Document:

<PAGE>

                                                                  EXHIBIT 10.29

Date

Name
Street
City, State  Zip

Dear           :

         BMC Industries, Inc. considers the establishment and maintenance of
a sound and vital management to be essential to protecting and enhancing the
best interests of the Company and its stockholders. In this connection, the
Company recognizes that, as is the case with many publicly held corporations,
the possibility of a Change in Control may arise and that such possibility,
and the uncertainty and questions which it may raise among management, may
result in the departure or distraction of management personnel to the
detriment of the Company and its stockholders.

         Accordingly, the Board has determined that appropriate steps should
be taken to minimize the risk that Company management will depart prior to a
Change in Control, thereby leaving the Company without adequate management
personnel during such a critical period, and to reinforce and encourage the
continued attention and dedication of members of the Company's management to
their assigned duties without distraction in circumstances arising from the
possibility of a Change in Control. In particular, the Board believes it
important, should BMC Industries, Inc., or its stockholders receive a
proposal for transfer of control, that you be able to continue your
management responsibilities and assess and advise the Board whether such
proposal would be in the best interests of BMC Industries, Inc. and its
stockholders and to take other action regarding such proposal as the Board
might determine to be appropriate, without being influenced by the
uncertainties of your own personal situation.

         The Board recognizes that continuance of your position with the
Company involves a substantial commitment to the Company in terms of your
personal life and professional career and the possibility of foregoing
present and future career opportunities, for which the Company receives
substantial benefits. Therefore, to induce you to remain in the employ of the
Company, this Agreement, which has been approved by the Board, sets forth the
benefits which the Company agrees will be provided to you in the event your
employment with the Company is terminated in connection with a Change in
Control under the circumstances described below.

         1. DEFINITIONS. The following terms will have the meaning set forth
below unless the context clearly requires otherwise. Terms defined elsewhere
in this Agreement will have the same meaning throughout this Agreement.

         (a) "AGREEMENT" means this letter agreement as amended, extended or
renewed from time to time in accordance with its terms.

         (b) "BOARD" means the board of directors of the Parent Corporation
duly qualified and acting at the time in question.

<PAGE>

Name
March 13, 2000
Page 2 of 10

         (c) "CAUSE" means: (i) the willful and continued failure by you to
perform substantially your duties with the Company after a demand for
substantial performance is delivered to you by the President and Chief
Executive Officer which specifically identifies the manner in which such
person believes that you have not substantially performed your duties; or
(ii) your conviction (including a plea of nolo contendere) of willfully
engaging in illegal conduct constituting a felony or gross misdemeanor under
federal or state law which is materially and demonstrably injurious to the
Company. For purposes of this definition, no act, or failure to act, on your
part will be considered "willful" unless done, or omitted to be done, by you
in bad faith and without reasonable belief that your action or omission was
in, or not opposed to, the best interests of the Company. Any act, or failure
to act, based upon authority given pursuant to a resolution duly adopted by
the Board (or a committee thereof) or based upon the advice of counsel for
the Company will be conclusively presumed to be done, or omitted to be done,
by you in good faith and in the best interests of the Company. It is also
expressly understood that your attention to matters not directly related to
the business of the Company will not provide a basis for termination for
Cause so long as the Board did not expressly disapprove in writing of your
engagement in such activities either before or within a reasonable period of
time after the Board knew or could reasonably have known that you engaged in
those activities. Notwithstanding the foregoing, you will not be deemed to
have been terminated for Cause unless and until there has been delivered to
you a copy of a resolution duly adopted by the affirmative vote of not less
than a majority of the entire membership of the Board at a meeting of the
Board called and held for the purpose (after reasonable notice to you and an
opportunity for you, together with your counsel, to be heard before the
Board), finding that in the good faith opinion of the Board you were guilty
of the conduct set forth above in clauses (i) or (ii) of this definition and
specifying the particulars thereof in detail.

         (d) "CHANGE IN CONTROL" means any of the following: (i) the sale,
lease, exchange, or other transfer of all or substantially all of the assets
of the Parent Corporation, in one transaction or in a series of related
transactions, to any Person; (ii) the approval by the stockholders of the
Parent Corporation of any plan or proposal for the liquidation or dissolution
of the Parent Corporation; (iii) any Person is or becomes the "beneficial
owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of fifty percent (50%) or more of the combined voting power of
the Parent Corporation's outstanding securities ordinarily having the right
to vote at elections of directors; (iv) individuals who constitute the Board
on the date of this Agreement (the "Incumbent Board") cease for any reason to
constitute at least a majority thereof, provided that any person becoming a
director subsequent to the date of this Agreement whose election, or
nomination for election, by the Parent Corporation's stockholders, was
approved by a vote of at least a majority of the directors comprising the
Incumbent Board (either by a specific vote or by approval of the proxy
statement of the Parent Corporation in which such person is named as a
nominee for director, without objection to such nomination) will, for
purposes of this clause (iv), be deemed to be a member of the Incumbent
Board; or (v) a change in control of a nature that is determined by
independent legal counsel to the Company to be required to be reported
(assuming such event has not been "previously reported") in response to Item
1(a) of the Current Report on Form 8-K, as in effect on the date hereof,
pursuant to section 13 or 15(d) of the Exchange Act, whether or not the
Parent Corporation is then subject to such reporting requirement.

