Document:

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                                                                   EXHIBIT 10.12

                        UNIVERSAL HOSPITAL SERVICES, INC.
                            2001 STOCK INCENTIVE PLAN

Section 1. Purpose

         The purpose of the Plan is to promote the interests of the Company and
its shareholders by aiding the Company in attracting and retaining employees,
officers, consultants, independent contractors and non-employee directors
capable of assuring the future success of the Company, to offer such persons
incentives to put forth maximum efforts for the success of the Company's
business and to afford such persons an opportunity to acquire a proprietary
interest in the Company.

Section 2. Definitions

         As used in the Plan, the following terms shall have the meanings set
forth below:

                  (a) "Affiliate" shall mean (i) any entity that, directly or
indirectly through one or more intermediaries, is controlled by the Company and
(ii) any entity in which the Company has a significant equity interest, in each
case as determined by the Committee.

                  (b) "Award" shall mean any Option, Stock Appreciation Right,
Restricted Stock, Performance Award, Other Stock Grant or Other Stock-Based
Award granted under the Plan.

                  (c) "Award Agreement" shall mean any written agreement,
contract or other instrument or document evidencing any Award granted under the
Plan.

                  (d) "Board" shall mean the Board of Directors of the Company.

                  (e) "Code" shall mean the Internal Revenue Code of 1986, as
amended from time to time, and any regulations promulgated thereunder.

                  (f) "Committee" shall mean a committee of Directors designated
by the Board to administer the Plan. The Committee shall be comprised of not
less than such number of Directors as shall be required to permit Awards granted
under the Plan to qualify under Rule 16b-3, and each member of the Committee
shall be a "Non-Employee Director" within the meaning of Rule 16b-3 and an
"outside director" within the meaning of Section 162(m) of the Code. The Company
expects to have the Plan administered in accordance with the requirements for
the award of "qualified performance-based compensation" within the meaning of
Section 162(m) of the Code.

                  (g) "Company" shall mean Universal Hospital Services, Inc., a
Delaware corporation, and any successor corporation.

                  (h) "Director" shall mean a member of the Board.

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                  (i) "Eligible Person" shall mean any employee, officer,
consultant, independent contractor or Director providing services to the Company
or any Affiliate whom the Committee determines to be an Eligible Person.

                  (j) "Fair Market Value" shall mean, with respect to any
property (including, without limitation, any Shares or other securities), the
fair market value of such property determined by such methods or procedures as
shall be established from time to time by the Committee. Notwithstanding the
foregoing, unless otherwise determined by the Committee, the Fair Market Value
of Shares as of a given date shall be, if the Shares are then quoted on The
NASDAQ Stock Market, the average of the high and low sales price as reported on
The NASDAQ Stock Market on such date or, if The NASDAQ Stock Market is not open
for trading on such date, on the most recent preceding date when it is open for
trading.

                  (k) "Incentive Stock Option" shall mean an option granted
under Section 6(a) of the Plan that is intended to meet the requirements of
Section 422 of the Code or any successor provision.

                  (l) "Non-Qualified Stock Option" shall mean an option granted
under Section 6(a) of the Plan that is not intended to be an Incentive Stock
Option.

                  (m) "Option" shall mean an Incentive Stock Option or a
Non-Qualified Stock Option.

                  (n) "Other Stock Grant" shall mean any right granted under
Section 6(e) of the Plan.

                  (o) "Other Stock-Based Award" shall mean any right granted
under Section 6(f) of the Plan.

                  (p) "Participant" shall mean an Eligible Person designated to
be granted an Award under the Plan.

                  (q) "Performance Award" shall mean any right granted under
Section 6(d) of the Plan.

                  (r) "Person" shall mean any individual, corporation,
partnership, association or trust.

                  (s) "Plan" shall mean the Universal Hospital Services, Inc.
2001 Stock Incentive Plan, as amended from time to time, the provisions of which
are set forth herein.

                  (t) "Restricted Stock" shall mean any Shares granted under
Section 6(c) of the Plan.

                  (u) "Rule 16b-3" shall mean Rule 16b-3 promulgated by the
Securities and Exchange Commission under the Securities Exchange Act of 1934, as
amended, or any successor rule or regulation.

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                  (v) "Share" or "Shares" shall mean shares of common stock,
$.01 par value per share, of the Company or such other securities or property as
may become subject to Awards pursuant to an adjustment made under Section 4(c)
of the Plan.

                  (w) "Stock Appreciation Right" shall mean any right granted
under Section 6(b) of the Plan.

Section 3. Administration

                  (a) Power and Authority of the Committee. The Plan shall be
administered by the Committee. Subject to the express provisions of the Plan and
to applicable law, the Committee shall have full power and authority to: (i)
designate Participants; (ii) determine the type or types of Awards to be granted
to each Participant under the Plan; (iii) determine the number of Shares to be
covered by (or with respect to which payments, rights or other matters are to be
calculated in connection with) each Award; (iv) determine the terms and
conditions of any Award or Award Agreement; (v) amend the terms and conditions
of any Award or Award Agreement and accelerate the exercisability of Options or
the lapse of restrictions relating to Restricted Stock or other Awards; (vi)
determine whether, to what extent and under what circumstances Awards may be
exercised in cash, Shares, other securities, other Awards or other property, or
canceled, forfeited or suspended; (vii) determine whether, to what extent and
under what circumstances cash, Shares, promissory notes, other securities, other
Awards, other property and other amounts payable with respect to an Award under
the Plan shall be deferred either automatically or at the election of the holder
thereof or the Committee; (viii) interpret and administer the Plan and any
instrument or agreement, including an Award Agreement, relating to the Plan;
(ix) establish, amend, suspend or waive such rules and regulations and appoint
such agents as it shall deem appropriate for the proper administration of the
Plan; and (x) make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the Plan.
Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations and other decisions under or with respect to the
Plan or any Award shall be within the sole discretion of the Committee, may be
made at any time and shall be final, conclusive and binding upon any
Participant, any holder or beneficiary of any Award and any employee of the
Company or any Affiliate.

