Document:

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                                                                     EXHIBIT 4.5

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights 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, but solely in its capacity as trustee of the employee stock ownership
plan feature of the Buyer.

                                    RECITALS:

         A. Pursuant to that certain Stock Purchase Agreement dated as of April
18, 2001 (the "Purchase Agreement") between the Corporation and the Buyer, the
Buyer has agreed to purchase 250,000 shares of the Corporation's Convertible
Participating Serial Preferred Stock, without par value (the "ESOP Shares").

         B. The ESOP Shares are convertible into shares of the Corporation's
common stock, $1.00 par value per share (the "Conversion Shares").

         C. Pursuant to the terms of the Purchase Agreement, the Corporation and
the Buyer agreed that the Corporation would grant certain registration rights to
the Buyer with respect to the Conversion Shares.

         NOW, THEREFORE, in consideration of the foregoing 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 l934, as amended.

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

         "Closing Date" means the Closing Date as defined in the Purchase
Agreement.

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

         "Conversion Shares" has the meaning set forth in the recitals.

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

         "Effective Date" means the date on which the Shelf Registration
Statement is declared effective under the 1933 Act by the Commission.

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         "Effectiveness Period" has the meaning specified in Section 2.

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

         "NASD" means the National Association of Securities Dealers, Inc.

         "Person" means an individual, partnership (general or limited),
corporation, limited liability company, trust or unincorporated organization, or
a government or agency or political subdivision thereof.

         "Prospectus" means the prospectus included in the Shelf Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including any such
prospectus supplement with respect to the terms of the offering of any portion
of the Registrable Securities covered by the Shelf Registration Statement, and
by all other amendments and supplements to a prospectus, including
post-effective amendments, and in each case including all material incorporated
by reference therein.

         "Purchase Agreement" has the meaning set forth in the recitals.

         "Registrable Securities" means the Conversion Shares; provided,
however, that a Conversion Share shall cease to be a Registrable Security when
(i) a Shelf Registration Statement with respect to such Conversion Share shall
have been declared effective under the 1933 Act and such share shall have been
disposed of pursuant to such Shelf Registration Statement, (ii) such Conversion
Share has been sold to the public pursuant to Rule l44 or Rule 144A (or any
similar provision then in force) under the 1933 Act, (iii) such Conversion Share
is eligible to be sold pursuant to Rule 144(k) or (iv) such Conversion Share
shall have ceased to be outstanding after its issuance upon conversion of the
ESOP Shares.

         "Registration Expenses" shall mean any and all expenses incident to
performance of or compliance by the Corporation with this Agreement including,
without limitation: (i) all registration and filing fees, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue
sky laws, if any, (iii) all printing expenses, (iv) the fees and disbursements
of counsel for the Corporation and of the independent public accountants of the
Corporation, (v) the fees and disbursements of counsel for the Buyer, and (vi)
fees, costs and expenses incurred in connection with the listing of the
Registrable Securities on the New York Stock Exchange. Registration Expenses
shall not include selling commissions, discounts or other compensation paid to
agents or brokers to effect the sale of Registrable Securities and any other
expenses incurred in connection with any registration that are not specified in
the immediately preceding sentence.

         "Shelf Registration" means a registration effected pursuant to Section
2.

         "Shelf Registration Statement" means a "shelf" registration statement
of the Corporation filed pursuant to and in accordance with the provisions of
Section 2 with respect to the Registrable Securities on Form S-3 (or any
successor form that permits the incorporation by reference of future filings by
the Corporation under the 1934 Act) under Rule 415 under the 1933 Act, or any
similar rule that may be adopted by the Commission, and all amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by

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reference therein. Any such Shelf Registration Statement shall cover the
disposition of all Registrable Securities in one or more block transactions,
broker transactions, at-market transactions and in such other manner or manners
as may be specified by the Buyer.

         2.       SHELF REGISTRATION.

                  2.1 FILING AND EFFECTIVENESS. The Corporation shall:

                           (a) As soon as reasonably practicable but in no event
                later than 30 days after the Closing Date (unless such time
                period is extended by the mutual agreement of the parties), file
                with the Commission, and thereafter use its reasonable efforts
                to cause to be declared effective as soon as reasonably
                practicable but in no event later than 120 days after such
                filing is made (unless such time period is extended by the
                mutual agreement of the parties), a Shelf Registration Statement
                relating to the offer and sale by the Buyer of the Registrable
                Securities issuable upon conversion of the ESOP Shares, from
                time to time in accordance with the methods of distribution
                elected by the Buyer. In the event the Company fails to file the
                Registration Statement or the Registration Statement is not
                declared effective within the time periods set forth herein,
                then the Buyer shall have the right to rescind the purchase of
                the ESOP Shares under the Purchase Agreement.

                           (b) Subject to the provisions of Section 4, use its
                reasonable best efforts to keep the Shelf Registration Statement
                continuously effective in order to permit the Prospectus to be
                usable by the Buyer for a period of two years from the Closing
                Date, or for such shorter period that will terminate when all
                Registrable Securities covered by the Shelf Registration
                Statement have been sold pursuant to the Shelf Registration
                Statement or cease to be outstanding or otherwise to be
                Registrable Securities (the "Effectiveness Period").

                           (c) Notwithstanding any other provisions hereof, use
                its reasonable best efforts to ensure that (i) the Shelf
                Registration Statement and any amendment thereto, at the time
                each such registration statement or amendment thereto becomes
                effective, and any Prospectus as of the date thereof forming
                part thereof and any supplement thereto complies in all material
                respects with the 1933 Act and the rules and regulations
                thereunder, (ii) the Shelf Registration Statement and any
                amendment thereto does not, when it becomes effective, contain
                an untrue statement of a material fact or omit to state a
                material fact required to be stated therein or necessary to make
                the statements therein not misleading and (iii) any Prospectus,
                and any supplement to such Prospectus (as amended or
                supplemented from time to time)(each, as of the date thereof),
                does not include an untrue statement of a material fact or omit
                to state a material fact necessary in order to make the
                statements, in light of the circumstances under which they were
                made, not misleading; provided that clauses (ii) and (iii) of
                this paragraph shall not apply to any information provided by
                the Buyer.

         The Corporation further agrees, if necessary, to amend the Shelf
Registration Statement or supplement the Prospectus, as required by Section
3(b), and to furnish to the Buyer copies of any such amendment or supplement
promptly after its being filed with the Commission.

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                  2.2 EXPENSES. The Corporation shall pay all Registration
Expenses in connection with the registration pursuant to Section 2.1.

                  2.3. EFFECTIVENESS. A Shelf Registration Statement will not be
deemed to have become effective unless it has been declared effective by the
Commission; provided, however, that if, after it has been declared effective,
the offering of Registrable Securities pursuant to the Shelf Registration
Statement is interfered with by any stop order, injunction or other order or
requirement of the Commission or any other governmental agency or court, the
Shelf Registration Statement will be deemed not to have become effective during
the period of such interference, until the offering of Registrable Securities
pursuant to the Shelf Registration Statement may legally resume.

