[Draft--08/14/97]

                               SEVERANCE AGREEMENT


SEVERANCE  AGREEMENT  dated as of  between  THE  PITTSTON  COMPANY,  a  Virginia
corporation ("the Company"), and (the "Executive").

     The  Executive is currently  employed by the Company in a senior  executive
capacity. The Company and the Board recognize that the Executive's  contribution
to the growth and success of the Company has been substantial. The Board desires
to reinforce  and  encourage  the  continued  attention  and  dedication  by the
Executive  to  the  Company's  affairs  as a  member  of  the  Company's  senior
management.  The Company  believes it to be in the best interests of the Company
and its shareholders to identify and agree upon certain benefits and obligations
of the Executive in the event of the  termination  of his services and to record
those matters in this severance agreement (the "Agreement").

     SECTION 1. Definitions. As used in this Agreement:

     (a) "Board" means the Board of Directors of the Company.

     (b) "Cause" means (i) an act or acts of dishonesty on the Executive's  part
which are intended to result in the Executive's  substantial personal enrichment
at the  expense  of the  Company or (ii)  repeated  material  violations  by the
Executive  of the  Executive's  obligations  hereunder  which  are  demonstrably
willful and deliberate on the Executive's  part and which have not been cured by
the Executive  within a reasonable  time after  written  notice to the Executive
specifying the nature of such  violations.  Notwithstanding  the foregoing,  the
Executive  shall not be deemed to have been  terminated  for Cause  without  (1)
reasonable  notice to the Executive  setting forth the reasons for the Company's
intention to terminate for Cause, (2) an opportunity for the Executive, together
with  his  counsel,  to be heard  before  the  Board,  and (3)  delivery  to the
Executive  of a Notice of  Termination  from the Board  finding that in the good
faith opinion of  three-quarters  (3/4) of the Board the Executive was guilty of
conduct  set forth  above in  clause  (i) or (ii)  hereof,  and  specifying  the
particulars thereof in detail.

     (c)  "Date of  Termination"  means  (i) if the  Executive's  employment  is
terminated  by the Company for Cause or by the  Executive  for Good Reason,  the
date of  receipt  of the  Notice  of  Termination  or any later  date  specified
therein, as the case may be, (ii) if the Executive's employment is terminated by
the Company other than for Cause or Incapacity, the Date of Termination shall be
the date on which the Company  notifies the Executive of such  termination,  and
(iii)  if the  Executive's  employment  is  terminated  by  reason  of  death or
Incapacity,  the Date of Termination shall be the date of death of the Executive
or the effective date of the Incapacity, as the case may be.

     (d)  "Disposition  Date" means the earlier of (i) the date of sale,  lease,
exchange or other transfer to a person previously  unaffiliated with the Company
of  greater  than  fifty  (50%)  percent  of the  assets or  shares of  Brink's,
Incorporated, Brink's Home Security, Inc., Pittston Coal Company, Burlington Air
Express Inc. or Pittston Mineral Ventures Company or their respective successors
and (ii) the date of the first  public  announcement  of any such  sale,  lease,
exchange or other transfer which is subsequently completed.

     (e) "Good Reason" means:

          (i) without the Executive's  express written consent and excluding for
     this purpose an isolated, insubstantial and inadvertent action not taken in
     bad faith and which is remedied by the Company or its  affiliates  promptly
     after receipt of notice thereof given by the Executive,  (A) the assignment
     to the  Executive  of any  duties  inconsistent  in any  respect  with  the
     Executive's  position  (including  status,  offices,  titles and  reporting
     requirements),  authority,  duties or  responsibilities  as contemplated by
     Section 3(i) hereof,  or (B) any other action or inaction by the Company or
     its affiliates  which results in a diminution in such position,  authority,
     duties or responsibilities;



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          (ii) without the Executive's  express written  consent,  the Company's
     requiring  the  Executive's  work location to be other than as set forth in
     Section 3(i);

          (iii) any failure by the  Company to comply  with and satisfy  Section
     10(a); or

          (iv) any breach by the Company of any other material provision of this
     Agreement.

     (f) "Incapacity"  means any physical or mental illness or disability of the
Executive  which  continues for a period of six  consecutive  months or more and
which at any time  after  such  six-month  period  the  Board  shall  reasonably
determine renders the Executive incapable of performing his or her duties during
the remainder of the Employment Period.

