Document:

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                                                                   EXHIBIT 10(s)

                              EMPLOYMENT AGREEMENT

        THIS EMPLOYMENT AGREEMENT, effective as of the 8th day of December, 2000
(the "Agreement"), by and between UNITED STATES LIME & MINERALS, INC., a Texas
corporation (herein, together with its successors and permitted assigns,
"Employer") and TIMOTHY W. BYRNE ("Employee").

                                   WITNESSETH

        WHEREAS, Employer desires to employ Employee, and Employee desires to be
so employed, on the terms and conditions hereinafter set forth;

        NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, Employer and Employee hereby agree as follows:

        1.  Employment.

        (a) Employer hereby employs Employee to serve, subject to the
supervision and control of Employer's Board of Directors (the "Board"), as
Employer's President and Chief Executive Officer ("CEO"), and to undertake and
discharge, in accordance with the terms and conditions of this Agreement, such
duties, functions, and responsibilities for Employer and its subsidiaries as are
from time to time assigned to Employee by the Board. Employer hereby
acknowledges that Employee will continue to reside in Virginia and hereby agrees
to establish and maintain an office of Employer in a location in Virginia to be
mutually agreed between Employee and the Executive Committee of the Board.

        (b) Employer hereby agrees to use its best efforts to cause the Board to
nominate, and the shareholders of Employer to elect, Employee as a director of
Employer ("Director") at each successive annual meeting of shareholders of
Employer for so long as Employee serves as CEO. Employer hereby also agrees to
use its best efforts to cause the Board to name Employee to the Executive
Committee of the Board for so long as Employee serves as a Director and CEO.

        2.  Term;  Termination of Employment.

               (a) Employee's employment under this Agreement shall commence as
of December 8, 2000, and shall continue until December 31, 2003, and for
successive one-year periods thereafter (the "Employment Term"), unless either
Employee or Employer gives at least one-year's prior written notice of intent
not to renew the Employment Term, or Employee's employment is terminated earlier
by Employee or Employer as hereinafter provided. Immediately upon termination of
Employee's employment hereunder for any reason (other than death), Employee
hereby agrees to resign as a Director and as a director, officer, employee and
agent of each of Employer's subsidiaries.

               (b) Employee may terminate his employment under this Agreement at
any time, by giving at least three (3) months prior written notice of such
termination to Employer. In the event that Employee terminates his employment
under this Agreement prior to or later than nine (9) months after a Change in
Control (as defined below), Employee shall be entitled to no Severance Payments
(as defined below). In the event that Employee terminates his employment under
this Agreement within nine (9) months after a Change in Control, Employee shall
be entitled to Severance Payments in the amount and under the circumstances set
forth in subsection 2(f) below.

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               (c) Employer may terminate Employee's employment under this
Agreement at any time, for any reason or for no reason, immediately by giving
written notice to Employee. In the event that Employer terminates Employee's
employment under this Agreement for Cause (as defined below), Employee shall be
entitled to no Severance Payments. In the event that Employer terminates
Employee's employment under this Agreement without Cause, Employee shall be
entitled to Severance Payments in the amount and under the circumstances set
forth in subsection 2(f). For purposes of this Agreement, "Cause" shall be
deemed to exist if (1) Employee commits fraud, theft, larceny, or any other
crime (other than minor misdemeanors); (2) Employee fails or refuses to obey
lawful instructions of the Board or of any committee thereof or commits any
willful misconduct or disloyalty; (3) Employee is guilty of habitual insobriety,
habitual inattention to his duties, functions, or responsibilities, or repeated
negligence in the performance of his duties, functions, or responsibilities; or
(4) Employee otherwise commits a material breach of this Agreement.

               (d) Employee's employment under this Agreement shall terminate
automatically upon the death or disability of Employee, or upon the expiration
of the Employment Term after Employee or Employer has given the notice of
non-renewal provided for in subsection 2(a). For purposes of this subsection
2(d), Employee shall be deemed to be disabled when he is deemed disabled under
Employer's disability policy for executive officers as in effect at that time.
In the event that Employee's employment under this Agreement terminates due to
death, disability, or non-renewal of the Employment Term, Employee shall be
entitled to no Severance Payments.

               (e) Upon any termination of Employee's employment under this
Agreement, other than a termination of Employee's employment by Employer without
Cause pursuant to subsection 2(c) or a termination by Employee within nine (9)
months after a Change in Control pursuant to subsection 2(b), Employee, his
personal representatives, or his estate, as the case may be, shall be entitled
to receive only the Base Salary (as defined below), Benefits (as defined below),
and Bonuses (as defined below) paid or provided to or earned by Employee
hereunder in respect of Employee's service through the date of such termination
and no other compensation. For purposes of this subsection 2(e), no EBITDA Bonus
(as defined below) shall be deemed to be earned by Employee in respect of a
given fiscal year unless he remains actively employed under this Agreement
through June 30 of such year, and, in the event that Employee's employment
hereunder terminates between July 1 and December 31 of such year, he shall be
deemed to have earned a EBITDA Bonus in respect of such year to the extent and
in proportion to the percentage by which EBITDA has improved through the fiscal
quarter end (i.e., June 30, September 30, or December 31) closest to the date of
such termination (whether such termination occurs before or after such fiscal
quarter end) (a "Proportional EBIDTA Bonus").

