Document:

<PAGE>
                      THIRD AMENDMENT TO CREDIT AGREEMENT

    THIS THIRD AMENDMENT (this "AMENDMENT") to CREDIT AGREEMENT among SPINNAKER
COATING, INC., a Delaware corporation, formerly known as Brown-Bridge
Industries, Inc. ("COATING"), ENTOLETER, INC., a Delaware corporation
("ENTOLETER"), SPINNAKER COATING-MAINE, INC., a Delaware corporation ("SCM" and,
together with Coating and Entoleter, the "BORROWERS"), SPINNAKER INDUSTRIES,
INC., a Delaware corporation (the "GUARANTOR" and, together with the Borrowers,
the "CREDIT PARTIES"), the financial institutions from time to time party
thereto as lenders (the "LENDERS"), and TRANSAMERICA BUSINESS CREDIT
CORPORATION, as agent (in such capacity the "AGENT") for the Lenders, is made as
of March 28, 2000 among the Credit Parties and the undersigned Lenders.

                             W I T N E S S E T H :

    WHEREAS, the Credit Parties, the Lenders and the Agent are parties to the
Credit Agreement, dated as of August 9, 1999 (as amended, restated or otherwise
modified from time to time prior to the date of effectiveness of this Amendment,
the "CREDIT AGREEMENT"; capitalized terms used herein shall have the meanings
assigned to such terms in the Credit Agreement unless otherwise defined herein);

    WHEREAS, the Credit Parties have requested that the Lenders (i) reset the
financial covenant set forth in Section 7.2(u) of the Credit Agreement and (ii)
make certain other amendments to the Credit Agreement; and

    WHEREAS, the Lenders are agreeable to such request, but only on the terms
and subject to the conditions set forth herein.

    NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the parties hereto hereby agree as follows:

    1.  AMENDMENT TO CREDIT AGREEMENT.  Subject to the satisfaction of the
conditions to effectiveness set forth in Section 2 hereof, the Credit Parties
and the Lenders agree to amend the Credit Agreement effective as of December 31,
1999 as follows:

        (a) The definition of Specified Net Income in Section 1.1 of the Credit
    Agreement is hereby amended and restated in its entirety to read as follows:

        "SPECIFIED NET INCOME" means, in any fiscal period, Net Income of a
        Person, minus Interest Income, plus or minus (as the case may be) losses
        or gains from extraordinary items and from sales of assets, the Central
        Sale and the Electrical Tape Sale, other than asset sales resulting in a
        loss or a gain of less than $100,000 and sales of Inventory in the
        ordinary course of business, in each case to the extent added or
        subtracted in determining such Person's Net Income.

        (b) Section 7.1 of the Credit Agreement is hereby amended by adding at
    the end thereof, the following new subsection (u):

           (u) REPAYMENT OF INTERCOMPANY ADVANCE. If Unused Availability shall
       be equal to or less than $4,000,000 at any time (such event, an
       "Affiliate Payment Event"), the Credit Parties shall, within two (2)
       Business Days of the occurrence of such Affiliate Payment Event, cause
       all of the intercompany advances made by any of the Credit Parties to
       Spinnaker Electrical Tape Company ("Tape") in the aggregate amount of
       approximately $2,000,000 to be immediately repaid by Tape and applied by
       the applicable Credit Parties as a repayment of the Revolving Loans.
<PAGE>
        (c) Section 7.2(u) of the Credit Agreement is hereby amended and
    restated to read as follows:

           (u) MINIMUM CONSOLIDATED FIXED CHARGE COVERAGE RATIO. The Credit
       Parties will not permit the Consolidated Fixed Charge Coverage Ratio, for
       each fiscal period set forth below, to be less than the ratio set forth
       below opposite such period.

<TABLE>
<CAPTION>
PERIOD                                                          RATIO
------                                                        ---------
<S>                                                           <C>
July 1, 1999 through September 30, 1999                       0.50:1.00

July 1, 1999 through December 31, 1999                        0.40:1.00

July 1, 1999 through March 31, 2000                           0.40:1.00

July 1, 1999 through June 30, 2000                            0.50:1.00

October 1, 1999 through September 30, 2000                    0.60:1.00

January 1, 2000 through December 31, 2000                     0.75:1.00

April 1, 2000 through March 31, 2001                          0.85:1.00

July 1, 2000 through June 30, 2001                            0.95:1.00

Four fiscal quarters ended each September 30, December 31,
March 31 and June 30 thereafter                               1.00:1.00
</TABLE>

        (d) Section 8.1(c) of the Credit Agreement is hereby amended by deleting
    the language "Section 7.1(b), (c), (e) and (f)" from the second and third
    lines thereof and inserting the language "Section 7.1(b), (c), (e), (f) and
    (u)" in place thereof.