                  (b) Delegation. The Committee may delegate its powers and
duties under the Plan to one or more Directors or to a committee of Directors,
subject to such terms, conditions and limitations as the Committee may establish
in its sole discretion.

                  (c) Power and Authority of the Board of Directors.
Notwithstanding anything to the contrary contained herein, the Board may, at any
time and from time to time, without any further action of the Committee,
exercise the powers and duties of the Committee under the Plan.

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Section 4. Shares Available for Awards

                  (a) Shares Available. Subject to adjustment as provided in
Section 4(c) of the Plan, the aggregate number of Shares that may be issued
under all Awards under the Plan shall be 1,700,000 Shares to be issued under the
Plan may be either authorized but unissued Shares or Shares acquired in the open
market or otherwise. Any Shares that are used by a Participant as full or
partial payment to the Company of the purchase price relating to an Award, or in
connection with the satisfaction of tax obligations relating to an Award, shall
again be available for granting Awards (other than Incentive Stock Options)
under the Plan. In addition, if any Shares covered by an Award or to which an
Award relates are not purchased or are forfeited, or if an Award otherwise
terminates without delivery of any Shares, then the number of Shares counted
against the aggregate number of Shares available under the Plan with respect to
such Award, to the extent of any such forfeiture or termination, shall again be
available for granting Awards under the Plan. Notwithstanding the foregoing, the
number of Shares available for granting Incentive Stock Options under the Plan
shall not exceed 1,700,000, subject to adjustment as provided in the Plan and
subject to the provisions of Section 422 or 424 of the Code or any successor
provision.

                  (b) Accounting for Awards. For purposes of this Section 4, if
an Award entitles the holder thereof to receive or purchase Shares, the number
of Shares covered by such Award or to which such Award relates shall be counted
on the date of grant of such Award against the aggregate number of Shares
available for granting Awards under the Plan.

                  (c) Adjustments. In the event that the Committee shall
determine that any dividend or other distribution (whether in the form of cash,
Shares, other securities or other property), recapitalization, stock split,
reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase or exchange of Shares or other securities of the
Company, issuance of warrants or other rights to purchase Shares or other
securities of the Company or other similar corporate transaction or event
affects the Shares such that an adjustment is determined by the Committee to be
appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan, then the
Committee shall, in such manner as it may deem equitable, adjust any or all of
(i) the number and type of Shares (or other securities or other property) that
thereafter may be made the subject of Awards, (ii) the number and type of Shares
(or other securities or other property) subject to outstanding Awards and (iii)
the purchase or exercise price with respect to any Award; provided, however,
that the number of Shares covered by any Award or to which such Award relates
shall always be a whole number.

                  (d) Award Limitations Under the Plan. No Eligible Person may
be granted any Award or Awards under the Plan, the value of which Award or
Awards is based solely on an increase in the value of the Shares after the date
of grant of such Award or Awards, for more than 250,000 Shares (subject to
adjustment as provided for in Section 4(c) of the Plan), in the aggregate in any
calendar year. The foregoing annual limitation specifically includes the grant
of any Award or Awards representing "qualified performance-based compensation"
within the meaning of Section 162(m) of the Code.

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Section 5. Eligibility

         Any Eligible Person shall be eligible to be designated a Participant.
In determining which Eligible Persons shall receive an Award and the terms of
any Award, the Committee may take into account the nature of the services
rendered by the respective Eligible Persons, their present and potential
contributions to the success of the Company or such other factors as the
Committee, in its discretion, shall deem relevant. Notwithstanding the
foregoing, an Incentive Stock Option may only be granted to full or part-time
employees (which term as used herein includes, without limitation, officers and
Directors who are also employees), and an Incentive Stock Option shall not be
granted to an employee of an Affiliate unless such Affiliate is also a
"subsidiary corporation" of the Company within the meaning of Section 424(f) of
the Code or any successor provision.

Section 6. Awards

                  (a) Options. The Committee is hereby authorized to grant
Options to Participants with the following terms and conditions and with such
additional terms and conditions not inconsistent with the provisions of the Plan
as the Committee shall determine:

                           (i) Exercise Price. The purchase price per Share
purchasable under an Option shall be determined by the Committee; provided,
however, that such purchase price shall not be less than 100% of the Fair Market
Value of a Share on the date of grant of such Option.

                           (ii) Option Term. The term of each Option shall be
fixed by the Committee.

                           (iii) Time and Method of Exercise. The Committee
shall determine the time or times at which an Option may be exercised in whole
or in part and the method or methods by which, and the form or forms (including,
without limitation, cash, Shares, promissory notes, other securities, other
Awards or other property, or any combination thereof, having a Fair Market Value
on the exercise date equal to the relevant exercise price) in which, payment of
the exercise price with respect thereto may be made or deemed to have been made.

                           (iv) Incentive Stock Options. Notwithstanding
anything in the Plan to the contrary, the following additional provisions shall
apply to the grant of stock options which are intended to qualify as Incentive
Stock Options:

                                    (A) The aggregate Fair Market Value
                           (determined as of the time the option is granted) of
                           the Shares with respect to which Incentive Stock
                           Options are exercisable for the first time by any
                           participant during any calendar year (under this Plan
                           and all other plans of the Company and its
                           Affiliates) shall not exceed $100,000.

                                    (B) All Incentive Stock Options must be
                           granted within ten years from the earlier of the date
                           on which this Plan was adopted by Board

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                           of Directors or the date this Plan was approved by
                           the shareholders of the Company.

                                    (C) Unless sooner exercised, all Incentive
                           Stock Options shall expire and no longer be
                           exercisable no later than 10 years after the date of
                           grant; provided, however, that in the case of a grant
                           of an Incentive Stock Option to a participant who, at
                           the time such Option is granted, owns (within the
                           meaning of Section 422 of the Code) stock possessing
                           more than 10% of the total combined voting power of
                           all classes of stock of the Company or of its
                           Affiliate, such Incentive Stock Option shall expire
                           and no longer be exercisable no later than 5 years
                           from the date of grant.