               (f) (1) In the event that Employer terminates Employee's
employment under this Agreement without Cause pursuant to subsection 2(c), or
Employee terminates his employment under this Agreement within nine (9) months
after a Change in Control pursuant to subsection 2(b), Employee shall be
entitled to receive the Base Salary, Benefits, and Bonuses paid or provided to
or earned by Employee hereunder in respect of Employee's service through the
date of such termination and, in addition, shall be entitled to receive
severance payments (the "Severance Payments") in the amount and under the
circumstances set forth in this subsection 2(f). Except in the case of a Change
in Control as provided in paragraph 2(f)(3), the Severance Payments shall
consist of a continuation of Employee's annual Base Salary, Benefits, and
Bonuses in effect on the date of termination, paid and provided on the same
periodic and other bases as provided for in subsections 3(a) and (b) below, as
if Employee's employment hereunder were continuing. In the case of a Change in
Control after which Employee elects to receive his Severance Payments in a
lump-sum as provided in paragraph 2(f)(3), the Severance Payments shall be paid
in a lump-sum as provided therein, calculated based upon Employer's
out-of-pocket costs to provide the Base Salary, Benefits, and Bonuses with no
discounting for present value, no tax gross-up or discount, and no effort to pay
for or otherwise provide comparable Benefits to Employee. For purposes of
subsection 2(f), """Bonuses"" shall mean the aggregate of the EBITDA Bonus and
Discretionary Bonus (as defined below)

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earned or awarded in respect of the last full fiscal year during which Employee
was employed under this Agreement immediately preceding Employee's termination,
shall be considered to be the bonus continuation for the severance period at
issue, and shall be separate and apart from the payment of any EBITDA or
Discretionary Bonus paid or earned in respect of that last full fiscal year and
from any Proportional EBITDA Bonus to which Employee may be entitled for the
year in which the termination occurs.

                   (2) In the event that Employer terminates Employee's
employment under this Agreement without Cause pursuant to subsection 2(c) prior
to a Change in Control or after two (2) years after a Change in Control,
Employee shall be entitled to Severance Payments equal to his then-current
annual Base Salary, Benefits, and Bonuses for one (1) year.

                   (3) In the event that Employer terminates Employee's
employment under this Agreement without Cause pursuant to subsection 2(c) at any
time within two (2) years after a Change in Control, or Employee terminates his
employment under this Agreement pursuant to subsection 2(b) at any time within
nine (9) months after a Change in Control, then, notwithstanding anything to the
contrary contained in this Agreement, Employee shall be entitled to Severance
Payments equal to his then-current annual Base Salary, Benefits, and Bonuses for
the greater of the number of full and partial years remaining between the date
of termination of employment and the end of the two-year period following the
Change in Control, or one (1) year. In the case of Severance Payments related to
a termination of employment after a Change in Control, or Severance Payments
related to a termination of employment before a Change in Control which
Severance Payments continue after a Change in Control, the Severance Payments,
or any remaining portion thereof, shall, at the election of Employee, be payable
in a lump sum, net of withholding for all applicable taxes and other amounts
which may be properly withheld, within thirty (30) calendar days following such
election. For purposes of this Agreement, a""Change in Control" shall be deemed
to occur if, but only if, (a) Inberdon Enterprises Ltd. ("Inberdon") and its
affiliates and associates, on a collective basis, cease to beneficially own,
directly or indirectly, at least forty percent (40%) of the then-outstanding
common stock of Employer, or (b) the current shareholders of Inberdon and their
affiliates and associates, on a collective basis, cease to beneficially own,
directly or indirectly, at least fifty percent (50%) of the then-outstanding
common stock of Inberdon.

                   (4) Employee acknowledges and agrees that the Severance
Payments provided for herein shall be in full and total satisfaction and
settlement of any and all claims, suits, demands, judgments, actions, and causes
of action, of whatever nature, which at the time of such termination Employee
then has or may have against Employer or any affiliate, subsidiary, Director,
officer, employee, agent, or shareholder of Employer or of any of its
subsidiaries, arising by virtue of any thing whatsoever, including without
limitation claims based upon this Agreement, claims based upon other agreements,
claims based upon quasi-contract, claims sounding in tort, employment
discrimination claims, claims under the Employee Retirement Income Security Act
of 1974, and claims under any other federal, state, or local statute,
regulation, or common law. Employee and Employer further agree that, except in
the case of a termination of Employee's employment under this Agreement after a
Change in Control pursuant to paragraph 2(f)(3), prior to payment by Employer of
any Severance Payment or Payments, Employee and Employer shall each execute and
deliver irrevocable mutual general releases of Employer and all affiliates,
subsidiaries, Directors, officers, employees, agents, and shareholders of
Employer and all of its subsidiaries, and of Employee and his heirs and
executors, and releasing Employer, Employee, and such persons from all such
claims, in form and content reasonably acceptable to Employer, Employee, and
their respective counsel.

