Document:

Exhibit 10.2

                       Form of Change of Control Agreement

         Apex  Silver  Mines  Limited  has  entered  into a  change  of  control
agreement with Jeffrey G. Clevenger,  its President and Chief Executive Officer,
effective  October 11, 2003 pursuant to which he will receive  certain  benefits
upon his  termination  of employment  or the  occurrence of certain other events
following  a Change of  Control  as defined  in the  agreement.  These  benefits
include a lump sum severance benefit equal to three times Mr. Clevenger's salary
plus target bonus in effect  immediately  prior to the  occurrence  of the event
giving rise to the benefit and continuation of medical, dental, disability, life
insurance and other benefits for a 36 month period.

         Apex Silver Mines Limited also entered into a similar change of control
agreement with Alan R. Edwards, its Executive Vice President and Chief Operating
Officer,  effective  June 14,  2004  pursuant to which he will  receive  certain
benefits upon his  termination  of  employment  or on the  occurrence of certain
other events  following a Change of Control as defined in the  agreement.  These
benefits include a lump sum severance benefit equal to three  times Mr. Edward's
salary plus target bonus in effect  immediately  prior to the  occurrence of the
event  giving  rise  to  the  benefit  and  continuation  of  medical,   dental,
disability, life insurance and other benefits for a 36 month period.

         The change of control  agreements entered into by Mr. Clevenger and Mr.
Edwards are  identical  to those  previously  entered  into by Apex Silver Mines
Limited   with   certain  of  its  officers  or  the  officers  of  certain  its
subsidiaries, with the exception of the multiple used to calculate the severance
benefit,  the period  during  which  benefits  would  continue,  which terms are
negotiated  with each officer,  and certain  nonmaterial  conforming  changes or
updates.

<PAGE>

Name and Title

Apex Silver Mines Corporation
1700 Lincoln Street, Suite 3050
Denver, CO  80203

Dear

         Apex Silver Mines Limited (the "Company") considers it essential to the
best interests of its  stockholders  to foster the continuous  employment of key
management personnel. In this connection,  the Board of Directors of the Company
(the  "Board")  recognizes  that,  as  is  the  case  with  many  publicly  held
corporations,  the  possibility  of a Change of Control (as defined in Section 2
hereof) may exist and that such  possibility,  and the uncertainty and questions
which it may raise among management,  may result in the departure or distraction
of management personnel to the detriment of the Company and its stockholders.

         The Board has  determined  that  appropriate  steps  should be taken to
reinforce and encourage the continued attention and dedication of members of the
Company's  management,  including  yourself,  to their  assigned  duties without
distraction in the face of potentially disturbing circumstances arising from the
possibility of a Change of Control, although no such change is now contemplated.

         In order to  induce  you to remain in the  employ of the  Company,  the
Company  agrees that you shall receive the severance  benefits set forth in this
letter agreement (the "Agreement") in the event your employment with the Company
is  terminated  subsequent  to a  Change  of  Control  under  the  circumstances
described below.

1.       TERM OF  AGREEMENT.  This  Agreement  shall  commence  on your  date of
         employment  and shall  continue from year to year at the  discretion of
         the Board of Directors.  This Agreement shall  automatically  terminate
         upon the earlier to occur of (i) your  termination  of employment  with
         the  Company,  or (ii) the  Company's  furnishing  you with  notice  of
         termination of employment,  irrespective  of the effective date of such
         termination.

2.       CHANGE OF CONTROL. No benefits shall be payable hereunder unless there
         shall have been a Change of Control, as set forth below. For purposes
         of this Agreement, a "Change of Control" shall mean the first to occur
         of the events specified in (A), (B), or (C), following, (but no event
         other than the specified events) except as otherwise provided in (D),
         following: (A) any person becomes the beneficial owner, directly or
         indirectly of securities of Apex Silver Mines Limited representing
         thirty-five percent (35%) or more of the combined voting power of the
         Company's then outstanding voting securities other than any person who,
         as of the date this policy is approved by the Board of Directors, is
         the beneficial owner of at least 15% of the Company's outstanding
         voting securities (determined in Accordance with Rule 13d under the
         Securities and Exchange Act of 1934) or (B) three or more Directors of
         the Company, whose election or nomination for election is not approved
         by a majority of the applicable Incumbent Board, are elected within any
         single twelve month period to serve on the Board; or (C) members of the
         applicable Incumbent Board cease to constitute a majority of the Board.
         (D) Notwithstanding the foregoing, a Change of Control shall not be

