Document:

<PAGE>

                                                                   EXHIBIT 10.2
                             DEMAND PROMISSORY NOTE

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT") OR ANY APPLICABLE STATE SECURITIES LAWS. IT MAY NOT BE
SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND COMPLIANCE WITH SUCH STATE SECURITIES LAWS OR AN
OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND/OR
COMPLIANCE IS NOT REQUIRED.

$300,000.00                                       February 25, 2000

                                                             WOBURN, MA

     FOR VALUE RECEIVED, Beacon Power Corporation, a Delaware corporation (the
"Company"), promises to pay to the order of SatCon Technology Corporation, or
its registered assigns (the "Holder"), the principal sum of Three Hundred
Thousand Dollars ($300,000.00) together with interest thereon from the date
hereof until paid in full at the rate of 6% per annum.

     All unpaid principal, together with any accrued but unpaid interest and
other amounts payable hereunder, shall be due and payable on the earlier of (i)
the Conversion (as described in Section 2, below), or (ii) upon demand given by
Holder on or after the first Business Day which is at least thirty (30) days
after the date hereof. "Business Day" means any day other than a Saturday,
Sunday or other day on which the national or state banks located in the
Commonwealth of Massachusetts are authorized to be closed. The following is a
statement of the rights of the Holder and the conditions to which this Note is
subject, and to which the Holder hereof, by the acceptance of this Note, agrees:

     1.   PREPAYMENT. This Note may be prepaid as a whole or in part at any time
without penalty or premium. Any such prepayment shall be applied first to the
payment of interest accrued on this Note and second to the payment of the
outstanding principal of this Note.

     2.   CONVERSION. If the Holder purchases Class E Preferred Stock of the
Company within thirty (30) days after the date hereof for cash or other
consideration (the "Funding"), the Holder will also apply the outstanding
principal and accrued interest under this Note to the simultaneous purchase of
additional Class E Preferred Stock, on substantially the same terms as in such
purchase for cash or other consideration.

     3.   SUCCESSORS AND ASSIGNS. Subject to the restrictions on transfer
described in Sections 5 and 6 hereof, the rights and obligations of the Company
and the Holder of this Note shall be binding upon and benefit the successors,
assigns, heirs, administrators and transferees of the parties.

     4.   WAIVER AND AMENDMENT. Any provision of this Note may be amended,
waived or modified only as to the Holder of this Note upon the written consent
of the Company and the Holder.

     5.   TRANSFER OF THIS NOTE OR SECURITIES ISSUABLE ON CONVERSION HEREOF.
This Note may not be transferred in violation of any restrictive legend set
forth hereon. Each new Note issued upon transfer of this Note shall bear a
legend as to the applicable restrictions on transferability in order to ensure
compliance with the Securities Act, unless in the opinion of counsel for the
Company such legend is not required in order to ensure compliance with the
Securities Act. The Company may issue stop transfer instructions to its transfer
agent in connection with such restrictions. Subject to the foregoing, transfers
of this Note shall be registered upon registration books maintained for such
purpose by or on behalf of the

<PAGE>

Company. Prior to presentation of this Note for registration of transfer, the
Company shall treat the registered holder hereof as the owner and holder of this
Note for the purpose of receiving all payments of principal and interest hereon
and for all other purposes whatsoever, whether or not this Note shall be overdue
and the Company shall not be affected by notice to the contrary.

     6.   ASSIGNMENT BY THE COMPANY. Neither this Note nor any of the rights,
interests or obligations hereunder may be assigned, by operation of law or
otherwise, as a whole or in part, by the Company, without the prior written
consent of the Holder.

     7.   TREATMENT OF NOTE. To the extent permitted by generally accepted
accounting principles, the Company will treat, account and report the Note as
debt and not equity for accounting purposes and with respect to any returns
filed with federal, state or local tax authorities.

     8.   NOTICES. Any notice, request or other communication required or
permitted hereunder shall be in writing and shall be deemed to have been duly
given if personally delivered or mailed by registered or certified mail, postage
prepaid, or by recognized overnight courier, personal delivery or facsimile
transmission to, in the case of the Company, its main business address, or, in
the case of the Holder, to its address on the register maintained by the
Company. Any party hereto may by notice so given change its address or facsimile
number for future notice hereunder. Notice shall conclusively be deemed to have
been given when received.

