Document:

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EXHIBIT 10.73

                                                                  EXECUTION COPY

                                 AMENDMENT NO. 3

                           DATED AS OF AUGUST 7, 2003

                                       TO

                  RECEIVABLES PURCHASE AND SERVICING AGREEMENT

                                       and

                           RECEIVABLES SALE AGREEMENT

                           DATED AS OF JANUARY 8, 2002

                  THIS AMENDMENT No. 3 (this "Amendment") is entered into as of
August 7, 2003 by and among THE ENTITIES LISTED ON THE SIGNATURE PAGES HEREOF AS
ORIGINATORS (the "Originators"), EAGLEPICHER INCORPORATED (formerly known as
Eagle-Picher Industries, Inc.) (the "Servicer"), EAGLE-PICHER FUNDING
CORPORATION ("EPFC"), and GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware
corporation, in its separate capacities as a committed purchaser (the "Committed
Purchaser") and as administrative agent (in such capacity, the "Administrative
Agent") under the "Receivables Purchase and Servicing Agreement" referred to
below. All capitalized terms used in this Amendment and not otherwise defined
herein will have the respective meanings set forth in the "Receivables Purchase
and Servicing Agreement".

                                    RECITALS:

                  WHEREAS, the Originators and EPFC are parties to a Receivables
Sale Agreement dated as of January 8, 2002 (as amended, restated, supplemented
or otherwise modified from time to time, the "Receivables Sale Agreement");

                  WHEREAS, EPFC, the Servicer, the Committed Purchaser and the
Administrative Agent are parties to a Receivables Purchase and Servicing
Agreement dated as of January 8, 2002 (as amended, restated, supplemented or
otherwise modified from time to time prior to the date hereof, the "Receivables
Purchase and Servicing Agreement");

                  WHEREAS, the Servicer, the Originators, EPFC, the Committed
Purchaser and the Administrative Agent have agreed to amend the Receivables
Purchase and Servicing Agreement and the Receivables Sale Agreement, as
applicable, on the conditions set forth herein;

                  NOW, THEREFORE, in consideration of the premises set forth
above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and

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sufficiency of which are hereby acknowledged, the Originators, the Servicer,
EPFC, the Committed Purchaser and the Administrative Agent hereby agree as
follows.

                  1. AMENDMENTS TO RECEIVABLES PURCHASE AND SERVICING AGREEMENT.
Effective as of the date hereof and subject to the satisfaction of the
conditions precedent set forth in Section 3 below, the Receivables Purchase and
Servicing Agreement is hereby amended as follows:

                  1.1 Section 5.02 of the Receivables Purchase and Servicing
Agreement is hereby amended to include the following subsection 5.02(e):

                  "(e) The Seller hereby agrees that after July 10, 2006 but on
         or before November 30, 2006, the Seller shall furnish to the
         Administrative Agent an opinion of counsel (i) stating that in the
         opinion of such counsel, such action has been taken with respect to the
         filing of all financing statements and continuation statements as
         necessary for the Administrative Agent to maintain a first-priority
         perfected Lien in the Seller Collateral and (ii) describing all
         financing statements amendments and continuation statements that, in
         the opinion of such counsel, will be required to maintain the first
         priority perfected Lien in the Seller Collateral."

                  1.2 The definition of the term "Credit Agreement" set forth in
Annex X to the Receivables Purchase and Servicing Agreement shall be amended to
delete such definition in its entirety and to substitute the following therefor:

                           "`Credit Agreement' shall mean that certain Credit
                  Agreement dated as of August 7, 2003, among EaglePicher
                  Incorporated, EaglePicher Holdings Inc., the Persons party
                  thereto as "lenders" and Harris Trust and Savings Bank as
                  administrative agent."

                  1.3 The definition of the term "Final Purchase Date" set forth
in Annex X to the Receivables Purchase and Servicing Agreement is hereby amended
by deleting the date "January 7, 2005" appearing therein and replacing the date
"January 7, 2008" therefor.

                  1.4 The definition of the term "Maximum Purchase Limit" set
forth in Annex X to the Receivables Purchase and Servicing Agreement shall be
amended to delete such definition in its entirety and to substitute the
following therefor:

                           "`Maximum Purchase Limit' shall mean $55,000,000, as
                  such amount may be reduced in accordance with Section 2.02(a)
                  of the Purchase Agreement."

                  1.5 Exhibit 2.03(c) of the Receivables Purchase and Servicing
Agreement shall be amended by deleting such Exhibit 2.03(c) in its entirety and
replacing the attached Exhibit 2.03(c) therefor.

                  1.6 Annex G of the Receivables Purchase and Servicing
Agreement shall be amended by deleting such Annex G in its entirety and
replacing the attached Annex G therefor.

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                  2. AMENDMENT TO RECEIVABLES SALE AGREEMENT. Effective as of
the date hereof and subject to the satisfaction of the conditions precedent set
forth in Section 3 below, Section 4.02 of the Receivables Sale Agreement is
hereby amended to include the following subsection 4.02(t):

                           "(t) Each Originator hereby agrees that after July
                  10, 2006 but on or before November 30, 2006, such Originator
                  shall furnish to the Administrative Agent an opinion of
                  counsel (i) stating that in the opinion of such counsel, such
                  action has been taken with respect to the filing of all
                  financing statements and continuation statements as necessary
                  for the Administrative Agent to maintain a first-priority
                  perfected Lien in the Originator Collateral and (ii)
                  describing all financing statements amendments and
                  continuation statements that, in the opinion of such counsel,
                  will be required to maintain the first priority perfected Lien
                  in the Originator Collateral."

                  3. CONDITIONS OF EFFECTIVENESS OF THIS AMENDMENT. This
Amendment shall become effective as of the date hereof (the "Effective Date")
when, and only when, the Administrative Agent shall have received the following:

                  3.1 counterparts of this Amendment duly executed by each
Originator, the Servicer, EPFC, the Committed Purchaser and the Administrative
Agent;

                  3.2 a fully executed payoff letter, in form and substance
acceptable to the Administrative Agent, with respect to the obligations under
that certain Credit Agreement dated as of February 19, 1998 by and among the
Servicer, as borrower, the Originators party thereto, as credit parties, the
lenders from time to time party thereto and ABN AMRO N.V. as agent for the
lenders;

                  3.3 evidence that a certain Intercreditor Agreement dated as
of the date hereof (the "Intercreditor Agreement") has been duly authorized and
executed by each of the Originators, EPFC, the Administrative Agent, the
Collateral Agent and Harris Trust and Savings Bank as agent for the lenders from
time to time party to the Credit Agreement (as defined in Section 1.2 above) and
that the Intercreditor Agreement is enforceable by its terms; and

                  3.4 an amendment fee in the amount of $187,500 in immediately
available funds, which when paid shall be fully earned by the Administrative
Agent and non-refundable.

