Document:

Exhibit 10(B)

 

Exhibit 10(b)

THE SHERWIN-WILLIAMS COMPANY

2006 Equity and Performance Incentive
Plan

     
1. Purpose. The purpose of this 2006
Equity and Performance Incentive Plan is to attract and retain
officers and other employees of The Sherwin-Williams Company and
its Subsidiaries and to provide to such persons incentives and
rewards for performance.

     
2. Definitions. As used in this Plan,

		
	 	     
    (a) “Appreciation Right” means a
    right granted pursuant to Section 5 of this Plan, and will
    include both Free-Standing Appreciation Rights and Tandem
    Appreciation Rights.
    
	 
	 	     
    (b) “Base Price” means the price
    to be used as the basis for determining the Spread upon the
    exercise of a Free-Standing Appreciation Right or a Tandem
    Appreciation Right.
    
	 
	 	     
    (c) “Board” means the Board of
    Directors of the Company and, to the extent of any delegation by
    the Board to a committee (or subcommittee thereof) pursuant to
    Section 9 of this Plan, such committee (or subcommittee).
    
	 
	 	     
    (d) “Change of Control” has the
    meaning provided in Section 11 of this Plan.
    
	 
	 	     
    (e) “Code” means the Internal
    Revenue Code of 1986, as amended from time to time.
    
	 
	 	     
    (f) “Common Stock” means Common
    Stock, par value $1.00 each, of the Company or any security into
    which such shares of Common Stock may be changed by reason of
    any transaction or event of the type referred to in
    Section 10 of this Plan.
    
	 
	 	     
    (g) “Company” means The
    Sherwin-Williams Company, an Ohio corporation, and its
    successors.
    
	 
	 	     
    (h) “Covered Employee” means a
    Participant who is, or is determined by the Board to be likely
    to become, a “covered employee” within the meaning of
    Section 162(m) of the Code (or any successor provision).
    
	 
	 	     
    (i) “Date of Grant” means the date
    specified by the Board on which a grant of Option Rights,
    Appreciation Rights, Performance Shares, Performance Units, or a
    grant or sale of Restricted Stock or Restricted Stock Units,
    will become effective (which date will not be earlier than the
    date on which the Board takes action with respect thereto).
    
	 
	 	     
    (j) “Director” means a member of
    the Board of Directors of the Company.
    
	 
	 	     
    (k) “Effective Date” means the
    date immediately following the date that this Plan is approved
    by the shareholders of the Company.
    
	 
	 	     
    (l) “Evidence of Award” means an
    agreement, certificate, resolution or other type or form of
    writing or other evidence that sets forth the terms and
    conditions of Option Rights, Appreciation Rights, Performance
    Shares or Performance Units granted, or a grant or sale of
    Restricted Stock or Restricted Stock Units. An Evidence of Award
    may be in an electronic medium, may be limited to notation on
    the books and records of the Company and need not be signed by a
    representative of the Company or a Participant.
    
	 
	 	     
    (m) “Free-Standing Appreciation
    Right” means an Appreciation Right granted pursuant to
    Section 5 of this Plan that is not granted in tandem with
    an Option Right.
    
	 
	 	     
    (n) “Incentive Stock Options”
    means Option Rights that are intended to qualify as
    “incentive stock options” under Section 422 of
    the Code or any successor provision.
    
	 
	 	     
    (o) “Management Objectives” means
    the measurable performance objective or objectives established
    pursuant to this Plan for Participants who have received grants
    of Performance
    

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    Shares or Performance Units or, when so
    determined by the Board, Option Rights, Appreciation Rights,
    Restricted Stock, Restricted Stock Units or dividend credits
    pursuant to this Plan. Management Objectives may be described in
    terms of Company-wide objectives or objectives that are related
    to the performance of the individual Participant or of the
    Subsidiary, division, department, region or function within the
    Company or Subsidiary in which the Participant is employed. The
    Management Objectives may be made relative to the performance of
    other companies. The Management Objectives applicable to any
    award to a Covered Employee will be based on specified levels of
    or growth in one or more of the following criteria:
    

		
	 	     
    (i)    Appreciation in value
    of shares;
    
	 
	 	     
    (ii)    Total shareholder
    return;
    
	 
	 	     
    (iii)   Earnings per share;
    
	 
	 	     
    (iv)   Operating income;
    
	 
	 	     
    (v)    Net income;
    
	 
	 	     
    (vi)   Pretax earnings;
    
	 
	 	     
    (vii)  Earnings before interest, taxes,
    depreciation and amortization;
    
	 
	 	     
    (viii)  Pro forma net income;
    
	 
	 	     
    (ix)   Return on equity;
    
	 
	 	     
    (x)    Return on designated
    assets;
    
	 
	 	     
    (xi)   Return on capital;
    
	 
	 	     
    (xii)  Economic value added;
    
	 
	 	     
    (xiii)  Revenues;
    
	 
	 	     
    (xiv)  Expenses;
    
	 
	 	     
    (xv)  Operating profit margin;
    
	 
	 	     
    (xvi)  Operating cash flow;
    
	 
	 	     
    (xvii) Free cash flow;
    
	 
	 	     
    (xviii) Cash flow return on investment;
    
	 
	 	     
    (xix)  Operating margin or net profit
    margin; or
    
	 
	 	     
    (xx)  Any of the above criteria as
    compared to the performance of a published or a special index
    deemed applicable by the Board, including, but not limited to,
    the Standard & Poor’s 500 Stock Index.
    

		
	 	     
    If the Board determines that a change in the
    business, operations, corporate structure or capital structure
    of the Company, or the manner in which it conducts its business,
    or other events or circumstances render the Management
    Objectives unsuitable, the Board may in its discretion modify
    such Management Objectives or the related level or levels of
    achievement, in whole or in part, as the Board deems appropriate
    and equitable, except in the case of a Covered Employee where
    such action would result in the loss of the otherwise available
    exemption of the award under Section 162(m) of the Code. In
    such case, the Board will not make any modification of the
    Management Objectives or the level or levels of achievement with
    respect to such Covered Employee.
    
	 
	 	     
    (p) “Market Value Per Share”
    means, as of any particular date, the average of the highest and
    lowest reported sales prices of the Common Stock during normal
    trading hours on the New York Stock Exchange Composite Tape or,
    if not listed on such exchange, on any other national
    

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    securities exchange on which the Common Stock is
    listed. If there is no regular public trading market for such
    Common Stock, the Market Value Per Share of the Common Stock
    shall be determined by the Board.
    
	 
	 	     
    (q) “Optionee” means the optionee
    named in an Evidence of Award evidencing an outstanding Option
    Right.
    
	 
	 	     
    (r) “Option Price” means the
    purchase price payable on exercise of an Option Right.
    
	 
	 	     
    (s) “Option Right” means the right
    to purchase shares of Common Stock upon exercise of an option
    granted pursuant to Section 4 of this Plan.
    
	 
	 	     
    (t) “Participant” means a person
    who is selected by the Board to receive benefits under this Plan
    and who is at the time an officer or other employee of the
    Company or any one or more of its Subsidiaries, or who has
    agreed to commence serving in any of such capacities within
    90 days of the Date of Grant. The term
    “Participant” shall also include any person who
    provides services to the Company or a Subsidiary that are
    equivalent to those typically provided by an employee.
    
	 
	 	     
    (u) “Performance Period” means, in
    respect of a Performance Share or Performance Unit, a period of
    time established pursuant to Section 8 of this Plan within
    which the Management Objectives relating to such Performance
    Share or Performance Unit are to be achieved.
    
	 
	 	     
    (v) “Performance Share” means a
    bookkeeping entry that records the equivalent of one share of
    Common Stock awarded pursuant to Section 8 of this Plan.
    
	 
	 	     
    (w) “Performance Unit” means a
    bookkeeping entry awarded pursuant to Section 8 of this
    Plan that records a unit equivalent to $1.00 or such other value
    as is determined by the Board.
    
	 
	 	     
    (x) “Plan” means The
    Sherwin-Williams Company 2006 Equity and Performance Incentive
    Plan, as may be amended from time to time.
    
	 
	 	     
    (y) “Restricted Stock” means
    shares of Common Stock granted or sold pursuant to
    Section 6 of this Plan as to which neither the substantial
    risk of forfeiture nor the prohibition on transfer has expired.
    
	 
	 	     
    (z) “Restriction Period” means the
    period of time during which Restricted Stock Units are subject
    to restrictions, as provided in Section 7 of this Plan.
    
	 
	 	     
    (aa) “Restricted Stock Unit” means
    an award made pursuant to Section 7 of this Plan of the
    right to receive shares of Common Stock or cash at the end of a
    specified period.
    
	 
	 	     
    (bb) “Spread” means the excess of
    the Market Value Per Share on the date when an Appreciation
    Right is exercised over the Option Price or Base Price provided
    for in the related Option Right or Free-Standing Appreciation
    Right, respectively.
    
	 
	 	     
    (cc) “Subsidiary” means a
    corporation, company or other entity (i) at least
    50 percent of whose outstanding shares or securities
    (representing the right to vote for the election of directors or
    other managing authority) are, or (ii) which does not have
    outstanding shares or securities (as may be the case in a
    partnership, joint venture or unincorporated association), but
    at least 50 percent of whose ownership interest
    representing the right generally to make decisions for such
    other entity is, now or hereafter, owned or controlled, directly
    or indirectly, by the Company except that for purposes of
    determining whether any person may be a Participant for purposes
    of any grant of Incentive Stock Options, “Subsidiary”
    means any corporation in which at the time the Company owns or
    controls, directly or indirectly, at least 50 percent of
    the total combined voting power represented by all classes of
    stock issued by such corporation.
    
