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                                                                     EXHIBIT 4.1

                              AMENDED AND RESTATED

                            ARTICLES OF INCORPORATION

                                       OF

                          THE SHERWIN-WILLIAMS COMPANY

                               AS AMENDED THROUGH
                                   MAY 1, 2001

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                              AMENDED AND RESTATED

                            ARTICLES OF INCORPORATION

                                       OF

                          THE SHERWIN-WILLIAMS COMPANY

         FIRST: The name of this Company is THE SHERWIN-WILLIAMS COMPANY.

         SECOND: The place where this Company shall be located and its principal
business shall be transacted is the City of Cleveland in the County of Cuyahoga
and State of Ohio.

         THIRD: The Company is formed for the purpose of developing, producing,
manufacturing, buying, selling and generally dealing in products, goods, wares,
merchandise and services of any and all kinds and doing all things necessary or
incidental thereto.

         FOURTH: The number of shares which the Company is authorized to have
outstanding is 330,000,000 consisting of 30,000,000 shares of Serial Preferred
Stock without par value (hereinafter called "Serial Preferred Stock") and
300,000,000 shares of Common Stock, par value $1.00 each (hereinafter called
"Common Stock").
         The shares of such classes shall have the following express terms:

                                   DIVISION A

                   EXPRESS TERMS OF THE SERIAL PREFERRED STOCK

         Section 1. The Serial Preferred Stock may be issued from time to time
in one or more series. All shares of Serial Preferred Stock shall be of equal
rank and shall be identical, except in respect of the matters that may be fixed
by the Board of Directors as hereinafter provided, and each share of each series
shall be identical with all other shares of such series, except as to the date
from which dividends are cumulative. Subject to the provisions of Sections 2 to
8, both inclusive, of this Division, which provisions shall apply to all Serial
Preferred Stock, the Board of Directors hereby is authorized to cause such
shares to be issued in one or more series and with respect to each such series
prior to the issuance thereof to fix:

                  (a) The designation of the series, which may be by
         distinguishing number, letter or title.

                  (b) The number of shares of the series, which number the Board
         of Directors may (except where otherwise provided in the creation of
         the series) increase or decrease (but not below the number of shares
         thereof then outstanding).

                  (c)  The annual dividend rate of the series.

                  (d) The dates at which dividends, if declared, shall be
         payable, and the dates from which dividends shall be cumulative.

                  (e) The redemption rights and price or prices, if any, for
         shares of the series.

                  (f) The terms and amount of any sinking fund provided for the
         purchase or redemption of shares of the series.

                  (g) The amounts payable on shares of the series in the event
         of any voluntary or involuntary liquidation, dissolution or winding up
         of the affairs of the Company.

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                  (h) Whether the shares of the series shall be convertible into
         Common Stock, and, if so, the conversion price or prices, any
         adjustments thereof, and all other terms and conditions upon which such
         conversion may be made.

                  (i) Restrictions (in addition to those set forth in Sections
         6(b) and 6(c) of this Division) on the issuance of shares of the same
         series or of any other class or series.

         The Board of Directors is authorized to adopt from time to time
amendments to the Articles of Incorporation fixing, with respect to each such
series, the matters described in clauses (a) to (i), both inclusive, of this
Section 1.

         Section 2. The holders of Serial Preferred Stock of each series, in
preference to the holders of Common Stock and of any other class of shares
ranking junior to the Serial Preferred Stock, shall be entitled to receive out
of any funds legally available and when and as declared by the Board of
Directors dividends in cash at the rate for such series fixed in accordance with
the provisions of Section 1 of this Division and no more, payable quarterly on
the dates fixed for such series. Such dividends shall be cumulative, in the case
of shares of each particular series, from and after the date or dates fixed with
respect to such series. No dividends may be paid upon or declared or set apart
for any of the Serial Preferred Stock for any quarterly dividend period unless
at the same time a like proportionate dividend for the same quarterly dividend
period, ratably in proportion to the respective annual dividend rates fixed
therefor, shall be paid upon or declared or set apart for all Serial Preferred
Stock of all series then issued and outstanding and entitled to receive such
dividend.

         Section 3. In no event so long as any Serial Preferred Stock shall be
outstanding shall any dividends, except a dividend payable in Common Stock or
other shares ranking junior to the Serial Preferred Stock, be paid or declared
or any distribution be made except as aforesaid on the Common Stock or any other
shares ranking junior to the Serial Preferred Stock, nor shall any Common Stock
or any other shares ranking junior to the Serial Preferred Stock be purchased,
retired or otherwise acquired by the Company (except out of the proceeds of the
sale of Common Stock or other shares ranking junior to the Serial Preferred
Stock received by the Company subsequent to August 31, 1966):

                  (a) Unless all accrued and unpaid dividends on Serial
         Preferred Stock, including the full dividends for the current quarterly
         dividend period, shall have been declared and paid or a sum sufficient
         for payment thereof set apart; and

                  (b) Unless there shall be no arrearages with respect to the
         redemption of Serial Preferred Stock of any series from any sinking
         fund provided for shares of such series in accordance with the
         provisions of Section 1 of this Division.

         Section 4. (a) Subject to the express terms of each series and to the
provisions of Section 6(b)(iii) of this Division A, the Company may from time to
time redeem all or any part of the Serial Preferred Stock of any series at the
time outstanding (i) at the option of the Board of Directors at the applicable
redemption price for such series fixed in accordance with the provisions of
Section 1 of this Division, or (ii) in fulfillment of the requirements of any
sinking fund provided for shares of such series at the applicable sinking fund
redemption price, fixed in accordance with the provisions of Section 1 of this
Division, together in each case with accrued and unpaid dividends to the
redemption date.

         (b) Notice of every such redemption shall be mailed, postage prepaid,
to the holders of record of the Serial Preferred Stock to be redeemed at their
respective addresses then appearing on the books of the Company, not less than
thirty (30) days nor more than sixty (60) days prior to the date fixed for such
redemption. At any time before or after notice has been given as above provided,
the Company may deposit the aggregate redemption price of the shares of Serial
Preferred Stock to be redeemed with any bank or trust company in Cleveland,
Ohio, or New York, New York, having capital and surplus of more than Five
Million Dollars ($5,000,000), named in such notice, and direct that such amount
be paid to the respective holders of the shares of Serial Preferred Stock so to
be redeemed, in amounts equal to the redemption price of all shares of Serial
Preferred Stock so to be redeemed, on surrender of the stock certificate or
certificates held by such holders. Upon the making of such deposit such holders
shall cease to be shareholders with respect to such shares, and after such
notice shall have been given and such deposit

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shall have been made such holders shall have no interest in or claim against the
Company with respect to such shares except only to receive such money from such
bank or trust company without interest or the right to exercise, before the
redemption date, any unexpired privileges of conversion. In case less than all
of the outstanding shares of Serial Preferred Stock are to be redeemed, the
Company shall select by lot the shares so to be redeemed in such manner as shall
be prescribed by its Board of Directors.

         If the holders of shares of Serial Preferred Stock which shall have
been called for redemption shall not, within six years after such deposit, claim
the amount deposited for the redemption thereof, any such bank or trust company
shall, upon demand, pay over to the Company such unclaimed amounts and thereupon
such bank or trust company and the Company shall be relieved of all
responsibility in respect thereof and to such holders.

         (c) Any shares of Serial Preferred Stock which are redeemed by the
Company pursuant to the provisions of this Section 4 and any shares of Serial
Preferred Stock which are purchased and delivered in satisfaction of any sinking
fund requirements provided for shares of such series and any shares of Serial
Preferred Stock which are converted in accordance with the express terms thereof
shall be cancelled and not reissued. Any shares of Serial Preferred Stock
otherwise acquired by the Company shall resume the status of authorized and
unissued shares of Serial Preferred Stock without serial designation.

         Section 5. (a) The holders of Serial Preferred Stock of any series
shall, in case of voluntary or involuntary liquidation, dissolution or winding
up of the affairs of the Company, be entitled to receive in full out of the
assets of the Company, including its capital, before any amount shall be paid or
distributed among the holders of the Common Stock or any other shares ranking
junior to the Serial Preferred Stock the amounts fixed with respect to the
shares of such series in accordance with Section 1 of this Division, plus in any
event an amount equal to all dividends accrued and unpaid thereon to the date of
payment of the amount due pursuant to such liquidation, dissolution or winding
up of the affairs of the Company. In case the net assets of the Company legally
available therefor are insufficient to permit the payment upon all outstanding
shares of Serial Preferred Stock of the full preferential amount to which they
are respectively entitled, then such net assets shall be distributed ratably
upon outstanding shares of Serial Preferred Stock in proportion to the full
preferential amount to which each such share is entitled.

         After payment to holders of Serial Preferred Stock of the full
preferential amounts as aforesaid, holders of Serial Preferred Stock as such
shall have no right or claim to any of the remaining assets of the Company.

         (b) The merger or consolidation of the Company into or with any other
corporation, or the merger of any other corporation into it, or the sale, lease
or conveyance of all or substantially all the property or business of the
Company, shall not be deemed to be a dissolution, liquidation or winding up,
voluntary or involuntary, for the purposes of this Section 5.

         Section 6. (a) The holders of Serial Preferred Stock shall be entitled
to one vote for each share of such stock upon all matters presented to the
shareholders; and, except as otherwise provided herein or required by law, the
holders of Serial Preferred Stock and the holders of Common Stock shall vote
together as one class on all matters. No adjustment of the voting rights of the
holders of Serial Preferred Stock shall be made in the event of an increase or
decrease in the number of shares of Common Stock authorized or issued or in the
event of a stock split or combination of the Common Stock or in the event of a
stock dividend on any class of stock payable solely in Common Stock, and none of
the foregoing actions shall be deemed to affect adversely the voting powers,
rights or preferences of Serial Preferred Stock within the meaning and for the
purpose of this Division A.

         If, and so often as, the Company shall be in default in the payment of
dividends in an amount equivalent to six (6) quarterly dividends (whether or not
consecutive) on any series of Serial Preferred Stock at the time outstanding,
whether or not earned or declared, the holders of Serial Preferred Stock of all
series, voting separately as a class and in addition to all other rights to vote
for Directors, shall be entitled to elect, as herein provided, two (2) members
of the Board of Directors of the Company; provided, however, that the holders of
shares of Serial Preferred Stock shall not have or exercise such special class
voting rights except at meetings of the shareholders for the election of
Directors at which the holders of not less than thirty-five per cent (35%) of
the outstanding shares of Serial Preferred Stock of all series then outstanding
are present in person or by proxy; and provided further that the special class
voting rights provided for herein when the same shall have become vested shall
remain

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so vested until all accrued and unpaid dividends on the Serial Preferred Stock
of all series then outstanding shall have been paid, whereupon the holders of
Serial Preferred Stock shall be divested of their special class voting rights in
respect of subsequent elections of Directors, subject to the revesting of such
special class voting rights in the event hereinabove specified in this
paragraph.

         In the event of default entitling the holders of Serial Preferred Stock
to elect two (2) Directors as above specified, a special meeting of the
shareholders for the purpose of electing such Directors shall be called by the
Secretary of the Company upon written request of, or may be called by, the
holders of record of at least ten per cent (10%) of the shares of Serial
Preferred Stock of all series at the time outstanding, and notice thereof shall
be given in the same manner as that required for the annual meeting of
shareholders; provided, however, that the Company shall not be required to call
such special meeting if the annual meeting of shareholders shall be held within
ninety (90) days after the date of receipt of the foregoing written request from
the holders of Serial Preferred Stock. At any meeting at which the holders of
Serial Preferred Stock shall be entitled to elect Directors, the holders of
thirty-five per cent (35%) of the then outstanding shares of Serial Preferred
Stock of all series, present in person or by proxy, shall be sufficient to
constitute a quorum, and the vote of the holders of a majority of such shares so
present at any such meeting at which there shall be such a quorum shall be
sufficient to elect the members of the Board of Directors which the holders of
Serial Preferred Stock are entitled to elect as hereinabove provided.