     9.   EXPENSES; WAIVERS. If action is instituted to collect this Note, the
Company promises to pay all costs and expenses, including, without limitation,
reasonable attorneys' fees and costs, incurred in connection with such action.
The Company hereby waives notice of default, presentment or demand for payment,
protest or notice of nonpayment or dishonor and all other notices or demands
relative to this instrument.

     10.  GOVERNING LAW. This Note and all actions arising out of or in
connection with this Note shall be governed by and construed in accordance with
the laws of the Commonwealth of Massachusetts, without regard to conflict of
laws provisions of the Commonwealth of Massachusetts or of any other state. In
the event of any dispute among or between any of the parties to this Note
arising out of the terms of this Note, the parties hereby consent to the
exclusive jurisdiction of the federal and state courts located in the
Commonwealth of Massachusetts for resolution of such dispute, and agree not to
contest such exclusive jurisdiction or seek to transfer any action relating to
such dispute to any other jurisdiction.

     IN WITNESS WHEREOF, the Company has caused this Note to be issued as of the
date first written above.

                                               BEACON POWER CORPORATION

                                               By:/s/ WILLIAM E. STANTON

                                               Name:  WILLIAM STANTON

                                               Title: PRESIDENT & CEO

<PAGE>

                    FIRST AMENDMENT TO DEMAND PROMISSORY NOTE

     This First Amendment is entered into this March 16, 2000 by and between
Beacon Power Corporation, a Delaware corporation (the "COMPANY"), and SatCon
Technology Corporation, or its registered assigns (the "HOLDER").

     WHEREAS, the Company issued the Holder a certain Demand Promissory Note
dated February 25, 2000 (the "Note") made by the Company payable to the order of
the Holder in the original principal amount of $300,000; and

     WHEREAS, the Company and the Holder are desirous of amending the Note in
the manner set forth below;

     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Holder agree
as follows:

     1.   The Note is hereby amended, by deleting the second introductory
paragraph (beginning "All unpaid principal...") thereof in its entirety and
replacing it with the following:

     All unpaid principal, together with any accrued but unpaid interest and
     other amounts payable hereunder, shall be due and payable on the earlier of
     (i) the Funding (as described in Section 2, below), or (ii) April 18, 2000.
     The following is a statement of the rights of the Holder and the conditions
     to which this Note is subject, and to which the Holder hereof, by the
     acceptance of this Note, agrees:

     2.   The Note is hereby further amended, by deleting the second paragraph
(beginning "If the Holder...") thereof in its entirety and replacing it with the
following:.

       2.   CONVERSION. If the Holder purchases Class F Preferred Stock of the
       Company at any time within thirty (30) days after the date hereof for
       cash or other consideration (the "Funding"), the Holder will also apply
       the outstanding principal and accrued interest under this Note to the
       simultaneous purchase of such Class F Preferred Stock, on substantially
       the same terms as in such purchase for cash or other consideration.

       3.   Except as specifically provided herein, all terms and conditions of
the Note shall remain in full force and effect and are hereby ratified and
confirmed. This First Amendment constitutes an amendment to and modification
of the Note and not a refinancing thereof. On and after the date hereof, each
reference in the Note to "this Note", "hereunder", "hereof" or words of like
import referring to the Note, shall mean and be a reference to the Note as
amended by this First Amendment.

     This First Amendment shall take effect as a sealed instrument under the
laws of the Commonwealth of Massachusetts as of the date first written above.

