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                                                                   EXHIBIT 10(b)

                          THE SHERWIN-WILLIAMS COMPANY
           DEFERRED COMPENSATION SAVINGS AND PENSION EQUALIZATION PLAN

                  The Sherwin-Williams Company, an Ohio corporation (the
"Company"), hereby establishes this Deferred Compensation Plan (the "Plan"),
effective July 24, 2002, for the purpose of attracting high quality executives
and promoting in its key executives increased efficiency and an interest in the
successful operation of the Company. This Plan is intended to supplement
benefits provided under the Company's qualified plans for a select group of
management or highly compensated employees by accepting contributions which may
not be placed in the qualified plans because of limitations imposed by one or
more of Sections 401(a)(17), 401(k), 401(m), 402(g), 403(b), 408(k) or 415 or
any other limitation on contributions or benefits in the Internal Revenue Code.

                                   ARTICLE 1

                                   DEFINITIONS

1.1      Account shall mean the account or accounts established for a particular
         Participant pursuant to Article 3 of the Plan.

1.2      Administrator shall mean the person or persons appointed by the Board
         of Directors of the Company to administer the Plan pursuant to Article
         11 of the Plan.

1.3      Beneficiary shall mean the person(s) or entity designated as such in
         accordance with Article 10 of the Plan.

1.4      Company shall mean The Sherwin-Williams Company.

1.5      Company Match Contributions shall mean matching contributions credited
         by the Company to a Participant's Account pursuant to Section 2.3 of
         the Plan.

1.6      Company Makeup Contributions shall mean makeup contributions credited
         by the Company to a Participant's Account pursuant to Section 2.4 of
         the Plan.

1.7      Compensation shall mean the Participant's total reportable compensation
         including incentive and discretionary bonuses and including or
         excluding such other items of compensation as the Administrator may, in
         its sole nondiscriminatory discretion, determine, before reductions for
         contributions to or deferrals under any qualified retirement or pension
         plans or welfare benefit plans sponsored by the Company and without
         regard to any Statutory Limitations.

1.8      Crediting Rate shall mean the notional gains and losses credited on the
         Participant's Account balance which are based on the Participant's
         choice among the investment alternatives made available by the
         Administrator pursuant to Article 3 of the Plan.

1.9      Disability shall have the same definition given to such term under the
         Qualified SEPIP.

1.10     Eligible Executive shall mean any management employee of the Company,
         its subsidiaries or affiliates as may be designated by the
         Administrator to be eligible to participate in the Plan.

1.11     ERISA shall mean the Employee Retirement Income Security Act of 1974,
         as amended.

1.12     Financial Hardship shall mean the Participant's or the Participant's
         dependent's (as defined in Section 152(a) of the Internal Revenue Code)
         sudden and unexpected illness or accident, the Participant's sudden and

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         unexpected property casualty loss, or other similar extraordinary and
         unforeseeable circumstances arising as a result of events beyond the
         control of the Participant, which is not covered by insurance and may
         not be relieved by cessation of Plan deferrals or by the liquidation of
         the Participant's assets provided that such liquidation would not cause
         a severe Financial Hardship, and which is determined to qualify as a
         Financial Hardship by the Administrator. Cash needs arising from
         foreseeable events such as the purchase of a residence or education
         expenses for children shall not, alone, be considered a Financial
         Hardship.

1.13     Participant shall mean an Eligible Executive who has either elected to
         participate in the Plan by completing a Participant Election Form or
         has received a Company Contribution pursuant to Article 2 of the Plan.

1.14     Participant Election Form shall mean the agreement, in a form
         acceptable to the Administrator, to make a deferral submitted by the
         Participant to the Administrator on a timely basis pursuant to Article
         2 of the Plan. The Participant Election Form may take the form of an
         electronic communication followed by appropriate written confirmation
         from the Administrator according to specifications established by the
         Administrator.

1.15     Plan Year shall mean the calendar year, except that the first Plan Year
         shall begin on the effective date of the Plan and end December 31,
         2002.

1.16     Qualified Plans shall mean the Qualified PIP, Qualified SEPIP and the
         Qualified SPP.

1.17     Qualified PIP shall mean The Sherwin-Williams Company Salaried
         Employees' Revised Pension Investment Plan, as it may be amended from
         time to time.

1.18     Qualified SEPIP shall mean The Sherwin-Williams Company Salaried
         Employees' Pension Investment Plan, as it may be amended from time to
         time.

1.19     Qualified SPP shall mean The Sherwin-Williams Company Employee Stock
         Purchase and Savings Plan, as it may be amended from time to time.

1.20     Retirement shall mean Termination of Employment on or after the
         Retirement Eligibility Date.

1.21     Retirement Eligibility Date shall mean the date on which the
         Participant attains age fifty-five (55).

1.22     Settlement Date shall mean the date by which a lump sum payment shall
         be made or the date by which installment payments shall commence.
         Unless otherwise specified, the Settlement Date shall be no later than
         ninety (90) days following the occurrence of the event triggering the
         payout unless the Participant elects to defer the Settlement Date, at
         the time and in a form specified by the Administrator, until the last
         day of January of the Plan Year following the year in which the event
         triggering the payout occurs. In the case of death, the event
         triggering payout shall be deemed to occur upon the date the
         Administrator is provided with the documentation reasonably necessary
         to establish the fact of the Participant's death.

