Document:

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                                   EXHIBIT 4.4

                       THIRD AMENDMENT TO CREDIT AGREEMENT

         THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated as
of May 2, 2003 is entered into by and among AIRGAS, INC., a Delaware corporation
("Airgas" and also a "Borrower"), AIRGAS CANADA INC., a Canada corporation, and
RED-D-ARC LIMITED, an Ontario corporation, (each a "Canadian Borrower" and
together with Airgas, the "Borrowers"), the Guarantors signatory hereto, the
Lenders signatory hereto, BANK OF AMERICA, N. A., as administrative agent for
the Lenders (in such capacity, the "U.S. Agent"), CANADIAN IMPERIAL BANK OF
COMMERCE, as Canadian administrative agent for the Lenders (in such capacity,
the "Canadian Agent"), FLEET NATIONAL BANK, as Syndication Agent, and THE BANK
OF NEW YORK, as Documentation Agent.

                                    RECITALS

         A. The Borrowers, the Guarantors, the Lenders and the Agents are party
to that certain Tenth Amended and Restated Credit Agreement dated as of July 30,
2001, as previously amended pursuant to that certain First Amendment to Credit
Agreement dated as of December 31, 2001 and that certain Waiver and Second
Amendment to Credit Agreement dated as of August 20, 2002 (as so previously
amended, the "Existing Credit Agreement").

         B.       The Credit Parties have requested that the Required Lenders
amend the Existing Credit Agreement as provided herein.

         C.       The Required Lenders have agreed to amend the Existing Credit
Agreement on the terms and conditions hereinafter set forth.

         NOW, THEREFORE, in consideration of the agreements herein contained,
the parties hereto hereby agree as follows:

                                     PART I
                                   DEFINITIONS

         SUBPART 1.1       Certain Definitions. Unless otherwise defined herein
or the context otherwise requires, the following terms used in this Amendment,
including its preamble and recitals, have the following meanings:

                  "Amended Credit Agreement" means the Existing Credit Agreement
as amended hereby.

                  "Third Amendment Effective Date" is defined in Subpart 3.1.

<PAGE>

         SUBPART 1.2       Other Definitions. Unless otherwise defined herein or
the context otherwise requires, terms used in this Amendment, including its
preamble and recitals, have the meanings provided in the Existing Credit
Agreement.

                                     PART II
                     AMENDMENTS TO EXISTING CREDIT AGREEMENT

         Effective on (and subject to the occurrence of) the Third Amendment
Effective Date, the Existing Credit Agreement is hereby amended in accordance
with this Part II.

         SUBPART 2.1       Amendments to Section 1.1. Section 1.1 of the
Existing Credit Agreement is hereby amended in the following respects:

                  (a)      The following definitions appearing in Section 1.1 of
         the Existing Credit Agreement are hereby amended in their entireties to
         read as follows:

                           "Acquisition", by any Consolidated Party, means the
                  acquisition (whether or not involving a merger or
                  consolidation) by such Consolidated Party, of (i) to the
                  extent not constituting a Consolidated Capital Expenditure,
                  all or a majority of the Capital Stock or all or substantially
                  all of the Property or a line of business or division of
                  another Person or (ii) all of the remaining Capital Stock of
                  National Welders not then owned by Airgas and/or its
                  Restricted Subsidiaries.

                           "Additional Commitment" means, with respect to any
                  Person which executes a New Commitment Agreement in accordance
                  with Section 4.4(d), the commitment of such Lender in an
                  aggregate principal amount up to the amount specified in such
                  New Commitment Agreement (i) to (A) make Revolving U.S. Loans
                  in accordance with the provisions of Section 2.1(a), (B)
                  purchase participation interests in U.S. Letters of Credit in
                  accordance with the provisions of Section 2.3(c), and (C)
                  purchase participation interests in the U.S. Swingline Loans
                  in accordance with the provisions of Section 2.4(b)(iii), (ii)
                  to (A) make Revolving Canadian Loans in accordance with the
                  provisions of Section 3.1(a), (B) purchase participation
                  interests in Canadian Letters of Credit in accordance with the
                  provisions of Section 3.3(c) and (C) accept Bankers'
                  Acceptances in accordance with the provisions of Section 3.4,
                  and/or (iii) to make U.S. Term Loans in accordance with the
                  provisions of Section 2.5(a).

                           "Consolidated Capital Expenditures" means, for any
                  period, all capital expenditures of the Consolidated Parties
                  on a consolidated basis during such period, as determined in
                  accordance with GAAP; provided, however, that Consolidated
                  Capital Expenditures shall not include (i) capital
                  expenditures constituting Eligible Reinvestments made with the
                  proceeds of any Asset Disposition or (ii) Acquisitions.

<PAGE>

                           "Consolidated Parties" means a collective reference
                  to each of Airgas and its Restricted Subsidiaries.

                           "Medium Term Notes" means (i) any one of the notes
                  issued by Airgas in favor of the Medium Term Noteholders
                  pursuant to the Medium Term Note Indenture, as such Medium
                  Term Notes may be amended, modified, restated or supplemented
                  and in effect from time to time in accordance with the terms
                  hereof and (ii) any instrument evidencing Indebtedness
                  incurred pursuant to Section 8.1(l).

                           "Medium Term Note Indenture" means a collective
                  reference to (i) that certain Indenture dated as of August 1,
                  1996, among Airgas and The Bank of New York as Trustee, as
                  such Medium Term Note Indenture may be amended, modified,
                  restated or supplemented and in effect from time to time in
                  accordance with the terms hereof and (ii) any document or
                  instrument governing Indebtedness incurred pursuant to Section
                  8.1(l).

                           "Restricted Subsidiary" means (i) any wholly-owned
                  Subsidiary of Airgas (other than the Receivables Subsidiary)
                  and (ii) any other Subsidiary of Airgas that, at the option of
                  Airgas, executes a Joinder Agreement in accordance with
                  Section 7.12.

                           "Subsidiary" means, as to any Person, (a) any
                  corporation more than 50% of whose stock of any class or
                  classes having by the terms thereof ordinary voting power to
                  elect a majority of the directors of such corporation
                  (irrespective of whether or not at the time, any class or
                  classes of such corporation shall have or might have voting
                  power by reason of the happening of any contingency) is at the
                  time owned by such Person directly or indirectly through
                  Subsidiaries, and (b) any partnership, association, joint
                  venture or other entity in which such Person directly or
                  indirectly through Subsidiaries has more than 50% equity
                  interest at any time. For purposes of clarification only, the
                  parties hereto hereby acknowledge and agree that,
                  notwithstanding the fact that National Welders may be
                  required, in accordance with GAAP, to be consolidated (on the
                  consolidation basis) with Airgas, the term "Subsidiary" as
                  used in this Agreement shall not include National Welders
                  unless and until such time as National Welders would
                  constitute a "Subsidiary" within the meaning of the
                  immediately preceding sentence.