        (e) Section 11.7 of the Credit Agreement is hereby amended by
    (i) deleting the reference to "1700 Pacific Avenue, Suite 1600, Dallas,
    Texas 75201" appearing therein and inserting "518 Water Street, Troy, Ohio
    45373-0370" in place thereof and (ii) deleting the reference to
    "(214) 855-0093" appearing therein and inserting "(937) 339-4045" in place
    thereof.

    2.  CONDITIONS TO EFFECTIVENESS.  This Amendment shall become effective as
of December 31, upon satisfaction of the following conditions:

        (a) the Agent shall have received this Amendment, duly executed by the
    Credit Parties and the Required Lenders;

        (b) Agent shall have received a secretary's or assistant secretary's
    certificate of each Credit Party regarding the incumbency of each of the
    officers authorized to sign this Amendment and certifying and attaching the
    board resolutions authorizing the execution, delivery and performance of
    this Amendment;

        (c) each of the representations and warranties set forth in Section 3
    hereof shall be true and correct in all respects; and

        (d) the Agent shall have received for the ratable benefit of the Lenders
    an amendment fee of $50,000 from Borrower which Borrower hereby directs the
    Agent to charge as an Agent Advance under the Revolving Loans facility, the
    proceeds of which shall be applied in satisfaction of such fee.

    3.  REPRESENTATIONS AND WARRANTIES OF CREDIT PARTIES.  Each Credit Party
represents and warrants that:

        (a) the execution, delivery and performance by such Credit Party of this
    Amendment have been duly authorized by all necessary corporate action and
    this Amendment is a legal, valid and binding obligation of such Credit Party
    enforceable against such Credit Party in accordance with its terms, except
    as the enforcement thereof may be subject to (i) the effect of any
    applicable bankruptcy, insolvency, reorganization, moratorium or similar law
    affecting creditors' rights generally and (ii)

                                       2
<PAGE>
    general principles of equity (regardless of whether such enforcement is
    sought in a proceeding in equity or at law);

        (b) each of the representations and warranties contained in the Credit
    Agreement is true and correct in all material respects on and as of the date
    hereof as if made on the date hereof, except to the extent that such
    representations and warranties expressly relate to an earlier date; and

        (c) no Change of Control or other Event of Default has occurred or
    remains outstanding as of the date hereof.

    4.  EXPENSES.  The Credit Parties shall pay for all of the reasonable costs
and expenses incurred by the Agent in connection with the transactions
contemplated by this Amendment, including, without limitation, the reasonable
fees and expenses of counsel to the Agent.

    5.  MISCELLANEOUS.

        (a) Except as expressly amended herein, all of the terms and provisions
    of the Credit Agreement and the other Credit Documents are ratified and
    confirmed in all respects and shall remain in full force and effect. Each
    Credit Party hereby acknowledges and agrees that there is no defense, setoff
    or counterclaim of any kind, nature or description to the Obligations or the
    payment thereof when due.

        (b) Upon the effectiveness of this Amendment, all references in the
    Credit Documents to the Credit Agreement shall mean the Credit Agreement as
    amended by this Amendment and all references in the Credit Agreement to
    "this Agreement," "hereof," "herein," or similar terms, shall mean and refer
    to the Credit Agreement as amended by this Amendment.

        (c) The execution, delivery and effectiveness of this Amendment shall
    not, except as expressly provided herein, operate as an amendment to or
    waiver of any right, power or remedy of the Agent or any Lender under any of
    the Credit Documents, or constitute an amendment or waiver of any provision
    of any of the Credit Documents.

        (d) This Amendment may be executed by the parties hereto individually or
    in combination, in one or more counterparts, each of which shall be an
    original and all of which shall constitute one and the same agreement. This
    Amendment may be executed and delivered by telecopier with the same force
    and effect as if the same were a fully executed and delivered original
    manual counterpart.

        (e) This Amendment shall constitute a Credit Document.

    6.  GOVERNING LAW.  THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS
AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING
EFFECT TO THE CONFLICTS OF LAW PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF
THE NEW YORK GENERAL OBLIGATIONS LAW).

                            [Signature Page Follows]

                                       3
<PAGE>
    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective duly authorized officers.

<TABLE>
<CAPTION>

<S>                                                   <C>  <C>
                                                      BORROWERS:

                                                      SPINNAKER COATING, INC.,
                                                      formerly known as Brown-Bridge Industries, Inc.

                                                      By:  /s/ RICHARD T. RAY
                                                           --------------------------------------------
                                                           Richard T. Ray
                                                           EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL
                                                           OFFICER & COO

                                                      SPINNAKER COATING-MAINE, INC.