1.23     Statutory Limitations shall mean any statutory or regulatory
         limitations imposed by one or more of Sections 401(a)(17), 401(k),
         401(m), 402(g), 403(b), 408(k) or 415 or any other limitation on
         contributions or benefits in the Internal Revenue Code The impact of
         such limits on the Participant for purposes of this Plan shall be
         determined by the Administrator based upon reasonable estimates and
         shall be final and binding as of the date the Company Contribution is
         credited to the Participant's Account. No subsequent adjustments shall
         be made to increase Company Contribution under this Plan as a result of
         any adjustments ultimately required under the Qualified Plans due to
         actual employee contributions or other factors.

1.24     Termination of Employment shall mean the date of the cessation of the
         Participant's employment with the Company for any reason whatsoever,
         whether voluntary or involuntary, including as a result of the
         Participant's Retirement or death, or to the extent provided in Article
         6 of the Plan, Disability.

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1.25     Unscheduled Withdrawal shall mean a distribution elected by the
         Participant pursuant to Article 7 of the Plan.

1.26     Valuation Date shall mean the date through which earnings are credited
         and shall, if a business day, be the date on which the payout or other
         event triggering the valuation occurs; or if not a business day, the
         next succeeding business day.

1.27     Withdrawal Penalty shall mean the ten percent (10%) penalty deducted
         from an Account as a result of an Unscheduled Withdrawal pursuant to
         Article 7 of the Plan.

                                    ARTICLE 2

                                  PARTICIPATION

2.1      ELECTIVE DEFERRAL. Each Plan Year an Eligible Executive may elect to
         defer any whole percentage up to six percent (6%) of Compensation
         earned by the Eligible Executive during the Plan Year; provided,
         however, that the sum of (i) the Eligible Executive's "Salary Reduction
         Contributions" made pursuant to the Qualified SPP and (ii) the Eligible
         Executive's elective deferrals pursuant to this Section 2.1, shall not
         exceed six percent (6%) of the Eligible Executive's Compensation.

2.2      SPECIAL ROLLOVER ELECTION. An Eligible Executive may elect, during the
         thirty (30) day period commencing with the effective date of this Plan,
         to transfer to and defer under this Plan, such Eligible Executive's
         account balance(s) or accrued benefit, as applicable, in any of the
         following nonqualified deferred compensation plans maintained by the
         Company: (1) The Sherwin-Williams Company Deferred Compensation Savings
         Plan; (2) The Sherwin-Williams Company PIP Equalization Program; and
         (3) The Sherwin-Williams Company Retirement Equalization Program. Any
         such election shall be effective as of the first business day of the
         calendar month immediately following the end of such thirty (30) day
         election period.

2.3      PARTICIPANT ELECTION FORM. In order to make a deferral, an Eligible
         Executive must submit a Participant Election Form to the Administrator
         during the enrollment period established by the Administrator prior to
         the beginning of the period to which the deferred amounts relate or are
         determined, except that with respect to the first Plan Year, the
         Participant shall submit a Participant Election Form within thirty (30)
         days of adoption of the Plan by the Board of Directors of the Company.
         Any such election shall be effective as of the first business day of
         the calendar month immediately following the end of such thirty (30)
         day election period. The Administrator may establish a special
         enrollment period for Eligible Executives hired during a Plan Year to
         allow deferrals of amounts earned during the balance of such Plan Year
         after such enrollment period. The Participant shall be required to
         submit a new Participant Election Form on a timely basis in order to
         change the Participant's deferral election for a subsequent Plan Year.
         If no Participant Election Form is filed during the prescribed
         enrollment period, the Participant's election for the prior Plan Year
         shall continue in force for the next Plan Year.

2.4      QUALIFIED SPP MATCH CONTRIBUTION. The Company shall make Company Match
         Contribution to this Plan on behalf of the Participant for each Plan
         Year in which the Participant makes a deferral under this Plan which
         shall be equal to the match the Participant would have received under
         the Qualified SPP had the amount deferred under this Plan been deferred
         under the Qualified SPP without regard to any Statutory Limitations and
         without regard to the applicable dollar limit under Section 402(g)(1)
         of the Internal Revenue Code. The Company Match Contribution shall be
         reduced by the amount of Company contributions actually credited to the
         Participant under the Qualified SPP for such Plan Year.

2.5      QUALIFIED PIP OR QUALIFIED SEPIP MAKEUP CONTRIBUTION. The Company shall
         make a Company Makeup Contribution to this Plan on behalf of the
         Participant for each Plan Year whether or not the Participant makes a
         deferral under this Plan. The Qualified PIP or Qualified SEPIP Makeup
         Contribution shall equal the total

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         Company contributions that would have been made to Qualified PIP or
         Qualified SEPIP, as applicable, on behalf of the Participant without
         regard to deferrals made under this Plan and absent any Statutory
         Limitations. The Qualified PIP or Qualified SEPIP Makeup Contribution
         shall be reduced by the amount of Company contributions actually
         credited to the Participant under Qualified PIP or Qualified SEPIP for
         such Plan Year.

2.6      CREDITING OF ACCRUED BENEFIT. To the extent a Participant accrues a
         benefit pursuant to the final average pay formula applicable to certain
         participants covered by Appendix B of the Qualified SEPIP, such
         Participant shall be entitled to a benefit hereunder equal to the total
         accrued benefit the Participant would have been entitled to receive
         based upon such formula absent any Statutory Limitations, reduced by
         the amount of benefits actually payable from the Qualified SEPIP
         pursuant to the formula specified in Appendix B thereof.