     SECTION 2. Term of Employment Period.  This Agreement shall commence on the
date hereof and shall  continue in effect for so long as the Executive  shall be
employed by the Company or any of its affiliates(the  "Employment  Period").  In
the event a Change in Control (as defined in the Executive Agreement dated as of
April 23, 1997, between the Company and the Executive, as the same may from time
to time be amended)  shall occur during the  Employment  Period,  this Agreement
shall be unaffected  thereby,  it being the intention of the parties hereto that
their  rights  and  obligations  shall be  governed  by the  terms of both  such
agreements  such that,  in the event of a conflict in terms,  the benefits  most
favorable  to the  Executive  shall  apply;  provided  that  there  shall  be no
duplication of benefits as a result of the operation of both agreements.

     SECTION  3.  Terms of  Employment.  Position  and  Duties.  (i)  During the
Employment Period: (A) the Executive's  position (including status (for example,
base  salary  and  target  bonus),  offices,   titles,  reporting  requirements,
authority,  duties and  responsibilities)  shall be at least commensurate in all
material  respects  with  the most  significant  of those  held,  exercised  and
assigned  immediately  prior  to any  change  thereof,  and (B) the  Executive's
services  shall be performed at the location at which the Executive was based on
the date hereof and the Company  shall not  require the  Executive  to travel on
Company  business to a  substantially  greater extent than required  immediately
before the date hereof,  except for travel and temporary  assignments  which are
reasonably  required for the full discharge of the Executive's  responsibilities
and which are consistent with the Executive's being so based.

     (ii) During the  Employment  Period,  and excluding any periods of vacation
and sick leave to which the  Executive  is  entitled,  the  Executive  agrees to
devote  reasonable  attention  and  time  during  normal  business  hours to the
business  and affairs of the Company  and, to the extent  necessary to discharge
the responsibilities assigned to the Executive hereunder, to use the Executive's
reasonable   best   efforts  to  perform   faithfully   and   efficiently   such
responsibilities. All such services as an employee or officer will be subject to
the direction and control of the Chief Executive Officer of the Company or of an
appropriate senior official designated by such Chief Executive Officer.

     SECTION 4. Obligations of the Company Upon  Termination of Employment.  (a)
Termination  for Good  Reason or for  Reasons  Other  Than for  Cause,  Death or
Incapacity. If the Company shall terminate the Executive's employment other than
for Cause or Incapacity or the Executive  shall  terminate his or her employment
for Good Reason:

          (i) the Company  shall pay to the  Executive in a lump sum in cash (or
     in stock if provided by a relevant plan), by the later of (I) 30 days after
     the Date of Termination and (II) 10 business days after execution  (without
     subsequent  revocation) by the Executive of the Release required by Section
     8(b)  of  this  Agreement,  as  defined  herebelow,  the  aggregate  of the
     following amounts:

               (A) the sum of (1) the  Executive's  currently  effective  annual
          base  salary  through  the  Date  of  Termination  to the  extent  not
          theretofore  paid, (2) the product of (x) a bonus ("Annual Bonus") not
          less than the aggregate amount of the Executive's  highest bonus award
          under the Key Employees  Incentive Plan or any substitute or successor
          plan  for  the  last  three  calendar  years  preceding  the  Date  of
          Termination  and (y) a fraction,  the numerator of which is the number
          of days in the current  fiscal year  through the Date of  Termination,
          and the denominator of which is 365, (3) any  compensation  previously
          deferred by the Executive and


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          any  amounts  matched  by the  Company,  whether  vested  or  unvested
          (together  with any  accrued  interest  or  earnings  thereon  and all
          amounts  attributable  thereto,  (4) an  amount  equal to the value of
          those  unvested  benefits  payable  in  stock or cash  which  unvested
          benefits cannot be the subject of accelerated vesting by reason of the
          terms of the relevant plans) and (5) any accrued vacation pay, in each
          case to the  extent  not  theretofore  paid  (the  sum of the  amounts
          described in clauses (1) through (5) shall be hereinafter  referred to
          as the "Accrued Obligations"); and

               (B) the amount equal to the product of (1) two and (2) the sum of
          (x) the  Executive's  annual  base  salary  and (y) his or her  Annual
          Bonus;  provided,  however that the multiplier in clause  (i)(B)(1) of
          this  Section  4(a) shall be "three"  if any such  termination  of the
          Executive  by the  Company for other than Cause or  Incapacity  or the
          Executive  for Good Reason were to occur  subsequent  to a Disposition
          Date;