                  4. REPRESENTATIONS AND WARRANTIES.

                  4.1 Upon the effectiveness of this Amendment, each of the
Servicer, the Originators and EPFC (a) hereby reaffirms all covenants,
representations and warranties made by it in the Receivables Purchase and
Servicing Agreement, the Receivables Sale Agreement and each other Related
Document to the extent the same are not amended hereby and except to the extent
the same expressly relates solely to an earlier date, (b) agrees that all such
covenants, representations and warranties shall be deemed to have been re-made
as of the Effective Date and (c) represents and warrants that, as of the
Effective Date and after giving effect hereto, no Termination Event, Incipient
Termination Event, Event of Servicer Termination or Incipient Servicer
Termination Event has occurred and is continuing.

                                       3

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                  4.2 Each Originator, the Servicer and EPFC hereby represents
and warrants that this Amendment, the Receivables Purchase and Servicing
Agreement and the Receivables Sale Agreement, as amended hereby, constitute
legal, valid and binding obligations of such Person and are enforceable against
such Person in accordance with their respective terms.

                  5. REFERENCE TO AND EFFECT ON RELATED DOCUMENTS.

                  5.1 Upon the effectiveness of this Amendment pursuant to
Section 3 hereof, on and after the Effective Date, each reference to the
Receivables Purchase and Servicing Agreement, the Receivables Sale Agreement in
any of the Related Documents shall mean and be a reference to the Receivables
Purchase and Servicing Agreement or the Receivables Sale Agreement, as the case
may be, as amended hereby.

                  5.2 Except as specifically set forth above, the Receivables
Purchase and Servicing Agreement, the Receivables Sale Agreement, and all other
documents, instruments and agreements executed and/or delivered in connection
therewith, shall remain in full force and effect, and are hereby ratified and
confirmed.

                  5.3 The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of EPFC, the Committed Purchaser or the
Administrative Agent, nor constitute a waiver of any provision of any of the
Related Documents, or any other documents, instruments and agreements executed
and/or delivered in connection therewith.

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

                  7. COUNTERPARTS. This Amendment may be executed by one or more
of the parties to this Amendment on any number of separate counterparts and all
of said counterparts taken together shall be deemed to constitute one and the
same instrument.

                  8. ENTIRE AGREEMENT. This Amendment, taken together with the
Receivables Purchase and Servicing Agreement, the Receivables Sale Agreement and
all of the other Related Documents, embodies the entire agreement and
understanding of the parties hereto and supersedes all prior agreements and
understandings, written and oral, relating to the subject matter hereof.

                  9. GOVERNING LAW. THIS AMENDMENT AND THE OBLIGATIONS ARISING
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT OTHERWISE WITHOUT REGARD TO
CONFLICTS OF LAW PRINCIPLES).

                  10. NO COURSE OF DEALING. The Committed Purchaser and the
Administrative Agent have entered into this Amendment on the express
understanding with the Originators, EPFC and the Servicer that in entering into
this Amendment the Committed Purchaser and the

                                       4

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Administrative Agent are not establishing any course of dealing with the
Originators, EPFC or the Servicer. The rights of the Committed Purchaser and the
Administrative Agent to require strict performance with all the terms and
conditions of the Receivables Purchase and Servicing Agreement as amended by
this Amendment and the other Related Documents shall not in any way be impaired
by the execution of this Amendment. Neither the Committed Purchaser nor the
Administrative Agent shall be obligated in any manner to execute any further
amendments or waivers, and if such waivers or amendments are requested in the
future, assuming the terms and conditions thereof are acceptable to them, the
Committed Purchaser and the Administrative Agent may require the payment of fees
in connection therewith.

                  11. WAIVER OF CLAIMS. In consideration for the execution by
the Committed Purchaser and the Administrative Agent of this Amendment, each
Originator, the Seller and the Servicer hereby waives each and every claim,
defense, demand, action and suit of any kind or nature whatsoever against each
of the Committed Purchaser, the Administrative Agent, the Operating Agent and
each other Affected Party arising on or prior to the date hereof in connection
with the Receivables Purchase and Servicing Agreement, any of the Related
Documents and the transactions contemplated thereby.

                  12. EXPENSES. In consideration for the execution by the
Committed Purchaser, the Administrative Agent and the Collateral Agent of this
Amendment, each Originator, EPFC and the Servicer jointly and severally agrees
to promptly reimburse each of the Committed Purchaser, the Administrative Agent
and the Collateral Agent for all of the reasonable out-of-pocket expenses,
including, without limitation, attorneys' and paralegals' fees and expenses, it
has heretofore or hereafter incurred or incurs in connection with the
preparation, negotiation and execution of this Waiver.

                  13. SUCCESSORS AND ASSIGNS. This Amendment shall be binding
upon each Originator, the Servicer, EPFC, the Committed Purchaser, the
Administrative Agent and the Collateral Agent and their respective successors
and assigns and shall inure to the benefit of each such Person.

                  14. INTEGRATION. This Amendment contains the entire
understanding of the parties hereto with regard to the subject matter contained
herein. This Amendment supercedes all prior or contemporaneous negotiations,
promises, covenants, agreements and representations of every nature whatsoever
with respect to the matters contained in this Amendment, all of which have
become merged and finally integrated into this Amendment. Each of the parties
hereto understands that in the event of any subsequent litigation, controversy
or dispute concerning any of the terms, conditions or provisions of this
Amendment, no party shall be entitled to offer or introduce into evidence any
oral promises or oral agreements among the parties relating to the subject
matter of this Amendment not included or referred to herein and not reflected by
a writing included or referred to herein.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, the parties have caused this Amendment No. 3 to be
duly executed and delivered by their duly authorized officers as of the date
first above written.