                                    ARTICLE 3

                                    ACCOUNTS

3.1      PARTICIPANT ACCOUNTS. Solely for recordkeeping purposes an Account
         shall be maintained for each Participant and shall be credited with the
         Participant's deferrals at the time such amounts would otherwise have
         been paid to the Participant. Company Match Contributions and Company
         Makeup Contributions shall be credited to the applicable Participant's
         Account on or before the January 31st of the Plan Year following the
         Plan Year in which the deferrals are earned. Accounts shall be deemed
         to be credited with notional gains or losses as provided in Section 3.2
         from the date amounts are credited to the Account through the Valuation
         Date. Amounts credited to a Participant's Account shall be fully vested
         at all times.

3.2      CREDITING RATE. The Crediting Rate on amounts in a Participant's
         Account shall be based on the Participant's choice among the investment
         alternatives made available from time to time by the Administrator. The
         Administrator shall establish a procedure by which a Participant may
         elect to have the Crediting Rate based on one or more investment
         alternatives and by which the Participant may change investment
         elections at least quarterly. The Administrator may provide only one
         investment option for a particular class of contributions and may
         establish a separate subaccount for such contributions which shall be
         paid out at the same time and under the same circumstances as the
         Participant Account. The Participant's Account balance shall reflect
         the investments selected by the Participant. If an investment selected
         by a Participant sustains a loss, the Participant's Account shall be
         reduced to reflect such loss. The Participant's choice among
         investments shall be solely for purposes of calculation of the
         Crediting Rate. If the Participant fails to elect an investment
         alternative the Crediting Rate shall be based on the investment
         alternative selected for this purpose by the Administrator. The Company
         shall have no obligation to set aside or invest funds as directed by
         the Participant and, if the Company elects to invest funds as directed
         by the Participant, the Participant shall have no more right to such
         investments than any other unsecured general creditor of the Company.
         During payout, the Participant's Account shall continue to be credited
         at the Crediting Rate selected by the Participant from among the
         investment alternatives or rates made available by the Administrator
         for such purpose. Installment payments shall be recalculated annually
         by dividing the account balance by the number of payments remaining
         without regard to anticipated earnings or in any other reasonable
         manner as may be determined from time to time by the Administrator.

3.3      STATEMENT OF ACCOUNTS. The Administrator shall provide each Participant
         with statements at least annually setting forth the Participant's
         Account balance as of the end of each Plan Year.

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                                    ARTICLE 4

                                    BENEFITS

4.1      RETIREMENT BENEFITS ATTRIBUTABLE TO ACCOUNT. In the event of the
         Participant's Retirement, the Participant shall be entitled to receive
         an amount equal to the total balance of the Participant's Account
         credited with notional earnings as provided in Article 3 through the
         Valuation Date. The benefits shall be paid in substantially level
         annual installments over ten (10) years unless the Participant makes a
         timely election to have the benefit paid in a single lump sum and/or in
         annual installments over a specified period of not more than fifteen
         (15) years. Payments shall begin on the Settlement Date following
         Retirement. An election to change the form of benefit payout may be
         made at any time prior to Retirement by submitting to the Administrator
         the form provided for such purpose within an administratively
         reasonable time preceding Retirement.

4.2      RETIREMENT BENEFITS ATTRIBUTABLE TO ACCRUED BENEFIT. Notwithstanding
         anything herein to the contrary, a Participant or his Beneficiary shall
         receive a distribution of his accrued benefit credited pursuant to
         Section 2.6 hereof only at the same time, in the same manner and form
         as such benefits accrued pursuant to Appendix B of Qualified SEPIP are
         paid from Qualified SEPIP.

4.3      TERMINATION BENEFIT. Upon Termination of Employment other than by
         reason of Retirement or death, the Company shall pay to the Participant
         a termination benefit equal to the balance on Termination of Employment
         of the Participant's Account credited with notional earnings as
         provided in Article 3 through the Valuation Date. The termination
         benefits shall be paid in a single lump sum on the Settlement Date
         following Termination of Employment.

4.4      SMALL BENEFIT EXCEPTION. Notwithstanding the foregoing, in the event
         the sum of all benefits payable to the Participant hereunder is less
         than or equal to Twenty Five Thousand and 00/100 Dollars ($25,000.00),
         the Company may, in its sole discretion, elect to pay such benefits in
         a single lump sum payable as soon as administratively practicable
         following the event triggering payout.

                                    ARTICLE 5

                                 DEATH BENEFITS

5.1      SURVIVOR BENEFIT BEFORE BENEFITS COMMENCE. If the Participant dies
         prior to commencement of benefits under Article 4, the Company shall
         pay to the Participant's Beneficiary a death benefit equal to the total
         balance of the Participant's Account as of the date of the
         Participant's death credited with notional earnings as provided in
         Article 3 through the Valuation Date. The death benefit shall be paid
         in the same form elected for the Retirement benefit under Section 4.1
         and shall commence on the Settlement Date However, the Administrator
         may, in its complete discretion, agree to an alternative form of
         payment if requested by the Beneficiary prior to the Settlement Date.

5.2      SURVIVOR BENEFIT AFTER BENEFITS COMMENCE. If the Participant dies after
         benefits have commenced under Article 4, the Company shall pay to the
         Participant's Beneficiary an amount equal to the remaining benefits
         payable to the Participant under the Plan over the same period such
         benefits would have been paid to the Participant. However, the
         Administrator may, in its complete discretion, agree to an alternative
         form of payment if requested by the Beneficiary prior to the Settlement
         Date upon which the first payment to the Beneficiary is to be made
         following the Participant's death.