         (b) The vote or consent of the holders of at least two-thirds of the
shares of Serial Preferred Stock at the time outstanding, given in person or by
proxy either in writing or at a meeting called for the purpose at which the
holders of Serial Preferred Stock shall vote separately as a class, shall be
necessary to effect any one or more of the following (but so far as the holders
of Serial Preferred Stock are concerned, such action may be effected with such
vote or consent):

                  (i) Any amendment, alteration or repeal of any of the
         provisions of the Articles of Incorporation or of the Regulations of
         the Company which affects adversely the voting powers, rights or
         preferences of the holders of Serial Preferred Stock; provided,
         however, that, for the purpose of this clause (i) only, neither the
         amendment of the Articles of Incorporation so as to authorize or
         create, or to increase the authorized or outstanding amount of, Serial
         Preferred Stock or of any shares of any class ranking on a parity with
         or junior to the Serial Preferred Stock, nor the amendment of the
         provisions of the Regulations so as to increase the number of Directors
         of the Company shall be deemed to affect adversely the voting powers,
         rights or preferences of the holders of Serial Preferred Stock; and
         provided further, that if such amendment, alteration or repeal affects
         adversely the rights or preferences of one or more but not all series
         of Serial Preferred Stock at the time outstanding, only the vote or
         consent of the holders of at least two-thirds of the number of the
         shares at the time outstanding of the series so affected shall be
         required;

                  (ii) The authorization or creation of, or the increase in the
         authorized amount of, any shares of any class, or any security
         convertible into shares of any class, ranking prior to the Serial
         Preferred Stock; or

                  (iii) The purchase or redemption (for sinking fund purposes or
         otherwise) of less than all of the Serial Preferred Stock then
         outstanding except in accordance with a stock purchase offer made to
         all holders of record of Serial Preferred Stock, unless all dividends
         upon all Serial Preferred Stock then outstanding for all previous
         quarterly dividend periods shall have been declared and paid or funds
         therefor set apart and all accrued sinking fund obligations applicable
         thereto shall have been complied with.

         This Section 6(b) shall not apply to, and the class or series vote
specified therein shall not be required for the approval of, any action which is
part of or effected in connection with the consolidation of the Company with or
its merger into any other corporation, so long as the class vote specified by
Section 6(c) of this Division is obtained in any case in which such class vote
is required under clause (ii) of said Section 6(c).

         (c) The vote or consent of the holders of at least a majority of the
shares of Serial Preferred Stock at the time outstanding, given in person or by
proxy either in writing or at a meeting called for the purpose at which the
holders of Serial

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Preferred Stock shall vote separately as a class, shall be necessary to effect
any one or more of the following (but so far as the holders of Serial Preferred
Stock are concerned, such action may be effected with such vote or consent):

                  (i) The sale, lease or conveyance by the Company of all or
         substantially all of its property or business; or

                  (ii) The consolidation of the Company with or its merger into
         any other corporation unless the corporation resulting from such
         consolidation or merger will have after such consolidation or merger no
         class of shares either authorized or outstanding ranking prior to or on
         a parity with the Serial Preferred Stock except the same number of
         shares ranking prior to or on a parity with the Serial Preferred Stock
         and having the same rights and preferences as the shares of the Company
         authorized and outstanding immediately preceding such consolidation or
         merger, and each holder of Serial Preferred Stock immediately preceding
         such consolidation or merger shall receive the same number of shares,
         with the same rights and preferences, of the resulting corporation; or

                  (iii) The authorization of any shares ranking on a parity with
         the Serial Preferred Stock or an increase in the authorized number of
         shares of Serial Preferred Stock.

         Section 7. If the shares of any series of Serial Preferred Stock shall
be convertible into Common Stock, then upon conversion of shares of such series
the stated capital of the Common Stock issued upon such conversion shall be the
aggregate par value of the shares so issued having par value, or, in the case of
shares without par value, shall be an amount equal to the stated capital
represented by each share of Common Stock outstanding at the time of such
conversion multiplied by the number of shares of Common Stock issued upon such
conversion. The stated capital of the Company shall be correspondingly increased
or reduced to reflect the difference between the stated capital of the shares of
Serial Preferred Stock so converted and the stated capital of the Common Stock
issued upon such conversion.

         Section 8. The holders of Serial Preferred Stock shall have no
preemptive right to purchase or have offered to them for purchase any shares or
other securities of the Company, whether now or hereafter authorized.

         Section 9.  For the purpose of this Division A:

         Whenever reference is made to shares "ranking prior to the Serial
Preferred Stock" or "on a parity with the Serial Preferred Stock", such
reference shall mean and include all shares of the Company in respect of which
the rights of the holders thereof as to the payment of dividends or as to
distributions in the event of a voluntary or involuntary liquidation,
dissolution or winding up of the affairs of the Company are given preference
over, or rank on an equality with (as the case may be) the rights of the holders
of Serial Preferred Stock; and whenever reference is made to shares "ranking
junior to the Serial Preferred Stock", such reference shall mean and include all
shares of the Company in respect of which the rights of the holders thereof as
to the payment of dividends and as to distributions in the event of a voluntary
or involuntary liquidation, dissolution or winding up of the affairs of the
Company are junior and subordinate to the rights of the holders of Serial
Preferred Stock.

                                  DIVISION A-1

                  CUMULATIVE REDEEMABLE SERIAL PREFERRED STOCK

         Section 1. There is established hereby a series of Serial Preferred
Stock that shall be designated "Cumulative Redeemable Serial Preferred Stock"
(hereinafter sometimes called this "Series" or the "Cumulative Redeemable
Preferred Stock") and that shall have the terms set forth in this Division A-1.

         Section 2.  The number of shares of this Series shall be 3,000,000.

         Section 3. (a) The holders of record of shares of Cumulative Redeemable
Preferred Stock shall be entitled to receive, when and as declared by the Board
of Directors in accordance with the terms hereof, out of funds legally available
for the

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purpose, cumulative quarterly dividends payable in cash on the first day of
January, April, July and October in each year (each such date being referred to
herein as a "Quarterly Dividend Payment Date"), commencing on the first
Quarterly Dividend Payment Date after the first issuance of a share of
Cumulative Redeemable Preferred Stock or fraction of a share of Cumulative
Redeemable Preferred Stock, in an amount per share (rounded to the nearest cent)
equal to the lesser of (i) $750 per share or (ii) subject to the provision for
adjustment hereinafter set forth, 100 times the aggregate per share amount of
all cash dividends, and 100 times the aggregate per share amount (payable in
kind) of all non-cash dividends or other distributions (other than a dividend
payable in shares of Common Stock, or a subdivision of the outstanding Common
Stock (by reclassification or otherwise)), declared on the Common Stock since
the immediately preceding Quarterly Dividend Payment Date, or, with respect to
the first Quarterly Dividend Payment Date, since the first issuance of any share
of Cumulative Redeemable Preferred Stock or fraction of a share of Cumulative
Redeemable Preferred Stock. In the event the Company shall at any time declare
or pay any dividend on the Common Stock payable in Common Stock, or effect a
subdivision or combination or consolidation of the outstanding shares of Common
Stock (by reclassification or otherwise than by payment of a dividend in Common
Stock) into a greater or lesser number of shares of Common Stock, then in each
such case the amount to which holders of shares of Cumulative Redeemable
Preferred Stock were entitled immediately prior to such event under clause (ii)
of the preceding sentence shall be adjusted by multiplying such amount by a
fraction the numerator of which is the number of shares of Common Stock
outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such
event.

         (b) Dividends shall begin to accrue and be cumulative on outstanding
shares of Cumulative Redeemable Preferred Stock from the Quarterly Dividend
Payment Date next preceding the date of issue of such shares of Cumulative
Redeemable Preferred Stock, unless the date of issue of such shares is prior to
the record date for the first Quarterly Dividend Payment Date, in which case
dividends on such shares shall begin to accrue from the date of issue of such
shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a
date after the record date for the determination of holders of shares of
Cumulative Redeemable Preferred Stock entitled to receive a quarterly dividend
and before such Quarterly Dividend Payment Date, in either of which events such
dividends shall begin to accrue and be cumulative from such Quarterly Dividend
Payment Date. Accrued but unpaid dividends shall not bear interest. No dividends
shall be paid upon or declared and set apart for any Cumulative Redeemable
Preferred Stock for any dividend period unless at the same time a dividend for
the same dividend period, ratably in proportion to the respective annual
dividend rates fixed therefor, shall be paid upon or declared and set apart for
all Serial Preferred Stock of all series then outstanding and entitled to
receive such dividend. The Board of Directors may fix a record date for the
determination of holders of Cumulative Redeemable Preferred Stock entitled to
receive payment of a dividend or distribution declared thereon, which record
date shall be no more than 40 days prior to the date fixed for the payment
thereof.

         Section 4. Subject to the provisions of Section 6(b)(iii) of Division A
and in accordance with Section 4 of Division A, shares of the Cumulative
Redeemable Preferred Stock shall be redeemable from time to time at the option
of the Board of Directors of the Company, as a whole or in part, at any time at
a redemption price per share equal to one hundred times the then applicable
Purchase Price as defined in that certain Rights Agreement, dated as of April
23, 1997 between the Company and KeyBank National Association (the "Rights
Agreement"), as the same may be from time to time amended in accordance with its
terms, which Purchase Price is $110 as of April 23, 1997, subject to adjustment
from time to time as provided in the Rights Agreement. Copies of the Rights
Agreement are available from the Company upon request. In case less than all of
the outstanding shares of Cumulative Redeemable Preferred Stock are to be
redeemed, the Company shall select by lot the shares so to be redeemed in such
manner as shall be prescribed by its Board of Directors.

         Section 5. (a) In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Company
(hereinafter referred to as a "Liquidation"), no distribution shall be made to
the holders of shares of stock ranking junior (either as to dividends or upon
Liquidation) to the Cumulative Redeemable Preferred Stock, unless, prior
thereto, the holders of shares of Cumulative Redeemable Preferred Stock shall
have received at least an amount per share equal to one hundred times the then
applicable Purchase Price as defined in the Rights Agreement, as the same may be
from time to time amended in accordance with its terms (which Purchase Price is
$110 as of April 23, 1997), subject to adjustment from time to time as provided
in the Rights Agreement, plus an amount equal to accrued and unpaid dividends
and distributions thereon, whether or not earned or declared, to the date of
such payment, provided that the holders of shares of Cumulative Redeemable

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Preferred Stock shall be entitled to receive at least an aggregate amount per
share, subject to the provision for adjustment hereinafter set forth, equal to
100 times the aggregate amount to be distributed per share to holders of Common
Stock (the "Cumulative Redeemable Preferred Stock Liquidation Preference").

         (b) In the event, however, that the net assets of the Company are not
sufficient to pay in full the amount of the Cumulative Redeemable Preferred
Stock Liquidation Preference and the liquidation preferences of all other series
of Serial Preferred Stock, if any, which rank on a parity with the Cumulative
Redeemable Preferred Stock as to distribution of assets in Liquidation, all
shares of this Series and of such other series of Serial Preferred Stock shall
share ratably in the distribution of assets (or proceeds thereof) in Liquidation
in proportion to the full amounts to which they are respectively entitled.