          (ii) in addition to the retirement  benefits to which the Executive is
     entitled   under  the   Company's   Pension-Retirement   Plan  and  Pension
     Equalization  Plan  or  any  successor  plans  thereto  (collectively,  the
     "Pension Plans"), the Company shall pay the Executive the excess of (x) the
     retirement  pension which the Executive  would have accrued under the terms
     of the Pension Plans (without  regard to any amendment to the Pension Plans
     made subsequent to the date hereof,  which amendment  adversely  affects in
     any manner the computation of retirement benefits  thereunder),  determined
     as if the Executive were fully vested thereunder and had accumulated (after
     the Date of Termination)  twenty-four  additional  months (or thirty-six if
     such Date of Termination  occurs on or after a Disposition Date) of Benefit
     Accrual  Service  credit  (as such term is defined  in the  Pension  Plans)
     thereunder  and  treating  the  amounts  paid under  clause  (i)(B) of this
     Section 4(a) as compensation  paid during a twenty-four (or thirty-six,  as
     the case may be) month period for purposes of  calculating  Average  Salary
     and benefits under the Pension Plans, over (y) the retirement pension which
     the  Executive had then accrued  pursuant to the  provisions of the Pension
     Plans;

          (iii) for two years  after the  Executive's  Date of  Termination  (or
     three years if such Date of  Termination  occurs on or after a  Disposition
     Date),  or such  longer  period  as may be  provided  by the  terms  of the
     appropriate plan,  program,  practice or policy, the Company shall continue
     benefits to the Executive  and/or the Executive's  family at least equal to
     those which would have been  provided to them in  accordance  with  benefit
     plans,  programs,  practices and policies,  including,  without limitation,
     medical,  disability,  group  life,  accidental  death and travel  accident
     insurance plans and programs,  if the  Executive's  employment had not been
     terminated or, if more favorable to the Executive,  as in effect  generally
     at any time thereafter,  provided,  however,  that if the Executive becomes
     reemployed  with  another  employer  and is  eligible  to  receive  medical
     benefits under another  employer-provided  plan, the medical benefits shall
     be secondary to those provided under such other plan during such applicable
     period of eligibility and further provided, however, that the rights of the
     Executive and/or the Executive's  family under Section 4980B(f) of the Code
     shall commence at the end of such two-year (or three-year,  as the case may
     be) period;

          (iv) the Company shall,  at its sole expense as incurred,  provide the
     Executive with reasonable  outplacement  services for a period of up to two
     years from the Date of Termination, the provider of which shall be selected
     by the Executive in his or her sole discretion;

          (v) the Company shall cause to be accelerated and  immediately  vested
     and exercisable  all  unexercised  stock options granted before the Date of
     Termination,  whether or not such  options are  exercisable  on the Date of
     Termination,  including,  without limitation,  the equity retention options
     granted in 1993, regardless of whether the retention or non-sale conditions
     thereto have been satisfied;

          (vi) the  Company,  if  requested  within  three  years of the Date of
     Termination,  shall arrange for the purchase of the principal  residence of
     the Executive  and the  provision of  relocation  benefits to the Executive
     substantially  equal to all  those  provided  under  the  Company's  Senior
     Executive  Relocation Program dated April, 1996 under the captions "Selling
     Your  Current  Home,"  "Moving  Your  Family  and   Household,"   and  "Tax
     Allowance";


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          (vii) to the extent not  theretofore  paid or  provided,  the  Company
     shall timely pay or provide to the  Executive  any other vested  amounts or
     benefits required to be paid or provided or which the Executive is eligible
     to receive  under any plan,  program,  policy or  practice  or  contract or
     agreement of the Company and its  affiliates,  including  earned but unpaid
     stock and similar  compensation  (such other amounts and benefits  shall be
     hereinafter referred to as the "Other Benefits").

     (b) Death or  Incapacity.  If the  Executive's  employment is terminated by
reason of the Executive's death or Incapacity during the Employment Period, this
Agreement shall terminate  without further  obligations to the Executive's legal
representatives  under this  Agreement,  other  than for (i)  timely  payment of
Accrued  Obligations  and (ii)  provision  by the  Company of death  benefits or
disability benefits for termination due to death or Incapacity, respectively, as
in effect at the date  hereof or, if more  favorable  to the  Executive,  at the
Executive's Date of Termination.