5.3      SMALL BENEFIT EXCEPTION. Notwithstanding the foregoing, in the event
         the sum of all benefits payable to a Beneficiary is less than or equal
         to Twenty Five Thousand and 00/100 Dollars ($25,000.00), the Company

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         may, in its sole discretion, elect to pay such benefits in a single
         lump sum payable as soon as administratively practicable following the
         event triggering payout.

                                    ARTICLE 6

                                   DISABILITY

In the event of Disability, deferral elections shall cease and for purposes of
calculating benefits under the Plan, Disability shall be treated as a Retirement
entitling the Participant to receive the benefits provided under Article 4.1 of
the Plan. The Disability benefits shall commence on the Settlement Date
following Termination of Employment by reason of Disability.

                                    ARTICLE 7

                             UNSCHEDULED WITHDRAWAL

7.1      ELECTION. A Participant, excluding a Participant at any time after
         Retirement, may take an Unscheduled Withdrawal from an Account at any
         time in a minimum amount of no less than the balance in their Account
         or Twenty Five Thousand and 00/100 Dollars ($25,000.00), whichever is
         greater, up to the full value of the Participant's Account. The
         Unscheduled Withdrawal shall be paid no later than the last day of the
         month following the month in which the Unscheduled Withdrawal is
         requested. After an Unscheduled Withdrawal, a Participant's deferrals
         shall cease and the Participant shall not be allowed to make a new
         deferral election until the enrollment period following six (6) full
         calendar months from the date of the Unscheduled Withdrawal. Only one
         Unscheduled Withdrawal shall be permitted in each Plan Year. In no
         event shall any amounts, or the present value thereof, accrued pursuant
         to Section 2.6 hereof, be available to an Unscheduled Withdrawal.

7.2      WITHDRAWAL PENALTY. There shall be a Withdrawal Penalty deducted from
         the Account prior to an Unscheduled Withdrawal equal to ten percent
         (10%) of the amount of the Unscheduled Withdrawal.

                                    ARTICLE 8

                         FINANCIAL HARDSHIP DISTRIBUTION

Upon a finding that the Participant (or, after the Participant's death, a
Beneficiary) has suffered a Financial Hardship, the Administrator may in its
sole discretion, accelerate distributions of benefits, in whole or in part, or
approve reduction or cessation of current deferrals under the Plan in the amount
reasonably necessary to alleviate such Financial Hardship. In no event shall any
amounts, or the present value thereof, accrued pursuant to Section 2.6 hereof,
be available to a Financial Hardship Distribution.

                                    ARTICLE 9

                        AMENDMENT AND TERMINATION OF PLAN

The Company may, at any time, amend or terminate the Plan, except that no such
amendment or termination may reduce a Participant's Account balance. If the
Company terminates the Plan, the date of such termination shall be treated as a
Termination of Employment for the purpose of calculating Plan benefits and the
Company shall pay to each Participant the benefits such Participant would be
entitled to receive under Article 4 of the Plan except that such termination
benefits shall be paid in a single lump sum payable on the last day of the month
following the month in which termination of the Plan occurs.

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                                   ARTICLE 10

                                  BENEFICIARIES

10.1     BENEFICIARY DESIGNATION. The Participant shall have the right, at any
         time, to designate any person or persons as Beneficiary (both primary
         and contingent) to whom payment under the Plan shall be made in the
         event of the Participant's death. The Beneficiary designation shall be
         effective when it is submitted in writing to and acknowledged by the
         Administrator during the Participant's lifetime on a form prescribed by
         the Administrator.

10.2     REVISION OF DESIGNATION. The submission of a new Beneficiary
         designation shall cancel all prior Beneficiary designations. Any
         finalized divorce or marriage (other than a common law marriage) of a
         Participant subsequent to the date of a Beneficiary designation shall
         revoke such designation, unless in the case of divorce the previous
         spouse was not designated as Beneficiary and unless in the case of
         marriage the Participant's new spouse has previously been designated as
         Beneficiary.

10.3     SUCCESSOR BENEFICIARY. If the primary Beneficiary dies prior to
         complete distribution of the benefits provided in Article 5, the
         remaining Account balance shall be paid to the contingent Beneficiary
         elected by the Participant in the form of a lump sum payable no later
         than the last day of the month following the month in which the primary
         Beneficiary's death is established.

10.4     ABSENCE OF VALID DESIGNATION. If a Participant fails to designate a
         Beneficiary as provided above, or if the Beneficiary designation is
         revoked by marriage, divorce, or otherwise without execution of a new
         designation, or if every person designated as Beneficiary predeceases
         the Participant or dies prior to complete distribution of the
         Participant's benefits, then the Administrator shall direct the
         distribution of such benefits to the relevant estate.

                                   ARTICLE 11

                        ADMINISTRATION/CLAIMS PROCEDURES

11.1     ADMINISTRATION. The Plan shall be administered by the Administrator,
         which shall have the exclusive right and full discretion (i) to
         interpret the Plan, (ii) to decide any and all matters arising
         hereunder (including the right to remedy possible ambiguities,
         inconsistencies, or admissions), (iii) to make, amend and rescind such
         rules as it deems necessary for the proper administration of the Plan
         and (iv) to make all other determinations necessary or advisable for
         the administration of the Plan, including determinations regarding
         eligibility for benefits payable under the Plan. All interpretations of
         the Administrator with respect to any matter hereunder shall be final,
         conclusive and binding on all persons affected thereby. No member of
         the Administrator shall be liable for any determination, decision, or
         action made in good faith with respect to the Plan. The Company will
         indemnify and hold harmless the members of the Administrator from and
         against any and all liabilities, costs, and expenses incurred by such
         persons as a result of any act, or omission, in connection with the
         performance of such persons' duties, responsibilities, and obligations
         under the Plan, other than such liabilities, costs, and expenses as may
         result from the bad faith, willful misconduct, or criminal acts of such
         persons.