                                       2
<PAGE>

         deemed to occur solely because thirty-five percent (35%) or more of the
         combined voting power of the Company's then outstanding voting
         securities are acquired by one or more employee benefit plans
         maintained by the Company. (E) For purposes of Section 2(A), the terms
         "person" and "beneficial owner" shall have the meanings set forth in
         Sections 2.4(a)(9) and 13(d) of the Securities Exchange Act of 1934, as
         amended, and in the regulations promulgated thereunder. For purposes of
         this Section 2 "Incumbent Board" means (i) members of the Board of
         Directors of the Company on January 1, 1998, to the extent that they
         continue to serve as members of the Board, and (ii) any individual who
         becomes a member of the Board after January 1, 1998, if such
         individuals election or nomination for election as a Director was
         approved by a vote of at least seventy-five percent (75%) of the then
         applicable Incumbent Board.

         3. TERMINATION FOLLOWING CHANGE OF CONTROL. If the events described in
Section 2 hereof constituting a Change of Control shall have occurred, you shall
be entitled to the benefits provided in Subsection 4(iii) hereof upon the
subsequent termination of your employment during the term of this Agreement
unless such termination is (A) because of your death or Disability, (B) by the
Company for Cause, or (C) by you other than for Good Reason.

         (i)      Disability. If, as a result of your incapacity due to physical
                  or  mental  illness,  you  shall  have  been  absent  from the
                  full-time  performance of your duties with the Company for six
                  consecutive months, and within 30 days after written notice of
                  termination  is  given  you  shall  not have  returned  to the
                  full-time  performance of your duties,  your employment may be
                  terminated for "Disability."

         (ii)     Cause. Termination by the Company of your employment for
                  "Cause" shall mean termination for(A) the commission of a
                  felony or a crime involving moral turpitude or the commission
                  of any other act involving dishonesty, disloyalty, or fraud
                  with respect to the Company, (B) conduct tending to bring the
                  Company into substantial public disgrace or disrepute, (C)
                  substantial and repeated failure to perform duties as
                  reasonably directed by the Board, (D) gross negligence or
                  willful misconduct with respect to the Company or any of its
                  affiliated entities, or (E) any other material breach of any
                  other agreement between you and the Company or its affiliated
                  entities which is not cured within 15 days after written
                  notice thereof to you.

         (iii)    Good Reason. You shall be entitled to terminate your
                  employment for Good Reason. For purposes of this Agreement,
                  "Good Reason" shall mean, without your express written
                  consent, the occurrence after a Change of Control of any of
                  the following circumstances unless, in the case of paragraphs
                  (A), (B), (E), (F), (G) or (H), such circumstances are fully
                  corrected prior to the Date of Termination specified in the
                  Notice of Termination, as such terms are defined in
                  Subsections 3(v) and 3(iv) hereof, respectively, given in
                  respect thereof:

                                       3
<PAGE>

                  (A)      the assignment to you of any duties inconsistent with
                           your current status as an executive of the Company or
                           a  substantial  adverse  alteration  in the nature or
                           status of your  responsibilities from those in effect
                           immediately prior to the Change of Control;

                  (B)      a reduction by the Company in your annual base salary
                           as in effect on the date hereof or as the same may be
                           increased    from   time   to   time,    except   for
                           across-the-board    salary    reductions    similarly
                           affecting  all senior  executives  of the Company and
                           all senior executives or any person in control of the
                           Company;

                  (C)      your  relocation to a location not within 25 miles of
                           your  present  office  or job  location,  except  for
                           required  travel  on  the  Company's  business  to an
                           extent  substantially  consistent  with your  present
                           business travel obligations;