         (e) "CODE" means the Internal Revenue Code of 1986, as amended.

         (f) "COMPANY" means the Parent Corporation, any Subsidiary and any
Successor.

         (g) "CONFIDENTIAL INFORMATION" means information which is proprietary
to the Company or proprietary to others and entrusted to the Company, whether or
not trade secrets. It includes

<PAGE>

Name
March 13, 2000
Page 3 of 10

information relating to business plans and to business as conducted or
anticipated to be conducted, and to past or current or anticipated products or
services. It also includes, without limitation, information concerning research,
development, purchasing, accounting, marketing and selling. All information
which you have a reasonable basis to consider confidential is Confidential
Information, whether or not originated by you and without regard to the manner
in which you obtain access to that and any other proprietary information.

         (h) "DATE OF TERMINATION" following a Change in Control (or prior to
a Change in Control if your termination was either a condition of the Change
in Control or was at the request or insistence of any Person (other than the
Company) related to the Change in Control) means: (i) if your employment is
to be terminated by the Company for Cause or by you for Good Reason, the date
specified in the Notice of Termination; (ii) if your employment is to be
terminated by the Company for any reason other than Cause, Disability, death
or Retirement, the date specified in the Notice of Termination, which in no
event may be a date earlier than sixty (60) calendar days after the date on
which a Notice of Termination is given, unless an earlier date has been
expressly agreed to by you in writing either in advance of, or after,
receiving such Notice of Termination; or (iii) if your employment is
terminated by reason of death or Retirement, the date of death or Retirement,
respectively. In the case of termination by the Company of your employment
for Cause, if you have not previously expressly agreed in writing to the
termination, then within thirty (30) calendar days after receipt by you of
the Notice of Termination with respect thereto, you may notify the Company
that a dispute exists concerning the termination, in which event the Date of
Termination will be the date set either by mutual written agreement of the
parties or by the arbitrators in a proceeding as provided in Section 12 of
this Agreement. During the period beginning on the date you or the Company,
as the case may be, receive Notice of Termination and ending on the Date of
Termination, the Company will continue to pay you your full compensation and
benefits and cause your continued participation in all Plans, in effect
immediately prior to the time the Notice of Termination is given and until
the dispute is resolved in accordance with Section 12 of this Agreement.

         (i) "DISABILITY" means a disability as defined in the Company's
long-term disability plan as in effect immediately prior to the Change in
Control or, in the absence of such a plan, means permanent and total
disability as defined in section 22(e)(3) of the Code.

         (j) "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

         (k) "GOOD REASON" means:

                  (i) an adverse change in your status or position(s) as an
         executive of the Company as in effect immediately prior to the Change
         in Control, including, without limitation, any adverse change in you
         status or position(s) as a result of a material diminution in your
         duties or responsibilities (other than, if applicable, any such change
         directly attributable to the fact that the Company is no longer
         publicly owned) or the assignment to you of any duties or
         responsibilities which, in your reasonable judgement, are inconsistent
         with such status of position(s), or any removal of you from or any
         failure to reappoint or reelect you to such position(s) (except in
         connection with the termination of your employment for Cause,
         Disability or Retirement or as a result of your death or by you other
         than for Good Reason);

<PAGE>

Name
March 13, 2000
Page 4 of 10

                  (ii) a reduction by the Company in your rate of total
         compensation (including, without limitation, salary and bonuses), or an
         adverse change in the form of timing of the payment thereof, as in
         effect immediately prior to the Change in Control;

                  (iii) the failure by the Company to continue in effect any
         Plan in which you (and/or your family or dependents) are participating
         at any time during the ninety (90)-calendar-day period immediately
         preceding the Change in Control (or Plans providing you (and/or your
         family or dependents) with at least substantially similar benefits)
         other than as a result of the normal expiration of any such Plan in
         accordance with its terms as in effect immediately prior to the ninety
         (90)-calendar-day period immediately preceding the time of the Change
         in Control, or the taking of any action, or the failure to act, by the
         Company which would adversely affect your (and/or your family's or
         dependent's) continued participation in any of such Plans on at least
         as favorable a basis to you (and/or your family or dependents) as is
         the case on the date of the Change in Control or which would materially
         reduce your (and/or your family's or dependent's) benefits in the
         future under any of such Plans or deprive you (and/or your family or
         dependents) of any material benefit enjoyed by you (and/or your family
         or dependents) at the time of the Change in Control;