                           "U.S. Term Loan Commitment" means, with respect to
                  each U.S. Term Lender, the commitment of such U.S. Term Lender
                  to make U.S. Term Loans in accordance with Section 2.5(a) in
                  an aggregate principal amount equal to the amount specified in
                  the U.S. Term Loan Commitment Agreement or New Commitment
                  Agreement executed by such U.S. Term Lender.

                           "U.S. Term Loan Committed Amount" means the sum of
                  (i) the aggregate principal amount of commitments (not to
                  exceed $100,000,000) received and consented to by the U.S.
                  Agent from one or more lenders acceptable to the U.S. Agent
                  and Airgas, pursuant to executed U.S. Term Loan Commitment

<PAGE>

                  Agreements and (ii) any increase in the amount determined
                  pursuant to clause (i) effectuated pursuant to Section 4.4(d).

                           "U.S. Term Loan Percentage" means, for any U.S. Term
                  Lender, the percentage obtained by dividing (i) the principal
                  amount of the U.S. Term Loan Commitment of such U.S. Term
                  Lender by (ii) the U.S. Term Loan Committed Amount, as such
                  percentage may be modified in connection with any assignment
                  made in accordance with the provisions of Section 2.5(g) or as
                  the result of an increase in the amount of the U.S. Term Loan
                  Committed Amount pursuant to Section 4.4(d).

                  (b)      Clause (xiii) of the definition of "Permitted Liens"
         appearing in Section 1.1 of the Existing Credit Agreement is hereby
         amended in its entirety to read as follows:

                           "Permitted Liens" means:

                                     *******

                           (xiii)   during the 180-day period immediately
                  succeeding the first date as of which National Welders becomes
                  a Restricted Subsidiary, if ever, the National Welders Liens;

                  (c)      The following new definitions are hereby added to
         Section 1.1 of the Existing Credit Agreement in appropriate
         alphabetical order:

                           "Consolidated Free Cash Flow" means, as of any
                  Calculation Date for the four-quarter period then ended, net
                  cash provided by operating activities of the Consolidated
                  Parties (adjusted, without duplication, consistent with the
                  definitions of Consolidated Net Income and Consolidated EBITDA
                  and excluding the impact of a Securitization Transaction)
                  minus Consolidated Capital Expenditures, all as determined in
                  accordance with GAAP.

                           "Eligible Consideration" means, in respect of any
                  Acquisition, consideration paid by any of the Consolidated
                  Parties for the Capital Stock or Property being acquired,
                  including cash and non-cash consideration and any assumption
                  of Indebtedness, but excluding consideration consisting of (i)
                  any Capital Stock of Airgas issued to the seller of such
                  Capital Stock or Property or (ii) the proceeds of any Equity
                  Issuance by Airgas consummated subsequent to the Closing Date.

                           "Third Amendment" means the Third Amendment to Credit
                  Agreement dated as of May 2, 2003 by and among the Borrowers,
                  the Guarantors, the Lenders party thereto and the Agents.

<PAGE>

                           "Third Amendment Effective Date" shall have the
                  meaning assigned to such term in Subpart 3.1 of Third
                  Amendment.

         SUBPART 2.2       Amendments to Section 2.5. Subsections (a) and (d) of
Section 2.5 of the Existing Credit Agreement is hereby amended in its entirety
to read as follows:

                  2.5      U.S. TERM LOAN.

                  (a)      U.S. Term Commitment. Subject to the terms and
         conditions hereof and in reliance upon the representations and
         warranties set forth herein each U.S. Term Lender severally agrees to
         make available to Airgas on the Willow Acquisition Date (or on the
         effective date of any increase in the U.S. Term Loan Committed Amount
         pursuant to Section 4.4(d), as applicable) such U.S. Term Lender's U.S.
         Term Loan Percentage of a term loan in U.S. Dollars (the "U.S. Term
         Loan") in the aggregate principal amount equal to the U.S. Term Loan
         Committed Amount. The U.S. Term Loan may consist of U.S. Base Rate
         Loans or Eurodollar Loans, or a combination thereof, as Airgas may
         request; provided, however, that no more than five (5) Eurodollar Loans
         which are U.S. Term Loans shall be outstanding hereunder at any time
         (it being understood that, for purposes hereof, Eurodollar Loans with
         different Interest Periods shall be considered as separate Eurodollar
         Loans, even if they begin on the same date, although borrowings,
         extensions and conversions may, in accordance with the provisions
         hereof, be combined at the end of existing Interest Periods to
         constitute a new Eurodollar Loan with a single Interest Period).
         Amounts repaid on the U.S. Term Loan may not be reborrowed.

                                     *******

                  (d)      Repayment of U.S. Term Loan. Airgas promises to pay
         the outstanding principal amount of the U.S. Term Loan in eighteen (18)
         consecutive quarterly installments as follows (as such installments may
         hereafter be adjusted as a result of prepayments made pursuant to
         Section 4.3 or as the result of an increase in the amount of the U.S.
         Term Loan Committed Amount pursuant to Section 4.4(d)), unless
         accelerated sooner pursuant to Section 9.2:

<PAGE>

<TABLE>
<CAPTION>
                                 U.S. TERM
                          LOAN PRINCIPAL AMORTIZATION
    PRINCIPAL                 PAYMENT DUE ON THE
  AMORTIZATION              CORRESPONDING PRINCIPAL
  PAYMENT DATES            AMORTIZATION PAYMENT DATE
-----------------------------------------------------
<S>                       <C>
June 30, 2002 and
September 30, 2002                     2.50%
-----------------------------------------------------
 December 31, 2002,
  March 31, 2003,
June 30, 2003 and
September 30, 2003                     3.75%
-----------------------------------------------------
December 31, 2003,
  March 31, 2004,
June 30, 2004 and
September 30, 2004                     5.00%
-----------------------------------------------------
December 31, 2004,
  March 31, 2005,
June 30, 2005 and
September 30, 2005                     6.25%
-----------------------------------------------------
December 31, 2005,
 March 31, 2006,
  June 30, 2006                        8.75%
-----------------------------------------------------
 Termination Date                   Unpaid Balance
</TABLE>

         SUBPART 2.3     Amendments to Section 4.4. Subsections (d) and (e) of
Section 4.4 of the Existing Credit Agreement are hereby amended in their
entireties to read as follows:

                 4.4     TERMINATION AND REDUCTION OF COMMITMENTS; INCREASE OF
         COMMITMENTS.

                                     *******

                  (d)      Increase in Commitments. Following the Third
         Amendment Effective Date, the Borrowers shall have the right, upon at
         least fifteen (15) Business Days' prior written notice to the U.S.
         Agent, to increase the Revolving U.S. Committed Amount, the Revolving
         Canadian Committed Amount and/or the U.S. Term Loan Committed Amount by
         the U.S. Dollar Amount (or the Canadian Dollar Equivalent) of up to
         U.S.$150,000,000 in the aggregate for all such increases, in one or
         more increases, at any time and from time to time, subject, however, in
         any such case, to satisfaction of the following conditions precedent:

<PAGE>

                           (i)      no Default or Event of Default has occurred
                  and is continuing on the date on which such increase is to
                  become effective;

                           (ii)     the representations and warranties set forth
                  in Section 6 of this Credit Agreement shall be true and
                  correct in all material respects on and as of the date on
                  which such increase is to become effective;

                           (iii)    such increase shall be (A) in respect of any
                  increase in the Revolving U.S. Committed Amount or the U.S.
                  Term Loan Committed Amount, an integral multiple of
                  U.S.$1,000,000 and shall in no event be less than
                  U.S.$5,000,000 and (B) in respect of any increase in the
                  Revolving Canadian Committed Amount, an integral multiple of
                  the Canadian Dollar Equivalent of U.S.$1,000,000 and shall in
                  no event be less than the Canadian Dollar Equivalent of
                  U.S.$5,000,000;

                           (iv)     such requested increase shall be effective
                  on such date only to the extent that, on or before such date,
                  (A) the U.S. Agent shall have received and accepted a
                  corresponding amount of Additional Commitment(s) pursuant to a
                  commitment letter(s) acceptable to the U.S. Agent from one or
                  more lenders acceptable to the U.S. Agent and, with respect to
                  any lender that is not at such time a Lender hereunder, Airgas
                  and (B) each such lender shall have executed an agreement in
                  the form of Schedule 4.4 hereto (each such agreement a "New
                  Commitment Agreement"), accepted in writing therein by the
                  U.S. Agent and, with respect to any lender that is not at such
                  time a Lender hereunder, Airgas, with respect to the
                  Additional Commitment of such lender; and

                           (v)      the U.S. Agent shall have received all
                  documents (including resolutions of the board of directors of
                  Airgas and opinions of counsel to the applicable Borrower(s))
                  it may reasonably request relating to the corporate or other
                  necessary authority for and the validity of such increase in
                  the Revolving U.S. Committed Amount, the Revolving Canadian
                  Committed Amount and/or the U.S. Term Loan Committed Amount,
                  and any other matters relevant thereto, all in form and
                  substance reasonably satisfactory to the U.S. Agent; and

                           (vi) if the reallocation, if any, of outstanding
                  Loans among the Lenders in connection with such increase
                  results in the prepayment of Eurodollar Loans on a day which
                  is not the last day of an Interest Period with respect
                  thereto, Airgas shall have paid to each affected Lender such
                  amounts, if any, as may be required pursuant to Section 4.11.

                  (e)      Upon the effectiveness of the increase in the
         Revolving U.S. Committed Amount, the Revolving Canadian Committed
         Amount and/or the U.S. Term Loan Committed Amount, as applicable,
         pursuant to subsection (d), (i) the U.S. Commitment Percentage or the
         Canadian Commitment Percentage, as applicable, of each Lender shall be
         automatically adjusted to give effect to such increase, provided that
         the amount of each Lender's Revolving U.S. Commitment and Revolving
         Canadian Commitment (other than a

<PAGE>

         Lender whose Revolving U.S. Commitment or Revolving Canadian Commitment
         shall have been increased in connection with such increase) shall
         remain unchanged, (ii) the Borrowers, the Agents and the Lenders will
         use all commercially reasonable efforts to assign and assume
         outstanding Loans of the affected category to conform the respective
         amounts thereof held by each Lender to the respective U.S. Commitment
         Percentage or the Canadian Commitment Percentage, as applicable, as so
         adjusted, it being understood that the parties hereto shall use
         commercially reasonable efforts to avoid prepayment or assignment of
         any affected Loan that is a Eurodollar Loan on a day other than the
         last day of the Interest Period applicable thereto and (iii) in the
         case of an increase in the U.S. Term Loan Committed Amount, beginning
         with the Principal Amortization Payment Date next succeeding the date
         of such increase, the amount of each Principal Amortization Payment on
         the U.S. Term Loans shall be increased by the minimum amount that, when
         allocated ratably (based on outstandings) among all of the Lenders
         holding U.S. Term Loans immediately after giving effect to such
         increase in the U.S. Term Loan Committed Amount, would provide
         (assuming all other things to be equal) for each of the Lenders holding
         U.S. Term Loans immediately prior to giving effect to such increase in
         the U.S. Term Loan Committed Amount to receive in connection with such
         Principal Amortization Payment an amount at least equal to the amount
         that such Lender would have received had such increase in the U.S. Term
         Loan Committed Amount (and the corresponding adjustment to such
         Principal Amortization Payment pursuant to this Section 4.4(e)) not
         taken place.

         SUBPART 2.4       Amendments to Section 7.1. Subsection (c) of Section
7.1 of the Existing Credit Agreement is hereby amended in its entirety to read
as follows:

                  7.1      INFORMATION COVENANTS.

                  The Credit Parties will furnish, or cause to be furnished, to
         each of the Agents and each of the Lenders:

                                     *******

                  (c)      Officer's Certificate. At the time of delivery of the
         financial statements provided for in Sections 7.1(a) and 7.1(b) above,
         a certificate of an Executive Officer of Airgas substantially in the
         form of Schedule 7.1(c), (i) demonstrating compliance with the
         financial covenants contained in Section 7.10 by calculation thereof as
         of the end of each such fiscal period, (ii) including a description of
         adjustments to Consolidated EBITDA (of the type described in clause (H)
         of the definition thereof) attributable to the Willow Acquisition,
         (iii) stating that no Default or Event of Default exists, or if any
         Default or Event of Default does exist, specifying the nature and
         extent thereof and what action the Credit Party proposes to take with
         respect thereto and (iv) if the Consolidated Total Leverage Ratio as of
         the end of the applicable fiscal period exceeds 3.0 to 1.0, including
         calculations of (A) Consolidated Free Cash Flow for the four fiscal
         quarter period then ended and (B) all Restricted Payments declared or
         made by the Consolidated Parties during the four fiscal quarter period
         then ended.

