Document:

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                                                                    EXHIBIT 4.01

                          RELIANCE STEEL & ALUMINUM CO.

                        1994 INCENTIVE AND NON-QUALIFIED
                                STOCK OPTION PLAN

        1. PURPOSE. The purpose of this Reliance Steel & Aluminum Co. 1994
Incentive and Non-Qualified Stock Option Plan (the "Plan") is (a) to advance the
interests of Reliance Steel & Aluminum Co. (the "Company") and its shareholders
by offering to those key employees, including officers, of the Company who will
be responsible for the long-term growth of the Company's earnings the
opportunity to acquire or increase their equity interests in the Company,
thereby achieving a greater commonality of interest between shareholders and
employees, and (b) to enhance the Company's ability to retain and attract highly
qualified employees by providing an additional incentive to such employees to
achieve the Company's long-term business plans and objectives.

        2. AWARDS. Awards under the Plan may be granted in the form of (i)
incentive stock options ("ISO's") as provided in Section 422 of the Internal
Revenue Code of 1986, as amended (the "Code"), or (ii) non-qualified stock
options ("NQSO's"). ISO's and NQSO's shall hereinafter be referred to
individually as an "Option" and collectively as "Options" in the Plan.

        3. ADMINISTRATION.

                  a. COMMITTEE. The Plan shall be administered by a committee
        (the "Committee") authorized by the Board of Directors of the Company
        (the "Board"). The Committee shall consist of not less than three
        directors of the Company who shall be appointed, from time to time, by
        the Board, provided that no director who was eligible to participate in
        the Plan during the then preceding one year shall be appointed as a
        member of the Committee. At any time that the Company has a class of
        equity securities registered under Section 12 of the Securities Exchange
        Act of 1934, as amended (the "Exchange Act"), only directors who, at the
        time of service, qualify as "disinterested persons" within the meaning
        of Rule 16b-3 under the Exchange Act shall be members of the Committee.

                  b. AUTHORITY. The Committee shall have full and final
        authority with respect to the Plan (i) to interpret all provisions of
        the Plan consistent with applicable federal or state law; (ii) to
        determine the employees who will receive Options; (iii) to determine the
        frequency of grant of Options; (iv) to determine the number and type
        (i.e., ISO's or NQSO's) of Options to be granted to each employee and
        the price at which they may be exercised; (v) to specify the number of
        shares subject to each Option; (vi) to prescribe the form and terms and
        conditions of agreements described in Section 3(c); (vii) to determine
        when Options may be exercised; or (viii) to adopt, amend and rescind
        general and special rules and regulations for the Plan's administration;
        and (ix) to make all other determinations necessary or advisable for the
        administration of the Plan but only to the extent not contrary to or
        inconsistent with the provisions of the Plan. Any action of the Board of
        Directors or the Committee shall be by majority vote.

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                  c. OPTION AGREEMENT. The terms and conditions of each Option
        shall be provided in an Option Agreement which shall be signed by the
        Company and the Optionee at the time of grant. Such terms and conditions
        shall be consistent with the provisions of the Plan.

        4. ELIGIBILITY. The Committee from time to time shall determine and
recommend to the Board those officers and other key employees of the Company
(including any subsidiary which now exists or may hereafter be acquired or
created) to whom Options shall be granted (the "Optionee") and the number of
Shares (as defined below) to be optioned to each Optionee. No director, outside
consultant, nor other independent contractor who is not an employee of the
Company or a subsidiary shall be eligible to receive Options under the Plan.

                In determining the number of Options to be granted to any
Optionee, the Committee shall consider, among other things, the annual
remuneration received by the Optionee from the Company, the importance of the
Optionee's corporate duties, and other relevant factors. The recommendations of
the Committee shall be subject to the approval of the Board. Upon such approval,
the appropriate officers of the Company are hereby authorized to execute and
deliver the Options in the name of the Company.

        5. SHARES SUBJECT TO PLAN. Subject to adjustments as provided in
Sections 7b and 8 hereof, the aggregate number of shares of common stock of the
Company ("Shares") as to which Options may be granted under the Plan shall not
exceed 2,500,000 Shares (as of November 30, 2001, adjusted for stock splits).

                If an Option granted hereunder shall expire or terminate for any
reason without having been fully exercised then the Shares covered by the
unexercised portion of such Option shall be available for purposes of the Plan.

        6. OPTIONS-GENERAL PROVISIONS.

                  a. ALLOTMENT OF SHARES. Following adoption of the Plan by the
        Board, the Board may, in accordance with the recommendations of the
        Committee and the provisions of the Plan, grant Options to purchase
        Shares, subject to approval of the Plan in accordance with Section 8(g)
        no later than at the Company's 1995 annual shareholders meeting.

                  b. OPTION PRICE. The price per Share at which each Option
        granted under the Plan may be exercised ("Option Price") shall be
        determined by the Committee in accordance with the following:

                        i. ISO'S. The Option Price at which each ISO granted
                under the Plan may be exercised shall not be less than one
                hundred per cent (100%) of the fair market value of a Share at
                the time such ISO is granted. In the case of a Optionee who owns
                stock representing more than ten percent (10%) of the total
                combined voting power of all classes of stock of the Company at
                the time an ISO is granted, the Option Price for such ISO shall
                not be less than 110% of the fair market value of the Shares at
                the time the Option is granted.