                  (D)      the failure by the Company,  without your consent, to
                           pay to you any portion of your current  compensation,
                           or to pay to you any  portion  of an  installment  of
                           deferred compensation under any deferred compensation
                           program of the Company, within seven days of the date
                           such compensation is due;

                  (E)      the failure by the Company to continue in effect any
                           bonus to which you were entitled, or any compensation
                           plan in which you participated immediately prior to
                           the Change of Control which is material to your total
                           compensation, including but not limited to the
                           Company's Incentive Bonus Plan, Stock Option Plan,
                           401(k) Profit Sharing Plan, or any substitute plan or
                           plans adopted prior to the Change of Control, unless
                           an equitable arrangement (embodied in an ongoing
                           substitute or alternative plan) has been made with
                           respect to such plan and such equitable arrangement
                           provides substantially equivalent benefits not
                           materially less favorable to you (both in terms of
                           the amount of benefits provided and the level of your
                           participation relative to other participants), or the
                           failure by the Company to continue your participation
                           therein (or in such substitute or alternative plan)
                           on a basis not materially less favorable (both in
                           terms of the amount of benefits provided and the
                           level of your participation relative to other
                           participants) as existed at the time of the Change of
                           Control of the Company.

                  (F)      the failure by the Company to continue to provide you
                           with benefits substantially similar to those enjoyed
                           by you under any of the Company's life insurance,
                           medical, dental, and accident, or disability plans in
                           which you were participating at the time of the
                           Change of Control, the taking of any action by the
                           Company which would directly or indirectly materially
                           reduce any of such benefits or deprive you of any
                           material fringe benefit enjoyed by you at the time of

                                       4
<PAGE>

                           the Change of Control, or the failure by the Company
                           to provide you with the number of paid vacation days
                           to which you are entitled in accordance with the
                           Company's normal vacation policy in effect at the
                           time of the Change of Control;

                  (G)      the failure of the  Company to obtain a  satisfactory
                           agreement  from any  successor to assume and agree to
                           perform this Agreement,  as contemplated in Section 5
                           hereof; or

                  (H)      any purported termination of your employment which is
                           not  effected  pursuant  to a Notice  of  Termination
                           satisfying  the   requirements  of  Subsection  3(iv)
                           hereof  (and,  if  applicable,  the  requirements  of
                           Subsection  3(ii)  hereof);   for  purposes  of  this
                           Agreement,  no such  purported  termination  shall be
                           effective.

                           Your rights to terminate your employment  pursuant to
                           this  Subsection   shall  not  be  affected  by  your
                           incapacity  due to physical or mental  illness.  Your
                           continued employment shall not constitute consent to,
                           or  a  waiver  of  rights   with   respect   to,  any
                           circumstance constituting Good Reason hereunder.

         (iv)     NOTICE  OF  TERMINATION.  Any  purported  termination  of your
                  employment by the Company or by you shall be  communicated  by
                  written  Notice of  Termination  to the other party  hereto in
                  accordance  with  Section  6  hereof.  For  purposes  of  this
                  agreement, a "Notice of Termination" shall mean a notice which
                  shall  indicate  the  specific  termination  provision in this
                  Agreement relied upon and shall set forth in reasonable detail
                  the facts and  circumstances  claimed  to  provide a basis for
                  termination  of  your   employment   under  the  provision  so
                  indicated.

         (v)      DATE OF TERMINATION, ETC. "Date of Termination" shall mean (A)
                  if your employment is terminated for Disability, 30 days after
                  Notice of  Termination  is given  (provided that you shall not
                  have  returned  to the  full-time  performance  of your duties
                  during  such 30-day  period),  and (B) if your  employment  is
                  terminated  pursuant to Subsections  3(ii) or 3(iii) hereof or
                  for  any  other  reason  (other  than  Disability),  the  date
                  specified in the Notice of Termination  (which, in the case of
                  a termination pursuant to Subsection 3(ii) hereof shall not be
                  less than 30 days,  and in the case of a termination  pursuant
                  to Subsection 3(iii) hereof shall not be less than 15 nor more
                  than 60  days,  respectively,  from the date  such  Notice  of
                  Termination is given).

