Document:

exv10w8

 

EXHIBIT 10.8

[Employees (other than CEO)]

NEWELL RUBBERMAID INC. 2003 STOCK PLAN

STOCK OPTION AGREEMENT

     A Stock Option (the “Option”) granted by Newell Rubbermaid Inc., a Delaware corporation (the
“Company”), to the employee named in the attached Option letter (the “Optionee”), for common stock,
par value $1.00 per share and related preferred stock purchase rights (the “Common Stock”), of the
Company, shall be subject to the following terms and conditions:

     1. Stock Option Grant. Subject to the provisions set forth herein and the terms and
conditions of the Newell Rubbermaid Inc. 2003 Stock Plan (the “Plan”), a copy of which is attached
hereto and the terms of which are hereby incorporated by reference, and in consideration of the
agreements of the Optionee herein provided, the Company hereby grants to the Optionee an Option to
purchase from the Company the number of shares of Common Stock, at the purchase price per share,
and on the schedule, set forth in the attached Option letter. Any Incentive Stock Option is
intended to be an incentive stock option within the meaning of Section 422A of the Internal Revenue
Code of 1986.

     2. Acceptance by Optionee. The exercise of the Option is conditioned upon its
acceptance by the Optionee in the space provided therefor at the end of the attached Option letter
and the return of an executed copy of such Option letter to the Secretary of the Company no later
than 60 days after the Date of Grant set forth therein or, if later, 30 days after the Optionee
receives this Agreement.

     3. Exercise of Option. Written notice of an election to exercise any portion of the
Option shall be given by the Optionee, or his personal representative in the event of the
Optionee’s death, in accordance with procedures established by the Organizational Development and
Compensation Committee of the Board of Directors of the Company (the “Committee”) as in effect at
the time of such exercise.

     At the time of exercise of the Option, payment of the purchase price for the shares of Common
Stock with respect to which the Option is exercised must be made by one or more of the following
methods: (i) in cash, (ii) in cash received from a broker-dealer to whom the Optionee has
submitted an exercise notice and irrevocable instructions to deliver the purchase price to the
Company from the proceeds of the sale of shares subject to the Option, (iii) by delivery to the
Company of other Common Stock owned by the Optionee that is acceptable to the Company, valued at
its fair market value on the date of exercise, or (iv) by certifying to ownership by attestation of
such previously owned Common Stock. Notwithstanding the foregoing, the payment method specified in
(ii) above may not be used by an Optionee who is subject to Section 16 of the Securities Exchange
Act of 1934 unless otherwise approved by the Committee.

     If applicable, an amount sufficient to satisfy all minimum Federal, state and local
withholding tax requirements prior to delivery of any certificate for shares of Common Stock must
also accompany the exercise. Payment of such taxes can be made by a method specified above, and/or
by directing the Company to withhold such number of shares of Common Stock otherwise issuable upon
exercise of the Option with a fair market value equal to the amount of tax to be withheld.

     4. Exercise Upon Termination of Employment. If the Optionee’s employment with the
Company and all affiliates terminates for any reason other than death, disability or retirement,
the Option shall expire on the date of such termination, and no portion shall be exercisable after
the date of such termination.

 

 

     In the event of the Optionee’s death, disability or retirement during employment with the
Company or any affiliate, the outstanding portion of the Option shall become fully vested on such
date and shall continue to be exercisable until the earlier of the first anniversary of the date of
the Optionee’s death, disability or retirement, or the date the Option expires by its terms. For
this purpose (i) “disability” means (as determined by the Committee in its sole discretion) the
inability of the Optionee to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which is expected to result in death or disability or
which has lasted or can be expected to last for a continuous period of not less than 12 months, and
(ii) “retirement” means the Optionee’s termination from employment with the Company and all
affiliates without cause (as determined by the Committee in its sole discretion) when the Optionee
is 65 or older. (Full vesting of an Incentive Stock Option may result in all or part of the Option
being treated as a Non-Qualified Stock Option in accordance with Section 8.4 of the Plan.)

     The foregoing provisions of this Section 4 shall be subject to the provisions of any written
employment security agreement or severance agreement that has been or may be executed by the
Optionee and the Company, and the provisions in such employment security agreement or severance
agreement concerning exercise of an Option shall supercede any inconsistent or contrary provision
of this Section 4.

     5. Option Not Transferable. The Option may be exercised only by the Optionee during
his lifetime and may not be transferred other than by will or the applicable laws of descent or
distribution or pursuant to a qualified domestic relations order. The Option shall not otherwise be
assigned, transferred, or pledged for any purpose whatsoever and is not subject, in whole or in
part, to attachment, execution or levy of any kind. Any attempted assignment, transfer, pledge, or
encumbrance of the Option, other than in accordance with its terms, shall be void and of no effect.

     6. Surrender of or Changes to Agreement. In the event the Option shall be exercised
in whole, this Agreement shall be surrendered to the Company for cancellation. In the event this
Option shall be exercised in part or a change in the number of designation of the shares of Common
Stock shall be made, this Agreement shall be delivered by the Optionee to the Company for the
purpose of making appropriate notation thereon, or of otherwise reflecting, in such manner as the
Company shall determine, the change in the number or designation of such shares.

     7. Administration. The Option shall be exercised in accordance with such
administrative regulations as the Committee shall from time to time adopt.

     8. Governing Law. This Agreement, and the Option, shall be construed, administered
and governed in all respects under and by the laws of the State of Delaware.

     IN WITNESS WHEREOF, this Agreement is executed by the Company this ___day of ___, ___,
effective as of the ___day of ___, ___.

