as the
enforcement thereof may be subject to the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar law affecting creditors'
rights generally;

      (b) Each of the representations and warranties contained in the Credit
Agreement is true and correct in all material respects on and as of the date
hereof as if made on the date hereof;

      (c) Neither the execution, delivery and performance of this Amendment nor
the consummation of the transactions contemplated hereby does or shall conflict
with or breach any of the terms of the Senior Notes or Subordinated Notes;

      (d) After giving effect to this Amendment, no Default or Event of Default
has occurred and is continuing.

      5. Effective Date. This Amendment shall become effective upon the
execution and delivery hereof by the Borrower, the Subsidiary Borrower, the
Agent and the Required Lenders (without respect to whether it has been executed
and delivered by all the Lenders); provided that Sections 1 and 2 hereof shall
not become effective until the date (the "Effective Date") when the following
additional conditions have also been satisfied:

      (a) Each of the Guarantors has executed and delivered a reaffirmation of
Guaranty in the form of Exhibit A hereto.

      (b) The Borrower has paid to the Agent (for the benefit of each Lender
signatory hereto as of the Effective Date) an amendment fee equal to 0.125% of
such Lender's Commitment on the Effective Date and has paid such other fees
relating to this Amendment as may be separately agreed to, which fees shall be
deemed fully earned and non-refundable on the Effective Date.

      6. Reference to and Effect Upon the Credit Agreement.
<PAGE>
      (a) Except as specifically amended or waived above, the Credit Agreement
and the other Loan Documents shall remain in full force and effect and are
hereby ratified and confirmed.

      (b) The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the Agent or any Lender
under the Credit Agreement or any Loan Document, nor constitute a waiver of any
provision of the Credit Agreement or any Loan Document, except as specifically
set forth herein. Upon the effectiveness of this Amendment, each reference in
the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or
words of similar import shall mean and be a reference to the Credit Agreement as
amended hereby.

      7. Costs and Expenses. The Borrower hereby affirms its obligation under
Section 9.05 of the Credit Agreement to reimburse the Agent for all reasonable
costs, internal charges and out-of-pocket expenses paid or incurred by the Agent
in connection with the preparation, negotiation, execution and delivery of this
Amendment, including but not limited to the attorneys' fees and time charges of
attorneys for the Agent with respect thereto.

      8. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAWS.

      9. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purposes.

      10. Counterparts. This Amendment may be executed in any number of
counterparts, each of which when so executed shall be deemed an original but all
such counterparts shall constitute one and the same instrument.

                            [signature pages follow]
<PAGE>
      IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date and year first above written.

                                        ROBBINS & MYERS, INC.,

                                        AS BORROWER

                                        By:        /s/ Kevin Brown
                                                   -----------------------------
                                        Name:      Kevin Brown
                                        Title:     Vice President
                                                   Finance,
                                                   Chief Financial
                                                   Officer

                                        ROBBINS & MYERS FINANCE EUROPE B.V., AS
                                        SUBSIDIARY BORROWER

                                        By:        /s/ Kevin Brown
                                                   -----------------------------
                                        Name:      Kevin Brown
                                        Title:     Attorney-in-fact
                                                   pursuant to Power of
                                                   Attorney

                    [Signature Page to Robbins & Myers, Inc.
                      Amendment No. 1 to Credit Agreement]
<PAGE>
                                       BANK ONE, NA, AS ADMINISTRATIVE AGENT,
                                       ISSUING BANK AND LENDER

                                       By:         /s/ Suzanne Ergastolo
                                                   -----------------------------
                                       Name:       Suzanne Ergastolo
                                       Title:      Director,
                                                   Senior Underwriter

                    [Signature Page to Robbins & Myers, Inc.
                      Amendment No. 1 to Credit Agreement]
<PAGE>
                                       HARRIS TRUST AND
                                       SAVINGS BANK