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                                If the Company's common stock is not publicly
                traded the fair market value shall be an amount determined by
                the Committee to be the price at which the Shares could
                reasonably be expected to be sold in an arm's length transaction
                giving due consideration to such factors as recent transactions
                involving Shares, the Company's actual and projected earnings,
                the value of the Company's assets, any appraised valuation of
                the Shares, and such other factors as the Committee deems
                pertinent to determining fair market value.

                                If the Company's common stock is listed on a
                national securities exchange or the high and low prices are
                reported by NASDAQ at the time an ISO is granted, then the fair
                market value of a Share shall be the average of the highest and
                lowest selling price of a Share on such exchange or as reported
                by the NASDAQ on the date such ISO is granted or, if there were
                no sales on said date, then on the next prior business day on
                which there were sales. If the Company's stock is traded other
                than on a national securities exchange or the high and low
                selling prices are not reported on NASDAQ at the time an ISO is
                granted, then the fair market value of a Share shall be the
                average between the bid and asked price of a Share on the date
                the ISO is granted as reported on NASDAQ, if available.

                        ii. NQSO'S. The Option Price at which each NQSO granted
                under the Plan may be exercised shall not be less than one
                hundred per cent (100%) of the fair market value of a Share at
                the time the NQSO is granted.

                  c. OPTION PERIOD. An Option granted under the Plan shall
        terminate, and the right of the Optionee (or the Optionee's estate,
        personal representative, or beneficiary) to purchase Shares upon
        exercise of the Option shall expire on the date which is five years from
        the date of grant (the "Termination Date").

                  d. EXERCISE OF OPTIONS.

                        i. BY AN OPTIONEE DURING CONTINUOUS EMPLOYMENT.

                                No Option may be exercised, in whole or in part,
                for a period one year after the date of the granting of such
                Option. If the Optionee's employment with the Company terminates
                for any reason during that year, the Option shall remain
                unexercisable and immediately terminate.

                                Every Option shall be exercisable during the
                second year from its date of grant, to the extent of all or any
                part of one-fourth of the optioned Shares; during the third year
                from its date it shall be exercisable to the extent of all or
                any part of one-half of the optioned Shares, less the number of
                Shares as may have been acquired under the Option during the
                second year; during the fourth year from its date it shall be
                exercisable to the extent of all or any part of three-fourths of
                the optioned Shares, less the number of Shares as may have been
                acquired under the Option during the second and third years; and
                during the remainder of the term of

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                the Option it shall be exercisable, in whole or in part, for the
                full number of optioned Shares, less the number as may have been
                acquired under the Option during the second, third and fourth
                years.

                                An Optionee who has been continuously employed
                by the Company or a subsidiary or a combination thereof since
                the date of grant is eligible to exercise all Options which are
                then exercisable up to the Termination Date of such Options. The
                Committee will decide in each case, subject to the limitations
                set forth in Section 422 of the Code applicable to ISO's to what
                extent leaves of absence for government or military service,
                illness, temporary disability, or other reasons shall not for
                this purpose be deemed interruptions of continuous employment.

                        ii. TERMINATION OF EMPLOYMENT. Every Option shall expire
                on the earlier to occur of (A) the Termination Date set forth in
                the Option, or (B) three months after the cessation of the
                Optionee's employment with the Company or any subsidiary under
                any circumstances (except for a transfer of employment between
                Company and a subsidiary), unless such cessation was occasioned
                by death or disability within the meaning of Section 22(b)(3) of
                the Code ("total disability") of the Optionee; and, if exercised
                after such cessation of employment, may be exercised only in
                respect of the number of Shares which the Optionee could have
                acquired under the Option by the exercise thereof immediately
                prior to such cessation of employment. In the event of (1) the
                cessation of employment by reason of death or total disability
                of an Optionee or (2) the death of an Optionee within three
                months following the cessation of his or her employment, the
                Option theretofore granted may be exercised within one year
                after the date of cessation of employment by reason of total
                disability or within one year after the date of death by the
                Optionee's estate or by the person or persons to whom the
                Optionee's rights under the Option shall pass by will or the
                laws of descent and distribution or by the custodian or guardian
                of the estate, but only in respect of the number of Shares which
                the Optionee could have acquired under the Option by the
                exercise thereof immediately prior to such cessation of
                employment. Notwithstanding the foregoing, the Option may not be
                exercised after the Termination Date.

                  e. TERMINATION OF OPTIONS. An Option granted under the Plan
        shall be considered terminated in whole or in part, to the extent that,
        in accordance with the provisions of the Plan, it can no longer be
        exercised for Shares originally subject to the Option.

                  f. PERSONS SUBJECT TO SECTION 16 OF THE EXCHANGE ACT.
        Optionees who are subject to Section 16 of the Exchange Act are hereby
        advised that, to rely on Rule 16b-3, the Optionee may be required to
        hold any equity security of the Company acquired upon exercise of an
        Option by such person for at least six months after the date of grant of
        the Option.