	 
	 	     
    (dd) “Tandem Appreciation Right”
    means an Appreciation Right granted pursuant to Section 5
    of this Plan that is granted in tandem with an Option Right.
    

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3. Shares Subject to this Plan.

		
	 	     
    (a) Maximum Shares Available Under Plan.
    

		
	 	     
    (i) Subject to adjustment as provided in
    Section 10 of this Plan, the number of shares of Common
    Stock that may be issued or transferred (A) upon the
    exercise of Option Rights or Appreciation Rights; (B) as
    Restricted Stock and released from substantial risks of
    forfeiture thereof; (C) in payment of Restricted Stock
    Units; (D) in payment of Performance Shares or Performance
    Units that have been earned; or (E) in payment of dividend
    equivalents paid with respect to awards made under this Plan
    will not exceed in the aggregate 10,000,000 shares of
    Common Stock, plus any shares of Common Stock relating to awards
    that expire or are forfeited or are cancelled under this Plan.
    Such shares may be shares of original issuance or treasury
    shares or a combination of the foregoing.
    
	 
	 	     
    (ii) Shares of Common Stock covered by an
    award granted under this Plan shall not be counted as used
    unless and until they are actually issued and delivered to a
    Participant. Without limiting the generality of the foregoing,
    upon payment in cash of the benefit provided by any award
    granted under this Plan, any shares of Common Stock that were
    covered by that award will be available for issue or transfer
    hereunder. Notwithstanding anything to the contrary contained
    herein: (A) shares of Common Stock tendered in payment of
    the Option Price of a Option Right shall not be added to the
    aggregate plan limit described above; (B) shares of Common
    Stock withheld by the Company to satisfy the tax withholding
    obligation shall not be added to the aggregate plan limit
    described above; (C) shares of Common Stock that are
    repurchased by the Company with Option Right proceeds shall not
    be added to the aggregate plan limit described above; and
    (D) all shares of Common Stock covered by an Appreciation
    Right, to the extent that it is exercised and settled in shares
    of Common Stock, whether or not all shares of Common Stock
    covered by the award are actually issued to the Participant upon
    exercise of the right, shall be considered issued or transferred
    pursuant to this Plan.
    

		
	 	     
    (b) Life-of-Plan Limits. Notwithstanding
    anything in this Section 3, or elsewhere in this Plan, to
    the contrary and subject to adjustment pursuant to
    Section 10 of this Plan:
    

		
	 	     
    (i) The aggregate number of shares of Common
    Stock actually issued or transferred by the Company upon the
    exercise of Incentive Stock Options shall not exceed 10,000,000.
    
	 
	 	     
    (ii) The aggregate number of shares of
    Common Stock issued as Restricted Stock (and released from
    substantial risks of forfeiture), Restricted Stock Units or
    Performance Shares or Performance Units shall not exceed
    3,000,000.
    

		
	 	     
    (c) Individual Participant Limits.
    Notwithstanding anything in this Section 3, or elsewhere in
    this Plan, to the contrary and subject to adjustment pursuant to
    Section 10 of this Plan:
    

		
	 	     
    (i) No Participant shall be granted Option
    Rights or Appreciation Rights, in the aggregate, for more than
    500,000 shares of Common Stock during any calendar year.
    
	 
	 	     
    (ii) No Participant will be granted
    Restricted Stock or Restricted Stock Units that specify
    Management Objectives or Performance Shares, in the aggregate,
    for more than 200,000 shares of Common Stock during any
    calendar year.
    
	 
	 	     
    (iii) Notwithstanding any other provision of
    this Plan to the contrary, in no event will any Participant in
    any calendar year receive an award of Performance Units having
    an aggregate maximum value as of their respective Dates of Grant
    in excess of $5,000,000.
    

		
	 	     
    (d) Exclusion from Certain Restrictions.
    Notwithstanding anything in this Plan to the contrary, up to 5%
    of the maximum number of shares of Common Stock provided for in
    Section 3(a)(i) above may be used for awards granted under
    Sections 4 through 8 of this Plan
    

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    that do not comply with the three-year
    requirements set forth in Sections 6(c) and 7(c) of this
    Plan and the one-year requirements of Sections 6(e), 7(a)
    and 8(b) of this Plan.
    

     
4. Option Rights. The Board may, from
time to time and upon such terms and conditions as it may
determine, authorize the granting to Participants of options to
purchase shares of Common Stock. Each such grant will be subject
to all of the requirements contained in the following provisions:

		
	 	     
    (a) Each grant will specify the number of
    shares of Common Stock to which it pertains subject to the
    limitations set forth in Section 3 of this Plan.
    
	 
	 	     
    (b) Each grant will specify an Option Price
    per share, which may not be less than the Market Value Per Share
    on the Date of Grant.
    
	 
	 	     
    (c) Each grant will specify whether the
    Option Price will be payable (i) in cash or by check
    acceptable to the Company or by wire transfer of immediately
    available funds, (ii) by the actual or constructive
    transfer to the Company of shares of Common Stock owned by the
    Optionee having a value at the time of exercise equal to the
    total Option Price, (iii) by a combination of such methods
    of payment, or (iv) by such other methods as may be
    approved by the Board.
    
	 
	 	     
    (d) To the extent permitted by law, any
    grant may provide for deferred payment of the Option Price from
    the proceeds of sale through a bank or broker on a date
    satisfactory to the Company of some or all of the shares to
    which such exercise relates.
    
	 
	 	     
    (e) Successive grants may be made to the
    same Participant whether or not any Option Rights previously
    granted to such Participant remain unexercised.
    
	 
	 	     
    (f) Each grant will specify the period or
    periods of continuous service by the Optionee with the Company
    or any Subsidiary that is necessary before the Option Rights or
    installments thereof will become exercisable. A grant of Option
    Rights may provide for the earlier exercise of such Option
    Rights in the event of retirement, death or disability of the
    Participant or a Change of Control.
    
	 
	 	     
    (g) Any grant of Option Rights may specify
    Management Objectives that must be achieved as a condition to
    the exercise of such rights. The grant of such Option Rights
    will specify that, before the exercise of such rights, the Board
    must determine that the Management Objectives have been
    satisfied.
    
	 
	 	     
    (h) Option Rights granted under this Plan
    may be (i) options, including, without limitation,
    Incentive Stock Options, that are intended to qualify under
    particular provisions of the Code, (ii) options that are
    not intended so to qualify, or (iii) combinations of the
    foregoing. Incentive Stock Options may only be granted to
    Participants who meet the definition of “employees”
    under Section 3401(c) of the Code.
    
	 
	 	     
    (i) The exercise of an Option Right will
    result in the cancellation on a share-for-share basis of any
    Tandem Appreciation Right authorized under Section 5 of
    this Plan.
    
	 
	 	     
    (j) No Option Right will be exercisable more
    than 10 years from the Date of Grant.
    
	 
	 	     
    (k) Each grant of Option Rights will be
    evidenced by an Evidence of Award. Each Evidence of Award shall
    be subject to this Plan and shall contain such terms and
    provisions, consistent with this Plan, as the Board may approve.
    

     
5. Appreciation Rights.

		
	 	     
    (a) The Board may also authorize the
    granting (i) to any Optionee, of Tandem Appreciation Rights
    in respect of Option Rights granted hereunder, and (ii) to
    any Participant, of Free-Standing Appreciation Rights. A Tandem
    Appreciation Right will be a right of the Optionee, exercisable
    by surrender of the related Option Right, to receive from the
    Company an amount determined by the Board, which will be
    expressed as a percentage of the Spread (not exceeding
    

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    100 percent) at the time of exercise. Tandem
    Appreciation Rights may be granted at any time prior to the
    exercise or termination of the related Option Rights; provided,
    however, that a Tandem Appreciation Right awarded in relation to
    an Incentive Stock Option must be granted concurrently with such
    Incentive Stock Option. A Free-Standing Appreciation Right will
    be a right of the Participant to receive from the Company an
    amount determined by the Board, which will be expressed as a
    percentage of the Spread (not exceeding 100 percent) at the
    time of exercise.
    
	 
	 	     
    (b) Each grant of Appreciation Rights will
    be subject to all of the requirements contained in the following
    provisions:
    

		
	 	     
    (i) Any grant may specify that the amount
    payable on exercise of an Appreciation Right may be paid by the
    Company in cash, in shares of Common Stock or in any combination
    thereof and may either grant to the Participant or retain in the
    Board the right to elect among those alternatives.
    
	 
	 	     
    (ii) Any grant may specify that the amount
    payable on exercise of an Appreciation Right may not exceed a
    maximum specified by the Board at the Date of Grant.
    
	 
	 	     
    (iii) Any grant may specify waiting periods
    before exercise and permissible exercise dates or periods.
    
	 
	 	     
    (iv) Any grant may specify that such
    Appreciation Right may be exercised only in the event of, or
    earlier in the event of, retirement, death or disability of the
    Participant or a Change of Control.
    
	 
	 	     
    (v) Any grant of Appreciation Rights may
    specify Management Objectives that must be achieved as a
    condition of the exercise of such Appreciation Rights. The grant
    of such Appreciation Rights will specify that, before the
    exercise of such Appreciation Rights, the Board must determine
    that the Management Objectives have been satisfied.
    