         (c) In the event the Company shall at any time declare or pay any
dividend on the Common Stock payable in Common Stock, or effect a subdivision or
combination or consolidation of the outstanding Common Stock (by
reclassification or otherwise than by payment of a dividend in Common Stock)
into a greater or lesser number of shares of Common Stock, then in each such
case the amount to which holders of Cumulative Redeemable Preferred Stock were
entitled immediately prior to such event pursuant to the proviso set forth in
paragraph 5(a) above, shall be adjusted by multiplying such amount by a fraction
the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

         (d) The merger or consolidation of the Company into or with any other
corporation, or the merger of any other corporation into it, or the sale, lease
or conveyance of all or substantially all the property or business of the
Company, shall not be deemed to be a Liquidation for the purposes of this
Section 5.

         Section 6.  The Cumulative Redeemable Preferred Stock shall not be
convertible into Common Stock.

                                  DIVISION A-2

                CONVERTIBLE PARTICIPATING SERIAL PREFERRED STOCK

         Section 1. DEFINITIONS. For purposes of this Division A-2, the
following terms shall have the meanings described:

         "Acquisition Debt" is equal to Two Hundred Fifty Million Dollars
($250,000,000). Upon payment in full of the Purchase Money Note, the Acquisition
Debt shall be zero.

         "Adjusted Common Stock Value" means 250,000 shares, multiplied by One
Thousand Dollars ($1,000), divided by the Common Stock Price on the Original
Issue Date, multiplied by the Common Stock Price (but never less than the Floor
Price nor greater than the Cap Amount).

         "Base Value" shall, as of any specified date, be equal to the greater
of (a) 35% of the cumulative amount of principal paid or forgiven on the
Purchase Money Note, or (b) Fifty Million Dollars ($50,000,000).

         "Business Day" means any day other than a Saturday, Sunday or a day on
which banking institutions are authorized or obligated by law or executive order
to close in New York City.

         "Cap Amount" shall be (a) 150% of the Floor Price during the first five
years following the Original Issue Date, and (b) 175% of the Floor Price at any
time after the fifth anniversary date of the Original Issue Date.

         "Closing Price" of any security on any date means the closing sale
price (or, if no closing sale price is reported, the last reported sale price)
of such security on the NYSE on such date, as reported in the NYSE Composite
Transaction Reporting System, or, if such security is not listed for trading on
the NYSE on that date, as reported in the composite transactions reporting
system for the principal United States securities exchange on which such
security is so listed, or, if such security is not so listed,

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as reported on the National Association of Securities Dealers, Inc. Automated
Quotation System, or, if not so reported, the last quoted bid price for such
security in the over-the-counter market as reported by the National Quotation
Bureau or similar organization, or, if such bid price is not available, the
market value of such security on such date as determined by a nationally
recognized independent investment banking firm retained for the purpose.

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Common Stock" means the common stock, $1.00 par value per share, of
the Company.

         "Common Stock Price" means, on any specified date, the Closing Price of
Common Stock on the last Trading Day before such date. The Common Stock Price
shall be appropriately adjusted to take into account any dividends or
distributions payable in Common Stock, or any reclassification, subdivision or
combination of, or similar transaction involving, Common Stock.

         "Conversion Amount Per Share" is equal to the Convertible Participating
Preferred Stock Value Per Share.

         "Conversion Date" means the date specified in Section 6(c)(i) of this
Division A-2.

         "Conversion Notice" means a notice described in Section 6(c)(i) of this
Division A-2.

         "Convertible Participating Preferred Stock" has the meaning set forth
in Section 2 of this Division A-2.

         "Convertible Participating Preferred Stock Liquidation Preference" has
the meaning set forth in Section 8(a) of this Division A-2.

         "Convertible Participating Preferred Stock Value Per Share" is equal to
a fraction. The numerator is the sum of (a) the Adjusted Common Stock Value plus
(b) the Base Value less (c) the Acquisition Debt. The denominator is 250,000
shares. If the Convertible Participating Preferred Stock Value Per Share is
being calculated on a date on which principal is being paid on the Purchase
Money Note, the Base Value shall be calculated including the principal payment
made on that date.

         "ESOP" means the employee stock ownership plan feature of the Plan and
any other employee stock ownership plan and trust that is designated by the
Company and that assumes or becomes a transferee or a successor by merger,
spin-off or split-up, of any of the assets and liabilities of such employee
stock ownership plan feature.

         "ESOP Loan Suspense Account" means a suspense account maintained by the
ESOP pursuant to Treasury Regulation Section 54.4975-11(c) (1979).

         "Floor Price" means the Common Stock Price on the Original Issue Date.

         "Liquidation" has the meaning set forth in Section 8(a) of this
Division A-2.

         "Original Issue Date" means the date of original issuance of the
Convertible Participating Preferred Stock.

         "Per-Share Redemption Amount" means, as of any specified date, the
Conversion Amount Per Share.

         "Plan" means The Sherwin-Williams Company Employee Stock Purchase and
Savings Plan, and any other plan and trust qualified under Code Section 401(a)
that is designated by the Company and that assumes or becomes a transferee or a
successor by merger, spin-off or split-up, of substantially all of the assets
and liabilities of such plan.

                                       8
<PAGE>   10

         "Purchase Money Note" means the purchase money note, in the principal
amount of Two Hundred Fifty Million Dollars ($250,000,000), made in favor of the
Company by The Sherwin-Williams Company Employee Stock Purchase and Savings Plan
to acquire the Convertible Participating Preferred Stock.

         "Redemption Date" means the Business Day that is the effective date of
a redemption pursuant to Section 7(b) of this Division A-2.

         "Redemption Notice" means the notice described in Section 7(b) of this
Division A-2.

         "Redemption Price" means the sum of: (a) the product of (i) the number
of whole and fractional shares of Convertible Participating Preferred Stock
redeemed, multiplied by (ii) the Per-Share Redemption Amount; plus (b) any
accumulated and unpaid dividends on the shares of Convertible Participating
Preferred Stock.

         "Series" has the meaning set forth in Section 2 of this Division A-2.

         "Trading Day" means, with respect to any security, (a) if the principal
trading market for the applicable security is the NYSE or another national
securities exchange, a day on which the NYSE or such other national securities
exchange is open for business, (b) if the principal trading market for the
applicable security is the Nasdaq, a day on which a trade may be made on the
Nasdaq National Market, or (c) if the applicable security is not listed,
admitted for trading or quoted as provided in clause (a) or (b), any Business
Day. Any day for which there is no reported sales of Common Stock on the
applicable exchange or market shall not be treated as a Trading Day.

         Section 2. DESIGNATION OF SERIES. There is established hereby a series
of Serial Preferred Stock that shall be designated "Convertible Participating
Serial Preferred Stock" (hereinafter sometimes called this "Series" or the
"Convertible Participating Preferred Stock") and that shall have the terms set
forth in this Division A-2.

         Section 3. NUMBER OF SHARES. The number of shares of this Series shall
be 1,000,000.

         Section 4. ISSUANCE AND TRANSFER RESTRICTIONS. Shares of Convertible
Participating Preferred Stock shall be issued and sold by the Company to the
Plan to be held in the ESOP Loan Suspense Account. Shares of Convertible
Participating Preferred Stock shall be uncertificated shares. Transfers of
shares of Convertible Participating Preferred Stock may only be effected by
applicable entry or entries in the stock transfer books of the Company. Shares
of Convertible Participating Preferred Stock are prohibited from being
transferred out of the ESOP Loan Suspense Account until such time as such shares
are converted into shares of Common Stock in accordance with Section 6 of this
Division A-2 or redeemed by the Company in accordance with Section 7 of this
Division A-2. The transfer restrictions set forth in the preceding sentence
shall not apply to any shares of Common Stock resulting from a conversion of the
Convertible Participating Preferred Stock.

         Section 5. DIVIDENDS. The holders of record of shares of Convertible
Participating Preferred Stock shall be entitled to receive, when and as declared
by the Board of Directors in accordance with the terms hereof, out of funds
legally available for such purpose, cumulative quarterly dividends payable in
cash on the last day of March, June, September and December in each year (each
such date being referred to herein as a "Quarterly Dividend Payment Date"),
commencing on the first Quarterly Dividend Payment Date after the first issuance
of a share of Convertible Participating Preferred Stock or fraction of a share
of Convertible Participating Preferred Stock, in an amount per share equal to
$10.00 per share. Dividends shall begin to accrue and be cumulative on
outstanding shares of Convertible Participating Preferred Stock from the date of
issue of such shares. Accrued but unpaid dividends shall not bear interest. No
dividends shall be paid upon or declared and set apart for any Convertible
Participating Preferred Stock for any dividend period unless at the same time a
dividend for the same dividend period, ratably in proportion to the respective
annual dividend rates fixed therefor, shall be paid upon or declared and set
apart for all Serial Preferred Stock of all series then outstanding and entitled
to receive such dividend. The Board of Directors may fix a record date for the
determination of holders of Convertible Participating Preferred Stock entitled
to receive payment of a dividend or distribution declared thereon, which record
date shall be no more than 40 days prior to the date fixed for the payment
thereof.

                                       9
<PAGE>   11

         Section 6. CONVERSION. (a) CONVERSION RIGHT. All or any portion of the
outstanding shares of Convertible Participating Preferred Stock held in the ESOP
Loan Suspense Account shall be convertible, at the option of the Plan, at any
time and from time to time, and without the payment of additional consideration
by the Plan, into such number of shares of Common Stock as is determined under
the following conversion formula. Each share of Convertible Participating
Preferred Stock will be converted into a number of shares of Common Stock equal
to (i) the Conversion Amount Per Share divided by (ii) the Common Stock Price.

         (b) ALTERNATIVE CONVERSION RIGHT. All, but not less than all, of the
outstanding shares of Convertible Participating Preferred Stock held in the ESOP
Loan Suspense Account shall be convertible, at the option of the Plan, at any
time and from time to time, and without payment of additional consideration by
the Plan, into such number of shares of Common Stock as is determined under the
following conversion formula. Each share of Convertible Participating Preferred
Stock will be converted into a number of shares of Common Stock equal to (i) the
Adjusted Common Stock Value divided by (ii) 250,000 shares divided by (iii) the
Common Stock Price. In the event the Convertible Participating Preferred Stock
are converted pursuant to the Alternative Conversion Right set forth in this
Section 6(b), the entire unpaid principal balance and any and all interest
accrued on such unpaid principal balance owing under the Purchase Money Note
shall immediately become due and payable.

         (c)  CONVERSION PROCEDURES.

                  (i) In order to convert shares of Convertible Participating
Preferred Stock into shares of Common Stock pursuant to this Section 6, the Plan
shall deliver to the Company at its principal executive offices or another place
designated by the Company in a written notice sent to the Plan, a Conversion
Notice, in form satisfactory to the Company, duly executed by the Plan. Each
Conversion Notice shall specify (1) the number of shares of Convertible
Participating Preferred Stock to be converted and (2) whether the Convertible
Participating Preferred Stock are being converted pursuant to the Conversion
Right set forth in Section 6(a) of this Division A-2 or the Alternative
Conversion Right set forth in Section 6(b) of this Division A-2. In the event
shares of the Convertible Participating Preferred Stock are converted pursuant
to this Section 6, the Company shall deliver Common Stock which is readily
tradable on an established securities market (A) as soon as practicable after
receipt of the Conversion Notice, if such Conversion Notice is received prior to
the effectiveness of any registration statement filed with the Securities and
Exchange Commission regarding the registration of such Common Stock, or (B) as
soon as reasonably practicable, but not later than five (5) Business Days, after
receipt of the Conversion Notice, if such Conversion Notice is received after
the effectiveness of any registration statement filed with the Securities and
Exchange Commission regarding the registration of such Common Stock. Any
conversion pursuant to this Section 6 shall be deemed to have been effected at
the close of business on the Business Day on which the Conversion Notice has
been received by the Company (a "Conversion Date").