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        7. MANNER OF EXERCISE AND PAYMENT.

                  a. MANNER OF EXERCISE. An Option granted pursuant to the Plan
        may be exercised, subject to provisions relative to its termination,
        from time to time, only by (i) written notice of intent to exercise the
        Option with respect to a specified whole number of Shares; (ii) payment
        to the Company in a manner permitted by Section 7b (contemporaneously
        with delivery of each such notice) of the amount of the Option Price for
        the number of Shares with respect to which the Option is then being
        exercised; and (iii) if the Company shall so require, written
        representation, in form and substance satisfactory to the Company, that
        the Shares received upon exercise of the Option are being acquired for
        investment. Each such notice, payment and representation shall be
        delivered to the Secretary of the Company or mailed by registered or
        certified mail, addressed to the Secretary of the Company at the
        Company's executive offices at 350 South Grand Avenue, Suite 5100, Los
        Angeles, California 90071, from time to time, until the total number of
        Shares then subject to the Option has been purchased. No Shares shall be
        delivered pursuant to the exercise of any Option until registered or
        qualified for delivery under those securities laws and regulations as
        may be deemed by the Committee to be applicable thereto, or unless the
        Committee determines that an exemption therefrom is available.

                  b. FORM OF PAYMENT. Payment for Shares pursuant to exercise of
        an Option shall be made in cash, by check, or by delivery of Shares
        having an aggregate fair market value equal to the Option Price for the
        total number of Shares with respect to which the Option is being
        exercised. If Shares previously acquired by exercise of an Option
        granted under the Plan are used for payment, such Shares shall be added
        back to the number of Shares available for grant under the Plan in
        accordance with the provision of Section 5.

                  c. LIMITATIONS ON EXERCISE. In the case of Options intended to
        be ISO's, the aggregate fair market value, determined as of the date of
        grant, of the Shares as to which such Options are exercisable for the
        first time by a Optionee shall be limited to $100,000 per calendar year.

        8. OTHER PROVISIONS.

                  a. ADJUSTMENTS.

                        i. ADJUSTMENT OF SHARES. In the event that the Company's
                outstanding shares of common stock are changed into or exchanged
                for a different number or kind of shares of the Company or other
                securities of the Company or another corporation by reason of
                merger, consolidation, recapitalization, reclassification, stock
                split-up, stock dividend or combination of shares, issuance or
                exercise of warrants or rights, the Committee shall make an
                appropriate and equitable adjustment in the number and kind of
                Shares subject to outstanding Options, or portions thereof then
                unexercised, and the number and/or kind of Shares subject to the
                Plan so that after such event the proportional number or type of
                Shares subject to the Plan and the Optionee's right to a
                proportionate interest in the Company shall be maintained as
                before the occurrence of such event. Such adjustment in an

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                outstanding Option shall be made without change in the total
                price applicable to the Option or the unexercised portion of any
                Option (except for any change in the total price resulting from
                rounding-off Share quantities or prices) and with any necessary
                corresponding adjustment in Option Price per Share. In addition,
                the Committee, shall provide for such adjustments to the Plan or
                any Option granted thereunder as it shall deem appropriate to
                prevent the reduction or enlargement of rights, including
                adjustments in the event of changes in the outstanding common
                stock by reason of mergers, consolidations, combinations,
                exchanges of shares, separations, reorganizations, liquidations,
                issuance or exercise of warrants or rights and the like in which
                the Company is not the sole surviving successor to the assets or
                business of the Company. In the event of any offer to holders of
                common stock generally relating to the acquisition of their
                shares, the Board shall make such adjustments as it deems
                equitable in respect of outstanding Options. Any adjustments
                made by the Board shall be final and binding upon all Optionees,
                the Company and all other interested persons.

                        ii. MODIFICATION OF ISO'S. Notwithstanding the
                foregoing, any adjustments made with respect to ISO's shall be
                made only after the Committee, after consulting with counsel for
                the Company, determines whether such adjustments would
                constitute a "modification" of such ISO's (as that term is
                defined in Section 424 of the Code) or would cause any adverse
                tax consequences for the holders of such ISO's. If the Committee
                determines that such adjustments made with respect to ISO's
                would constitute a modification of such ISO's, it may refrain
                from making such adjustments.

                  b. NON-TRANSFERABILITY. No Option granted under the Plan shall
        be transferable other than by will or the laws of descent and
        distribution. Any attempt to transfer, assign, pledge, hypothecate or
        otherwise dispose of, or to subject to execution, attachment or similar
        process, any Option other than as permitted in the preceding sentence
        shall give no right to the purported transferee. An Option may be
        exercised only by the Optionee, except as provided in Section 6.

                  c. COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES. No
        Option shall be exercisable and no Shares shall be delivered under the
        Plan except in compliance with all applicable federal and state laws and
        regulations including, without limitation, compliance with the rules of
        all domestic stock exchanges on which the Company's shares may be
        listed. Any certificate issued to evidence Shares for which an Option is
        exercised shall bear such legends and statements as the Board deems
        advisable in order to assure compliance with federal and state laws and
        regulations. No Option shall be exercisable and no Shares shall be
        delivered under the Plan until the Company has obtained consent or
        approval from such regulatory bodies, federal or state, having
        jurisdiction over such matters as the Board may deem advisable.

                  d. NO RIGHT TO EMPLOYMENT. Neither the adoption of the Plan
        nor its operation, nor any document describing or referring to the Plan,
        or any part thereof, shall confer upon any participant under the Plan
        any right to continue in the employ of the

                                      -6-
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       Company or a subsidiary or shall in any way affect the right and power of
       the Company or a subsidiary to terminate the employment of any
       participant under the Plan at any time with or without assigning a reason
       therefor.

                  e. TAX WITHHOLDING. The Board shall have the right to deduct
        from the delivery of Shares under the Plan pursuant to the exercise of
        an Option, any federal, state or local taxes of any kind required by law
        to be withheld with respect to such exercise or to take such other
        action as may be necessary in the opinion of the Board to satisfy all
        obligation for the payment of such taxes. If Shares which would
        otherwise be delivered are used to satisfy tax withholding, such Shares
        shall be valued based on the fair market value as of the date the tax
        withholding is required to be made.

                  f. AMENDMENT AND TERMINATION. The Board may at any time
        suspend, amend or terminate the Plan, and, without limiting the
        foregoing, the Board shall have the express authority to amend the Plan
        from time to time with or, subject to the requirements of the following
        paragraph, without approval by the shareholders, in the manner and to
        the extent that the Board believes is necessary or appropriate in order
        to cause the Plan to conform to provisions of Rule 16b-3 under the
        Exchange Act and any other rules under Section 16 of the Exchange Act,
        as any of such rules may be amended, supplemented or superseded from
        time to time. Except for adjustments made in accordance with Section
        8(a), the Board may not alter or impair any Option previously granted
        under the Plan. No Option may be granted during any suspension of the
        Plan or after termination thereof.

