Document:

U.S. $208,333,333.33

                 AMENDED AND RESTATED FIVE YEAR CREDIT AGREEMENT

                           Dated as of August 21, 2000

                                      Among

                              SNAP-ON INCORPORATED

                                   as Borrower

                                       and

                        THE INITIAL LENDERS NAMED HEREIN

                               as Initial Lenders

                                       and

                            SALOMON SMITH BARNEY INC.

                        as Lead Arranger and Book Manager

                                       and

                          BANC ONE CAPITAL MARKETS INC.

                                 as Co-Arranger

                                       and

                                 CITIBANK, N.A.

                                    as Agent

                                       and

                                  BANK ONE, NA

                              as Syndication Agent

<PAGE>

                 AMENDED AND RESTATED FIVE YEAR CREDIT AGREEMENT

                           Dated as of August 21, 2000

          SNAP-ON INCORPORATED, a Delaware corporation (the "Borrower"), the
banks, financial institutions and other institutional lenders (collectively, the
"Initial Lenders") party hereto, CITIBANK, N.A., as administrative agent
(together with any successor thereto appointed pursuant to Article VII of the
Existing Credit Agreement referred to below, the "Agent") for the Lenders (as
defined in the Existing Credit Agreement referred to below) , SALOMON SMITH
BARNEY INC., as Lead Arranger and Book Manager, BANK ONE CAPITAL MARKETS INC.,
as Co-Arranger, and BANK ONE, NA, as Syndication Agent hereby agree as follows:

                             PRELIMINARY STATEMENTS

          (1) The Borrower is party to a Five Year Credit Agreement dated as of
August 23, 1999 (as amended, supplemented or otherwise modified from time to
time to (but not including) the date of this Amendment and Restatement, the
"Existing Credit Agreement") with the banks, financial institutions and other
institutional lenders party thereto and Citibank, N.A., as Agent for the
Lenders, Salomon Smith Barney Inc., as Lead Arranger and Book Manager, Bank One
Capital Markets Inc., as Co-Arranger, and The First National Bank of Chicago, as
Syndication Agent. Capitalized terms not otherwise defined in this Amended and
Restated Five Year Credit Agreement (this "Amendment and Restatement") shall
have the same meanings as specified in the Existing Credit Agreement.

          (2) The parties to this Amendment and Restatement desire to amend the
Existing Credit Agreement as set forth herein and to restate the Existing Credit
Agreement in its entirety to read as set forth in the Existing Credit Agreement
with the following amendments.

          (3) The Borrower has requested that the Lenders agree to extend credit
to it from time to time in an aggregate principal amount of U.S. $208,333,333.33
for general corporate purposes of the Borrower and its Subsidiaries not
otherwise prohibited under the terms of this Agreement. The Lenders have
indicated their willingness to agree to extend credit to the Borrower from time
to time in such amount on the terms and conditions of this Amendment and
Restatement.

          SECTION 1. Amendments to the Existing Credit Agreement. (a) Section
1.01 of the Existing Credit Agreement is, effective as of the date of this
Amendment and Restatement and subject to the satisfaction of the conditions
precedent set forth in Section 2, hereby amended by deleting the definitions of
"Commitment", "Lenders", Sandvik Funding Date" and "Termination Date" set forth
therein and adding the following definitions thereto:

          "Commitment" means as to any Lender (a) the Dollar amount set forth
     opposite such Lender's name on Schedule I hereto, (b) if such Lender has
     entered into any Assignment and Acceptance, the Dollar amount set forth for
     such Lender in the Register maintained by the Agent pursuant to Section
     8.07(d), as such amount may be reduced pursuant to Section 2.05.

          "Lenders" means, collectively, each Initial Lender, and each Person
     that shall become a party hereto pursuant to Section 8.07.

NYDOCS03/539114.3 Amended and Restated Five Year Credit Agreement August 21,
2000
<PAGE>

          "Termination Date" means the earlier of (a) August 20, 2005, and (b)
     the date of termination in whole of the Commitments pursuant to Section
     2.05 or 6.01.

          (b) Section 2.01 of the Existing Credit Agreement is amended by
deleting the following proviso:

               "provided, further, that until the Sandvik Funding Date, the
               aggregate amount of all Revolving Credit Advances made by any
               Lender shall not exceed one third of such Lender's Commitment"

          (c) Section 3.02 of the Existing Credit Agreement is deleted in its
entirety.