         3.       REGISTRATION PROCEDURES. The Corporation shall:

                  (a) subject to Section 2.1, prepare and file with the
         Commission the Shelf Registration Statement;

                  (b) subject to the limitations contained in Section 4, prepare
         and file with the Commission such reports under the 1934 Act as may be
         necessary under applicable law to keep the Shelf Registration Statement
         effective for the applicable period; and cause each Prospectus to be
         supplemented by any required prospectus supplement, and as so
         supplemented to be filed pursuant to Rule 424 (or any similar provision
         then in force) under the 1933 Act and comply with the provisions of the
         1933 Act, the 1934 Act and the rules and regulations thereunder
         applicable to them with respect to the disposition of all securities
         covered by the Shelf Registration Statement during the Effectiveness
         Period;

                  (c) (i) furnish to the Buyer, without charge, as many copies
         of each Prospectus, including each preliminary Prospectus, and any
         amendment or supplement thereto and such other documents as the Buyer
         may reasonably request, including financial statements and schedules
         and, if the Buyer so requests, all exhibits in order to facilitate the
         public sale or other disposition of the Registrable Securities, and
         (ii) hereby consent to the use of the Prospectus or any amendment or
         supplement thereto by the Buyer in connection with the offering and
         sale of the Registrable Securities covered by the Prospectus or any
         amendment or supplement thereto;

                  (d) use its reasonable efforts to register or qualify the
         Registrable Securities under all applicable state securities or "blue
         sky" laws of such jurisdictions as the Buyer of Registrable Securities
         covered by the Registration Statement shall reasonably request by the
         time the Shelf Registration Statement is declared effective by the
         Commission, and do any and all other acts and things which may be
         reasonably necessary or advisable to enable the Buyer to consummate the
         disposition in each such jurisdiction of such Registrable Securities
         owned by the Buyer; provided, however, that the Corporation shall not
         be required to (i) qualify as a foreign corporation or as a dealer in
         securities in any jurisdiction where it would not otherwise be required
         to qualify but for this Section 3(d), or (ii) take any action which
         would subject it to general service of process or taxation in any such
         jurisdiction where it is not then so subject;

                  (e) notify promptly the Buyer, and, if requested by the Buyer,
         confirm such advice in writing promptly (i) when the Shelf Registration
         Statement has become

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         effective, (ii) of any request by the Commission or any state
         securities authority for post-effective amendments and supplements to
         the Shelf Registration Statement and Prospectus or for additional
         information after the Shelf Registration Statement has become
         effective, (iii) of the issuance by the Commission or any state
         securities authority of any stop order suspending the effectiveness of
         the Shelf Registration Statement or the initiation of any proceedings
         for that purpose, and (iv) of the happening of any event or the
         discovery of any facts during the Effectiveness Period which makes any
         statement made in the Shelf Registration Statement or the related
         Prospectus untrue in any material respect or which requires the making
         of any changes in the Shelf Registration Statement or Prospectus in
         order to make the statements therein not misleading;

                  (f) use its reasonable efforts to obtain the withdrawal of any
         order suspending the effectiveness of the Shelf Registration Statement
         as soon as reasonably practicable;

                  (g) furnish to the Buyer upon request, without charge, at
         least one conformed copy of the Shelf Registration Statement and any
         post-effective amendment thereto, including financial statements and
         schedules (without documents incorporated therein by reference and all
         exhibits thereto, unless requested);

                  (h) upon the occurrence of any event or the discovery of any
         facts, each as contemplated by Sections 3(e)(iii) and 3(e)(iv), as soon
         as reasonably practicable after the occurrence of such an event, use
         its reasonable efforts to prepare a supplement or post-effective
         amendment to the Shelf Registration Statement or the related Prospectus
         or any document incorporated therein by reference or file any other
         required document so that, as thereafter delivered to the purchasers of
         the Registrable Securities, such Prospectus will not contain at the
         time of such delivery any untrue statement of a material fact or omit
         to state a material fact necessary to make the statements therein, in
         light of the circumstances under which they were made, not misleading
         or will remain so qualified. At such time as such public disclosure is
         otherwise made or the Corporation determines that such disclosure is
         not necessary, in each case to correct any misstatement of a material
         fact or to include any omitted material fact, the Corporation agrees
         promptly to notify the Buyer of such determination and to furnish the
         Buyer such number of copies of the Prospectus as amended or
         supplemented, as the Buyer may reasonably request; and

                  (i) make available for inspection by a representative of the
         Buyer of the Registrable Securities all relevant financial and other
         records, pertinent corporate documents and properties of the
         Corporation reasonably requested by any such person, and use reasonable
         efforts to have the respective officers, directors, employees, and any
         other agents of the Corporation supply all relevant information
         reasonably requested by any such representative in connection with the
         Shelf Registration Statement, in each case, as is customary for similar
         due diligence investigations.

         The Corporation may (as a condition to the participation of the Buyer
in the Shelf Registration Statement) request the Buyer to furnish to the
Corporation prior to the 30th day following the Corporation's request for
information such information regarding the Buyer and the proposed distribution
by the Buyer as the Corporation may from time to time reasonably request in
writing.

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         The Buyer agrees that, upon receipt of any notice from the Corporation
of the happening of any event or the discovery of any facts, each of the kind
described in Section 3(e)(iii) or 3(e)(iv), the Buyer will forthwith discontinue
disposition of Registrable Securities pursuant to the Shelf Registration
Statement until the Buyer's receipt of the copies of the supplemented or amended
Prospectus contemplated by Section 3(h), and, if so directed by the Corporation,
the Buyer will deliver to the Corporation (at its expense) all copies in the
Buyer's possession, other than permanent file copies then in the Buyer's
possession, of the Prospectus covering such Registrable Securities current at
the time of receipt of such notice.

         4. SUSPENSIONS OF EFFECTIVENESS. Notwithstanding anything else
contained herein, this Agreement shall not prohibit any suspension of the
effectiveness of the Shelf Registration Statement (i) to permit the
incorporation by reference of the annual audited or, if required by the rules
and regulations under the 1933 Act, quarterly unaudited financial information
with respect to the Corporation or (ii) other material events or developments
with respect to the Corporation that would need to be described in the Shelf
Registration Statement or the related prospectus; provided, however, that in no
event shall the Corporation be required to disclose the business purpose for
such suspension if the Corporation determines in good faith that such business
purpose must remain confidential.

         5.       INDEMNIFICATION.

                  5.1 CORPORATION'S INDEMNIFICATION. The Corporation agrees to
indemnify and hold harmless the Buyer, and each Person, if any, who controls the
Buyer within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934
Act against any and all loss, liability, claim, damage and expense whatsoever,
as incurred, arising out of any untrue statement or alleged untrue statement of
a material fact contained in any Shelf Registration Statement (or any amendment
or supplement thereto) pursuant to which Registrable Securities were registered
under the 1933 Act, including all documents incorporated therein by reference,
or the omission or alleged omission therefrom of a material fact required to be
stated therein or necessary to make the statements therein not misleading. The
foregoing to the contrary notwithstanding, this indemnity provision shall not
apply to (i) amounts paid in settlement of any such loss, liability, claim,
damage or expense if such settlement is effected without the written consent of
the Corporation, and (ii) any loss, liability, claim, damage or expense to the
extent arising out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Corporation by the Buyer expressly for use in the
Shelf Registration Statement (or any amendment thereto) or any Prospectus (or
any amendment or supplement thereto).

                  5.2 BUYER'S INDEMNIFICATION. The Buyer agrees to indemnify and
hold harmless the Corporation and each of its respective directors and officers,
and each Person, if any, who controls the Corporation, within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all
loss, liability, claim, damage and expense described in the indemnity contained
in Section 4(a), as incurred, but only with respect to any untrue statements or
omissions, or alleged untrue statements or omissions, made in the Shelf
Registration Statement (or any amendment thereto) or any Prospectus included
therein (or any amendment or supplement thereto) in reliance upon and in
conformity with written information with respect to the Buyer furnished to the
Corporation by the Buyer expressly for use in the Shelf Registration Statement
(or any amendment thereto) or such Prospectus (or any amendment or supplement
thereto). The foregoing to the contrary notwithstanding, this indemnity
provision shall not apply

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to amounts paid in settlement of any such loss, liability, claim, damage or
expense if such settlement is effected without the written consent of the Buyer.