                                In addition to Board approval of an amendment,
        if the amendment would: (i) materially increase the benefits accruing to
        participants; (ii) increase the number of Shares deliverable under the
        Plan (other than in accordance with the provisions of Section 8(a); or
        (iii) materially modify the requirements as to eligibility for
        participation in the Plan, then such amendment shall be approved by the
        holders of a majority of the Company's outstanding capital stock
        represented and entitled to vote at a meeting held for the purpose of
        approving such amendment to the extent required by Rule 16b-3 of the
        Exchange Act.

                  g. EFFECTIVE DATE OF THE PLAN. The Plan shall become effective
        upon its adoption by the Board, subject to approval of the Plan by
        written consent of holders of a majority of the outstanding shares of
        common stock or a vote of a majority of the shares represented at the
        1995 annual meeting of the shareholders of the Company. Options may be
        granted under the Plan prior to approval of the Plan by the
        shareholders, but no Option may be exercised until after the Plan has
        been so approved by shareholders.

                  h. DURATION OF THE PLAN. Unless previously terminated by the
        Board, the Plan shall terminate at the close of business on December 31,
        2003, and no Option shall be granted under it thereafter, but such
        termination shall not affect any Option theretofore granted.

                  i. USE OF PROCEEDS. The proceeds received by the Company from
        the sales of Shares under the Plan shall be used for general corporate
        purposes.

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                  j. USE OF CERTAIN TERMS. The term "subsidiary" shall have the
        meaning ascribed to it in Section 424 of the Code and unless the context
        otherwise required, the other terms defined in Sections 421, 422 and
        424, inclusive, of the Code and regulations and revenue rulings
        applicable thereto, shall have the meanings attributed to them therein.

                  k. GOVERNING LAW. The law of the State of California will
        govern all matters relating to the Plan except to the extent it is
        superseded by the laws of the United States.

                                      -8-FIRST AMENDMENT

            FIRST AMENDMENT dated as of February 1, 2002 (this "Amendment") to
        the Credit Agreement dated as of September 11, 2001 (the "Credit
        Agreement") among Volt Information Sciences, Inc., Gatton Volt
        Consulting Group Limited, the Guarantors party thereto, the Lenders
        party thereto, JP Morgan Chase Bank (formerly known as The Chase
        Manhattan Bank), as Administrative Agent, and Fleet National Bank, as
        Syndication Agent. Unless the context requires otherwise, capitalized
        terms used herein without definition shall have the meanings ascribed to
        them in the Credit Agreement.

                                 R E C I T A L S

            The parties hereto wish to amend the Credit Agreement in order to,
among other things, (i) anticipate the impending repayment in full of the Senior
Notes, (ii) modify or replace certain financial covenants in contemplation of
such impending repayment, or for other purposes, (iii) provide for certain
additional Subsidiaries to become Guarantors, and (iv) provide for the granting
of Liens on certain assets by certain of the Guarantors.

            NOW, THEREFORE, in consideration of the mutual agreements contained
in the Credit Agreement and herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby mutually agree as follows:

                                  I. AMENDMENTS

            The Credit Agreement is hereby amended as follows:

            1.1. The following definitions are hereby added to Section 1.01 of
the Credit Agreement in their respective proper alphabetical order:

                  "First Amendment to Credit Agreement" shall mean that certain
            First Amendment, dated as of February 1, 2002, to the Credit
            Agreement.

                  "Proposed Securitization" shall have the meaning assigned to
            such term in Section 5.12.

                  "Senior Notes Payoff" shall mean the repayment in full
            (including any applicable make-whole amount) by the Domestic
            Borrower of the Senior Notes on or about March 5, 2002, in
            accordance with those certain notices of prepayment, dated January
            31, 2002 (the "Senior Notes Prepayment Notices"), given by the
            Domestic Borrower to the holders of the Senior Notes in accordance
            with the Senior Note Purchase Agreement, true and complete copies of
            which notices have been given to the Administrative Agent.

                                 EXHIBIT 4.1(b)
<PAGE>

            "Senior Notes Prepayment Notices" shall have the meaning assigned to
such term within the defined term "Senior Notes Payoff".

            1.2. The term "Material Indebtedness" as defined in Section 1.01 of
the Credit Agreement is hereby amended by the following additional sentence at
the end thereof:

            "Notwithstanding the foregoing, Indebtedness under the Senior Notes,
            the Noteholder Guaranties of Payment and the Senior Note Purchase
            Agreement shall not constitute "Material Indebtedness" for purposes
            of this Agreement or the other Credit Documents."

            1.3. In Section 6.12 of the Credit Agreement, the phrase "other than
those Liens permitted by the provisions of clauses (a) through (c) of Section
6.02" is hereby restated to read in its entirety as "other than those Liens
permitted by the provisions of Section 6.02".