                  (ii) The Company shall, as soon as practicable after the
Conversion Date, cause to be issued and delivered to the person specified in the
Conversion Notice a certificate or certificates evidencing the number of full
shares of Common Stock to which such person shall be entitled, together with a
cash payment in respect of any fractional shares of Common Stock otherwise
issuable. The person or persons entitled to receive the shares of Common Stock
deliverable upon conversion of such shares of Convertible Participating
Preferred Stock shall be treated for all purposes as the record holder or
holders of such shares of Common Stock on the relevant Conversion Date, unless
the stock transfer books of the Company shall be closed on such Conversion Date,
in which event such person or persons shall be deemed to have become such holder
or holders of record at the close of business on the next succeeding day on
which such stock transfer books are open.

         (d) FRACTIONAL SHARES. No fractional shares or scrip representing
fractional shares of Common Stock shall be issued upon conversion of any shares
of Convertible Participating Preferred Stock. If more than one share of
Convertible Participating Preferred Stock shall be surrendered for conversion at
one time by the same record holder, the number of full shares of Common Stock
issuable upon conversion thereof shall be computed on the basis of the aggregate
number of shares of Convertible Participating Preferred Stock which are
converted. In lieu of any fractional share of Common Stock that would otherwise
be issuable upon conversion of any shares of Convertible Participating Preferred
Stock, the Company shall pay a cash adjustment in respect of such fractional
share in lieu thereof, calculated to the nearer cent, with one-half cent or more
rounded upward.

                                       10
<PAGE>   12

         (e) RESERVATION AND AUTHORIZATION OF SHARES. The Company shall at all
times when the Convertible Participating Preferred Stock shall be outstanding,
reserve and keep available out of its authorized but unissued Common Stock, for
the purpose of effecting the conversion of the Convertible Participating
Preferred Stock, such number of its duly authorized shares of Common Stock as
shall from time to time be sufficient to effect the conversion of all
outstanding shares of Convertible Participating Preferred Stock.

         (f) CONVERTED SHARES. After the Conversion Date with respect to any
shares of Convertible Participating Preferred Stock, such shares shall no longer
be deemed to be outstanding and all rights with respect to such shares,
including but not limited to the rights, if any, to receive notices or
distributions and to vote, shall immediately cease and terminate on the
Conversion Date, except only the right of the holders thereof to receive shares
of Common Stock (and cash in lieu of fractional shares) in exchange therefor.

         Section 7. REDEMPTION. (a) SHARES RELEASED FROM THE ESOP LOAN SUSPENSE
ACCOUNT. The Plan may, at the option of the Plan, elect to have the Company
redeem any or all shares or fractions of a share of Convertible Participating
Preferred Stock when and as they are released from the ESOP Loan Suspense
Account as provided in Treasury Regulation Section 54.4975-11(c). The amount
paid by the Company for shares so redeemed shall be equal to the Redemption
Price.

         (b) NOTICE OF REDEMPTION. In the event of a redemption pursuant to
Section 7(a) of this Division A-2, the Plan shall give notice (a "Redemption
Notice") to the Company. Each Redemption Notice shall specify (i) the Redemption
Date, (ii) the number of shares of Convertible Participating Preferred Stock to
be redeemed or the aggregate Redemption Price for all shares of Convertible
Participating Preferred Stock to be redeemed as of the applicable Redemption
Date, (iii) the place or places for payment of the Redemption Price, (iv) that
payment will be made upon surrender of shares of Convertible Participating
Preferred Stock, and (v) that the right of holders to convert shares of
Convertible Participating Preferred Stock shall terminate at the close of
business on the Redemption Date (unless the Company defaults in the payment of
the Redemption Price). The Redemption Date may be the date the Redemption Notice
is given.

         (c) REDEMPTION PROCEDURES. On the Redemption Date, the Plan shall
surrender the shares of Convertible Participating Preferred Stock to the Company
and shall thereupon be entitled to receive payment of the applicable Redemption
Price for each such share. If a Redemption Notice shall have been given, as
aforesaid, and if, on the Redemption Date, assets necessary for the redemption
shall be legally available therefor and shall have been irrevocably deposited,
set aside for or paid (including, payment in the form of debt forgiveness) to
the Plan, then, notwithstanding that the redeemed shares of Convertible
Participating Preferred Stock shall not have been surrendered, (i) such shares
shall no longer be deemed outstanding, (ii) the Plan shall cease to be a
stockholder of the Company to the extent of its interest in such shares, and
(iii) all rights whatsoever with respect to such shares of Convertible
Participating Preferred Stock shall terminate, except the right to receive the
Redemption Price for each such share, without interest or any sum of money in
lieu of interest thereon. Redemptions of Convertible Participating Preferred
Stock shall be effected as of the close of business on the Redemption Date
before effecting any conversion for which the Conversion Date corresponds with
the Redemption Date.

         (d) NO SINKING FUND. The shares of Convertible Participating Preferred
Stock shall not be subject to the operation of any retirement or sinking fund.

         (e) REDEEMED SHARES. After the Redemption Date with respect to any
shares of Convertible Participating Preferred Stock, such shares shall no longer
be deemed to be outstanding and all rights with respect to such shares,
including but not limited to the rights, if any, to receive notices or
distributions and to vote, shall immediately cease and terminate on the
Redemption Date, except only the right of the holders thereof to receive the
Redemption Price therefor, without interest or any sum of money in lieu of
interest thereon. Any shares of Convertible Participating Preferred Stock
redeemed pursuant to this Section 7 shall be retired and canceled after the
acquisition thereof. All such shares shall upon their cancellation become
authorized but unissued shares of Serial Preferred Stock and may be reissued as
part of a new series of Serial Preferred Stock to be created by resolution or
resolutions of the Board of Directors, subject to the conditions and
restrictions set forth herein.

                                       11
<PAGE>   13

         (f) PAYMENT OF REDEMPTION PRICE. The Company, at its option, may make
payment of the Redemption Price (i) in cash, (ii) in shares of Common Stock
which are readily tradeable on an established securities market, or (iii) in any
combination of any of the foregoing. For purposes of determining the number of
shares of Common Stock to be delivered by the Company in satisfaction, in whole
or in part, of any Redemption Price, shares of Common Stock shall be valued at
the Common Stock Price as of the Redemption Date.

         Section 8. LIQUIDATION. (a) In the event of any voluntary or
involuntary liquidation, dissolution or winding up of the affairs of the Company
(hereinafter referred to as a "Liquidation"), no distribution shall be made to
the holders of shares of stock ranking junior (either as to dividends or upon
Liquidation) to the Convertible Participating Preferred Stock, unless, prior
thereto, the holders of shares of Convertible Participating Preferred Stock
shall have received at least an amount per share equal to $1,000, plus an amount
equal to accrued and unpaid dividends thereon, whether or not earned or
declared, to the date of such payment (the "Convertible Participating Preferred
Stock Liquidation Preference").

         (b) In the event, however, that the net assets of the Company are not
sufficient to pay in full the amount of the Convertible Participating Preferred
Stock Liquidation Preference and the liquidation preferences of all other series
of Serial Preferred Stock, if any, which rank on a parity with the Convertible
Participating Preferred Stock as to distribution of assets in Liquidation, all
shares of this Series and of such other series of Serial Preferred Stock shall
share ratably in the distribution of assets (or proceeds thereof) in Liquidation
in proportion to the full amounts to which they are respectively entitled.

         (c) The merger or consolidation of the Company into or with any other
Company, or the merger of any other corporation into it, or the sale, lease or
conveyance of all or substantially all the property or business of the Company,
shall not be deemed to be a Liquidation for the purposes of this Section 8.

                                   DIVISION B

                        EXPRESS TERMS OF THE COMMON STOCK

         The Common Stock shall be subject to the express terms of the Serial
Preferred Stock and any series thereof. Each share of Common Stock shall be
equal to every other share of Common Stock. The holders of shares of Common
Stock shall be entitled to one vote for each share of such stock upon all
matters presented to the shareholders. The holders of shares of Common Stock
shall have no preemptive rights to purchase or have offered to them for purchase
any shares of Common Stock which at any time shall be required for issuance in
fulfillment of the provisions of any series of the Company's Serial Preferred
Stock.

         FIFTH: No holders of any class of shares of the Company shall have any
preemptive right to purchase or have offered to them for purchase any shares or
other securities of the Company, whether now or hereafter authorized.

         SIXTH: (A) Notwithstanding any provision of the Ohio Revised Code now
or hereafter in force requiring for any purpose the vote, consent, waiver or
release of the holders of shares entitling them to exercise two-thirds, or any
other proportion, of the voting power of the Company or of any class or classes
of shares thereof, such action, unless otherwise expressly required by statute
or by the Articles of the Company, may be taken by the vote, consent, waiver or
release of the holders of shares entitling them to exercise a majority of the
voting power of the Company or of such class or classes.

         (B) The affirmative vote (i) of the holders of shares entitling them to
exercise two-thirds of the voting power of the Company, and (ii) of the holders
of two-thirds of the shares of Common Stock at the time outstanding, given in
person or by proxy at a meeting called for the purpose at which the holders of
Common Stock shall vote separately as a class, shall be necessary:

                  (a) to approve (i) the sale, exchange, lease, transfer or
         other disposition by the Company of all, or substantially all, of its
         assets or business to a related corporation or an affiliate of a
         related corporation, or (ii) the

                                       12
<PAGE>   14

         consolidation of the Company with or its merger into a related
         corporation or an affiliate of a related corporation, or (iii) the
         merger into the Company of a related corporation or an affiliate of a
         related corporation, or (iv) a combination or majority share
         acquisition in which the Company is the acquiring corporation and its
         voting shares are issued or transferred to a related corporation or an
         affiliate of a related corporation or to shareholders of a related
         corporation or an affiliate of a related corporation; or

                  (b) to approve any agreement, contract or other arrangement
         with a related corporation providing for any of the transactions
         described in subparagraph (a) above; or

                  (c) to effect any amendment of the Articles of the Company
         which changes the provisions of this Paragraph (B).

For the purpose of this Paragraph (B), (i) a "related corporation" in respect of
a given transaction shall be any corporation which, together with its affiliates
and associated persons, owns of record or beneficially, directly or indirectly,
more than 5% of the shares of any outstanding class of stock of the Company
entitled to vote upon such transaction, as of the record date used to determine
the shareholders of the Company entitled to vote upon such transaction; (ii) an
"affiliate" of a related corporation shall be any individual, joint venture,
trust, partnership or corporation which, directly or indirectly through one or
more intermediaries, controls, or is controlled by, or is under common control
with, the related corporation; (iii) an "associated person" of a related
corporation shall be any officer or director or any beneficial owner, directly
or indirectly, of 10% or more of any class of equity security, of such related
corporation or any of its affiliates; (iv) the terms "combination", "majority
share acquisition" and "acquiring corporation" shall have the same meaning as
that contained in Section 1701.01 of the Ohio General Corporation Law or any
similar provision hereafter enacted.

         The determination of the Board of Directors of the Company, based on
information known to the Board of Directors and made in good faith, shall be
conclusive as to whether any corporation is a related corporation as defined in
this Paragraph (B).

         SEVENTH: The Company may from time to time, pursuant to authorization
by the Board of Directors and without action by the shareholders, purchase or
otherwise acquire shares of the Company of any class or classes in such manner,
upon such terms and in such amounts as the Board of Directors shall determine;
subject, however, to such limitation or restriction, if any, as is contained in
the express terms of any class of shares of the Company outstanding at the time
of the purchase or acquisition in question.

         EIGHTH:  No shareholder of the Company may cumulate his voting power.

         NINTH: These Amended and Restated Articles of Incorporation shall
supersede and take the place of the heretofore existing Articles of
Incorporation of the Company and all amendments thereto.