	 
	 	     
    (vi) Each grant of Appreciation Rights will
    be evidenced by an Evidence of Award, which Evidence of Award
    will describe such Appreciation Rights, identify the related
    Option Rights (if applicable), and contain such other terms and
    provisions, consistent with this Plan, as the Board may approve.
    

		
	 	     
    (c) Any grant of Tandem Appreciation Rights
    will provide that such Tandem Appreciation Rights may be
    exercised only at a time when the related Option Right is also
    exercisable and at a time when the Spread is positive, and by
    surrender of the related Option Right for cancellation.
    Successive grants of Tandem Appreciation Rights may be made to
    the same Participant regardless of whether any Tandem
    Appreciation Rights previously granted to the Participant remain
    unexercised.
    
	 
	 	     
    (d) Regarding Free-Standing Appreciation
    Rights only:
    

		
	 	     
    (i) Each grant will specify in respect of
    each Free-Standing Appreciation Right a Base Price, which may
    not be less than the Market Value Per Share on the Date of Grant;
    
	 
	 	     
    (ii) Successive grants may be made to the
    same Participant regardless of whether any Free-Standing
    Appreciation Rights previously granted to the Participant remain
    unexercised; and
    
	 
	 	     
    (iii) No Free-Standing Appreciation Right
    granted under this Plan may be exercised more than 10 years
    from the Date of Grant.
    

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6. Restricted Stock. The Board may
also authorize the grant or sale of Restricted Stock to
Participants. Each such grant or sale will be subject to all of
the requirements contained in the following provisions:

		
	 	     
    (a) Each such grant or sale will constitute
    an immediate transfer of the ownership of shares of Common Stock
    to the Participant in consideration of the performance of
    services, entitling such Participant to voting, dividend and
    other ownership rights, but subject to the substantial risk of
    forfeiture and restrictions on transfer hereinafter referred to.
    
	 
	 	     
    (b) Each such grant or sale may be made
    without additional consideration or in consideration of a
    payment by such Participant that is less than the Market Value
    Per Share at the Date of Grant.
    
	 
	 	     
    (c) Each such grant or sale will provide
    that the Restricted Stock covered by such grant or sale that
    vests upon the passage of time will be subject to a
    “substantial risk of forfeiture” within the meaning of
    Section 83 of the Code for a period of not less than three
    years to be determined by the Board at the Date of Grant and may
    provide for the earlier lapse of such substantial risk of
    forfeiture as provided in Section 6(e) below or in the
    event of retirement, death or disability of the Participant or a
    Change of Control.
    
	 
	 	     
    (d) Each such grant or sale will provide
    that during the period for which such substantial risk of
    forfeiture is to continue, the transferability of the Restricted
    Stock will be prohibited or restricted in the manner and to the
    extent prescribed by the Board at the Date of Grant (which
    restrictions may include, without limitation, rights of
    repurchase or first refusal in the Company or provisions
    subjecting the Restricted Stock to a continuing substantial risk
    of forfeiture in the hands of any transferee).
    
	 
	 	     
    (e) Any grant of Restricted Stock may
    specify Management Objectives that, if achieved, will result in
    termination or early termination of the restrictions applicable
    to such Restricted Stock; provided, however, that restrictions
    relating to Restricted Stock that vests upon the achievement of
    Management Objectives may not terminate sooner than one year
    from the Date of Grant. Each grant may specify in respect of
    such Management Objectives a minimum acceptable level of
    achievement and may set forth a formula for determining the
    number of shares of Restricted Stock on which restrictions will
    terminate if performance is at or above the minimum level, but
    falls short of full achievement of the specified Management
    Objectives. The grant of Restricted Stock will specify that,
    before the termination or early termination of the restrictions
    applicable to such Restricted Stock, the Board must determine
    that the Management Objectives have been satisfied.
    
	 
	 	     
    (f) Any such grant or sale of Restricted
    Stock may require that any or all dividends or other
    distributions paid thereon during the period of such
    restrictions be automatically deferred and reinvested in
    additional shares of Restricted Stock, which may be subject to
    the same restrictions as the underlying award.
    
	 
	 	     
    (g) Each grant or sale of Restricted Stock
    will be evidenced by an Evidence of Award and will contain such
    terms and provisions, consistent with this Plan, as the Board
    may approve. Unless otherwise directed by the Board, all
    certificates representing shares of Restricted Stock will be
    held in custody by the Company until all restrictions thereon
    will have lapsed, together with a stock power or powers executed
    by the Participant in whose name such certificates are
    registered, endorsed in blank and covering such Shares.
    

     
7. Restricted Stock Units. The Board
may also authorize the granting or sale of Restricted Stock
Units to Participants. Each such grant or sale will be subject
to all of the requirements contained in the following provisions:

		
	 	     
    (a) Each such grant or sale will constitute
    the agreement by the Company to deliver shares of Common Stock
    or cash to the Participant in the future in consideration of the
    performance of
    

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    services, but subject to the fulfillment of such
    conditions (which may include the achievement of Management
    Objectives) during the Restriction Period as the Board may
    specify. If a grant of Restricted Stock Units specifies that the
    Restriction Period will terminate upon the achievement of
    Management Objectives, such Restriction Period may not terminate
    sooner than one year from the Date of Grant. Each grant may
    specify in respect of such Management Objectives a minimum
    acceptable level of achievement and may set forth a formula for
    determining the number of shares of Restricted Stock Units on
    which restrictions will terminate if performance is at or above
    the minimum level, but falls short of full achievement of the
    specified Management Objectives. The grant of such Restricted
    Stock Units will specify that, before the termination or early
    termination of the restrictions applicable to such Restricted
    Stock Units, the Board must determine that the Management
    Objectives have been satisfied.
    
	 
	 	     
    (b) Each such grant or sale may be made
    without additional consideration or in consideration of a
    payment by such Participant that is less than the Market Value
    Per Share at the Date of Grant.
    
	 
	 	     
    (c) If the Restriction Period lapses only by
    the passage of time, each such grant or sale will be subject to
    a Restriction Period of not less than three years, as determined
    by the Board at the Date of Grant, and may provide for the
    earlier lapse or other modification of such Restriction Period
    in the event of retirement, death or disability of the
    Participant or a Change of Control.
    
	 
	 	     
    (d) During the Restriction Period, the
    Participant will have no right to transfer any rights under his
    or her award and will have no rights of ownership in the
    Restricted Stock Units and will have no right to vote them, but
    the Board may at the Date of Grant, authorize the payment of
    dividend equivalents on such Restricted Stock Units on either a
    current, deferred or contingent basis, either in cash or in
    additional shares of Common Stock.
    
	 
	 	     
    (e) Each grant or sale will specify the time
    and manner of payment of Restricted Stock Units that have been
    earned. Any grant or sale may specify that the amount payable
    with respect thereto may be paid by the Company in cash, in
    shares of Common Stock or in any combination thereof and may
    either grant to the Participant or retain in the Board the right
    to elect among those alternatives.
    
	 
	 	     
    (f) Each grant or sale of Restricted Stock
    Units will be evidenced by an Evidence of Award and will contain
    such terms and provisions, consistent with this Plan, as the
    Board may approve.
    

     
8. Performance Shares and Performance
Units. The Board may also authorize the granting of
Performance Shares and Performance Units that will become
payable to a Participant upon achievement of specified
Management Objectives during the Performance Period. Each such
grant will be subject to all of the requirements contained in
the following provisions:

		
	 	     
    (a) Each grant will specify the number of
    Performance Shares or Performance Units to which it pertains,
    which number may be subject to adjustment to reflect changes in
    compensation or other factors; provided, however, that no such
    adjustment will be made in the case of a Covered Employee where
    such action would result in the loss of the otherwise available
    exemption of the award under Section 162(m) of the Code.
    
	 
	 	     
    (b) The Performance Period with respect to
    each Performance Share or Performance Unit will be such period
    of time (not less than one year), commencing with the Date of
    Grant as will be determined by the Board at the time of grant
    which may be subject to earlier lapse or other modification in
    the event of retirement, death or disability of the Participant
    or a Change of Control.
    
	 
	 	     
    (c) Any grant of Performance Shares or
    Performance Units will specify Management Objectives which, if
    achieved, will result in payment or early payment of the award,
    and each
    

8

 

		
	 	
    grant may specify in respect of such specified
    Management Objectives level or levels of achievement and will
    set forth a formula for determining the number of Performance
    Shares or Performance Units that will be earned if performance
    is at or above the level(s), but falls short of full achievement
    of the specified Management Objectives. The grant of Performance
    Shares or Performance Units will specify that, before the
    Performance Shares or Performance Units will be earned and paid,
    the Board must determine that the Management Objectives have
    been satisfied.
    
	 
	 	     
    (d) Each grant will specify the time and
    manner of payment of Performance Shares or Performance Units
    that have been earned. Any grant may specify that the amount
    payable with respect thereto may be paid by the Company in cash,
    in shares of Common Stock or in any combination thereof and may
    either grant to the Participant or retain in the Board the right
    to elect among those alternatives.
    
	 
	 	     
    (e) Any grant of Performance Shares may
    specify that the amount payable with respect thereto may not
    exceed a maximum specified by the Board at the Date of Grant.
    Any grant of Performance Units may specify that the amount
    payable or the number of shares of Common Stock issued with
    respect thereto may not exceed maximums specified by the Board
    at the Date of Grant.
    
	 
	 	     
    (f) The Board may at the Date of Grant of
    Performance Shares, provide for the payment of dividend
    equivalents to the holder thereof on either a current, deferred
    or contingent basis, either in cash or in additional shares of
    Common Stock.
    