                                    (D) The purchase price per Share for an
                           Incentive Stock Option shall be not less than 100% of
                           the Fair Market Value of a Share on the date of grant
                           of the Incentive Stock Option; provided, however,
                           that, in the case of the grant of an Incentive Stock
                           Option to a participant who, at the time such Option
                           is granted, owns (within the meaning of Section 422
                           of the Code) stock possessing more than 10% of the
                           total combined voting power of all classes of stock
                           of the Company or of its Affiliate, the purchase
                           price per Share purchasable under an Incentive Stock
                           Option shall be not less than 110% of the Fair Market
                           Value of a Share on the date of grant of the
                           Inventive Stock Option.

                                    (E) Any Incentive Stock Option authorized
                           under the Plan shall contain such other provisions as
                           the Committee shall deem advisable, but shall in all
                           events be consistent with and contain all provisions
                           required in order to qualify the Option as an
                           Incentive Stock Option.

                  (b) Stock Appreciation Rights. The Committee is hereby
authorized to grant Stock Appreciation Rights to Participants subject to the
terms of the Plan and any applicable Award Agreement. A Stock Appreciation Right
granted under the Plan shall confer on the holder thereof a right to receive
upon exercise thereof the excess of (i) the Fair Market Value of one Share on
the date of exercise (or, if the Committee shall so determine, at any time
during a specified period before or after the date of exercise) over (ii) the
grant price of the Stock Appreciation Right as specified by the Committee, which
price shall not be less than 100% of the Fair Market Value of one Share on the
date of grant of the Stock Appreciation Right. Subject to the terms of the Plan
and any applicable Award Agreement, the grant price, term, methods of exercise,
dates of exercise, methods of settlement and any other terms and conditions of
any Stock Appreciation Right shall be as determined by the Committee. The
Committee may impose such conditions or restrictions on the exercise of any
Stock Appreciation Right as it may deem appropriate.

                  (c) Restricted Stock. The Committee is hereby authorized to
grant Restricted Stock to Participants with the following terms and conditions
and with such additional terms and conditions not inconsistent with the
provisions of the Plan as the Committee shall determine:

                           (i) Restrictions. Shares of Restricted Stock shall be
subject to such restrictions as the Committee may impose (including, without
limitation, a waiver by the

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Participant of the right to vote or to receive any dividend or other right or
property with respect thereto), which restrictions may lapse separately or in
combination at such time or times, in such installments or otherwise as the
Committee may deem appropriate.

                           (ii) Stock Certificates. Any Restricted Stock granted
under the Plan shall be registered in the name of the Participant and shall bear
an appropriate legend referring to the terms, conditions and restrictions
applicable to such Restricted Stock.

                           (iii) Forfeiture. Except as otherwise determined by
the Committee, upon termination of employment (as determined under criteria
established by the Committee) during the applicable restriction period, all
Shares of Restricted Stock subject to restriction at such time shall be
forfeited and reacquired by the Company; provided, however, that the Committee
may, when it finds that a waiver would be in the best interest of the Company,
waive in whole or in part any or all remaining restrictions with respect to
Shares of Restricted Stock.

                  (d) Performance Awards. The Committee is hereby authorized to
grant Performance Awards to Participants subject to the terms of the Plan and
any applicable Award Agreement. A Performance Award granted under the Plan (i)
may be denominated or payable in cash, Shares (including, without limitation,
Restricted Stock), other securities, other Awards or other property and (ii)
shall confer on the holder thereof the right to receive payments, in whole or in
part, upon the achievement of such performance goals during such performance
periods as the Committee shall establish. Subject to the terms of the Plan and
any applicable Award Agreement, the performance goals to be achieved during any
performance period, the length of any performance period, the amount of any
Performance Award granted, the amount of any payment or transfer to be made
pursuant to any Performance Award and any other terms and conditions of any
Performance Award shall be determined by the Committee.

                  (e) Other Stock Grants. The Committee is hereby authorized,
subject to the terms of the Plan and any applicable Award Agreement, to grant to
Participants Shares without restrictions thereon as are deemed by the Committee
to be consistent with the purpose of the Plan.

                  (f) Other Stock-Based Awards. The Committee is hereby
authorized to grant to Participants subject to the terms of the Plan and any
applicable Award Agreement, such other Awards that are denominated or payable
in, valued in whole or in part by reference to, or otherwise based on or related
to, Shares (including, without limitation, securities convertible into Shares),
as are deemed by the Committee to be consistent with the purpose of the Plan.
Shares or other securities delivered pursuant to a purchase right granted under
this Section 6(f) shall be purchased for such consideration, which may be paid
by such method or methods and in such form or forms (including, without
limitation, cash, Shares, promissory notes, other securities, other Awards or
other property or any combination thereof), as the Committee shall determine,
the value of which consideration, as established by the Committee, shall not be
less than 100% of the Fair Market Value of such Shares or other securities as of
the date such purchase right is granted.

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                  (g) General

                           (i) No Cash Consideration for Awards. Awards shall be
granted for no cash consideration or for such minimal cash consideration as may
be required by applicable law.

                           (ii) Awards May Be Granted Separately or Together.
Awards may, in the discretion of the Committee, be granted either alone or in
addition to, in tandem with or in substitution for any other Award or any award
granted under any plan of the Company or any Affiliate other than the Plan.
Awards granted in addition to or in tandem with other Awards or in addition to
or in tandem with awards granted under any such other plan of the Company or any
Affiliate may be granted either at the same time as or at a different time from
the grant of such other Awards or awards.