                  5.3 PROCEDURE. Each party entitled to indemnification under
this Section 5 shall give notice to the party required to provide
indemnification promptly after such indemnified party has actual knowledge of
any claim as to which indemnity may be sought, and shall permit the indemnifying
party to assume the defense of any such claim in any litigation resulting
therefrom, provided that counsel for the indemnifying party, who shall conduct
the defense of such claim or any litigation resulting therefrom, shall be
approved by the indemnified party (whose approval shall not be unreasonably
withheld), and the indemnified party may participate in such defense at such
party's expense, and provided further that the failure of any indemnified party
to give notice as provided herein shall not relieve the indemnifying party of
its obligations under this Section 5 except to the extent that the indemnifying
party is materially and adversely affected by such failure to provide notice.
The indemnifying party shall not, in connection with any one such action or
proceeding or separate but substantially similar or related actions or
proceedings in the same jurisdiction arising out of the same general allegations
or circumstances, be liable for the reasonable fees and expenses of more than
one separate firm of attorneys (in addition to any local counsel) at any time
for such indemnified party, provided, however, that if separate firm(s) of
attorneys are required due to a conflict of interest, then the indemnifying
party shall be liable for the reasonable fees and expenses of each such separate
firm. No indemnifying party, in the defense of any such claim or litigation,
shall, except with the consent of each indemnified party, consent to entry of
any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or
litigation. Each indemnified party shall furnish such information regarding
itself or the claim in question as an indemnifying party may reasonably request
in writing and as shall be reasonably required in connection with the defense of
such claim and litigation resulting therefrom.

         6.       CONTRIBUTION.

                  (a) If the indemnification provided for in Section 5 is
         unavailable to the indemnified party in respect of any losses, claims,
         damages or liabilities referred to herein (other than by reason of the
         exceptions proved therein), then each indemnifying party, in lieu of
         indemnifying such indemnified party, shall contribute to the amount
         paid or payable by such indemnified party as a result of such losses,
         claims, damages or liabilities as between the Corporation on the one
         hand and the Buyer on the other, in such proportion as is appropriate
         to reflect the relative fault of the Corporation and of the Buyer in
         connection with the statements or omissions which resulted in such
         losses, claims, damages or liabilities, as well as any other relevant
         equitable considerations. The relative fault of the Corporation on the
         one hand and of the Buyer on the other shall be determined by reference
         to, among other things, whether the untrue or alleged untrue statement
         of a material fact or omission or alleged omission to state a material
         fact relates to information supplied by the Corporation or by the Buyer
         and the parties' relative intent, knowledge, access to information and
         opportunity to correct or prevent such statement or omission.

                  (b) In no event shall the obligation of any indemnifying party
         to contribute under this Section 6 exceed the amount that such
         indemnifying party would have been

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         obligated to pay by way of indemnification if the indemnification
         provided for under Section 5 had been available under the
         circumstances.

                  (c) The Corporation and the Buyer agree that it would not be
         just and equitable if contribution pursuant to this Section 6 were
         determined by pro rata allocation or by any other method of allocation
         which does not take account of the equitable considerations referred to
         in the immediately preceding paragraphs. The amount paid or payable by
         an indemnified party as a result of the losses, claims, damages and
         liabilities referred to in the immediately preceding paragraphs shall
         be deemed to include, subject to the limitations set forth above, any
         legal or other expenses reasonably incurred by such indemnified party
         in connection with investigating or defending any such action or claim.
         Notwithstanding the provisions of this Section 6, the Buyer shall not
         be required to contribute any amount in excess of the amount by which
         the proceeds received by the Buyer from the sale of Registrable
         Securities pursuant to the Shelf Registration Statement exceeds the
         amount of any damages that the Buyer has otherwise been required to pay
         by reason of such untrue or alleged untrue statement or omission or
         alleged omission. No person guilty of fraudulent misrepresentation
         (within the meaning of Section 11(f) of the 1934 Act) shall be entitled
         to contribution from any Person who was not guilty of such fraudulent
         misrepresentation.

         7.       MISCELLANEOUS.

                  7.1 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.

                  7.2 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 calendar day after
delivery to an overnight delivery service, or three 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
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

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                  Facsimile No.: 212-525-2396
                  Attn:    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

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

                  7.4 PUBLIC ANNOUNCEMENTS AND RELEASES. Except to the extent
required by applicable law, no disclosure or public announcement of (i) this
Agreement, any of the provisions hereof, or any of the transactions contemplated
hereby, or (ii) any confidential information concerning the Corporation or the
Buyer, shall be made by the Buyer.

                  7.5 GOVERNING LAW. This Agreement and the rights and
obligations of the parties hereunder 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.

                  7.6 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

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<PAGE>   10

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.

                  7.7 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.

                  7.8 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.

                  7.9 ENTIRE AGREEMENT; AMENDMENTS, ETC. This Agreement 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.

                  7.10 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.

                  7.11 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.

         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.

"CORPORATION"                  THE SHERWIN-WILLIAMS COMPANY

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

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<PAGE>   11

"BUYER"                        THE SHERWIN-WILLIAMS COMPANY EMPLOYEE STOCK
                               PURCHASE AND SAVINGS PLAN

                               By:  HSBC Bank USA, not in its individual
                                    capacity, but solely in its capacity as a
                                    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

                                      -11-<PAGE>   1
                                                                 Exhibit 10.1(a)

                              THE DIAL CORPORATION

             SECOND AMENDMENT DATED MAY 17, 2001 TO CREDIT AGREEMENT
                 (LONG TERM FACILITY) DATED AS OF JULY 14, 2000

         This SECOND AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is dated
as of May 17, 2001 and entered into by and among THE DIAL CORPORATION, a
Delaware corporation (the "Borrower"), the undersigned lenders (collectively the
"Lenders"), and CITICORP USA, INC., as Administrative Agent, and is made with
reference to that certain Credit Agreement (Long Term Facility), dated as of
July 14, 2000, by and among the Borrower, the Lenders, and the Agents, as
amended by that certain First Amendment Dated November 21, 2000 to Credit
Agreement (Long Term Facility) (as further amended, the "Credit Agreement").
Capitalized terms used herein without definition shall have the same meanings
herein as set forth in the Credit Agreement.

                                    RECITALS

         WHEREAS, the Borrower has requested and Requisite Lenders have agreed
to modify the terms of the Credit Agreement in certain respects;

         NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

SECTION 1. AMENDMENTS TO THE CREDIT AGREEMENT

         A. AMENDMENT TO SECTION 1.01.

                  (i) Section 1.01 of the Credit Agreement is hereby amended by
         adding the following definition of the term "Argentine Business", after
         the definition of the term "Applicable Margin" and before the
         definition of the term "Arrangers":

                  " "Argentine Business" means all or any portion of the
         businesses conducted by the Borrower or any of its Subsidiaries and
         Affiliates in the country of Argentina."

