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                                                                   EXHIBIT 10(l)

                            ILLINOIS TOOL WORKS INC.
                   NON-OFFICER DIRECTORS' FEE CONVERSION PLAN

         WHEREAS, this Board adopted the Non-Officer Directors' Fee Conversion
Plan (the "Plan") on February 19, 1999 pursuant to which each non-officer
director of the Company may annually elect all or a portion of his or her
retainer and meeting fees be paid in the form of shares of ITW Common Stock (the
"ITW Shares"); and

         WHEREAS, the Plan provides that the number of ITW Shares to be issued
to a Director shall be determined by dividing the dollar amount of the fee
subject to the election by the closing price of ITW Shares on the date such fee
would have otherwise been paid in cash, as reported in the Wall Street Journal
for such date or, if no sales of ITW Shares were reported for that date, on the
most recent preceding date on which such stock was traded.

         NOW, THEREFORE, BE IT RESOLVED: that the Plan is hereby amended to
         include the following provisions:

              1.     A Director may elect, prior to the calendar year for which
         fees are earned, to have the fees deferred and credited to a share unit
         account maintained on the Company's books, with the number of share
         units to be determined in the manner described above. Each Director's
         share unit account shall be adjusted for dividends on ITW Shares as of
         the dividend payment date, which shall be in the form of additional
         share units determined by multiplying the number of units then credited
         to the account by the ratio of the dollar amount of the dividend per
         share over the current market value per share. Each Director's account
         shall also be adjusted appropriately for any stock dividend, split,
         combination or other change in ITW Shares.

              2.     Upon retirement or resignation, a Director's share unit
         account shall be distributed to him or her in the form of ITW Shares
         equal in number to the units credited to the Directors account at such
         time. Any fractional share units shall be paid in cash.

              3.     Each Director may name a beneficiary to whom his or her
         share unit account shall be distributed in the event of death. If there
         is no named beneficiary, distribution shall be made to the Director's
         estate.

              4.     Share unit accounts shall be distributed immediately to the
         Directors in the event of a Corporate Change, as defined in the
         Illinois Tool Works Inc. 1996 Stock Incentive Plan; and

         FURTHER RESOLVED: that management is authorized to do or cause to have
         done any and all further acts as management may deem necessary or
         desirable to carry out the purpose and intent of these resolutions and
         to comply with all legal requirements relating thereto.<PAGE>   1

                                                                     EXHIBIT 4.8

 NEITHER THIS WARRANT NOR ANY SHARES OF THE COMMON STOCK OF STERICYCLE, INC.
  WHICH MAY BE ISSUED UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED
     UNDER THE U.S. SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS.

        NEITHER THIS WARRANT NOR ANY SUCH SHARES MAY BE SOLD, TRANSFERRED OR
   OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH APPLICABLE REGISTRATION
          REQUIREMENTS OR AN APPLICABLE EXEMPTION FROM REGISTRATION.

                                STERICYCLE, INC.

                          COMMON STOCK PURCHASE WARRANT

Warrant No. 2000-[number]                       Date of Issuance: July 1, 2000

                   VOID AFTER 12 NOON, CHICAGO, ILLINOIS TIME,
                                 ON JULY 1, 2005

      Stericycle, Inc., a Delaware corporation (the "Company"), hereby certifies
that, in consideration of value received, [name] (the "Holder") is entitled to
purchase from the Company [number] fully paid and nonassessable shares of the
Company's common stock, par value $.01 per share ("Common Stock"), at the
purchase price per share of U.S. $17.50 (the "Exercise Price"), at any time or
from time to time before 12:00 noon, Chicago, Illinois time, on JULY 1, 2005
(the "Time of Expiration"), subject to the following terms and conditions.

      The number of shares of Common Stock and the character of the property to
be delivered upon exercise of this Warrant are subject to adjustment as provided
in Article 3.

      Certain capitalized terms used in this Warrant are defined in Article 8.