	 
	 	     
    (g) Each grant of Performance Shares or
    Performance Units will be evidenced by an Evidence of Award and
    will contain such other terms and provisions, consistent with
    this Plan, as the Board may approve.
    

     
9. Administration of this Plan.

		
	 	     
    (a) This Plan will be administered by the
    Board, which may from time to time delegate all or any part of
    its authority under this Plan to the Compensation and Management
    Development Committee or any other committee of the Board (or a
    subcommittee thereof), as constituted from time to time. To the
    extent of any such delegation, references in this Plan to the
    Board will be deemed to be references to such committee or
    subcommittee.
    
	 
	 	     
    (b) The interpretation and construction by
    the Board of any provision of this Plan or of any agreement,
    notification or document evidencing the grant of Option Rights,
    Appreciation Rights, Restricted Stock, Restricted Stock Units,
    Performance Shares or Performance Units and any determination by
    the Board pursuant to any provision of this Plan or of any such
    agreement, notification or document will be final and conclusive.
    
	 
	 	     
    (c) To the extent permitted by Ohio law, the
    Board may, from time to time, delegate to one or more officers
    of the Company the authority of the Board to grant and determine
    the terms and conditions of awards granted under this Plan. In
    no event shall any such delegation of authority be permitted
    with respect to awards to any executive officer or any person
    subject to Section 162(m) of the Code.
    

     
10. Adjustments. The Board may make
or provide for such adjustments in the numbers of shares of
Common Stock covered by outstanding Option Rights, Appreciation
Rights, Restricted Stock Units, Performance Shares and
Performance Units granted hereunder, in the Option Price and
Base Price provided in outstanding Appreciation Rights, and in
the kind of shares covered thereby, as the Board, in its sole
discretion, may determine is equitably required to prevent
dilution or enlargement of the rights of Participants or
Optionees that otherwise would result from (a) any stock
dividend, stock split, combination of shares, recapitalization
or other change in the capital structure of the Company, or
(b) any merger, consolidation, spin-off, split-off,
spin-out, split-up, reorganization, partial or complete
liquidation or other distribution of assets, issuance of rights
or

9

 

warrants to purchase securities, or (c) any
other corporate transaction or event having an effect similar to
any of the foregoing. Moreover, in the event of any such
transaction or event, the Board, in its discretion, may provide
in substitution for any or all outstanding awards under this
Plan such alternative consideration (including cash), if any, as
it may determine to be equitable in the circumstances and may
require in connection therewith the surrender of all awards so
replaced. The Board may also make or provide for such
adjustments in the numbers of shares specified in Section 3
of this Plan as the Board in its sole discretion may determine
is appropriate to reflect any transaction or event described in
this Section 10; provided, however, that any such
adjustment to the number specified in Section 3(b)(i) will
be made only if and to the extent that such adjustment would not
cause any option intended to qualify as an Incentive Stock
Option to fail so to qualify.

     
11. Change of Control. For purposes
of this Plan, except as may be otherwise prescribed by the Board
in an agreement evidencing a grant or award made under this
Plan, a “Change of Control” shall be deemed to have
occurred if:

		
	 	     
    (a) Any person (as such term is used in
    Sections 13(d) and 14(d)(2) of the Securities Exchange Act
    of 1934, as amended, hereinafter the “Exchange Act”)
    who or that, together with all “Affiliates” and
    “Associates” (as such terms are defined in
    Rule 12b-2, as in effect on April 23, 1997, of the
    General Rules and Regulations under the Exchange Act) of such
    person, is the Beneficial Owner (as defined below) of ten
    percent (10%) or more of the shares of Common Stock then
    outstanding, except:
    

		
	 	     
    (i) the Company;
    
	 
	 	     
    (ii) any of the Company’s subsidiaries
    in which a majority of the voting power of the equity securities
    or equity interests of such subsidiary is owned, directly or
    indirectly, by the Company;
    
	 
	 	     
    (iii) any employee benefit or stock
    ownership plan of the Company or any trustee or fiduciary with
    respect to such a plan acting in such capacity; or
    
	 
	 	     
    (iv) any such person who has reported or
    may, pursuant to Rule 13d-1(b)(1) of the General Rules and
    Regulations under the Exchange Act, report such ownership (but
    only as long as such person is the Beneficial Owner of less than
    fifteen percent (15%) of the shares of Common Stock then
    outstanding) on Schedule 13G (or any comparable or
    successor report) under the Exchange Act.
    

     
Notwithstanding the foregoing: (A) no person
shall become the Beneficial Owner of ten percent (10%) or more
(fifteen percent (15%) or more in the case of any person
identified in clause (iv) above) solely as the result of an
acquisition of Common Stock by the Company that, by reducing the
number of shares outstanding, increases the proportionate number
of shares beneficially owned by such person to ten percent (10%)
or more (fifteen percent (15%) or more in the case of any person
identified in clause (iv) above) of the shares of Common
Stock then outstanding; provided, however, that if a person
becomes the Beneficial Owner of ten percent (10%) or more
(fifteen percent (15%) or more in the case of any person
identified in clause (iv) above) of the shares of Common
Stock solely by reason of purchases of Common Stock by the
Company and shall, after such purchases by the Company, become
the Beneficial Owner of any additional shares of Common Stock
which has the effect of increasing such person’s percentage
ownership of the then-outstanding shares of Common Stock by any
means whatsoever, then such person shall be deemed to have
triggered a Change of Control; and (B) if the Board of
Directors determines that a person who would otherwise be the
Beneficial Owner of ten percent (10%) or more (fifteen percent
(15%) or more in the case of any person identified in
clause (iv) above) of the shares of Common Stock has become
such inadvertently (including, without limitation, because
(1) such person was unaware that it Beneficially Owned ten
percent (10%) or more (fifteen percent (15%) or more in the case
of any person identified in clause (iv) above) of the
shares of Common Stock or (2) such person was aware of the
extent of such beneficial ownership but such person acquired
beneficial ownership of such shares of Common

10

 

Stock without the intention to change or
influence the control of the Company) and such person divests
itself as promptly as practicable of a sufficient number of
shares of Common Stock so that such person would no longer be
the Beneficial Owner of ten percent (10%) or more (fifteen
percent (15%) or more in the case of any person identified in
clause (iv) above), then such person shall not be deemed to
be, or have been, the Beneficial Owner of ten percent (10%) or
more (fifteen percent (15%) or more in the case of any person
identified in clause (iv) above) of the shares of Common
Stock, and no Change of Control shall be deemed to have occurred.

		
	 	     
    (b) During any period of two consecutive
    years, individuals who at the beginning of such period
    constituted the Board of Directors of the Company and any new
    director (other than a director initially elected or nominated
    as a director as a result of an actual or threatened election
    contest with respect to directors or any other actual or
    threatened solicitation of proxies by or on behalf of such
    director) whose election by the Board of Directors or nomination
    for election by the Company’s shareholders was approved by
    a vote of at least two-thirds (2/3) of the directors then still
    in office who either were directors at the beginning of the
    period or whose election or nomination for election was
    previously so approved, cease for any reason to constitute a
    majority thereof.
    
	 
	 	     
    (c) There shall be consummated any
    consolidation, merger or other combination of the Company with
    any other person or entity other than:
    

		
	 	     
    (i) a consolidation, merger or other
    combination which would result in the voting securities of the
    Company outstanding immediately prior thereto continuing to
    represent (either by remaining outstanding or by being converted
    into voting securities of the surviving entity) more than
    fifty-one percent (51%) of the combined voting power of the
    voting securities of the Company or such surviving entity
    outstanding immediately after such consolidation, merger or
    other combination; or
    
	 
	 	     
    (ii) a consolidation, merger or other
    combination effected to implement a recapitalization and/or
    reorganization of the Company (or similar transaction), or any
    other consolidation, merger or other combination of the Company,
    which results in no person, together with all Affiliates and
    Associates of such person, becoming the Beneficial Owner of ten
    percent (10%) or more (fifteen percent (15%) or more in the case
    of any person identified in clause (a)(iv) above) of the
    combined voting power of the Company’s then outstanding
    securities.
    

		
	 	     
    (d) There shall be consummated any sale,
    lease, assignment, exchange, transfer or other disposition (in
    one transaction or a series of related transactions) of fifty
    percent (50%) or more of the assets or earning power of the
    Company (including, without limitation, any such sale, lease,
    assignment, exchange, transfer or other disposition effected to
    implement a recapitalization and/or reorganization of the
    Company (or similar transaction)) which results in any person,
    together with all Affiliates and Associates of such person,
    owning a proportionate share of such assets or earning power
    greater than the proportionate share of the voting power of the
    Company that such person, together with all Affiliates and
    Associates of such person, owned immediately prior to any such
    sale, lease, assignment, exchange, transfer or other disposition.
    
	 
	 	     
    (e) The shareholders of the Company approve
    a plan of complete liquidation of the Company.
    