                                               EAGLEPICHER INCORPORATED, as the
                                               Servicer and an Originator

                                               By:_____________________________
                                                   Name:
                                                   Title:

                                               EAGLE-PICHER FUNDING CORPORATION,
                                               as the Seller

                                               By:______________________________
                                                   Name:
                                                   Title:

                                 Amendment No. 3
                           dated as of August __, 2003
                 to Receivables Purchase and Servicing Agreement
                         and Receivables Sale Agreement
                           dated as of January 8, 2002

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                                            GENERAL ELECTRIC CAPITAL
                                            CORPORATION, as Committed Purchaser

                                            By:________________________________
                                                Name:
                                                Title: Duly Authorized Signatory

                                            GENERAL ELECTRIC CAPITAL
                                            CORPORATION, as Administrative Agent
                                            and as Collateral Agent

                                            By:_________________________________
                                                Name:
                                                Title: Duly Authorized Signatory

                                 Amendment No. 3
                           dated as of August __, 2003
                 to Receivables Purchase and Servicing Agreement
                         and Receivables Sale Agreement
                           dated as of January 8, 2002

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                                            CARPENTER ENTERPRISES LIMITED, as an
                                            Originator
                                            By:_________________________________
                                            Name:
                                            Title:

                                            EAGLEPICHER AUTOMOTIVE, INC., as an
                                            Originator
                                            By:_________________________________
                                            Name:
                                            Title:

                                            DAISY PARTS, INC., as an Originator

                                            By:_________________________________
                                            Name:
                                            Title:

                                            EAGLEPICHER FILTRATION & MINERALS,
                                            INC., as an Originator

                                            By:_________________________________
                                            Name:
                                            Title:

                                            EAGLEPICHER TECHNOLOGIES, LLC, as an
                                            Originator

                                            By:_________________________________
                                            Name:
                                            Title:

                                            EAGLEPICHER PHARMACEUTICAL SERVICES,
                                            LLC,  as an Originator

                                            By:_________________________________
                                            Name:
                                            Title:

                                 Amendment No. 3
                           dated as of August __, 2003
                 to Receivables Purchase and Servicing Agreement
                         and Receivables Sale Agreement
                           dated as of January 8, 2002

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                                 EXHIBIT 2.03(c)

                                   (attached)

<PAGE>

                                     ANNEX G

                                   (attached)<PAGE>

EXHIBIT 10.74

                              AMENDED AND RESTATED
                         EXECUTIVE EMPLOYMENT AGREEMENT

         AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT dated April 9,
2003, between EAGLEPICHER INCORPORATED (the "Company") and JOHN H. WEBER (the
"Executive").

         1. EMPLOYMENT AND DUTIES. The Company hereby employs the Executive, and
the Executive accepts employment, effective as of December 1, 2002, as President
and Chief Executive Officer of the Company and of Eagle-Picher Holdings, Inc.,
to perform such duties consistent with his position as may be assigned to him by
the Board of Directors of the Company (the "Board"). The Executive shall report
directly to the Board of Directors of the Company. The Executive shall devote
substantially all of his time during normal business hours to the business and
affairs of the Company except for vacation as provided in Paragraph 2(l) herein,
illness or incapacity. The Executive shall not, during his employment pursuant
to the Agreement, engage in any other business activity or occupation for gain,
profit or other pecuniary advantage without the prior consent of the Board;
provided, however, that such a prohibition shall not prohibit the Executive from
investing or trading for his own benefit in stocks, bonds, securities or other
forms of investment. The Company's headquarters shall be located within a 50
mile radius of Executive's current residence set forth below.

         2. COMPENSATION; EXPENSES; BENEFITS.

                  2.a. BASE SALARY. As compensation for his services hereunder
in whatever capacity rendered, the Company shall pay to the Executive a base
salary, payable in equal installments twice a month at such times as is
customary with respect to the Company's executives, at a rate of $650,000 per
year ("Base Salary"). The Executive will not be entitled to any additional
compensation for any position held with an affiliate of the Company or for
representing the Company or its affiliates. The Executive's Base Salary shall be
reviewed annually and subject to increase at the discretion of the Board.

                  2.b. EXECUTIVE INCENTIVE BONUS. The Executive shall be
entitled to an annual bonus based on his achievement of annual objectives
mutually agreed upon by the Board and the Executive. Any bonus earned shall be
paid no later than five (5) business days following approval by the Board of the
Company's audited financial statements for the fiscal year to which the bonus
relates. The parties agree that the Executive's target bonus shall be eighty
percent (80%), based upon meeting plans and objectives mutually agreed to prior
to each fiscal year.

                  2.c. PREFERRED STOCK REFINANCING BONUS. If a "Preferred Stock
Refinancing" (as defined in Appendix A hereto) is completed, the Executive shall
be entitled to the Preferred Stock Refinancing Bonus as provided in Appendix A
hereto.

                  2.d. LONG TERM BONUS PROGRAM. The Executive is entitled to
participate in the Company's Long Term Bonus Program (the "LTBP") and is
entitled to receive Units under the

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LTBP in an amount commensurate with his position and performance and at times
determined by the Compensation Committee of the Company's Board of Directors.

                  2.e. EMPLOYEE BENEFIT PLANS. The Executive shall be eligible
to participate in all pension, hospitalization, medical, long-term disability,
and life insurance programs and/or other retirement, welfare and fringe benefit
plans, programs or arrangements now or hereafter in effect for executives of the
Company (the "Employee Benefit Plans"), on the same terms as are at any given
time in effect for executives of the Company.

                  2.f. AUTOMOBILE. The Company shall provide to the Executive,
during the term of this Agreement, the use of an automobile that is comparable
to the Executive's currently leased vehicle (Jaguar Vanden Plas Supercharged
MSRP of $85,000) for which the Company shall pay the cost of insurance, taxes,
maintenance and business related operating expenses upon presentation by the
Executive of documentation supporting such expenses, plus an additional amount
necessary to pay all federal, state, local and payroll taxes on all payments
related to said automobile.

                  2.g. CLUB FEES. The Company shall pay the Executive's
membership dues for a private luncheon/country club and for the cost of the
Executive's membership in the Young Presidents Organization. The Company shall
reimburse the Executive for his travel expenses related to any meetings of the
Young Presidents Organization.