         4.  COMPENSATION  UPON  TERMINATION OR DURING  DISABILITY.  Following a
change of  Control,  as defined by Section 2 hereof,  upon  termination  of your
employment  or  during a period  of  Disability  you  shall be  entitled  to the
following benefits:

                                       5
<PAGE>

         (i)      During any period that you fail to perform your full-time
                  duties with the Company as a result of incapacity due to
                  physical or mental illness, you shall continue to receive your
                  base salary at the rate in effect at the commencement of any
                  such period, together with all amounts payable to you under
                  any compensation plan of the Company during such period, until
                  this Agreement is terminated pursuant to Subsection 3(i)
                  hereof. Thereafter, or in the event your employment shall be
                  terminated by you other than for Good Reason or by reason of
                  your death, your benefits shall be determined under the
                  Company's insurance or other compensation programs then in
                  effect in accordance with the terms of such programs.

         (ii)     If your employment shall be terminated by the Company for
                  Cause, Disability or death, or by you other than for Good
                  Reason, the Company shall pay you your full base salary
                  through the Date of Termination at the rate in effect at the
                  time Notice of Termination is given, plus all other amounts to
                  which you are entitled under any insurance and other
                  compensation programs of the Company at the time such payments
                  are due, and the Company shall have no further obligations to
                  you under this Agreement.

         (iii)    If your  employment by the Company shall be terminated  (a) by
                  the Company  other than for Cause,  Disability or death or (b)
                  by you for Good  Reason,  then you  shall be  entitled  to the
                  benefits provided below:

                  (A)      The  Company  shall  pay you your  full  base  salary
                           through the Date of Termination at the rate in effect
                           at the time Notice of Termination is given,  plus all
                           other  amounts  to which you are  entitled  under any
                           compensation  plan of the  Company,  at the time such
                           payments are due, except as otherwise provided below.

                  (B)      In lieu of any further salary payments to you for
                           periods subsequent to the Date of Termination, the
                           Company shall pay as severance pay to you a lump sum
                           severance payment (together with the payments
                           provided in paragraph (C) of this Subsection 4(iii),
                           the "Severance Payments") equal t] times the sum of
                           your (a) annual base salary in effect immediately
                           prior to the occurrence of the circumstance giving
                           rise to the Notice of Termination given in respect
                           thereof, and (b) 100% of the Target Bonus Amount as
                           designated in Schedule One in Section 4 of the
                           Company's Incentive Bonus Plan times your annual base
                           salary in effect immediately prior to the occurrence
                           of the circumstance giving rise to the Notice of
                           Termination.

                  (C)      The   Company   shall   pay  to  you   any   deferred
                           compensation,  including  but not limited to deferred
                           bonuses,  allocated or credited to you as of the Date
                           of Termination.

                                       6
<PAGE>

                  (D)      The Company  shall also pay to you all legal fees and
                           expenses   incurred  by  you  as  a  result  of  such
                           termination  including all such fees and expenses, if
                           any,  incurred in  contesting  or disputing  any such
                           termination  or in seeking  to obtain or enforce  any
                           right or benefit provided by this Agreement.

                  (E)      Taxes  -  All  payments   shall  be  subject  to  the
                           withholding   of  such  amounts  as  the  Company  is
                           required  to be withheld  pursuant to any  applicable
                           federal,  state, or local law or regulation,  and you
                           are   responsible  for  any  tax  liability  on  such
                           payments.

                  (F)      All payments under this letter of agreement and
                           benefits provided under the program will be
                           contingent upon the execution of an Application and
                           Release of Claims by you and the Company, and this
                           Application and Release of Claims shall govern the
                           timing of all payments made. A copy of the terms and
                           conditions of such Application and Release of Claims
                           is attached as an appendix to this Agreement.