                                    ARTICLE 1

                         COMPLIANCE WITH SECURITIES LAWS

      Neither this Warrant nor any shares of Common Stock which may be issued
upon the exercise of this Warrant have been registered under the Securities Act
or any state securities law. By acceptance of this Warrant, the Holder
represents to the Company and agrees that:

           (a) this Warrant, and all shares of Common Stock which may be issued
      upon the exercise of this Warrant, will be sold, transferred or disposed
      of only in accordance with the applicable registration requirements of the
      Securities Act and state securities laws or an applicable exemption from
      registration;

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           (b) all shares of Common Stock which may be issued upon the exercise
      of this Warrant will be acquired by the Holder for his or her own account,
      for investment, and not with a view to a further sale or distribution;

           (c) he or she has sufficient knowledge and experience in financial
      and business matters to be capable of evaluating the merits and risks of
      an investment in Common Stock and is able to bear the economic risk of
      such an investment;

           (d) he or she has been provided with such information relating to the
      Company as the Company provides to its stockholders generally and has had
      the opportunity to ask questions and receive answers from officers of the
      Company and obtain such additional information about the Company as he or
      she considered necessary in connection with an investment in Common Stock.

                                    ARTICLE 2

                               EXERCISE OF WARRANT

      2.1 MANNER OF EXERCISE. The Holder may exercise this Warrant, in whole or
in part, by surrender of this Warrant to the Company on any business day on or
before 12:00 noon, Chicago, Illinois time, on July 1, 2005 at the Company's
Designated Office, accompanied by the attached Notice of Exercise duly completed
and signed and indicating the whole number of shares of Common Stock being
purchased and by:

           (a) a certified or bank cashier's check (or with the Company's prior
      approval, a personal check) payable to the Company's order in an amount
      equal to Purchase Price; or

           (b) shares of Common Stock having a fair market value on the date
      of exercise equal to the Purchase Price; or

           (c) written direction to the Company to withhold, from the shares of
      Common Stock otherwise issuable upon exercise of the Warrant, shares of
      Common Stock having a fair market value on the date of exercise equal to
      the Purchase Price.

For purposes of this Section 2.1, the "fair market value" of shares of Common
Stock shall be determined on the basis of the last reported sales price of a
share of Common Stock on the Nasdaq National Market on the last trading day
preceding the effective date of the Holder's exercise of the Warrant. No
purported exercise of this Warrant after 12:00 noon, Chicago, Illinois time, on
July 1, 2005 shall be effective.

      2.2 EFFECTIVE DATE OF EXERCISE. Each otherwise proper exercise of this
Warrant shall be considered effective immediately prior to the close of business
on the business day on which this Warrant is surrendered to the Company in
accordance with Section 2.1. The Holder shall be considered to have become the
holder of record of the shares of Common Stock issuable by reason of the
Holder's exercise at that time, notwithstanding the fact that the Company may
not yet have delivered a stock certificate representing those shares to the
Holder.

                                      -2-
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      2.3 DELIVERY OF STOCK CERTIFICATE. As soon as practicable after the
Holder's exercise of this Warrant in whole or in part, and in any event within
10 days after exercise, the Company shall cause to be issued in the Holder's
name:

           (a) a certificate or certificates for the number of fully paid and
      nonassessable shares of Common Stock to which the Holder is entitled by
      reason of the Holder's exercise; and

           (b) in case the exercise is in part, a new warrant of like tenor to
      this Warrant, providing on its face for the right to purchase a number of
      shares of Common Stock equal to the number of shares of Common Stock
      issuable under this Warrant at the time of exercise less the number of
      shares issuable by reason of the Holder's exercise.

      2.4 FRACTIONAL SHARES. This Warrant may be exercised only to purchase a
whole number of shares of Common Stock. The Company shall not be required to
issue any fractional share of Common Stock upon the exercise of this Warrant or
to pay cash or issue scrip in lieu of issuing a fractional share.