                  2.h. BUSINESS EXPENSES. The Executive shall be entitled to
reimbursement for his ordinary and necessary business expenses incurred in the
performance of his duties hereunder including all office expenses such as rent,
first class travel for all flights of three (3) hours or more, reimbursement for
reasonable upgrade charges and business related entertainment expenses, provided
that his claims therefor are documented in accordance with the Company's usual
rules and regulations, and are reviewed quarterly by the Board and reimbursement
approved by the Chairman of the Board.

                  2.i. VACATION. The Executive shall be entitled to four (4)
weeks vacation each calendar year.

         3. TERMINATION OF EMPLOYMENT. Notwithstanding any other provision of
this Agreement, the Executive's employment may be terminated as follows:

                  3.a. CAUSE. Cause means any of the following: (i) the
Executive's commission of any crime involving an act or acts of dishonesty that
constitute a felony and result or were intended to result directly or indirectly
in gain to or personal enrichment of the Executive or engages in misconduct that
constitutes a serious felony; or (ii) the Executive's material willful breach of
his duties under this Agreement which breach is not cured by the Executive
within ten (10) days of receipt of written notice of such breach from the Board
to the Executive. The Company shall give the Executive three (3) business days'
written notice of its decision to terminate the Executive under clause (i) above
and shall specify the event relied upon for the termination. In the event the
Executive is terminated for cause pursuant to this Paragraph, the Company's
obligations to pay compensation expenses and benefits described in Paragraph 2
of this Agreement shall cease on the
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date of termination for cause, except for unpaid salary or benefits for the
period prior to the termination and the Executive's rights under the LTBP.

                  3.b. BY COMPANY WITHOUT CAUSE. By the Company, other than
pursuant Paragraphs 3(a), 3(e) or 3(f), in which event the Executive's
employment hereunder shall be deemed terminated as of the ninetieth (90th) day
following the giving of written notice to the Executive of the Company's
decision to terminate pursuant to this Paragraph. The Company may elect to
suspend the Executive following the giving of notice hereunder up to the date of
termination, subject to the Company's continuing obligation to pay the
Executive's compensation and benefits under Paragraph 2. If the Company
terminates the Executive's employment hereunder, the Executive shall be entitled
to the payments set forth under Paragraph 3(c)(ii) of this Agreement.

                  3.c. BY EXECUTIVE WITH GOOD REASON.

                           3.c.i. By the Executive, upon the occurrence of any
         of the following events:

                           3.c.i.(1) Failure to elect or reelect the Executive
         to, or removal of the Executive from, the offices referred to in
         Paragraph 1.

                           3.c.i.(2) A significant diminution in the nature or
         scope of the essential authorities, powers, functions, duties or
         responsibilities attached to the positions referred to in Paragraph 1
         or a reduction in the compensation, expenses or benefits described in
         Paragraph 2, which in either event is not remedied within thirty (30)
         days after receipt by the Company of written notice from the Executive.

                           3.c.i.(3) Within two (2) years of a Change in
         Control, as defined below, the Executive gives written notice to the
         Company of his determination made in his discretion that, as a result
         of a Change in Control:

                                    3.c.i.3.(A) he is unable to carry out the
                  authorities, powers, functions, duties or responsibilities
                  related to the positions described in Paragraph 1; or

                                    3.c.i.3.(B) his working conditions otherwise
                  have become unacceptable and, in the discretion of the
                  Executive, the Situation is not remedied to his satisfaction
                  within thirty (30) days after receipt by the Company of
                  written notice from the Executive of such determination,
                  outlining the Executive's objections and proposed solutions
                  that have not been implemented by the Company.

                           3.c.i.(4) Relocation of the Company's headquarters to
         a location outside of a 50 mile radius from Executive's residence as of
         the date of this Agreement as set forth in Paragraph 9 below.

                           3.c.i.(5) A breach by the Company of any provisions
         of this Agreement not embraced within the foregoing clauses (1), (2),
         (3) and (4), which is not remedied within

<PAGE>

         thirty (30) days after receipt by the Company of written notice from
         the Executive of the breach.

         In any event set forth in this Paragraph, the Executive shall give
         written notice to the Board that he has elected to terminate his
         employment, which notice shall be given not less than thirty (30) days
         prior to the termination. Said written notice will be given within
         three (3) calendar months after (A) the Executive's failure to be
         elected or reelected, or his removal, or (B) expiration of the
         thirty-day cure period, if applicable. The Company may elect to suspend
         the Executive following receipt of the Executive's Notice of
         Termination from the date of the Company's receipt of said Notice, up
         to the date of termination, subject to the Company's continuing
         obligation to pay the Executive's compensation and benefits under
         Paragraph 2 herein. If the Executive elects to terminate his employment
         pursuant to Paragraph 3.c.i.3, he shall not be entitled to any benefit
         or right resulting from such Change in Control, except for the benefits
         and rights provided pursuant to this Agreement, and he shall reimburse
         the Company or its successor for any such benefit or right (other than
         benefits or rights provided pursuant to this Agreement) received prior
         to his election to terminate pursuant to Paragraph 3.c.i.3.

                  3.c.ii. In the event that the Executive terminates his
employment pursuant to Paragraph 3(c)(i) or the Company terminates his
employment pursuant to Paragraph 3(b) of this Agreement:

                           3.c.ii.(1) The Company shall pay the Executive for
         eighteen (18) months (the "Severance Period") an amount equal to the
         then-existing Base Salary provided in Paragraph 2(a). At the Company's
         option, said payment can be made monthly or in a lump sum.

                           3.c.ii.(2) The Company shall pay the Executive a pro
         rata share of the annual bonus described in Paragraph 2.c for the year
         in which termination occurred, which shall be calculated by multiplying
         the number of full and partial months of employment for the year of
         termination preceding the termination by one-twelfth (1/12) of the
         Executive's annual bonus for the contract year preceding the year of
         termination, which pro rata bonus shall be paid as described in
         Paragraph 2.c. In addition, for the Severance Period, the Executive
         shall be paid one hundred fifty percent (150%) of the Executive's
         annual bonus for the fiscal year proceeding the year of termination,
         which shall be paid in a lump sum no later than five (5) business days
         after the effective date of termination or in equal monthly
         installments during the Severance Period, at the election of the
         Company.