                  (ii) Section 1.01 of the Credit Agreement is hereby amended by
         adding the following definition of the term "Asset Sale", after the
         definition of the term "Arrangers" and before the definition of the
         term "Assignment and Acceptance":

                  " "Asset Sale" means the sale by the Borrower or any of its
         Subsidiaries to any Person other than the Borrower or any of its
         wholly-owned Subsidiaries of (i) any of the stock of any of the
         Borrower's Subsidiaries, (ii) substantially all of the assets of any
         division or line of business of the Borrower or any of its
         Subsidiaries, including the SPC Business and the Argentine Business,
         (iii) any other assets (whether tangible or intangible) of the Borrower
         or any of its Subsidiaries (other than inventory sold in the ordinary
         course of business), if the Net Asset Sale Proceeds for such
         transaction or series of related transactions exceed $1,000,000."

                                                  (Second Amendment - Long Term)
<PAGE>   2
                  (iii) The definition of the term "Daily Margin" in Section
         1.01 of the Credit Agreement is hereby amended by deleting it in its
         entirety and substituting the following in lieu thereof:

                  " "Daily Margin" means:

                  (i) for any date of determination prior to the Second
         Amendment Date, for the designated Level and Utilization Ratio
         applicable to such date of determination and Type of Advance, the
         following interest rates per annum:

<TABLE>
<CAPTION>
                      Daily Margin when Utilization Ratio       Daily Margin when Utilization Ratio
                       is equal to or less than 0.50:1.00            is greater than 0.50:1.00
                      -----------------------------------      ------------------------------------
                                TYPE OF ADVANCE                           TYPE OF ADVANCE
                      -----------------------------------      ------------------------------------
                         Base Rate       Eurodollar Rate                            Eurodollar Rate
                          Advance            Advance           Base Rate Advance        Advance
                      --------------   ------------------      -----------------    ---------------
<S>                   <C>              <C>                     <C>                  <C>
         Level 1             0%               .350%                    0%                .475%
         Level 2             0%               .375%                    0%                .500%
         Level 3             0%               .475%                    0%                .600%
         Level 4             0%               .625%                    0%                .750%
         Level 5             0%               .875%                    0%               1.125%
</TABLE>

                  For purposes of this definition, (a) "Utilization Ratio"
         means, as of any date of determination, the ratio of (1) the aggregate
         outstanding principal amount of all Advances as of such date to (2) the
         aggregate amount of all Commitments in effect as of such date (whether
         used or unused), (b) if any change in the rating established by S&P,
         Moody's or Fitch with respect to Long-Term Debt shall result in a
         change in the Level, the change in the Daily Margin shall be effective
         as of the date on which such rating change is publicly announced, and
         (c) if the ratings established by any two of S&P, Moody's or Fitch with
         respect to Long-Term Debt are unavailable for any reason for any day,
         then the applicable level for such day shall be deemed to be Level 5
         (or, if the Requisite Lenders consent in writing, such other Level as
         may be reasonably determined by the Requisite Lenders from a rating
         with respect to Long-Term Debt for such day established by another
         rating agency reasonably acceptable to the Requisite Lenders); or

                  (ii) for any date of determination on or after the Second
         Amendment Date, (a) for each Eurodollar Rate Advance and for the
         designated Level applicable to such date of determination, (1) the
         following interest rates per annum plus (2) 0.25% per annum on and
         after the earlier of (A) the date of delivery of the Compliance
         Certificate for any quarter (commencing with the third quarter of the
         2001 fiscal year), if the ratio of Funded Debt to EBITDA as shown in
         such Compliance Certificate is not equal to or less than 2.60:1.00, and
         (B) the date on which such Compliance Certificate is required to be
         delivered pursuant to Section 5.01(b), if such Compliance Certificate
         is not delivered by such date, plus (3) an additional 0.25% per annum
         on and after the earlier of (A) the date of delivery of the Compliance
         Certificate for any subsequent quarter commencing with the fourth
         quarter of the 2001 fiscal year, if the ratio of Funded Debt to EBITDA
         as

                                                  (Second Amendment - Long Term)

                                       2
<PAGE>   3
         shown in such Compliance Certificate is not equal to or less than
         2.60:1.00, and (B) the date on which such Compliance Certificate is
         required to be delivered pursuant to Section 5.01(b), if such
         Compliance Certificate is not delivered by such date; provided,
         however, that the amount by which the Daily Margin for any Eurodollar
         Rate Advance exceeds the rate per annum derived from the following
         table as a result of the foregoing shall not exceed .50% per annum; and
         provided further that, on the date of delivery of the Compliance
         Certificate for any quarter, if the ratio of Funded Debt to EBITDA as
         shown in such Compliance Certificate equals or is less than 2.60:1.00,
         the additions to the Daily Margin set forth in clauses (2) and (3)
         above shall not apply, and the Daily Margin for a Eurodollar Rate
         Advance shall equal the rate per annum derived from the following
         table:

<TABLE>
<CAPTION>
                                             Eurodollar Rate Advance
<S>                                          <C>
            Level 1                                  .500%
            Level 2                                  .650%
            Level 3                                  .825%
            Level 4                                 1.000%
            Level 5                                 1.125%
            Level 6                                 1.250%
</TABLE>

         and (b) for any Base Rate Advance the difference between the applicable
         Eurodollar Rate Advance and 1.25%, but not less than 0%.

                  For purposes of this definition, (1) if any change in the
         rating established by S&P or Moody's with respect to Long-Term Debt
         shall result in a change in the Level, the change in the Daily Margin
         shall be effective as of the date on which such rating change is
         publicly announced; (2) if the ratings established by one of S&P or
         Moody's with respect to Long-Term Debt are unavailable for any reason
         for any day and if the Borrower has used its best efforts to make such
         ratings available, then the applicable Level for such day shall be
         deemed to be the Level determined by reference solely to the ratings
         available from the other rating agency; and (3) if the ratings
         established by both of S&P and Moody's with respect to Long-Term Debt
         are unavailable for any reason for any day, then the applicable level
         for such day shall be deemed to be Level 6 (or, if the Requisite
         Lenders consent in writing, such other Level as may be reasonably
         determined by the Requisite Lenders from a rating with respect to
         Long-Term Debt for such day established by another rating agency
         reasonably acceptable to the Requisite Lenders)."

                  (iv) The definitions of the terms "Level", "Level 1", "Level
         2", "Level 3", "Level 4" and "Level 5" in Section 1.01 of the Credit
         Agreement are hereby amended by deleting them in their entirety and
         substituting the following in lieu thereof:

                  " "Level" means, (i) for any date prior to the Second
         Amendment Date, Level 1, Level 2, Level 3, Level 4, or Level 5, as the
         case may be, and (ii) for any date on or after the Second Amendment
         Date, Level 1, Level 2, Level 3, Level 4, Level 5 or Level 6, as the
         case may be."

                                                  (Second Amendment - Long Term)

                                       3
<PAGE>   4
                  "Level 1" means that, as of any date of determination (i)
         prior to the Second Amendment Date, the Borrower's Long-Term Debt
         rating is equal to or higher than at least two of the following: A-
         from S&P, A3 from Moody's and/or A- from Fitch and (ii) on or after the
         Second Amendment Date, the Borrower's Long-Term Debt rating equals or
         exceeds both of the following: A- from S&P and A3 from Moody's.

                  "Level 2" means that, as of any date of determination (i)
         prior to the Second Amendment Date, the Borrower's Long-Term Debt
         rating is equal to at least two of the following: BBB+ from S&P, Baa1
         from Moody's and/or BBB+ from Fitch and (ii) on or after the Second
         Amendment Date, the Borrower's Long-Term Debt rating equals or exceeds
         both of the following: BBB+ from S&P and Baal from Moody's.