<PAGE>

         SUBPART 2.5       Amendments to Section 8.1. Section 8.1 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows:

                  8.1      INDEBTEDNESS.

                  The Credit Parties will not permit any Consolidated Party to
         contract, create, incur, assume or permit to exist any Indebtedness,
         except:

                           (a)      Indebtedness arising under this Credit
                  Agreement and the other Credit Documents;

                           (b)      Indebtedness of Airgas and its Subsidiaries
                  set forth in Schedule 8.1 (and renewals, refinancings and
                  extensions thereof on terms and conditions no less favorable
                  to such Person than such existing Indebtedness);

                           (c)      purchase money Indebtedness and obligations
                  under Capital Leases or Synthetic Leases hereafter incurred by
                  any of the Consolidated Parties or assumed or acquired by any
                  of the Consolidated Parties in connection with a Permitted
                  Investment; provided that (i) the total of all such
                  Indebtedness for all such Persons taken together shall not
                  exceed an aggregate principal amount of $25,000,000 at any one
                  time outstanding; (ii) such Indebtedness when incurred shall
                  not exceed the purchase price of the asset(s) financed; and
                  (iii) no such Indebtedness shall be refinanced for a principal
                  amount in excess of the principal balance outstanding thereon
                  at the time of such refinancing;

                           (d)      Acquisition Indebtedness; provided that (i)
                  the total of all such Indebtedness for all such Persons taken
                  together plus the aggregate outstanding principal amount of
                  all Indebtedness incurred pursuant to subsection (c) above,
                  shall not exceed an aggregate principal amount of $50,000,000
                  at any one time outstanding; (ii) such Indebtedness was not
                  created in anticipation of the related Permitted Acquisition;
                  and (iii) unless otherwise permitted by this Section 8.1, no
                  such Indebtedness shall be refinanced;

                           (e)      obligations of the Borrowers in respect of
                  Hedging Agreements entered into in order to manage existing or
                  anticipated interest rate or exchange rate risks and not for
                  speculative purposes;

                           (f)      intercompany Indebtedness and Guaranty
                  Obligations permitted under Section 8.5;

                           (g)      Subordinated Debt;

                           (h)      the Permitted Receivables Financing;

                           (i)      (1) Permitted Unsecured Indebtedness to the
                  extent such Indebtedness is backed or guaranteed by a U.S.
                  Letter

<PAGE>

                  of Credit or a Canadian Letter of Credit and (2) other
                  Permitted Unsecured Indebtedness in an aggregate principal
                  amount not to exceed $25,000,000;

                           (j)      Indebtedness in respect of performance, bid
                  and surety bonds and completion guarantees provided by Airgas
                  or any of its Subsidiaries in the ordinary course of business;

                           (k)      during the 180-day period immediately
                  succeeding the first date as of which National Welders becomes
                  a Restricted Subsidiary, if ever, Indebtedness of National
                  Welders outstanding as of such date; and

                           (l)      other unsecured Indebtedness of Airgas
                  issued on terms substantially the same as the terms contained
                  in the Medium Term Indenture, as in effect on the Closing
                  Date, provided that the aggregate outstanding principal amount
                  of all such Indebtedness shall not to exceed $200,000,000.

         SUBPART 2.6       Amendments to Section 8.4. Subsection (b) of Section
8.4 of the Existing Credit Agreement is hereby amended in its entirety to read
as follows:

                  8.4      CONSOLIDATION, MERGER, AMALGAMATION OR SALE.

                                     *******

                  (b)      The Credit Parties will not permit any Consolidated
         Party to make any Asset Disposition other than an Excluded Asset
         Disposition unless (i) except with respect to an Involuntary
         Disposition, the consideration paid in connection therewith (A) shall,
         except to the extent constituting an Asset Exchange, be at least 75%
         cash or Cash Equivalents and (B) shall be in an amount not less than
         the fair market value of the Property disposed of, (ii) the aggregate
         net book value of the Property disposed of by all Consolidated Parties
         shall not exceed (A) $50,000,000 for all such transactions other than
         Involuntary Dispositions during any fiscal year, and (B) $100,000,000
         for all such transactions other than Involuntary Dispositions after the
         Closing Date, (iii) the consideration received for any Property
         disposed of in any such transaction other than an Involuntary
         Disposition shall not be less than the fair market value of such
         Property, (iv) each such transaction other than an Involuntary
         Disposition involving Property having a net book value of
         U.S.$5,000,000 or more shall be on an arms-length basis with a wholly
         independent third party, (v) if the net book value of the Property
         subject to such Asset Disposition exceeds $15,000,000, no later than
         five (5) Business Days prior to such Asset Disposition, Airgas shall
         have delivered to the U.S. Agent (A) a Pro Forma Compliance Certificate
         demonstrating that, upon giving effect on a Pro Forma Basis to such
         transaction, Airgas would be in compliance with the financial covenants
         set forth in Sections 7.10(a) - (c) and (B) a certificate of an
         Executive Officer of Airgas specifying the anticipated date of such
         Asset Disposition, briefly describing the assets to be sold or
         otherwise disposed of and setting forth the net book value of such
         assets, the aggregate consideration and the Net Cash Proceeds to be
         received for such assets in connection with such Asset Disposition, and
         (vi) to the extent required by Section 4.3(b)(iii), Airgas shall,
         within the Application Period, apply (or cause to be applied)

<PAGE>

         an amount equal to the Net Cash Proceeds of such Asset Disposition to
         (A) make Eligible Reinvestments or (B) prepay the Loans (and cash
         collateralize U.S. LOC Obligations and Canadian LOC Obligations) in
         accordance with the terms of Section 4.3(b)(iii). Notwithstanding
         anything to the contrary contained in this Credit Agreement, no Credit
         Party shall permit any Consolidated Party to engage in or be a party to
         any Securitization Transaction other than the Permitted Receivables
         Financing.

         SUBPART 2.7       Amendments to Section 8.5. Section 8.5 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows:

                  8.5      INVESTMENTS.

                  The Credit Parties will not permit any Consolidated Party to
         make any Investments, except for:

                           (a)      Investments consisting of cash and Cash
                  Equivalents;

                           (b)      Investments consisting of accounts
                  receivable created, acquired or made by any Consolidated Party
                  in the ordinary course of business and payable or
                  dischargeable in accordance with customary trade terms;

                           (c)      Investments consisting of Capital Stock,
                  obligations, securities or other property received by any
                  Consolidated Party in settlement of accounts receivable
                  (created in the ordinary course of business) from bankrupt
                  obligors;

                           (d)      Investments existing as of the Closing Date
                  and set forth in Schedule 8.5;

                           (e)      Investments consisting of advances or loans
                  to directors, officers, employees, agents, customers or
                  suppliers that do not exceed $5,000,000 in the aggregate at
                  any one time outstanding;

                           (f)      Investments in any U.S. Credit Party;

                           (g)      Investments by any Canadian Subsidiary in
                  any Canadian Credit Party;

                           (h)      any Eligible Reinvestment of the proceeds of
                  any Asset Disposition as contemplated by Section 8.4(b)(v),
                  provided that prior to a Full Collateralization Date, this
                  subsection (h) shall not apply to limit Investments made with
                  the proceeds of an Asset Disposition;

                           (i)      (i) the Willow Acquisition and (ii) after
                  the first to occur of (x) the date, if any, that the Willow
                  Purchase Agreement is terminated in accordance with Section 15
                  thereof and (y) April 1, 2002, other Investments consisting of
                  an Acquisition by Airgas or any Subsidiary of Airgas, provided
                  that (A) the Property

