SEVERANCE AGREEMENT

This SEVERANCE AGREEMENT, dated as of July 31, 2002 (the "Effective Date"), by and among MMI Products, Inc., a Delaware corporation ("MMI"), MMI Management Services LP, a Delaware limited liability partnership ("Management"), and John M. Piecuch (the "Executive"). MMI and/or Management, as applicable, are sometimes collectively or individually referred to herein as the "Employer").

WHEREAS, each of MMI and Management, respectively, employs the Executive as its President and Chief Executive Officer ("CEO"); and

WHEREAS, the Executive and the Employer desire to set forth in writing all of their respective duties, rights and obligations with respect to the termination of the Executive's employment by the Employer;

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations hereinafter set forth, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Compensation.
   1. Base Salary. The Executive currently receives an annual base salary of $550,000 (the "Base Salary"), payable in such equal regular installments in accordance with Management's payroll practices, as the same may be amended, modified or changed from time to time (the "Payroll Practices"). After the 2002 calendar year, the Base Salary may be adjusted at such time and in such manner as the Compensation Committee of the Board of Directors of MMI may determine in accordance with the executive compensation policy of MMI then in effect.
   2. Incentive Bonus. The Executive is eligible to receive one or more incentive compensation bonuses (each a "Bonus") pursuant to the incentive bonus program of MMI. Under MMI's incentive bonus program, the Executive's Bonus is conditioned upon the achievement of annual operational and financial milestones approved by the Compensation Committee of the Board of Directors of MMI. Any such Bonus is payable by Management to the Executive in accordance with the terms of the applicable incentive bonus program, but no later than the first business day of March of the year following the calendar year for which the Bonus is accrued, and, where applicable, is prorated based upon the number of days the Executive was employed by MMI during such calendar year. The Executive's Bonus for the 2002 calendar year will be no less than $450,000. Thereafter, the Employer and the Executive will work together to establish the target amount of each Bonus.
2. Termination of Employment:
   1. Either the Executive MMI or Management may terminate the employment relationship at any time for any reason with or without Cause (as defined below). The date upon which the termination of the Executive's employment becomes effective pursuant to this Agreement shall be referred to herein as the "Termination Date." The Termination Date shall be the date upon which any of the following events shall occur or are designated to occur:
      1. the death of the Executive;
      2. the Disability (as defined below) of the Executive;
      3. the effective date designated by MMI or Management in a written notice delivered to the Executive of termination of the Executive's employment for Cause (as defined below);
      4. the effective date designated by MMI or Management in a written notice delivered to the Executive of termination of the Executive's employment Without Cause (as defined below);
      5. the effective date designated by the Executive in a written notice delivered to the Employer of resignation by the Executive Without Good Reason (as defined below); or
      6. the effective date designated by the Executive in a written notice delivered to the Employer of resignation by the Executive for Good Reason (as defined below).
   2. For purposes of this Agreement, the following terms shall have the following meanings:
      
       

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