                                             BEACON POWER CORPORATION

                                             By: /s/ WILLIAM E. STANTON
                                             ------------------------------
                                             Title: PRES + CEO

                                             SATCON TECHNOLOGY CORPORATION

                                             By: /s/ DAVID B. EISENHAURE
                                             ------------------------------
                                             Title: PRESIDENT<PAGE>

                          BATTLE MOUNTAIN GOLD COMPANY
                            MARCH 2000 SEVERANCE PLAN
                                       AND
                            SUMMARY PLAN DESCRIPTION

<PAGE>

                          BATTLE MOUNTAIN GOLD COMPANY
             MARCH 2000 SEVERANCE PLAN AND SUMMARY PLAN DESCRIPTION
                                TABLE OF CONTENTS
<TABLE>
<S>      <C>                                                                                    <C>
I.       INTRODUCTION                                                                            1

II.      DEFINITIONS                                                                             1

         Base Pay                                                                                2
         Company                                                                                 4
         Effective Date                                                                          4
         Eligible Employee                                                                       1
         ERISA                                                                                   5
         Involuntary Termination                                                                 3
         Participating Company(ies)                                                              4
         Plan Administrator                                                                      4
         Regular, Full-Time Employee                                                             1
         Severance Pay                                                                           3
         Termination                                                                             3
         Termination Date                                                                        3
         Termination for Cause                                                                   3
         Voluntary Termination                                                                   4
         Years of Service                                                                        2

III.     SEVERANCE PAY AND PLAN BENEFITS                                                         5

         A.       Eligibility for Severance Pay and Plan Benefits                                5
         B.       Severance Pay                                                                  5
         C.       Other Severance Benefits                                                       7
         D.       Payment and Taxation of Severance Pay                                          8

IV.      THE CLAIMS PROCESS                                                                      8

         A.       Claims for Benefits                                                            8
         B.       Appeal and Review                                                              9

V.       MISCELLANEOUS PROVISIONS                                                                9

         A.       Termination and Changes to the Plan                                            9
         B.       Successors                                                                    10
         C.       Interpretation of the Plan                                                    10
         D.       Construction                                                                  11
         E.       Summary Plan Description                                                      11

VI.      ERISA REQUIRED INFORMATION/

         ADMINISTRATIVE INFORMATION REQUIRED BY ERISA                                           11

VII.     STATEMENT OF ERISA RIGHTS                                                              12

Schedule A                                                                                      14
</TABLE>

<PAGE>

                          BATTLE MOUNTAIN GOLD COMPANY

                            MARCH 2000 SEVERANCE PLAN

                          AND SUMMARY PLAN DESCRIPTION

                                I. INTRODUCTION

                  Battle Mountain Gold Company (as hereinafter defined, the
"Company") establishes the Battle Mountain Gold Company March 2000 Severance
Plan (as hereinafter defined, the "Plan") to assist Eligible Employees (as
hereinafter defined) whose employment is terminated under certain
circumstances. With respect to such actions, this Plan does not supersede any
formal, written agreement between an employee of a Participating Company and
the Participating Company with regard to payments to be made upon termination
of employment. This Plan is an employee welfare benefit plan as defined in
Section 3(1) of the ERISA. It is not a funded plan; any benefits under the
Plan will be paid from the general assets of the Participating Companies.
Employees have no right to or interest in any specific assets or accounts of
the Participating Companies, even if amounts are credited to the accounts
designated to be used for the payment of severance benefits.

                                II. DEFINITIONS

A.       ELIGIBLE EMPLOYEE

                  A Regular, Full-Time Employee of a Participating Company.

B.       REGULAR, FULL-TIME EMPLOYEE

                  An active salaried employee of the Participating Companies
       whose normal work week is at least thirty-seven and one-half (37 1/2)
       hours. Regular, Full-Time Employees do not

                                        1
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Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

include 1) individuals who are on-call agency or contract employees, 2)
individuals who are on leave of absence or other inactive status as of the
time of their Termination Date with the Participating Company (other than a
legally mandated leave such as including, but not limited to, leaves regulated
under the Family and Medical Leave Act or the Uniformed Services Employment
and Reemployment Rights Act, or a leave of absence for an Eligible Employee
who is receiving payments under the Battle Mountain Gold Company Long Term
Disability Insurance Plan during the first two (2) years of such payments), 3)
individuals who are classified on the payroll or personnel records of the
Participating Company as hourly paid employees, or whose employment is
governed under the terms of a collective bargaining agreement between a
Participating Company and a labor organization, or 4) officers of the
Participating Company.