                  (G)      Limitation on Benefits. Any benefits payable or to be
                           provided pursuant to this Agreement or otherwise,
                           which constitute "Parachute Payments" as defined in
                           Section 280G(b)(2)(A)(i) of the Code, shall be
                           subject to limitation such that the benefits payable
                           or to be provided under this Agreement, as well as
                           any payments or benefits provided outside of this
                           Agreement, shall not cause the Company to have paid
                           an "Excess Parachute Payment" as defined in Section
                           280G(b)(1) of the Code. Accordingly, anything in this
                           Agreement to the contrary notwithstanding, in the
                           event that it is determined that receipt of all
                           Parachute Payments would cause the Company to pay an
                           Excess Parachute Payment, the Company shall
                           determine, and promptly notify you of, a "Reduced
                           Amount" which shall be the highest aggregate amount
                           of Parachute Payments that shall not cause the
                           Company to have paid an Excess Parachute Payment. You
                           may then elect, in your sole discretion, which and
                           how much of the Parachute Payments, including without
                           limitation Parachute Payments made outside of this
                           Agreement, shall be eliminated or reduced (as long as
                           after such election the "Present Value" (as defined
                           in Section 280G(d)(4) of the Code) of the aggregate
                           Parachute Payments is equal to the Reduced Amount,
                           and shall advise the Company in writing of such
                           election within 10 days of your receipt of notice. If
                           no such election is made within such 10 day period,
                           the Company may elect which of Parachute Payments,
                           including without limitation Parachute Payments made
                           outside of this Agreement, shall be eliminated or
                           reduced (as long as after such election the Present
                           Value of the aggregate Parachute Payments is equal to
                           the Reduced Amount) and shall notify you promptly of
                           such election.

                                       7
<PAGE>

         (iv)     If your employment shall be terminated (A) by the Company
                  other than for Cause, Disability or death or (B) by you for
                  Good Reason, then for a [____]month period after such
                  termination, the Company shall arrange to provide you with
                  life, disability, accident, medical, and dental insurance
                  benefits substantially similar to those that you are receiving
                  immediately prior to the Notice of Termination. Benefits
                  otherwise receivable by you pursuant to this Subsection 4(iv)
                  shall be reduced to the extent comparable benefits are
                  actually received by you from another employer during the
                  [____]-month period following your termination, and any such
                  benefits actually received by you shall be reported to the
                  Company.

         (v)      You shall not be required to mitigate the amount of any
                  payment provided for in this Section 4 by seeking other
                  employment or otherwise, nor shall the amount of any payment
                  or benefit provided for in this Section 4 be reduced by any
                  compensation earned by you as the result of employment by
                  another employer, by retirement benefits, by offset against
                  any amount claimed to be owed by you to the Company (other
                  than by any cash payments which may be available to you under
                  the Company's Severance Policy), or otherwise except as
                  specifically provided in this Section 4.

         (vi)     In  addition  to all other  amounts  payable to you under this
                  Section  4, you shall be  entitled  to  receive  all  benefits
                  available to you under the Company's  Employees'  Share Option
                  Plan, 401(k) profit sharing plan, and to Outplacement benefits
                  as defined in Section 5.5 of the Company's Severance Policy.

5.       SUCCESSORS; BINDING AGREEMENT.

         (i)      The Company will require any successor (whether direct or
                  indirect, by purchase, merger, share exchange, consolidation
                  or otherwise) to all or substantially all of the business
                  and/or assets of the Company to assume expressly and agree to
                  perform this Agreement in the same manner and to the same
                  extent that the Company would be required to perform it if no
                  such succession had taken place. Failure of the Company to
                  obtain such assumption and agreement prior to the
                  effectiveness of any such succession shall be a breach of this
                  Agreement and shall entitle you to compensation from the
                  Company in the same amount and on the same terms as you would
                  be entitled to hereunder if you terminate your employment for
                  Good Reason following a Change of Control, except that for
                  purposes of implementing the foregoing, the date on which any
                  such succession becomes effective shall be deemed the Date of
                  Termination. As used in this Agreement, "Company" shall mean
                  the Company as hereinbefore defined and any successor to its
                  business and/or assets as aforesaid which assumes and agrees
                  to perform this agreement by operation of law, or otherwise.

