EXHIBIT 10.46

AMENDMENT NO. 4
TO
MANAGEMENT AGREEMENT

         

W I T N E S S E T H:     

       THIS AMENDMENT NO. 4 is made this 16 day of February, 2001, by and
between SCOTT TECHNOLOGIES, INC., a Delaware corporation (hereinafter referred
to as the "Company") and Robert P. Collins, an executive employee of the Company
(hereinafter referred to as the "Executive"):               W I T N E S S E T H:
                                            WHEREAS, the Company and the
Executive have previously entered into a Management Agreement (hereinafter
referred to as the "Agreement"); and                                            
 WHEREAS, the Company and the Executive have also entered into three (3)
amendments to the Agreement; and                                            
 WHEREAS, the Company and the Executive desire to further amend the Agreement in
order to provide for a cash-out of certain stock options;              
                               NOW, THEREFORE, the Company and the Executive
hereby amend Section 4 of the Agreement, effective as of the date hereof, by the
addition at the end thereof of a new Section 4.8 to read as follows:            
                       "4.8    Cash-Out of Stock Options. The Executive hereby
agrees that, if all his stock options are vested upon a Sale as defined below,
he will accept, in cancellation of all his stock options, a cash payment equal
to the fair market value, determined on a reasonable basis, of the aggregate
consideration per Share of Common Stock to be paid in the Sale times the number
of Shares of Common Stock subject to his stock options, less the aggregate
exercise price therefor and any applicable withholdings. Such cash

 

payment shall be in complete satisfaction of all equity rights of the Executive
relative to any Company stock options held by the Executive. For purposes of
this Section 4.10, 'Sale' shall mean a sale on or before December 31, 2001 of
all or substantially all of the assets of the Company or a transaction in which
any person or entity (or group of persons or entities) acquires beneficial
ownership of fifty percent (50%) or more of the outstanding voting securities of
the Company, whether by purchase, tender offer, merger or otherwise."          
                               IN WITNESS WHEREOF, the Company, by its duly
authorized officers, and the Executive have executed this Amendment No. 4 as of
the day and year first above written. SCOTT TECHNOLOGIES, INC.          
         ("Company") By  

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          And  

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Robert P. Collins                    ("Executive")