C. BASE PAY

                  The regular base salary or wages in effect for the Eligible
Employee on his Termination Date. The Eligible Employee's Base Pay shall be
determined by annualizing his base salary or wages in effect on his
Termination Date.

D. YEARS OF SERVICE

                  Twelve (12) months of uninterrupted, continuous employment
with a Participating Company, based on his original date of hire on the
payroll or personnel records of the Participating Company. This may include
service with a predecessor of the Participating Company, a company acquired by
the Participating Company, or the Noranda Group of Companies, as an hourly or
salaried employee. For this purpose, credit will be given for partial years of
service up to and including the Termination Date. Transfers between
Participating Companies and any other subsidiaries of the Company shall not
result in a break in continuous employment for this purpose.

                                        2
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Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

E. SEVERANCE PAY

                  The cash payment made to an Eligible Employee, as further
defined under Section III.B. hereunder, based on his Involuntary Termination
as defined under Section II.H. hereunder.

F. TERMINATION

                  Termination means that an Eligible Employee is no longer
employed by a Participating Company or successor of a Participating Company,
or the Noranda Group of Companies.

G. TERMINATION DATE

                  The final date of an Eligible Employee's employment, as is
determined by the Participating Company by which the Eligible Employee is
employed.

H. INVOLUNTARY TERMINATION

                  Termination of an Eligible Employee's employment with a
Participating Company which is not a Termination for Cause or a Voluntary
Termination. Further, where an Eligible Employee's Termination is an
Involuntary Termination, if the Eligible Employee quits prior to his
designated Termination Date, it shall no longer be deemed an Involuntary
Termination.

I. TERMINATION FOR CAUSE

                  Termination of an Eligible Employee's employment with a
Participating Company which is based on the fact that the Eligible Employee
willfully and continually failed to substantially perform his duties with the
Participating Company, or willfully engaged in conduct which is demonstrably
and substantially injurious to any Participating Company, monetarily or
otherwise, or is due to gross and continuous violation of policies of any
Participating Company. However, if failure to substantially perform the duties
of the position

                                        3
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Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

held by the Eligible Employee on his Termination Date is due solely to his
incapacity based on disability, which in the sole discretion of the
Participating Company qualifies as a justifiable disability hereunder, his
termination shall not be deemed a Termination for Cause.

J. VOLUNTARY TERMINATION

                  Termination of an Eligible Employee's employment with a
Participating Company which is initiated by the Eligible Employee, or is a
result of the Eligible Employee's death, disability, or retirement. A
Termination is not a Voluntary Termination (or a Termination for Cause) if the
Eligible Employee's rejection of an offer of continued or alternative
employment is based on a substantial change in the terms and conditions of
such employment, relating to position, duties, wages or benefits, or based on
a requirement that the Eligible Employee (without his consent) be based at any
place outside a fifty (50)-mile radius of his prior place of employment,
except for reasonably required travel on the Company's business.

K. COMPANY

                  Battle Mountain Gold Company, a Nevada corporation, and its
successor or successors.

L. PARTICIPATING COMPANY(IES)

                  The Company and, to the extent they adopt the Plan, Battle
Mountain Resources, Inc., Battle Mountain Exploration Company, and Battle
Mountain Services Company.

M. PLAN ADMINISTRATOR

                  The Company. The Company shall also be the Named Fiduciary
under the Plan.

N. EFFECTIVE DATE

                  March 1, 2000.

                                        4
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Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

O. ERISA

                  The Employee Retirement Income Security Act of 1974, as
subsequently amended.

                      III. SEVERANCE PAY AND PLAN BENEFITS

A. ELIGIBILITY FOR SEVERANCE PAY AND PLAN BENEFITS

                  Severance Pay and Plan benefits shall be payable under the
Plan to an Eligible Employee whose Termination is as a result of Involuntary
Termination. An Eligible Employee will only receive Severance Pay and other
benefits under the Plan if he:

                  1. returns and delivers, by his designated Termination Date,
                  all Company property and materials, and

                  2. executes and delivers his consent to payment under an
                  agreement and release in conformance with the form
                  provided in Schedule A (the "Agreement"), no later than
                  forty-five (45) days after his Termination Date, which consent
                  shall not be revoked within the seven (7) day period following
                  such execution and delivery.