                                       By:         /s/ George M. Olahy
                                                   -----------------------------
                                       Name:       George M. Olahy
                                       Title:      Vice President
                                       Address:    111 West Monroe St.
                                                   Chicago, Illinois 60603
                                       Telephone:  (312) 461-7788
                                       Fax:        (312) 461-2591

                    [Signature Page to Robbins & Myers, Inc.
                      Amendment No. 1 to Credit Agreement]
<PAGE>
                                       NATIONAL CITY BANK

                                       By:         /s/ Neal J. Hinker
                                                   -----------------------------
                                       Name:       Neal J. Hinker
                                       Title:      Sr. Vice President
                                       Address:    6 N. Main Street
                                                   Dayton, Ohio 45412-2200
                                       Telephone:  (937) 226-2041
                                       Fax:        (937) 226-2058

                    [Signature Page to Robbins & Myers, Inc.
                      Amendment No. 1 to Credit Agreement]
<PAGE>
                                       WACHOVIA BANK, N.A.

                                       By:         /s/ Sarah T. Warren
                                                   -----------------------------
                                       Name:       Sarah T. Warren
                                       Title:      Director
                                       Address:    301 S. College St. TW-5
                                                   Charlotte, NC 28288
                                       Telephone:  (704) 383-4498
                                       Fax:        (704) 383-1625

                    [Signature Page to Robbins & Myers, Inc.
                      Amendment No. 1 to Credit Agreement]
<PAGE>
                                       THE BANK OF NOVA SCOTIA

                                       By:         /s/ V. Gibson
                                                   -----------------------------
                                       Name:       V. Gibson
                                       Title:      Assistant Agent
                                       Address:    600 Peachtree St., N.E.
                                                   Suite 2700
                                                   Atlanta, Georgia  30308
                                       Telephone:  (404) 877-1554
                                       Fax:        (404) 888-8998

                    [Signature Page to Robbins & Myers, Inc.
                      Amendment No. 1 to Credit Agreement]
<PAGE>
                                       FIFTH THIRD BANK (WESTERN OHIO)

                                       By:         /s/ Neal R. Ratcliff
                                                   -----------------------------
                                       Name:       Neal R. Ratcliff
                                       Title:      Vice President
                                       Address:    110 N. Main St.
                                                   MD 332921
                                                   Dayton, Ohio 45402
                                       Telephone:  (937) 229-8327
                                       Fax:        (937) 229-8383

                    [Signature Page to Robbins & Myers, Inc.
                      Amendment No. 1 to Credit Agreement]
<PAGE>
                                       UNICREDITO ITALIANO,

                                       NEW YORK BRANCH

                                       By:         /s/ Gianni Franco Papa
                                                   -----------------------------
                                       Name:       Gianni Franco Papa
                                       Title:      Senior Vice President,
                                                   Branch Manager

                                       By:         /s/ Saiyed Abbas
                                                   -----------------------------
                                       Name:       Saiyed Abbas
                                       Title:      Vice President
                                       Address:    375 Park Ave.
                                                   2nd Floor
                                                   New York, NY 10152
                                       Telephone:  (212) 546-9630
                                       Fax:        (212) 546-9675

                    [Signature Page to Robbins & Myers, Inc.
                      Amendment No. 1 to Credit Agreement]
<PAGE>
                                    EXHIBIT A

                            REAFFIRMATION OF GUARANTY

      Each of the undersigned acknowledges receipt of a copy of Amendment No. 1
to Third Amended and Restated Credit Agreement dated as of April 21, 2004 (the
"Amendment"), consents to such amendment and each of the transactions referenced
therein and hereby reaffirms its obligations under the Guarantee Agreement dated
as of May 15, 1998 (as defined in the Amendment).

Dated as of April 21, 2004

                                        PFAUDLER, INC.

                                        By _____________________________________
                                              Name:
                                              Title:

                                        EDLON, INC.

                                        By:_____________________________________
                                        Name:
                                        Title:

                                        GLASTEEL PARTS AND SERVICES, INC.

                                        By:_____________________________________
                                        Name:
                                        Title:

                                        E.C. MOTORS, INC.