                           3.c.ii.(3) During the Severance Period in addition to
         payment of the Base Salary, the Executive shall continue to be entitled
         to all benefits and perquisites provided for in Paragraph 2 (f), as if
         the Executive had not been terminated, unless expressly prohibited by
         applicable law.

<PAGE>

                           3.c.ii.(4) To the extent set forth in Appendix A
         hereto, the Executive shall be entitled to a Preferred Stock
         Refinancing Bonus if a Preferred Stock Refinancing is completed during
         the Severance Period.

                           3.c.ii.(5) The Executive shall have the rights set
         forth in the LTBP as modified by this Agreement, with respect to any
         Units awarded to the Executive.

         3.c.iii. For purposes of this Agreement, a "Change of Control" of the
Company shall be deemed to have occurred as a result of any of the following:

                  3.c.iii.(1) Granaria Holdings no longer controls, directly or
         indirectly, at least a majority of the voting power of the Company in
         the election of directors;

                  3.c.iii.(2) The Company's gross sales are less than $500
         million for a period of at least one fiscal year as a result of the
         sale of the Company's assets (excluding the sale of CED);

                  3.c.iii.(3) The Board approves a consolidation or merger of
         the Company with another corporation and such consolidation or merger
         is consummated, unless such consummation results in Granaria Holdings
         controlling a majority of the voting power, directly or indirectly, in
         the election of directors in the surviving entity and the Executive is
         offered the position of President, CEO and member of the Board of
         Directors of the surviving entity on terms and conditions at least as
         favorable as those set forth herein; or

                  3.c.iii.(4) A change in the Board occurs with the result that
         the members of the Board on the date hereof ("Incumbent Directors") no
         longer constitute a majority of such Board; provided, that any person
         becoming a director whose election or nomination for election was
         supported by a majority of the Incumbent Directors shall be considered
         an Incumbent Director for purposes hereof; and provided, further, that
         any director whose appointment or nomination occurs and is required and
         made by any person other than the Company and its affiliates (including
         Granaria Holdings and ABN-AMRO) in connection with an acquisition of
         Common Stock of the Company pursuant to a merger, consolidation,
         purchase of shares or similar transaction involving the Company shall
         not be treated as an Incumbent Director. Upon his election to the
         Board, the Executive shall be an Incumbent Director.

         3.d. BY EXECUTIVE WITHOUT GOOD REASON. By the Executive, at any time
and for any reason, in which event the Executive's employment hereunder shall be
deemed terminated as of the ninetieth (90th) day following the giving of written
notice to the Company of the Executive's decision to terminate pursuant to this
Paragraph. The Company may elect to suspend the Executive following receipt of
the Executive's Notice of Termination from the date of the Company's receipt of
the Notice, up to the date of the termination, subject to the Company's
continuing obligation to pay the Executive's compensation and benefits under
Paragraph 2 herein. In the event the Executive terminates his employment
pursuant to this Paragraph, the Company's obligations to pay compensation
expenses and benefits described in Paragraph 2 of this Agreement shall cease on
the date of such termination, except for unpaid salary or benefits for the
period prior

<PAGE>

to the termination and the Executive's rights under the LTBP, and all
entitlements to the Refinancing Bonus as provided in Appendix A.

         3.e. DISABILITY. In case of the Executive's disability, which for this
purpose shall mean that, as a result of illness or injury, the Executive is
unable substantially to perform his duties hereunder for a period of at least
twelve (12) consecutive months, the Company may terminate the Executive's
employment hereunder by giving him at least thirty (30) days' notice of
termination. The Executive agrees that in the event of any dispute under this
Paragraph to submit to a physical examination by a licensed physician selected
by the Company. If the Company terminates the Executive's employment pursuant to
the foregoing, for the duration of his disability, the Executive will be
entitled to receive payments under the Company's long-term disability policy.
Except as specifically provided in Paragraph 1(b) of Appendix A hereto, the
Executive shall not be entitled to a Preferred Stock Refinancing Bonus with
respect to any Preferred Stock Refinancing completed after the date his
employment is terminated for disability. The Executive shall have the rights set
forth in the LTBP.

         3.f. DEATH. Upon the death of the Executive, the Company shall continue
to make payments under Paragraphs 2(a) ("Base Salary") and 2(f) ("Employee
Benefit Plans") for three (3) months from the date death and proceeds shall
become payable under the death benefit plans described in Paragraph 2(f) in
accordance with their terms. Except as specifically provided in Paragraph 1(b)
of Appendix A hereto, if the Executive dies before the completion of a Preferred
Stock Refinancing, the Company shall have no obligation to pay a Preferred Stock
Refinancing Bonus with respect to such refinancing. The Executive's estate shall
have the rights set forth in Appendix B hereto with respect to the LTB Plan.

         3.g. EXCISE TAX GROSS UP.

                  3.g.i. In the event any payment that is either received by the
         Executive or paid by the Company on his behalf or any property or any
         other benefit provided to him under this Agreement or under any other
         plan, arrangement or agreement with the Company or any member of the
         Company's affiliated group (as defined in Section 280G(d)(5) of the
         Internal Revenue Code (the "Code"))(collectively the "Company
         Payments"), will be subject to the tax (the "Excise Tax") imposed by
         Code Section 4999 or any substantially similar tax that may hereafter
         be imposed by any taxing authority, the Company shall pay to the
         Executive an additional amount (the "Gross-up Payment") such that the
         net amount retained by the Executive, after deduction of any Excise Tax
         on the Company Payments and any federal, state, and local income and
         payroll taxes upon the Gross-up Payment provided for by this Paragraph
         before deduction for any federal, state, and local income and payroll
         taxes on the Company Payments, shall be equal to the Company Payments.
         In no event shall the Company have any obligation to make any other
         payment to the Executive with respect to any federal, state or local
         income, payroll or other tax with respect to the Company Payments.