B. SEVERANCE PAY

                  An Eligible Employee who has met the requirements for a
benefit pursuant to Section III.A hereof, shall receive Severance Pay in an
amount as follows:

                  1. two (2) weeks of Base Pay for an Eligible Employee
                  classified as non-exempt on the personnel records of the
                  Participating Company and whose target incentive award under
                  the Battle Mountain Gold Incentive Bonus Plan is six percent
                  (6%), multiplied by the Eligible Employee's Years of Service,
                  to a

                                        5
<PAGE>

Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

                  maximum of fifty-two (52) weeks of Base Pay or, if greater,
                  four (4) weeks of Base Pay; or

                  2. three (3) weeks of Base Pay for an Eligible Employee
                  classified as exempt on the personnel records of the
                  Participating Company and whose target percentage award under
                  the Battle Mountain Gold Incentive Bonus Plan is from seven
                  percent (7%) to fifteen percent (15%), multiplied by the
                  Eligible Employee's Years of Service, to a maximum of
                  fifty-two (52) weeks of Base Pay or, if greater, eight (8)
                  weeks of Base Pay; or

                  3. four (4) weeks of Base Pay for an Eligible Employee
                  classified as exempt on the personnel records of the
                  Participating Company and whose target percentage award under
                  the Battle Mountain Gold Incentive Bonus Plan is from sixteen
                  percent (16%) to thirty-five percent (35%), multiplied by the
                  Eligible Employee's Years of Service, to a maximum of
                  fifty-two (52) weeks of Base Pay or, if greater, twelve (12)
                  weeks of Base Pay.

                  The amount resulting under this Section III.B. will be
reduced by the amount of any outstanding debt owed to the Participating
Company as of the Eligible Employee's Termination Date and, as to an Eligible
Employee who is, on his Termination Date, receiving payments under the Battle
Mountain Gold Company Long Term Disability Insurance Plan during the first two
(2) years of such payments, an offset shall be made to the Severance Pay
otherwise determined in the amount of the payments expected to be made to him
under the Battle Mountain Gold Company Long Term Disability Insurance Plan
during the remainder of such first two (2) year period.

                                        6
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Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

C. SEVERANCE BENEFITS

                  In addition to Severance Pay, benefits under the Plan will
be as follows:

                  1. HEALTH COVERAGE. Each Eligible Employee who makes a timely
                  COBRA election to continue group health coverage and is
                  otherwise eligible for such coverage, will receive health
                  (medical and dental) coverage for himself and those dependents
                  covered under the Participating Company's group health plan as
                  of his Termination Date, based on the same premium schedule as
                  is applicable to active employees, until the later of:

                     a. the number of weeks of Severance Pay determined as
                     payable under Section III.B. above, or

                     b. the date the Eligible Employee becomes eligible to be
                     covered by another employer's group health plan.

                     Such coverage is intended to satisfy the requirements
                  for continuation of coverage under the Consolidated Omnibus
                  Budget Reconciliation Act of 1986 ("COBRA"), as amended, for
                  the period of time such coverage is provided hereunder, and
                  shall be in lieu of any other continued or extended coverage
                  provided by the Participating Company during such same period.

                  2. LIFE INSURANCE COVERAGE. For as long as Eligible Employee
                  is entitled to receive group health coverage under Section
                  III.C.1. above, group term life insurance, in the amount
                  maintained as of his Termination Date, shall be provided by
                  the Participating Company, under the same requirements for
                  premium payment as was applicable for such coverage during the
                  Eligible Employee's active employment.

                                        7
<PAGE>

Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

                  3. OUTPLACEMENT SERVICES. Each Eligible Employee shall receive
                  outplacement services of a type and amount as determined by
                  the Company.