11.2     CLAIMS PROCEDURE. Any Participant, former Participant or Beneficiary
         may file a written claim with the Administrator setting forth the
         nature of the benefit claimed, the amount thereof, and the basis for
         claiming entitlement to such benefit. The Administrator shall determine
         the validity of the claim and communicate a decision to the claimant
         promptly and, in any event, not later than ninety (90) days after the
         date of the claim. The claim may be deemed by the claimant to have been
         denied for purposes of further review described below in the event a
         decision is not furnished to the claimant within such ninety (90) day
         period. If additional information is necessary to make a determination
         on a claim, the claimant shall be advised of

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         the need for such additional information within forty-five (45) days
         after the date of the claim. The claimant shall have up to one hundred
         and eighty (180) days to supplement the claim information, and the
         claimant shall be advised of the decision on the claim within
         forty-five (45) days after the earlier of the date the supplemental
         information is supplied or the end of the one hundred and eighty (180)
         day period. Every claim for benefits which is denied shall be denied by
         written notice setting forth in a manner calculated to be understood by
         the claimant (i) the specific reason or reasons for the denial, (ii)
         specific reference to any provisions of the Plan (including any
         internal rules, guidelines, protocols, criteria, etc.) on which the
         denial is based, (iii) description of any additional material or
         information that is necessary to process the claim, and (iv) an
         explanation of the procedure for further reviewing the denial of the
         claim.

11.3     REVIEW PROCEDURES. Within sixty (60) days after the receipt of a denial
         on a claim, a claimant or his/her authorized representative may file a
         written request for review of such denial. Such review shall be
         undertaken by the Administrator and shall be a full and fair review.
         The claimant shall have the right to review all pertinent documents.
         The Administrator shall issue a decision not later than sixty (60) days
         after receipt of a request for review from a claimant unless special
         circumstances, such as the need to hold a hearing, require a longer
         period of time, in which case a decision shall be rendered as soon as
         possible but not later than one hundred and twenty (120) days after
         receipt of the claimant's request for review. The decision on review
         shall be in writing and shall include specific reasons for the decision
         written in a manner calculated to be understood by the claimant with
         specific reference to any provisions of the Plan on which the decision
         is based.

                                   ARTICLE 12

                                CHANGE OF CONTROL

In the event of a Change of Control, the amounts to which Participants are
entitled under this Plan shall be immediately distributed in a lump sum cash
payment to Participants. For purposes of this Plan, a Change of Control shall be
deemed to have occurred if:

         (i)      Any person (as such term is used in Sections 13(d) and
                  14(d)(2) of the Exchange Act) who or that, together with all
                  Affiliates and Associates of such person, is the Beneficial
                  Owner of ten percent (10%) or more of the shares of Common
                  Stock of the Company then outstanding, except:

                  (A)      the Company;

                  (B)      any of the Company's subsidiaries in which a majority
                           of the voting power of the equity securities or
                           equity interests of such subsidiary is owned,
                           directly or indirectly, by the Company;

                  (C)      any employee benefit or stock ownership plan of the
                           Company or any trustee or fiduciary with respect to
                           such a plan acting in such capacity; or

                  (D)      any such person who has reported or may, pursuant to
                           Rule 13d-1(b)(1) of the General Rules and Regulations
                           under the Exchange Act, report such ownership (but
                           only as long as such person is the Beneficial Owner
                           of less than fifteen percent (15%) of the shares of
                           Common Stock then outstanding) on Schedule 13G (or
                           any comparable or successor report) under the
                           Exchange Act.

                  Notwithstanding the foregoing: (1) no person shall become the
                  Beneficial Owner of ten percent (10%) or more (fifteen percent
                  (15%) or more in the case of any person identified in clause
                  (D) above) solely as the result of an acquisition of Common
                  Stock by the Company that, by reducing the number of shares
                  outstanding, increases the proportionate number of shares
                  beneficially owned by such person to ten percent (10%) or more
                  (fifteen percent (15%) or more in the case of any person
                  identified in clause (D) above) of the shares of Common Stock
                  then outstanding; provided, however, that if a person becomes
                  the Beneficial Owner of ten percent (10%) or more (fifteen
                  percent (15%) or more in the case of any person identified in
                  clause (D) above) of the shares of Common Stock solely by
                  reason of purchases of Common Stock by the Company and shall,
                  after such purchases by the Company, become the Beneficial
                  Owner of any additional shares of Common Stock which has

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                  the effect of increasing such person's percentage ownership of
                  the then-outstanding shares of Common Stock by any means
                  whatsoever, then such person shall be deemed to have triggered
                  a Change of Control; and (2) if the Board of Directors
                  determines that a person who would otherwise be the Beneficial
                  Owner of ten percent (10%) or more (fifteen percent (15%) or
                  more in the case of any person identified in clause (D) above)
                  of the shares of Common Stock has become such inadvertently
                  (including, without limitation, because (i) such person was
                  unaware that it Beneficially Owned ten percent (10%) or more
                  (fifteen percent (15%) or more in the case of any person
                  identified in clause (D) above) of the shares of Common Stock
                  or (ii) such person was aware of the extent of such beneficial
                  ownership but such person acquired beneficial ownership of
                  such shares of Common Stock without the intention to change or
                  influence the control of the Company) and such person divests
                  itself as promptly as practicable of a sufficient number of
                  shares of Common Stock so that such person would no longer be
                  the Beneficial Owner of ten percent (10%) or more (fifteen
                  percent (15%) or more in the case of any person identified in
                  clause (D) above), then such person shall not be deemed to be,
                  or have been, the Beneficial Owner of ten percent (10%) or
                  more (fifteen percent (15%) or more in the case of any person
                  identified in clause (D) above) of the shares of Common Stock,
                  and no Change of Control shall be deemed to have occurred.