                                        By:_____________________________________
                                        Name:
                                        Title:
<PAGE>
                                        INDEX MANUFACTURING CO., INC.

                                        By:_____________________________________
                                        Name:
                                        Title:

                                        MOYNO, INC.

                                        By:_____________________________________
                                        Name:
                                        Title:

                                        PIEPENBROCK ENTERPRISES, INC.

                                        By:_____________________________________
                                        Name:
                                        Title:

                                        R&M ENVIRONMENTAL STRATEGIES, INC.

                                        By:_____________________________________
                                        Name:
                                        Title:

                                        ROBBINS & MYERS ENERGY SYSTEMS, INC.

                                        By:_____________________________________
                                        Name:
                                        Title:

                                        TARBY OF DELAWARE, INC.

                                        By:_____________________________________
                                        Name:
                                        Title:

<PAGE>

                                        ROBBINS & MYERS ENERGY SYSTEMS, L.P.

                                            By:  Robbins & Myers Energy Systems,
                                                 Inc., as general partner

                                            By:_________________________________
                                            Name:
                                            Title:

                                        ROBBINS & MYERS HOLDINGS, INC.

                                        By:_____________________________________
                                        Name:
                                        Title:

                                        ROMACO, INC.

                                        By:_____________________________________
                                        Name:
                                        Title:<PAGE>
                                                                    Exhibit 10.2

                                  May 21, 2004

Peter C. Wallace
636 Ruby Trust Way
Castle Rock, CO 80180

      RE:   Salary Continuation Agreement

Dear Peter:

      This letter sets forth the terms of the agreement between Robbins & Myers,
Inc. (the "Company") and you with regard to the circumstances under which you
are entitled to receive from the Company a continuation of your salary in the
event of a termination of your employment with the Company and certain other
specified matters.

      In consideration of your acceptance on May 21, 2004 of the appointment as
President and Chief Executive Officer of the Company and your agreement that so
long as you are an executive officer of the Company, you will perform to the
best of your abilities the duties of your office, the Company agrees with you as
follows:

            1. Definitions. For purposes of this Agreement, the following terms
shall have the meanings set forth below:

            (a) "Affiliate(s)" shall have the meaning ascribed to such term in
      Rule 12b-2 of the General Rules and Regulations promulgated by the
      Securities and Exchange Commission under the Securities Exchange Act of
      1934.

            (b) "Base Salary" means $500,000 or your annual salary as most
      recently fixed by the Board of Directors of the Company.

            (c) "Change of Control" means and shall be deemed to have occurred
      on (i) the date of the merger or consolidation of the Company with or into
      another entity (or other similar reorganization), whether or not the
      Company is the surviving corporation, in which the shareholders of the
      Company immediately prior to the effective date of such transaction own
      less than 50% of the voting power in the surviving entity; (ii) the date
      of the sale or other disposition of all or substantially all of the assets
      of the Company, or a complete liquidation or dissolution of the Company;
      (iii) the date upon which a Person becomes, directly or indirectly, the
      beneficial owner of 20% or more of the outstanding voting power of the
      Company provided such Person is not controlled, directly or indirectly, by
      persons related to Maynard H. Murch IV by blood or marriage; or (iv) the
      date of a change in the composition of the Board of Directors of the
<PAGE>
Peter C. Wallace
May 21, 2004
Page 2

      Company such that individuals who were members of the Board of Directors
      on the date two years prior to such change (or who were subsequently
      elected to fill a vacancy in the Board, or were subsequently nominated for
      election by the Company's shareholders, by the affirmative vote of at
      least two thirds of the directors then still in office who were directors
      at the beginning of such two year period) no longer constitute a majority
      of the Board of Directors of the Company. For purposes of the preceding
      definition, "Person" shall mean any individual, firm, company,
      partnership, other entity or group, but excluding the Company, its
      Affiliates, any employee benefit plan maintained by the Company, or an
      underwriter temporarily holding securities pursuant to an offering of such
      securities.