        3.  Compensation.

               (a) In consideration of the services to be rendered by Employee
under this Agreement, Employer shall pay Employee a salary (the "Base Salary"")
at an annual rate of at least U.S. $240,000 per annum. During the first (1st)
quarter of each calendar year, commencing with the first (1st) quarter 2002, the
Board or the Compensation Committee of the Board shall review and may, in its
discretion, increase the

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Base Salary, effective retroactive to January 1 of that year, and shall
determine the amount of any bonus that Employee is to be awarded with respect to
the previous year based on the percentage increase in EBITDA (the "EBITDA
Bonus"). In addition to the EBITDA Bonus, Employee shall be awarded such
additional bonuses, from time to time, as the Board or the Compensation
Committee of the Board may in its discretion determine (a "Discretionary
Bonus"). The Base Salary shall be payable on a periodic basis, in arrears, in
accordance with Employer's customary payroll practices for its executives from
time to time, net of withholding for all applicable taxes and other amounts
which may be properly withheld. Employee's EBITDA Bonus, if any, shall be paid
within fifteen (15) calendar days after Employer publicly announces its year-end
results for the previous fiscal year in respect of which the EBITDA Bonus is to
be calculated and paid. Discretionary Bonuses, if any, shall be determined and
paid as the Board or the Compensation Committee of the Board may in its
discretion determine.

               (b) During the course of his employment under this Agreement,
Employee shall be entitled to participate in all employee health insurance, life
insurance, sick leave, long-term disability, and other fringe benefit programs
of Employer, to the extent and on the same terms and conditions (subject,
however, to the terms and conditions of any such programs) as from time to time
are accorded other employees serving as executive officers of Employer (the
"Benefits").

               (c) Employee shall also be entitled to at least four (4) weeks
paid vacation each calendar year, commencing with 2001, at times to be mutually
agreed upon between Employee and the Executive Committee of the Board.

               (d) Employer hereby agrees to use its best efforts to cause the
Compensation Committee of the Board to grant to Employee (1) 30,000 stock
options, effective December 31, 2000, or as soon thereafter as practicable, at
the higher of the fair market value of a share of Employer's common stock on the
date of grant, or the price per share at which such shares are offered in
Employer's upcoming rights offering to existing shareholders; and (2) 50,000
stock options, effective June 30, 2001, at the fair market value of a share of
Employer's common stock on such date. Employer also agrees to use its best
efforts to cause the Board and the shareholders of Employer to approve any
necessary amendments to Employer's Amended and Restated Stock Option Plan or the
adoption of a new Employer Plan to ensure that such options can be granted to
Employee on such dates under such plan.

               (e) Employer shall reimburse Employee for expenses reasonably
paid or incurred by Employee in connection with the performance of his duties,
functions, and responsibilities under this Agreement, provided that Employee
shall document all such expenses in accordance with Employer's procedures in
effect from time to time, including but not limited to the following reasonable
expenses incurred by Employee in performing his duties, responsibility, and
functions for Employer under this Agreement in Dallas, Texas: travel to and from
his home in Virginia, to Dallas, and lodging and other expenses in the Dallas
area, all subject to mutual agreement between Employee and the Executive
Committee of the Board. In addition, Employer shall provide to Employee in Texas
the use of a late model motor vehicle suitable to Employee's executive position
and shall pay the reasonable costs of maintaining and operating such vehicle
pursuant to the customary practices of Employer. Such vehicle shall promptly be
returned to Employer, in the same condition as provided to Employee, reasonable
wear and tear excepted, upon the termination of Employee's employment for any
reason.

               (f) In respect of Employee's employment under this Agreement,
Employer shall maintain directors and officer's liability insurance having
coverage limits at least as high as presently being maintained by Employer if
the same shall be reasonably available in the judgment of the Board.

        4. Confidential Information. Employee hereby agrees that he shall not,
during his employment under this Agreement or at any time thereafter, furnish,
disclose, or reveal to any third party, firm, or person (except in the course
of, and only to the extent required for, the proper performance of his duties,
functions, and responsibilities hereunder), nor use or appropriate to his own
personal use or benefit or permit any third party, firm, or other person to use
or benefit from, any information of any kind or character

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related in any manner to Employer or its affiliates or subsidiaries, including
without limitation information with respect to it or their financial condition,
products, businesses, operations, plans, employees, customers, suppliers,
vendors, or prospective employees, customers, suppliers, or vendors, whether or
not acquired, learned, obtained, or developed by Employee alone or in
conjunction with others ("Confidential Information""). Upon the termination of
his employment under this Agreement for any reason, Employee shall promptly
return to Employer all papers, documents, films, blueprints, drawings, magnetic
tapes, diskettes, and other storage media (of any kind) in his possession either
containing or reflecting Confidential Information, or otherwise relating to
Employer or any of its affiliates or subsidiaries, and shall not retain copies
thereof.