                  3.g.ii. The determination of whether any of the Company
         Payments and the Gross-up Payment (collectively the "Total Payments")
         will be subject to the Excise Tax and the amount of such Excise Tax
         will be made by the Company's independent certified public

<PAGE>

         accountants appointed prior to any change in ownership (as defined
         under Code Section 280G(b)(2)) or tax counsel selected by such
         accountants or the Company, provided that such counsel advised the
         Company with regard to tax matters prior to any such change in
         ownership (the "Accountants"). The value of any non-cash benefits or
         any deferred payment or benefit shall be determined by the Accountants
         in accordance with the principles of Code Section 280G. Any
         determination by the Accountants shall be binding upon the Company and
         the Executive. Any Gross-Up Payment will be paid to the Executive
         within ten (10) business days of the Accountant's determination of the
         amount of such payment. If the Internal Revenue Service makes a claim
         that would require the payment of Excise Tax in an amount greater than
         that calculated by the Accountants, the provisions of Paragraph 3.g.v.
         shall control the determination of the amount of the Excise Tax.

                  3.g.iii. For purposes of determining the amount of the
         Gross-up Payment, the Executive shall be deemed to pay federal income
         taxes at the highest marginal rate of federal income taxation
         applicable to the Executive in the calendar year in which the Gross-up
         Payment is to be made and state and local income taxes at the highest
         marginal rate of taxation applicable to the Executive in the state and
         locality of the Executive's residence for the calendar year in which
         the Company Payment is to be made, net of the maximum reduction in
         federal income taxes which could be obtained by the Executive from
         deduction of such state and local taxes if paid in such year.

                  3.g.iv. In the event that the Excise Tax ultimately paid by
         the Executive, taking into account any refund amount, is less than the
         amount taken into account hereunder at the time the Gross-up Payment is
         made, the Executive shall repay to the Company, at the time that the
         Excise Tax is paid or the refund is received, as applicable, the
         portion of the prior Gross-up Payment attributable to such reduction
         (plus the portion of the Gross-up Payment attributable to the Excise
         Tax and federal, state and local income tax imposed on the portion of
         the Gross-up Payment being repaid by the Executive if such repayment
         results in a reduction in Excise Tax or federal, state and local income
         tax deduction), plus interest on the amount of such repayment at the
         rate provided in Code Section 1274(b)(2)(B).

                  3.g.v. The Executive shall notify the Company in writing of
         any claim by the Internal Revenue Service that, if successful, would
         require the payment of any Excise Tax in excess of the amount
         determined under Paragraph 3.g.ii. Such notification shall be given as
         soon as practicable but no later than five business days after the
         Executive is informed in writing of such claim and shall apprise the
         Company of the nature of such claim and the date on which such claim is
         requested to be paid. The Executive shall not pay such claim before the
         expiration of the 30-day period following the date on which it gave
         such notice to the Company (or such shorter period ending on the date
         that any payment of taxes with respect to such claim is due). If the
         Company notifies the Executive in writing before the expiration of such
         period that it desires to contest such claim, the Executive shall:

                           (i) give the Company any information reasonably
requested by the Company relating to such claim,

<PAGE>

                           (ii) take such action in connection with contesting
such claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to
such claim by an attorney reasonably selected by the Company,

                           (iii) cooperate with the Company in good faith to
contest such claim, and

                           (iv) permit the Company to participate in any
proceedings relating to such claim.

         The Company shall bear and pay directly all costs and expenses
(including additional interest, deemed interest with respect to interest-free
advances and penalties) incurred in connection with such contest and shall
indemnify and hold the Executive harmless, on an after-tax basis, for any Excise
Tax or income tax (including interest and penalties with respect thereto)
imposed as a result of such representation and payment of costs and expenses.
Without limitation on the foregoing provisions of this Paragraph 3.g, the
Company shall control all proceedings taken in connection with such contest and,
at its sole option, may pursue or forego any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of
such claim and may, at its sole option, either direct the Executive to pay the
tax claimed and sue for a refund or contest the claim in any permissible manner,
and the Executive agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more
appellate courts, as the Company shall determine. If the Company directs the
Executive to pay such claim and sue for a refund, the Company shall advance the
amount of such payment to the Executive, on an interest-free basis and shall
indemnify and hold the Executive harmless, on an after-tax basis, from any
Excise Tax or income tax (including interest or penalties with respect thereto)
imposed with respect to such advance or with respect to any imputed income with
respect to such advance. Furthermore, the Company's control of the contest shall
be limited to issues with respect to which a Gross-Up Payment would be payable
hereunder, and the Executive shall be entitled to settle or contest, as the case
may be, any other issue raised by the Internal Revenue Service or any other
taxing authority.

         4. INDEMNIFICATION. The Company will indemnify the Executive (and his
estate) to the fullest extent permitted by the laws of the State of Ohio that
are in effect at the time of the subject act or omission, or the Amended and
Restated Articles of Incorporation and Regulations of the Company, as in effect
at such time or on the effective date of this Agreement, whichever affords or
afforded greater protection to the Executive (including payment of expenses in
advance of final disposition of a proceeding). Furthermore, the Executive shall
be entitled to the protection of any insurance policies the Company may elect to
maintain generally for the benefit of its directors and officers, against all
costs, charges and expenses whatsoever incurred or sustained by him or his legal
representatives in connection with any action, suit or proceeding to which he
(or his legal representatives or other successors) may be made a party by reason
of his being or having been a director, officer or employee of the Company or
his serving or having served any other enterprise as a director, officer or
employee at the request of the Company.

         5. ARBITRATION. In case of any dispute or disagreement arising out of
or in connection with this Agreement, the parties hereto hereby agree to submit
said dispute or disagreement under

<PAGE>

the National Rules for the Resolution of Employment Disputes ("Rules") of the
American Arbitration Association ("AAA"). The hearings will be held in Phoenix,
Arizona and will be conducted pursuant to the Rules of the AAA. The dispute will
be submitted to a panel of arbitrators selected in accordance with the Rules of
the AAA. The panel or arbitrators' award shall be issued within one hundred
twenty (120) days following submission of the dispute to the AAA. Any decision
or award of said arbitration panel shall be final and binding on the Company and
the Executive.

         6. SURVIVAL OF OBLIGATIONS. The obligations under Paragraphs 4
(Indemnification) and 5 (Arbitration) shall survive the termination of this
Agreement for any reason, whether such termination is by the Company, by the
Executive, upon the expiration of this Agreement or otherwise.