                                       13<PAGE>   1
                                                                     EXHIBIT 4.4

                            STOCK PURCHASE AGREEMENT

         This Stock Purchase Agreement (this "Agreement") is made and entered
into as of the 18th day of April, 2001, by and between The Sherwin-Williams
Company, an Ohio corporation (the "Corporation"), and The Sherwin-Williams
Company Employee Stock Purchase and Savings Plan (the "Buyer"), acting by and
through HSBC Bank USA (the "Trustee"), not in its individual capacity (except as
expressly specified in Sections 5, 10 and 15 hereof), but solely in its capacity
as a trustee of the employee stock ownership plan feature of the Buyer.

                                    RECITALS:

         A. The Corporation desires to issue an aggregate of 250,000 shares of
Convertible Participating Serial Preferred Stock, without par value (the "ESOP
Shares"), to the Buyer pursuant to the terms and conditions of this Agreement.

         B. The Buyer desires to purchase the ESOP Shares from the Corporation
subject to the terms and conditions of this Agreement.

         NOW, THEREFORE, in consideration of the representations, warranties,
agreements, recitals and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

         1. DEFINITIONS. For purposes of this Agreement, the following terms
shall have the meanings described:

         "1933 Act" means the Securities Act of 1933, as amended.

         "1934 Act" means the Securities Exchange Act of 1934, as amended.

         "Acquisition Debt" is initially equal to Two Hundred Fifty Million
Dollars ($250,000,000). Upon payment in full of the Purchase Money Note, the
Acquisition Debt shall be zero.

         "Adjusted Common Stock Value" means 250,000 shares, multiplied by One
Thousand Dollars ($1,000), divided by the Common Stock Price on the Original
Issue Date, multiplied by the Common Stock Price (but never less than the Floor
Price nor greater than the Cap Amount).

         "Agreement" has the meaning set forth in the first paragraph hereof.

         "Articles of Incorporation" means the Corporation's Amended Articles of
Incorporation, as the same may be amended from time to time.

<PAGE>   2

         "Base Value" shall, as of any specified date, be equal to the greater
of (a) 35% of the cumulative amount of principal paid or forgiven on the
Purchase Money Note, or (b) Fifty Million Dollars ($50,000,000).

         "Business Day" means any day other than a Saturday, Sunday or a day on
which banking institutions are authorized or obligated by law or executive order
to close in New York City.

         "Buyer" has the meaning set forth in the first paragraph hereof.

         "Cap Amount" shall be (a) 150% of the Floor Price during the first five
years following the Original Issue Date, and (b) 175% of the Floor Price at any
time after the fifth anniversary date of the Original Issue Date.

         "Closing" has the meaning set forth in Section 2(c).

         "Closing Date" has the meaning set forth in Section 2(c).

         "Closing Price" of any security on any date means the closing sale
price (or, if no closing sale price is reported, the last reported sale price)
of such security on the NYSE on such date, as reported in the NYSE Composite
Transaction Reporting System, or, if such security is not listed for trading on
the NYSE on that date, as reported in the composite transactions reporting
system for the principal United States securities exchange on which such
security is so listed, or, if such security is not so listed, as reported on the
National Association of Securities Dealers, Inc. Automated Quotation System, or,
if not so reported, the last quoted bid price for such security in the
over-the-counter market as reported by the National Quotation Bureau or similar
organization, or, if such bid price is not available, the market value of such
security on such date as determined by a nationally recognized independent
investment banking firm retained for the purpose.

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Commission" means the Securities and Exchange Commission promulgated
under the 1933 Act.

         "Common Stock" means the common stock, $1.00 par value per share, of
the Corporation.

         "Common Stock Price" means, on any specified date, the Closing Price of
Common Stock on the last Trading Day before such date. The Common Stock Price
shall be appropriately adjusted to take into account any dividends or
distributions payable in Common Stock, or any reclassification, subdivision or
combination of, or similar transaction involving, Common Stock.

         "Conversion Amount Per Share" is equal to the ESOP Shares Value Per
Share.

         "Conversion Date" means the date specified in Section 7(c)(i).

         "Conversion Notice" means a notice described in Section 7(c)(i).

         "Corporation" has the meaning set forth in the first paragraph hereof.

                                        2
<PAGE>   3

         "Corporation Reports" has the meaning set forth in Section 3(f).

         "Determination Date" means (a) when used with respect to any dividend
or other distribution, the date fixed for the determination of the holders of
the securities entitled to receive such dividend or distribution, or, if a
dividend or distribution is paid or made without fixing such a date, the date of
such dividend or distribution and (b) when used with respect to any subdivision,
combination or reclassification of securities, the date upon which such
subdivision, combination or reclassification becomes effective.

         "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

         "ESOP" means the employee stock ownership plan feature of the Plan and
any other employee stock ownership plan and trust that is designated by the
Corporation and that assumes or becomes a transferee or a successor by merger,
spin-off or split-up, of any of the assets and liabilities of such employee
stock ownership plan feature.

         "ESOP Loan Suspense Account" means a suspense account maintained by the
ESOP pursuant to Treasury Regulation Section 54.4975-11(c) (1979).

         "ESOP Shares" has the meaning set forth in the Recitals.

         "ESOP Shares Value Per Share" is equal to a fraction. The numerator is
the sum of (a) the Adjusted Common Stock Value plus (b) the Base Value less (c)
the Acquisition Debt. The denominator is 250,000 shares. If the ESOP Shares
Value Per Share is being calculated on a date on which principal is being paid
on the Purchase Money Note, the Base Value shall be calculated including the
principal payment made on that date.

         "Floor Price" means the Common Stock Price on the Original Issue Date.

         "Material Adverse Effect" means a material adverse effect on the
financial condition or results of operation of the Corporation and its
Subsidiaries taken as a whole.

         "Number of Unallocated ESOP Shares" means the number of shares of ESOP
Shares held in the ESOP Loan Suspense Account as of the given date.

         "NYSE" means the New York Stock Exchange.

         "Original Issue Date" means the date of original issuance of the ESOP
Shares.

         "Per-Share Redemption Amount" means, as of any specified date, the
Conversion Amount Per Share.

         "Plan" means The Sherwin-Williams Company Employee Stock Purchase and
Savings Plan, and any other plan and trust qualified under Code Section 401(a)
that is designated by the Corporation and that assumes or becomes a transferee
or a successor by merger, spin-off or split-up, of substantially all of the
assets and liabilities of such plan.

                                       3
<PAGE>   4

         "Purchase Money Loan Agreement" means the loan agreement between the
Corporation and the Trust, acting by and through the Trustee, in the form
attached hereto as Exhibit A.

         "Purchase Money Note" means the purchase money note issued on the
Closing Date, in the principal amount of Two Hundred Fifty Million Dollars
($250,000,000), made in favor of the Corporation pursuant to the Purchase Money
Loan Agreement.

         "Purchase Money Pledge Agreement" means the pledge agreement between
the Corporation and the Trust, acting by and through the Trustee, entered into
on the Closing Date to secure the obligations of the Trust under the Purchase
Money Loan Agreement and the Purchase Money Note.

         "Redemption Date" means the Business Day that is the effective date of
a redemption pursuant to Section 8.

         "Redemption Notice" means the notice described in Section 8(b).

         "Redemption Price" means the sum of: (a) the product of (i) the number
of whole and fractional shares of ESOP Shares redeemed, multiplied by (ii) the
Per-Share Redemption Amount; plus (b) any accumulated and unpaid dividends on
the shares of ESOP Shares.

         "Related Agreements" mean the Purchase Money Loan Agreement, the
Purchase Money Note and the Purchase Money Pledge Agreement.

         "Subsidiary" or "Subsidiaries" means a consolidated subsidiary of the
Corporation that falls within the meaning of Rule 405 of the rules and
regulations of the Commission promulgated under the 1933 Act.

         "Trading Day" means, with respect to any security, (a) if the principal
trading market for the applicable security is the NYSE or another national
securities exchange, a day on which the NYSE or such other national securities
exchange is open for business, (b) if the principal trading market for the
applicable security is the Nasdaq, a day on which a trade may be made on the
Nasdaq National Market, or (c) if the applicable security is not listed,
admitted for trading or quoted as provided in clause (a) or (b), any Business
Day. Any day for which there is no reported sales of Common Stock on the
applicable exchange or market shall not be treated as a Trading Day.

         "Trustee" has the meaning set forth in the first paragraph hereof.

         2. CLOSING.

         (a) PURCHASE AND SALE OF ESOP SHARES. Subject to the terms and
conditions of this Agreement, the Corporation shall sell to the Buyer, and the
Buyer shall purchase from the Corporation, 250,000 shares of ESOP Shares, at an
issue price of One Thousand Dollars ($1,000) per share, for an aggregate price
of Two Hundred Fifty Million Dollars ($250,000,000).

         (b) FINANCING ARRANGEMENTS. The Corporation hereby agrees to lend to
the Buyer, and the Buyer hereby agrees to borrow from the Corporation, Two
Hundred Fifty Million Dollars ($250,000,000) upon the terms and conditions set
forth in the Purchase Money Loan Agreement.

                                       4
<PAGE>   5

         (c) THE CLOSING. The transactions contemplated by this Agreement (the
"Closing") shall take place at the offices of the Corporation at 101 Prospect
Avenue, N.W., Cleveland, Ohio on April 18, 2001, or at such other place or date
as the parties may mutually agree (the "Closing Date").

         3. REPRESENTATIONS AND WARRANTIES OF CORPORATION. As of the Closing
Date, the Corporation hereby represents and warrants to the Buyer as follows:

         (a) THE CORPORATION AND ITS SUBSIDIARIES. The Corporation and each of
its Subsidiaries have been duly organized and are validly existing as
corporations (or limited liability companies) in good standing under the laws of
their respective jurisdictions of incorporation, are duly qualified to do
business and are in good standing as foreign corporations (or limited liability
companies) in each jurisdiction in which the conduct of their respective
businesses requires such qualification and in which the failure to so qualify
would have a Material Adverse Effect, and have all power and authority necessary
to conduct the businesses in which they are engaged.

         (b) AUTHORIZATION AND EFFECT. This Agreement has been duly authorized,
executed and delivered by the Corporation and (assuming the due execution and
delivery thereof by the Buyer) constitutes the valid and legally binding
obligation of the Corporation, enforceable in accordance with its terms, subject
to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors' rights
generally, general equitable principles (whether considered in a proceeding in
equity or at law) and an implied covenant of good faith and fair dealing.

         (c) NO CONFLICTS. The execution, delivery and performance of this
Agreement by the Corporation and the consummation of the transactions
contemplated by this Agreement (i) will not conflict with or result in a breach
or violation of any of the terms or provisions of, or constitute a default
under, any indenture, mortgage, deed of trust, loan agreement or other material
agreement or material instrument to which the Corporation or any of its
Subsidiaries is a party or by which the Corporation or any of its Subsidiaries
is bound, (ii) will not result in any violation of any statute or any order,
rule or regulation of any court or governmental agency or body having
jurisdiction over the Corporation or any of its Subsidiaries, except for such
violations that would not result in a Material Adverse Effect, and (iii) will
not result in any violation of the provisions of the charter or by-laws (or
other organizational documents) of the Corporation or any of its Subsidiaries.
Except as otherwise provided herein, no consent, approval, authorization or
order of, or filing or registration with, any governmental agency or body is
required for the execution, delivery and performance of this Agreement by the
Corporation and the consummation of the transactions contemplated hereby.

         (d) CAPITALIZATION. All of the issued shares of Common Stock have been
duly and validly authorized and issued and are fully paid and nonassessable. All
of the issued shares of capital stock of each subsidiary have been duly and
validly authorized and issued and are fully paid, nonassessable and are owned
directly or indirectly by the Corporation, free and clear of all liens,
encumbrances, equities or claims, except for any liens, encumbrances, equities
or claims that would not, in the aggregate, have a Material Averse Effect.