        5.  Covenant Not To Compete; No Raid or Solicitation.

               (a) Employee agrees that, without the prior written consent of
Employer, he shall not, during his employment under this Agreement, and for one
(1) year following Employee's termination of his employment pursuant to
subsection 2(b) other than within nine (9) months after a Change in Control, for
six (6) months following the expiration of the Employment Term as a result of
Employee's notice of non-renewal given pursuant to subsection 2(a), for six (6)
months following Employer's termination of Employee's employment pursuant to
subsection 2(c) for Cause, for three (3) months following Employee's termination
of his employment pursuant to subsection 2(b) within nine (9) months after a
Change in Control, and for three (3) months following Employer's termination of
Employee's employment pursuant to subsection 2(c) without Cause (collectively,
the "Noncompetition Period"), engage or participate, directly or indirectly,
whether as an owner, partner, limited partner, member, director, officer,
employee, agent, consultant, or representative, in any business or other
enterprise competing, directly or indirectly, with Employer or any of its
affiliates or subsidiaries, whether now existing or hereafter created or
acquired (all the foregoing being collectively referred to herein as the
"Companies"), within the Noncompetition Areas (as defined below). A business or
other enterprise shall be deemed to be "competing" with the Companies if, within
any Noncompetition Area, it conducts (1) any line of business which the
Companies, or any of them, then conducts or has conducted within such
Noncompetition Area at any time within the one (1) year preceding the date of
termination of Employee's employment; and (2) any line of business which the
Companies, or any of them, plans, as of the date of termination of Employee's
employment, to enter within such Noncompetition Area within the one-year period
following the termination of Employee's employment. For purposes of this
Agreement, the term "Noncompetition Areas" shall mean all those geographic areas
where the Companies, or any of them, is doing business or competing for business
at the date of termination of Employee's employment for any reason. For purposes
of this subsection 5(a), a business enterprise shall be deemed to be conducting
"business" within the Noncompetition Areas if it maintains manufacturing,
production, quarrying, sales, or distribution facilities within the
Noncompetition Areas, or solicits or services customers located within such
Noncompetition Areas. Notwithstanding anything to the contrary contained in this
subsection 5(a), the described restrictions on Employee's activities shall not
be deemed to include Employee's direct or indirect beneficial ownership of any
equity securities in a publicly-traded business or other entity, which
securities do not constitute more than two percent (2%) of the relevant class of
equity security issued and outstanding, or give Employee "control" (as such term
is used in the Securities Act of 1933 and the rules and regulations promulgated
thereunder) of such entity.

               (b) During the Noncompetitive Period, Employee shall also not,
either alone or with or on behalf of any third party, firm, or other person,
solicit, induce, or influence any third party, firm, or other person to: (1)
solicit, divert, take away, or induce customers (wherever located) of any of the
Companies to avail themselves of the services or products of others which are
competitive with those of any of the Companies, or sell or furnish or seek to
sell or furnish such services or products to such customers; or (2) solicit,
divert, take away, or induce any employee of any of the Companies to leave the
employ of the Companies, or hire or employ or seek to hire or employ any person
who, at any time within six (6) months preceding such action, was an employee of
any of the Companies. For purposes of this subsection 5(b), the term "customers"
shall include any and all individuals, business organizations and entities, and
governmental agencies, no matter how organized and regardless of whether they
are organized for profit or

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not, with which any of the Companies has or had agreements, contracts, or
arrangements, to which any of the Companies has sold any product or provided any
service, or with which any of the Companies has conducted business negotiations,
in each such case at any time within three (3) years prior to the termination of
Employee's employment under this Agreement.

               (c) In the event that any court of competent jurisdiction shall
determine that any restriction on Employee contained in this Section 5 is
illegal, invalid, or unenforceable by reason of the nature, scope, temporal
period, or geographic area of such restriction, or for any other reason, the
parties agree that such restriction shall be modified and reformed to the
minimum extent necessary so that such restriction, as so modified and reformed,
shall be legal, valid, and enforceable in such jurisdiction. In such event, such
restriction as so modified and reformed shall continue in effect in such
jurisdiction and such restriction, as existing prior to such modification and
reformation, shall continue in full force and effect in all other jurisdictions.
It is the intention of the parties that all restrictions on Employee contained
herein shall be enforceable for the benefit of Employer to the maximum possible
extent.

        6. Enforcement.

               (a) Employee recognizes and agrees that, in the event of a breach
of any of the provisions of Section 4 or 5 by Employee, Employer may suffer
irreparable harm and not have an adequate remedy at law. Accordingly, Employee
hereby agrees that, in the event of a breach or threatened breach by Employee of
any of the provisions contained in such Sections, Employer shall be entitled, in
addition to all other remedies which may be available to Employer, to equitable
relief, including without limitation enforcement of such provision by temporary
restraining order, preliminary and permanent injunction, and decree of specific
performance.