         7. SEVERABILITY. In case any one or more of the provisions or part of a
provision contained in this Agreement shall for any reason be held to be
invalid, illegal or unenforceable in any respect in any jurisdiction, such
invalidity, illegality or unenforceability shall be deemed not to affect any
other jurisdiction or any other provision or part of a provision of this
Agreement, but this Agreement shall be reformed and construed in such
jurisdiction as if such provision or part of a provision held to be invalid or
illegal or unenforceable had never been contained herein and such provision or
part reformed so that it would be valid, legal and enforceable in such
jurisdiction to the maximum extent possible.

         8. ENTIRE AGREEMENT; AMENDMENT. This Agreement contains the entire
agreement between the Company and the Executive with respect to the subject
matter hereof and supersedes all prior written agreements. This Agreement may
not be amended, waived, changed, modified or discharged except by an instrument
in writing executed by or on behalf of the party against whom any amendment,
waiver, change, modification or discharge is sought.

         9. NOTICES. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
delivered or mailed, postage prepaid, first class as follows:

                       (a) TO THE COMPANY:            (b) TO THE EXECUTIVE:

                           Chairman of the Board          5112 Rockridge Road
                           Granaria Holding               Phoenix, Arizona 85018
                           P.O. Box 233
                           2501 CE The Hague
                           The Netherlands

and/or to such other persons and addresses as either party shall have specified
in writing to the other.

         10. NO RAID; NON-COMPETITION. The Executive agrees that he will not,
for a period of eighteen (18) months following his termination of employment,
for any reason whatsoever, do any of the following:

<PAGE>

         10.a. solicit, entice, persuade, encourage or otherwise induce any
individual or entity (including any subsidiary or affiliate of such individual
or entity and any officer, stockholder, partner, employee or other
representative of such individual or entity) that was a customer of the Company
(whether or not the Executive provided services for such customer) at any time
Executive was an employee of the Company (i) to refrain from purchasing products
manufactured by the Company or using the services of the Company or (ii) to
purchase products and services available from the Company from any person or
entity other than the Company;

         10.b. hire or otherwise engage the services of any officer or employee
of the Company or any of its subsidiaries or affiliates;

         10.c. solicit, entice, persuade, encourage or otherwise induce any
employee of the Company (including any of its subsidiaries or affiliates) to
terminate such employment or to become employed by any person or entity other
than the Company; or

         10.d. own, manage, control or participate in the ownership, management
or control, or be employed or engaged by or otherwise affiliated or associated
as an employee, consultant, independent contractor, director, agent, or
otherwise with any other corporation, partnership, proprietorship, firm,
association or other business entity in the world that manufactures or sells any
product that competes with or is a substitute for any product manufactured or
sold by the Company on the date of the Executive's termination of employment;
provided, however, that the Executive may own up to one percent (1%) of any
class of publicly traded securities of any such entity, and provided further,
that if a court determines that the foregoing restriction is not enforceable
because the territorial scope is too broad, then the restrictions shall be
limited to businesses that sell a material amount of competitive products or
substitutes into any country or countries as to which the Company or one of its
subsidiaries sold a material amount of products during the twelve months
preceding termination of Executive's employment. Notwithstanding the foregoing,
the Executive may own, participate in or be employed by any entity that
manufactures or sells any product that competes with or is a substitute for any
product manufactured or sold by the Company on the date of the Executive's
termination of employment if, and only if, the aggregate annual revenue
contributed by all of such competitive or substitute products to such other
entity is not greater than five percent (5%) of such entity's total annual
revenue and the Executive does not have any direct management responsibility for
such competitive as substitute products manufactured or sold by such other
entity. For purposes of this Paragraph 10.d, the term "direct management
responsibility" means that the management of the manufacture or sale of
competitive or substitute products comprises a material part the Executive's
duties

         11. CONFIDENTIALITY. The Executive agrees that he will not, following
his termination of employment, for any reason whatsoever; use, disclose, furnish
or make accessible, directly or indirectly, in any manner or for any purpose
unauthorized by the Company, any trade secrets, confidential or proprietary
information or any information, documents or materials owned, developed or
possessed by the Company, whether in tangible or intangible form, pertaining to
the business of the Company, including, without limitation, identities of
clients and prospective clients, identities of individual contacts at business
entitles which are clients or prospective clients, and business relationships
provided, that this Paragraph 11 shall not apply to information generally known
to the public.

<PAGE>

         12. ASSIGNABILITY. In the event that the Company shall be merged with,
or consolidate into, any other entity, or in the event that it shall sell and
transfer substantially all of its assets to another entity, and if, in the case
of either event, regardless of whether or not the transaction results in a
"Change in Control" under the provisions of this Agreement referred to in
Paragraph 3(c)(iii) (Change in Control), the terms of this Agreement shall inure
to the benefit of, be assumed by, and be binding upon, the entity resulting from
such merger or consolidation, or to which the Company's assets shall be sold and
transferred; provided, however, that in the event that this Agreement is
assigned by the Company, in connection with such a merger, consolidation or sale
or transfer, or otherwise, the Executive and his dependents, beneficiaries,
estate and surviving spouse shall be entitled to exactly the same compensation,
benefits, perquisites, payments and other rights as would have been their
entitlement had this Agreement not been assigned. This Agreement shall not be
assignable by the Executive, but it shall be binding upon, and shall inure to
the benefit of, his heirs, executors, administrators and legal representatives.

         13. GOVERNING LAW. This Agreement shall be governed by and construed
under the laws of the State of Arizona.

         14. WAIVER AND FURTHER AGREEMENT. Any waiver of any breach of any terms
or conditions of this Agreement shall not operate as a waiver of any other
breach of such terms or conditions or any other term or condition, nor shall any
failure to enforce any provision hereof operate as a waiver of such provision or
of any other provision hereof. Each of the parties hereto agrees to execute all
such further instruments and documents and to take all such further action as
the other party may reasonably require in order to effectuate the terms and
purposes of this Agreement.

         15. MISCELLANEOUS; TAXES.

         15.a. The paragraph headings contained in this Agreement are for
reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

         15.b. Notwithstanding anything herein to the contrary, except as
otherwise specifically provided in this Agreement (including the Appendices) or
any other written agreement between the Company and the Executive, the Executive
shall be liable for paying all taxes of any kind imposed on him with respect to
the amounts and benefits payable to him hereunder.

         15.c. This Agreement is the entire agreement of the parties, and
supersedes any other agreements or understandings, written or oral, with respect
to its subject matter. Without limiting the generality of the foregoing, this
Agreement amends and restates in its entirety the Executive Employment Agreement
dated as of July 15, 2001 between Executive and the Company (then known as
Eagle-Picher Industries, Inc.).