            1.4. References in the Credit Agreement to: (i) Volt-Autologic
Directories S.A., Ltd., a Delaware corporation, shall be to Volt Directories
S.A., Ltd., a Delaware corporation formerly known as Volt-Autologic Directories
S.A., Ltd.; and (ii) Volt Human Resources, Inc., a Delaware corporation, shall
be to Volt Technical Resources, LLC, a Delaware limited liability Company
formerly known as Volt Human Resources, Inc.

                                 II NEW SECTIONS

            2.1. Section 3.03 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

                  SECTION 3.03. Governmental Approvals; No Conflicts.

                  The Transactions: (a) do not require any consent or approval
            of, registration or filing with, or any other action by, any
            Governmental Authority, except (i) such as have been obtained or
            made and are in full force and effect, and (ii) such as may be
            necessary to perfect any Lien granted under any Credit Document to
            the Lenders or to the Administrative Agent on their behalf; (b) will
            not violate any applicable law or regulation or the charter, by-laws
            or other organizational documents of the Domestic Borrower or any of
            its Subsidiaries (including Gatton and the Guarantors) or any order
            of any Governmental Authority; (c) after giving effect to the Senior
            Notes Payoff, will not violate or result in a default under any
            indenture, agreement or other instrument binding upon the Domestic
            Borrower or any of its Subsidiaries (including Gatton and the
            Guarantors) or its assets, or give rise to a right thereunder to
            require any payment to be made by the Domestic Borrower or any of
            its Subsidiaries (including Gatton and the Guarantors); and (d) will
            not result in the creation or imposition of any Lien on any asset of
            the Domestic Borrower or any of its Subsidiaries (including Gatton
            and the Guarantors), except as permitted by Section 6.02.

            2.2. The text set forth in Section 5.10 of the Credit Agreement is
hereby designated as subsection (a) thereof, and the following new subsection
(b) is hereby added at the end of such Section:

                                 EXHIBIT 4.1(b)
<PAGE>

                  (b) At the times specified in Section 5.11 and in Section
            5.12, the Domestic Borrower shall cause the respective applicable
            collateral grantors referenced therein, to the extent not already
            "Guarantors", to become "Guarantors" under the Guaranty of Payment,
            jointly and severally with all the other Guarantors, by joining in
            this Agreement and the Guaranty of Payment pursuant to documentation
            reasonably satisfactory to the Administrative Agent.

            2.3. The following new Sections 5.11 and 5.12 are hereby added to
the Credit Agreement:

                  SECTION 5.11. Collateralization.

                  Contemporaneously with the Senior Notes Payoff, or on such
            earlier day as the Administrative Agent may require, the Domestic
            Borrower shall cause each of the Subsidiaries set forth on Schedule
            5.11, annexed to the First Amendment to Credit Agreement (which
            Subsidiaries are the only domestic subsidiaries engaged in (A) its
            telephone directory business segment, (B) the telecommunications
            business group within its telecommunications business segment, or
            (C) engaged in its computer systems segment), to grant to the
            Administrative Agent, the Lenders and the Issuing Bank a security
            interest in all of their respective domestic Accounts Receivable as
            collateral security for their respective obligations under this
            Agreement, the Guaranty of Payment and the other Credit Documents to
            which they respectively may be party. Such collateral grant shall be
            made pursuant to documentation reasonably satisfactory to the
            Administrative Agent, which shall include a security agreement and
            an amendment to this Agreement to, among other things, expand the
            scope of the term "Credit Documents" and to include events of
            default under such required security agreement as an Event of
            Default. Such resulting security interest shall be of first priority
            except as the Administrative Agent otherwise may permit (with regard
            to the Senior Note Purchase Agreement, if then outstanding, or
            otherwise). If any such collateral grantor is not a Guarantor as of
            the time required for such collateral grant then, simultaneously
            therewith, such collateral grantor shall become a party hereto and a
            "Guarantor" under the Guaranty of Payment in accordance with Section
            5.10(b). Notwithstanding Sections 6.02(g) and 6.03(b)(ii), sales or
            transfers of Accounts Receivables constituting collateral in
            accordance with this Section only may be made to: (x) a Subsidiary
            that is (or thereby becomes) both a Guarantor and collateral
            grantor; and (y) the Domestic Borrower, but only if the Domestic
            Borrower is a collateral grantor with regard to such Accounts
            Receivables. At the Administrative Agent's request made at any time
            after the effective date of the First Amendment to Credit Agreement,
            the Administrative Agent may cause to be performed a field exam of
            the Domestic Borrower's and the Guarantors' Accounts Receivable, at
            the sole cost and expense of the Domestic Borrower and the
            Guarantors.

                  SECTION 5.12. Securitization.