<PAGE>

                  acquired (or the Property of the Person acquired) in such
                  Acquisition is used or useful in the same or a similar or
                  ancillary line of business as Airgas and its Subsidiaries were
                  engaged in on the Closing Date (or any reasonable extensions
                  or expansions thereof), (B) to the extent applicable, the U.S.
                  Agent shall have received all items in respect of the Capital
                  Stock or Property acquired in such Acquisition required to be
                  delivered by the terms of Section 7.12 and/or Section 7.13,
                  (C) in the case of an Acquisition of the Capital Stock of
                  another Person, the board of directors (or other comparable
                  governing body) of such other Person shall have duly approved
                  such Acquisition, (D) Airgas shall have delivered to the U.S.
                  Agent (1) a Pro Forma Compliance Certificate demonstrating
                  that, upon giving effect to such Acquisition on a Pro Forma
                  Basis, Airgas would be in compliance with the financial
                  covenants set forth in Sections 7.10(a) - (c) and (2) if the
                  EBITDA for the four fiscal quarter period ending prior to the
                  date of such Acquisition attributable to the Person or
                  Property acquired in such Acquisition exceeds $10,000,000, a
                  consolidated balance sheet and income statement of such Person
                  or Property, together with related consolidated statements of
                  operations and retained earnings and of cash flows for such
                  four fiscal quarter period with respect to such Person or
                  Property which have been prepared in accordance with GAAP and
                  reviewed by an independent certified public accountant of
                  recognized national standing reasonably acceptable to the U.S.
                  Agent, (E) the representations and warranties made by the
                  Credit Parties in any Credit Document shall be true and
                  correct in all material respects at and as if made as of the
                  date of such Acquisition (after giving effect thereto) except
                  to the extent such representations and warranties expressly
                  relate to an earlier date and (F) the Eligible Consideration
                  paid by the Consolidated Parties for such Acquisition, taken
                  together with the Eligible Consideration paid by the
                  Consolidated Parties for all Acquisitions previously
                  consummated during the then current fiscal year and the amount
                  of all Investments (excluding any Investments made with
                  Capital Stock of Airgas or the proceeds of any Equity Issuance
                  by Airgas consummated subsequent to the Closing Date) made by
                  the Consolidated Parties pursuant to Section 8.5(l) during the
                  then current fiscal year, shall not exceed, after giving
                  effect to such Acquisition, (1) if the Consolidated Total
                  Leverage Ratio as of the most recent fiscal quarter end
                  preceding the date of such Acquisition with respect to which
                  the U.S. Agent has received the Required Financial Information
                  is 4.0 to 1.0 or greater, $12,500,000, or (2) if the
                  Consolidated Total Leverage Ratio as of the most recent fiscal
                  quarter end preceding the date of such Acquisition with
                  respect to which the U.S. Agent has received the Required
                  Financial Information is less than 4.0 to 1.0, (A)
                  $150,000,000, if the Applicable Percentage is based on
                  "Pricing Level I", "Pricing Level II", "Pricing Level III" or
                  "Pricing Level IV" at the time of such Acquisition or (B)
                  $50,000,000, if the Applicable Percentage is based on "Pricing
                  Level V" or "Pricing Level VI" at the time of such
                  Acquisition.

                           (j)      Investments (other than Acquisitions)
                  consisting of non-cash consideration received by a
                  Consolidated Party in connection with any Asset Disposition
                  permitted by Section 8.4(b);

<PAGE>

                           (k)      Investments by any Credit Party in the
                  Receivables Subsidiary made as part of the Permitted
                  Receivables Financing;

                           (l)      to the extent not constituting an
                  Acquisition, additional Investments in the Capital Stock of
                  National Welders; or

                           (m)      other Investments not constituting
                  Restricted Payments and not listed above in an aggregate
                  amount not to exceed $10,000,000.

         SUBPART 2.8       Amendments to Section 8.6. Section 8.6 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows:

                  8.6      RESTRICTED PAYMENTS.

                  The Credit Parties will not permit any Consolidated Party to
         directly or indirectly declare, order, make or set apart any sum for or
         pay any Restricted Payment, except (i) to make dividends payable solely
         in the same class of Capital Stock of such Person, (ii) to make
         dividends or other distributions payable to a Credit Party (directly or
         indirectly through Subsidiaries of a Credit Party), (iii) as permitted
         by Section 8.7 and (iv) other Restricted Payments so long as (a) no
         Default or Event of Default shall have occurred and be continuing at
         the time of any such Restricted Payment or shall result upon giving
         effect thereto and (b) either (1) at the time of any such Restricted
         Payment, the Consolidated Total Leverage Ratio for each of the two
         fiscal quarters most recently ended for which Airgas has delivered the
         Required Financial Information does not exceed 3.0 to 1.0 or (2) the
         aggregate amount of such Restricted Payments does not exceed during any
         period of four consecutive fiscal quarters of the Consolidated Parties
         the lesser of (x) $17.5 million and (y) 20% of Consolidated Free Cash
         Flow for such period. For purposes of the foregoing, (i) on any
         calculation date for purposes of this Section 8.6 occurring on or
         before June 30, 2003, the amount of Restricted Payments made after the
         Third Amendment Effective Date and on or before such calculation date
         shall be deemed to be the actual amount of such Restricted Payment
         multiplied by 4, (ii) on any calculation date for purposes of this
         Section 8.6 occurring after June 30, 2003 and on or before September
         30, 2003, the amount of Restricted Payments made after the Third
         Amendment Effective Date and on or before such calculation date shall
         be deemed to be the actual amount of such Restricted Payment multiplied
         by 2 and (iii) on any calculation date for purposes of this Section 8.6
         occurring after September 30, 2003 and on or before December 31, 2003,
         the amount of Restricted Payments made after the Third Amendment
         Effective Date and on or before such calculation date shall be deemed
         to be the actual amount of such Restricted Payment multiplied by 1.333.

         SUBPART 2.9       Amendments to Section 8.9. Section 8.9 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows:

                  8.9      LIMITATION ON RESTRICTED ACTIONS.

<PAGE>

                  The Credit Parties will not permit any Consolidated Party to
         directly or indirectly, create or otherwise cause or suffer to exist or
         become effective any encumbrance or restriction on the ability of any
         such Person to (a) make Restricted Payments, (b) pay any Indebtedness
         or other obligation owed to any Credit Party, (c) make loans or
         advances to any Credit Party, (d) sell, lease or transfer any of its
         Property to any Credit Party, or (e) act as a Credit Party and pledge
         its assets (other than Excluded Property) pursuant to the Credit
         Documents or any renewals, refinancings, exchanges, refundings or
         extension thereof, except (in respect of any of the matters referred to
         in clauses (a)-(d) above and, solely with respect to the Medium Term
         Notes and the Medium Term Indenture, clause (e) above) for such
         encumbrances or restrictions existing under or by reason of (i) this
         Credit Agreement and the other Credit Documents, (ii) any Junior
         Financing Documentation, provided that the encumbrances and
         restrictions relating to any Consolidated Party in such document or
         instrument are no more restrictive than the corresponding encumbrances
         and restrictions contained in the Subordinated Note Indenture and the
         Subordinated Notes, in each case as in effect as of the Closing Date,
         (iii) applicable law, (iv) any document or instrument governing
         Indebtedness incurred pursuant to Section 8.1(c), provided that any
         such restriction contained therein relates only to the asset or assets
         constructed or acquired in connection therewith, (v) the Medium Term
         Indenture, as in effect as of the Closing Date, and any document or
         instrument governing Indebtedness incurred pursuant to Section 8.1(l),
         (vi) any Permitted Lien or any document or instrument governing any
         Permitted Lien, provided that any such restriction contained therein
         relates only to the asset or assets subject to such Permitted Lien,
         (vii) customary restrictions and conditions contained in any agreement
         relating to the sale of any Property permitted under Section 8.4(b)
         pending the consummation of such sale or (viii) customary restrictions
         and conditions contained in leases and other contracts restricting the
         assignment thereof.