                           (iii) Forms of Payment under Awards. Subject to the
terms of the Plan and of any applicable Award Agreement, payments or transfers
to be made by the Company or an Affiliate upon the grant, exercise or payment of
an Award may be made in such form or forms as the Committee shall determine
(including, without limitation, cash, Shares, promissory notes, other
securities, other Awards or other property or any combination thereof), and may
be made in a single payment or transfer, in installments or on a deferred basis,
in each case in accordance with rules and procedures established by the
Committee. Such rules and procedures may include, without limitation, provisions
for the payment or crediting of reasonable interest on installment or deferred
payments or the grant or crediting of dividend equivalents with respect to
installment or deferred payments.

                           (iv) Limits on Transfer of Awards. No Award (other
than Other Stock Grants) and no right under any such Award shall be transferable
by a Participant otherwise than by will or by the laws of descent and
distribution and the Company shall not be required to recognize any attempted
assignment of such rights by any participant. Each Award or right under any
Award shall be exercisable during the Participant's lifetime only by the
Participant or, if permissible under applicable law, by the Participant's
guardian or legal representative. No Award or right under any such Award may be
pledged, alienated, attached or otherwise encumbered, and any purported pledge,
alienation, attachment or encumbrance thereof shall be void and unenforceable
against the Company or any Affiliate.

                           (v) Term of Awards. The term of each Award shall be
for such period as may be determined by the Committee; provided, however, that
in the case of an Incentive Stock Option such option shall not be exercisable
after the expiration of 10 years from the date such option is granted.

                           (vi) Restrictions; Securities Exchange Listing. All
Shares or other securities delivered under the Plan pursuant to any Award or the
exercise thereof shall be subject to such restrictions as the Committee may deem
advisable under the Plan, applicable federal or state securities laws and
regulatory requirements, and the Committee may cause appropriate entries to be
made or legends to be affixed to reflect such restrictions. If any securities of
the Company are traded on a securities exchange, the Company shall not be
required to deliver any Shares or other securities covered by an Award unless
and until such Shares or other securities have been admitted for trading on such
securities exchange.

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Section 7. Amendment and Termination; Adjustments

                  (a) Amendments to the Plan. The Board may amend, alter,
suspend, discontinue or terminate the Plan at any time; provided, however, that,
notwithstanding any other provision of the Plan or any Award Agreement, without
the approval of the shareholders of the Company, no such amendment, alteration,
suspension, discontinuation or termination shall be made that, absent such
approval:

                           (i) would violate the rules or regulations of The
NASDAQ Stock Market or any securities exchange that are applicable to the
Company; or

                           (ii) would cause the Company to be unable, under the
Code, to grant Incentive Stock Options under the Plan.

                  (b) Amendments to Awards. The Committee may waive any
conditions of or rights of the Company under any outstanding Award,
prospectively or retroactively. Except as otherwise provided herein or in the
Award Agreement, the Committee may not amend, alter, suspend, discontinue or
terminate any outstanding Award, prospectively or retroactively, if such action
would adversely affect the rights of the holder of such Award, without the
consent of the Participant or holder or beneficiary thereof.

                  (c) Correction of Defects, Omissions and Inconsistencies. The
Committee may correct any defect, supply any omission or reconcile any
inconsistency in the Plan or any Award in the manner and to the extent it shall
deem desirable to carry the Plan into effect.

Section 8. Income Tax Withholding

         In order to comply with all applicable federal or state income tax laws
or regulations, the Company may take such action as it deems appropriate to
ensure that all applicable federal or state payroll, withholding, income or
other taxes, which are the sole and absolute responsibility of a Participant,
are withheld or collected from such Participant. In order to assist a
Participant in paying all or a portion of the federal and state taxes to be
withheld or collected upon exercise or receipt of (or the lapse of restrictions
relating to) an Award, the Committee, in its discretion and subject to such
additional terms and conditions as it may adopt, may permit the Participant to
satisfy such tax obligation by (i) electing to have the Company withhold a
portion of the Shares otherwise to be delivered upon exercise or receipt of (or
the lapse of restrictions relating to) such Award with a Fair Market Value equal
to the amount of such taxes or (ii) delivering to the Company Shares other than
Shares issuable upon exercise or receipt of (or the lapse of restrictions
relating to) such Award with a Fair Market Value equal to the amount of such
taxes. The election, if any, must be made on or before the date that the amount
of tax to be withheld is determined.

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Section 9. General Provisions

                  (a) No Rights to Awards. No Eligible Person, Participant or
other Person shall have any claim to be granted any Award under the Plan, and
there is no obligation for uniformity of treatment of Eligible Persons,
Participants or holders or beneficiaries of Awards under the Plan. The terms and
conditions of Awards need not be the same with respect to any Participant or
with respect to different Participants.

                  (b) Award Agreements. No Participant will have rights under an
Award granted to such Participant unless and until an Award Agreement shall have
been duly executed on behalf of the Company and, if requested by the Company,
signed by the Participant.

                  (c) Plan Provisions Control. In the event that any provision
of an Award Agreement conflicts with or is inconsistent in any respect with the
terms of the Plan as set forth herein or subsequently amended, the terms of the
Plan shall control.

                  (d) No Limit on Other Compensation Arrangements. Nothing
contained in the Plan shall prevent the Company or any Affiliate from adopting
or continuing in effect other or additional compensation arrangements, and such
arrangements may be either generally applicable or applicable only in specific
cases.

                  (e) No Right to Employment. The grant of an Award shall not be
construed as giving a Participant the right to be retained in the employ of the
Company or any Affiliate, nor will it affect in any way the right of the Company
or an Affiliate to terminate such employment at any time, with or without cause.
In addition, the Company or an Affiliate may at any time dismiss a Participant
from employment free from any liability or any claim under the Plan or any
Award, unless otherwise expressly provided in the Plan or in any Award
Agreement.

                  (f) Governing Law. The validity, construction and effect of
the Plan or any Award, and any rules and regulations relating to the Plan or any
Award, shall be determined in accordance with the laws of the State of Delaware.