	 	 	 	 	 
	 	NEWELL RUBBERMAID INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

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[CEO]

NEWELL RUBBERMAID INC. 2003 STOCK PLAN

STOCK OPTION AGREEMENT

     A Stock Option (the “Option”) granted by Newell Rubbermaid Inc., a Delaware corporation (the
“Company”), to the employee named in the attached Option letter (the “Optionee”), for common stock,
par value $1.00 per share and related preferred stock purchase rights (the “Common Stock”), of the
Company, shall be subject to the following terms and conditions:

     1. Stock Option Grant. Subject to the provisions set forth herein and the terms and
conditions of the Newell Rubbermaid Inc. 2003 Stock Plan (the “Plan”), a copy of which is attached
hereto and the terms of which are hereby incorporated by reference, and in consideration of the
agreements of the Optionee herein provided, the Company hereby grants to the Optionee an Option to
purchase from the Company the number of shares of Common Stock, at the purchase price per share,
and on the schedule, set forth in the attached Option letter. Any incentive stock option is
intended to be an incentive stock option within the meaning of Section 422A of the Internal Revenue
Code of 1986.

     2. Acceptance by Optionee. The exercise of the Option is conditioned upon its
acceptance by the Optionee in the space provided therefor at the end of the attached Option letter
and the return of an executed copy of such Option letter to the Secretary of the Company no later
than 60 days after the Date of Grant set forth therein or, if later, 30 days after the Optionee
receives this Agreement.

     3. Exercise of Option. Written notice of an election to exercise any portion of the
Option shall be given by the Optionee, or his personal representative in the event of the
Optionee’s death, in accordance with procedures established by the Organizational Development and
Compensation Committee of the Board of Directors of the Company (the “Committee”), as in effect at
the time of such exercise.

     At the time of exercise of the Option, payment of the purchase price for the shares of Common
Stock with respect to which the Option is exercised must be made by one or more of the following
methods: (i) in cash, (ii) in cash received from a broker-dealer to whom the Optionee has
submitted an exercise notice and irrevocable instructions to deliver the purchase price to the
Company from the proceeds of the sale of shares subject to the Option, (iii) by delivery to the
Company of other Common Stock owned by the Optionee that is acceptable to the Company, valued at
its fair market value on the date of exercise, or (iv) by certifying to ownership by attestation of
such previously owned Common Stock.

     If applicable, an amount sufficient to satisfy all minimum Federal, state and local
withholding tax requirements prior to delivery of any certificate for shares of Common Stock must
also accompany the exercise. Payment of such taxes can be made by a method specified above, and/or
by directing the Company to withhold such number of shares of Common Stock otherwise issuable upon
exercise of the Option with a fair market value equal to the amount of tax to be withheld.

     4. Exercise Upon Termination of Employment. If the Optionee’s employment with the
Company and all affiliates terminates for any reason other than death, disability or retirement (as
defined below), and in connection therewith the Optionee’s service on the Board terminates, the
Option shall expire on the date of such termination of employment, and no portion shall be
exercisable after the date of such termination.

     In the event of the Optionee’s death or disability during employment with the Company or any
affiliate, or in the event of the Optionee’s retirement and in connection therewith his service on
the Board

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terminates, the outstanding portion of the Option shall become fully vested on such date and
shall continue to be exercisable until the earlier of the first anniversary of the date of the
Optionee’s death, disability or retirement, or the date the Option expires by its terms.

     In the event the Optionee’s employment with the Company and all affiliates terminates for any
reason other than death, disability or retirement, and the Optionee’s service on the Board
continues thereafter, the Option shall continue to vest and remain exercisable in accordance with
the Option letter. If the Optionee’s service on the Board subsequently terminates, then (i) if
termination is due to retirement, the Option shall continue to vest and remain exercisable in the
same manner and to the same extent as if the Optionee had continued his service on the Board, (ii)
if the termination is due to death or disability, the outstanding portion of the Option shall
become fully vested on such date and shall continue to be exercisable until the earlier of the
first anniversary of the date of the Optionee’s death or disability, and (iii) if the termination
is for any reason other than death, disability or retirement, the Option shall expire on the date
of such termination of service, and no portion shall be exercisable after the date of such
termination.

     For purposes of this Section 4, (i) “disability” means (as determined by the Committee in its
sole discretion) the inability of the Optionee to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which is expected to result in
death or disability or which has lasted or can be expected to last for a continuous period of not
less than 12 months, and (ii) “retirement” means (A) while the Optionee is employed, the Optionee’s
termination from employment with the Company and all affiliates without cause (as determined by the
Committee in its sole discretion) when the Optionee is 65 or older; or (B) while the Optionee is a
non-employee Director, retirement in accordance with the Company’s retirement policy for Directors.

     The foregoing provisions of this Section 4 shall be subject to the provisions of any written
employment security agreement or severance agreement that has been or may be executed by the
Optionee and the Company, and the provisions in such employment security agreement or severance
agreement concerning exercise of an Option shall supercede any inconsistent or contrary provisions
of this Section 4.

     5. Option Not Transferable. The Option may be exercised only by the Optionee during
his lifetime and may not be transferred other than by will or the applicable laws of descent or
distribution or pursuant to a qualified domestic relations order. The Option shall not otherwise be
assigned, transferred, or pledged for any purpose whatsoever and is not subject, in whole or in
part, to attachment, execution or levy of any kind. Any attempted assignment, transfer, pledge, or
encumbrance of the Option, other than in accordance with its terms, shall be void and of no effect.

     6. Surrender of or Changes to Agreement. In the event the Option shall be exercised
in whole, this Agreement shall be surrendered to the Company for cancellation. In the event this
Option shall be exercised in part or a change in the number of designation of the shares of Common
Stock shall be made, this Agreement shall be delivered by the Optionee to the Company for the
purpose of making appropriate notation thereon, or of otherwise reflecting, in such manner as the
Company shall determine, the change in the number or designation of such shares.

     7. Administration. The Option shall be exercised in accordance with such
administrative regulations as the Organizational Development and Compensation Committee of the
Board of Directors of the Company (the “Committee”) shall from time to time adopt.

     8. Governing Law. This Agreement, and the Option, shall be construed, administered
and governed in all respects under and by the laws of the State of Delaware.

-4-

 

     IN WITNESS WHEREOF, this Agreement is executed by the Company this ___day of ___,
___, effective as of the ___day of ___, ___.