                                       8
<PAGE>

         (ii)     This Agreement shall inure to the benefit of and be
                  enforceable by your personal or legal representatives,
                  executors, administrators, heirs, distributees, and legatees.
                  If you should die while any amount would still be payable to
                  you hereunder if you had continued to live, all such amounts,
                  unless otherwise provided herein, shall be paid in accordance
                  with the terms of this agreement to your legatee or other
                  designee or, if there is no such designee, to your estate.

         (iii)    In the event that you are employed by a subsidiary of the
                  Company, wherever in this Agreement reference is made to the
                  "Company," unless the context otherwise requires, such
                  reference shall also include such subsidiary. The Company
                  shall cause such subsidiary to carry out the terms of this
                  Agreement insofar as they relate to the employment
                  relationship between you and such subsidiary, and the Company
                  shall indemnify you and save you harmless from and against all
                  liability and damage you may suffer as a consequence of such
                  subsidiary's failure to perform and carry out such terms.
                  Wherever reference is made to any benefit program of the
                  Company, such reference shall include, where appropriate, the
                  corresponding benefit program of such subsidiary if you were a
                  participant in such benefit program on the date a Change of
                  Control has occurred.

         6.  NOTICE.  For the purpose of this  Agreement,  notices and all other
communications  provided for in the  Agreement  shall be in writing and shall be
deemed  to have been  duly  given  when  delivered  or  mailed by United  States
registered mail,  return receipt  requested,  postage prepaid,  addressed to the
respective  addresses  set forth on the first page of this  Agreement,  provided
that all notices to the Company  shall be directed to the attention of the Board
with a copy to the Secretary of the Company,  or to such other address as either
party may have furnished to the other in writing in accordance herewith,  except
that notice of change of address shall be effective only upon receipt.

         7.  MISCELLANEOUS.  No  provision  of this  Agreement  may be modified,
waived or discharged unless such waiver,  modification or discharge is agreed to
in writing and signed by you and such officer as may be specifically  designated
by the Board.  No waiver by either party hereto at any time of any breach by the
other party hereto of, or  compliance  with,  any condition or provision of this
Agreement  to be  performed  by such  other  party  shall be  deemed a waiver of
similar or  dissimilar  provisions  or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express or
implied,  with  respect to the  subject  matter  hereof have been made by either
party which are not  expressly set forth in this  Agreement.  To the extent that
United States federal laws do not otherwise  apply,  the Plan shall be construed
in accordance with and governed by the laws of the Cayman Islands.

                                       9
<PAGE>

         8.  VALIDITY.  The invalidity or  unenforceability  of any provision of
this  Agreement  shall not affect the  validity or  enforceability  of any other
provision of this Agreement, which shall remain in full force and effect.

         9.   COUNTERPARTS.   This   Agreement   may  be   executed  in  several
counterparts,  each of which shall be deemed to be an original  but all of which
together will constitute one and the same instrument.

10.      ARBITRATION. Any dispute or controversy arising under or in connection
         with this Agreement shall be settled exclusively by arbitration in the
         State of Colorado, in accordance with the rules of the American
         Arbitration Association then in effect. Judgment may be entered on the
         arbitrator's award in any court having jurisdiction; provided, however,
         that you shall be entitled to seek specific performance of your right
         to be paid until the Date of Termination during the pendency of any
         dispute or controversy arising under or in connection with this
         Agreement.

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

                                  Sincerely,

                                  Apex Silver Mines Ltd.

                                  By: ___________________________________

Agreed to as of the ____ day of ______________, 2004.

Signature: _____________________________

                                       10<PAGE>

                                                                    Exhibit 10.3

                               Relocation Advance

         Apex Silver  Mines  Limited made a $300,000  relocation  advance to Mr.
Edwards in August  2004  pursuant  to the  Company's  relocation  policy,  which
provides for a 90 day interest  free  advance to an employee who  completes  the
purchase of a residence in the new location  prior to completing the sale of the
employee's residence in the former location.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]