     
For purposes of this Section 11, a person
shall be deemed the “Beneficial Owner” of and shall be
deemed to “beneficially own” any securities:

		
	 	     
    (f) which such person or any of such
    person’s Affiliates or Associates is considered to be a
    “beneficial owner” under Rule 13d-3 of the
    General Rules and Regulations under the Exchange Act, as in
    effect on April 23, 1997;
    

11

 

		
	 	     
    (g) which such person or any of such
    person’s Affiliates or Associates, directly or indirectly,
    has or shares the right to acquire, hold, vote (except pursuant
    to a revocable proxy as described in the proviso to this
    definition) or dispose of such securities (whether any such
    right is exercisable immediately or only after the passage of
    time) pursuant to any agreement, arrangement or understanding
    (whether or not in writing), or upon the exercise of
    conversation rights, exchange rights, rights, warrants or
    options, or otherwise; provided, however, that a person shall
    not be deemed to be the Beneficial Owner of, or to beneficially
    own, securities tendered pursuant to a tender or exchange offer
    made by or on behalf of such person or any of such person’s
    Affiliates or Associates until such tendered securities are
    accepted for purchase or exchange; or
    
	 
	 	     
    (h) which are beneficially owned, directly
    or indirectly, by any other person (or any Affiliate or
    Associate of such other person) with which such person (or any
    of such person’s Affiliates or Associates) has any
    agreement, arrangement or understanding (whether or not in
    writing), with respect to acquiring, holding, voting (except as
    described in the proviso to this definition) or disposing of any
    securities of the Company;
    

provided, however, that a person shall not be
deemed the Beneficial Owner of, nor to beneficially own, any
security if such person has the right to vote such security
pursuant to an agreement, arrangement or understanding which
(1) arises solely from a revocable proxy given to such
person in response to a public proxy or consent solicitation
made pursuant to, and in accordance with, the applicable rules
and regulations under the Exchange Act, and (2) is not also
then reportable on Schedule 13D (or any comparable or
successor report) under the Exchange Act; and provided, further,
that nothing in this Paragraph 5 shall cause a person
engaged in business as an underwriter or securities to be the
Beneficial Owner of, or to beneficially own, any securities
acquired through such person’s participation in good faith
in a firm commitment underwriting until the expiration of forty
(40) days after the date of such acquisition or such later
date as the Board of Directors may determine in any specific
case.

     
12. Non U.S. Participants. In
order to facilitate the making of any grant or combination of
grants under this Plan, the Board may provide for such special
terms for awards to Participants who are foreign nationals or
who are employed by the Company or any Subsidiary outside of the
United States of America or who provide services to the Company
under an agreement with a foreign nation or agency, as the Board
may consider necessary or appropriate to accommodate differences
in local law, tax policy or custom. Moreover, the Board may
approve such supplements to or amendments, restatements or
alternative versions of this Plan (including, without
limitation, sub-plans) as it may consider necessary or
appropriate for such purposes, without thereby affecting the
terms of this Plan as in effect for any other purpose, and the
Secretary or other appropriate officer of the Company may
certify any such document as having been approved and adopted in
the same manner as this Plan. No such special terms,
supplements, amendments or restatements, however, will include
any provisions that are inconsistent with the terms of this Plan
as then in effect unless this Plan could have been amended to
eliminate such inconsistency without further approval by the
shareholders of the Company.

     
13. Transferability.

		
	 	     
    (a) No Option Right or Appreciation Right
    granted under this Plan shall be transferable by the Participant
    except by will or the laws of descent and distribution. Except
    as otherwise determined by the Board, Option Rights and
    Appreciation Rights will be exercisable during the
    Participant’s lifetime only by him or her or, in the event
    of the Participant’s legal incapacity to do so, by his or
    her guardian or legal representative acting on behalf of the
    Participant in a fiduciary capacity under state law and/or court
    supervision.
    
	 
	 	     
    (b) The Board may specify at the Date of
    Grant that part or all of the shares of Common Stock that are
    (i) to be issued or transferred by the Company upon the
    exercise of Option Rights or Appreciation Rights, upon the
    termination of the Restriction Period applicable to
    

12

 

		
	 	
    Restricted Stock Units or upon payment under any
    grant of Performance Shares or Performance Units or (ii) no
    longer subject to the substantial risk of forfeiture and
    restrictions on transfer referred to in Section 6 of this
    Plan, will be subject to further restrictions on transfer.
    

     
14. Withholding Taxes. To the extent
that the Company is required to withhold federal, state, local
or foreign taxes in connection with any payment made or benefit
realized by a Participant or other person under this Plan, and
the amounts available to the Company for such withholding are
insufficient, it will be a condition to the receipt of such
payment or the realization of such benefit that the Participant
or such other person make arrangements satisfactory to the
Company for payment of the balance of such taxes required to be
withheld, which arrangements (in the discretion of the Board)
may include relinquishment of a portion of such benefit. If a
Participant’s benefit is to be received in the form of
Common Stock, and such Participant fails to make arrangements
for the payment of tax, the Company shall withhold such shares
of Common Stock having a value equal to the amount required to
be withheld. Notwithstanding the foregoing, unless otherwise
provided by the Board, when a Participant is required to pay the
Company an amount required to be withheld under applicable
income and employment tax laws, the Participant may elect to
satisfy the obligation, in whole or in part, by electing to have
withheld, from the shares required to be delivered to the
Participant, shares of Common Stock having a value equal to the
amount required to be withheld (except in the case of Restricted
Stock where an election under Section 83(b) of the Code has
been made), or by delivering to the Company other shares of
Common Stock held by such Participant. The shares used for tax
withholding will be valued at an amount equal to the Market
Value Per Share of such Common Stock on the date the benefit is
to be included in Participant’s income. In no event shall
the Market Value Per Share of the shares of Common Stock to be
withheld and/or delivered pursuant to this Section to satisfy
applicable withholding taxes in connection with the benefit
exceed the minimum amount of taxes required to be withheld.
Participants shall also make such arrangements as the Company
may require for the payment of any withholding tax obligation
that may arise in connection with the disposition of shares of
Common Stock acquired upon the exercise of Option Rights.

     
15. Compliance with Section 409A of
the Code.

		
	 	     
    (a) To the extent applicable, it is intended
    that this Plan and any grants made hereunder comply with the
    provisions of Section 409A of the Code. This Plan and any
    grants made hereunder shall be administrated in a manner
    consistent with this intent, and any provision that would cause
    this Plan or any grant made hereunder to fail to satisfy
    Section 409A of the Code shall have no force and effect
    until amended to comply with Section 409A of the Code
    (which amendment may be retroactive to the extent permitted by
    Section 409A of the Code and may be made by the Company
    without the consent of Participants). Any reference in this Plan
    to Section 409A of the Code will also include any proposed,
    temporary or final regulations, or any other guidance,
    promulgated with respect to such Section by the
    U.S. Department of the Treasury or the Internal Revenue
    Service.
    
	 
	 	     
    (b) In order to determine for purposes of
    Section 409A of the Code whether a Participant is employed
    by a member of the Company’s controlled group of
    corporations under Section 414(b) of the Code (or by a
    member of a group of trades or businesses under common control
    with the Company under Section 414(c) of the Code) and,
    therefore, whether the shares of Common Stock that are or have
    been purchased by or awarded under this Plan to the Participant
    are shares of “service recipient” stock within the
    meaning of Section 409A of the Code:
    

		
	 	     
    (i) In applying Code
    Section 1563(a)(1), (2) and (3) for purposes of
    determining the Company’s controlled group under
    Section 414(b) of the Code, the language “at least
    50 percent” is to be used instead of “at least
    80 percent” each place it appears in Code
    Section 1563(a)(1), (2) and (3); and
    
	 
	 	     
    (ii) In applying Treasury
    Regulation Section 1.414(c)-2 for purposes of
    determining trades or businesses under common control with the
    Company for purposes of Sec-
    

13

 

		
	 	
    tion 414(c) of the Code, the language
    “at least 50 percent” is to be used instead of
    “at least 80 percent” each place it appears in
    Treasury Regulation Section 1.414(c)-2.
    

		
	 	     
    (c) Notwithstanding any provision of this
    Plan to the contrary, to the extent an award shall be deemed to
    be vested or restrictions lapse, expire or terminate upon the
    occurrence of a Change of Control and such Change of Control
    does not constitute a “change in the ownership or effective
    control” or a “change in the ownership or a
    substantial portion of the assets” of the Company within
    the meaning of Section 409A(a)(2)(A)(v) of the Code, then
    even though such award may be deemed to be vested or
    restrictions lapse, expire or terminate upon the occurrence of
    the Change of Control or any other provision of this Plan,
    payment will be made, to the extent necessary to comply with the
    provisions of Section 409A of the Code, to the Participant
    the earliest of (i) the Participant’s “separation
    from service” with the Company (determined in accordance
    with Section 409A of the Code); provided, however, that if
    the Participant is a “specified employee” (within the
    meaning of Section 409A of the Code), the payment date
    shall be the date that is six months after the date of the
    Participant’s separation from service with the Company,
    (ii) the date payment otherwise would have been made in the
    absence of any provisions in this Plan to the contrary (provided
    such date is permissible under Section 409A of the Code),
    or (iii) the Participant’s death.
    

     
16. Effective Date. This Plan will be
effective as of the Effective Date. No grants will be made under
The Sherwin-Williams Company 2003 Stock Plan on or after the
Effective Date.

     
17. Amendments.

		
	 	     
    (a) The Board may at any time and from time
    to time amend this Plan in whole or in part; provided, however,
    that if an amendment to this Plan (i) would materially
    increase the benefits accruing to Participants under this Plan,
    (ii) would materially increase the number of securities
    which may be issued under this Plan, (iii) would materially
    modify the requirements for participation in this Plan or
    (iv) must otherwise be approved by the shareholders of the
    Company in order to comply with applicable law or the rules of
    the New York Stock Exchange or, if the shares of Common Stock
    are not traded on the New York Stock Exchange, the principal
    national securities exchange upon which the shares of Common
    Stock are traded or quoted, then, such amendment will be subject
    to shareholder approval and will not be effective unless and
    until such approval has been obtained.
    