	 	 	 	 	 
	 	NEWELL RUBBERMAID INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

-5-

 

[Non-Employee Directors]

NEWELL RUBBERMAID INC. 2003 STOCK PLAN

STOCK OPTION AGREEMENT

     A Non-Qualified Stock Option (the “Option”) granted by Newell Rubbermaid Inc., a Delaware
corporation (the “Company”), to the non-employee director named in the attached Award letter (the
“Optionee”), for common stock, par value $1.00 per share and related preferred stock purchase
rights (the “Common Stock”), of the Company, shall be subject to the following terms and
conditions:

     1. Stock Option Grant. Subject to the provisions set forth herein and the terms and
conditions of the Newell Rubbermaid Inc. 2003 Stock Plan (the “Plan”), a copy of which is attached
hereto and the terms of which are hereby incorporated by reference, and in consideration of the
agreements of the Optionee herein provided, the Company hereby grants to the Optionee a
Non-Qualified Stock Option, to purchase from the Company the number of shares of Common Stock, at
the purchase price per share, and on the schedule, set forth in the attached Award letter.

     2. Acceptance by Optionee. The exercise of the Option is conditioned upon its
acceptance by the Optionee in the space provided therefor at the end of the attached Award letter
and the return of an executed copy of such Award letter to the Secretary of the Company no later
than 60 days after the Date of Grant set forth therein or, if later, 30 days after the Optionee
receives this Agreement.

     3. Exercise of Option. Written notice of an election to exercise any portion of the
Option shall be given by the Optionee, or his personal representative in the event of the
Optionee’s death, in accordance with procedures established by the Organizational Development and
Compensation Committee of the Board of Directors of the Company (the “Committee”) as in effect at
the time of such exercise.

     At the time of exercise of the Option, payment of the purchase price for the shares of Common
Stock with respect to which the Option is exercised must be made by one or more of the following
methods: (i) in cash, (ii) in cash received from a broker-dealer to whom the Optionee has
submitted an exercise notice and irrevocable instructions to deliver the purchase price to the
Company from the proceeds of the sale of shares subject to the Option, (iii) by delivery to the
Company of other Common Stock owned by the Optionee that is acceptable to the Company, valued at
its fair market value on the date of exercise, or (iv) by certifying to ownership by attestation of
such previously owned Common Stock. Notwithstanding the foregoing, the payment method specified in
(ii) above may not be used by an Optionee who is subject to Section 16 of the Securities Exchange
Act of 1934 unless otherwise approved by the Committee.

     If applicable, an amount sufficient to satisfy all minimum Federal, state and local
withholding tax requirements prior to delivery of any certificate for shares of Common Stock must
also accompany the exercise. Payment of such taxes can be made by a method specified above, and/or
by directing the Company to withhold such number of shares of Common Stock otherwise issuable upon
exercise of the Option with a fair market value equal to the amount of tax to be withheld.

     4. Exercise Upon Termination of Service on the Board. If the Optionee’s service on
the Board terminates for any reason other than death, disability or retirement as described below,
the Option shall expire on the date of such termination of service, and no portion shall be
exercisable after the date of such termination.

     In the event of the Optionee’s death or disability while serving on the Board, the outstanding
portion of the Option shall become fully vested on such date and shall continue to be exercisable
until the

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earlier of the first anniversary of the date of the Optionee’s death or disability, or the
date the Option expires by its terms. For this purpose “disability” means (as determined by the
Committee in its sole discretion) the inability of the Optionee to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which is
expected to result in death or disability or which has lasted or can be expected to last for a
continuous period of not less than 12 months.

     If the Optionee’s service on the Board terminates due to the Optionee’s retirement in
accordance with the Company’s retirement policy for Directors, the Option shall continue to vest
and remain exercisable in the same manner and to the same extent as if the Optionee had continued
his service on the Board during such period.

     5. Option Not Transferable. The Option may be exercised only by the Optionee during
his lifetime and may not be transferred other than by will or the applicable laws of descent or
distribution or pursuant to a qualified domestic relations order. The Option shall not otherwise be
assigned, transferred, or pledged for any purpose whatsoever and is not subject, in whole or in
part, to attachment, execution or levy of any kind. Any attempted assignment, transfer, pledge, or
encumbrance of the Option, other than in accordance with its terms, shall be void and of no effect.

     6. Surrender of or Changes to Agreement. In the event the Option shall be exercised
in whole, this Agreement shall be surrendered to the Company for cancellation. In the event this
Option shall be exercised in part or a change in the number of designation of the shares of Common
Stock shall be made, this Agreement shall be delivered by the Optionee to the Company for the
purpose of making appropriate notation thereon, or of otherwise reflecting, in such manner as the
Company shall determine, the change in the number or designation of such shares.

     7. Administration. The Option shall be exercised in accordance with such
administrative regulations as the Committee shall from time to time adopt.

     8. Governing Law. This Agreement, and the Option, shall be construed, administered
and governed in all respects under and by the laws of the State of Delaware.

     IN WITNESS WHEREOF, this Agreement is executed by the Company this ___day of ___, ___,
effective as of the ___day of ___, ___.

	 	 	 	 	 
	 	NEWELL RUBBERMAID INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

-7-

 

[Employees]

NEWELL RUBBERMAID INC. 2003 STOCK PLAN

RESTRICTED STOCK AWARD AGREEMENT

     A Restricted Stock Award (the “Award”) granted by Newell Rubbermaid Inc., a Delaware
corporation (the “Company”), to the employee named in the attached Award letter (the “Grantee”), of
common stock, par value $1.00 per share and related preferred stock purchase rights (the “Common
Stock”), of the Company, shall be subject to the following terms and conditions and the provisions
of the Newell Rubbermaid Inc. 2003 Stock Plan (the “Plan”), a copy of which is attached hereto and
the terms of which are hereby incorporated by reference:

     1. Acceptance by Grantee. The receipt of the Award is conditioned upon its
acceptance by the Grantee in the space provided therefor at the end of the attached Award letter
and the return of an executed copy of such Award letter to the Secretary of the Company no later
than 60 days after the Award Date set forth therein or, if later, 30 days after the Grantee
receives this Agreement.