                                       5
<PAGE>   6

         (e) ESOP SHARES. The ESOP Shares have been duly authorized, and, upon
issuance and delivery against receipt by the Corporation of the Purchase Money
Note, will be validly issued and outstanding. The issuance and sale of the ESOP
Shares is not subject to any preemptive or other similar rights arising by
operation of law, under the charter or regulations of the Corporation, under any
agreement or instrument to which the Corporation or any of its subsidiaries is a
party or otherwise. The ESOP Shares constitute "employer securities" within the
meaning of Code Section 409(l) and "qualifying employer securities" within the
meaning of ERISA Section 407(d)(5).

         (f) CORPORATION REPORTS. Since January 1, 1999, the Corporation has
timely filed all reports, schedules, forms, statements and other documents
required to be filed by it with the Commission pursuant to the reporting
requirements of Section 13 of the 1934 Act, and the applicable rules and
regulations of the Commission thereunder. All of the foregoing reports filed
prior to the date hereof are hereinafter referred to as the "Corporation
Reports". As of their respective dates, the Corporation Reports complied in all
material respects with the requirements of the 1934 Act and the rules and
regulations of the Commission promulgated thereunder applicable to such
Corporation Reports.

         (g) FINANCIAL STATEMENTS. The financial statements (including the
related notes and supporting schedules) filed as part of the Corporation Reports
present fairly in all material respects the financial condition and results of
operations of the entities purported to be shown thereby, at the dates and for
the periods indicated, and (except to the extent, if any, otherwise disclosed
therein) have been prepared in conformity with generally accepted accounting
principles.

         (h) MATERIAL ADVERSE EFFECT. Except as otherwise disclosed in the
Corporation Reports, neither the Corporation nor any of its Subsidiaries has
sustained, since the date of the latest audited financial statements included in
the Corporation Reports, any loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from
any labor dispute or court or governmental action, order or decree, which has
had a Material Adverse Effect.

         (i) LITIGATION. Except as described in the Corporation Reports, to the
knowledge of the Corporation, there are no legal or governmental proceedings
pending to which the Corporation or any of its Subsidiaries is a party which
would have a Material Adverse Effect; and to the knowledge of the Corporation,
no such proceedings are threatened by governmental authorities or by others.

         (j) NO VIOLATION. Neither the Corporation nor any of its Subsidiaries
(i) is in violation of its charter or by-laws (or other organizational
documents), (ii) to the knowledge of the Corporation, is in default in any
material respect, and no event has occurred which, with notice or lapse of time
or both, would constitute such a default, in the due performance or observance
of any term, covenant or condition contained in any indenture, mortgage, deed of
trust, loan agreement or other material agreement or material instrument to
which it is a party or by which it is bound or (iii) to the knowledge of the
Corporation, is in violation of any law, ordinance, governmental rule,
regulation or court decree to which it may be subject or has failed to obtain
any license, permit, certificate, franchise or other governmental authorization
or permit necessary to the conduct of its business except, in the case of
clauses (ii) and (iii), for those defaults, violations or failures which, either
individually or in the aggregate, would not have a Material Adverse Effect.

                                       6
<PAGE>   7

         (k) THE BUYER. The Buyer has been duly organized and established by all
necessary corporate action on the part of the Corporation. The Buyer includes a
legal and valid employee stock ownership plan within the meaning of Code Section
4975(e)(7) and ERISA Section 407(d)(6), and constitutes a qualified trust under
Code Section 401(a) which is exempt from taxation under Code Section 501(a). The
Corporation has received a favorable determination letter, dated April 5, 2001,
from the Internal Revenue Service that confirms the status of the Buyer under
the Code.

         4. REPRESENTATIONS AND WARRANTIES OF THE BUYER. As of the Closing Date,
the Buyer hereby represents and warrants to the Corporation as follows:

         (a) POWER OF THE BUYER. The Buyer has the power, authority and legal
right to execute and deliver this Agreement and the other agreements and
instruments for which provision is made herein to be executed and delivered by
the Buyer and to perform its obligations under this Agreement and the other
agreements and instruments to which the Buyer will be a party.

         (b) AUTHORIZATION AND EFFECT. This Agreement has been duly authorized,
executed and delivered by the Buyer and (assuming the due execution and delivery
thereof by the Corporation) constitutes the valid and legally binding obligation
of the Buyer, enforceable in accordance with its terms, subject to the effects
of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors' rights generally, general
equitable principles (whether considered in a proceeding in equity or at law)
and an implied covenant of good faith and fair dealing.

         (c) NO CONFLICTS. The execution, delivery and performance of this
Agreement by the Buyer and the consummation of the transactions contemplated by
this Agreement (i) will not conflict with or result in a breach or violation of
any of the terms or provisions of, or constitute a default under, any indenture,
mortgage, deed of trust, loan agreement or other material agreement or material
instrument to which the Buyer is a party or by which the Buyer is bound, (ii)
will not result in any violation of any statute or any order, rule or regulation
of any court or governmental agency or body having jurisdiction over the Buyer
(other than with respect to any such violation related to the prohibited
transaction provisions of ERISA, for which the Corporation acknowledges and
agrees that Buyer shall make no representation or warranty hereunder related to
such prohibited transaction provisions), and (iii) will not result in any
violation of the provisions of the organizational documents of the Buyer.

         (d) BROKERS. The Buyer has not, directly or indirectly, in connection
with this Agreement or the transactions contemplated hereby (i) employed any
broker, finder or agent or (ii) agreed to pay or incurred any obligation to pay
any broker's or finder's fee, any commission or any other similar form of
compensation.

         (e) INVESTMENT INTENT. The Buyer acknowledges that it is aware that the
ESOP Shares have not been registered under the 1933 Act and that the Corporation
has no obligation to register or cause the registration of the sale of such
shares by the Buyer under the 1933 Act. Except as otherwise required by ERISA,
the Buyer is acquiring the ESOP Shares for investment and not with a view to, or
for sale in connection with, any distribution thereof.

                                       7
<PAGE>   8

         5. REPRESENTATIONS AND WARRANTIES OF THE TRUSTEE. As of the Closing
Date, the Trustee, in its individual capacity, hereby represents and warrants to
the Corporation and the Buyer as follows:

         (a) POWER OF THE TRUSTEE. The Trustee is duly organized and validly
existing as a corporation in good standing under the laws of its jurisdiction of
incorporation (or organization) and has full authority to act as trustee of the
employee stock ownership features of the Buyer and exercise trust powers under
the laws of the United States as a national banking association.

         (b) NO CONFLICTS. The execution, delivery and performance of this
Agreement by the Trustee, in its capacity as trustee of the employee stock
ownership plan feature of the Buyer, and the consummation of the transactions
contemplated by this Agreement (i) will not conflict with or result in a breach
or violation of any of the terms or provisions of, or constitute a default
under, any indenture, mortgage, deed of trust, loan agreement or other material
agreement or material instrument to which the Trustee is a party or by which the
Trustee is bound, (ii) will not result in any violation of any statute or any
order, rule or regulation of any court or governmental agency or body having
jurisdiction over the Trustee (other than with respect to any such violation
related to the prohibited transaction provisions of ERISA, for which the
Corporation and Buyer acknowledge and agree that the Trustee shall make no
representation or warranty hereunder related to such prohibited transaction
provisions), and (iii) will not result in any violation of the provisions of the
charter or by-laws of the Trustee.

         (c) KNOWLEDGE AND EXPERIENCE. The Trustee has such knowledge and
experience in financial and business matters in general and in investments in
particular so as to be capable of evaluating the merits and risks of the
proposed investment, and the Trustee has retained independent counsel and an
independent financial adviser in connection with the transactions contemplated
by this Agreement.

         6. ISSUANCE AND TRANSFER RESTRICTIONS.

         Shares of ESOP Shares shall be issued and sold by the Corporation to
the Buyer to be held in the ESOP Loan Suspense Account. Shares of ESOP Shares
shall be uncertificated shares. Transfers of shares of ESOP Shares may only be
effected by applicable entry or entries in the stock transfer books of the
Corporation. Shares of ESOP Shares are prohibited from being transferred out of
the ESOP Loan Suspense Account until such time as such shares are converted into
shares of Common Stock in accordance with Section 7 or redeemed by the
Corporation in accordance with Section 8. The transfer restrictions set forth in
the preceding sentence shall not apply to any shares of Common Stock resulting
from a conversion of the ESOP Shares.

         7. CONVERSION.

         (a) CONVERSION RIGHT. All or any portion of the outstanding shares of
ESOP Shares held in the ESOP Loan Suspense Account shall be convertible, at the
option of the Trustee, at any time and from time to time and without the payment
of additional consideration by the Trustee, into such number of shares of Common
Stock as is determined under the following conversion formula. Each

                                       8
<PAGE>   9

share of ESOP Shares will be converted into a number of shares of Common Stock
equal to (i) the Conversion Amount Per Share divided by (ii) the Common Stock
Price.

         (b) ALTERNATIVE CONVERSION RIGHT. All, but not less than all, of the
outstanding shares of ESOP Shares held in the ESOP Loan Suspense Account shall
be convertible, at the option of the Trustee, at any time and from time to time,
and without payment of additional consideration by the Trustee, into such number
of shares of Common Stock as is determined under the following conversion
formula. Each share of ESOP Shares will be converted into a number of shares of
Common Stock equal to (i) the Adjusted Common Stock Value divided by (ii)
250,000 shares divided by (iii) the Common Stock Price. In the event the ESOP
Shares are converted pursuant to the Alternative Conversion Right set forth in
this Section 7(b), the entire unpaid principal balance and any and all interest
accrued on such unpaid principal balance owing under the Purchase Money Note
shall immediately become due and payable.

         (c)      CONVERSION PROCEDURES.

                  (i) In order to convert shares of ESOP Shares into shares of
Common Stock pursuant to this Section 7, the Trustee shall deliver to the
Corporation at its principal executive offices or another place designated by
the Corporation in a written notice sent to the Trustee, a Conversion Notice, in
form satisfactory to the Corporation, duly executed by the Trustee. Each
Conversion Notice shall specify (1) the number of shares of ESOP Shares to be
converted and (2) whether the ESOP Shares are being converted pursuant to the
Conversion Right set forth in Section 7(a) or the Alternative Conversion Right
set forth in Section 7(b). In the event the ESOP Shares are converted pursuant
to this Section 7, the Corporation shall deliver Common Stock which is readily
tradable on an established securities market (A) as soon as practicable after
receipt of the Conversion Notice, if such Conversion Notice is received prior to
the effectiveness of any registration statement filed with the Commission
regarding the registration of such Common Stock, or (B) as soon as reasonably
practicable, but not later than five (5) Business Days, after receipt of the
Conversion Notice, if such Conversion Notice is received after the effectiveness
of any registration statement filed with the Commission regarding the
registration of such Common Stock. Any conversion pursuant to this Section 7
shall be deemed to have been effected at the close of business on the Business
Day on which the Conversion Notice has been received by the Corporation (a
"Conversion Date").

                  (ii) The Corporation shall, as soon as practicable after the
Conversion Date, cause to be issued and delivered to the person specified in the
Conversion Notice a certificate or certificates evidencing the number of full
shares of Common Stock to which such person shall be entitled, together with a
cash payment in respect of any fractional shares of Common Stock otherwise
issuable. The person or persons entitled to receive the shares of Common Stock
deliverable upon conversion of such shares of ESOP Shares shall be treated for
all purposes as the record holder or holders of such shares of Common Stock on
the relevant Conversion Date, unless the stock transfer books of the Corporation
shall be closed on such Conversion Date, in which event such person or persons
shall be deemed to have become such holder or holders of record at the close of
business on the next succeeding day on which such stock transfer books are open.