     (c) Cause; Other than for Good Reason. If the Executive's  employment shall
be terminated  for Cause during the  Employment  Period,  this  Agreement  shall
terminate without further  obligation of the Company to the Executive other than
timely  payment to the  Executive  of (x) the  Executive's  currently  effective
annual  base  salary  through  the Date of  Termination,  (y) the  amount of any
compensation  previously  deferred  by the  Executive  and any  and all  amounts
matched by the Company or any of its affiliates,  including, without limitation,
all  proceeds  thereof  and all  amounts  attributable  thereto,  and (z)  Other
Benefits,  in each  case to the  extent  theretofore  unpaid.  If the  Executive
voluntarily  terminates  employment  during the Employment  Period,  excluding a
termination  for Good Reason,  this Agreement  shall  terminate  without further
obligations  to the  Executive,  other  than for the  timely  payment of Accrued
Obligations and Other Benefits.

     SECTION 5.

     (a)  Non-exclusivity of Rights.  Nothing in this Agreement shall prevent or
limit the Executive's  continuing or future  participation in any plan, program,
policy or  practice  provided by the  Company or any of its  affiliates  and for
which the Executive may qualify,  nor shall  anything  herein limit or otherwise
affect such rights as the  Executive  may have under any  contract or  agreement
with the Company or any of its affiliates.  Amounts which are vested benefits or
which the  Executive is otherwise  entitled to receive  under any plan,  policy,
practice or program of or any contract or  agreement  with the Company or any of
its Affiliates at or subsequent to the Date of  Termination  shall be payable in
accordance with such plan, policy,  practice or program or contract or agreement
except as explicitly modified by this Agreement.

     (b) Additional  Compensation.  Nothing in this  Agreement  shall prevent or
limit the  Company's  ability to augment the benefits  payable  pursuant to this
Agreement  in the event that in the  judgment of the  Chairman of the Company or
the  Board  of  Directors  it  is  deemed   appropriate  to  provide  additional
compensation  and/or  benefits  to  the  Executive  as a  result  of  facts  and
circumstances deemed relevant by the Chairman or the Board of Directors.

     SECTION 6. No  Mitigation.  The Company  agrees  that,  if the  Executive's
employment is terminated  during the term of this Agreement for any reason,  the
Executive is not required to seek other  employment  or to attempt in any way to
reduce  any  amounts  payable to the  Executive  hereunder.  Further,  except as
provided in Section 4(iii) hereof, the amount of any payment or benefit provided
hereunder  shall not be reduced by any  compensation  earned by the Executive as
the result of employment by another employer,  by retirement benefits, by offset
against  any  amount  claimed to be owed by the  Executive  to the  Company,  or
otherwise.

     SECTION 7.  Confidential  Information.  The Executive will not,  during the
Employment  Period or for a period of three  years  following a  Termination  of
Employment, disclose or reveal to any person, firm or corporation (other than to
employees  of the  Company  and  its  agents  and  then  only as  required  on a
need-to-know  basis in the  performance of such employee's or agent's duties) or
use (except as required in the  performance  of his duties  hereunder) any trade
secrets (such as, without limitation,  processes, formulae, programs or data) or
other confidential information relating to the business,  techniques,  products,
operations,  customers,  know-how  and  affairs  of  the  Company  or any of its
affiliates.  All business records,  notes,  magnetic or electronic media, papers
and documents (including, without limitation,  customer lists, estimates, market
surveys,  computer  programs and  correspondence)  kept or made by the Executive
relating to the business or


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products  of the  Company  or any of its  affiliates  shall  be and  remain  the
property of the Company or the affiliate and shall be promptly  delivered to the
Company upon termination of the Employment Period.

     SECTION 8. Full Settlement and Form of Release.

     (a) Subject to full  compliance by the Company with all of its  obligations
under  this  Agreement,  this  Agreement  shall  be  deemed  to  constitute  the
settlement of such claims as the Executive might otherwise be entitled to assert
against the Company by reason of the termination of the  Executive's  employment
for any reason during the Employment  Period.  The Company's  obligation to make
the  payments  provided  for in this  Agreement  and  otherwise  to perform  its
obligations  hereunder  shall not be affected  by any  set-off,  counter  claim,
recoupment,  defense or other claim,  right or action which the Company may have
against the Executive or others.  The Company agrees to pay as incurred,  to the
full extent  permitted by law, all legal fees and expenses  which the  Executive
may  reasonably  incur as a result of any  contest  (regardless  of the  outcome
thereof)  by  the  Company,   the   Executive  or  others  of  the  validity  or
enforceability  of, or liability  under, any pro vision of this Agreement or any
guarantee of performance thereof.