         SUBPART 2.10      Amendments to Section 8.11. Section 8.11 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows:

                  8.11     NO FURTHER NEGATIVE PLEDGES.

                  The Credit Parties will not permit any Consolidated Party to
         enter into, assume or become subject to any agreement prohibiting or
         otherwise restricting the existence of any Lien upon any of its
         Property in favor of the U.S. Agent or the Collateral Agent (in each
         case, for the benefit of the Lenders) for the purpose of securing the
         Credit Party Obligations, whether now owned or hereafter acquired, or
         requiring the grant of any security for any obligation if such Property
         is given as security for the Credit Party Obligations, except (a) in
         connection with any document or instrument governing Indebtedness
         incurred pursuant to Section 8.1(c), provided that any such restriction
         contained therein relates only to the asset or assets constructed or
         acquired in connection therewith, (b) in connection with any Permitted
         Lien or any document or instrument governing any Permitted Lien,
         provided that any such restriction contained therein relates only to
         the asset or assets subject to such Permitted Lien and (c) pursuant to
         customary restrictions and conditions contained in any agreement
         relating to the sale of any Property permitted under Section 8.4(b),
         pending the consummation of such sale, (d) the Medium Term Indenture,
         as in effect as

<PAGE>

         of the Closing Date, and any document or instrument governing
         Indebtedness incurred pursuant to Section 8.1(l), and (e) customary
         restrictions and conditions contained in leases and other contracts
         restricting the assignment thereof.

         SUBPART 2.11      Deletion of Section 8.13. Section 8.13 of the
Existing Credit Agreement is hereby deleted in its entirety.

         SUBPART 2.12      Replacement of Schedule 4.4. Schedule 4.4 to the
Existing Credit Agreement is hereby deleted in its entirety and a new Schedule
4.4 in the form of Schedule 4.4 attached hereto is substituted therefor.

         SUBPART 2.13      Replacement of Schedule 7.1(c). Schedule 7.1(c) to
the Existing Credit Agreement is hereby deleted in its entirety and a new
Schedule 7.1(c) in the form of Schedule 7.1(c) attached hereto is substituted
therefor.

                                    PART III
                           CONDITIONS TO EFFECTIVENESS

         This Amendment shall be and become effective as of the date hereof (the
"Third Amendment Effective Date") provided that all of the conditions set forth
in this Part III shall have been satisfied on or prior to such date.

         SUBPART 3.1       Execution of Counterparts of Amendment. The U.S Agent
shall have received counterparts of this Amendment on or before May 2, 2003,
which collectively shall have been duly executed on behalf of each of the
Borrowers, the Guarantors and the Required Lenders.

         SUBPART 3.2       Corporate Documents. The U.S Agent shall have
received the following:

                  (i)      Resolutions. Copies of resolutions of the Board of
         Directors of each Credit Party approving and adopting this Amendment,
         the transactions contemplated therein and authorizing execution and
         delivery thereof, certified by a secretary or assistant secretary of
         such Credit Party to be true and correct and in force and effect as of
         the Third Amendment Effective Date.

                  (ii)     Good Standing. Copies of certificates of good
         standing, existence or its equivalent with respect to Airgas certified
         as of a recent date by the appropriate Governmental Authorities of the
         state of incorporation and the state of the chief executive office and
         principal place of business.

                  (iii)    Incumbency. An incumbency certificate of each Credit
         Party certified by a secretary or assistant secretary to be true and
         correct as of the Third Amendment Effective Date.

<PAGE>

         SUBPART 3.3       Opinion of Counsel. The U.S. Agent shall have
received a legal opinion of Cravath, Swaine & Moore LLP dated as of the Third
Amendment Effective Date and in form and substance reasonably satisfactory to
the U.S. Agent.

         SUBPART 3.4       Amendment Fee. For the account of each Lender
approving this Amendment on before 5:00 p.m., Charlotte, North Carolina time, on
May 1, 2003, the U.S. Agent shall have received an amendment fee equal to 10
basis points on the amount equal to the sum of (i) such Lender's Commitments
plus (ii) the outstanding U.S. Term Loans held by such Lender.

         SUBPART 3.5      Representations and Warranties. The representations
and warranties made by the Credit Parties pursuant to Subpart 4.2 shall be true
and correct as of the Third Amendment Effective Date.

                                     PART IV
                                  MISCELLANEOUS

         SUBPART 4.1       Construction. This Amendment is a Credit Document
executed pursuant to the Existing Credit Agreement and shall (unless otherwise
expressly indicated therein) be construed, administered and applied in
accordance with the terms and provisions of the Amended Credit Agreement.

         SUBPART 4.2       Representations and Warranties. Each Credit Party
hereby represents and warrants that (i) each Credit Party that is party to this
Amendment: (a) has the requisite corporate power and authority to execute,
deliver and perform this Amendment, as applicable and (b) is duly authorized to,
and has been authorized by all necessary corporate action, to execute, deliver
and perform this Amendment, (ii) the representations and warranties contained in
Section 6 of the Amended Credit Agreement are true and correct in all material
respects on and as of the date hereof upon giving effect to this Amendment as
though made on and as of such date (except for those which expressly relate to
an earlier date) and (iii) no Default or Event of Default exists under the
Existing Credit Agreement on and as of the date hereof upon giving effect to
this Amendment.

         SUBPART 4.3       Acknowledgment. The Guarantors acknowledge and
consent to all of the terms and conditions of this Amendment and agree that this
Amendment does not operate to reduce or discharge the Guarantors' obligations
under the Amended Credit Agreement or the other Credit Documents. The Guarantors
further acknowledge and agree that the Guarantors have no claims, counterclaims,
offsets, or defenses to the Credit Documents and the performance of the
Guarantors' obligations thereunder or if the Guarantors did have any such
claims, counterclaims, offsets or defenses to the Credit Documents or any
transaction related to the Credit Documents, the same are hereby waived,
relinquished and released in consideration of the Lenders' execution and
delivery of this Amendment.

<PAGE>

         SUBPART 4.4       Counterparts. This Amendment may be executed by the
parties hereto in several counterparts, each of which shall be deemed to be an
original and all of which shall constitute together but one and the same
agreement.