                                    ARTICLE 3

                                   ADJUSTMENTS

      The number of shares of Common Stock for which this Warrant is
exercisable, and the price at which those shares may be purchased upon exercise
of this Warrant, shall be subject to adjustment as follows:

      3.1  STOCK DIVIDENDS, SUBDIVISIONS AND COMBINATIONS.  If any one of the
following events (an "Adjusting Event") occurs at any time prior to the Time
of Expiration:

           (a) the Company takes a record of holders of its Common Stock for the
      purpose of determining the holders entitled to receive a dividend payable
      in or other distribution of shares of Common Stock,

           (b) the Company subdivides or splits its outstanding shares of
      Common Stock into a larger number of shares of Common Stock, or

           (c) the Company combines its outstanding shares of Common Stock
      into a smaller number of shares of Common Stock,

then:

           (d) the number of shares of Common Stock for which this Warrant is
      exercisable immediately after the occurrence of the Adjusting Event shall
      be adjusted to equal the number of shares of Common Stock that a record
      holder of the same number of shares of Common Stock for which this Warrant
      is exercisable immediately prior to the occurrence of the Adjusting Event
      would own or would be entitled to receive immediately after the

                                      -3-
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      occurrence of the Adjusting Event; and

           (e) the Exercise Price immediately after the occurrence of the
      Adjusting Event shall be adjusted to equal the product obtained by
      multiplying the Exercise Price in effect immediately prior to the
      occurrence of the Adjusting Event by a fraction, the numerator of which is
      the number of shares of Common Stock for which this Warrant is exercisable
      immediately prior to the occurrence of the Adjusting Event and the
      denominator of which is the number of shares of Common Stock for which
      this Warrant is exercisable immediately after the occurrence of the
      Adjusting Event.

      3.2  CORPORATE TRANSACTIONS.  If any one of the following events (a
"Corporate Transaction") occurs at any time prior to the time of Expiration:

           (a) the Company reorganizes, reclassifies or recapitalizes its
      capital stock,

           (b) the Company merges or consolidates with or into another
      corporation and is not the surviving corporation, or

           (c) the Company sells, transfers or otherwise disposes of all or
      substantially all of its assets or business to another corporation,

then the Company shall make proper provision so that the Holder, upon the
exercise of this Warrant at any time after the consummation of the Corporate
Transaction, shall be entitled to receive, in lieu of the shares of Common Stock
that would have been issuable upon the Holder's exercise prior to such
consummation, the cash, stock and other securities, and property that the Holder
would have received upon such consummation if the Holder had so exercised this
Warrant immediately prior to such consummation.

                                    ARTICLE 4

                    NOTICES OF RECORD DATE AND OTHER ACTIONS

      If the Company proposes:

           (a) to take a record of holders of its Common Stock for the purpose
      of determining the holders who are entitled to receive any dividend or
      other distribution, or any right to subscribe for, purchase or otherwise
      acquire any shares of stock of any class or any other securities or
      property, or to receive any other right, or

           (b) any reorganization, reclassification or recapitalization of its
      capital stock, any merger or consolidation in which the Company will not
      be the surviving corporation, or any sale, transfer or other disposition
      of all or substantially all its assets or business, or

           (c) any voluntary or involuntary dissolution, liquidation or
      winding up,

the Company shall give the Holder at least 10 days' prior written notice of the
date or expected

                                      -4-
<PAGE>   5

date on which any such action is to be taken and provide appropriate details of
the action to be taken.

                                    ARTICLE 5

                              TRANSFER RESTRICTIONS

      5.1 NONTRANSFERABLE. This Warrant may not be sold, assigned, pledged or
otherwise transferred without the Company's prior written consent.

      5.2 LEGEND ON CERTIFICATEs. Each certificate for shares of Common Stock
issued upon the exercise of this Warrant, and each certificate issued upon the
transfer of any such shares, shall be stamped or otherwise imprinted with a
legend in substantially the following form:

      The shares represented by this certificate have not been registered under
      the Securities Act of 1933. The shares have been acquired for investment
      and may not be sold, transferred, pledged or hypothecated in the absence
      of an effective registration statement for the shares under the Securities
      Act of 1933 or compliance with the provisions of Rule 144 of the
      Securities and Exchange Commission with respect to the shares proposed to
      be sold.

