1 Exhibit 10.2 FIRST NATIONAL BANK OF OHIO 106 South Main Street, Akron, OH 44308-1444 216 384-8000 [LOGO] FIRSTMERIT May 10, 1996 Mr. Robert E. Rohr V.P. Finance and Treasurer Chempower, Inc. 807 E. Turkey Foot Road Akron, Ohio 44319 Dear Mr. Rohr: I am pleased to inform you that First Naitonal Bank of Ohio ("Bank") has approved the renewal of a $10,000,000 Line of Credit in favor of Chempower, Inc., subject to the following terms and conditions: BORROWER: Chempower, Inc. CREDIT FACILITY: $10,000,000 Line of Credit PURPOSE: Short term working capital and other general corporate purposes. COLLATERAL: Unsecured RATE: 30 day LIBOR plus 1%, adjusted each 30 days PAYMENTS: Interest payable monthly; principal payable on the earlier of demand or the 5-31-97 expiration date of the Line of Credit; the balance must be paid to zero for at least 30 consecutive days during the term of this commitment. EXPIRATION DATE: May 31, 1997 FURTHER CONDITIONS: 1. No material adverse change in Borrower's condition, financial or otherwise. 2. Loan documents satisfactory to Borrower and Bank, to include a loan agreement containing certain representations, warranties, and covenants. CELEBRATING 150 YEARS OF SERVICE 1845-1995 A FIRSTMERIT BANK 2 Mr. Robert E. Rohr May 10, 1996 Page 2 Mr. Rohr, I hope these terms meet with your approval. Should you have questions, please feel free to contact me at 384-7807. If not, please sign below and return the original of this letter to me at your earliest convenience. Sincerely, /s/ Nick Browning - ------------------------ Nicholas V. Browning Vice President ACCEPTED: CHEMPOWER, INC. BY: Robert E. Rohr, DATE: 5/16/96 --------------------------- ---------------------- ROBERT E. ROHR, V.P. FINANCE AND TREASURER