                  (g) Severability. If any provision of the Plan or any Award is
or becomes or is deemed to be invalid, illegal or unenforceable in any
jurisdiction or would disqualify the Plan or any Award under any law deemed
applicable by the Committee, such provision shall be construed or deemed amended
to conform to applicable laws, or if it cannot be so construed or deemed amended
without, in the determination of the Committee, materially altering the purpose
or intent of the Plan or the Award, such provision shall be stricken as to such
jurisdiction or Award, and the remainder of the Plan or any such Award shall
remain in full force and effect.

                  (h) No Trust or Fund Created. Neither the Plan nor any Award
shall create or be construed to create a trust or separate fund of any kind or a
fiduciary relationship between the Company or any Affiliate and a Participant or
any other Person. To the extent that any Person acquires a right to receive
payments from the Company or any Affiliate pursuant to an Award, such right
shall be no greater than the right of any unsecured general creditor of the
Company or any Affiliate.

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                  (i) No Fractional Shares. No fractional Shares shall be issued
or delivered pursuant to the Plan or any Award, and the Committee shall
determine whether cash shall be paid in lieu of any fractional Shares or whether
such fractional Shares or any rights thereto shall be canceled, terminated or
otherwise eliminated.

                  (j) Headings. Headings are given to the Sections and
subsections of the Plan solely as a convenience to facilitate reference. Such
headings shall not be deemed in any way material or relevant to the construction
or interpretation of the Plan or any provision thereof.

Section 10. Effective Date of the Plan

         The Plan shall be effective as of July 26, 2001, subject to approval by
the shareholders of the Company within one year thereafter.

Section 11. Term of the Plan

         No Award shall be granted under the Plan after ten years from earlier
of date of adoption of Plan by Board or date of shareholder approval or any
earlier date of discontinuation or termination established pursuant to Section
7(a) of the Plan. However, unless otherwise expressly provided in the Plan or in
an applicable Award Agreement, any Award theretofore granted may extend beyond
such date.

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                                                                   EXHIBIT 10.13

                        UNIVERSAL HOSPITAL SERVICES, INC.
                        2001 EMPLOYEE STOCK PURCHASE PLAN

                                   ARTICLE I.
                                  INTRODUCTION

         Section 1.01 Purpose. The purpose of the Plan is to provide employees
of the Company and certain related corporations with an opportunity to share in
the ownership of the Company by providing them with a convenient means for
regular and systematic purchases of Common Stock and, thus, to develop a
stronger incentive to work for the continued success of the Company.

         Section 1.02 Rules of Interpretation. It is intended that the Plan be
an "employee stock purchase plan" as defined in Section 423(b) of the Code and
Treasury Regulations promulgated thereunder. Accordingly, the Plan shall be
interpreted and administered in a manner consistent therewith if so approved.
All Participants in the Plan will have the same rights and privileges consistent
with the provisions of the Plan.

         Section 1.03 Definitions. For purposes of the Plan, the following terms
will have the meanings set forth below:

                  (a) "Acceleration Date" means the later of the date of
shareholder approval or the consummation of (i) any consolidation or merger of
the Company in which the Company is not the continuing or surviving corporation
or pursuant to which shares of Company Common Stock would be converted into
cash, securities or other property, other than a merger of the Company in which
shareholders of the Company immediately prior to the merger have substantially
the same proportionate ownership of stock in the surviving corporation
immediately after the merger; (ii) any sale, exchange or other transfer (in one
transaction or a series of related transactions) of all or substantially all of
the assets of the Company; or (iii) any plan of liquidation or dissolution of
the Company.

                  (b) "Affiliate" means any subsidiary corporation of the
Company, as defined in Section 424(f) of the Code, whether now or hereafter
acquired or established.

                  (c) "Code" means the Internal Revenue Code of 1986, as
amended.

                  (d) "Committee" means the committee described in Section 10.01
of the Plan.

                  (e) "Common Stock" means the Company's Common Stock, $.01 par
value per share, as such stock may be adjusted for changes in the stock or the
Company as contemplated by Article XI of the Plan.

<PAGE>   2

                  (f) "Company" means Universal Hospital Services, Inc., a
Delaware corporation, and its successors by merger or consolidation as
contemplated by Section 11.02 of the Plan.

                  (g) "Current Compensation" means all regular wage, salary and
commission payments paid by the Company to a Participant in accordance with the
terms of his or her employment, but excluding annual bonus payments and all
other forms of special compensation.

                  (h) "Fair Market Value" as of a given date means the fair
market value of the Common Stock determined by such methods or procedures as
shall be established from time to time by the Committee, but shall not be less
than, if the Common Stock is then quoted on The NASDAQ Stock Market, the average
of the high and low sales price as reported on The NASDAQ Stock Market on such
date or, if The NASDAQ Stock Market is not open for trading on such date, on the
most recent preceding date when it is open for trading. If on a given date the
Common Stock is not traded on an established securities market, the Committee
shall make a good faith attempt to satisfy the requirements of this Section
1.03(h) and in connection therewith shall take such action as it deems necessary
or advisable.

                  (i) "Participant" means a Regular Employee who is eligible to
participate in the Plan under Section 2.01 of the Plan and who has elected to
participate in the Plan.

                  (j) "Participating Affiliate" means an Affiliate which has
been designated by the Committee in advance of the Purchase Period in question
as a corporation whose eligible Regular Employees may participate in the Plan.

                  (k) "Plan" means the Universal Hospital Services, Inc. 2001
Employee Stock Purchase Plan, as it may be amended, the provisions of which are
set forth herein.

                  (l) "Purchase Period" means each of the approximate six-month
periods beginning on January 1st and July 1st of each year and ending on the
last business day in June and December of each year; provided, however, that
the initial Purchase Period, which such period may be less than six months,
will commence on such date as the Committee shall determine and, provided
further, that the then current Purchase Period will end upon the occurrence of
an Acceleration Date.

                  (m) "Regular Employee" means an employee of the Company or a
Participating Affiliate as of the first day of a Purchase Period, including an
officer or director who is also an employee.

                  (n) "Stock Purchase Account" means the account maintained on
the books and records of the Company recording the amount received from each
Participant through payroll deductions made under the Plan.