                  (iv) the Company's requiring you to be based anywhere other
         than where your office is located immediately prior to the Change in
         Control, except for required travel on the Company's business, and then
         only to the extent substantially consistent with the business travel
         obligations which you undertook on behalf of the Company during the
         ninety (90)-calendar-day period immediately preceding the Change in
         Control (without regard to travel related to or in anticipation of the
         Change in Control);

                  (v) the failure by the Company to obtain from any Successor
         the assent to this Agreement contemplated by Section 5 of this
         Agreement;

                  (vi) any purported termination by the Company of your
         employment which is not properly effected pursuant to a Notice of
         Termination and pursuant to any other requirements of this Agreement,
         and for purposes of this Agreement, no such purported termination will
         be effective; or

                  (vii) any refusal by the Company to continue to allow you to
         attend to matters or engage in activities not directly related to the
         business of the Company which, at any time prior to the Change in
         Control, you were not expressly prohibited in writing by the Board from
         attending to or engaging in.

         Notwithstanding anything in the foregoing to the contrary, your
termination of employment with the Company for any reason other than death,
Disability or Retirement within the thirty (30) day period beginning on the one
hundred eighty first (181st) calendar day following a Change in Control and
ending on the two hundred tenth (210th) calendar day following a Change in
Control will be conclusively deemed to be for Good Reason.

         (l) "MONTHLY BASE COMPENSATION" means your monthly base cash salary
from the Company attributable to services rendered as an employee of the Company
at the rate in effect

<PAGE>

Name
March 13, 2000
Page 5 of 10

immediately prior to the Change in Control, determined without regard to the
amount of contributions made by the Company with respect to you under any
qualified cash or deferred arrangement or cafeteria plan that is not then
includable in your income by operation of section 402(a)(8) or section 125 of
the Code and without regard to amounts deferred, whether voluntarily or
involuntarily and whether vested or nonvested, pursuant to any Plan.

         (m) "NOTICE OF TERMINATION" means a written notice which indicates the
specific termination provision in this Agreement pursuant to which the notice is
given. Any purported termination by the Company or by you following a Change in
Control (or prior to a Change in Control if your termination was either a
condition of the Change in Control or was at the request or insistence of any
Person (other than the Company) related to the Change in Control) must be
communicated by written Notice of Termination.

         (n) "PARENT CORPORATION" means BMC Industries, Inc. and any Successor.

         (o) "PERSON" means and includes any individual, corporation,
partnership, group, association or other "person," as such term is used in
section 14(d) of the Exchange Act, other than the Parent Corporation, a
wholly-owned subsidiary of the Parent Corporation or any employee benefit
plan(s) sponsored by the Parent Corporation or a wholly-owned subsidiary of the
Parent Corporation.

         (p) "PLAN" means any compensation plan (such as a stock option,
restricted stock plan or other equity-based plan), or any employee benefit plan
(such as a thrift, pension, profit sharing, medical, dental, disability,
accident, life insurance, relocation, salary continuation, expense
reimbursements, vacation, fringe benefits, office and support staff plan or
policy) or any other plan, program, policy or agreement of the Company intended
to benefit employees (and/or their families or dependents) generally, management
employees (and/or their families or dependents) as a group or you (and/or your
family or dependents) in particular.

         (q) "RETIREMENT" means termination of your employment with the Company
on or after the day on which you attain the age of sixty-five (65).

         (r) "SUBSIDIARY" means any corporation at least a majority of whose
securities having ordinary voting power for the election of directors is at the
time owned by the Company and/or one (1) or more Subsidiaries or any operating
division of the Company.

         (s) "SUCCESSOR" means any Person that succeeds to, or has the practical
ability to control (either immediately or with the passage of time), the Parent
Corporation's business directly, by merger, consolidation or other form of
business combination, or indirectly, by purchase of the Parent Corporation's
voting securities, all or substantially all of its assets or otherwise.

         2. BENEFITS UPON A CHANGE IN CONTROL TERMINATION. If your employment
with the Company is terminated for any reason other than death, Cause,
Disability or Retirement, or if you terminate your employment with the Company
for Good Reason either: (a) within the two hundred ten (210) calendar-day-period
immediately following a Change in Control; or (b) prior to a Change in Control
if your termination was either a condition of the Change in Control or was

<PAGE>

Name
March 13, 2000
Page 6 of 10

at the request or insistence of a Person (other than the Company) related to the
Change in Control, then:

                  (i) PERIODIC CASH PAYMENTS. On or before the fifth calendar
         day of each of the twelve (12) calendar months following the month
         during which the Date of Termination occurs, the Company will make a
         cash payment to you in an amount equal to your Monthly Base
         Compensation. If you die or attain age sixty-five (65) before the end
         of this twelve (12) month period, such payments will end as of and
         including the month during which you die or attain age sixty-five (65).
         If you obtain employment at any time during such twelve (12) month
         period, any "base salary" that you receive during any given month
         within such period as a result of such employment will be offset
         against the Company's corresponding monthly payment obligation under
         this clause (i). You have no obligation, however, to mitigate damages
         by seeking or accepting alternative employment during such twelve (12)
         month period. For purposes of applying the foregoing, the term "base
         salary" is defined as cash compensation paid at intervals no less
         frequent than monthly which is not incentive based and is not paid in
         lieu of benefits.