     2. Transfer Restrictions. None of the shares of Common Stock subject to the
Award (“Award Shares”) shall be sold, assigned, pledged or otherwise transferred, voluntarily or
involuntarily, by the Grantee (or his estate or personal representative, as the case may be), until
such restrictions lapse in accordance with Sections 3 and 4 below.

     3. Lapse of Restrictions. The restrictions set forth in Section 2 above
shall lapse on the third anniversary of the Award Date with respect to all of the Award Shares.

     4. Death or Disability. To the extent the restrictions set forth in Section
2 have not lapsed in accordance with Section 3, (a) in the event that the Grantee’s employment with
the Company and all affiliates terminates due to the Grantee’s death, such restrictions shall lapse
on the date of such termination; and (b) in the event that the Grantee’s employment with the
Company and all affiliates terminates due to the Grantee’s disability, such restrictions shall
lapse on the earlier of the third anniversary of the Award Date or the Grantee’s death. For this
purpose “disability” means (as determined by the Committee in its sole discretion) the inability of
the Grantee to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which is expected to result in death or disability or which has
lasted or can be expected to last for a continuous period of not less than 12 months.

     5. Forfeiture. Subject to the next following sentence, the Award shall be
forfeited to the Company upon the Grantee’s termination of employment with the Company and all
affiliates for any reason other than the Grantee’s death or disability (as described in Section 4
above) that occurs prior to the date the restrictions lapse as provided in Section 3 above. The
foregoing provisions of this Section 5 shall be subject to the provisions of any written employment
security agreement or severance agreement that has been or may be executed by the Grantee and the
Company, and the provisions in such employment security agreement or severance agreement concerning
the lapse of restrictions of an Award in connection with the Grantee’s termination of employment
shall supercede any inconsistent or contrary provision of this Section 5.

     6. Withholding Taxes. If applicable, the Grantee shall pay to the Company
an amount sufficient to satisfy all minimum Federal, state and local withholding tax requirements
prior to the delivery of any certificate for Award Shares. Payment of such taxes may be made by a
method specified in the Plan and approved by the Committee.

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     7. Rights as Stockholder. The Grantee shall be entitled to all of the
rights of a stockholder of the Company with respect to the Award Shares, including the right to
vote such shares and to receive dividends and other distributions payable with respect to such
Award Shares from the Award Date.

     8. Share Delivery. Delivery of the Award Shares will be by book-entry
credit to an account in the Grantee’s name established by the Company with the Company’s transfer
agent. On the date the restrictions lapse with respect to the Award, and provided that the Grantee
has complied with all obligations and conditions set forth in the Plan and this Agreement, the
Company shall, upon written request from the Grantee (or his estate or personal representative, as
the case may be), issue certificates in the name of the Grantee (or his estate or personal
representative) representing such Award Shares.

     9. Section 83(b) Election. The Grantee may make an election pursuant to
Section 83(b) of the Internal Revenue Code to recognize income with respect to the Award Shares
before the restrictions lapse, by filing such election with the Internal Revenue Service within 30
days of the Award Date and providing a copy of that filing to the Company.

     10. Administration. The Award shall be administered in accordance with such
regulations as the Organizational Development and Compensation Committee of the Board of Directors
of the Company (the “Committee”) shall from time to time adopt.

     11. Governing Law. This Agreement, and the Award, shall be construed,
administered and governed in all respects under and by the laws of the State of Delaware.

     IN WITNESS WHEREOF, this Agreement is executed by the Company this ___th day of ___,
___, effective as of the ___day of ___, ___.

	 	 	 	 	 
	 	NEWELL RUBBERMAID INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

-9-

 

[Non-Employee Directors]

NEWELL RUBBERMAID INC. 2003 STOCK PLAN

RESTRICTED STOCK AWARD AGREEMENT

     A Restricted Stock Award (the “Award”) granted by Newell Rubbermaid Inc., a Delaware
corporation (the “Company”), to the non-employee director named in the attached Award letter (the
“Grantee”), of common stock, par value $1.00 per share and related preferred stock purchase rights
(the “Common Stock”), of the Company, shall be subject to the following terms and conditions and
the provisions of the Newell Rubbermaid Inc. 2003 Stock Plan (the “Plan”), a copy of which is
attached hereto and the terms of which are hereby incorporated by reference:

     1. Acceptance by Grantee. The receipt of the Award is conditioned upon its acceptance
by the Grantee in the space provided therefore at the end of the attached Award letter and the
return of an executed copy of such Award letter to the Secretary of the Company no later than 60
days after the Award Date set forth therein or, if later, 30 days after the Grantee receives this
Agreement.

     2. Transfer Restrictions. None of the shares of Common Stock subject to the Award
(“Award Shares”) shall be sold, assigned, pledged or otherwise transferred, voluntarily or
involuntarily, by the Grantee (or his personal estate or personal representative, as the case may
be), until such restrictions lapse in accordance with Sections 3 and 4 below.

     3. Lapse of Restrictions. The restrictions set forth in Section 2 above shall lapse
on the third anniversary of the Award Date with respect to all of the Award Shares.

     4. Termination of Service on the Board. To the extent the restrictions set forth in
Section 2 have not lapsed in accordance with Section 3, (a) in the event that the Grantee’s service
on the Board terminates due to his death such restrictions shall lapse on the date of such
termination; and (b) in the event the Grantee’s service on the Board terminates due to his
disability or retirement (as described herein), such restrictions shall lapse on the earlier of the
third anniversary of the Award Date or the Grantee’s death. For this purpose (i) “disability”
means (as determined by the Committee in its sole discretion) the inability of the Grantee to
engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which is expected to result in death or disability or which has lasted or can be
expected to last for a continuous period of not less than 12 months; and (ii) “retirement” means
the Grantee’s retirement in accordance with the Company’s retirement policy for Directors.

     5. Forfeiture. The Award shall be forfeited to the Company upon the Grantee’s
termination of service on the Board for any reason other than the Grantee’s death, disability or
retirement (as defined in Section 4 above) that occurs prior to the date the restrictions lapse as
provided in Section 3 above.