                                       2
<PAGE>   3

                                  ARTICLE II.
                         ELIGIBILITY AND PARTICIPATION

         Section 2.01 Eligible Employees. All Regular Employees shall be
eligible to participate in the Plan beginning on the first day of the first
purchase period to commence after such person becomes a Regular Employee.
Subject to the provisions of Article VI of the Plan, each such employee will
continue to be eligible to participate in the Plan so long as he or she remains
a Regular Employee.

         Section 2.02 Election to Participate. An eligible Regular Employee may
elect to participate in the Plan for a given Purchase Period by filing with the
Company, in advance of that Purchase Period and in accordance with such terms
and conditions as the Committee in its sole discretion may impose, a form
provided by the Company for such purpose (which authorizes regular payroll
deductions from Current Compensation beginning with the first payday in that
Purchase Period and continuing until the employee withdraws from the Plan or
ceases to be eligible to participate in the Plan).

         Section 2.03 Limits on Stock Purchase. No employee shall be granted any
right to purchase Common Stock hereunder if such employee, immediately after
such a right to purchase is granted, would own, directly or indirectly, within
the meaning of Section 423(b)(3) and Section 424(d) of the Code, Common Stock
possessing 5% or more of the total combined voting power or value of all the
classes of the capital stock of the Company or of all Affiliates.

         Section 2.04 Voluntary Participation. Participation in the Plan on the
part of a Participant is voluntary and such participation is not a condition of
employment nor does participation in the Plan entitle a Participant to be
retained as an employee.

                                  ARTICLE III.
                  PAYROLL DEDUCTIONS AND STOCK PURCHASE ACCOUNT

         Section 3.01 Deduction from Pay. The form described in Section 2.02 of
the Plan will permit a Participant to elect payroll deductions of any multiple
of $10 but not less than $10 or more than $2,000 of such Participant's Current
Compensation for each pay period during such Purchase Period, subject to such
other limitations as the Committee in its sole discretion may impose. A
Participant may cease making payroll deductions at any time, subject to such
limitations as the Committee in its sole discretion may impose. In the event
that during a Purchase Period the entire credit balance in a Participant's Stock
Purchase Account exceeds the product of (a) 85% of the Fair Market Value of the
Common Stock on the first business day of that Purchase Period and (b) 5,000,
then payroll deductions for such Participant shall automatically cease, and
shall resume on the first pay period of the next Purchase Period.

         Section 3.02 Credit to Account. Payroll deductions will be credited to
the Participant's Stock Purchase Account on each payday.

                                       3
<PAGE>   4

         Section 3.03 Interest. No interest will be paid on payroll deductions
or on any other amount credited to, or on deposit in, a Participant's Stock
Purchase Account.

         Section 3.04 Nature of Account. The Stock Purchase Account is
established solely for accounting purposes, and all amounts credited to the
Stock Purchase Account will remain part of the general assets of the Company or
the Participating Affiliate (as the case may be).

         Section 3.05 No Additional Contributions. A Participant may not make
any payment into the Stock Purchase Account other than the payroll deductions
made pursuant to the Plan.

                                  ARTICLE IV.
                            RIGHT TO PURCHASE SHARES

         Section 4.01 Number of Shares. Each Participant will have the right to
purchase on the last business day of the Purchase Period all, but not less than
all, of the number of whole and fractional shares, computed to four decimal
places, of Common Stock that can be purchased at the price specified in Section
4.02 of the Plan with the entire credit balance in the Participant's Stock
Purchase Account, subject to the limitations that (a) no more than 5,000 Shares
of Common Stock may be purchased under the Plan by any one Participant for a
given Purchase Period, and (b) in accordance with Section 423(b)(8) of the Code,
no more than $25,000 in Fair Market Value (determined at the beginning of each
Purchase Period) of Common Stock and other stock may be purchased under the Plan
and all other employee stock purchase plans (if any) of the Company and the
Affiliates by any one Participant for any calendar year. If the purchases for
all Participants for any Purchase Period would otherwise cause the aggregate
number of shares of Common Stock to be sold under the Plan to exceed the number
specified in Section 10.04 of the Plan, each Participant shall be allocated a
pro rata portion of the Common Stock to be sold for such Purchase Period.

         Section 4.02 Purchase Price. The purchase price for any Purchase Period
shall be that price as announced by the Committee prior to the first business
day of that Purchase Period, which price may, in the discretion of the
Committee, be a price which is not fixed or determinable as of the first
business day of that Purchase Period; provided, however, that in no event shall
the purchase price for any Purchase Period be less than the lesser of (a) 85% of
the Fair Market Value of the Common Stock on the first business day of that
Purchase Period or (b) 85% of the Fair Market Value of the Common Stock on the
last business day of that Purchase Period, in each case rounded up to the next
higher full cent.

                                       4
<PAGE>   5

                                   ARTICLE V.
                                EXERCISE OF RIGHT

         Section 5.01 Purchase of Stock. On the last business day of a Purchase
Period, the entire credit balance in each Participant's Stock Purchase Account
will be used to purchase the number of whole shares and fractional shares,
computed to four decimal places, of Common Stock purchasable with such amount
(subject to the limitations of Section 4.01 of the Plan), unless the Participant
has filed with the Company, in advance of that date and subject to such terms
and conditions as the Committee in its sole discretion may impose, a form
provided by the Company which requests the distribution of the entire credit
balance in cash.

         Section 5.02 Notice of Acceleration Date. The Company shall use its
best efforts to notify each Participant in writing at least ten days prior to
any Acceleration Date that the then current Purchase Period will end on such
Acceleration Date.

                                   ARTICLE VI.
                       WITHDRAWAL FROM PLAN; SALE OF STOCK

         Section 6.01 Voluntary Withdrawal. A Participant may, in accordance
with such terms and conditions as the Committee in its sole discretion may
impose, withdraw from the Plan and cease making payroll deductions by filing
with the Company a form provided for this purpose. In such event, the entire
credit balance in the Participant's Stock Purchase Account will be paid to the
Participant in cash within 30 days. A Participant who withdraws from the Plan
will not be eligible to reenter the Plan until the beginning of the next
Purchase Period following the date of such withdrawal.