                  (ii) LIMITATION ON PAYMENTS AND BENEFITS. Notwithstanding
         anything in this Agreement to the contrary, if any of the payments to
         be made in connection with this Agreement, together with any other
         payments or benefits which you have the right to receive from the
         Company or any corporation which is a member of an "affiliated group"
         (as defined in section 1504(a) of the Code without regard to section
         1504(b) of the Code) of which the Company is a member, constitute an
         "excess parachute payment" (as defined in section 280G(b) of the Code),
         the payments to be made in connection with this Agreement shall be
         reduced to the extent necessary to prevent any portion of such payments
         or benefits from becoming subject to the excise tax imposed under
         section 4999 of the Code; provided, that such reduction shall be made
         only if the aggregate amount of the payments after such reduction
         exceeds the difference between (A) the amount of such payments absent
         such reduction minus (B) the aggregate amount of the excise tax imposed
         under section 4999 of the Code attributable to any such excess
         parachute payments arising in connection with such Change in Control.
         The determination as to whether any such decrease in the payments to be
         made in connection with this Agreement is necessary must be made in
         good faith by legal counsel or a certified public accountant selected
         by you and reasonably acceptable to the Company, and such determination
         will be conclusive and binding upon you and the Company. In the event
         that a reduction is necessary, you will have the right to designate the
         particular payments or benefits that are to be reduced or eliminated so
         that no portion of the payments or benefits to be made or provided to
         you in connection with this Agreement will be excess parachute payments
         subject to the excise tax under Code section 4999. The Company will pay
         or reimburse you on demand for the reasonable fees, costs and expenses
         of the counsel or accountant selected to make the determinations under
         this clause (ii).

For purposes of this Section 2, your employment with the Company will be deemed
to have been terminated on the date on which the Company or you, as the case may
be, receives Notice of Termination notwithstanding that your Date of Termination
occurs following the expiration of the two hundred ten (210) calendar-day-period
referenced in clause (a).

<PAGE>

Name
March 13, 2000
Page 7 of 10

         3. INDEMNIFICATION. Following a Change in Control, the Company will
indemnify and advance expenses to you to the full extent permitted by law and
the Company's articles of incorporation and bylaws for damages, costs and
expenses (including, without limitation, judgements, fines, penalties,
settlements and reasonable fees and expenses of your counsel) incurred in
connection with all matters, events and transactions relating to your service to
or status with the Company and any other corporation, employee benefit plan or
other entity with whom you served at the request of the Company.

         4. CONFIDENTIALITY. You will not use, other than in connection with
your employment with the Company, or disclose any Confidential Information to
any person not employed by the Company or not authorized by the Company to
receive such Confidential Information, without the prior written consent of the
Company; and you will use reasonable and prudent care to safeguard and protect
and prevent the unauthorized disclosure of Confidential Information. Nothing in
this Agreement will prevent you from using, disclosing or authorizing the
disclosure of any Confidential Information: (a) which is or hereafter becomes
part of the public domain or otherwise becomes generally available to the public
through no fault of yours; (b) to the extent and upon the terms and conditions
that the Company may have previously made the Confidential Information available
to certain persons; or (c) to the extent that you are required to disclose such
Confidential Information by law or judicial or administrative process.

         5. SUCCESSORS. The Company will seek to have any Successor, by
agreement in form and substance satisfactory to you, assent to the fulfillment
by the Company of the Company=s obligations under this Agreement. Failure of the
Company to obtain such assent at least three (3) business days prior to the time
a Person becomes a Successor (or where the Company does not have at least three
(3) business days= advance notice that a Person may become a Successor, within
one (1) business day after having notice that such Person may become or has
become a Successor) will constitute Good Reason for termination by you of your
employment.

         6. FEES AND EXPENSES. The Company, upon demand, will pay or reimburse
you for all reasonable legal fees, court costs, experts' fees and related costs
and expenses incurred by you in connection with any actual, threatened or
contemplated litigation or legal, administrative, arbitration or other
proceeding relating to this Agreement to which you are or reasonably expect to
become a party, whether or not initiated by you, including, without limitation:
(a) all such fees and expenses, if any, incurred in contesting or disputing any
such termination; or (b) your seeking to obtain or enforce any right or benefit
provided by this Agreement; provided, however, you will be required to repay
(without interest) any such amounts to the Company to the extent that a court
issues a final and non-appealable order setting forth the determination that the
position taken by you was frivolous or advanced by you in bad faith.

         7. BINDING AGREEMENT. This Agreement inures to the benefit of, and is
enforceable by, you, your personal and legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If you
die after you become entitled to, but before you receive, any amounts payable to
you under this Agreement, all such amounts, unless otherwise provided in this
Agreement, will be paid in accordance with the terms of this Agreement to your
devisee, legatee or other designee or, it there be no such designee, to your
estate.