                  The Domestic Borrower has advised the Administrative Agent and
            the Lenders that the Domestic Borrower, together with its domestic

                                 EXHIBIT 4.1(b)
<PAGE>

            Subsidiaries engaged with it in their staffing solutions business
            (except those acting in a paying agency capacity), are proposing to
            engage in a securitization transaction of up to $100,000,000 with
            regard to Accounts Receivables generated from such business (the
            "Proposed Securitization"). The Proposed Securitization is not
            permitted under this Agreement absent the consent of (at least,
            depending upon the exact terms thereof) the Required Lenders, which
            consent has not been granted as of February 1, 2002, nor is there
            any obligation whatsoever on the part of any Lender to grant its
            consent thereto. In the event that the Proposed Securitization has
            not become effective on or prior to April 15, 2002, then, on such
            date or as soon thereafter as is practicable but not later than
            April 30, 2002, the Domestic Borrower shall, and shall cause each of
            its domestic Subsidiaries engaged in such business (except those
            acting in a paying agency capacity) to, grant to the Administrative
            Agent, the Lenders and the Issuing Bank a security interest in all
            of their respective domestic Accounts Receivable generated from such
            business as collateral security for their respective obligations
            under this Agreement, the Guaranty of Payment (other than in the
            case of the Domestic Borrower) and the other Credit Documents to
            which they respectively may be party. Such collateral grant shall be
            made pursuant to documentation reasonably satisfactory to the
            Administrative Agent, which shall include a security agreement and
            an amendment to this Agreement to, among other things, expand the
            scope of the term "Credit Documents" and to include events of
            default under such required security agreement as an Event of
            Default. Such resulting security interest shall be of first priority
            except as the Administrative Agent otherwise may permit (with regard
            to the Senior Note Purchase Agreement, if then outstanding, or
            otherwise). If any such collateral grantor (other than the Domestic
            Borrower) is not a Guarantor as of the time required for such
            collateral grant then, simultaneously therewith, such collateral
            grantor shall become a party hereto and a "Guarantor" under the
            Guaranty of Payment in accordance with Section 5.10(b).
            Notwithstanding Sections 6.02(g) and 6.03(b)(ii), sales or transfers
            of Accounts Receivables constituting collateral in accordance with
            this Section only may be made to: (x) a Subsidiary that is (or
            thereby becomes) both a Guarantor and collateral grantor; and (y)
            the Domestic Borrower, but only if the Domestic Borrower is a
            collateral grantor with regard to such Accounts Receivables.

            2.4. Section 6.01 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

                  SECTION 6.01. Indebtedness.

                  The Domestic Borrower will not, and will not permit any
            Subsidiary to, create, incur, assume or permit to exist any
            Indebtedness, except:

                                 EXHIBIT 4.1(b)
<PAGE>

                  (a) Indebtedness created under this Agreement, the Guaranty of
            Payment or any other Credit Document;

                  (b) prior to the Senior Notes Payoff, Indebtedness of (i) the
            Domestic Borrower evidenced by the Senior Notes, and (ii) one or
            more Subsidiaries under the Noteholder Guaranties of Payment, in
            each case not exceeding $30,000,000 in aggregate principal amount at
            any one time;

                  (c) advances from customers received in the ordinary course of
            business;

                  (d) performance guaranties, trade guarantees, and bid
            guarantees of the performance of contractual obligations of wholly
            owned Subsidiaries of the Domestic Borrower; provided that such
            guarantees and contractual obligations arise in the ordinary course
            of business and that such contractual obligations are not for
            borrowed money;

                  (e) other Indebtedness of the Domestic Borrower and its
            Subsidiaries constituting Intercompany Debt, in any amount (subject
            to compliance with Section 5.10);

                  (f) other Indebtedness, existing as of the date of the First
            Amendment to Credit Agreement (and set forth on Schedule 6.01(f)
            annexed thereto), of the Domestic Borrower and its Subsidiaries to
            one or more other Persons (and including unused amounts under such
            credit facilities), and any and all extensions, renewals and
            replacements of any such Indebtedness provided that the aggregate
            principal amount thereof (whether used or unused) is not increased;

                  (g) Guarantees by the Domestic Borrower of Indebtedness of its
            Subsidiaries, except to the extent such Subsidiary Indebtedness
            otherwise would be prohibited under this Agreement; and

                  (h) other Indebtedness of the Domestic Borrower, excluding
            Debt for Borrowed Money.

            2.5. Section 6.02 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

                  SECTION 6.02. Liens; Certain Asset Sales.

                  The Domestic Borrower will not, and will not permit any
            Subsidiary to, create, incur, assume or permit to exist any Lien on
            any property or asset now owned or hereafter acquired by it, or
            assign or sell any income or revenues (including Accounts
            Receivable) or rights in respect of any thereof, except:

                  (a) any Lien securing the Indebtedness permitted under clause
            (a) of Section 6.01;

                                 EXHIBIT 4.1(b)
<PAGE>

                  (b) Permitted Encumbrances;

                  (c) any Lien on any property or asset of the Domestic Borrower
            or any Subsidiary existing on the date of this Agreement and set
            forth in Schedule 6.02; provided that (i) such Lien shall not
            encumber or apply to any other property or asset of the Domestic
            Borrower or any Subsidiary and (ii) such Lien shall secure only
            those obligations which it secures on said date;

                  (d) Liens securing Subsidiary Indebtedness permitted under
            clause (f) of Section 6.01;

                  (e) Liens securing Indebtedness arising from a Thousand Oaks
            Financing (to the extent permitted under Section 6.01), provided
            that such Liens do not encumber or apply to any asset or property
            other than the Thousand Oaks Building and the rents, fixtures and
            other personal property associated therewith, which would ordinarily
            be encumbered in a conventional mortgage financing;

                  (f) prior to the Senior Notes Payoff, equal and ratable Liens
            granted to the holders of the Senior Notes to the extent required
            under Senior Note Purchase Agreement by virtue of the Liens granted
            in accordance with Section 5.11; and

                  (g) assignments or sales of Accounts Receivable permitted
            under clause (ii) of Section 6.03(b).