               (b) Except as set forth in subsection 6(a), any controversy or
claim arising out of or relating to this Agreement, or any breach thereof, shall
be settled by binding arbitration in the city in which Employer's principal
executive offices are located in accordance with the Commercial Arbitration
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. The parties hereby agree to be bound by the decision of the
arbitrator(s).

        7. Governing Law. This Agreement and the employment relationship between
Employer and Employee hereunder shall be governed by and construed and enforced
in accordance with the laws of the State of Texas, without regard to the
conflicts of law rules thereof.

        8. Severability. If any provision of this Agreement is held to be
illegal, invalid, or unenforceable (and, with respect to provisions contained in
Section 5, cannot be modified and reformed pursuant to subsection 5(c) such that
such provision is thereafter legal, valid, and enforceable), such provision
shall be severed and stricken from this Agreement, and in all other respects
this Agreement shall remain in full force and effect.

        9. Only Agreement; Amendments. This Agreement constitutes the only
agreement between Employer and Employee concerning the within subject matter,
and supersedes any and all prior oral or written communications between Employer
and Employee regarding the within subject matter. No amendment, modification, or
supplement to this Agreement shall be effective, unless it is in writing and
signed by Employer and Employee.

        10. Agreement Binding; Successors and Assigns. This Agreement has been
duly authorized on behalf of Employer by the Board. This Agreement is personal
in nature, and no party hereto shall assign or transfer this Agreement or any of
its or his respective rights or obligations hereunder without the prior written
consent of the other party hereto. This Agreement shall inure to the benefit of
and be binding upon Employer and Employee and their respective heirs,
successors, and permitted assigns.

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        11. Notices. Any notice required or permitted to be given hereunder
shall be in writing and shall be delivered in person, by certified or registered
mail, return receipt requested, or by overnight courier, at the address set
forth opposite the intended recipient"s name below. Either party may by notice
to the other party hereto change the address of the party to whom notice is to
be given. The date of notice shall be the date delivered, if delivered in
person, or the date received, if delivered by mail or overnight courier.

        12. Waiver. No waiver by any party to this Agreement of any violation,
breach, or default shall be effective unless the same shall be in writing and
signed. No waiver by any party of any violation, breach, or default shall be
construed to constitute a waiver of or consent to the present or future
violation, breach, or default of the same or of any other provision hereof.

        13. No Reliance; Review by Attorney. Employee hereby acknowledges and
represents that he has had full opportunity to review financial statements and
other documents relating to Employer and to ask questions of Employer concerning
its condition, financial and otherwise, business, and prospects, but has relied
solely upon his independent analysis of Employer in deciding to execute this
Agreement, having received no representations or warranties from Employer
concerning its condition, financial or otherwise, business, or prospects. In
addition, Employee acknowledges and represents that he has had full opportunity
to review the terms and conditions of this Agreement with an attorney, that he
is executing this Agreement with full knowledge of the legal effect thereof
after advice of counsel, and that his execution of this Agreement and the
performance of his duties, functions, and responsibilities hereunder will not
conflict with, violate, breach, or constitute a default under any law,
ordinance, or regulation or any agreement, arrangement, or understanding to
which he is bound.

               IN WITNESS WHEREOF, Employer and Employee have executed this
Agreement as of the date first set forth above.

                                     UNITED STATES LIME &
                                     MINERALS, INC.

                                     By:
                                            ----------------------------------
                                            Edward A Odishaw, Esquire
                                            Chairman of the Board of Directors

Employer's Address:

Edward A. Odishaw, Esquire
Chairman, United States Lime &
Minerals, Inc.
c/o United States Lime & Minerals, Inc.
13800 Montfort Drive
Suite 300
Dallas, TX 75240

Witness:                                           EMPLOYEE

----------------------                             ----------------------------
Employee's Address:                                Timothy W. Byrne
Timothy W. Byrne
c/o United States Lime & Minerals, Inc.
13800 Montfort Drive
Suite 300
Dallas, TX 75240<PAGE>   1
                                                                   EXHIBIT 10.10

                              SETTLEMENT AGREEMENT
                                       AND
                                 MUTUAL RELEASES

1.       This is a Settlement Agreement and Mutual Release between Wayne Ford
         (Ford), Jennifer Roden (Roden) and Fibr-Plast Corporation (Fibr-Plast
         or Company) and also Thomas G. Watson (Watson) and Joseph Francella
         (Francella), as hereafter described.

2.       CONSIDERATION. The consideration for this settlement and these releases
         includes the sum of $1.00 cash in hand paid by these parties each to
         the other, the receipt of which is hereby acknowledged, and
         additionally those representations, commitments, covenants and releases
         hereafter given and exchanged.