<PAGE>

Name
March 13, 2000
Page 8 of 10

         8. NO MITIGATION. Except as expressly provided in clause (i) of Section
2 of this Agreement, you will not be required to mitigate the amount of any
payments the Company becomes obligated to make to you in connection with this
Agreement by seeking other employment or otherwise and the payments to be made
to you in connection with this Agreement may not be reduced, offset or subject
to recovery by the Company by any payments or benefits you may receive from
other employment or otherwise.

         9. NO SETOFF. Except as provided in Section 10 of this Agreement, the
Company will have no right to setoff payments owed to you under this Agreement
against amounts owed or claimed to be owed by you to the Company under this
Agreement or otherwise.

         10. TAXES. All payments to be made to you in connection with this
Agreement will be subject to required withholding of federal, state and local
income, excise and employment-related taxes which withholding shall be
consistent with the determination described in clause (ii) of Section 2 of this
Agreement.

         11. NOTICES. For the purpose of this Agreement, notices and all other
communications provided for in, or required under, this Agreement must be in
writing and will be deemed to have been duly given when personally delivered or
when mailed by United States registered or certified mail, return receipt
requested, postage prepaid and addressed to each party's respective address set
forth on the first page of this Agreement (provided that all notices to the
Company must be directed to the attention of the President and Chief Executive
Officer), or to such other address as either party may have furnished to the
other in writing in accordance with these provisions, except that notice of
change of address will be effective only upon receipt.

         12. DISPUTES. Any dispute, controversy or claim for damages arising
under or in connection with the Agreement shall be settled exclusively by
arbitration in Minneapolis, Minnesota by three (3) arbitrators in accordance
with the rules of the American Arbitration Association then in effect. Judgement
may by entered on the arbitrators' award in any court having jurisdiction. The
Company will be entitled to seek an injunction or restraining order in a court
of competent jurisdiction (within or without the State of Minnesota) to enforce
the provisions of Section 4 of this Agreement.

         13. JURISDICTION. Except as specifically provided otherwise in the
Agreement, the parties agree that any action or proceeding arising under or in
connection with this Agreement must be brought in a court of competent
jurisdiction in the State of Minnesota, and hereby consent to the exclusive
jurisdiction of said courts for this purpose and agree not to assert that such
courts are an inconvenient forum.

         14. RELATED AGREEMENTS. To the extent that any provision of any other
Plan or agreement between the Company and you limits, qualifies or is
inconsistent with any provision of this Agreement, then for purposes of this
Agreement, while such other Plan or agreement remains in force, the provision of
this Agreement will control and such provision of such other Plan or agreement
will be deemed to have been superseded, and to be of no force or effect, as if
such other agreement had been formally amended to the extent necessary to
accomplish such purpose. Nothing in this Agreement prevents or limits your
continuing or future participation in any Plan provided by the Company and for
which you may qualify, and nothing in this Agreement

<PAGE>

Name
March 13, 2000
Page 9 of 10

limits or otherwise affects the rights you may have under any Plans or other
agreements with the Company. Amounts which are vested benefits or which you are
otherwise entitled to receive under any Plan or other agreement with the Company
at or subsequent to the Date of Termination will be payable in accordance with
such Plan or other agreement.

         15. NO EMPLOYMENT OR SERVICE CONTRACT. Nothing in this Agreement is
intended to provide you with any right to continue in the employ of the Company
for any period of specific duration or interfere with or otherwise restrict in
any way your rights or the rights of the Company, which rights are hereby
expressly reserved by each, to terminate your employment at any time for any
reason or no reason whatsoever, with or without cause.

         16. CHANGE OF SUBSIDIARY STATUS. In the event that, prior to a Change
in Control: (a) a Subsidiary is sold, merged, transferred or in any other manner
or for any other reason ceases to be a Subsidiary; (b) your primary employment
duties are with the Subsidiary at the time of the occurrence of such event; and
(c) you do not, in conjunction therewith, transfer employment directly to the
Company or another Subsidiary, then this Agreement will become null and void.

         17. SURVIVAL. The respective obligations of, and benefits afforded
to, the Company and you which by their express terms or clear intent survive
termination of your employment with the Company or termination of this
Agreement, as the case may be, including, without limitation, the provisions
of Sections 2, 3, 4, 5, 6, 9, 10, 11 and 12 of this Agreement, will survive
termination of your employment with the Company or termination of this
Agreement, as the case may be, and will remain in full force and effect
according to their terms.