	 
	 	     
    (b) The Board will not, without the further
    approval of the shareholders of the Company, authorize the
    amendment of any outstanding Option Right to reduce the Option
    Price. Furthermore, no Option Right will be cancelled and
    replaced with awards having a lower Option Price without further
    approval of the shareholders of the Company. This
    Section 17(b) is intended to prohibit the repricing of
    “underwater” Option Rights and will not be construed
    to prohibit the adjustments provided for in Section 10 of
    this Plan.
    
	 
	 	     
    (c) If permitted by Section 409A of the
    Code, in case of termination of employment by reason of death,
    disability or normal or early retirement, or in the case of
    unforeseeable emergency or other special circumstances, of a
    Participant who holds an Option Right or Appreciation Right not
    immediately exercisable in full, or any shares of Restricted
    Stock as to which the substantial risk of forfeiture or the
    prohibition or restriction on transfer has not lapsed, or any
    Restricted Stock Units as to which the Restriction Period has
    not been completed, or any Performance Shares or Performance
    Units which have not been fully earned, or who holds shares of
    Common Stock subject to any transfer restriction imposed
    pursuant to Section 13 of this Plan, the Board may, in its
    sole discretion, accelerate the time at which such Option Right,
    Appreciation Right or other award may be exercised or the time
    at which such substantial risk of forfeiture or prohibition or
    restriction on transfer will lapse or the time when such
    Restriction Period will end or the time at which such
    Performance Shares or Performance Units will be deemed to have
    been fully earned or the time when such transfer restriction
    will terminate or may waive any other limitation or requirement
    under any such award.
    

14

 

     
Subject to Section 17(b) hereof, the Board
may amend the terms of any award theretofore granted under this
Plan prospectively or retroactively, except in the case of a
Covered Employee where such action would result in the loss of
the otherwise available exemption of the award under
Section 162(m) of the Code. In such case, the Board will
not make any modification of the Management Objectives or the
level or levels of achievement with respect to such Covered
Employee. Subject to Section 10 above, no such amendment
shall impair the rights of any Participant without his or her
consent. The Board may, in its discretion, terminate this Plan
at any time. Termination of this Plan will not affect the rights
of Participants or their successors under any awards outstanding
hereunder and not exercised in full on the date of termination.

     
18. Termination. No grant will be
made under this Plan more than 10 years after the date on
which this Plan is first approved by the shareholders of the
Company, but all grants made on or prior to such date will
continue in effect thereafter subject to the terms thereof and
of this Plan.

     
19. Governing Law. This Plan and all
grants and awards and actions taken thereunder shall be governed
by and construed in accordance with the internal substantive
laws of the State of Ohio.

     
20. Miscellaneous Provisions.

		
	 	     
    (a) The Company will not be required to
    issue any fractional shares of Common Stock pursuant to this
    Plan. The Board may provide for the elimination of fractions or
    for the settlement of fractions in cash.
    
	 
	 	     
    (b) This Plan will not confer upon any
    Participant any right with respect to continuance of employment
    or other service with the Company or any Subsidiary, nor will it
    interfere in any way with any right the Company or any
    Subsidiary would otherwise have to terminate such
    Participant’s employment or other service at any time.
    
	 
	 	     
    (c) To the extent that any provision of this
    Plan would prevent any Option Right that was intended to qualify
    as an Incentive Stock Option from qualifying as such, that
    provision will be null and void with respect to such Option
    Right. Such provision, however, will remain in effect for other
    Option Rights and there will be no further effect on any
    provision of this Plan.
    
	 
	 	     
    (d) No award under this Plan may be
    exercised by the holder thereof if such exercise, and the
    receipt of cash or stock thereunder, would be, in the opinion of
    counsel selected by the Board, contrary to law or the
    regulations of any duly constituted authority having
    jurisdiction over this Plan.
    
	 
	 	     
    (e) Absence on leave approved by a duly
    constituted officer of the Company or any of its Subsidiaries
    shall not be considered interruption or termination of service
    of any employee for any purposes of this Plan or awards granted
    hereunder, except that no awards may be granted to an employee
    while he or she is absent on leave.
    
	 
	 	     
    (f) No Participant shall have any rights as
    a stockholder with respect to any shares subject to awards
    granted to him or her under this Plan prior to the date as of
    which he or she is actually recorded as the holder of such
    shares upon the stock records of the Company.
    
	 
	 	     
    (g) The Board may condition the grant of any
    award or combination of awards authorized under this Plan on the
    surrender or deferral by the Participant of his or her right to
    receive a cash bonus or other compensation otherwise payable by
    the Company or a Subsidiary to the Participant.
    
	 
	 	     
    (h) Participants shall provide the Company
    with a written election form setting forth the name and contact
    information of the person who will have beneficial ownership
    rights upon the death of the Participant.
    
	 
	 	     
    (i) If any provision of this Plan is or
    becomes invalid, illegal or unenforceable in any jurisdiction,
    or would disqualify this Plan or any award under any law deemed
    applicable by the Board, such provision shall be construed or
    deemed amended or limited in scope to conform to applicable laws
    or, in the discretion of the Board, it shall be stricken and the
    remainder of this Plan shall remain in full force and effect.
    

15Exhibit 10(C)

 

Exhibit 10(c)

THE SHERWIN-WILLIAMS COMPANY

2006 Stock Plan For Nonemployee
Directors

     
1. Purpose. The purpose of this 2006
Stock Plan for Nonemployee Directors is to attract and retain
Nonemployee Directors of The Sherwin-Williams Company.

     
2. Definitions. As used in this Plan,

		
	 	     
    (a) “Appreciation Right” means a
    right granted pursuant to Section 5 of this Plan.
    
	 
	 	     
    (b) “Base Price” means the price
    to be used as the basis for determining the Spread upon the
    exercise of an Appreciation Right.
    
	 
	 	     
    (c) “Board” means the Board of
    Directors of the Company and, to the extent of any delegation by
    the Board to a committee (or subcommittee thereof) pursuant to
    Section 8 of this Plan, such committee (or subcommittee).
    
	 
	 	     
    (d) “Code” means the Internal
    Revenue Code of 1986, as amended from time to time.
    
	 
	 	     
    (e) “Common Stock” means Common
    Stock, par value $1.00 each, of the Company or any security into
    which such shares of Common Stock may be changed by reason of
    any transaction or event of the type referred to in
    Section 9 of this Plan.
    
	 
	 	     
    (f) “Company” means The
    Sherwin-Williams Company, an Ohio corporation, and its
    successors.
    
	 
	 	     
    (g) “Date of Grant” means the date
    specified by the Board on which a grant of Option Rights or
    Appreciation Rights, or a grant or sale of Restricted Stock or
    Restricted Stock Units, will become effective (which date will
    not be earlier than the date on which the Board takes action
    with respect thereto).
    
	 
	 	     
    (h) “Effective Date” means the
    date immediately following the date that this Plan is approved
    by the shareholders of the Company.
    
	 
	 	     
    (i) “Evidence of Award” means an
    agreement, certificate, resolution or other type or form of
    writing or other evidence that sets forth the terms and
    conditions of Option Rights, Appreciation Rights, or a grant or
    sale of Restricted Stock or Restricted Stock Units. An Evidence
    of Award may be in an electronic medium, may be limited to
    notation on the books and records of the Company and need not be
    signed by a representative of the Company or a Participant.
    
	 
	 	     
    (j) “Market Value Per Share”
    means, as of any particular date, the average of the highest and
    lowest reported sales prices of the Common Stock during normal
    trading hours on the New York Stock Exchange Composite Tape or,
    if not listed on such exchange, on any other national securities
    exchange on which the Common Stock is listed. If there is no
    regular public trading market for such Common Stock, the Market
    Value Per Share of the Common Stock shall be determined by the
    Board.
    
	 
	 	     
    (k) “Nonemployee Director” means a
    member of the Board of Directors of the Company, who is not an
    employee of the Company.
    
	 
	 	     
    (l) “Optionee” means the optionee
    named in an Evidence of Award evidencing an outstanding Option
    Right.
    
	 
	 	     
    (m) “Option Price” means the
    purchase price payable on exercise of an Option Right.
    
	 
	 	     
    (n) “Option Right” means the right
    to purchase shares of Common Stock upon exercise of an option
    granted pursuant to Section 4 of this Plan.
    

1

 

		
	 	     
    (o) “Participant” means a person
    who is selected by the Board to receive benefits under this Plan
    and who is at the time a Nonemployee Director.
    
	 
	 	     
    (p) “Plan” means The
    Sherwin-Williams Company 2006 Stock Plan for Nonemployee
    Directors, as may be amended from time to time.
    
	 
	 	     
    (q) “Restricted Stock” means
    shares of Common Stock granted or sold pursuant to
    Section 6 of this Plan as to which neither the substantial
    risk of forfeiture nor the prohibition on transfer has expired.
    
	 
	 	     
    (r) “Restriction Period” means the
    period of time during which Restricted Stock Units are subject
    to restrictions, as provided in Section 7 of this Plan.
    
	 
	 	     
    (s) “Restricted Stock Unit” means
    an award made pursuant to Section 7 of this Plan of the
    right to receive shares of Common Stock or cash at the end of a
    specified period.
    