            2.6. Clause (ii) of subsection (b) of Section 6.03 is hereby deleted
in its entirety and replaced with the following:

            "(ii) subject to the limitations set forth in Sections 5.11 and
            5.12, and to any other limitations as may be set forth from time to
            time in any security agreement included as a Credit Document, sales
            or transfers of Accounts Receivable from the Domestic Borrower to a
            Guarantor, from a Guarantor to the Domestic Borrower or from a
            Guarantor to another Guarantor,"

            2.7. Section 6.10 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

                  SECTION 6.10. Certain Financial Covenants

                  (a) The Domestic Borrower will not permit or suffer
            Consolidated Net Worth at the end of any fiscal year to be less than
            the sum of (i) $230,000,000 and (ii) 50% of Consolidated Net Income
            for the fiscal year (if greater than zero for such year) of the
            Domestic Borrower being measured.

                                 EXHIBIT 4.1(b)
<PAGE>

                  (b) The Domestic Borrower will not permit or suffer the ratio,
            as of the last day of any fiscal quarter of the Domestic Borrower,
            of (i) EBITDA for the period of four consecutive fiscal quarters of
            the Domestic Borrower ending on such date to (ii) tax expense
            attributable to operating income and to interest income plus gross
            interest expense, dividends and Current Portion of Long Term Debt
            (excluding any part thereof attributable to the Senior Notes), to be
            less than 1.5 to 1.0.

                  (c) The Domestic Borrower will not permit or suffer the ratio,
            as of the last day of any fiscal quarter of the Domestic Borrower,
            of (i) Debt for Borrowed Money to (ii) EBITDA (measured for the four
            fiscal quarters then ended), to be greater than 3.0 to 1.0; except
            that: (A) as of the last day of the fourth quarter of the 2001
            fiscal year the level may exceed 3.0 to 1.0 but may not exceed 3.15
            to 1.0; and (B) as of the last day of each of the second and third
            quarters of the 2002 fiscal year the level may exceed 3.0 to 1.0 but
            may not exceed 3.75 to 1.0

                  (d) The Domestic Borrower will not permit or suffer the ratio
            of (i) the total amount of Eligible Accounts Receivable less the
            amount of all reserves against uncollectibility (both general and
            specific) taken by the Domestic Borrower reporting group to (ii) the
            aggregate principal Indebtedness then outstanding under this
            Agreement, the Senior Note Purchase Agreement and any other
            obligation (but only if unsubordinated and unsecured) of any kind
            (constituting Indebtedness), whether actual, contingent or otherwise
            (including the amount of all undrawn letters of credit), of the
            Domestic Borrower and its Subsidiaries determined on a consolidated
            basis in accordance with GAAP, to be less than 2.0 to 1.0 as of the
            end of any fiscal quarter of the Domestic Borrower.

            2.8 In clause (d) of Article VII of the Credit Agreement, the word
"or" is deleted after "5.08" and replaced with a comma, and ", 5.11 and 5.12"
are inserted after "5.10" and before the comma.

            2.9 In Article VII of the Credit Agreement, the word "or" at the end
of clause (m) thereof is hereby removed and instead inserted following the
semicolon at the end of clause (n) thereof, and the following new clause (o) is
hereby added after clause (n) of such Article:

                  (o) the Domestic Borrower shall fail to repay in full the
            Indebtedness evidenced by the Senior Notes in accordance with the
            Senior Notes Prepayment Notices or in advance thereof;

                               III. MISCELLANEOUS

            3.1. Each Borrower and each Guarantor (subject, mutatis mutandis, to
Section 9.17 of the Credit Agreement) hereby represents and warrants that:

                                 EXHIBIT 4.1(b)
<PAGE>

            (a) its execution, delivery and performance of each of this
Amendment and any other agreement, instrument or document executed and delivered
in connection with this Amendment (i) is within its corporate powers, (ii) has
been duly authorized by all necessary corporate action, (iii) does not
contravene any law, rule or regulation applicable to it and (iv) does not
violate or create a breach or default under its organizational documents or,
after giving effect to the Senior Notes Payoff, any contractual provision
binding on it or affecting it or any of its property;

            (b) this Amendment (and the Credit Agreement as amended hereby)
constitutes its legal, valid and binding obligation enforceable against it in
accordance with its terms, except as enforcement thereof may be subject to (i)
the effect of any applicable bankruptcy, insolvency, reorganization, moratorium
or similar law affecting creditors' rights generally, and (ii) general
principles of equity (regardless of whether such enforcement is sought in a
proceeding in equity or at law);

            (c) after giving effect to this Amendment and the Senior Notes
Payoff, and to the transactions contemplated hereby: (i) there is no Default;
and (ii) all obligations of the Borrowers and the Guarantors under or in
connection with the Credit Agreement, as amended hereby, are payable in
accordance with the terms of the Credit Agreement as amended hereby, without any
defense, setoff or counterclaim of any kind; and

            (d) the representations and warranties of each Borrower and each
Guarantor appearing in the Credit Documents were true and correct in all
material respects as of the date when made and, after giving effect to this
Amendment, the Senior Notes Payoff and the transactions contemplated hereby,
continue to be true and correct in all material respects on the date hereof,
except: (i) as to any such representation or warranty which by its terms applies
only as to a specified date; and (ii) in the case of any other representation or
warranty, to the extent of changes resulting from transactions or events not
prohibited by the Credit Documents.

            3.2. The Domestic Borrower agrees to pay on demand all reasonable
costs and expenses of the Administrative Agent incurred by it in connection with
or arising out of the negotiation, preparation, review, execution and delivery
of this Amendment and the agreements and instruments referred to herein and the
transactions contemplated hereby (including the reasonable fees and expenses of
counsel to the Administrative Agent).