                                                     EAGLEPICHER INCORPORATED

_______________________________________              By ________________________
JOHN H. WEBER                                        Dr. Joel P. Wyler, Chairman

<PAGE>

                                   APPENDIX A

                        PREFERRED STOCK REFINANCING BONUS

         The Company hereby represents that: As of the date hereof, 51.8% of the
outstanding Preferred Stock of the Company is owned by Dakruiter, a special
purpose vehicle based in Luxembourg (the "SPV"), which is owned by ABN AMRO
("AA") and Granaria Holdings ("GH"). AA and GH have entered into a Shareholders'
Agreement, dated March 23, 2001, the material terms of which have been disclosed
to the Executive (the "Shareholders' Agreement").

         1. AMOUNT OF PREFERRED STOCK BONUS.

                  1.a. Upon completion of each Preferred Stock Refinancing, (the
"Completion Date"), the Executive shall be entitled to a cash bonus, calculated
as follows:

<TABLE>
<CAPTION>
Completion Date is:                Percentage of SPV Profit
<S>                                <C>
Prior to March 31, 2005                      5%
Prior to April 30, 2006                      4%
After April 30, 2006                         3%
</TABLE>

                  1.b. The Executive shall be entitled to receive the cash bonus
described in this Appendix A if he is still employed by the Company on the
Completion Date, provided that, if substantial actions have been put in motion
prior to the Executive's date of termination that result in a Preferred Stock
Refinancing, the Executive (or his estate, if applicable) shall be entitled to
the following percentage of the bonus: (i) 100%, if the Completion Date occurs
within the Severance Period if his employment is terminated by the Company
without cause (pursuant to Paragraph 3(b) of the Employment Agreement) or by the
Executive for good reason (pursuant to Paragraph 3(c) of the Employment
Agreement), or (ii) 50%, if the Completion Date occurs on or before the first
anniversary of the termination of his employment as a result of the Executive's
disability or death (pursuant to Paragraph 3(e) or (f), respectively, of the
Employment Agreement). The Executive shall not be entitled to the cash bonus
described in this Appendix A if the Completion Date occurs after the Executive's
termination for cause (pursuant to Paragraph 3(a) of the Employment Agreement)
or voluntary termination (pursuant to paragraph 3(d) of the Employment
Agreement).

                  1.c. Notwithstanding Paragraph 1.a above, the Executive's
Preferred Stock Bonus shall not be less than $2.5 million (or $2.5 million times
the percentage of Preferred Stock transferred if less than all of the Preferred
Stock of the SPV is transferred) if the Preferred Stock Refinancing is at one
hundred percent (100%) of the present face value of the shares (which is $10,000
each) or the applicable percentage between one hundred percent (100%) and
eighty-three percent (83%) if the Completion Date is prior to March 1, 2003.

                  1.d. If a Preferred Stock Refinancing occurs, and the
Executive and the Company cannot agree whether the Executive is entitled to a
Preferred Stock Refinancing Bonus and/or the amount thereof, the Company shall
provide the Executive with a true and complete copy of the Shareholders'
Agreement (including all amendments thereto) within three days of Executive's

<PAGE>

request therefor and the dispute shall be resolved through arbitration pursuant
to Paragraph 5 above.

         2. DEFINITIONS.

                  2.a. "SPV Profit" shall be determined in accordance with the
following formula:

                                                           Shares Transferred
                  SPV Profit = Proceeds - Aggregate Cost x ------------------
                                                           Shares Owned

Where:

"Proceeds" means the proceeds of the Preferred Stock Refinancing received by SPV
in cash or other liquid assets plus dividends paid with respect to the Preferred
Stock

"Aggregate Cost" means the aggregate price paid by SPV to acquire the Preferred
Stock plus all brokerage fees and similar costs related to the acquisition and
transfer of the Preferred Stock

"Shares Transferred" means the number of shares of Preferred Stock transferred
by SPV in the Preferred Stock Refinancing

"Shares Owned" means the number of shares of Preferred Stock owned by the SPV at
the time of the Preferred Stock Refinancing

SPV Profit will not be reduced by any interest cost or taxes payable by the SPV.

                  2.b. "Preferred Stock Refinancing" shall mean any transaction
as a result of which all or any portion of the Preferred Stock owned by the SPV
is transferred to a third party (including the Company but excluding GH, AA and
Residex) in exchange for cash or other liquid assets. The date as of which the
assets received are fully and unconditionally liquid shall determine the date
that such refinancing has been completed.

         3. PAYMENT.

                  3.a. The Company shall pay the Executive a Preferred Stock
Refinancing Bonus in cash within thirty (30) days after the Completion Date;
provided, however, that if the SPV does not receive all of the Proceeds (as
defined above) of the Preferred Stock Refinancing on the Completion Date, the
Company shall pay the Executive a pro rata portion of the Preferred Stock
Refinancing Bonus, which pro rata portion shall be determined by multiplying the
amount of the Preferred Stock Refinancing Bonus by a fraction, the numerator of
which is the Proceeds received by the SPV on the Completion Date and the
denominator of which is the total Proceeds. Thereafter, the Company shall pay
the Executive the remainder of the Preferred Stock Refinancing Bonus or a pro
rata portion thereof, as Proceeds are received by the SPV, within thirty (30)
days of the SPV's receipt of such Proceeds; provided, however, that if any
Proceeds are received by the SPV at any time after the third anniversary of the
Executive's termination of employment under this

<PAGE>

Agreement, the Executive shall not be entitled to any further amount of the
Preferred Stock Refinancing Bonus with respect to such Proceeds and the Company
shall have no further obligation to pay the remainder of the Preferred Stock
Refinancing Bonus with respect to such Proceeds.

                  3.b. If the exact value of the Preferred Stock Refinancing
Bonus cannot be determined prior to the date for payment, the Company shall make
an interim payment to the Executive based on a good-faith estimate on the date
for payment. Thereafter, within five business days after the amount is
determined (but in no event more than sixty (60) days after the Completion
Date), the Company shall pay the Executive any additional amount due, and the
Executive shall return to the Company any amount paid to him by the Company to
which he was not entitled.

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