     (b) It is expressly  agreed by the parties  that the benefits  provided for
under this Agreement are substantial,  and would not be provided without a prior
release (without subsequent revocation) by the Executive of other claims against
the Company and its affiliates.  To record that release, upon any termination of
employment  pursuant to Section 4(a) of this  Agreement,  the  Executive and the
Company agree to deliver to each other a written release in the form attached to
this Agreement as Exhibit A (the "Release").

     SECTION 9. Certain  Additional  Payments by the  Company.  Anything in this
Agreement  to the  contrary  notwithstanding,  in the  event  that it  shall  be
determined that any payment or distribution by the Company to or for the benefit
of the  Executive  (whether  paid or payable or  distributed  or  distributable)
pursuant  to the  terms  of  this  Agreement  or  otherwise  (collectively,  the
"Payments") but determined  without regard to any additional  payments  required
under this Section 9, would be subject to the excise tax imposed by Section 4999
of the  Internal  Revenue  Code of 1986,  as  amended,  the  Executive  shall be
entitled to receive an additional payment (the "Gross-Up  Payment") in an amount
equal to (i) the amount of the excise tax imposed on the Executive in respect of
the Payments (the "Excise  Tax") plus (ii) all federal,  state and local income,
employment and excise taxes  (including  any interest or penalties  imposed with
respect to such  taxes)  imposed  on the  Executive  in respect of the  Gross-Up
Payment,  such that after  payments of all such taxes  (including any applicable
interest or penalties) on the Gross-Up Payment,  the Executive retains a portion
of the Gross-Up Payment equal to the Excise Tax.

     SECTION 10. Successors; Binding Agreement.

     (a) The Company will require any successor (whether direct or indirect,  by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business  or  assets  of the  Company,  by  agreement,  in  form  and  substance
satisfactory  to the  Executive,  expressly  to assume and agree to perform this
Agreement  in the same manner and to the same  extent that the Company  would be
required  to  perform  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 will be a breach of this Agreement and entitle the Executive
to compensation from the Company in the same amount and on the same terms as the
Executive  would  be  entitled  to  hereunder  had the  Company  terminated  the
Executive for reason other than Cause or Incapacity on the  succession  date. As
used in this  Agreement,  "the  Company"  means the  Company  as  defined in the
preamble to this  Agreement  and any  successor  to its business or assets which
executes  and delivers  the  agreement  provided for in this Section 10 or which
otherwise  becomes bound by all the terms and  provisions  of this  Agreement by
operation of law or otherwise.

     (b) This  Agreement  shall be enforceable  by the  Executive's  personal or
legal   representatives,    executors,   administrators,    successors,   heirs,
distributees, devisees and legatees.

     SECTION 11.  Non-assignability.  This  Agreement  is personal in nature and
neither of the parties hereto shall, without the consent of the other, assign or
transfer  this  Agreement  or any  rights or  obligations  hereunder,  except as
provided in Section 10 hereof.  Without limiting the foregoing,  the Executive's
right to receive  payments  hereunder  shall not be assignable or  transferable,
whether by pledge, creation of


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a security interest or otherwise, other than a transfer by his or her will or by
the  laws of  descent  or  distribution,  and,  in the  event  of any  attempted
assignment  or transfer by the Executive  contrary to this Section,  the Company
shall  have no  liability  to pay any  amount so  attempted  to be  assigned  or
transferred.

     SECTION 12.  Notices.  For the purpose of this  Agreement,  notices and all
other communications provided for herein shall be in writing and shall be deemed
to have been duly given when delivered or mailed by United States  registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

         If to the Executive:



         If to the Company:                 The Pittston Company
                                            1000 Virginia Center Parkway
                                            P.O. Box 4229
                                            Glen Allen, VA 23058-4229
                                            Attention of Corporate
                                             Secretary

or to such other  address  as either  party may have  furnished  to the other in
writing in accordance  herewith,  except that notices of change of address shall
be effective only upon receipt.

     SECTION 13. Operation of Agreement; Survival of Obligations. This Agreement
shall be effective  immediately  upon its execution and continue to be effective
so long as the  Executive  is employed by the Company or any of its  affiliates;
provided,  however,  that the parties'  respective  obligations  hereunder shall
survive the termination of the Executive's employment for any reason.