                                       9
<PAGE>   10

         (d) FRACTIONAL SHARES. No fractional shares or scrip representing
fractional shares of Common Stock shall be issued upon conversion of any shares
of ESOP Shares. If more than one share of ESOP Shares shall be surrendered for
conversion at one time by the same record holder, the number of full shares of
Common Stock issuable upon conversion thereof shall be computed on the basis of
the aggregate number of shares of ESOP Shares which are converted. In lieu of
any fractional share of Common Stock that would otherwise be issuable upon
conversion of any shares of ESOP Shares, the Corporation shall pay a cash
adjustment in respect of such fractional share in lieu thereof, calculated to
the nearer cent, with one-half cent or more rounded upward.

         (e) RESERVATION AND AUTHORIZATION OF SHARES. The Corporation shall at
all times when the ESOP Shares shall be outstanding, reserve and keep available
out of its authorized but unissued Common Stock, for the purpose of effecting
the conversion of the ESOP Shares, such number of its duly authorized shares of
Common Stock as shall from time to time be sufficient to effect the conversion
of all outstanding shares of ESOP Shares.

         (f) CONVERTED SHARES. After the Conversion Date with respect to any
shares of ESOP Shares, such shares shall no longer be deemed to be outstanding
and all rights with respect to such shares, including but not limited to the
rights, if any, to receive notices or distributions and to vote, shall
immediately cease and terminate on the Conversion Date, except only the right of
the holders thereof to receive shares of Common Stock (and cash in lieu of
fractional shares) in exchange therefor.

         8. REDEMPTION.

         (a) SHARES RELEASED FROM THE ESOP LOAN SUSPENSE ACCOUNT. The Buyer may,
at the option of the Trustee, elect to have the Corporation redeem any or all
shares or fractions of a share of ESOP Shares when and as they are released from
the ESOP Loan Suspense Account as provided in Treasury Regulation section
54.4975-11(c). The amount paid by the Corporation for shares so redeemed shall
be equal to the Redemption Price.

         (b) NOTICE OF REDEMPTION. In the event of a redemption pursuant to
Section 8(a), the Trustee shall give notice (a "Redemption Notice") to the
Corporation. Each Redemption Notice shall specify (i) the Redemption Date, (ii)
the number of shares of ESOP Shares to be redeemed or the aggregate Redemption
Price for all shares of ESOP Shares to be redeemed as of the applicable
Redemption Date, (iii) the place or places for payment of the Redemption Price,
(iv) that payment will be made upon surrender of shares of ESOP Shares, and (v)
that the right of holders to convert shares of ESOP Shares shall terminate at
the close of business on the Redemption Date (unless the Corporation defaults in
the payment of the Redemption Price). The Redemption Date may be the date the
Redemption Notice is given.

         (c) REDEMPTION PROCEDURES. On the Redemption Date, the Trustee shall
surrender the shares of ESOP Shares to the Corporation and shall thereupon be
entitled to receive payment of the applicable Redemption Price for each such
share. If a Redemption Notice shall have been given, as aforesaid, and if, on
the Redemption Date, assets necessary for the redemption shall be legally
available therefor and shall have been irrevocably deposited, set aside for or
paid (including, payment in the form of debt forgiveness) to the Plan, then,
notwithstanding that the redeemed shares

                                       10
<PAGE>   11

of ESOP Shares shall not have been surrendered, (i) such shares shall no longer
be deemed outstanding, (ii) the Trustee shall cease to be a stockholder of the
Corporation to the extent of its interest in such shares, and (iii) all rights
whatsoever with respect to such shares of ESOP Shares shall terminate, except
the right to receive the Redemption Price for each such share, without interest
or any sum of money in lieu of interest thereon. Redemptions of ESOP Shares
shall be effected as of the close of business on the Redemption Date before
effecting any conversion for which the Conversion Date corresponds with the
Redemption Date.

         (d) NO SINKING FUND. The shares of ESOP Shares shall not be subject to
the operation of any retirement or sinking fund.

         (e) REDEEMED SHARES. After the Redemption Date with respect to any
shares of ESOP Shares, such shares shall no longer be deemed to be outstanding
and all rights with respect to such shares, including but not limited to the
rights, if any, to receive notices or distributions and to vote, shall
immediately cease and terminate on the Redemption Date, except only the right of
the holders thereof to receive the Redemption Price therefor, without interest
or any sum of money in lieu of interest thereon. Any shares of ESOP Shares
redeemed pursuant to this Section 8 shall be retired and canceled after the
acquisition thereof. All such shares shall upon their cancellation become
authorized but unissued shares of Serial Preferred Stock and may be reissued as
part of a new series of Serial Preferred Stock to be created by resolution or
resolutions of the Board of Directors, subject to the conditions and
restrictions set forth herein.

         (f) PAYMENT OF REDEMPTION PRICE. The Corporation, at its option, may
make payment of the Redemption Price (i) in cash, (ii) in shares of Common Stock
which are readily tradable on an established securities market, or (iii) in any
combination of any of the foregoing. For purposes of determining the number of
shares of Common Stock to be delivered by the Corporation in satisfaction, in
whole or in part, of any Redemption Price, shares of Common Stock shall be
valued at the Common Stock Price as of the Redemption Date.

         9. COVENANTS OF THE CORPORATION.

         (a) STATUS OF BUYER. The Corporation will use its reasonable best
efforts to cause the Buyer to maintain its qualifications as an employee stock
ownership plan within the meaning of Code Section 4975(e)(7) and ERISA Section
407(d)(6) and as a qualified trust under Code Section 401(a) which is exempt
from taxation under Code Section 501(a).

         (b) CONTRIBUTIONS. Subject to Code Sections 404 and 415, the
Corporation will make contributions to the ESOP which, together with dividends
on the ESOP Shares, are in amounts sufficient to enable the ESOP to timely
amortize the indebtedness created under the Purchase Money Loan Agreement.

         10. SURVIVAL OF COVENANTS AND REPRESENTATIONS AND WARRANTIES. All
covenants contained in this Agreement shall survive the Closing or the earlier
termination of this Agreement. Notwithstanding the Closing, or sooner
termination of this Agreement or any investigation at any time made by or on
behalf of any of the parties, the Corporation and the Buyer shall be liable for
damages solely arising from any of their respective breaches of representations
or warranties set

                                       11
<PAGE>   12

forth in Sections 3 and 4 of this Agreement (including in any certificates
delivered hereunder) which breaches shall not be considered waived by
consummation of the transactions contemplated hereby, provided, however, that
such parties shall be liable only to the extent that notice therefor is asserted
in writing and delivered prior to the one year anniversary of the Closing Date.
The Trustee shall be liable for damages arising solely from and in respect of
its breaches of representations or warranties set forth in Section 5 of this
Agreement, which breaches shall not be considered waived by consummation of the
transactions contemplated hereby, provided, however, that the Trustee shall have
no liability hereunder respecting breaches of such representations and
warranties if the Trustee followed generally accepted industry practices and
procedures and relied upon reasoned opinions from its financial advisor and
legal counsel in making such representations and warranties.

         11. CONDITIONS TO CLOSING; OBLIGATION OF THE BUYER. The obligation of
the Buyer to proceed with the Closing is subject to the satisfaction on or prior
to the Closing Date of all the following conditions, any one or more of which
may be waived, in whole or in part, by the Buyer:

         (a) The Corporation shall have complied in all material respects with
its covenants and agreements contained herein.

         (b) The Buyer shall have received the following documents, in each case
in form and substance reasonably satisfactory to the Buyer:

                  (i) Copies of the Purchase Money Loan Agreement, Purchase
         Money Note and Purchase Money Pledge Agreement, each dated as of the
         Closing Date and executed and delivered by the Corporation and the
         other parties thereto.

                  (ii) A copy of the Registration Rights Agreement between the
         Corporation and the Buyer, dated as of the Closing Date and in the form
         of Exhibit B, executed and delivered by the Corporation.

                  (iii) A certificate, signed by the secretary or an assistant
         secretary of the Corporation, (A) to the effect that an Amendment to
         the Amended Articles of Incorporation of Corporation as to the ESOP
         Shares in the form of Exhibit C has been filed with the Secretary of
         State of the State of Ohio, (B) as to the Amended Articles of
         Incorporation and Regulations of the Corporation and resolutions of the
         Corporation's board of directors relating to the transactions
         contemplated by this Agreement; and (C) as to the names, offices and
         signatures of officers of the Corporation who execute any documents in
         connection with the transactions contemplated by this Agreement.

                  (iv) An officer's certificate, signed by the president or the
         chief financial officer of the Corporation, which certifies that the
         conditions specified in Section 11(a) and applicable to the Corporation
         have been satisfied.

                  (v) The Corporation's Legal Department, as counsel to the
         Corporation, shall have furnished to the Buyer a written opinion signed
         on behalf of the Legal Department by the Corporation's general counsel,
         subject to customary additional qualifications,

                                       12
<PAGE>   13

         assumptions and exclusions, in form and substance reasonably
         satisfactory to the Buyer to the effect that:

                           (A) The Corporation and each of its subsidiaries have
                  been duly organized and are validly existing as corporations
                  (or limited liability companies) in good standing under the
                  laws of their respective jurisdictions of incorporation and
                  have all power and authority necessary to conduct the
                  businesses in which they are engaged as described in the
                  Corporation Reports except, in each case, where the failure to
                  so qualify would not result in a Material Adverse Effect.

                           (B) All of the issued shares of Common Stock of the
                  Corporation have been duly and validly authorized and issued
                  and are fully paid and nonassessable. All of the issued shares
                  of capital stock of each subsidiary have been duly and validly
                  authorized and issued and are fully paid, nonassessable and
                  are owned directly or indirectly by the Corporation, free and
                  clear of all liens, encumbrances, equities or claims, except
                  for any liens, encumbrances, equities or claims that would
                  not, in the aggregate, have a Material Averse Effect.

                           (C) This Agreement has been duly authorized, executed
                  and delivered by the Corporation and (assuming the due
                  execution and delivery thereof by the Buyer) constitutes the
                  valid and legally binding obligation of the Corporation,
                  enforceable in accordance with its terms, subject to the
                  effects of bankruptcy, insolvency, fraudulent conveyance,
                  reorganization, moratorium and other similar laws relating to
                  or affecting creditors' rights generally, general equitable
                  principles (whether considered in a proceeding in equity or at
                  law) and an implied covenant of good faith and fair dealing.
                  Each of the Related Agreements has been duly authorized by the
                  Corporation and, when executed and delivered by the
                  Corporation (assuming the due execution and delivery thereof
                  by the Buyer), will constitute the valid and legally binding
                  obligation of the Corporation, enforceable in accordance with
                  its terms, subject to the effects of bankruptcy, insolvency,
                  fraudulent conveyance, reorganization, moratorium and other
                  similar laws relating to or affecting creditors' rights
                  generally, general equitable principles (whether considered in
                  a proceeding in equity or at law) and an implied covenant of
                  good faith and fair dealing. The Corporation has requisite
                  power and authority to execute this Agreement and perform the
                  obligations thereunder.

                           (D) The ESOP Shares have been duly authorized, and,
                  upon issuance and delivery against receipt by the Corporation
                  of the Purchase Money Note, will be validly issued and
                  outstanding. The ESOP Shares rank, with respect to the
                  distribution of assets upon liquidation, dissolution and
                  winding up of the Corporation, senior to the Common Stock, for
                  the payment of One Thousand Dollars ($1,000) per share plus
                  accrued and unpaid dividends.

                  (vi) The Corporation's Tax Department, as tax counsel to the
         Corporation, shall have furnished to the Buyer a written opinion signed
         on behalf of the Tax Department by the Corporation's vice
         president-taxes, subject to customary additional qualifications,

                                       13
<PAGE>   14

         assumptions and exclusions, in form and substance reasonably
         satisfactory to the Buyer to the effect that ESOP Shares constitute
         "employer securities" within the meaning of Code Section 409(l) and
         "qualifying employer securities" within the meaning of ERISA Section
         407(d)(5).