          (d) Section 4.01(e) of the Existing Credit Agreement is amended by (i)
deleting the date "December 31, 1998" and substituting therefor the date
"December 31, 1999" and (ii) deleting the date "June 30, 1999" and substituting
therefor the date "June 30, 2000".

          (e) Schedule I to the Existing Credit Agreement is, effective as of
the date of this Amendment and Restatement and subject to the satisfaction of
the conditions precedent set forth in Section 2, deleted in its entirety and
replaced with Schedule I to this Amendment and Restatement.

          SECTION 2. Conditions of Effectiveness of this Amendment and
Restatement. This Amendment and Restatement shall become effective as of the
date first above written (the "Restatement Effective Date") when and only if:

          (a) The Agent shall have received counterparts of this Amendment and
Restatement executed by the Borrower and all of the Initial Lenders or, as to
any of the Initial Lenders, advice satisfactory to the Agent that such Initial
Lender has executed this Amendment and Restatement.

          (b) On the Restatement Effective Date, the following statements shall
be true and the Agent shall have received for the account of each Lender a
certificate signed by a duly authorized officer of the Borrower, dated the
Restatement Effective Date, stating that:

               (i) The representations and warranties contained in Section 4.01
          of the Existing Credit Agreement are correct on and as of the
          Restatement Effective Date, as though made on and as of such date: and

               (ii) No event has occurred and is continuing, or shall occur as a
          result of the occurrence of the Restatement Effective Date, that
          constitutes a Default.

          (c) The Agent shall have received on or before the Restatement
Effective Date the following, each dated such date and (unless otherwise
specified below) in form and substance satisfactory to the Agent and in
sufficient copies for each Initial Lender:

               (i) The Revolving Credit Notes to the order of the Lenders to the
          extent requested by any Lender pursuant to Section 2.16 of the
          Existing Credit Agreement.

               (ii) Certified copies of the resolutions of the Board of
          Directors of the Borrower approving this Amendment and Restatement and
          the Notes, and of all

NYDOCS03/539114.3 Amended and Restated Five Year Credit Agreement August 21,
2000
<PAGE>

          documents evidencing other necessary corporate action and governmental
          approvals, if any, with respect to this Amendment and Restatement and
          the Notes.

               (iii) A certificate of the Secretary or an Assistant Secretary of
          the Borrower certifying the names and true signatures of the officers
          of the Borrower authorized to sign this Amendment and Restatement and
          the Notes and the other documents to be delivered hereunder.

               (iv) A favorable opinion of Susan F. Marrinan, General Counsel of
          the Borrower, and a favorable opinion of Foley & Lardner, counsel to
          the Borrower, substantially in the form of Exhibit D-1 and Exhibit D-2
          hereto, respectively, and as to such other matters as any Lender
          through the Agent may reasonably request.

          SECTION 3. Reference to and Effect on the Existing Credit Agreement
and the Notes. (a) On and after the effectiveness of this Amendment and
Restatement, each reference in the Existing Credit Agreement to "this
Agreement", "hereunder", "hereof" or words of like import referring to the
Existing Credit Agreement, and each reference in the Notes to "the Credit
Agreement", "thereunder", "thereof" or words of like import referring to the
Existing Credit Agreement, shall mean and be a reference to the Existing Credit
Agreement, as amended by this Amendment and Restatement.

          (b) The Existing Credit Agreement and the Notes, as specifically
amended by this Amendment and Restatement, are and shall continue to be in full
force and effect and are hereby in all respects ratified and confirmed.

          (c) Without limiting any of the other provisions of the Existing
Credit Agreement, as amended by this Amendment and Restatement, any references
in the Existing Credit Agreement to the phrases "on the date hereof", "on the
date of this Agreement" or words of similar import shall mean and be a reference
to the date of the Existing Credit Agreement (which is August 23, 1999).

          SECTION 4. Costs and Expenses. The Borrower agrees to pay on demand
all reasonable out-of-pocket costs and expenses of the Agent in connection with
the preparation, execution, delivery and administration, modification and
amendment of this Amendment and Restatement, the Notes and the other documents
to be delivered hereunder (including, without limitation, the reasonable and
documented fees and expenses of counsel for the Agent with respect hereto and
thereto) in accordance with the terms of Section 8.04 of the Existing Credit
Agreement.