         SUBPART 4.5       Binding Effect. This Amendment, the Amended Credit
Agreement and the other Credit Documents embody the entire agreement between the
parties and supersede all prior agreements and understandings, if any, relating
to the subject matter hereof. These Credit Documents represent the final
agreement between the parties and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements of the parties. Except as
expressly modified and amended in this Amendment, all the terms, provisions and
conditions of the Credit Documents shall remain unchanged and shall continue in
full force and effect.

         SUBPART 4.6       GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         SUBPART 4.7       Severability. If any provision of this Amendment is
determined to be illegal, invalid or unenforceable, such provision shall be
fully severable and the remaining provisions shall remain in full force and
effect and shall be construed without giving effect to the illegal, invalid or
unenforceable provisions.

<PAGE>

                                  SCHEDULE 4.4

                                     FORM OF
                            NEW COMMITMENT AGREEMENT

         Reference is made to the Tenth Amended and Restated Credit Agreement
dated as of July 30, 2001 (as amended, modified, extended or restated from time
to time, the "Credit Agreement") by and among Airgas, Inc., a Delaware
corporation ("Airgas"), the other Credit Parties party thereto, the Lenders
party thereto, the Guarantors party thereto, Bank of America, N.A., as U.S.
Agent and Canadian Imperial Bank of Commerce, as Canadian Agent. All of the
defined terms in the Credit Agreement are incorporated herein by reference.

         1.       Effective as of the Effective Date set forth below, the
undersigned Lender hereby confirms its Additional Commitment, in an aggregate
principal amount of up to the amount specified below to [(i) make Revolving U.S.
Loans in accordance with the provisions of Section 2.1(a) of the Credit
Agreement, (ii) purchase participation interests in U.S. Letters of Credit in
accordance with the provisions of Section 2.3(c) of the Credit Agreement and
(iii) to purchase participation interests in the U.S. Swingline Loans in
accordance with the provisions of Section 2.4(b)(iii) of the Credit Agreement]*
[(i) make Revolving Canadian Loans in accordance with the provisions of Section
3.1(a) of the Credit Agreement, (ii) purchase participation interests in
Canadian Letters of Credit in accordance with the provisions of Section 3.3(c)
of the Credit Agreement and (iii) issue Bankers' Acceptances in accordance with
the provisions of Section 3.4 of the Credit Agreement] [make a U.S. Term Loan on
the Effective Date in accordance with the provisions of Section 2.5(a) of the
Credit Agreement]***. If the undersigned Lender is already a Lender under the
Credit Agreement, such Lender acknowledges and agrees that such Additional
Commitment is in addition to any existing Commitment of such Lender under the
Credit Agreement. If the undersigned Lender is not already a Lender under the
Credit Agreement, such Lender hereby acknowledges, agrees and confirms that, by
its execution of this New Commitment Agreement, such Lender will, as of the
Effective Date, be a party to the Credit Agreement and be bound by the
provisions of the Credit Agreement and, to the extent of its Commitment, have
the rights and obligations of a Lender thereunder.

         2.       This New Commitment Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

Amount of Additional Commitment                ______________________

Effective Date of Additional Commitment        ________________, 20__

*To be used if the New Commitment being provided is a Revolving U.S. Commitment

**To be used if the New Commitment being provided is a Revolving Canadian
Commitment

***To be used if the New Commitment being provided is a U.S. Term Loan
Commitment

<PAGE>

The terms set forth above
are hereby agreed to:

[Lender]

By:___________________________
Title:

CONSENTED TO (as required by the Credit Agreement):

BANK OF AMERICA, N.A.,
as U.S. Agent                               [AIRGAS, INC.]

By:____________________________             By:____________________________
Title:                                      Title:

<PAGE>

                                 SCHEDULE 7.1(c)

                    FORM OF OFFICER'S COMPLIANCE CERTIFICATE

        For the fiscal quarter ended _________________, 20___.

         I, ______________________, [Title] of Airgas, Inc. ("Airgas") hereby
certify that, to the best of my knowledge and belief, with respect to that
certain Tenth Amended and Restated Credit Agreement dated as of July 30, 2001
(as amended, modified, extended or restated from time to time, the "Credit
Agreement"; all of the defined terms in the Credit Agreement are incorporated
herein by reference) among Airgas, the Canadian Borrowers, the Lenders party
thereto, the Guarantors party thereto, Bank of America, N.A., as U.S. Agent and
Canadian Imperial Bank of Commerce, as Canadian Agent:

         a.       The company-prepared financial statements which accompany this
                  certificate are true and correct in all material respects and
                  have been prepared in accordance with GAAP (subject to Section
                  1.3 of the Credit Agreement) applied on a consistent basis,
                  subject to changes resulting from normal year-end audit
                  adjustments.

         b.       Since ___________ (the date of the last similar certification,
                  or, if none, the Closing Date) no Default or Event of Default
                  has occurred and is continuing under the Credit Agreement; and

Delivered herewith are detailed calculations demonstrating (i) compliance by the
Consolidated Parties with the financial covenants contained in Section 7.10 of
the Credit Agreement as of the end of the fiscal period referred to above and
(ii) if the Consolidated Total Leverage Ratio as of the end of the fiscal period
referred to above exceeds 3.0 to 1.0, (A) the amount of Consolidated Free Cash
Flow for the four fiscal quarter period ending as of the end of such fiscal
period and (B) the amount of all Restricted Payments declared or made by the
Consolidated Parties during the four fiscal quarter period ending as of the end
of such fiscal period.

        This ______ day of ___________, 20__.

                                               AIRGAS, INC.

                                               Name:___________________________

                                               Title:__________________________

<PAGE>

                       Attachment to Officer's Certificate

                       COMPUTATION OF FINANCIAL COVENANTS

<PAGE>

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
Amendment to be duly executed and delivered as of the date first above written.

BORROWERS:                                  AIRGAS, INC.

                                            By: /s/ Joseph C. Sullivan
                                                ----------------------
                                            Name: Joseph C. Sullivan
                                            Title: Vice President

                                            AIRGAS CANADA INC.

                                            By: /s/ Robert M. McLaughlin
                                                ------------------------
                                            Name: Robert M. McLaughlin
                                            Title: Vice President

                                            RED-D-ARC LIMITED

                                            By: /s/ Robert M. McLaughlin
                                                ------------------------
                                            Name: Robert M. McLaughlin
                                            Title: Vice President

<PAGE>

U.S.GUARANTORS:                             AIRGAS-EAST, INC.
                                            AIRGAS-GREAT LAKES, INC.
                                            AIRGAS-MID AMERICA, INC.
                                            AIRGAS-NORTH CENTRAL, INC.
                                            AIRGAS-SOUTH, INC.
                                            AIRGAS-GULF STATES, INC.
                                            AIRGAS-INTERMOUNTAIN, INC.
                                            AIRGAS-MID SOUTH, INC.
                                            AIRGAS-NORPAC, INC.
                                            AIRGAS-NORTHERN CALIFORNIA &
                                              NEVADA, INC.
                                            AIRGAS-SOUTHWEST, INC.
                                            AIRGAS-WEST, INC.
                                            AIRGAS-SAFETY, INC.
                                            RUTLAND TOOL & SUPPLY CO., INC.
                                            AIRGAS CARBONIC, INC.
                                            AIRGAS SPECIALTY GASES, INC.
                                            NITROUS OXIDE CORP.
                                            PURITAN MEDICAL PRODUCTS, INC.
                                            RED-D-ARC, INC.
                                            AIRGAS DATA, LLC

                                            By: /s/ Robert M. McLaughlin
                                                ------------------------
                                            Name: Robert M. McLaughlin
                                            Title: Vice President

                                            ATNL, INC.