3.       FORD AND RODEN CLAIMS. Roden claims certain unpaid salary as a past
         employee of Company, which claim Company disputes. Roden has filed an
         action to recover such monies as case #CS-2000-7068 in the District
         Court of Tulsa County, Oklahoma, styled Jennifer Roden, Plaintiff, vs.
         Fibr-Plast Corporation, Defendant (The Case). Ford asserts a claim
         against Company including, without limitation, salary, expenses, other
         compensation and damages. Without admitting the validity of such
         claims, any obligation to Roden or Ford or the entitlement of either to
         any monies, Company is now paying to Roden and Ford the total cash sum
         of $15,000.00, the receipt of which is hereby acknowledged, in complete
         and full satisfaction of any and all accounts, claims, demands or
         causes of action against Company or against its shareholders,
         directors, officers, agents or attorneys (past or present) for salary,
         wages, expenses, compensation of any and all kinds, personal injury
         (known or unknown, now existent or hereafter discovered) or the damage
         or loss of any property (known or unknown, now existent or hereafter
         discovered) and covenants not to sue thereon.

4.       DISMISSAL OF RODEN LITIGATION. In exchange for the foregoing
         consideration, Roden shall now dismiss The Case with prejudice; in this
         connection, Roden shall use that form of Dismissal With Prejudice
         attached hereto as "Exhibit A."

5.       FORD TRANSFER OF STOCK. In exchange for the foregoing consideration,
         and for the additional consideration of $40.00 cash in hand paid, the
         receipt of

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         which is hereby acknowledged, Ford additionally shall transfer and
         assign to Company all capital stock in Company or any claims as to
         options, stock or rights or interests in the capital stock of Company.
         Ford shall use those forms attached hereto as "Exhibit B."
         Additionally, Ford shall now assign and surrender all stock
         certificates or evidence of shares in Company or in Urban Resource
         Technologies, Inc. Because such entities had dealings with or did
         business for Company or for Urban Resource Technologies, Inc., Ford
         also declares that he has no claim to or interest in the capital stock
         of Neodyne Drilling Corporation, Neodyne Partners, Inc., Great Midwest
         Corporation d/b/a GMC Corporation or Dome Corporation, and that he will
         execute such disclaimers, transfers or other documents as shall be
         necessary to divest him hereafter of any such interests or claims. Ford
         hereby appoints the corporate secretary of Fibr-Plast as his agent and
         attorney-in-fact to act as transfer agent, to transfer his certificates
         in Fibr-Plast or in Urban Resource Technologies TO Fibr-Plast in
         compliance with the foregoing.

6.       RETURN OF COMPANY RECORDS. As further consideration owing by Roden and
         Ford, each does herewith declare that she or he has now
         contemporaneously returned all of the records of Company (whether
         originals or copies) and including - without limitation - minute books,
         resolutions, by-laws, minutes of shareholders meetings or of directors
         meetings, blank or unused stock certificates, canceled stock
         certificates, accounting data, and the like.

7.       TRANSFER OF CLAIMS TO PATENTS, TRADEMARKS AND COPYRIGHTS. As further
         consideration owing by Ford to Company, Ford does now transfer, assign,
         set over and QuitClaim to Company the following:

         7.1      Any and all rights to patents, patents pending, copyrights or
                  trademarks of Company;

         7.2      Any and all claim to or interest in processes or products
                  conceived by Ford (alone or in conjunction with others),
                  during any period when he served as an officer and/or director
                  of Company and Urban Resource Technologies, Inc.;

         7.3      Ford does herewith assign, transfer, set over and QuitClaim
                  the same to Company unconditionally. Ford shall use the forms
                  attached hereto as "Exhibit C."

                                       2
<PAGE>   3

8.       RELEASE BY COMPANY TO RODEN. In exchange for the foregoing
         consideration, Company does hereby release Roden from any and all
         accounts, claims, demands or causes of action (known or unknown, now
         existing or hereafter discovered) and covenants not to sue thereon.

9.       RELEASE BY RODEN TO COMPANY. For the same consideration herein
         described, Roden does hereby release Company, its shareholders,
         directors, officers, agents, employees and its attorneys (past and
         present), from any and all accounts, claims, demands or causes of
         action (agreed or disputed, now known or hereafter discovered) and
         covenants not to sue thereon.

10.      COMPANY RELEASE TO FORD. In exchange for the foregoing consideration,
         the Company does hereby release Ford from any and all accounts, claims,
         demands or causes of action of whatsoever nature and without
         limitation, and covenants not to sue thereon. Watson and Francella join
         in such release and they do now release Ford from any and all accounts,
         claims, demands or causes of action of whatsoever nature and without
         limitation, and covenants not to sue thereon.

11.      FORD RELEASE TO COMPANY. As part of the consideration owing by Ford to
         Company, Ford does hereby release Company, its shareholders, directors,
         officers and agents, including without limitation Watson and Francella
         from any and all accounts, claims, demands or causes of action
         whatsoever (agreed or disputed, now known or hereafter discovered) and
         covenants not to sue thereon.