         (c) In the reasonable judgment of the Buyer, (i) there shall have been
no material adverse change affecting the basis for the Buyer's preliminary
determination to proceed with the purchase of the ESOP Shares from the
Corporation and the transactions contemplated by this Agreement and (ii) the
Buyer's purchase of the ESOP Shares and the transactions contemplated by this
Agreement will not result in (A) a prohibited transaction under Code Section
4975 or ERISA Section 406, which is not exempt pursuant to Code Section 4975 or
ERISA Section 408 or (B) a violation of ERISA.

         (d) No litigation shall be pending or threatened which seeks to
restrain or prohibit the consummation of the transactions contemplated by this
Agreement or which, in the reasonable judgment of the Buyer, could result in
substantial financial liability to the Buyer.

         (e) No order, injunction or decree shall have been entered by any
governmental authority which prohibits, restricts or delays consummation of the
transactions contemplated by this Agreement or the right of the Buyer to
consummate such transactions.

         12. CONDITIONS TO CLOSING; OBLIGATION OF THE CORPORATION. The
obligation of the Corporation to proceed with the Closing is subject to the
satisfaction on or prior to the Closing Date of all the following conditions,
any one or more of which may be waived, in whole or in part, by the Corporation:

         (a) The Corporation shall have received the following documents, in
each case in form and substance reasonably satisfactory to the Corporation:

                  (i) Copies of the Purchase Money Loan Agreement, Purchase
         Money Note and Purchase Money Pledge Agreement, each dated as of the
         Closing Date and executed and delivered by the Buyer and the other
         parties thereto.

                  (ii) A certificate, signed by an authorized officer of the
         Trustee, and in a form satisfactory to the Corporation, to the effect
         that:

                           (A) The Trustee has conducted a diligent review of
                  the transactions contemplated by this Agreement.

                           (B) In the reasonable judgment of the Trustee, the
                  Buyer's purchase of the ESOP Shares and the transactions
                  contemplated by this Agreement will not result in (I) a
                  prohibited transaction under Code Section 4975 or ERISA
                  Section 406, which is not exempt pursuant to Code Section 4975
                  or ERISA Section 408, respectively (a "non-exempt prohibited
                  transaction"), or (II) a violation of ERISA.

                                       14
<PAGE>   15

                  (iii) Kirkpatrick & Lockhart LLP, as counsel to the Trustee,
         shall have furnished to the Corporation a written opinion, subject to
         customary qualifications, assumptions and exclusions, in form and
         substance reasonably satisfactory to the Corporation to the effect
         that:

                           (A) The Trustee is a duly organized and validly
                  existing corporation in good standing under the laws of its
                  jurisdiction of incorporation (or organization) and has all
                  power and authority necessary to serve as a trustee (as
                  defined in ERISA Section 3(38)) for the Buyer.

                           (B) This Agreement has been duly authorized, executed
                  and delivered by the Buyer and (assuming the due execution and
                  delivery thereof by the Corporation) constitutes the valid and
                  legally binding obligation of the Corporation, enforceable in
                  accordance with its terms, subject to the effects of
                  bankruptcy, insolvency, fraudulent conveyance, reorganization,
                  moratorium and similar laws relating to or affecting
                  creditors' rights generally, general equitable principles
                  (whether considered in a proceeding in equity or at law) and
                  an implied covenant of good faith and fair dealing. Each of
                  the Related Agreements has been duly authorized by the Trustee
                  on behalf of the Buyer and, when executed and delivered by the
                  Buyer (assuming the due execution and delivery thereof by the
                  Corporation) will constitute the valid and legally binding
                  obligation of the Buyer, enforceable in accordance with its
                  terms, subject to the effects of bankruptcy, insolvency,
                  fraudulent conveyance, reorganization, moratorium and similar
                  laws relating to or affecting creditors' rights generally,
                  general equitable principles (whether considered in a
                  proceeding in equity or at law) and an implied covenant of
                  good faith and fair dealing). The Trustee has requisite power
                  and authority to execute this Agreement and the Related
                  Agreements on behalf of the Buyer and perform the obligations
                  thereunder.

         (b) No litigation shall be pending or threatened which seeks to
restrain or prohibit the consummation of the transactions contemplated by this
Agreement or which, in the reasonable judgment of the Corporation, could result
in substantial financial liability to the Corporation.

         (c) No order, injunction or decree shall have been entered by any
governmental authority which prohibits, restricts or delays consummation of the
transactions contemplated by this Agreement or the right of the Corporation to
consummate such transactions.

         13. NOTICES. Any notice required or permitted by or in connection with
this Agreement shall be in writing and shall be made by facsimile, or by hand
delivery, or by overnight delivery service, or by certified mail, return receipt
requested, postage prepaid, addressed to the parties at the appropriate address
set forth below or to such other address as may be hereafter specified by
written notice by the parties to each other. Notice shall be considered given as
of the earlier of the date of actual receipt, or the date of the facsimile or
hand delivery, one (1) calendar day after delivery to an overnight delivery
service, or three (3) calendar days after the date of mailing, independent of
the date of actual delivery or whether delivery is ever in fact made, as the
case may be, provided the giver of notice can establish that notice was given as
provided herein. Notwithstanding the

                                       15
<PAGE>   16

aforesaid procedures, any written notice upon any party, in fact received by
such party, shall be sufficient notice as of the date so received.

         (a)      In the case of the Buyer, to:

                  The Sherwin-Williams Company Employee
                  Stock Purchase and Savings Plan
                  c/o HSBC Bank USA
                  452 Fifth Avenue
                  New York, New York  10018-2706
                  Facsimile No.: 212-525-2396
                  Attn:    Mr. Stephen J. Hartman, Jr.
                           Senior Vice President,
                           Retirement Financial Services

                  With a copy to:

                  The Sherwin-Williams Company
                  101 Prospect Avenue, N.W.
                  Cleveland, Ohio  44115
                  Facsimile No. 216-566-2073
                  Attn:  Vice President - Human Resources

         (b)      In the case of the Corporation to:

                  The Sherwin-Williams Company
                  101 Prospect Avenue
                  Cleveland, Ohio  44115
                  Facsimile No.:  216-566-2984
                  Attn:  Vice President and Assistant Treasurer

                  With a copy to:

                  The Sherwin-Williams Company
                  101 Prospect Avenue
                  Cleveland, Ohio  44115
                  Facsimile No.:  216-566-2947
                  Attn:  Vice President, Secretary and General Counsel

                                       16
<PAGE>   17

         (c)      In the case of the Trustee to:

                  HSBC Bank USA
                  452 Fifth Avenue
                  New York, New York  10018-2706
                  Facsimile No.: 212-525-2396
                  Attn:    Mr. Stephen J. Hartman, Jr.
                           Senior Vice President,
                             Retirement Financial Services

                  With a copy to:

                  Kirkpatrick & Lockhart, LLP
                  Henry W. Oliver Building
                  535 Smithfield Street
                  Pittsburgh, Pennsylvania  15222
                  Facsimile No.:  412-355-6501
                  Attn:  Mr. Charles R. Smith

         14. FURTHER ASSURANCES. The Buyer shall execute and deliver to the
Corporation such further assurances of this Agreement and the matters
contemplated by this Agreement and the Related Agreements promptly from time to
time upon the Corporation's written request.

         15. PUBLIC ANNOUNCEMENTS AND RELEASES. Except to the extent required by
applicable law, no disclosure or public announcement of (a) this Agreement, the
other agreements and instruments to be executed in connection herewith, any of
the provisions hereof or thereof, or any of the transactions contemplated hereby
or thereby, or (b) any confidential information concerning the Corporation or
the Buyer, shall be made by the Buyer or the Trustee.

         16. GOVERNING LAW. This Agreement and the Related Agreements and the
rights and obligations of the parties hereunder and thereunder shall be governed
by and construed and interpreted in accordance with the laws of the State of
Ohio, including all matters of construction, validity and performance,
regardless of the location of the parties or any Property.

         17. JURISDICTION; VENUE; SERVICE. The Buyer irrevocably consents to the
non-exclusive personal jurisdiction of the courts of the State of Ohio and, if a
basis for federal jurisdiction exists, the non-exclusive jurisdiction of the
United States District Court for the District of Ohio. The Buyer agrees that
venue shall be proper in any common pleas court of the State of Ohio selected by
the Corporation or, if a basis for federal jurisdiction exists, in any Division
of the United States District Court for the District of Ohio. The Buyer waives
any right to object to the maintenance of any suit or claim in any of the state
or federal courts of the State of Ohio on the basis of improper venue or of
inconvenience of forum.

                                       17
<PAGE>   18

         18. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original,
but all of which shall constitute one and the same instrument. It shall not be
necessary in making proof of this Agreement to produce or account for more than
one such counterpart.

         19. HEADINGS; GENDER; REFERENCES. The headings, subheadings and
captions in this Agreement and in any appendix, exhibit or schedule hereto are
for reference purposes only and are not intended to affect the meaning or
interpretation of this Agreement. For purposes of this Agreement, the use of
masculine pronouns shall be deemed to include feminine and neuter pronouns, as
appropriate. References in this Agreement to sections, subsections, schedules or
exhibits are to sections, subsections, schedules or exhibits in or to this
Agreement unless otherwise stated.

         20. EXHIBITS. The exhibits attached hereto are hereby made a part of
this Agreement as if set forth in full herein.

         21. ENTIRE AGREEMENT; AMENDMENTS, ETC. This Agreement, along with that
certain Retention Letter between the Trustee and the Corporation, dated June 23,
2000 and accepted by the Corporation on June 27, 2000, and that certain
Indemnification Agreement between the Trustee and the Corporation, dated June
23, 2000, contains the entire agreement between the parties hereto with respect
to their subject matter and supersedes all prior negotiations, discussions,
agreements, arrangements and understandings, written or oral, relating to the
subject matter of this Agreement. No amendment or modification of, or any waiver
of any provision of, this Agreement shall be effective against a party unless
set forth in a writing signed by such party.

         22. SUCCESSORS AND ASSIGNS; ASSIGNMENT; NO THIRD PARTY BENEFICIARIES.
This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. No party shall assign any of
its rights or obligations hereunder without the prior written consent of the
other parties. This Agreement is not intended to, and shall not be construed to,
create any rights as a third-party beneficiary or otherwise in favor of any
person or entity who is not a party to this Agreement.

         23. SEVERABILITY. Any provision of this Agreement prohibited by the
laws of any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition, or modified to conform with such laws, without
invalidating the remaining provisions of this Agreement, and any such
prohibition in any jurisdiction shall not invalidate such provisions in any
other jurisdiction.

                                       18
<PAGE>   19

         IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
duly executed and delivered as of the day and year first above written.

<TABLE>
<S>                             <C>
"CORPORATION"                  THE SHERWIN-WILLIAMS COMPANY

                               By: /s/
                                   -----------------------------------------
                                    Larry J. Pitorak
                                    Senior Vice President-Finance, Treasurer
                                     and Chief Financial Officer

                               THE SHERWIN-WILLIAMS COMPANY
"BUYER"                        EMPLOYEE STOCK PURCHASE AND SAVINGS PLAN
                               By:      HSBC Bank USA, not in its individual capacity, but solely in its
                                        capacity as trustee of the employee stock ownership plan feature of
                                        The Sherwin-Williams Company  Employee Stock Purchase
                                        and Savings Plan

                               By:/s/
                                   -----------------------------------------
                                        Stephen J. Hartman, Jr.
                                        Senior Vice President,
                                         Retirement Financial Services

"TRUSTEE "                     HSBC Bank USA, in its individual capacity, but only as to Sections 5,
                               10 and 15 hereof

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

                                        Stephen J. Hartman, Jr.
                                        Senior Vice President,
                                          Retirement Financial Services
</TABLE>

                                       19

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