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

         (iii)    There shall be consummated any consolidation, merger or other
                  combination of the Company with any other person or entity
                  other than:

                  (A)      a consolidation, merger or other combination which
                           would result in the voting securities of the Company
                           outstanding immediately prior thereto continuing to
                           represent (either by remaining outstanding or by
                           being converted into voting securities of the
                           surviving entity) more than fifty-one percent (51%)
                           of the combined voting power of the voting securities
                           of the Company or such surviving entity outstanding
                           immediately after such consolidation, merger or other
                           combination; or

                  (B)      a consolidation, merger or other combination effected
                           to implement a recapitalization and/or reorganization
                           of the Company (or similar transaction), or any other
                           consolidation, merger or other combination of the
                           Company, which results in no person (as such term is
                           used in Sections 13(d) and 14(d)(2) of the Exchange
                           Act), together with all Affiliates and Associates of
                           such person, becoming the Beneficial Owner of ten
                           percent (10%) or more (fifteen percent (15%) or more
                           in the case of any person identified in Section
                           1(c)(i)(D)) of the combined voting power of the
                           Company's then outstanding securities.

         (iv)     There shall be consummated any sale, lease, assignment,
                  exchange, transfer or other disposition (in one transaction or
                  a series of related transactions) of fifty percent (50%) or
                  more of the assets or earning power of the Company (including,
                  without limitation, any such sale, lease, assignment,
                  exchange, transfer or other disposition effected to implement
                  a recapitalization and/or reorganization of the Company (or
                  similar transaction)) which results in any person (as such
                  term is used in Sections 13(d) and 14(d)(2) of the Exchange
                  Act), together with all Affiliates and Associates of such
                  person, owning a proportionate share of such assets or earning
                  power greater than the proportionate share of the voting power
                  of the Company that such person, together with all Affiliates
                  and Associates of such person, owned immediately prior to any
                  such sale, lease, assignment, exchange, transfer or other
                  disposition.

         (v)      The shareholders of the Company approve a plan of complete
                  liquidation of the Company.

                                       9
<PAGE>

For purposes of this Article 12, a person (as such term is used in Sections
13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended,
hereinafter "Exchange Act") shall be deemed the "BENEFICIAL OWNER" of and shall
be deemed to "beneficially own" any securities:

         (i)      which such person or any of such person's "Affiliates" or
                  "Associates" (as such terms are defined in Rule 12b-2, as in
                  effect on April 23, 1997, of the General Rules and under the
                  Exchange Act) is considered to be a "beneficial owner" under
                  Rule 13d-3 of the General Rules and Regulations under the
                  Exchange Act, as in effect on April 23, 1997;

         (ii)     which such person or any of such person's Affiliates or
                  Associates, directly or indirectly, has or shares the right to
                  acquire, hold, vote (except pursuant to a revocable proxy as
                  described in the proviso to this Section 1(b)) or dispose of
                  such securities (whether any such right is exercisable
                  immediately or only after the passage of time) pursuant to any
                  agreement, arrangement or understanding (whether or not in
                  writing), or upon the exercise of conversion rights, exchange
                  rights, rights, warrants or options, or otherwise; provided,
                  however, that a person shall not be deemed to be the
                  Beneficial Owner of, or to beneficially own, securities
                  tendered pursuant to a tender or exchange offer made by or on
                  behalf of such person or any of such person's Affiliates or
                  Associates until such tendered securities are accepted for
                  purchase or exchange; or

         (iii)    which are beneficially owned, directly or indirectly, by any
                  other person (or any Affiliate or Associate of such other
                  person) with which such person (or any of such person's
                  Affiliates or Associates) has any agreement, arrangement or
                  understanding (whether or not in writing), with respect to
                  acquiring, holding, voting (except as described in the proviso
                  to this Section 1(b)) or disposing of any securities of the
                  Company;

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

                                   ARTICLE 13

                         CONDITIONS RELATED TO BENEFITS

13.1     NONASSIGNABILITY. No amount payable to a Participant or Beneficiary
         under the Plan will be subject in any manner to anticipation,
         alienation, attachment, garnishment, sale, transfer, assignment (either
         at law or in equity), levy, execution, pledge, encumbrance, charge or
         any other legal or equitable process by a Participant or Beneficiary,
         and any attempt to do so will be void; nor will any benefit be in any
         manner liable for or subject to the debts, contracts, liabilities,
         engagements or torts of the person entitled thereto. However, (i) the
         withholding of taxes from Plan benefit payments, (ii) the recovery by
         the Plan of overpayment of benefits previously made to a Participant,
         or (iii) the direct deposit of benefit payments to an account in a
         banking institution (if not actually part of an arrangement
         constituting an assignment or alienation) shall not be construed as an
         assignment or alienation.