            (d) "Misconduct" means (i) a willful failure or refusal on your part
      to perform properly the duties of your employment to the extent of your
      ability to do so; (ii) dishonesty or disloyalty in relation to the
      Company; or (iii) your engaging in, or rendering services or assistance
      to, a business which is in competition with any business conducted the
      Company.

            2. Termination of Employment. If your employment with the Company is
terminated either (i) by action of the Board of Directors of the Company
otherwise than for your Misconduct, (ii) by your resignation with the consent of
the Board of Directors of the Company, or (iii) by reason of a sale or other
disposition by the Company of its business (including a discontinuance of
operations), the Company shall pay to you an amount equal to your Base Salary;
provided, however, that if your termination of employment under this paragraph
occurs within two years after a Change of Control, then the Company shall pay
you an amount equal to two times your Base Salary.

            3. Executive Officer Status. If you shall be removed from, or shall
fail to be re-elected to, an executive office with the Company otherwise than by
reason of Misconduct and if you shall resign from your employment with the
Company within thirty (30) days following the date on which you cease to be an
executive officer of the Company, the Company will pay to you an amount equal to
your Base Salary; provided, however, that if your termination of employment
under this paragraph occurs within two years after a Change of Control, then the
Company shall pay you an amount equal to two times your Base Salary.

            4. Salary Reduction. If your Base Salary shall be reduced by more
than fifteen percent (15%) other than in the course of a general temporary
salary reduction, affecting all or substantially all of the executives of the
Company, due to adverse business conditions or a financial crisis on the part of
the Company, and if you shall resign from your employment with the Company
within thirty (30) days after receiving notice of such salary reduction, the
Company will pay to you an amount equal to your Base Salary; provided, however,
that if your termination of employment under this paragraph occurs within two
years after a Change of Control, then the
<PAGE>
Peter C. Wallace
May 21, 2004
Page 3

Company shall pay you an amount equal to two times your Base Salary. For the
purposes of this paragraph, any such reduction in your Base Salary will be
considered to meet the foregoing requirements if such reduction, together with
all other similar reductions in your Base Salary which occurred during the
period of two (2) years immediately preceding the date of such reduction, shall
aggregate more than fifteen percent (15%) of your Base Salary in effect at the
beginning of such two-year period together with any increases in your salary
which shall have occurred during such period.

            5. Payment; Termination of Agreement and Payments at Age 65. In the
event the Company becomes obligated pursuant to the terms of this Agreement to
pay you an amount equal to your Base Salary or two times your Base Salary, then
such amounts shall be paid in consecutive equal monthly installments, with the
number of monthly installments being twelve (12) in the event the amount to be
paid is equal to your Base Salary and twenty-four (24) installments in the event
the amount to be paid is equal to two times your Base Salary. The first
installment shall be paid on the 15th day of the month following the month in
which your employment is terminated.

            On the date you reach age 65, this Agreement shall automatically
terminate and be null and void. In the event you are receiving payments under
this Agreement at the time you reach age 65, no further payments shall he made
to you pursuant to this Agreement after you reach age 65.

            6. Binding on Successors. This Agreement shall inure to the benefit
of, and be binding upon, any successor, whether by merger, consolidation or
purchase, to the business or all or substantially all of the assets of the
Company. It is acknowledged that if the Company should be a party to a merger or
consolidation with another corporation that this Agreement shall be binding upon
the surviving entity by operation of law. In the event the Company sells all or
substantially all of its assets, then the Company shall require the purchasing
party to expressly assume and agree to perform this Agreement. In the event the
Company fails to obtain such agreement of the purchasing party in form and
substance reasonably satisfactory to you prior to the acquisition of such assets
of the Company by the purchasing party and if, within six months after the
acquisition of such assets by the purchasing party, you cease to be employed by
the Company and are not employed by the purchasing party for any reason,
including your resignation from any such employment, your employment shall be
considered for all purposes of this Agreement as having been terminated by
reason of the sale by the Company of its business after a Change of Control as
provided in clause (iii) of paragraph 2.