     6. Withholding Taxes. If applicable, the Grantee shall pay to the Company an amount
sufficient to satisfy all minimum Federal, state and local withholding tax requirements prior to
the delivery of any certificate for Award Shares. Payment of such taxes may be made by a method
specified in the Plan and approved by the Committee.

     7. Rights as Stockholder. The Grantee shall be entitled to all of the rights of a
stockholder of the Company with respect to the Award Shares, including the right to vote such
shares and to receive dividends and other distributions payable with respect to such Award Shares
from the Award Date.

     8. Share Delivery. Delivery of the Award Shares will be by book-entry credit to an
account in the Grantee’s name established by the Company with the Company’s transfer agent. On the
date the

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restrictions lapse with respect to the Award, and provided that the Grantee has complied with
all obligations and conditions set forth in the Plan and this Agreement, the Company shall, upon
written request from the Grantee (or his estate or personal representative, as the case may be),
issue certificates in the name of the Grantee (or his estate or personal representative)
representing such Award Shares.

     9. Section 83(b) Election. The Grantee may make an election pursuant to Section 83(b)
of the Internal Revenue Code to recognize income with respect to the Award Shares before the
restrictions lapse, by filing such election with the Internal Revenue Service within 30 days of the
Award Date and providing a copy of that filing to the Company.

     10. Administration. The Award shall be administered in accordance with such
regulations as the Organizational Development and Compensation Committee of the Board of Directors
of the Company (the “Committee”) shall from time to time adopt.

     11. Governing Law. This Agreement, and the Award, shall be construed, administered
and governed in all respects under and by the laws of the State of Delaware.

     IN WITNESS WHEREOF, this Agreement is executed by the Company this ___day of ___, ___,
effective as of the ___day of ___, ___.

	 	 	 	 	 
	 	NEWELL RUBBERMAID INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

-11-<PAGE>

                                                                     EXHIBIT 4.1

                       FIRST AMENDMENT TO CREDIT AGREEMENT

      This FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is made and
entered into as of March 1, 2005, by and among METAL MANAGEMENT, INC., a
Delaware corporation, CIM TRUCKING, INC., an Illinois corporation, MTLM ARIZONA,
INC., an Arizona corporation, MAC LEOD METALS CO., a California corporation,
METAL MANAGEMENT AEROSPACE, INC., a Delaware corporation, METAL MANAGEMENT
ALABAMA, INC., a Delaware corporation, METAL MANAGEMENT ARIZONA, L.L.C., an
Arizona limited liability company, METAL MANAGEMENT CONNECTICUT, INC., a
Delaware corporation, METAL MANAGEMENT GULF COAST, INC., a Delaware corporation,
METAL MANAGEMENT INDIANA, INC., an Illinois corporation, METAL MANAGEMENT
MEMPHIS, L.L.C., a Tennessee limited liability company, METAL MANAGEMENT
MIDWEST, INC., an Illinois corporation, METAL MANAGEMENT MISSISSIPPI, L.L.C., a
Delaware limited liability company, METAL MANAGEMENT NEW HAVEN, INC., a Delaware
corporation, METAL MANAGEMENT NORTHEAST, INC., a New Jersey corporation, METAL
MANAGEMENT OHIO, INC., an Ohio corporation, METAL MANAGEMENT PITTSBURGH, INC., a
Delaware corporation, METAL MANAGEMENT S&A HOLDINGS, INC., a Delaware
corporation, NAPORANO IRON & METAL, INC. (f/k/a Metal Management Services,
Inc.), a Delaware corporation, METAL MANAGEMENT STAINLESS & ALLOY, INC., a
Delaware corporation, METAL MANAGEMENT WEST, INC., a Colorado corporation, METAL
MANAGEMENT WEST COAST HOLDINGS, INC., a Delaware corporation, PROLER SOUTHWEST
INC., a Texas corporation, and RESERVE IRON & METAL LIMITED PARTNERSHIP, a
Delaware limited partnership (collectively, the "Borrowers"); METAL MANAGEMENT,
INC., a Delaware corporation, acting in its capacity as borrowing agent and
funds administrator for the Borrowers (in such capacity, the "Funds
Administrator"); the financial institutions identified on the signature pages
hereto as lenders (the "Lenders"); and LASALLE BANK NATIONAL ASSOCIATION, a
national banking association acting in its capacity as agent for the Lenders (in
such capacity, "Agent").

      WHEREAS, the Borrowers, the Funds Administrator, the Lenders and the Agent
entered into a certain Credit Agreement dated as of June 28, 2004 (as may from
time to time be amended, restated, modified, or supplemented, the "Credit
Agreement");

      WHEREAS, MTLM has informed the Agent that MTLM has caused MTLM Realty, a
wholly-owned Subsidiary of MTLM, to be dissolved and to transfer all of its
assets and properties to MTLM, and the parties accordingly desire to remove MTLM
Realty as a party to the Credit Agreement;

      WHEREAS, the Borrowers, the Funds Administrator, the Lenders and the Agent
desire to further amend certain of the terms and conditions of the Credit
Agreement pursuant to the terms and conditions of this Amendment; and

      WHEREAS, the defined terms used, but not defined, herein shall have the
meanings ascribed to such terms in the Credit Agreement.

<PAGE>

      NOW, THEREFORE, for valuable consideration received to their mutual
satisfaction, the parties hereby agree as follows:

      1. Amendment of Credit Agreement. Subject to the terms of this Amendment,
the Credit Agreement is hereby amended as follows:

            (a) Metal Management Nashville, LLC. The following new definition is
hereby added to Section 1.1 of the Credit Agreement:

      "MTLM Nashville" means Metal Management Nashville, LLC, a Delaware limited
      liability company owned by MTLM Midwest and Southern Recycling Secondary
      Fibers, Inc., a wholly-owned subsidiary of Houchens Industries, Inc., to
      own and operate scrap processing facilities in and around Nashville,
      Tennessee and Bowling Green, Kentucky in accordance with the terms of the
      Limited Liability Company Agreement of Metal Management Nashville, LLC
      dated effective as of February 1, 2005, as amended from time to time.