                                                      By:  /s/ RICHARD T. RAY
                                                           --------------------------------------------
                                                           Richard T. Ray
                                                           VICE PRESIDENT, ASSISTANT SECRETARY AND
                                                           TREASURER

                                                      ENTOLETER, INC.

                                                      By:  /s/ ROBERT P. WENTZEL
                                                           --------------------------------------------
                                                           Robert P. Wentzel
                                                           PRESIDENT

                                                      GUARANTOR:

                                                      SPINNAKER INDUSTRIES, INC.

                                                      By:  /s/ CRAIG J. JENNINGS
                                                           --------------------------------------------
                                                           Craig J. Jennings
                                                           VICE PRESIDENT FINANCE & TREASURER

                                                      LENDERS:

                                                      TRANSAMERICA BUSINESS CREDIT CORPORATION

                                                      By:  /s/ ROBERT L. HEINZ
                                                           --------------------------------------------
                                                           Robert L. Heinz
                                                           SENIOR VICE PRESIDENT

                                                      THE CIT GROUP/BUSINESS CREDIT, INC.

                                                      By:  /s/ ERIC MALOY
                                                           --------------------------------------------
                                                           Eric Maloy
                                                           ASSISTANT VICE PRESIDENT
</TABLE>

                                       4<PAGE>
                                                                   Exhibit 4(a)

              ====================================================
                           AMERICAN BANK NOTE COMPANY
                               850 BLAIR MILL ROAD
                                HORSHAM, PA 19044
                                 (215) 837-3480
              ----------------------------------------------------
                       SALES: J. NAPOLITANO: 212-583-5700
              ----------------------------------------------------
                            new zip 1 KEYSTONE H83705
              ====================================================

              ====================================================
              PRODUCTION COORDINATOR: MARY TARTAGLIA: 215-830-2154
                            PROOF OF OCTOBER 8, 1999
                            KEYSTONE PROPERTY TRUST
                                   H 83705 fc
              ----------------------------------------------------
                       OPERATOR:               JW/MT/lr
              ----------------------------------------------------
                                      Rev 3
              ====================================================

================================================================================
                                     [LOGO]

=================                                           ==================
    NUMBER                                                      S H A R E S
                                    KEYSTONE
K
                                 PROPERTY TRUST
================                                            ==================

A Real Estate Investment Trust organized under the laws of the State of Maryland

                                CUSIP 493596 10 0

                 SEE REVERSE FOR CERTAIN DEFINITIONS AND LEGENDS

--------------------------------------------------------------------------------

THIS CERTIFIES THAT

is the owner of

--------------------------------------------------------------------------------

        FULLY-PAID AND NONASSESSABLE COMMON SHARES, $.001 PAR VALUE, OF
                            KEYSTONE PROPERTY TRUST

transferable on the books of the Trust by the holder hereof in person or by duly
authorized attorney, upon surrender of this Certificate properly endorsed. This
Certificate and the shares represented hereby are issued and shall be held
subject to all the provisions of the Declaration of Trust, as amended, and the
By-Laws of the Trust, as amended (copies of which are on file at the office of
the Transfer Agent), to all of which the holder of this Certificate by
acceptance hereof assents. This Certificate is not valid unless countersigned
and registered by the Transfer Agent and Registrar.

      WITNESS the facsimile seal of the Trust and the facsimile signatures of
its duly authorized officers.

                               SHARE CERTIFICATE

Dated:

                             KEYSTONE PROPERTY TRUST
                                     (SEAL)
                                      1999
                                    Maryland

/s/ [ILLEGIBLE]                                          /s/ [ILLEGIBLE]

Executive Vice President and Secretary     President and Chief Executive Officer

COUNTERSIGNED AND REGISTERED:
 AMERICAN STOCK TRANSFER & TRUST COMPANY
                             (NEW YORK, NEW YORK)
                                                                  TRANSFER AGENT
                                                                   AND REGISTRAR

BY

                                                              AUTHORIZED OFFICER

================================================================================
<PAGE>

      The Trust will furnish to any Shareholder on request and without charge a
full statement of the designations and any preferences, conversion and other
rights, voting powers, restrictions, limitations as to dividends or
distributions, qualifications, and terms and conditions of redemption of the
shares of each class which the Trust is authorized to issue, of the differences
in the relative rights and preferences between the shares of each series of a
preferred or special class in series which the Trust is authorized to issue, to
the extent they have been set, and of the authority of the Board of Trustees to
set the relative rights and preferences of subsequent series of a preferred or
special class of shares. Such request may be made to the secretary of the Trust
or to its transfer agent.