D.       PAYMENT AND TAXATION OF SEVERANCE PAY

                  Severance Pay will be paid as a lump sum, and will be mailed
to the Eligible Employee or, if applicable, deposited directly into an account
that has been authorized by the Eligible Employee. The payment will be made as
soon as administratively feasible following the expiration of the revocation
period for the executed Agreement. All Severance Pay under this Plan will be
treated as "wages" for the purposes of state and federal employment taxes and,
as such, will be subject to withholding and other payroll taxes, as well as
previously authorized deductions and such other deductions as may be required
by law.

                             IV. THE CLAIMS PROCESS

A. CLAIMS FOR BENEFITS

                  Any claims concerning eligibility, participation, benefits
or other aspects of this Plan must be submitted in writing and directed to the
Plan Administrator. If the Plan Administrator determines that any claimant is
not entitled to receive all or any part of the benefits claimed, it will mail
or deliver written notice to such claimant of its determination, the reasons
therefor, appropriate references to pertinent Plan provisions, and the
procedure for review of this determination. Any such notice shall be provided
within sixty (60) days of submission of a denied claim, unless the Plan
Administrator provides the claimant with notice in writing before the end of
such period that an extension of time (of no more than a single additional
sixty (60) days) is required for processing such claim. This notice shall also
provide the reasons for such extension, an indication of the date on which a
decision is expected to be

                                        8
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Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

made, and the decision of the Plan Administrator shall be made no later than
the end of such extended period.

B. APPEAL AND REVIEW

                  An applicant for benefits whose claim has been denied in
whole or in part, or the duly authorized representative of such person may,
within sixty (60) days after receipt of written notice of such denial, request
a review thereof. Such request must be in writing, submitted to the Plan
Administrator, and must provide such information as will establish the
claimant's right to the benefits in question. If, upon receipt of this further
information, the Plan Administrator determines that the claimant is not
entitled to the benefits claimed, it will afford the claimant, or his duly
authorized representative, a reasonable opportunity to submit issues and
comments in writing and to review pertinent documents. The Plan Administrator
shall then render its final decision in writing, including the reasons for
such decision with references to pertinent Plan provisions, within sixty (60)
days after the submission of such request for review. One single additional
sixty (60) day extension may be allowed the Plan Administrator if it notifies
the claimant within the original sixty (60) day period that special
circumstances require such extension. In such case, the Plan Administrator
shall transmit its final response to the claimant no later than the end of
such extended period.

                           V. MISCELLANEOUS PROVISIONS

A. TERMINATION AND CHANGES TO THE PLAN

                  The Company reserves the right to amend or otherwise change
all or part of this Plan at any time, except the Company will not reduce any
benefits for employees who have satisfied all conditions for eligibility prior
to such amendment. Any such amendment will be adopted by formal action of the
Company's President or executed by another officer authorized

                                        9
<PAGE>

Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

to act by the President. The Company has the right to act at its sole
discretion without prior notice or consideration to any employee with regard
to such changes.

B. SUCCESSORS

                  This Plan shall bind any successor to all or substantially
all of the business and/or assets of the Participating Company (whether direct
or indirect, by purchase, merger, combination, consolidation or otherwise), in
the same manner and to the same extent that the Participating Company would be
obligated under this Plan if no succession had taken place. In the case of a
transaction in which such successor would not, by the foregoing provision or
by operation of law, be bound by this Plan, the Participating Company shall
require such successor expressly and unconditionally to assume and agree to
perform the Participating Company's obligations hereunder, in the same manner
and to the same extent that the Participating Company would be required to
perform if no succession had taken place.

C. INTERPRETATION OF THE PLAN

                  The Plan will be interpreted by the Plan Administrator and
all Plan fiduciaries in accordance with the terms of the Plan and their
intended meanings. The Plan Administrator shall have such powers as may be
necessary to discharge its duties hereunder, which it shall execute in its
sole discretion, including, but not by way of limitation, the following powers
and duties:

                  1. to construe and interpret the Plan, decide all questions of
                  eligibility and determine the amount, manner and time of
                  payment of any benefits hereunder;

                  2. to determine all questions arising in the administration of
                  the Plan; and

                  3. to set down uniform and nondiscriminatory rules of
                  interpretation and administration which may be modified from
                  time to time in light of the Company's experience.