         18. MISCELLANEOUS. No provision of this Agreement may be modified,
waived or discharged unless such modification, waiver or discharge is agreed
to in a writing signed by you and the President and Chief Executive Officer.
No waiver by any party to this Agreement at any time of any breach by another
party to this Agreement of, or of compliance with, any condition or provision
of this Agreement to be performed by such party will be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express
or implied, with respect to the subject matter to this Agreement have been
made by any party which are not expressly set forth in this Agreement. This
Agreement and the legal relations among the parties as to all matters,
including, without limitation, matters of validity, interpretation,
construction, performance and remedies, will be governed by and construed
exclusively in accordance with the internal laws of the State of Minnesota
(without regard to the conflict of laws provisions of the State of Minnesota
or of any other jurisdiction), except to the extent that the provisions of
the corporate law of Minnesota may apply to the internal affairs of the
Company. Headings are for purposes of convenience only and do not constitute
a part of this Agreement. The parties to this Agreement agree to perform, or
cause to be performed, such further acts and deeds and to execute and
deliver, or cause to be executed and delivered, such additional or
supplemental documents or instruments as may be reasonably required by the
other party to carry into effect the intent and purpose of this Agreement.
The invalidity or unenforceability of all or any part of any provision of
this Agreement will not affect the validity or enforceability of the
remainder of such provision or of any other provision of this Agreement,
which will remain in full force and effect. This Agreement may be executed in
several counterparts, each of which will be deemed to be an original, but all
of which together will constitute one and the same instrument.

<PAGE>

Name
March 13, 2000
Page 10 of 10

         If this letter correctly sets forth our agreement on the subject matter
discussed above, kindly sign and return to the Company the enclosed copy of this
letter which will then constitute our agreement on this subject.

Sincerely,

By: ___________________________
      Paul B. Burke
      Chairman and Chief Executive Officer

Agreed to this___________ day of _____________, 2000.

__________________________________________
(Name)<PAGE>

                                                                EXHIBIT 10.38

                      CONSENT, WAIVER AND FOURTH AMENDMENT
                               TO CREDIT AGREEMENT

                  This Consent, Waiver and Fourth Amendment to Credit Agreement
(the "FOURTH AMENDMENT") dated as of December 21, 1999 is by and among BMC
Industries Inc., a Minnesota corporation (the "BORROWER"), Bankers Trust
Company, a New York banking corporation, as administrative agent for the Lenders
hereunder (in such capacity individually, the "AGENT") and as a Lender, Bank
One, f/k/a/ The First National Bank of Chicago, (as assignee of NBD Bank) as
documentation agent and as a Lender and the several banks and other financial
institutions signatory below.

                                R E C I T A L S:

                  WHEREAS, the Borrower, the Agents and various lending
institutions (the "LENDERS") are parties to an Amended and Restated Credit
Agreement dated as of June 25, 1998 (as heretofore and hereafter amended,
restated, supplemented or otherwise modified, the "CREDIT AGREEMENT"), pursuant
to which the Lenders have made and may hereafter make loans, advances and other
extensions of credit to the Borrower;

                  WHEREAS, the Borrower has requested pursuant to SECTION 4.1(a)
of the Credit Agreement that $30,000,000 of Revolving Commitments be terminated
on December 30, 1999;

                  WHEREAS, the Borrower desires to restructure its European
operations under one overall ownership within the affiliated group pursuant to
the transactions described on EXHIBIT A attached hereto (the "EUROPEAN
REORGANIZATION") and the Agent and the Majority Lenders are agreeable to the
same, subject to the terms and conditions hereof;

                  WHEREAS, this Fourth Amendment shall constitute a Loan
Document and these Recitals shall be construed as part of this Fourth Amendment;

                  NOW, THEREFORE, in consideration of the foregoing and the
agreements, promises and covenants set forth below, and for other good and
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

                  1. DEFINITIONS. Capitalized terms used but not otherwise
defined in this Fourth Amendment shall have the meanings ascribed to them in the
Credit Agreement.

                  2. AMENDMENT TO THE CREDIT AGREEMENT. Subject to the
conditions of this Fourth Amendment, the Credit Agreement is hereby amended as
follows:

                  (a) DEFINITION OF PERMITTED INVESTMENT. The definition of
"Permitted Investment" contained in SECTION 1.1 of the Credit Agreement is
amended by inserting the following new clauses (xii) and (xiii) immediately
following clause (xi) thereof:

<PAGE>

                  (xii) Investments by Buckbee-Mears European Holding Company
         B.V. ("BV2") in that certain Note A dated as of December 22, 1999 by
         Buckbee-Mears Deutschland Holding GmbH in favor of the Borrower and
         assigned to BV2 in the original principal amount of 77,000,000 Euro;

                  (xiii) Investments by the Borrower in that certain Note B
         dated as of December 22, 1999 by Buckbee-Mears Holding Company B.V. in
         favor of the Borrower in the original principal amount of 77,000,000
         Euro ("Note B");

                  (b) DEFINITION OF EUROPEAN REORGANIZATION. SECTION 1.1 of the
Credit Agreement is amended by inserting a new defined term "European
Reorganization" in alphabetical order therein, which definition reads as
follows:

                  "EUROPEAN REORGANIZATION" has the meaning assigned to that
         term in that certain Consent, Waiver and Fourth Amendment to Credit
         Agreement dated as of December 21, 1999 by and among the Borrower, the
         Agent and the Lenders signatory thereto.