            7. Non-Competition Provisions.

            (a) You agree that while employed by the Company and for the
12-month period immediately after you cease to be employed by the Company you
will not, without the prior written consent of the Company, either directly or
indirectly, perform any services (whether advisory, consulting, employment or
otherwise) for, invest in or otherwise become associated
<PAGE>
Peter C. Wallace
May 21, 2004
Page 4

with in any capacity, any person, corporation, partnership or other entity which
engages in a Competitive Business (as defined below); provided, however, that
nothing herein contained shall prevent you (1) from purchasing and holding for
investment less than 2% of the shares of any corporation, the shares of which
are regularly traded either on a national securities exchange or in the
over-the-counter market or (2) from providing services to any corporation,
partnership, or other entity if the Competitive Business represents less than
15% of the gross revenues of such corporation, partnership, or entity and your
services are not rendered, directly or indirectly, to the division or subsidiary
which is engaged in the Competitive Business.

            (b) For purposes of this Agreement, "Competitive Business" means the
design, engineering, manufacture, marketing, distribution, sale, or servicing in
the Prohibited Territory (as defined below) of processing, packaging, printing,
or security equipment used in the pharmaceutical industry, wellhead, drilling
and recovery equipment used in the oil and gas industry, progressing cavity
pumps, industrial mixers and agitators, or glass-lined reactor and storage
vessels. "Prohibited Territory" means the countries in which the Company or one
of its Affiliates had manufacturing or distribution facilities or sales offices
at any time that you were employed by the Company.

            8. Annual Cash Bonus. You will be a participant in the Company's
Annual Cash Bonus Plan. For the Company's fiscal year ending August 31, 2005,
your target bonus will be guaranteed and will be 60% of your Base Salary or
$300,000. This amount will be prorated over your initial 14 months of
employment, with the result that your total bonus will be $350,000. This
$350,000 amount will be paid to you promptly following the release of the
Company's results for the fiscal year ending August 31, 2005.

            9. Arbitration. Any controversy or claim arising out of or relating
to this Agreement, or the breach thereof (other than a controversy or claim
involving Paragraph 7 of this Agreement), shall be settled by arbitration in
Dayton, Ohio, in accordance with the Rules of the American Arbitration
Association, and judgment upon the award rendered by the Arbitrator(s) may be
entered in any court having jurisdiction thereof.

            10. Savings Clause. In the event that it is determined that any
payment by the Company to or for your benefit (whether paid or payable pursuant
to the terms of this Agreement or otherwise) would be subject to the 20% tax
pursuant to Section 4999 of the Internal Revenue Code, as amended (the "Code"),
then the aggregate present value of amounts payable to or for your benefit
pursuant to this Agreement (such payments pursuant to this Agreement are
hereinafter referred to as "Agreement Payments") shall be reduced to the Reduced
Amount. For purposes of this section, the "Reduced Amount" shall be defined as
an amount expressed in present value, which maximizes the aggregate present
value of Agreement Payments without causing any payments to be subject to the
20% tax pursuant to Section 4999 of the Code. The foregoing provisions of this
paragraph shall not apply and shall be null and void if within 10 days after the
termination of your employment with the Company, you notify the Company in
writing
<PAGE>
Peter C. Wallace
May 21, 2004
Page 5

that the application of the foregoing provisions of this paragraph 10 would, on
an after-tax basis, likely result in an economic detriment to you.

            When executed by you, this Agreement shall become effective as of
July 12, 2004. If the foregoing accurately sets forth your agreement with the
Company, please so indicate your agreement and acceptance by signing in the
space provided below.

                                                   Very truly yours,

                                                   /s/ Thomas P. Loftis

                                                   Thomas P. Loftis
                                                   Vice Chairman of the Board

ACCEPTED AND AGREED TO:

/s/ Peter C. Wallace
--------------------
Peter C. Wallace
Dated:  May 21, 2004

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