         Section 6.02 Death. Subject to such terms and conditions as the
Committee in its sole discretion may impose, upon the death of a Participant, no
further amounts shall be credited to the Participant's Stock Purchase Account.
Thereafter, on the last business day of the Purchase Period during which such
Participant's death occurred and in accordance with Section 5.01 of the Plan,
the entire credit balance in such Participant's Stock Purchase Account will be
used to purchase Common Stock, unless such Participant's estate has filed with
the Company, in advance of that day and subject to such terms and conditions as
the Committee in its sole discretion may impose, a form provided by the Company
which elects to have the entire credit balance in such Participant's Stock
Account distributed in cash within 30 days after the end of that Purchase Period
or at such earlier time as the Committee in its sole discretion may decide. Each
Participant, however, may designate one or more beneficiaries who, upon death,
are to receive the Common Stock or the amount that otherwise would have been
distributed or paid to the Participant's estate and may change or revoke any
such designation from time to time. No such designation, change or revocation
will be effective unless made by the Participant in writing and filed with the
Company during the Participant's lifetime. Unless the Participant has otherwise
specified the beneficiary designation, the beneficiary or beneficiaries so
designated will become fixed as of the date of the death of the Participant so
that, if a beneficiary survives the Participant but dies before the receipt of
the payment due such beneficiary, the payment will be made to such beneficiary's
estate.

                                       5
<PAGE>   6

         Section 6.03 Termination of Employment. Subject to such terms and
conditions as the Committee in its sole discretion may impose, upon a
Participant's normal or early retirement with the consent of the Company under
any pension or retirement plan of the Company or Participating Affiliate, no
further amounts shall be credited to the Participant's Stock Purchase Account.
Thereafter, on the last business day of the Purchase Period during which such
Participant's approved retirement occurred and in accordance with Section 5.01
of the Plan, the entire credit balance in such Participant's Stock Purchase
Account will be used to purchase Common Stock, unless such Participant has filed
with the Company, in advance of that day and subject to such terms and
conditions as the Committee in its sole discretion may impose, a form provided
by the Company which elects to receive the entire credit balance in such
Participant's Stock Purchase Account in cash within 30 days after the end of
that Purchase Period, provided that such Participant shall have no right to
purchase Common Stock in the event that the last day of such a Purchase Period
occurs more than three months following the termination of such Participant's
employment with the Company by reason of such an approved retirement. In the
event of any other termination of employment (other than death) with the Company
or a Participating Affiliate, participation in the Plan will cease on the date
the Participant ceases to be a Regular Employee for any reason. In such event,
the entire credit balance in such Participant's Stock Purchase Account will be
paid to the Participant in cash within 30 days. For purposes of this Section
6.03, a transfer of employment to any Affiliate, or a leave of absence which has
been approved by the Committee, will not be deemed a termination of employment
as a Regular Employee.

                                  ARTICLE VII.
                               NONTRANSFERABILITY

         Section 7.01 Nontransferable Right to Purchase. The right to purchase
Common Stock hereunder may not be assigned, transferred, pledged or hypothecated
(whether by operation of law or otherwise), except as provided in Section 6.02
of the Plan, and will not be subject to execution, attachment or similar
process. Any attempted assignment, transfer, pledge, hypothecation or other
disposition or levy of attachment or similar process upon the right to purchase
will be null and void and without effect.

         Section 7.02 Nontransferable Account. Except as provided in Section
6.02 of the Plan, the amounts credited to a Stock Purchase Account may not be
assigned, transferred, pledged or hypothecated in any way, and any attempted
assignment, transfer, pledge, hypothecation or other disposition of such amounts
will be null and void and without effect.

         Section 7.03 Nontransferable Shares. Except as the Committee shall
otherwise permit, prior to the second anniversary of the beginning of any
Purchase Period, the Common Stock purchased at the end of such Purchase Period
by a Participant pursuant to Section 5.01 of the Plan together with any
additional Common Stock acquired pursuant to Section 8.04 of the Plan upon the
reinvestment of dividends may not be assigned, transferred, pledged,
hypothecated or otherwise disposed of in any way other than by will or by the
laws of descent and distribution,

                                       6
<PAGE>   7

and any other attempted assignment, transfer, pledge, hypothecation or other
disposition of such share or shares will be null and void and without effect.

                                 ARTICLE VIII.
                 COMMON STOCK ISSUANCE AND DIVIDEND REINVESTMENT

         Section 8.01 Issuance of Purchased Shares. Promptly after the last day
of each Purchase Period and subject to such terms and conditions as the
Committee in its sole discretion may impose, the Company will cause the Common
Stock then purchased pursuant to Section 5.01 of the Plan to be issued for the
benefit of the Participant and held in the Plan pursuant to Section 8.03 of the
Plan.

         Section 8.02 Completion of Issuance. A Participant shall have no
interest in the Common Stock purchased pursuant to Section 5.01 of the Plan
until such Common Stock is issued for the benefit of the Participant pursuant to
Section 8.03 of the Plan.

         Section 8.03 Form of Ownership. The Common Stock issued under Section
8.01 of the Plan will be held in the Plan in the name of the Participant or
jointly in the name of the Participant and another person, as the Participant
may direct on a form provided by the Company, until such time as certificates
for such shares of Common Stock are delivered to or for the benefit of the
Participant pursuant to Section 8.05 of the Plan.