          SECTION 5. Execution in Counterparts. This Amendment and Restatement
may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this
Amendment and Restatement by telecopier shall be effective as delivery of a
manually executed counterpart of this Amendment and Restatement.

          SECTION 6. Governing Law. This Amendment and Restatement shall be
governed by, and construed in accordance with, the laws of the State of New
York.

                [Remainder Of This Page Left Intentionally Blank]

NYDOCS03/539114.3 Amended and Restated Five Year Credit Agreement August 21,
2000
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment and
Restatement to be executed by their respective officers thereunto duly
authorized, as of the date first above written.

                                   THE BORROWER

                                          SNAP-ON INCORPORATED

                                          By /s/ Donald S. Huml
                                              --------------------------------

                                           Title: Sr. Vice President-Finance and
                                                    Chief Financial Officer

                                   THE AGENT

                                            CITIBANK, N.A.,
                                             as Agent

                                            By /s/ Robert D. Wetrus
                                               --------------------------------

                                             Title:  Vice President

                                   INITIAL LENDERS

                                            CITIBANK, N.A.

                                            By /s/ Robert D. Wetrus
                                               --------------------------------

                                             Title:  Vice President

                                            BANK ONE, NA (Main Office Chicago)

                                            By /s/ Jenny A. Gilpin
                                               --------------------------------

                                             Title:  First Vice President

                                            BANK OF AMERICA, N.A.

                                            By  /s/ Lynn Stetson
                                               -------------------------------

                                             Title:  Managing Director
<PAGE>

                                            MORGAN GUARANTY BANK AND TRUST
                                            COMPANY OF NEW YORK

                                            By /s/Dennis Wilczek
                                               --------------------------------

                                             Title:  Associate

                                            SVENSKA HANDELSBANKEN AB (publ)

                                            By  /s/ Jonas Daun
                                               -------------------------------

                                             Title:  Sr. Vice President

                                            By /s/ Henrik Jensen
                                               --------------------------------

                                             Title:  Vice President

                                            BARCLAYS BANK PLC

                                            By  /s/
                                                -------------------------------

                                             Title:  Vice President

                                            FIRSTAR BANK MILWAUKEE, N.A.

                                            By  /s/
                                               -------------------------------

                                             Title:  Assistant Vice President

                                            CIBC INC.

                                            By  /s/
                                               -------------------------------

                                           Title: Executive Director, CIBC World
                                                   Markets Corp., as Agent

                                            DAI-ICHI KANGYO BANK LTD.

                                            By  /s/ Nobuyasu Fukatsu
                                               ----------------------

                                             Title:  General Manager

<PAGE>

                                   SCHEDULE I
                                     TO THE
                           AMENEDMENT AND RESTATEMENT

                   COMMITMENTS AND APPLICABLE LENDING OFFICES
<TABLE>
<CAPTION>
------------------------------ ---------------------------- ---------------------------- ----------------------------
Name of Initial Lender         Commitment                   Domestic Lending Office      Eurocurrency Lending Office
----------------------         -----------                  -----------------------      ---------------------------
------------------------------ ---------------------------- ---------------------------- ----------------------------
<S>                            <C>                          <C>                          <C>
Bank of America, N.A.          $25,000,000                  1850 Gateway Blvd.           1850 Gateway Blvd.
                                                            Concord, CA 94520            Concord, CA 94520
                                                            Attn: Debbie Conchongco      Attn: Debbie Conchongco
                                                            T: 925 675-8913              T: 925 675-8913
                                                            F: 925 675-7539              F: 925 675-7539
------------------------------ ---------------------------- ---------------------------- ----------------------------
Barclays Bank PLC              $16,666,666.67               222 Broadway                 222 Broadway
                                                            New York, NY 10038           New York, NY 10038
                                                            Attn: C. Tenn                Attn: C. Tenn
                                                            T: 212 412-3728              T: 212 412-3728
                                                            F: 212 412-5308              F: 212 412-5308
------------------------------ ---------------------------- ---------------------------- ----------------------------
CIBC Inc.                      $3,333,333.33                Two Paces West               Two Paces West
                                                            2727 Paces Ferry Road,       2727 Paces Ferry Road,
                                                            Suite 1200                   Suite 1200
                                                            Atlanta, GA 30339            Atlanta, GA 30339
                                                            Attn: Charlene Harris        Attn: Charlene Harris
                                                            T: 770 319-4881              T: 770 319-4881
                                                            F: 770 319-4950              F: 770 319-4950
------------------------------ ---------------------------- ---------------------------- ----------------------------
Citibank, N.A.                 $50,000,000                  Two Penns Way                Two Penns Way
                                                            New Castle, DE 19720         New Castle, DE 19720
                                                            Attn: Maureen Prytula        Attn: Maureen Prytula
                                                            T: 302 894-6089              T: 302 894-6089
                                                            F: 302 894-6120              F: 302 894-6120
------------------------------ ---------------------------- ---------------------------- ----------------------------
Firstar Bank Milwaukee, N.A.   $5,000,000                   777 E. Wisconsin Ave.        777 E. Wisconsin Ave.
                                                            Milwaukee, WI 53202          Milwaukee, WI 53202
                                                            Attn: Bruce Anthony          Attn: Bruce Anthony
                                                            T: 414 765-4724              T: 414 765-4724
                                                            F: 414 765-5367              F: 414 765-5367
------------------------------ ---------------------------- ---------------------------- ----------------------------
Bank One, NA                   $50,000,000                  One First National Plaza,    One First National Plaza,
                                                            Suite 0088                   Suite 0088
                                                            Chicago, IL 60670            Chicago, IL 60670
                                                            Attn: Edna Guerra            Attn: Edna Guerra
                                                            T: 312 732-9609              T: 312 732-9609
                                                            F: 312 732-2715              F: 312 732-2715
------------------------------ ---------------------------- ---------------------------- ----------------------------