                                    ARTICLE 6

                              RESERVATION OF STOCK

      The Company shall reserve and keep available, solely for issuance and
delivery upon the exercise of this Warrant, all shares of Common Stock issuable
upon the exercise of this Warrant. All shares of Common Stock issuable upon the
exercise of this Warrant shall be duly authorized, validly issued, fully paid
and nonassessable, with no personal liability attaching to the ownership of the
shares.

                                    ARTICLE 7

                      RIGHTS AND OBLIGATIONS OF THE HOLDER

      The rights of the Holder are limited to those granted in this Warrant, and
by acceptance of this Warrant, the Holder agrees to be bound by the provisions
of this Warrant. As the holder of this Warrant, the Holder shall not be entitled
to vote, receive dividends on or in any other respect be considered the holder
of shares of Common Stock, and nothing in this Warrant shall be construed to
confer upon the Holder any of the rights of a stockholder of the Company until
this Warrant has been exercised and shares of Common Stock have been issued or
have become issuable to the Holder.

                                      -5-
<PAGE>   6

                                    ARTICLE 8

                                   DEFINITIONS

      As used in this Warrant, the following terms have these meanings:

           DESIGNATED OFFICE means the Company's principal executive offices as
      disclosed in its most recent filing with the U.S. Securities and Exchange
      Commission. The Designated Office is currently 28161 North Keith Drive,
      Lake Forest, Illinois 60045.

           PURCHASE PRICE means the product obtained by multiplying (i) the
      number of shares of Common Stock being purchased upon exercise of this
      Warrant by (ii) the Exercise Price.

           SECURITIES ACT means the Securities Act of 1933, as amended, and
      the related rules and regulations issued by the U.S. Securities and
      Exchange Commission.

                                    ARTICLE 9

                                  MISCELLANEOUS

      9.1 NOTICES. All notices and other communications under this Warrant shall
be in writing and sent by certified or registered mail, overnight messenger
service, telecopier or personal delivery, to the Company at its Designated
Office and to the Holder at the Holder's business address as it appears on the
Company's records. All notices sent by certified or registered mail shall be
considered to have been given three business days after being deposited in the
mail. All notices sent by overnight courier service, telecopier or personal
delivery shall be considered to have been given when actually received by the
intended recipient. The Holder may change the Holder's address for purposes of
this Warrant by notice to the Company in accordance with this Section 9.1.

      9.2 AMENDMENT. Neither this Warrant nor any of its terms may be changed,
waived, discharged or terminated except by an instrument in writing signed by
the Holder and the Company.

      9.3  GOVERNING LAW.  This Warrant shall be governed by the laws of the
State of Delaware without regard to conflicts of laws principles.

      9.4 BINDING EFFECT. This Warrant shall apply to, be binding in all
respects upon and inure to the benefit of the Company and its successors and
assigns and the Holder and his or her heirs, legal representatives and permitted
assigns.

                                    STERICYCLE, INC.

                                    By
                                       --------------------------------------
                                          Its
                                              --------------------------------

                                      -6-
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                                 NOTICE OF EXERCISE

To:   Stericycle, Inc.

      The undersigned holder hereby irrevocably elects to exercise the attached
Warrant to the extent of     shares of the common stock, par value $.01 per
share, of Stericycle, Inc., issuable under the Warrant, and hereby makes payment
for such shares of $    by certified or bank cashier's check or other means
allowable pursuant to the terms of the Warrant.

      If payment is not by certified or bank cashier's check, please describe
the manner of payment:

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

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

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

      Date:
             -----------

                                             ---------------------------------
                                       Name:
                                             ---------------------------------

INSTRUCTIONS FOR REGISTRATION OF SHARES

Name:
                  ------------------------------------------------------

Address:
                  ------------------------------------------------------

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

                                      -7-

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