12.      SPECIAL COVENANT BY FORD As part of the consideration owing by Ford to
         Fibr-Plast Corporation, Ford represents and acknowledges that he has
         carefully read Company's form SB-2 on file with the Securities and
         Exchange Commission, which he has downloaded from www.sec.gov, and all
         filed amendments thereto, and he enters into this transaction,
         settlement and release with full knowledge of all such documents and
         the contents thereof.

13.      SECOND SPECIAL COVENANT BY FORD . These parties agree that all prior
         contracts, agreements and understandings between them are canceled and
         are superseded by this Settlement Agreement; provided, however, that
         the non-disclosure and non-competition provisions of the prior
         agreements between Fibr-

                                       3
<PAGE>   4

         Plast and Ford shall remain in full force and effect, commencing with
         the date of his resignation as an officer and director as of April 14,
         2000.

14.      SALE OF CORPORATE PROPERTY. At this time, Ford is in possession of a
         certain computer (keyboard, CPU, monitor and mouse) leased by
         Fibr-Plast from Gateway Computers. Additionally, Ford is also in
         possession of a certain laptop computer. Ford has advised that he wants
         to buy the desktop Gateway computer from the owner/lessor at the
         stipulated price of $700.00. With respect to these two computers. The
         parties have further agreed that at the closing of this settlement,
         Ford shall deliver a cashier's check or money order payable jointly to
         Company and Gateway Computers (or any leasing company to which Gateway
         assigned the lease-purchase agreement) and Fibr-Plast in the sum of
         $700.00. Fibr-Plast shall assign such check to Gateway for the purchase
         of that specific desktop computer in the possession of Ford. In this
         connection, these parties acknowledge that Fibr-Plast has outstanding
         leases on two open and two closed (other desktop computers and Ford's
         said check shall not be used to pay any obligations on these other
         computers).

15.      DISCLAIMER OF CORPORATE STOCK BY RODEN. In consideration of the payment
         above described, the receipt of which is hereby acknowledged, Roden
         does hereby declare that she has no interest in or claim to the capital
         stock of Fibr-Plast Corporation, Urban Resource Technologies, Inc.,
         Urban Resource Technologies, Inc., Neodyne Drilling Corporation,
         Neodyne Partners, Inc., Great Midwest Corporation d/b/a GMC Corporation
         or Dome Corporation. In this connection, Roden hereby appoints the
         corporate secretary of Fibr-Plast as her agent and attorney-in-fact to
         act as transfer agent, to transfer her certificates in Fibr-Plast and
         in Urban Resource Technologies TO Fibr-Plast in compliance with the
         foregoing.

16.      MISCELLANEOUS

         16.1     (Interpretation). The captions on the various sections and
                  paragraphs are for convenience only and the entire Agreement
                  shall be construed as a whole. The invalidity of any phrase,
                  clause or provision herein contained shall not render this
                  Agreement as void nor unenforceable and the same shall
                  thereafter be construed as if such phrase, clause or provision
                  were not herein contained and to otherwise give maximum effect
                  to the intent of

                                       4
<PAGE>   5

                  these parties. This Agreement is made in Oklahoma and may be
                  litigated in the State, District or Federal Courts in that
                  County where the home offices of Company is situated. This
                  Agreement supersedes and cancels any prior discussions,
                  negotiations, agreements or contracts covering the subject
                  matter hereof and may hereafter be modified or amended only by
                  the joint written act of both parties.

         16.2     (Parties Bound). This Agreement shall be binding upon and
                  inure to the benefit of these parties, together with their
                  respective personal representatives, successors and assigns
                  whomsoever.

         16.3     (Future Disputes). If any dispute hereafter arises as to the
                  respective rights or obligations of the parties hereunder and
                  if litigation is brought to interpret or enforce the same,
                  then the prevailing party in that action shall be additionally
                  entitled to recover Court costs, reasonable suit costs and
                  reasonable attorney fees.

         16.4.    (Survival of Covenants). Notwithstanding the releases given by
                  these parties to one another, all of the undertakings,
                  promises, commitments and covenants herein given and exchanged
                  shall survive the closing of this transaction.

         16.5     (Representation of Capacity and Authority). By signing this
                  document, each signatory represents that she, he or it has all
                  of the requisite capacity and the authority to enter into the
                  settlements and mutual releases, and additionally, there are
                  no legal or administrative judgments, decisions, orders or
                  matters pending which either prohibit or limit the ability of
                  these parties to enter into and complete the within and
                  foregoing settlements and releases. This representation by
                  each party to the other is a substantial and material part of
                  the consideration owing in this transaction.

         16.6     (Multiple Originals). The signatories may execute the same or
                  different duplicate originals and when all parties have
                  executed one or more of such facsimiles, then this Agreement
                  shall have been formed and the parties bound thereby.

                                       5
<PAGE>   6

17.      EFFECTIVE DATE. Notwithstanding the date or dates of execution here,
         the effective date of this transaction shall be as of the 13th day of
         March , 2001.