     SECTION 14. Governing Law. The validity,  interpretation,  construction and
performance of this Agreement shall be governed by the laws of the  Commonwealth
of Virginia without reference to principles of conflict of laws.

     SECTION  15.   Miscellaneous.   (a)  This  Agreement  contains  the  entire
understanding  with the Executive  with respect to the subject matter hereof and
supersedes  any and all prior  agreements or under  standings,  written or oral,
relating  to  such  subject  matter.  No  provisions  of this  Agreement  may be
modified, waived or discharged unless such modification,  waiver or discharge is
agreed to in writing signed by the Executive and the Company.

     (b) The invalidity or  unenforceability  of any provision of this Agreement
shall not affect the validity or  enforceability  of any other provision of this
Agreement.

     (c) Except as provided  herein,  this  Agreement  shall not be construed to
affect in any way any  rights or  obligations  in  relation  to the  Executive's
employment by the Company or any of its  affiliates  prior to the date hereof or
subsequent to the end of the Employment Period. It is expressly  understood that
subject to the terms of the Executive Agreement referred to in Section 2 hereof,
the Executive remains an employee at the will of the Company.

     (d) This  Agreement  may be executed in one or more  counterparts,  each of
which  shall  be  deemed  to be an  original  but  all of  which  together  will
constitute one and the same Agreement.

     (e) The Company may withhold from any benefits payable under this Agreement
all Federal, state, city or other taxes as shall be required pursuant to any law
or governmental regulation or ruling.

     (f) The captions of this  Agreement are not part of the  provisions  hereof
and shall have no force or effect.




<PAGE>



     IN WITNESS  WHEREOF,  the parties have caused this Agreement to be executed
and delivered as of the day and year first above set forth.



                                                           THE PITTSTON COMPANY,



                                                        by----------------------
                                                               Joseph C. Farrell
                                                          Chairman of the Board,
                                                             President and Chief
                                                               Executive Officer


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                                                                      EXHIBIT A




MUTUAL RELEASE dated as of _____________,  between _______________,  residing in
the  Commonwealth  of Virginia (the  "Executive")  and THE PITTSTON  COMPANY,  a
Virginia corporation (the "Company").

     For  and in  consideration  of the  promises  set  forth  in the  Severance
Agreement dated as of ________, 1997, between the Executive and the Company (the
"Agreement"),  the Company hereby releases and forever  discharges the Executive
from any  claims,  acts,  damages,  demands,  benefits,  accounts,  liabilities,
obligations,  liens, costs,  rights of action,  claims for relief, and causes of
action,  in law and in equity,  both known and  unknown,  which the Company ever
had, now has, or might in the future have against the Executive,  except such as
may arise from any malfeasance on the part of the Executive.

     Subject to the  provisions  of the  penultimate  paragraph  of this  Mutual
Release,  for good  and  valuable  consideration,  receipt  of  which is  hereby
acknowledged,  the Executive hereby releases and forever  discharges the Company
and its  affiliates,  absolutely  and  forever,  of and from any and all claims,
acts, damages, demands, benefits,  accounts,  liabilities,  obligations,  liens,
costs, rights of action,  claims for relief and causes of action of every nature
and kind  whatsoever,  in law and in equity,  both known and unknown,  which the
Executive  ever had,  now has or might in the future  have  against  the Company
and/or its affiliates,  including,  but not limited to any and all claims, acts,
damages, demands, benefits, accounts,  liabilities,  obligations,  liens, costs,
rights of actions,  claims for relief and causes of action in any way  connected
with,  related to and/or  resulting  from the  Executive's  employment  with the
Company and its affiliates, the termination of such employment,  possible rights
or claims  arising under the Age  Discrimination  in Employment Act of 1967, and
the compensation, calculation, determination and payment under any and all stock
and benefit plans and termination agreements operative between the Executive and
the Company,  including  but not limited to claims for bonus or other  incentive
compensation,  salary, severance,  "fringe" benefits,  vacation, stock benefits,
retirement benefits,  worker's compensation benefits, and unemployment benefits.
In  addition,  the  Executive  agrees  not  to  support  or  participate  in the
commencement  of any suit or  proceeding of any kind against the Company and its
affiliates  or against  their  directors,  officers,  agents or  employees  with
respect to any act, event or occurrence or any alleged failure to act, occurring
up to and including the date of the execution of this Mutual Release.