                  "Level 3" means that, as of any date of determination (i)
         prior to the Second Amendment Date, the Borrower's Long-Term Debt
         rating is equal to at least two of the following: BBB from S&P, Baa2
         from Moody's and/or BBB from Fitch and (ii) on or after the Second
         Amendment Date, the Borrower's Long-Term Debt rating equals or exceeds
         both of the following: BBB from S&P and Baa2 from Moody's.

                  "Level 4" means that, as of any date of determination (i)
         prior to the Second Amendment Date, the Borrower's Long-Term Debt
         rating is equal to at least two of the following: BBB- from S&P, Baa3
         from Moody's and/or BBB- from Fitch and (ii) on or after the Second
         Amendment Date, the Borrower's Long-Term Debt rating equals or exceeds
         both of the following: BBB- from S&P and Baa3 from Moody's.

                  "Level 5" means that, (i) as of any date of determination
         prior to the Second Amendment Date, none of the criteria of Level 1,
         Level 2, Level 3 or Level 4 is satisfied, and (ii) as of any date of
         determination on or after the Second Amendment Date, the Borrower's
         Long-Term Debt rating equals or exceeds both of the following: BB+ from
         S&P and Ba1 from Moody's."

                  (v) Section 1.01 of the Credit Agreement is hereby amended by
         adding the following definition of the term "Level 6", after the
         definition of the term "Level 5" and before the definition of the term
         "Lien":

                  " "Level 6" means that none of the criteria of Level 1, Level
         2, Level 3, Level 4 or Level 5 is satisfied."

                  (vi) Section 1.01 of the Credit Agreement is hereby amended by
         adding the following definition of the term "Net Asset Sale Proceeds",
         after the definition of the term "Multiple Employer Plan" and before
         the definition of the term "Net Income":

                  " "Net Asset Sale Proceeds", with respect to any Asset Sale,
         means Cash payments (including any Cash received by way of deferred
         payment pursuant to, or by monetization of, a note receivable or
         otherwise, but only as and when so received) received from the buyer in
         such Asset Sale, as the case may be, net of any bona fide direct costs
         incurred in connection with such Asset Sale, including (i) income taxes
         reasonably estimated to be actually payable within two years of the
         date of such Asset Sale as a result of any gain recognized in
         connection with such Asset Sale, (ii) payment

                                                  (Second Amendment - Long Term)

                                       4
<PAGE>   5
         of the outstanding principal amount of, premium or penalty, if any, and
         interest on any Debt (other than the Advances) that is secured by a
         Lien on the stock or assets in question and that is required to be
         repaid under the terms thereof as a result of such Asset Sale and (iii)
         reasonable costs and expenses associated therewith including
         attorneys', accountants' and other professionals' fees."

                  (vii) Section 1.01 of the Credit Agreement is hereby amended
         by adding the following definition of the term "Net Securities
         Proceeds" after the definition of the term "Net Income" and before the
         definition of the term "Net Worth":

                  " "Net Securities Proceeds" means the cash proceeds (net of
         underwriting discounts and commissions and other reasonable costs and
         expenses associated therewith, including reasonable legal fees and
         expenses) from the issuance of capital stock or an incurrence of Debt
         by the Borrower or any of its Subsidiaries."

                  (viii) Section 1.01 of the Credit Agreement is hereby amended
         by adding the following definition of the term "Pro Rata Basis" after
         the definition of the term "Potential Event of Default" and before the
         definition of the term "Reference Banks".

                  " "Pro Rata Basis" means, at any time, on a pro rata basis in
         accordance with the then aggregate amount of Commitments and the then
         aggregate amount of Short Term Facility Commitments."

                  (ix) Section 1.01 of the Credit Agreement is hereby amended by
         adding the following definitions of the terms "Second Amendment",
         "Second Amendment Date", "Short Term Facility" and "Short Term Facility
         Commitments", after the definition of the term "SEC" and before the
         definition of the term "Single Employer Plan":

                  " "Second Amendment" means that certain Second Amendment dated
         May 17, 2001 to Credit Agreement (Long Term Facility) dated as of July
         14, 2000, between the Borrower, the Lenders and Administrative Agent.

                  "Second Amendment Date" means May 17, 2001.

                  "Short Term Facility" means the Credit Agreement (Short Term
         Facility), dated as of May 17, 2001 among the Borrower, Citicorp USA,
         Inc., as Administrative Agent and the lenders party thereto, as amended
         or extended from time to time, and any successor credit facilities
         thereto.

                  "Short Term Facility Commitments" means the aggregate amount
         of commitments of the lenders under the Short Term Facility."

                  (x) Section 1.01 of the Credit Agreement is hereby amended by
         adding the following definition of the term "SPC Business" after the
         definition of the term "Single Employer Plan" and before the definition
         of the term "Subsidiary":

                                                  (Second Amendment - Long Term)

                                       5
<PAGE>   6
                  " "SPC Business" means all or any portion of the businesses
         conducted by the Borrower and any of its Subsidiaries or Affiliates (i)
         in Guatemala, or (ii) under the following trademark names: Sarah
         Michaels, Freeman or Nature's Accent."

         B. AMENDMENT TO SECTION 2.04(a). Section 2.04(a) of the Credit
Agreement is hereby amended by deleting it in its entirety and substituting the
following in lieu thereof:

                  "(a) Facility Fees.

                  (i) Prior to the Second Amendment Date, the Borrower agrees to
         pay to the Administrative Agent for the account of each Lender (other
         than the Designated Bidders) a facility fee on such Lender's daily
         average Commitment, whether used or unused (and without giving effect
         to any Bid Reduction), from the Closing Date in the case of each Lender
         and from the effective date specified in the Assignment and Acceptance
         pursuant to which it became a Lender in the case of each other Lender
         until the Termination Date of such Lender, payable quarterly in arrears
         on the last day of each March, June, September and December during the
         term of such Lender's Commitment, commencing September 30, 2000, and on
         the Termination Date of such Lender, in an amount equal to the product
         of (i) such Lender's daily average Commitment, whether used or unused
         and without giving effect to any Bid Reduction, in effect during the
         period for which such payment that is to be made times (ii) the
         weighted average rate per annum that is derived from the following
         rates: (a) a rate of 0.10% per annum with respect to each day during
         such period that the ratings with respect to Long-Term Debt were at
         Level 1, (b) a rate of 0.125% per annum with respect to each day during
         such period that such ratings were at Level 2, (c) a rate of 0.15% per
         annum with respect to each day during such period that such ratings
         were at Level 3, (d) a rate of 0.25% per annum with respect to each day
         during such period that such ratings were at Level 4, (e) at the rate
         of 0.375% per annum with respect to each day during such period that
         such ratings were at Level 5. If any change in the rating established
         by S&P, Moody's or Fitch with respect to Long-Term Debt shall result in
         a change in the Level, the change in the commitment fee shall be
         effective as of the date on which such rating change is publicly
         announced. If the ratings established by any two of S&P, Moody's or
         Fitch with respect to Long-Term Debt are unavailable for any reason for
         any day, then the applicable level for purposes of calculating the
         commitment fee for such day shall be deemed to be Level 5 (or, if the
         Requisite Lenders consent in writing, such other Level as may be
         reasonably determined by the Requisite Lenders from a rating with
         respect to Long-Term Debt for such day established by another rating
         agency reasonably acceptable to the Requisite Lenders).