                  (c) SECTION 7.13. The Credit Agreement is amended by inserting
a new SECTION 7.13 which reads as follows:

                  7.13 PLEDGE OF BV1. Borrower shall, as soon as practicable,
         but in any event not later than January 31, 2000 (subject to extension
         in the reasonable discretion of the Agent), pledge 65% of the issued
         and outstanding Capital Stock of Buckbee-Mears Holding Company B.V., to
         the Collateral Agent for the benefit of the Secured Creditors pursuant
         to documentation reasonably satisfactory to the Agent, including,
         without limitation, an opinion of counsel (if requested by Agent).

                  (d) SECTION 8.4. SECTION 8.4 of the Credit Agreement is
amended by deleting the "." at the conclusion of clause (c) thereof and
inserting in lieu thereof a ";" and by inserting the following clause (d):

                  (d)      Borrower may carry out the European Reorganization.

                  3. WAIVER. The Majority Lenders hereby waive compliance with
the requirements of SECTION 8.7 with respect to determinations of fair market
value as such Section relates to the European Restructuring.

                  4. CONSENT. The Majority Lenders hereby consent to the
execution of the Amended and Restated Pledge Agreement in the form of EXHIBIT B
attached hereto and consent to the release of the pledge of the Pledge
Agreement.

                  5. CONDITIONS PRECEDENT. Notwithstanding any other provision
contained in this Fourth Amendment or any other document, the effectiveness of
this Fourth Amendment is expressly conditioned upon the satisfaction of each
matter set forth in this SECTION 5, all in form and substance acceptable to the
Agent in its sole and absolute discretion:

                  (a) FOURTH AMENDMENT. The Agent shall have received a duly
executed copy of this Fourth Amendment signed by the Borrower, the Agent and the
Majority Lenders.

                                     - 2 -

<PAGE>

                  (b) PLEDGE AGREEMENT. The Agent shall have received a duly
executed copy of the Amended and Restated Pledge Agreement in the form of
EXHIBIT B attached hereto signed by the Borrower and the Agent together with the
original Note B endorsed in blank.

                  (c) SECRETARY'S CERTIFICATE. A certificate executed by the
secretary or any assistant secretary of the Borrower certifying to and attaching
resolutions of the Borrower's board of directors authorizing the execution and
delivery of this Fourth Amendment, the other documents contemplated thereby and
the European Restructuring and certifying that the by-laws and articles of
incorporation of the Borrower have not been amended or otherwise modified since
June 25, 1998.

                  (d) WARRANTIES AND REPRESENTATIONS. All of the warranties and
representations of the Borrower contained in the Credit Agreement and in the
other Loan Documents (including, without limitation, in this Fourth Amendment)
shall be true and correct in all material respects on and as of the date first
written above (except those representations and warranties made expressly as of
a different date, which representations and warranties shall have been true and
correct in all material respects as of such prior date). The Borrower hereby
represents and warrants that the execution, delivery and performance of this
Fourth Amendment and the consummation of the transactions contemplated hereby
have been duly authorized by all necessary corporate action and this Fourth
Amendment is a legal, valid and binding obligation of the Borrower enforceable
against the Borrower in accordance with its terms, except as the enforcement
thereof may be subject to (i) the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting creditors'
rights generally and (ii) general principles of equity (regardless of whether
such enforcement is sought in a proceeding in equity or at law). In furtherance
of the foregoing, the Borrower hereby represents and warrants that as of the
date first written above each of the conditions precedent contained in this
SECTION 5 has been fully satisfied in accordance with the express terms thereof.

                  (e) NO EVENT OF DEFAULT. Except as expressly waived herein, no
Event of Default shall have occurred and be continuing as of the date first
written above, or, will occur after giving effect to this Fourth Amendment in
accordance with its terms.

                  (f) NO LITIGATION. No litigation, investigation, proceeding,
injunction, restraint or other action shall be pending or threatened against the
Borrower or any Affiliate of the Borrower, or any officer, director, or
executive of any thereof, which restrains, prevents or imposes adverse
conditions upon, or which otherwise relates to, the execution, delivery or
performance of this Fourth Amendment.

                  (g) AMENDMENT FEE. Borrower shall have paid to Agent, for the
benefit of those Lenders who have delivered a signature page executed by such
Lender to Winston & Strawn by 6:00 p.m. (Chicago time) on Tuesday, December 21,
1999, an amendment fee equal to five basis points of the post-reduction
Revolving Commitment amounts of said Lenders.