13.2     NO RIGHT TO COMPANY ASSETS. The benefits paid under the Plan shall be
         paid from the general funds of the Company, and the Participant and any
         Beneficiary shall be no more than unsecured general creditors of the
         Company with no special or prior right to any assets of the Company for
         payment of any obligations hereunder and the Plan constitutes a mere
         promise by the Company to make benefit payments in the future.

                                       10
<PAGE>

13.3     PROTECTIVE PROVISIONS. The Participant shall cooperate with the Company
         by furnishing any and all information requested by the Administrator in
         order to facilitate the payment of benefits hereunder, and taking such
         other actions as may be requested by the Administrator. If the
         Participant refuses to so cooperate, the Company shall have no further
         obligation to the Participant under the Plan.

13.4     SECTION 16b ELIGIBLE EXECUTIVES. In the event any Eligible Executive
         subject to Rule 16b issued under the Securities Exchange Act of 1934
         (or any successor rule to the same effect) has, at any time, a
         Crediting Rate based upon an investment alternative consisting of or
         the value of which is determined based upon the value of the Company's
         common stock or any security into which such common stock may be
         changed by reason of: (a) any stock dividend, stock split, combination
         of shares, recapitalization or other change in the capital structure of
         the Company; (b) any merger, consolidation, separation, reorganization
         or partial or complete liquidation; or (c) any other corporate
         transaction or event having an effect similar to the foregoing,, unless
         the transaction is otherwise exempt under Rule 16b-3, no transaction
         with respect to the portion of the Participant's Account attributable
         to such investment alternative shall be permitted pursuant to this Plan
         until a date which is not less than six (6) months and one (1) day from
         the date on which the investment alternative was selected or
         transferred within the Participant's Account.

13.5     WITHHOLDING. The Participant shall make appropriate arrangements with
         the Company for satisfaction of any federal, state or local income tax
         withholding requirements and Social Security, Medicare or other
         employee tax requirements applicable to the payment of benefits under
         the Plan. If no other arrangements are made, the Company may provide,
         at its discretion, for such withholding and tax payments as may be
         required, including, without limitation, by the reduction of other
         amounts payable to the Participant.

13.6     ASSUMPTIONS AND METHODOLOGY. The Administrator shall establish the
         actuarial assumptions and method of calculation used in determining the
         present or future value of benefits, earnings, payments, fees, expenses
         or any other amounts required to be calculated under the terms of the
         Plan. The Administrator shall also establish reasonable procedures
         regarding the form and timing of installment payments. Such assumptions
         and methodology shall be outlined in detail in procedures established
         by the Administrator and made available to Participants and may be
         changed from time to time by the Administrator.

13.7     TRUST. The Company shall be responsible for the payment of all benefits
         under the Plan. At its discretion, the Company may establish one or
         more grantor trusts for the purpose of providing for payment of
         benefits under the Plan. Such trust or trusts may be irrevocable, but
         the assets thereof shall be subject to the claims of the Company's
         creditors. Benefits paid to the Participant from any such trust or
         trusts shall be considered paid by the Company for purposes of meeting
         the obligations of the Company under the Plan. Neither the
         establishment of the Plan or Trust or any modification thereof, or the
         creation of any fund or account, or the payment of any benefits shall
         be construed as giving to any Participant or other person any legal or
         equitable right against the Company or any officer or employee thereof,
         except as provided by law or by any Plan provision. The amounts in the
         Accounts shall remain the sole property of the Company unless and until
         required to be distributed in accordance with the provisions of the
         Plan, and shall not constitute a trust or be deemed to be held in trust
         for the benefit of any Participant or Beneficiary hereunder or their
         personal representative. The Company does not in any way guarantee the
         trust or any Participant's benefit from loss or depreciation. In no
         event shall the Company's employees, officers, directors or
         stockholders be liable to any person on account of any claim arising by
         reason of the provisions of the Plan or of any instrument or
         instruments implementing its provisions, or for the failure of any
         Participant, Beneficiary or other person to be entitled to any
         particular tax consequences with respect to the Plan, the trust(s) or
         any contribution thereto or distribution therefrom.

                                       11
<PAGE>

                                   ARTICLE 14

                                  MISCELLANEOUS

14.1     SUCCESSORS OF THE COMPANY. The rights and obligations of the Company
         under the Plan shall inure to the benefit of, and shall be binding
         upon, the successors and assigns of the Company.

14.2     EMPLOYMENT NOT GUARANTEED. Nothing contained in the Plan nor any action
         taken hereunder shall be construed as a contract of employment or as
         giving any Participant any right to continued employment with the
         Company.

14.3     GENDER, SINGULAR AND PLURAL. All pronouns and any variations thereof
         shall be deemed to refer to the masculine, feminine, or neuter, as the
         identity of the person or persons may require. As the context may
         require, the singular may be read as the plural and the plural as the
         singular.

14.4     CAPTIONS. The captions of the articles, paragraphs and sections of the
         Plan are for convenience only and shall not control or affect the
         meaning or construction of any of its provisions.

14.5     VALIDITY. In the event any provision of the Plan is held invalid, void
         or unenforceable, the same shall not affect, in any respect whatsoever,
         the validity of any other provisions of the Plan.

14.6     WAIVER OF BREACH. The waiver by the Company of any breach of any
         provision of the Plan shall not operate or be construed as a waiver of
         any subsequent breach by that Participant or any other Participant.