            (b) MTLM Services. The definition of "MTLM Services" is revised to
read as follows:

      "MTLM Services" means Naporano Iron & Metal, Inc., f/k/a Metal Management
      Services, Inc., a Delaware corporation.

            (c) Removal of MTLM Realty. MTLM Realty is hereby removed from the
definition of Borrowers set forth in Section 1.1 of the Credit Agreement, such
that the definition of "Borrowers" reads as follows:

      "Borrowers" means, collectively, (1) Arizona LLC, (2) CIM, (3) MacLeod,
      (4) MTLM, (5) MTLM New Haven, (6) MTLM Aerospace, (7) MTLM Alabama, (8)
      MTLM Arizona, (9) MTLM Connecticut, (10) MTLM Gulf Coast, (11) MTLM
      Indiana, (12) MTLM Memphis, (13) MTLM Midwest, (14) MTLM Mississippi, (15)
      MTLM Northeast, (16) MTLM Ohio, (17) MTLM Pittsburgh, (18) MTLM Services,
      (19) MTLM Stainless & Alloy, (20) MTLM West, (21) MTLM West Coast
      Holdings, (22) Proler, (23) Reserve, and (24) S&A Holdings.

            (d) Increase in Permitted Dividends. Subsection 8.7 (iii) of the
Credit Agreement is hereby deleted and the following inserted in its stead:

      "(iii) MTLM may declare and pay dividends or redeem, repurchase or
      otherwise acquire or retire any of its capital stock so long as, (A)
      before and after giving effect to all payments in connection therewith,
      the Borrowers shall have Excess Availability in excess of $30,000,000 and
      shall be in compliance with the financial covenants contained in Sections
      8.1 and 8.2 hereof, as demonstrated by a certificate of the chief
      executive officer, chief financial officer or treasurer of MTLM delivered
      to the Agent and the Lenders prior to such payment; (B) no Default or
      Event of Default shall have occurred and be continuing or would result

                                       2
<PAGE>

      from such payments; and (C) the aggregate amount of all such payments in
      any consecutive twelve (12) month period does not exceed $20,000,000."

            (e) Permitted Investments. Section 8.8 of the Credit Agreement is
hereby deleted and the following inserted in its stead:

      "8.8 Investments and Acquisitions. No Borrower shall, or shall permit any
      of its Subsidiaries to, directly or indirectly, make any Acquisition of
      any Person or make any Investment in any Person, whether in cash,
      Securities, or other property of any kind including, without limitation,
      any Subsidiary or Affiliate of any Credit Party, other than:

            (a) Permitted Acquisitions and Permitted Investments in Non-Majority
            Interests;

            (b) advances or loans made in the ordinary course of business not to
            exceed $2,500,000 in the aggregate for all Credit Parties combined
            outstanding at any one time (provided, that the aggregate amount of
            all advances and loans made to officers, directors, employees or
            other Affiliates of any Borrower or any Subsidiary of any Borrower
            outstanding at any one time shall not exceed $250,000);

            (c) loans, investments and advances between a Borrower and any other
            Borrower;

            (d) Cash Equivalents;

            (e) Investments in account debtors received in connection with the
            bankruptcy or reorganization, or in settlement of delinquent
            obligations, of customers in the ordinary course of business and in
            accordance with applicable collection and credit policies
            established by such Borrower or such Subsidiary, as the case may be;

            (f) extensions of credit in the nature of accounts receivable or
            notes receivable arising from the sale or lease of goods and
            services in the ordinary course of business;

            (g) Investments existing on the Closing Date and set forth on
            Schedule 8.8(f);

            (h) an Investment of no more than $20,000,000 in MTLM Nashville; and

            (i) such other Investments as the Agent may approve in writing in
            the exercise of its sole discretion."

                                        3
<PAGE>

            (f) Bank Accounts. Section 8.10 of the Credit Agreement is hereby
deleted and the following inserted in its stead:

      "8.10 Bank Accounts. Except for accounts set forth on Schedule B, Part
      8.10 and other accounts approved by the Agent, no Borrower shall, or shall
      permit any of its Subsidiaries to, directly or indirectly, open, maintain
      or otherwise have any checking, savings or other accounts at any bank or
      other financial institution, or any other account where money is or may be
      deposited or maintained with any Person, other than (a) the Disbursement
      Account, (b) petty-cash accounts, provided, that the aggregate balance of
      funds in such accounts shall not exceed at any time $2,000,000, (c)
      payroll, imprest or medical insurance disbursement accounts, provided,
      that the aggregate balance of funds in each of such accounts shall not
      exceed at any time that amount which the Borrower on whose behalf such
      account is maintained deems reasonably necessary to satisfy ordinary
      course disbursements therefrom during the next ten (10) Business Days, and
      (d) savings or other accounts at banks or other financial institutions, so
      long as Borrowers have Excess Availability in excess of $50,000,000 or
      have no Revolving Loans outstanding at all times during which such
      accounts are maintained, and so long as Borrowers and each such bank or
      other financial institution shall have entered into control agreements
      with the Agent with respect to each such account, in each case in form and
      substance satisfactory to the Agent, and taken such other actions as may
      be reasonably requested from time to time by the Agent in order to
      maintain a first perfected security interest in and Control of such
      Collateral.

      2. Control Agreements Not Required for Certain Accounts. Notwithstanding
anything to the contrary in the Credit Agreement or any other Credit Document,
so long as no Event of Default has occurred and is continuing, the Borrowers
shall not be required to maintain control agreements in effect with respect to
(i) disbursement accounts at banks other than LaSalle Bank so long as the
aggregate balance of funds in such disbursement accounts do not exceed
$3,000,000, and (ii) any other account in which the balance of funds does not at
any time exceed $100,000 (so long as the aggregate balance of all accounts under
this clause (ii) does not exceed $1,500,000).