                  7. LIMITATION OF FOURTH AMENDMENT. The parties hereto agree
and acknowledge that nothing contained in this Fourth Amendment in any manner or
respect limits or terminates any of the provisions of the Credit Agreement or
any of the other Loan Documents other than as expressly set forth herein and
further agree and acknowledge that the Credit

                                     - 3 -
<PAGE>

Agreement (as amended hereby) and each of the other Loan Documents remain and
continue in full force and effect and are hereby ratified and confirmed. Except
to the extent expressly set forth herein, the execution, delivery and
effectiveness of this Agreement shall not operate as a waiver of any rights,
power or remedy of the Lenders or the Agent under the Credit Agreement or any
other Loan Document, nor constitute a waiver of any provision of the Credit
Agreement or any other Loan Document. No delay on the part of any Lender or the
Agent in exercising any of their respective rights, remedies, powers and
privileges under the Credit Agreement or any of the Loan Documents or partial or
single exercise thereof, shall constitute a waiver thereof. None of the terms
and conditions of this Fourth Amendment may be changed, waived, modified or
varied in any manner, whatsoever, except in accordance with SECTION 11.1 of the
Credit Agreement.

                  8. COSTS, EXPENSES AND TAXES. Pursuant to SECTION 11.4 of the
Credit Agreement, the Borrower agrees to pay on demand all costs and expenses of
the Lenders and the Agent in connection with the preparation, execution and
delivery of this Fourth Amendment including the reasonable fees and
out-of-pocket expenses of counsel to the Agent with respect thereto.

                  9. EXECUTION IN COUNTERPARTS. This Fourth Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but
one and the same instrument.

                  10. GOVERNING LAW. THIS FOURTH AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO THE INTERNAL CONFLICTS OF LAWS PROVISIONS THEREOF.

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

                                    * * * *
                           [Signature page follows]

                                     - 4 -

<PAGE>

                  IN WITNESS WHEREOF, this Fourth Amendment has been duly
executed as of the date first written above.

BMC INDUSTRIES INC.                              HARRIS TRUST AND SAVINGS BANK

By:  /s/Bradley D. Carlson                       By:   /s/Catherine C. Ciolek
    -----------------------                            ------------------------
Name:   Bradley D. Carlson                       Name:   Catherine C. Ciolek
       --------------------                            ------------------------
Title:    Treasurer                              Title:   Vice President
       --------------------                            ------------------------

BANKERS TRUST COMPANY, in its
individual capacity, as Administrative Agent     WACHOVIA BANK, N.A.

By:   /s/Robert R. Telesca                       By:   /s/Walter R. Gillikin
    ---------------------------                        -----------------------
Name:   Robert R. Telesca                        Name:   Walter R. Gillikin
      -------------------------                        -----------------------
Title: Assistant Vice President              Title:    Senior Vice President
       ------------------------                        -----------------------

BANK ONE, in its individual capacity and         UNION BANK OF CALIFORNIA
as Documentation Agent

By:   /s/Jenny A. Gilpin                         By:  /s/Susan D. Biba
      -----------------------                        -----------------------
Name:   Jenny A. Gilpin                          Name:   Susan D. Biba
      -----------------------                          ---------------------
Title:  First Vice President                  Title:  Vice President
       ----------------------                        -----------------------

U.S. BANK NATIONAL ASSOCIATION                   CREDIT AGRICOLE INDOSUEZ

By:   /s/David Shapiro                           By:   /s/Susan Knight
    ------------------------------                   -------------------------
Name:     David Shapiro                          Name:   Susan Knight
      ----------------------------                     -----------------------
Title:    Assistant Vice President               Title:  Vice President
       ---------------------------                      ----------------------
WELLS FARGO BANK, NATIONAL
ASSOCIATION
                                                 By:    /s/David Bouhl
                                                     ------------------------
By:   /s/Robert Carino                           Name:   David Bouhl
    -----------------------                            ----------------------
Name:   Robert Carino                            Title:  First Vice President,
      ---------------------                              Managing Director
Title:   Vice President                                ----------------------
       --------------------

                                     - 5 -

<PAGE>

                                    EXHIBIT A

                  The Borrower will form a Dutch holding company,
Buckbee-Mears Holding Company B.V. ("BV 1"). BV 1 will then form a second
Dutch company, Buckbee-Mears European Holding Company B.V. ("BV 2").

                  The Borrower will contribute Vision-Ease France SAS ("VEF")
to BV 1. Vision-Ease Lens, Inc. ("VEL") will sell Vision-Ease Europe Limited
("VEE") to BV 1. BV 1 will contribute VEE and VEF to BV 2.

                  The German ophthalmic laboratory will be established in
Vision-Ease Deutschland GmbH ("VED") as a subsidiary of the Borrower.

                  The Borrower will sell VED and Buckbee-Mears Europe GmbH to
a newly formed German holding company, Buckbee-Mears Deutschland Holding GmbH
("BMDH"), for a combination of additional equity and a note (Note A). The
Borrower will contribute BMDH to BV 1 and will sell Note A to BV 1 in
exchange for a note (Note B). BV 1 will contribute BMDH and Note A to BV 2.

                                     - 6 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}]]