<PAGE>

------------------------------ ---------------------------- ---------------------------- ----------------------------
Morgan Guaranty Bank and       8,333,333.33                 60 Wall Street               c/o J.P. Morgan Services
Trust Company of New York                                   New York, NY 100260-0060     Inc.
                                                            Attn:                        Euro-Loan Servicing Unit
                                                            T:                           500 Stanton Christiana
                                                            F:                           Road,
                                                                                         Newark DE 19713
                                                                                         Attn:
                                                                                         T:
                                                                                         F: 302 634-1094
------------------------------ ---------------------------- ---------------------------- ----------------------------
Svenska Handelsbanken AB       $25,000,000                  153 East 53rd Street         153 East 53rd Street
(publ)                                                      New York, NY 10022           New York, NY 10022
                                                            Attn: Henrik Jenson          Attn: Henrik Jenson
                                                            T: 212 326-5125              T: 212 326-5125
                                                            F: 212 326-5151              F: 212 326-5151
------------------------------ ---------------------------- ---------------------------- ----------------------------
Dai-Ichi Kangyo Bank Ltd.      $25,000,000                  10 S. Wacker Drive           10 S. Wacker Drive
                                                            Chicago, IL 60608            Chicago, IL 60608
                                                            Attn: Michael Pleasants      Attn: Michael Pleasants
                                                            T: 312 715-6361              T: 312 715-6361
                                                            F: 312 876-2011              F: 312 876-2011
------------------------------ ---------------------------- ---------------------------- ----------------------------
Total Commitment           =   U.S. $ 208,333,333.33
</TABLE>Agreement

This agreement is between Branko M. Beronja and Snap-on Incorporated. Branko is
currently a member of the Snap-on Incorporated Board of Directors and receives
fees according to the adopted fee schedule.

Branko is also an active member of the following boards:

o    Snap-on Credit LLC
o    Mitchell Repair Information Company - Chairman
o    Cartec - Chairman
o    A.S.E. on Snap-on's behalf - Past Chair

Branko provides consultation to the following:

o    Transportation Group
o    Tony Pinto and the GPC Initiative
o    Any other activity or project as needed

This agreement covers the annual periods of January 1, 2000 - December 31, 2000
and January 1, 2001 - December 31, 2001. The annual fee for each period is
$75,000.00. The fees paid as a member of Snap-on's Board of Directors are to be
subtracted from the $75,000.00 with the exception of the Board Committee fees
earned. The fee for 2001 would be paid if the Snap-on Board responsibility were
eliminated.

/s/ Branko M. Beronja
--------------------------------------------
Branko M. Beronja
Dated:  January 19, 2001
        ----------------------------

/s/Robert A. Cornog
--------------------------------------------
Robert A. Cornog
Dated:  January 11, 2001
        ----------------------------

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