      3. Undertaking if MTLM Nashville Becomes Wholly-Owned Subsidiary. At such
time, if any, that MTLM Nashville becomes a direct or indirect wholly-owned
Subsidiary of MTLM, MTLM shall cause MTLM Nashville to join and agree to be
bound by and perform the terms of this Credit Agreement in the capacity as a
"Borrower" thereunder and the terms of each other Credit Document in a similar
capacity, and MTLM Nashville, the Borrowers and the Funds Administrator shall
execute and deliver to the Agent such joinders, consents, certificates, opinions
of counsel, collateral documents, and other agreements, instruments and
documents as the Agent may reasonably request in connection therewith.

      4. General Terms of Amendment. This Amendment shall be effective as of
March 1, 2005 (the "Effective Date"). Except as specifically amended herein,
directly or by reference, all of the terms and conditions set forth in the
Credit Agreement and the other Credit Documents are confirmed and ratified, and
shall remain as originally written. This Amendment shall be construed in
accordance with the laws of the State of Illinois, without regard to

                                        4
<PAGE>

principles of conflict of laws. Nothing herein shall affect or impair any rights
and powers which the Borrowers, the Funds Administrator, any Lender or the Agent
may have under the Credit Agreement or any of the other Credit Documents.

      5. Release. In consideration of this Amendment, the Borrowers and the
Funds Administrator hereby release and discharge the Lenders and the Agent and
each of their respective shareholders, directors, officers, employees,
attorneys, affiliates and subsidiaries from any and all claims, demands,
liability and causes of action whatsoever, now known or unknown, arising prior
to the date hereof out of or in any way related to the extension or
administration of the Obligations, the Credit Agreement, the other Credit
Documents or any security interest related thereto.

      6. Liens not Impaired. The parties hereto further agree that this
Amendment shall in no manner affect or impair the liens and security interests
evidenced by the Credit Agreement and/or any other Credit Documents or
instruments evidencing, securing or related to the Obligations. The Borrowers
hereby acknowledge that all liens and security interests securing the
Obligations are valid and subsisting.

      7. No Counterclaims or Defenses. The Borrowers and the Funds Administrator
hereby declare that neither the Borrowers nor the Funds Administrator have any
set offs, counterclaims, defenses or other causes of action against the Lenders
or the Agent arising out of the Credit Agreement, the other Credit Documents or
the transactions contemplated thereby, and to the extent any such set offs,
counterclaims, defenses or other causes of action might exist, such items are
hereby waived by the Borrowers.

      8. Representations and Undertakings of Borrowers and Funds Administrator.
Each of the Borrowers and the Funds Administrator hereby represents and warrants
to the Lenders and the Agent that: (a) each Credit Party a party hereto has the
legal power and authority to execute and deliver this Amendment; (b) the
officers or representatives executing this Amendment have been duly authorized
to execute and deliver the same and bind such Credit Parties with respect to the
provisions hereof; (c) the execution and delivery hereof by such Credit Parties
and the performance and observance by such Credit Parties of the provisions
hereof do not violate or conflict with the organizational documents or
agreements of such Credit Parties or any law applicable to such Credit Parties
or result in a breach of any provisions of or constitute a default under any
other agreement, document, certificate or instrument binding upon or enforceable
against such Credit Parties; (d) this Amendment constitutes a valid and binding
obligation upon such Credit Parties in every respect, and (e) the recitals to
this Amendment are true and correct. The Borrowers and the Funds Administrator
hereby further represent and warrant to the Lenders and the Agent that no
Default or Event of Default has occurred under the Credit Agreement or the other
Credit Documents and that each of the representations and warranties of the
Borrowers and the Funds Administrator set forth in the Credit Agreement and the
other Credit Documents are true and correct as of the Effective Date. On the
Effective Date, the Borrowers and the Funds Administrator shall deliver to the
Agent (for the benefit of the Agent and the Lenders) certified copies of
resolutions of such Credit Parties authorizing the execution, delivery and
performance of this Amendment by such Credit Parties, certification that there
have been no amendments to the respective bylaws, certificates of incorporation
or equivalent constituent documents of the Credit Parties since the date of the
original Credit Agreement (or if there have been such

                                        5
<PAGE>

amendments, certified copies of such amended documents) and an incumbency
certificate evidencing the authority of the officers of such Credit Parties
executing this Amendment. The Borrowers and the Funds Administrator further
represent, warrant, covenant and agree that: (i) on the Effective Date, the
Borrowers and the Funds Administrator shall deliver to the Agent (for the
benefit of the Agent and the Lenders) a certified copy of the Limited Liability
Company Agreement of Metal Management Nashville, LLC dated as of February 1,
2005 (the "MTLM Nashville Company Agreement"), (ii) the Borrowers' interest in
MTLM Nashville is and shall at all times be represented by Membership Interests
(as such term is defined in the Security Agreement) owned directly by MTLM or
one of the other Borrowers and such Membership Interests are not and shall not
be represented any certificates, documents or instruments of any kind without
the prior written consent of the Agent, (iii) to the extent that financing
statements have been filed against the Borrowers in appropriate offices, the
Agent will have a fully perfected first priority security interest in that
portion of the Borrowers' interest in distributions from and proceeds of MTLM
Nashville in which a security interest may be perfected by filing, subject only
to Permitted Liens, and neither such security interest nor the exercise of any
rights therein would contravene, violate, constitute a default under or require
the consent of any other person or entity under any contract, agreement,
indenture, instrument or undertaking binding upon or enforceable against any
Borrower, including without limitation, the MTLM Nashville Company Agreement,
and (iv) Borrowers shall not amend, modify or supplement the MTLM Nashville
Company Agreement or any other constituent documents of MTLM Nashville in any
way that limits, restricts or impairs the Agent's security interest therein or
the exercise of any of the Agent's rights in connection therewith.