         Section 8.04 Automatic Dividend Reinvestment. Prior to the delivery of
certificates to or for the benefit of the Participant under Section 8.05 of the
Plan, any and all cash dividends paid on full and fractional shares of Common
Stock issued under either Section 8.01 of the Plan or this Section 8.04 shall be
reinvested to acquire either new issue Common Stock or shares of Common Stock
purchased on the open market, as determined by the Committee in its sole
discretion. Purchases of Common Stock under this Section 8.04 will be (a) with
respect to shares newly issued by the Company, invested on the dividend payment
date, or, if that date is not a trading day, the immediately preceding trading
day, or (b) with respect to shares purchased on the open market, normally
purchased on the open market within ten business days of the dividend payment
date, depending upon market conditions. The price per share of the Common Stock
issued under this Section 8.04 shall be (x) with respect to shares newly issued
by the Company, the Fair Market Value of the Common Stock on the applicable
investment date, or (y) with respect to shares purchased on the open market, the
weighted average price per share at which the Common Stock is actually purchased
on the open market for the relevant period on behalf of all participants in the
Plan. All shares of Common Stock acquired under this Section 8.04 will be held
in the Plan in the same name as the Common Stock upon which the cash dividends
were paid.

         Section 8.05 Delivery. At any time following the conclusion of the
nontransferability period set forth in Section 7.03 of the Plan and subject to
such terms and conditions as the Committee in its sole discretion may impose, by
filing with the Company a form provided by the Company for such purpose, the
Participant may elect to have the Company

                                       7
<PAGE>   8

cause to be delivered to or for the benefit of the Participant a certificate for
the number of whole shares and cash for the number of fractional shares
representing the Common Stock purchased pursuant to Section 5.01 of the Plan
together with any additional Common Stock acquired pursuant to Section 8.04 of
the Plan upon the reinvestment of dividends. The election notice will be
processed as soon as practicable after receipt. A certificate for whole shares
normally will be mailed to the Participant within five business days after
receipt of the election notice; provided, however, that if the notice is
received between a dividend record date and a dividend payment date, a
certificate will generally not be sent out until the declared dividends have
been reinvested pursuant to Section 8.04 of the Plan. Any fractional shares
normally will be sold on the first trading day of each month and a check for the
fractional shares sent to the Participant promptly thereafter.

                                  ARTICLE IX.
                EFFECTIVE DATE, AMENDMENT AND TERMINATION OF PLAN

         Section 9.01 Effective Date. The Plan was approved by the Board of
Directors on July 26, 2001 and shall be approved by the shareholders of the
Company within twelve (12) months thereof.

         Section 9.02 Plan Commencement. The initial Purchase Period under the
Plan will commence on such date as the Committee shall determine. Thereafter,
each succeeding Purchase Period will commence and terminate in accordance with
Section 1.03(l) of the Plan.

         Section 9.03 Powers of Board. The Board of Directors may amend or
discontinue the Plan at any time. No amendment or discontinuation of the Plan,
however, shall be made without shareholder approval that requires shareholder
approval under any rules or regulations of The NASDAQ Stock Market or any
securities exchange that are applicable to the Company.

         Section 9.04 Automatic Termination. The Plan shall automatically
terminate when all of the shares of Common Stock provided for in Section 10.04
of the Plan have been sold, provided that such termination shall in no way
affect the terms of the Plan pertaining to any Common Stock then held under the
Plan.

                                   ARTICLE X.
                                 ADMINISTRATION

         Section 10.01 The Committee. The Plan shall be administered by a
committee (the "Committee") established by the Board of Directors. The members
of the Committee need not be directors of the Company and shall be appointed by
and serve at the pleasure of the Board of Directors.

         Section 10.02 Powers of Committee. Subject to the provisions of the
Plan, the Committee shall have full authority to administer the Plan, including
authority to interpret and

                                       8
<PAGE>   9

construe any provision of the Plan, to establish deadlines by which the various
administrative forms must be received in order to be effective, and to adopt
such other rules and regulations for administering the Plan as it may deem
appropriate. The Committee shall have full and complete authority to determine
whether all or any part of the Common Stock acquired pursuant to the Plan shall
be subject to restrictions on the transferability thereof or any other
restrictions affecting in any manner a Participant's rights with respect thereto
but any such restrictions shall be contained in the form by which a Participant
elects to participate in the Plan pursuant to Section 2.02 of the Plan.
Decisions of the Committee will be final and binding on all parties who have an
interest in the Plan.

         Section 10.03 Power and Authority of the Board of Directors.
Notwithstanding anything to the contrary contained herein, the Board of
Directors may, at any time and from time to time, without any further action of
the Committee, exercise the powers and duties of the Committee under the Plan.

         Section 10.04 Stock to be Sold. The Common Stock to be issued and sold
under the Plan may be authorized but unissued shares or shares acquired in the
open market or otherwise. Except as provided in Section 11.01 of the Plan, the
aggregate number of shares of Common Stock to be sold under the Plan will not
exceed 300,000 shares.

         Section 10.05 Notices. Notices to the Committee should be addressed as
follows:

                          Universal Hospital Services, Inc.
                          1250 Northland Plaza
                          3800 West 80th Street
                          Bloomington, MN  55431-4442
                          Attn:
                                ---------------------

                                  ARTICLE XI.
                   ADJUSTMENT FOR CHANGES IN STOCK OR COMPANY

         Section 11.01 Stock Dividend or Reclassification. If the outstanding
shares of Common Stock are increased, decreased, changed into or exchanged for a
different number or kind of securities of the Company, or shares of a different
par value or without par value, through reorganization, recapitalization,
reclassification, stock dividend, stock split, amendment to the Company's
Certificate of Incorporation, reverse stock split or otherwise, an appropriate
adjustment shall be made in the maximum numbers and kind of securities to be
purchased under the Plan with a corresponding adjustment in the purchase price
to be paid therefor.

         Section 11.02 Merger or Consolidation. If the Company is merged into or
consolidated with one or more corporations during the term of the Plan,
appropriate adjustments will be made to give effect thereto on an equitable
basis in terms of issuance of shares of the corporation surviving the merger or
of the consolidated corporation, as the case may be.

                                       9
<PAGE>   10

                                  ARTICLE XII.
                                 APPLICABLE LAW

                  Rights to purchase Common Stock granted under the Plan shall
be construed and shall take effect in accordance with the laws of the State of
Delaware.

                                       10

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