            3.3. At any time and from time to time, upon the written request of
the Administrative Agent and at the sole cost and expense of the Domestic
Borrower, the Borrowers and the Guarantors will promptly execute, acknowledge
and/or deliver all such further instruments and agreements and take such further
actions as may be reasonably necessary or appropriate to more fully implement
the purposes of this Amendment, the Credit Agreement as amended hereby, and the
other Credit Documents.

            3.4. The Credit Agreement, as amended hereby, and the other Credit
Documents are hereby ratified and confirmed and shall continue in full force and
effect.

                                 EXHIBIT 4.1(b)
<PAGE>

All references in any Credit Document to the Credit Agreement shall be deemed to
be references to the Credit Agreement as amended by this Amendment, and as the
same may be further amended, supplemented or otherwise modified from time to
time.

            3.5. This Amendment sets forth the entire agreement of the parties
with respect to the subject matter hereof.

            3.6. Neither this Amendment nor any provision hereof may be waived,
amended or modified except pursuant to an agreement complying with Section
9.02(b) of the Credit Agreement.

            3.7. This Amendment shall be construed in accordance with and
governed by the laws of the State of New York without regard to conflicts of
laws principles of New York State law other than ss. 5-1401 of the New York
General Obligations Law.

            3.8. This Amendment may be executed in any number of counterparts,
each of which shall be deemed an original, and all of which taken together shall
constitute but one agreement. Delivery of an executed signature page of this
Amendment by telecopy shall be as effective as delivery of a manually executed
counterpart of this Amendment.

            3.9. This Amendment shall become effective as of the date first
above written, provided that each of the following conditions shall have been
satisfied on or before February 4, 2002:

            (a) the Administrative Agent shall have received counterparts of
this Amendment executed and delivered by each of the Borrowers, the Guarantors,
the Required Lenders and the Administrative Agent;

            (b) all legal matters incident to this Amendment, the other
instruments and agreements relating hereto and the transactions contemplated
hereby shall be satisfactory to the Administrative Agent (who shall be entitled
to rely on the advise of its counsel in connection therewith);

            (c) the Administrative Agent shall have received such other
documents and certificates as it may reasonably request, all in form and
substance satisfactory to the Administrative Agent in its reasonable discretion;

            (d) counsel to the Administrative Agent shall have been paid $10,000
on account of its accrued and unpaid (and future, if applicable) legal fees and
disbursements; and

            (e) each of the Lenders signing below, prior to noon on February 4,
2002 (as evidenced by a facsimile received by the Administrative Agent or its
counsel by such time on such date) shall have received payment of an amendment
fee equal to one-eighth of one percent of each such Lender's respective
Commitment.

                                 EXHIBIT 4.1(b)
<PAGE>

            The Administrative Agent shall notify the Borrowers, the Guarantors
and the Lenders if and when all of the foregoing conditions shall have been
satisfied, and such notice shall be conclusive and binding.

                                 EXHIBIT 4.1(b)
<PAGE>

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

VOLT INFORMATION SCIENCES, INC.         JP MORGAN CHASE BANK (f/k/a The
(a New York corporation)                Chase Manhattan Bank), as a Lender and
                                        as Administrative Agent

By:_____________________________        By:_____________________________________
Name:                                   Name:
Title:                                  Title:

GATTON VOLT CONSULTING GROUP            VOLT MANAGEMENT CORP.
LIMITED                                   (a Delaware corporation)
  (a United Kingdom corporation)

By:_____________________________        By:_____________________________________
Name:                                   Name:
Title:                                  Title:

FLEET NATIONAL BANK,                    VOLT DELTA RESOURCES, INC.
  as a Lender                             (a Nevada corporation)

By:_____________________________        By:_____________________________________
Name:                                   Name:
Title:                                  Title:

BANK OF AMERICA, N.A.,                  DATANATIONAL, INC.
  as a Lender                             (a Delaware corporation)

By:_____________________________        By:_____________________________________
Name:                                   Name:
Title:                                  Title:

MELLON BANK, N.A.,                      VOLT DIRECTORIES S.A., LTD.
  as a Lender                             (a Delaware corporation f/k/a
                                           Volt-Autologic Directories S.A.,
                                           Ltd.)

By:_____________________________        By:_____________________________________
Name:                                   Name:
Title:                                  Title:

WELLS FARGO BANK, N.A.,                 VOLT TECHNICAL RESOURCES, LLC.
  as a Lender                             (a Delaware limited liability company
                                           formerly known as Volt Human
                                           Resources, Inc.)

By:_____________________________        By:_____________________________________
Name:                                   Name:
Title:                                  Title:

                                 EXHIBIT 4.1(b)
<PAGE>

LLOYD TSB BANK PLC,                     VOLT INFORMATION SCIENCES
  as a Lender                           FUNDING, INC.
                                          (a Delaware corporation)

By:_____________________________        By:_____________________________________
Name:                                   Name:
Title:                                  Title:

By:_____________________________
Name:
Title:

                                 EXHIBIT 4.1(b)
<PAGE>

                                  Schedule 5.11

(i) Volt Telecommunications Group, Inc., a Delaware corporation, (ii) Volt Delta
Resources, Inc., a Nevada corporation, (iii) Volt Delta Resources, Inc., a
Delaware corporation, (iv) DataNational, Inc., a Delaware corporation, and (v)
DataNational, Inc., a Georgia corporation.

                                 EXHIBIT 4.1(b)

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