14.7     NOTICE. Any notice or filing required or permitted to be given to the
         Company or the Participant under this Agreement shall be sufficient if
         in writing and hand-delivered, or sent by first class mail, in the case
         of the Company, to the principal office of the Company, directed to the
         attention of the Administrator, and in the case of the Participant, to
         the last known address of the Participant indicated on the employment
         records of the Company. Such notice shall be deemed given as of the
         date of delivery or, if delivery is made by mail, as of the date shown
         on the postmark on the receipt for registration or certification.
         Notices to the Company may be permitted by electronic communication
         according to specifications established by the Administrator.

14.8     ERRORS IN BENEFIT STATEMENT OR DISTRIBUTIONS. In the event an error is
         made in a benefit statement, such error shall be corrected on the next
         benefit statement following the date such error is discovered. In the
         event of an error in a distribution, the Participant's Account shall,
         immediately upon the discovery of such error, be adjusted to reflect
         such under or over payment and, if possible, the next distribution
         shall be adjusted upward or downward to correct such prior error. If
         the remaining balance of a Participant's Account is insufficient to
         cover an erroneous overpayment, the Company may, at its discretion,
         offset other amounts payable to the Participant from the Company
         (including but not limited to salary, bonuses, expense reimbursements,
         severance benefits or other employee compensation benefit arrangements,
         as allowed by law) to recoup the amount of such overpayment(s).

14.9     ERISA PLAN. The Plan is intended to be an unfunded plan maintained
         primarily to provide deferred compensation benefits for a select group
         of "management or highly compensated employees" within the meaning of
         Sections 201, 301 and 401 of ERISA and therefore to be exempt from
         Parts 2, 3 and 4 of Title I of ERISA.

14.10    APPLICABLE LAW. In the event any provision of, or legal issue relating
         to, this Plan is not fully preempted by ERISA, such issue or provision
         shall be governed by the laws of the State of Ohio.

14.11    EFFECT OF LEGISLATIVE OR REGULATORY CHANGES. Notwithstanding anything
         in this Plan to the contrary, in the event of the enactment of any
         legislation or regulations which, in the sole discretion of the
         Company, have

                                       12
<PAGE>

         an unfavorable impact on the Company and/or Participants, the Company
         shall have the unilateral right to amend the Plan in whatever manner it
         deems appropriate to mitigate the effects of such legislation or
         regulations, without the necessity of obtaining further Board approval.

14.12    EFFECT OF IRS DETERMINATION. Notwithstanding anything in this Plan to
         the contrary, in the event the Internal Revenue Service rules
         unfavorably as to the tax consequences of deferrals made under this
         Plan for any Plan Year, the Board may take any such action as it deems
         necessary or appropriate, including action to restore Participants to
         substantially the same position they would have enjoyed had this Plan
         not been effective for such Plan Year.

         IN WITNESS WHEREOF, the Company has caused this Plan to be executed
this 24th day of July, 2002.

                            THE SHERWIN-WILLIAMS COMPANY

                            By  /s/
                                ------------------------------------------------

                            Its
                                ------------------------------------------------

                                       13<PAGE>
                                                                   EXHIBIT 10(c)

                2002-2 AMENDMENT TO THE SHERWIN-WILLIAMS COMPANY
                       DEFERRED COMPENSATION SAVINGS PLAN
                     (1997/1999 AMENDMENT AND RESTATEMENT)

         This 2002-2 Amendment to The Sherwin-Williams Company Deferred
Compensation Savings Plan (the "Plan") is made effective as of August 31, 2002.

                                   WITNESSETH:

         WHEREAS, The Sherwin-Williams Company (the "Company") established the
Plan effective January 1, 1991 and has subsequently amended and restated the
Plan thereafter;

         WHEREAS, pursuant to Article XII of the Plan, the Company retains the
right to amend the Plan at any time in whole or in part; and

         WHEREAS, the Company wishes to amend the Plan to exercise its right
pursuant to Article XIII to terminate the Plan;

         NOW, THEREFORE, the Plan is hereby amended effective August 31, 2002 to
add the following Termination Addendum 2002-2:

                           TERMINATION ADDENDUM 2002-2

         Pursuant to Section 13.01 of the Plan, the Company hereby terminates
the Plan in its entirety effective as of August 31, 2002 (the "Termination
Effective Date"). For all periods following the Termination Effective Date,
notwithstanding any other provisions of the Plan or further actions required on
the part of the Company to wind-down the Plan and distribute liabilities
associated herewith: (1) the obligation of the Company to make future
contributions shall cease; (2) no persons who were not Participants on the
Termination Effective Date shall be eligible to become Participants; and (3) all
interests of Participants not theretofore vested shall become immediately fully
(100%) vested. The value of the Accrued Benefit of all Participants and
Beneficiaries shall be determined and distributed to them as soon as practicable
after the Termination Effective Date in the form of a lump sum cash
distribution. The Company reserves the right, without further formal amendment
to the Plan, to take such other actions as may be necessary in the opinion of
the Company, to cause the termination of the Plan and/or Trust, or to conform to
any applicable requirements of the law.

         IN WITNESS WHEREOF, pursuant to the action of its Board of Directors at
a meeting held the 24th day of July, 2002, the Company has caused this amendment
to be executed effective August 31, 2002 by its duly authorized officer.

ATTEST/WITNESS:           THE SHERWIN-WILLIAMS COMPANY

                          By: /s/
--------------------          -------------------------------------------------
                                            Louis E. Stellato
                          Title: Vice President, General Counsel and Secretary
                                 ----------------------------------------------

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