                  (ii) From and after the Second Amendment Date, the Borrower
         agrees to pay to the Administrative Agent for the account of each
         Lender (other than the Designated Bidders) a facility fee on such
         Lender's daily average Commitment, whether used or unused (and without
         giving effect to any Bid Reduction), from the Closing Date in the case
         of each Lender and from the effective date specified in the Assignment
         and Acceptance pursuant to which it became a Lender in the

                                                  (Second Amendment - Long Term)

                                       6
<PAGE>   7
         case of each other Lender until the Termination Date of such Lender,
         payable quarterly in arrears on the last day of each March, June,
         September and December during the term of such Lender's Commitment,
         commencing the Second Amendment Date, and on the Termination Date of
         such Lender, in an amount equal to the product of (a) such Lender's
         daily average Commitment, whether used or unused and without giving
         effect to any Bid Reduction, in effect during the period for which such
         payment that is to be made times (b) the weighted average rate per
         annum that is derived from the following rates: (1) a rate of 0.125%
         per annum with respect to each day during such period that the ratings
         with respect to Long-Term Debt were at Level 1, (2) a rate of 0.150%
         per annum with respect to each day during such period that such ratings
         were at Level 2, (3) a rate of 0.175% per annum with respect to each
         day during such period that such ratings were at Level 3, (4) a rate of
         0.250% per annum with respect to each day during such period that such
         ratings were at Level 4, (5) at the rate of 0.375% per annum with
         respect to each day during such period that such ratings were at Level
         5, and (6) at the rate of 0.500% per annum with respect to each day
         during such period that such ratings were at Level 6. If any change in
         the ratings established by S&P or Moody's with respect to Long-Term
         Debt shall result in a change in the Level, the change in the
         commitment fee shall be effective as of the date on which such rating
         change is publicly announced. If the ratings established by one of S&P
         or Moody's with respect to Long-Term Debt are unavailable for any
         reason for any day and if the Borrower has used its best efforts to
         make such ratings available, then the applicable Level for calculating
         the commitment fee for such day shall be deemed to be the Level
         determined by reference solely to the ratings available from the other
         rating agency. If the ratings established by both S&P and/or Moody's
         with respect to Long-Term Debt are unavailable for any reason for any
         day, then the applicable level for purposes of calculating the
         commitment fee for such day shall be deemed to be Level 6 (or, if the
         Requisite Lenders consent in writing, such other Level as may be
         reasonably determined by the Requisite Lenders from a rating with
         respect to Long-Term Debt for such day established by another rating
         agency reasonably acceptable to the Requisite Lenders)."

         C. AMENDMENT TO SECTION 2.05. Section 2.05 is hereby amended by adding
the following at the end of such Section:

                  "(d) Mandatory Reductions. (i) In connection with any Asset
         Sale by the Borrower or any of its Subsidiaries in accordance with
         Section 5.02(i) pursuant to which Asset Sale the Borrower and/or any of
         its Subsidiaries receives aggregate Net Asset Sale Proceeds in excess
         of $5,000,000 for any individual Asset Sale or $10,000,000 for all
         Asset Sales in any one calendar year, no later than one Business Day
         after the date of receipt by the Borrower and/or any of its
         Subsidiaries of such Net Asset Sale Proceeds, the Commitments and the
         Short Term Facility Commitments shall be permanently reduced as
         provided in clause (iv) in an aggregate amount equal to: (A) 75% of
         such aggregate Net Asset Sale Proceeds, if received in connection with
         a sale of all or any portion of the SPC Business or the Argentine
         Business, and (B) 100% of such aggregate Net Asset

                                                  (Second Amendment - Long Term)

                                       7
<PAGE>   8
         Sale Proceeds, if received in connection with any Asset Sale other than
         a sale of the SPC Business or the Argentine Business.

                  (ii) On the Business Day following receipt of Net Securities
         Proceeds from the issuance of any capital stock by the Borrower or, if
         capital stock of a Subsidiary is issued to any Person other than the
         Borrower or a Subsidiary of a Borrower, any Subsidiary of the Borrower,
         the Commitments and the Short Term Facility Commitments shall be
         permanently reduced as provided in clause (iv) in an amount equal to
         such Net Securities Proceeds.

                  (iii) On the Business Day following receipt of Net Securities
         Proceeds from the incurrence of any Debt described in clause (i) of the
         definition thereof of the Borrower and its Subsidiaries (other than
         Debt secured by Liens permitted by clauses (iii) or (iv) of Section
         5.02(a), Debt consisting of commercial paper for which this Agreement
         provides backup, Debt consisting of Advances, Debt owing to a
         Subsidiary of the Borrower and Debt for the deferred purchase price of
         goods and services), the Commitments and the Short Term Facility
         Commitments shall be permanently reduced as provided in clause (iv) in
         an amount equal to 50% of such Net Securities Proceeds.

                  (iv) Any mandatory reduction of Commitments and Short Term
         Facility Commitments pursuant to clauses (i)-(iii) above shall be
         applied first to permanently reduce the Commitments until they equal
         $200,000,000, and second to permanently reduce the Commitments and the
         Short Term Facility Commitments on a Pro Rata Basis."

         D. AMENDMENT TO SECTION 5.02(a). Section 5.02(a)(ii) of the Credit
Agreement is hereby deleted in its entirety.

         E. AMENDMENT TO SECTION 5.02(e). Section 5.02(e) of the Credit
Agreement is hereby amended by deleting it in its entirety and substituting the
following in lieu thereof:

                  "(e) Minimum Net Worth. The Borrower will not permit at any
         time Net Worth to be less than the sum of (i) 80% of the greater of
         $304,112,000 or the Net Worth as of March 31, 2001; plus (ii) 50% of
         Net Income (if a positive number) from the Closing Date to (a) the end
         of the most recently ended fiscal year or (b), if the date of
         calculation is after June 30 in any year, the end of the second fiscal
         quarter in such year; minus (iii) any loss incurred in connection with
         the sale or other disposition of the SPC Business, in an amount not to
         exceed $175,000,000, or the Argentine Business, in an amount not to
         exceed $75,000,000; provided that, if a loss in connection with a sale
         or other disposition of the SPC Business or the Argentine Business is
         deducted in one quarter, such loss shall be added back in subsequent
         quarters unless the sale or other disposition shall have occurred (and
         the proceeds applied as provided in Section 2.05(d)) on or prior to the
         last day of the first such subsequent quarter; plus (iv) all Additions
         to Capital from the Closing Date to (a) the end of the most recently
         ended fiscal year or (b), if the date of calculation is after June 30
         in any year, the end of the second fiscal quarter in such year."

                                                  (Second Amendment - Long Term)

                                       8
<PAGE>   9
         F. ADDITIONAL NEGATIVE COVENANTS. Section 5.02 of the Credit Agreement
is hereby amended by adding the following at the end of such Section:

                  "(h) Dividends; Changes in Capital. The Borrower will not (i)
         declare or pay any dividends on or with respect to its capital stock,
         (ii) repurchase, redeem or otherwise acquire for value any of its
         capital stock now or hereafter outstanding, except for the purchase
         from time to time by the Borrower of its capital stock in the ordinary
         course of business consistent with past practice in connection with any
         employee benefit plan or Pension Plan, or (iii) make any distribution
         of assets to its stockholders, each without the prior written consent
         of the Administrative Agent on behalf of the Lenders; provided that the
         Borrower may declare and pay dividends and distributions with respect
         to its capital stock payable in Cash or in shares of that class of
         stock only so long as the dollar amount of any Cash dividend or
         distribution is consistent with the practice of the Borrower during the
         first calendar quarter of 2001, as such amount shall be proportionately
         adjusted upon the occurrence of any split or reverse split of the
         capital stock of the Borrower.