      The securities represented by this certificate are subject to restrictions
on Beneficial and Constructive Ownership and Transfer for the purpose of the
Trust's maintenance of its status as Real Estate Investment Trust under the
Internal Revenue Code of 1986, as amended (the "Code"). Subject to the certain
further restrictions and except as expressly provided in the Trust's Declaration
of Trust, (i) no Person may Beneficially or Constructively Own Common Shares of
the Trust in excess of 4.9% (in value or number of shares) of the outstanding
Common Shares of the Trust unless such Person is an Excepted Holder (in which
case the Excepted Holder Ownership Limit shall be applicable); (ii) no Person
may Beneficially or Constructively Own Shares of the Trust in excess of 9.9% (in
value or number of shares) of the outstanding Shares of any class or series of
Preferred Stock of the Trust, unless such Person is an Excepted Holder (in which
case the Excepted Holder Ownership Limit shall be applicable); (iii) no Person
may Beneficially or Constructively Own Shares that would result in the Trust
being "closely held" under Section 856(h) of the Code or otherwise cause the
Trust to fail to qualify as a REIT; (iv) no Person may Transfer Shares if such
Transfer would result in the Shares of the Trust being owned by fewer than 100
Persons; (v) no Person may Transfer Shares if such Transfer would result in
Shares of the Trust being owned by a Disqualified Person; and (vi) no plans and
certain other Persons described in or subject to the Plan Asset Regulations may
own more than 24.9% of the value of any class of Shares of the Trust. Any Person
who Beneficially or Constructively Owns or attempts to Beneficially or
Constructively Own Shares which causes or will cause a Person to Beneficially or
Constructively Own Shares in excess or in violation of the above limitations
must immediately notify the Trust. If any of the restrictions on transfer or
ownership are violated, the Shares represented hereby may be automatically
transferred to a Charitable Trustee of a Charitable Trust for the benefit of one
or more Charitable Beneficiaries. In addition, upon the occurrence of certain
events, attempted Transfers in violation of the restrictions described above may
be void ab initio. All capitalized terms in this legend have the meanings
defined in the Declaration of Trust, as the same may be amended from time to
time, a copy of which, including the restrictions on transfer and ownership,
will be furnished to each holder of Shares of the Trust on request and without
charge.

      Keep this certificate in a safe place. If it is lost, stolen, or
destroyed, the Trust will require a bond of indemnity as a condition to the
issuance of a replacement certificate.

      The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

       TEN COM  - as tenants in common
       TEN ENT  - as tenants by the entireties
       JT TEN   - as joint tenants with right
                    of survivorship and not as
                    tenants in common

       UNIF GIFT MIN ACT- __________Custodian___________
                           (Cust)              (Minor)

                          under Uniform Gifts to Minors

                          Act___________________________
                                       (State)

    Additional abbreviations may also be used though not in the above list.

      For value received,_______________________ hereby sell, assign and
transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE

______________________________________
|                                     |
|                                     |
|_____________________________________|_________________________________________

________________________________________________________________________________
Please print or typewrite name and address including postal zip code of assignee

________________________________________________________________________________

________________________________________________________________________________

__________________________________________________________________ Common Shares
represented by the within Certificate, and do hereby irrevocably constitute and
appoint

________________________________________________________________________________

________________________________________________________________________________
Attorney to transfer the said shares on the books of the within-named Trust with
full power of substitution in the premises.

Dated _______________________________

                                              __________________________________
                                                           SIGNATURE

Signature Guaranteed

By:_____________________________________________________________________________
The signature(s) must be guaranteed by an eligible guarantor institution (Banks,
Stockbrokers, Savings and Loan Associations and Credit Unions with membership in
an approved signature guarantee Medallion Program), pursuant to S.E.C. Rule
17Ad-15.

      NOTICE: The signature to this assignment must correspond with the name as
written upon the face of the Certificate, in every particular, without
alteration or enlargement, or any change whatever.

              ====================================================
                           AMERICAN BANK NOTE COMPANY
                               850 BLAIR MILL ROAD
                                HORSHAM, PA 19044
                                 (215) 837-3480
              ----------------------------------------------------
                       SALES: J. NAPOLITANO: 212-583-5700
              ----------------------------------------------------
                            new zip 1 KEYSTONE H83705
              ====================================================

              ====================================================
              PRODUCTION COORDINATOR: MARY TARTAGLIA: 215-830-2154
                            PROOF OF OCTOBER 8, 1999
                            KEYSTONE PROPERTY TRUST
                                   H 83705 back
              ----------------------------------------------------
                       OPERATOR:               lr/mt
              ----------------------------------------------------
                                      Rev 1
              ====================================================

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