	 
	 	     
    (t) “Spread” means the excess of
    the Market Value Per Share on the date when an Appreciation
    Right is exercised over the Base Price provided for in the
    Appreciation Right.
    
	 
	 	     
    (u) “Subsidiary” means a
    corporation, company or other entity (i) at least
    50 percent of whose outstanding shares or securities
    (representing the right to vote for the election of directors or
    other managing authority) are, or (ii) which does not have
    outstanding shares or securities (as may be the case in a
    partnership, joint venture or unincorporated association), but
    at least 50 percent of whose ownership interest representing the
    right generally to make decisions for such other entity is, now
    or hereafter, owned or controlled, directly or indirectly, by
    the Company.
    

     
3. Shares Subject to this Plan.

		
	 	     
    (a) Maximum Shares Available Under Plan.
    

		
	 	     
    (i) Subject to adjustment as provided in
    Section 9 of this Plan, the number of shares of Common
    Stock that may be issued or transferred (A) upon the
    exercise of Option Rights or Appreciation Rights; (B) as
    Restricted Stock and released from substantial risks of
    forfeiture thereof; (C) in payment of Restricted Stock
    Units; or (D) in payment of dividend equivalents paid with
    respect to Restricted Stock Units will not exceed in the
    aggregate 200,000 shares of Common Stock, plus any shares of
    Common Stock relating to awards that expire or are forfeited or
    are cancelled under this Plan. Such shares may be shares of
    original issuance or treasury shares or a combination of the
    foregoing.
    
	 
	 	     
    (ii) Shares of Common Stock covered by an
    award granted under this Plan shall not be counted as used
    unless and until they are actually issued and delivered to a
    Participant. Without limiting the generality of the foregoing,
    upon payment in cash of the benefit provided by any award
    granted under this Plan, any shares of Common Stock that were
    covered by that award will be available for issue or transfer
    hereunder. Notwithstanding anything to the contrary contained
    herein: (A) shares of Common Stock tendered in payment of
    the Option Price of a Option Right shall not be added to the
    aggregate plan limit described above; (B) shares of Common
    Stock that are repurchased by the Company with Option Right
    proceeds shall not be added to the aggregate plan limit
    described above; and (C) all shares of Common Stock covered
    by an Appreciation Right, to the extent that it is exercised and
    settled in shares of Common Stock, and whether or not shares of
    Common Stock are actually issued to the Participant upon
    exercise of the right, shall be considered issued or transferred
    pursuant to this Plan.
    

		
	 	     
    (b) Restricted Stock and Restricted Stock
    Units Limit. Notwithstanding anything in this Section 3, or
    elsewhere in this Plan, to the contrary and subject to
    adjustment pursuant to Section 9 of this Plan, the
    aggregate number of shares of Common Stock issued as Restricted
    

2

 

		
	 	
    Stock (and released from substantial risks of
    forfeiture) or Restricted Stock Units shall not exceed 200,000.
    

     
4. Option Rights. The Board may, from
time to time and upon such terms and conditions as it may
determine, authorize the granting to Participants of options to
purchase shares of Common Stock. Each such grant will be subject
to all of the requirements contained in the following provisions:

		
	 	     
    (a) Each grant will specify the number of
    shares of Common Stock to which it pertains subject to the
    limitations set forth in Section 3 of this Plan.
    
	 
	 	     
    (b) Each grant will specify an Option Price
    per share, which may not be less than the Market Value Per Share
    on the Date of Grant.
    
	 
	 	     
    (c) Each grant will specify whether the
    Option Price will be payable (i) in cash or by check
    acceptable to the Company or by wire transfer of immediately
    available funds, (ii) by the actual or constructive
    transfer to the Company of shares of Common Stock owned by the
    Optionee having a value at the time of exercise equal to the
    total Option Price, (iii) by a combination of such methods
    of payment, or (iv) by such other methods as may be
    approved by the Board.
    
	 
	 	     
    (d) To the extent permitted by law, any
    grant may provide for deferred payment of the Option Price from
    the proceeds of sale through a bank or broker on a date
    satisfactory to the Company of some or all of the shares to
    which such exercise relates.
    
	 
	 	     
    (e) Successive grants may be made to the
    same Participant whether or not any Option Rights previously
    granted to such Participant remain unexercised.
    
	 
	 	     
    (f) Each grant will specify the period or
    periods of continuous service by the Optionee with the Company
    that is necessary before the Option Rights or installments
    thereof will become exercisable. A grant of Option Rights may
    provide for the earlier exercise of such Option Rights in the
    event of death or disability of the Participant.
    
	 
	 	     
    (g) No Option Right will be exercisable more
    than 10 years from the Date of Grant.
    
	 
	 	     
    (h) Each grant of Option Rights will be
    evidenced by an Evidence of Award. Each Evidence of Award shall
    be subject to this Plan and shall contain such terms and
    provisions, consistent with this Plan, as the Board may approve.
    

     
5. Appreciation Rights. The Board may
also authorize the granting Appreciation Rights to any
Participant. An Appreciation Right will be a right of the
Participant to receive from the Company an amount determined by
the Board, which will be expressed as a percentage of the Spread
(not exceeding 100 percent) at the time of exercise. Each grant
of Appreciation Rights will be subject to all of the
requirements contained in the following provisions:

		
	 	     
    (a) Any grant may specify that the amount
    payable on exercise of an Appreciation Right may be paid by the
    Company in cash, in shares of Common Stock or in any combination
    thereof and may either grant to the Participant or retain in the
    Board the right to elect among those alternatives.
    
	 
	 	     
    (b) Any grant may specify that the amount
    payable on exercise of an Appreciation Right may not exceed a
    maximum specified by the Board at the Date of Grant.
    
	 
	 	     
    (c) Any grant may specify waiting periods
    before exercise and permissible exercise dates or periods.
    
	 
	 	     
    (d) Any grant may specify that such
    Appreciation Right may be exercised only in the event of, or
    earlier in the event of, death or disability of the Participant.
    
	 
	 	     
    (e) Each grant of Appreciation Rights will
    specify a Base Price, which may not be less than the Market
    Value Per Share on the Date of Grant.
    

3

 

		
	 	     
    (f) Successive grants may be made to the
    same Participant regardless of whether any Appreciation Rights
    previously granted to the Participant remain unexercised.
    
	 
	 	     
    (g) No Appreciation Right granted under this
    Plan may be exercised more than 10 years from the Date of
    Grant.
    
	 
	 	     
    (h) Each grant of Appreciation Rights will
    be evidenced by an Evidence of Award, which Evidence of Award
    will describe such Appreciation Rights, and contain such other
    terms and provisions, consistent with this Plan, as the Board
    may approve.
    

     
6. Restricted Stock. The Board may
also authorize the grant or sale of Restricted Stock to
Participants. Each such grant or sale will be subject to all of
the requirements contained in the following provisions:

		
	 	     
    (a) Each such grant or sale will constitute
    an immediate transfer of the ownership of shares of Common Stock
    to the Participant in consideration of the performance of
    services, entitling such Participant to voting, dividend and
    other ownership rights, but subject to the substantial risk of
    forfeiture and restrictions on transfer hereinafter referred to.
    
	 
	 	     
    (b) Each such grant or sale may be made
    without additional consideration or in consideration of a
    payment by such Participant that is less than the Market Value
    Per Share at the Date of Grant.
    
	 
	 	     
    (c) Each such grant or sale will provide
    that the Restricted Stock covered by such grant or sale will be
    subject to a “substantial risk of forfeiture” within
    the meaning of Section 83 of the Code for a period to be
    determined by the Board at the Date of Grant and may provide for
    the earlier lapse of such substantial risk of forfeiture as
    provided in Section 6(e) below or in the event of death or
    disability of the Participant.
    
	 
	 	     
    (d) Each such grant or sale will provide
    that during the period for which such substantial risk of
    forfeiture is to continue, the transferability of the Restricted
    Stock will be prohibited or restricted in the manner and to the
    extent prescribed by the Board at the Date of Grant (which
    restrictions may include, without limitation, rights of
    repurchase or first refusal in the Company or provisions
    subjecting the Restricted Stock to a continuing substantial risk
    of forfeiture in the hands of any transferee).
    
	 
	 	     
    (e) Any such grant or sale of Restricted
    Stock may require that any or all dividends or other
    distributions paid thereon during the period of such
    restrictions be automatically deferred and reinvested in
    additional shares of Restricted Stock, which may be subject to
    the same restrictions as the underlying award.
    
	 
	 	     
    (f) Each grant or sale of Restricted Stock
    will be evidenced by an Evidence of Award and will contain such
    terms and provisions, consistent with this Plan, as the Board
    may approve. Unless otherwise directed by the Board, all
    certificates representing shares of Restricted Stock will be
    held in custody by the Company until all restrictions thereon
    will have lapsed, together with a stock power or powers executed
    by the Participant in whose name such certificates are
    registered, endorsed in blank and covering such Shares.
    

     
7. Restricted Stock Units. The Board
may also authorize the granting or sale of Restricted Stock
Units to Participants. Each such grant or sale will be subject
to all of the requirements contained in the following provisions:

		
	 	     
    (a) Each such grant or sale will constitute
    the agreement by the Company to deliver shares of Common Stock
    or cash to the Participant in the future in consideration of the
    performance of services, but subject to the fulfillment of such
    conditions during the Restriction Period as the Board may
    specify.
    

4

 

		
	 	     
    (b) Each such grant or sale may be made
    without additional consideration or in consideration of a
    payment by such Participant that is less than the Market Value
    Per Share at the Date of Grant.
    