                  (i) Asset Sales. The Borrower will not, and will not permit
         any of its Subsidiaries to, enter into or effect any Asset Sale, unless
         (i) the consideration received from such sale is comprised of at least
         80% Cash, with the balance comprised of a promissory note or notes
         delivered by the buyer (or the prior written consent of the Requisite
         Lenders to such other consideration is obtained), (ii) any and all Net
         Sale Proceeds from such Asset Sale are applied in accordance with
         Section 2.05(d), and (iii) such Asset Sale complies with the terms of
         Section 5.02(b).

                  (j) Receivables. The Borrower will not, nor will it permit any
         of its Subsidiaries to, sell or otherwise dispose of its accounts
         receivable in securitization or other transactions other than (i)
         accounts receivable sold in connection with the sale of the capital
         stock of a Subsidiary of the Borrower or all or substantially all of
         the assets of a division or Subsidiary of the Borrower and (ii)
         accounts receivable that are discounted for less than face value in
         order to resolve a dispute relating thereto."

         G. AMENDMENTS TO EXHIBITS. The form of Compliance Certificate attached
to the Credit Agreement as Exhibit F is hereby amended and restated in its
entirety to read as set forth on Exhibit F to this Amendment.

SECTION 2. BORROWER'S REPRESENTATIONS AND WARRANTIES

                  To induce the Lenders to enter into this Amendment and to
amend the Credit Agreement in the manner provided herein, the Borrower
represents and warrants to each Lender that the following statements are true,
correct and complete:

         A. CORPORATE POWER AND AUTHORITY. The Borrower has all requisite
corporate power and authority to enter into this Amendment and to carry out the
transactions contemplated by, and perform its obligations under, the Credit
Agreement, as amended by this Amendment (the "Amended Agreement").

                                                  (Second Amendment - Long Term)

                                       9
<PAGE>   10
         B. AUTHORIZATION OF AGREEMENTS. The execution and delivery of this
Amendment and the consummation of the Amended Agreement have been duly
authorized by all necessary corporate action on the part of the Borrower.

         C. NO CONFLICT. The execution and delivery by the Borrower of this
Amendment and the consummation by the Borrower of the Amended Agreement do not
and will not (i) violate any provision of any law or any governmental rule or
regulation applicable to the Borrower or its Subsidiaries, the certificate of
incorporation or bylaws of the Borrower or any order, judgment or decree of any
court or other agency of government binding on the Borrower or its Subsidiaries,
(ii) conflict with, result in a breach of or constitute (with due notice or
lapse of time or both) a default under any contractual obligation of the
Borrower or its Subsidiaries, (iii) result in or require the creation or
imposition of any Lien upon any of the properties or assets of the Borrower or
its Subsidiaries, or (iv) require any approval of stockholders or any approval
or consent of any Person under any contractual obligation of the Borrower or its
Subsidiaries (other than the parties hereto).

         D. GOVERNMENTAL CONSENTS. The execution and delivery by the Borrower of
this Amendment and the consummation by the Borrower of the Amended Agreement do
not and will not require any registration with, consent or approval of, or
notice to, or other action to, with or by, any federal, state or other
governmental authority or regulatory body.

         E. BINDING OBLIGATION. This Amendment has been duly executed and
delivered by the Borrower and this Amendment and the Amended Agreement are the
legally valid and binding obligations of the Borrower, enforceable against the
Borrower in accordance with their respective terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to
or limiting creditors' rights generally or by principles of equity and
commercial reasonableness.

         F. INCORPORATION OF REPRESENTATIONS AND WARRANTIES FROM CREDIT
AGREEMENT. The representations and warranties contained in Section 4.01
(excluding those set forth in Section 4.01(e)) of the Credit Agreement are true,
correct and complete in all material respects to the same extent as though made
on and as of the date hereof, except as provided above or to the extent such
representations and warranties specifically relate to an earlier date, in which
case they were true, correct and complete in all material respects on and as of
such earlier date.

         G. ABSENCE OF DEFAULT. No event has occurred and is continuing or will
result from the consummation of the transactions contemplated by this Amendment
that would, upon the giving of notice, the passage of time, or otherwise,
constitute an Event of Default.

         H. CONDITION OF THE BORROWER. (i) The consolidated balance sheet of the
Borrower and its Subsidiaries as at December 31, 2000 and the related
consolidated statements of income and retained earnings of the Borrower and its
Subsidiaries for the fiscal year then ended, and (ii) the consolidated balance
sheet of the Borrower and its Subsidiaries as at March 31, 2001, and the related
consolidated statements of income and retained earnings of the Borrower and its
Subsidiaries for the fiscal quarter then ended, in each case fairly present the
financial condition of the Borrower and its Subsidiaries as at such date and the
results of the operations of Borrower and its Subsidiaries for the period ended
on such date, all in accordance with GAAP consistently

                                                  (Second Amendment - Long Term)

                                       10
<PAGE>   11
applied, and, as of the Amendment Effective Date (as defined below), there has
been no material adverse change in the business, condition (financial or
otherwise), operations or properties of the Borrower and its Subsidiaries, taken
as a whole, since March 31, 2001.

SECTION 3. CONDITIONS TO EFFECTIVENESS

                  Section 1 of this Amendment shall become effective as of the
date hereof (such date being referred to herein as the "Amendment Effective
Date"); provided that all of the following conditions precedent shall have been
satisfied:

         A. The Borrower shall have delivered to the Administrative Agent the
following, each, unless otherwise noted, dated the Amendment Effective Date:

                  (i) Copies of resolutions of the Board of Directors of
         Borrower approving this Amendment, and of all documents evidencing
         other necessary corporate action and governmental approvals, if any,
         with respect to this Amendment, certified as of a recent date prior to
         the Amendment Effective Date;

                  (ii) Signature and incumbency certificates of its officers
         executing this Amendment;

                  (iii) A favorable opinion of counsel to Borrower, as to the
         due authorization, execution, delivery and enforceability of this
         Amendment and any other documents executed in connection herewith, and
         such other matters as Lender may reasonably require; and

                  (iv) Executed copies of this Amendment.

         B. All corporate and other proceedings taken in connection with the
transactions contemplated hereby and all documents incidental thereto not
previously found acceptable by the Administrative Agent, shall be satisfactory
in form and substance to the Administrative Agent, and the Administrative Agent
shall have received all such counterpart originals or certified copies of such
documents as the Administrative Agent may reasonably request.

SECTION 4. MISCELLANEOUS

         A. Reference to and Effect on the Credit Agreement and the Other Loan
Documents.

                  (i) On and after the date this Amendment becomes effective in
         accordance with its terms, each reference in the Credit Agreement to
         "this Agreement", "hereunder", "hereof", "herein" or words of like
         import referring to the Credit Agreement, and each reference in the
         Notes to the "Credit Agreement", "thereunder", "thereof" or words of
         like import referring to the Credit Agreement shall mean and be a
         reference to the Amended Agreement.

                  (ii) Except as specifically amended by this Amendment, the
         Credit Agreement and the Notes shall remain in full force and effect
         and are hereby ratified and confirmed.