     As used herein,  the Executive  refers to and includes  [name of Executive]
and his heirs, executors, administrators,  representatives,  legatees, devisees,
agents, family predecessors,  attorneys,  and the successors and assigns of each
of them.  As used herein,  references  to the Company and to the Company and its
affiliates refer to and include The Pittston  Company,  a Virginia  corporation,
and all past and present subsidiaries,  divisions, parent companies,  affiliated
and/or commonly controlled corporations,  companies, and enterprises,  ventures,
and projects, and all past and present officers, directors, trustees, employees,
representatives, agents and attorneys thereof, and the successors and assigns of
each of them.

     The Company and the  Executive  hereby  warrant and represent to each other
that  there  has been no  assignment,  conveyance,  encumbrance,  hypothecation,
pledge or other  transfer of any  interest in any matter  covered by this Mutual
Release, and hereby agree to indemnify,  defend, and hold each other harmless of
and  from  any  and all  claims,  liabilities,  damages,  costs,  expenses,  and
attorneys'  fees incurred as a result of anyone  asserting any such  assignment,
conveyance, encumbrance, hypothecation, pledge or transfer.

     There is  expressly  reserved  from the effect of this  Mutual  Release any
claim which the Executive may now or hereafter  have regarding (a) the Severance
Agreement to which this Mutual Release was an Exhibit and the benefits  provided
for thereunder  including,  without limitation,  those benefits  contemplated by
Section  5 of such  Agreement  and (b) the  provisions  of  Article  VIII of the
Restated  Certificate of Incorporation of the Company,  as in effect on the date
hereof, which indemnification  obligation will continue in full force and effect
for the  Executive's  actions  prior to the date  hereof.  Without  limiting the
generality of the foregoing, also reserved from this Release are the Executive's
entitlement  to pension,  retirement  and other  benefits under the terms of the
Company's   Pension-Retirement   Plan,  Pension   Equalization  Plan,   Savings-
Investment   Plan,   Employee  Stock  Purchase  Plan,  Key  Employees   Deferred
Compensation Program and 1988 Stock Option Plan, as amended. In addition,  there
is reserved from this Release the  Executive's  entitlement  to such medical and
life  insurance  coverage  as may be provided  from time to time under  employee
benefit plans available to retired employees of the Company.

     The Executive acknowledges that he has had at least twenty-one (21) days to
consider the meaning of this Mutual  Release and that he should seek advice from
an attorney.  Furthermore, once the Executive has signed this Mutual Release, he
may revoke  this Mutual  Release  during the period of seven (7)  business  days
immediately following his signing hereof (the "Revocation Period").  This Mutual
Release will not be effective or  enforceable  until the  Revocation  Period has
expired without  revocation by the Executive.  Any revocation within this period
must be submitted in writing to the Company and signed by the Executive.

The Executive  agrees that he has entered into this Mutual  Release after having
had the opportunity to consult the advisor of his choice, including an attorney,
with such consultation as he deemed  appropriate and has a full understanding of
his rights and of the effect of executing this Mutual Release,  namely,  that he
waives any and all  non-excluded  claims or causes of action against the Company
regarding his employment or  termination of employment,  including the waiver of
claims set forth above. The Executive further acknowledges that his execution of
this  Mutual  Release is made  voluntarily  and with full  understanding  of its
consequences and has not been coerced in any way. This Mutual Release may not be
changed orally.
Capitalized terms not defined herein shall be as defined in the Agreement.


                                            THE PITTSTON COMPANY


                                         By:____________________________________


                                            ------------------------------------
                                                           (the Executive)



<PAGE>






COMMONWEALTH OF VIRGINIA,)
                         ) ss.:
COUNTY OF HENRICO,       )


                  On this ____ day of  _____________,  19__ before me personally
came ______________,  to me known and known to me to be the individual described
in and who executed the foregoing  Mutual Release,  and duly  acknowledged to me
that he executed the same.



                                            ------------------------------
                                                     Notary Public







COMMONWEALTH OF VIRGINIA,)
                         ) ss.:
COUNTY OF HENRICO,       )


                  On this  _____________  day of ____, 19__ before me personally
came ______________,  to me known and known to me to be the officer who executed
the  foregoing  Mutual  Release on behalf of THE PITTSTON  COMPANY,  and he duly
acknowledged to me that he executed the same.



                                            ------------------------------
                                                     Notary Public



Source: OneCLE Business Contracts.