	 
	 	     
    (c) Each such grant or sale will be subject
    to a Restriction Period, as determined by the Board at the Date
    of Grant, and may provide for the earlier lapse or other
    modification of such Restriction Period in the event of death or
    disability of the Participant.
    
	 
	 	     
    (d) During the Restriction Period, the
    Participant will have no right to transfer any rights under his
    or her award and will have no rights of ownership in the
    Restricted Stock Units and will have no right to vote them, but
    the Board may at the Date of Grant, authorize the payment of
    dividend equivalents on such Restricted Stock Units on either a
    current, deferred or contingent basis, either in cash or in
    additional shares of Common Stock.
    
	 
	 	     
    (e) Each grant or sale will specify the time
    and manner of payment of Restricted Stock Units that have been
    earned. Any grant or sale may specify that the amount payable
    with respect thereto may be paid by the Company in cash, in
    shares of Common Stock or in any combination thereof and may
    either grant to the Participant or retain in the Board the right
    to elect among those alternatives.
    
	 
	 	     
    (f) Each grant or sale of Restricted Stock
    Units will be evidenced by an Evidence of Award and will contain
    such terms and provisions, consistent with this Plan, as the
    Board may approve.
    

     
8. Administration of this Plan.

		
	 	     
    (a) This Plan will be administered by the
    Board, which may from time to time delegate all or any part of
    its authority under this Plan to the Compensation and Management
    Development Committee or any other committee of the Board (or a
    subcommittee thereof), as constituted from time to time. To the
    extent of any such delegation, references in this Plan to the
    Board will be deemed to be references to such committee or
    subcommittee.
    
	 
	 	     
    (b) The interpretation and construction by
    the Board of any provision of this Plan or of any agreement,
    notification or document evidencing the grant of Option Rights,
    Appreciation Rights, Restricted Stock or Restricted Stock Units
    and any determination by the Board pursuant to any provision of
    this Plan or of any such agreement, notification or document
    will be final and conclusive.
    

     
9. Adjustments. The Board may make or
provide for such adjustments in the numbers of shares of Common
Stock covered by outstanding Option Rights, Appreciation Rights
and Restricted Stock Units granted hereunder, in the Option
Price and Base Price provided in outstanding Appreciation
Rights, and in the kind of shares covered thereby, as the Board,
in its sole discretion, may determine is equitably required to
prevent dilution or enlargement of the rights of Participants or
Optionees that otherwise would result from (a) any stock
dividend, stock split, combination of shares, recapitalization
or other change in the capital structure of the Company, or
(b) any merger, consolidation, spin-off, split-off,
spin-out, split-up, reorganization, partial or complete
liquidation or other distribution of assets, issuance of rights
or warrants to purchase securities, or (c) any other
corporate transaction or event having an effect similar to any
of the foregoing. Moreover, in the event of any such transaction
or event, the Board, in its discretion, may provide in
substitution for any or all outstanding awards under this Plan
such alternative consideration (including cash), if any, as it
may determine to be equitable in the circumstances and may
require in connection therewith the surrender of all awards so
replaced. The Board may also make or provide for such
adjustments in the numbers of shares specified in Section 3
of this Plan as the Board in its sole discretion may determine
is appropriate to reflect any transaction or event described in
this Section 9.

     
10. Non U.S. Participants. In order
to facilitate the making of any grant or combination of grants
under this Plan, the Board may provide for such special terms
for awards to Participants who

5

 

are foreign nationals or who reside outside of
the United States of America as the Board may consider necessary
or appropriate to accommodate differences in local law, tax
policy or custom.

     
11. Transferability.

		
	 	     
    (a) No Option Right or Appreciation Right
    granted under this Plan shall be transferable by the Participant
    except by will or the laws of descent and distribution. Except
    as otherwise determined by the Board, Option Rights and
    Appreciation Rights will be exercisable during the
    Participant’s lifetime only by him or her or, in the event
    of the Participant’s legal incapacity to do so, by his or
    her guardian or legal representative acting on behalf of the
    Participant in a fiduciary capacity under state law
    and/or court supervision.
    
	 
	 	     
    (b) The Board may specify at the Date of
    Grant that part or all of the shares of Common Stock that are
    (i) to be issued or transferred by the Company upon the
    exercise of Option Rights or Appreciation Rights or upon the
    termination of the Restriction Period applicable to Restricted
    Stock Units or (ii) no longer subject to the substantial
    risk of forfeiture and restrictions on transfer referred to in
    Section 6 of this Plan, will be subject to further
    restrictions on transfer.
    

     
12. Compliance with Section 409A of
the Code. To the extent applicable, it is intended that this
Plan and any grants made hereunder comply with the provisions of
Section 409A of the Code. This Plan and any grants made
hereunder shall be administrated in a manner consistent with
this intent, and any provision that would cause this Plan or any
grant made hereunder to fail to satisfy Section 409A of the
Code shall have no force and effect until amended to comply with
Section 409A of the Code (which amendment may be
retroactive to the extent permitted by Section 409A of the
Code and may be made by the Company without the consent of
Participants).

     
13. Effective Date. This Plan will be
effective as of the Effective Date. No grants will be made under
The Sherwin-Williams Company 1997 Stock Plan for Nonemployee
Directors on or after the Effective Date.

     
14. Amendments.

		
	 	     
    (a) The Board may at any time and from time
    to time amend this Plan in whole or in part; provided, however,
    that if an amendment to this Plan (i) would materially
    increase the benefits accruing to Participants under this Plan,
    (ii) would materially increase the number of securities
    which may be issued under this Plan, (iii) would materially
    modify the requirements for participation in this Plan or
    (iv) must otherwise be approved by the shareholders of the
    Company in order to comply with applicable law or the rules of
    the New York Stock Exchange or, if the shares of Common Stock
    are not traded on the New York Stock Exchange, the principal
    national securities exchange upon which the shares of Common
    Stock are traded or quoted, then, such amendment will be subject
    to shareholder approval and will not be effective unless and
    until such approval has been obtained.
    
	 
	 	     
    (b) The Board will not, without the further
    approval of the shareholders of the Company, authorize the
    amendment of any outstanding Option Right to reduce the Option
    Price. Furthermore, no Option Right will be cancelled and
    replaced with awards having a lower Option Price without further
    approval of the shareholders of the Company. This
    Section 14(b) is intended to prohibit the repricing of
    “underwater” Option Rights and will not be construed
    to prohibit the adjustments provided for in Section 9 of
    this Plan.
    
	 
	 	     
    (c) Subject to Section 15(b) hereof,
    the Board may amend the terms of any award theretofore granted
    under this Plan prospectively or retroactively. Subject to
    Section 9 above, no such amendment shall impair the rights
    of any Participant without his or her consent. The Board may, in
    its discretion, terminate this Plan at any time. Termination of
    this Plan will not affect the rights of Participants or their
    successors under any awards outstanding hereunder and not
    exercised in full on the date of termination.
    

6

 

     
15. Termination. No grant will be
made under this Plan more than 10 years after the date on
which this Plan is first approved by the shareholders of the
Company, but all grants made on or prior to such date will
continue in effect thereafter subject to the terms thereof and
of this Plan.

     
16. Governing Law. This Plan and all
grants and awards and actions taken thereunder shall be governed
by and construed in accordance with the internal substantive
laws of the State of Ohio.

     
17. Miscellaneous Provisions.

		
	 	     
    (a) The Company will not be required to
    issue any fractional shares of Common Stock pursuant to this
    Plan. The Board may provide for the elimination of fractions or
    for the settlement of fractions in cash.
    
	 
	 	     
    (b) This Plan will not confer upon any
    Participant any right with respect to continuance of service as
    Director with the Company, nor will it interfere in any way with
    any right the Company would otherwise have to terminate such
    Participant’s service at any time.
    
	 
	 	     
    (c) Unless otherwise determined by the
    Board, if a Nonemployee Director subsequently becomes an
    employee of the Company or Subsidiary while remaining a member
    of the Board, any Option Rights, Appreciation Rights, Restricted
    Stock or Restricted Stock Units held under the Plan by such
    individual at the time of such commencement of employment will
    not be effected hereby.
    
	 
	 	     
    (d) No award under this Plan may be
    exercised by the holder thereof if such exercise, and the
    receipt of cash or stock thereunder, would be, in the opinion of
    counsel selected by the Board, contrary to law or the
    regulations of any duly constituted authority having
    jurisdiction over this Plan.
    
	 
	 	     
    (e) No Participant shall have any rights as
    a stockholder with respect to any shares subject to awards
    granted to him or her under this Plan prior to the date as of
    which he or she is actually recorded as the holder of such
    shares upon the stock records of the Company.
    
	 
	 	     
    (f) The Board may condition the grant of any
    award or combination of awards authorized under this Plan on the
    surrender or deferral by the Participant of his or her right to
    receive compensation otherwise payable by the Company to the
    Participant.
    
	 
	 	     
    (g) Participants shall provide the Company
    with a written election form setting forth the name and contact
    information of the person who will have beneficial ownership
    rights upon the death of the Participant.
    
	 
	 	     
    (h) If any provision of this Plan is or
    becomes invalid, illegal or unenforceable in any jurisdiction,
    or would disqualify this Plan or any award under any law deemed
    applicable by the Board, such provision shall be construed or
    deemed amended or limited in scope to conform to applicable laws
    or, in the discretion of the Board, it shall be stricken and the
    remainder of this Plan shall remain in full force and effect.
    

7

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