                                                  (Second Amendment - Long Term)

                                       11
<PAGE>   12
                  (iii) The execution, delivery and performance of this
         Amendment shall not, except as expressly provided herein, constitute a
         waiver of any provision of, or operate as a waiver of, any right, power
         or remedy of the Administrative Agent or any Lender under, the Credit
         Agreement or the Notes.

         B. FEES AND EXPENSES. The Borrower acknowledges that all costs, fees
and expenses as described in Section 8.04 of the Credit Agreement incurred by
the Administrative Agent and its counsel with respect to this Amendment and the
documents and transactions contemplated hereby shall be for the account of the
Borrower.

         C. HEADINGS. Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.

         D. APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

         E. COUNTERPARTS; EFFECTIVENESS. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed an original, but
all such counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document. Subject to the provisions of Section 3, this Amendment shall
become effective as of the date hereof upon the execution and delivery of a
counterpart hereof by the Borrower and the Requisite Lenders.

                  [Remainder of page intentionally left blank]

                                                  (Second Amendment - Long Term)

                                       12
<PAGE>   13
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective officers thereunto duly
authorized as of the date first written above.

                                   The Borrower:

                                   THE DIAL CORPORATION

                                   By___________________________________________
                                   Name:
                                   Title:

                                   The Lenders:

                                   CITICORP USA, INC. (Individually
                                   and as Administrative Agent)

                                   By___________________________________________
                                   Name:
                                   Title

                                   BANK OF AMERICA, N.A. (Individually
                                   and as Syndication Agent)

                                   By___________________________________________
                                   Name:
                                   Title:

                                   WACHOVIA BANK, N.A. (Individually
                                   and as Documentation Agent)

                                   By___________________________________________
                                   Name:
                                   Title:

                                                     (Amendment Signature Pages)

                                      S-1
<PAGE>   14

                                   ABN AMRO BANK N.V.

                                   By___________________________________________
                                   Name:
                                   Title

                                   BANK ONE, NA

                                   By___________________________________________
                                   Name:
                                   Title

                                   DEUTSCHE BANK AG NEW YORK BRANCH AND/OR
                                   CAYMAN ISLANDS BRANCH

                                   By___________________________________________
                                   Name:
                                   Title:

                                   INDUSTRIAL BANK OF JAPAN, LIMITED,
                                   NEW YORK BRANCH

                                   By___________________________________________
                                   Name:
                                   Title:

                                   WELLS FARGO BANK, N.A.

                                   By___________________________________________
                                   Name:
                                   Title:

                                                     (Amendment Signature Pages)

                                      S-2

<PAGE>   15

                                  WESTDEUTSCHE LANDESBANK GIRONZENTRALE-NEW YORK
                                  AND CAYMAN ISLANDS BRANCHES

                                  By___________________________________________
                                  Name:
                                  Title:

                                  By___________________________________________
                                  Name:
                                  Title:

                                                    (Amendment Signature Pages)

                                      S-3
<PAGE>   16
                                    EXHIBIT F

                        [FORM OF COMPLIANCE CERTIFICATE]

         The undersigned certifies that: (i) this Certificate is as of
__________ and pertains to the period from _________ to _________, (ii) the
undersigned has reviewed the terms of that certain Credit Agreement, dated as of
July 14, 2000, as amended November 21, 2000 and May 17, 2001, among The Dial
Corporation, the Banks named therein, Citicorp USA, Inc., as Administrative
Agent, Wachovia Bank, N.A., as Documentation Agent for said Lenders and Bank of
America, N.A., as Syndication Agent for said Lenders (as it may be further
amended, supplemented, restated or otherwise modified from time to time, the
"CREDIT AGREEMENT") and has made, or caused to be made under the undersigned's
supervision, a review in reasonable detail of the transactions and condition of
the Borrower and its Subsidiaries during the period set forth above and (iii)
such review has not disclosed the existence during or at the end of such period,
and the undersigned does not have knowledge of the existences as of the date of
this Certificate, of any condition or event that constitutes an Event of Default
or Potential Event of Default.(1) CAPITALIZED TERMS USED HEREIN SHALL HAVE THE
MEANINGS SET FORTH IN THE CREDIT AGREEMENT.

      A.       NET WORTH

               For the Borrower and its Subsidiaries:

<TABLE>
<S>                                                                                                                 <C>
               1.        The greater of (a) Net Worth as of March 31, 2001,
                         or (b) $304,112,000                                                                        $__________

               2.        80% multiplied (1)                                                                         $__________

               3.        Net Income (if a positive number) from the Closing Date to most recently passed
                         June 30 or December 31                                                                     $__________

               4.        50% multiplied (3)                                                                         $__________

               5.        Loss incurred (if any) in sale of the SPC Business or the Argentine Business
                         (but only if and to the extent such loss has not already been deducted in a
                         previous quarter)                                                                          $__________
</TABLE>

--------------
(1) If any event or condition that constitutes an Event of Default or Potential
Event of Default exists, the Certificate should include the nature and period of
existence of such event or condition and what action the Borrower has taken, is
taking and proposes to take with respect thereto.

                                                             (Amendment Exhibit)

                                      F-1
<PAGE>   17
<TABLE>
<S>                                                                                                                 <C>
               6.        aggregate net proceeds, including cash and the fair market value of property
                         other than cash, received by the Borrower from the issue or sale of capital
                         stock of the Borrower from the Effective Date to the most recent June 30 or
                         December 31                                                                                $__________

               7.        aggregate of 25% of the after tax gains realized from unusual, extraordinary,
                         and major nonrecurring items from the Effective Date to the most recent June 30
                         or December 31                                                                             $__________

               8.        Additions to Capital [(6) plus (7)]                                                        $__________

               9.        Net Worth                                                                                  $__________

               10.       Minimum Net Worth permitted under Credit Agreement [(2) plus (4) plus (8) minus
                         (5)]                                                                                       $__________

      B.       MAXIMUM FUNDED DEBT RATIO.

               For the Borrower and its Subsidiaries (for each period consisting of the most recently
               ended four consecutive fiscal quarters of the Borrower):

               1.        indebtedness for borrowed money or for the deferred purchase price of property
                         or services                                                                                $__________

               2.        obligations as lessee under leases which shall have been or should be, in
                         accordance with GAAP, recorded as capital leases                                           $__________

               3.        obligations under guarantees in respect of indebtedness or obligations of
                         others of the kinds referred to in clauses (1) and (2) of this Section B                   $__________

               4.        Funded Debt [(1) plus (2) plus (3)]                                                        $__________

               5.        consolidated net income plus provision for taxes (excluding extraordinary,
                         unusual, or nonrecurring gains or losses)                                                  $__________

               6.        interest expense                                                                           $__________

               7.        depreciation expense and amortization of intangibles                                       $__________

               8.        EBITDA [(5) plus (6) plus (7)]                                                             $__________

               9.        Ratio of Funded Debt to EBITDA [(4):(8)]                                                   _____:_____
</TABLE>

                                                             (Amendment Exhibit)

                                      F-2
<PAGE>   18
<TABLE>
<S>                                                                                                                 <C>
               10.       Maximum Funded Debt Ratio required under Credit Agreement for any four fiscal
                         quarter period ending on the dates set forth below:

                         June 30, 2001
                         After June 30, 2001                                                                         3.25:1.00
                                                                                                                     3.00:1.00
</TABLE>

                                      THE DIAL CORPORATION

                                      By:
                                         ---------------------------------------
                                         Title:

                                                             (Amendment Exhibit)

                                      F-3

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