                                               /s/ Jennifer Roden
                                               -------------------
                                               JENNIFER RODEN

                                               /s/ Wayne Ford
                                               ---------------
                                               WAYNE FORD

                                               /s/ Thomas G. Watson
                                               ---------------------
                                               THOMAS G. WATSON

                                               /s/ Joseph Francella
                                               ---------------------
                                               JOSEPH FRANCELLA

                                               FIBR-PLAST CORPORATION

                                               By: /s/ Thomas G. Watson
                                                   ----------------------------
                                                   Thomas G . Watson, President

                                       6
<PAGE>   7

                 IN THE DISTRICT COURT OF TULSA COUNTY, OKLAHOMA

JENNIFER RODEN                              )
                                            )
                  Plaintiff,                )
                                            )
vs                                          )    Case No. CS-2000-7068
                                            )
FIBR-PLAST CORPORATION,                     )
                                            )
                  Defendant.                )

                            DISMISSAL WITH PREJUDICE

         For valuable consideration paid, the receipt of which is hereby
acknowledged, Plaintiff Jennifer Roden hereby dismisses this action with
prejudice and at her cost. Plaintiff declares that she understands this action
can not be hereafter re-filed, nor the claim herein hereafter asserted.
Plaintiff also declares that this Dismissal with Prejudice is done pursuant to
the terms of a Settlement Agreement and Mutual Releases between Plaintiff,
Defendant and others.

         Dated:   3-13-01.              Signed: /s/ Jennifer Roden
                  -------                       -------------------------
                                                Jennifer Roden, Plaintiff

                                      JURAT

         Subscribed and sworn to before me, a Notary Public, on the 13th day of
March, 2001.

                                                        /s/ Myron A. Molzen
                                                        ------------------------
                                                        Notary Public

My Commission Expires:

    7/7/02
----------------------
      (SEAL)

<PAGE>   8

                               ASSIGNMENT OF STOCK
                               -------------------
                         (Without Attached Certificate)

The undersigned Wayne Ford, for valuable consideration paid, the receipt of
which is hereby acknowledged, does hereby bargain, grant, sell, set over and
transfer to Fibr-Plast Corporation, the following:

         (1)      All shares of the capital stock of Fibr-Plast Corporation
                  earlier issued to him at any prior time; and,

         (2)      Any shares of stock of Fibr-Plast Corporation to which he is
                  or may be entitled; and,

         (3)      Any options, preemptive rights, first rights of refusal or
                  other interests or claims to acquire additional stock of
                  Fibr-Plast Corporation.

The undersigned hereby irrevocably designates and appoints the Secretary of
Fibr-Plast Corporation as his agent and attorney-in-fact for the purpose of
having, demanding, canceling and transferring all of said stock, shares, options
first rights of refusal, interests and claims whatsoever; and, in this
connection, to execute his name upon such stock certificates, stock assignments
or other writings as shall be necessary, incident and convenient to accomplish
the foregoing.

And, for the same consideration, the undersigned assignor does hereby represent
and declare that he has not sold, assigned, transferred or encumbered any shares
of stock of Fibr-Plast Corporation which either have earlier have been issued to
him or to which he is or claims to be entitled.

Dated  13 March 2001                        Signed /s/ Wayne Ford
       -------------                               ---------------------

                                            Witnesses:

                                            /s/ Roger R. Scott
                                            ----------------------------

                                            ----------------------------

<PAGE>   9

         ASSIGNMENT OF PATENT, TRADEMARK AND COPYRIGHT CLAIMS

         For valuable consideration paid, the receipt of which is hereby
acknowledged, the undersigned Wayne Ford, of the City of Tulsa, Tulsa County,
Oklahoma, as assignor and grantor, does by these presents bargain, grant, sell,
assign and set over to Fibr-Plast Corporation, an Oklahoma corporation, as
assignee and grantee, all of the following:

         (1)      Any patent, patent pending, design or concept for the
                  manufacture of (client to furnish description of Fibr-Plast-
                  type products):

         (2)      Any patent, patent pending, design or concept for machinery to
                  manufacture, extrude, process or produce (describe Fibr-Plast
                  - type products):

         (3)      Any copyright or trademark, pending trademark, copyright or
                  pending copyright involving the name Fibr-Plast or Fibr-Plast
                  Corporation or Fibr-Plast Products or other use or application
                  of the word Fibr-Plast.

         (4)      Any copyright, pending copyright, trademark or pending
                  trademark application covering any manuals, brochures or
                  illustrative materials as to Fibr-Plast - type products or
                  processes for manufacturing, extruding, processing or
                  producing such materials.

         And for the same consideration, the undersigned Wayne Ford covenants
and agrees to execute such further and additional assignments as shall be
required by the

 United States Patent and Trademark Office to make and perfect the within and
foregoing transfers and assignments.

February 6, 2001

Dated  13 March 2001                        Signed /s/ Wayne Ford
       -------------                               ---------------------
                                                     WAYNE FORD

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