                                        10
<PAGE>

Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

D. CONSTRUCTION

                  The masculine gender, where appearing in the Plan, shall be
deemed to include the feminine gender, and the singular may include the
plural, unless the context clearly indicates the contrary. The words "hereof,"
"herein," "hereunder" and other similar compounds of the word "here" shall,
unless otherwise specifically stated, mean and refer to the entire Plan, and
not to any particular provision or section. Article and section headings are
included for convenience of reference and are not intended to add to, or
subtract from, the terms of the Plan.

E. SUMMARY PLAN DESCRIPTION

                  The Plan and the Summary Plan Description are a combined
document.

                         VI. ERISA REQUIRED INFORMATION

Plan Sponsor and Plan                       Battle Mountain Gold Company
Administrator, including                    333 Clay Street, 42nd Floor
address and telephone number:               Houston, Texas   77002
                                            (713) 650-6400

Name, address and telephone                 Mr. Ivan Thompson
number of person designated as              Manager of Human Resources
agent for service of process:               Battle Mountain Gold Company
                                            333 Clay Street, 42nd Floor
                                            Houston, Texas   77002
                                            (713) 653-7216

Basis on which Plan                         January 1 - December 31, except the
records are kept:                           first plan year will begin March 1,
                                            2000

Type of Plan:                               Unfunded welfare benefit severance
                                            plan

Plan Number:                                546

EIN:                                        76-0151431

                                        11
<PAGE>

Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

                         VII. STATEMENT OF ERISA RIGHTS

                  As a participant in this Plan, an employee is entitled to
certain rights and protections under ERISA. ERISA provides that all
participants will be entitled to:

                  - examine, without charge, at the Plan Administrator's
                    office and other specified locations, all Plan documents and
                    copies of all documents filed by the Plan with the U.S.
                    Department of Labor;

                  - obtain copies of all Plan documents and other Plan
                    information upon written request to the Plan Administrator.
                    The Plan Administrator may make a reasonable charge for the
                    copies.

                  In addition to creating rights for Plan participants, ERISA
imposes duties upon the people who are responsible for the operation of the
employee benefit plan. The people who operate the Plan, called "fiduciaries"
of the Plan, have a duty to do so prudently and in the interest of Plan
participants. No one, including the Company or any other person, may fire an
employee or otherwise discriminate against an employee in any way in order to
prevent an employee from obtaining a Plan benefit or exercising an employee's
rights under ERISA.

                  If an employee's claim for a benefit is denied in whole or
in part, the employee must receive a written explanation for the reason for
the denial. The employee has the right to have the Plan Administrator review
and reconsider the employee's claim. See Section IV for details.

                  Under ERISA, there are steps an employee can take to enforce
the above rights. For instance, if an employee requests certain materials from
the Plan and does not receive them within 30 days, the employee may file suit
in a federal court. In such a case, the court may

                                        12
<PAGE>

Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

require the Plan Administrator to provide the materials and pay the employee
up to $100 a day until the employee receives them, unless the materials were
not sent because of reasons beyond the control of the Plan Administrator. If
an employee has a claim for benefits which is denied or ignored, in whole or
in part, the employee may file a suit in a state or federal court. If an
employee is discriminated against for asserting his rights, the employee may
seek assistance from the U.S. Department of Labor, or the employee may file
suit in a federal court. The court will decide who should pay court costs and
legal fees. If the employee is successful, the court may order the person the
employee has sued to pay these costs and fees. If the employee loses, the
court may order the employee to pay these fees and costs; for example, if it
finds the employee's claim is frivolous. If an employee has any questions
about the Plan, the employee should contact the Plan Administrator. If an
employee has any questions about this statement or about the employee's rights
under ERISA, the employee should contact the nearest Area Office of the U.S.
Labor-Management Services Administrator, Department of Labor.

                                        13
<PAGE>

Battle Mountain Gold Company
March 2000 Severance Plan and
Summary Plan Description

                                   Schedule A

                       AGREEMENT AND RELEASE OF ALL CLAIMS

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