      9. Costs and Expenses. The Borrowers and the Funds Administrator jointly
and severally agree to pay, on demand, all costs and expenses of the Agent
(including the reasonable fees and expenses of outside counsel for the Agent) in
connection with the preparation, negotiation, execution, delivery, and
administration of this Amendment and any other Credit Documents and all other
instruments or documents provided for herein or delivered or to be delivered
hereunder or in connection herewith or related thereto. In addition, the
Borrowers and the Funds Administrator jointly and severally agree to pay, and
save the Lenders and the Agent harmless from all liability for, any stamp or
other taxes which may be payable in connection with the execution or delivery of
this Amendment, the borrowings contemplated in this Amendment, and the execution
and delivery of any instruments or documents provided for herein or delivered or
to be delivered hereunder or in connection herewith or in connection with the
Credit Agreement or the other Credit Documents. All obligations in this Section
shall survive any termination of the Credit Agreement, as amended hereby, and
the other Credit Documents. The Borrowers and the Funds Administrator hereby
authorize the Agent to charge the Borrowers' account(s) with the Agent in
respect of any and all costs and expenses described hereunder.

      10. Section Titles. The Section titles and captions contained herein are
and shall be without substantive meaning and are not a part of the agreement
between the parties hereto.

      11. Counterparts. This Amendment may be executed in counterparts and all
such counterparts shall constitute one agreement binding on all the parties,
notwithstanding that the parties are not signatories to the same counterpart.

                            [Signature Pages Follow]

                                        6
<PAGE>

      IN WITNESS WHEREOF, the respective parties hereto have caused this First
Amendment to Credit Agreement to be executed and delivered by their duly
authorized officers as of the date first set forth above.

                 METAL MANAGEMENT, INC.,
                 as Funds Administrator and as Borrower

                 By: /s/ Robert C. Larry
                     --------------------------------
                     Name: Robert C. Larry
                     Title: Executive Vice President and Chief Financial Officer

                 ADDITIONAL BORROWERS:

                 CIM TRUCKING, INC.
                 MACLEOD METALS CO.
                 MTLM ARIZONA, INC.
                 METAL MANAGEMENT AEROSPACE, INC.
                 METAL MANAGEMENT ALABAMA, INC.
                 METAL MANAGEMENT ARIZONA, L.L.C.
                 METAL MANAGEMENT CONNECTICUT, INC.
                 METAL MANAGEMENT INDIANA, INC.
                 METAL MANAGEMENT GULF COAST, INC.
                 METAL MANAGEMENT MEMPHIS, L.L.C.
                 METAL MANAGEMENT MIDWEST, INC.
                 METAL MANAGEMENT MISSISSIPPI, L.L.C.
                 METAL MANAGEMENT NEW HAVEN, INC.
                 METAL MANAGEMENT NORTHEAST, INC.
                 METAL MANAGEMENT OHIO, INC.
                 METAL MANAGEMENT PITTSBURGH, INC.
                 METAL MANAGEMENT STAINLESS & ALLOY, INC.
                 METAL MANAGEMENT WEST, INC.
                 METAL MANAGEMENT WEST COAST HOLDINGS, INC.
                 METAL MANAGEMENT S&A HOLDINGS, INC.
                 NAPORANO IRON & METAL, INC.
                 PROLER SOUTHWEST INC.

                 By: /s/ Robert C. Larry
                     --------------------------------
                     Name: Robert C. Larry
                     Title: Vice President

                 RESERVE IRON & METAL LIMITED PARTNERSHIP

                 By: METAL MANAGEMENT OHIO, INC., its general partner

                 By: /s/ Robert C. Larry
                     --------------------------------
                     Name: Robert C. Larry
                     Title: Vice President

                           [Signature Page Continues]

<PAGE>

                 [Signature Page to First Amendment, Continued]

                 AGENT:

                 LASALLE BANK NATIONAL ASSOCIATION, as Agent

                 By: /s/ Michael J. Vrchota
                     --------------------------------
                     Name: Michael J. Vrchota
                     Title: First Vice President

                 LENDERS:

                 LASALLE BANK NATIONAL ASSOCIATION

                 By: /s/ Michael J. Vrchota
                     --------------------------------
                     Name: Michael J. Vrchota
                     Title: First Vice President

                           [Signature Page Continues]

<PAGE>

                 [Signature Page to First Amendment, Continued]

                 PNC BANK NATIONAL ASSOCIATION

                 By: /s/ John Cunningham
                     --------------------------------
                     Name: John Cunningham
                     Title: Vice President

                           [Signature Page Continues]

<PAGE>

                 [Signature Page to First Amendment, Continued]

                 SOVEREIGN BANK

                 By  /s/ Robert E. Cook
                     --------------------------------
                     Name: Robert E. Cook
                     Title: Vice President

                           [Signature Page Continues]

<PAGE>

                 [Signature Page to First Amendment, Continued]

                 U.S. BANK, NATIONAL ASSOCIATION

                 By: /s/ Matthew J. Schulz
                     --------------------------------
                     Name: Matthew J. Schulz
                     Title: Vice President

                           [Signature Page Continues]

<PAGE>

                 [Signature Page to First Amendment, Continued]

                 NATIONAL CITY BANK OF THE MIDWEST

                 By: /s/ James M. Kershner
                     --------------------------------
                     Name: James M. Kershner
                     Title: Vice President

                           [Signature Page Continues]

<PAGE>

                 [Signature Page to First Amendment, Continued]

                 FIFTH THIRD BANK

                 By: /s/ Susan M. Kaminski
                     --------------------------------
                     Name: Susan M. Kaminski
                     Title: Vice President

                           [Signature Page Continues]

<PAGE>

                 [Signature Page to First Amendment, Continued]

                 KEYBANK NATIONAL ASSOCIATION

                 By: /s/ Suzannah Harris
                     --------------------------------
                     Name: Suzannah Harris
                     Title: Assistant Vice President

                           [Signature Page Continues]

<PAGE>

                 [Signature Page to First Amendment, Continued]

                 RZB FINANCE LLC

                 By: /s/ Christoph Hoedl
                     --------------------------------
                     Name: Christoph Hoedl
                     Title: Group Vice President

                 By: /s/ Juan M. Csillagi
                     --------------------------------
                     Name: Juan M. Csillagi
                     Title: Group Vice President

                           [Signature Page Continues]

<PAGE>

                 [Signature Page to First Amendment, Continued]

                 CHARTER ONE BANK, N.A.

                 By: /s/ Raullo M. Eanes
                     --------------------------------
                     Name: Raullo M. Eanes
                     Title: Vice President

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