                                            By: /s/ Connie S. Linhart
                                                ---------------------
                                            Name: Connie S. Linhart
                                            Title: President

CANADIAN SUBSIDIARY
GUARANTORS:                                 AIRGAS INTERNATIONAL, INC.
                                            AIRGAS, S.A. DE C.V.

                                            By: /s/ Joseph C. Sullivan
                                                ----------------------
                                            Name: Joseph C. Sullivan
                                            Title: Vice President

<PAGE>

U.S. AGENT:                                 BANK OF AMERICA, N.A.,
                                            as US Agent

                                            By: /s/ Donald J. Chin
                                                ------------------
                                            Name: Donald J. Chin
                                            Title: Managing Director

<PAGE>

U.S. LENDERS:                 BANK OF AMERICA, N.A.

                              By: /s/ Donald J. Chin
                                  -------------------
                              Name: Donald J. Chin
                              Title: Managing Director

                              BANCA NAZIONALE DEL LAVARO S.P.A
                              NEW YORK BRANCH

                              By: /s/ Frederic W. Hall
                                  --------------------
                              Name: Frederic W. Hall
                              Title: Vice President

                              By: /s/ Leonardo Valentini
                                  ----------------------
                              Name: Leonardo Valentini
                              Title: First Vice President

                              THE BANK OF NEW YORK

                              By: /s/ David S. Csatari
                                  --------------------
                              Name: David S. Csatari
                              Title: Vice President

                              BANK OF TOYKO-MITSUBISHI TRUST COMPANY

                              By: /s/ P. Shah
                                  -----------
                              Name: P. Shah
                              Title: Vice President

                              CIBC INC.

                              By: /s/ Lindsay Gordon
                                  ------------------
                              Name: Lindsay Gordon
                              Title: Executive Director

                              JP MORGAN CHASE BANK

                              By: /s/ Lee Brennan
                                  ---------------
                              Name: Lee Brennan
                              Title: Vice President

                              WACHOVIA BANK, NATIONAL ASSOCIATION

                              By: /s/ Barbara Van Meerten
                                  -----------------------
                              Name: Barbara Van Meerten
                              Title: Director

<PAGE>

                              PNC BANK, NATIONAL ASSOCIATION

                              By: /s/ Frank A. Pugliese
                                  ---------------------
                              Name: Frank A. Pugliese
                              Title: Vice President

                              FLEET NATIONAL BANK

                              By: /s/ Marwan Isbaih
                                  -----------------
                              Name: Marwan Isbaih
                              Title: Director

                              MELLON BANK, N.A.

                              By: /s/ William M. Feathers
                                  -----------------------
                              Name: William M. Feathers
                              Title: Vice President

                              NATIONAL CITY BANK

                              By: /s/ Thomas J. McDonnell
                                  -----------------------
                              Name: Thomas J. McDonnell
                              Title: Senior Vice President

                              BANK OF OKLAHOMA, N.A.

                              By: /s/ Pamela J. Amburgy
                                  ---------------------
                              Name: Pamela J. Amburgy
                              Title: Vice President

                              FARMER & MERCHANTS BANK OF CENTRAL
                                CALIFORNIA

                              By: /s/ Ken Smith
                                  -------------
                              Name: Ken Smith
                              Title: Senior Vice President - Credit Admin

                              MERRILL LYNCH BUSINESS FINANCIAL
                              SERVICES INC.

                              By: /s/ Randall R. Meck
                                  -------------------
                              Name: Randall R. Meck
                              Title: Vice President

<PAGE>

            AIB DEBT MANAGEMENT LTD.

            By: /s/ John Farrace                By: /s/ Rita Terradista
                ----------------                    -------------------
            Name: John Farrace                  Name: Rita Terradista
            Title: Senior Vice President        Title: Senior Vice President

            JISSEKIKUN FUNDING, LTD.
            SEQUILS-MAGNUM, LTD.
             C/O PACIFIC INVESTMENT MANAGEMENT COMPANY LLC

            By:
            Name:
            Title:

            HARCH CLO I LIMITED
              C/O HARCH CAPITAL MANAGEMENT

            By: /s/ Michael E. Lewitt
                ---------------------
            Name: Michael E. Lewitt
            Title: Authorized Signatory

            LAGUNA FUNDING, LLC

            By: /s/ Ann E. Morris
                -----------------
            Name: Ann E. Morris
            Title: Asst Vice President

            MONUMENT CAPITAL LTC., AS ASSIGNEE

            By: Alliance Capital Management L.P.,
                     as Investment Manager
            By: Alliance Capital Management Corporation,
                     as General Partner

            By: /s/ Joel Serebransky
                --------------------
            Name: Joel Serebransky
            Title: Senior Vice President

            BANK LEUMI USA

            By: /s/ Joung Hee Hong
                ------------------
            Name: Joung Hee Hong
            Title: Vice President

<PAGE>

                              OCTAGON INVESTMENT PARTNERS III, LTD.
                              BY: OCTAGON CREDIT INVESTORS, LLC
                                  AS PORTFOLIO MANAGER

                              By: /s/Michael B. Nechamkin
                                  -----------------------
                              Name: Michael B. Nechamkin
                              Title: Portfolio Manager

                              ADDISON CDO, LIMITED (#1279)
                              By: Pacific Investment Management Company LLC,
                                  as its Investment Advisor

                                  By: /s/ Mohan V. Phansalkar
                                      -----------------------
                                          Mohan V. Phansalkar
                                          Executive Vice President

                              JISSEKIKUN FUNDING, LTD. (#1288)
                              By: Pacific Investment Management Company LLC,
                                  as its Investment Advisor

                                  By: /s/ Mohan V. Phansalkar
                                      -----------------------
                                          Mohan V. Phansalkar
                                          Executive Vice President

                              SEQUILS-MAGNUM, LTD. (1280)
                              By: Pacific Investment Management Company LLC,
                                  as its Investment Advisor

                                  By: /s/ Mohan V. Phansalkar
                                      -----------------------
                                          Mohan V. Phansalkar
                                          Executive Vice President

                              WRIGLEY CDO, LTD. (#1285)
                              By: Pacific Investment Management Company LLC,
                                  as its Investment Advisor

                                  By: /s/ Mohan V. Phansalkar
                                  ---------------------------
                                          Mohan V. Phansalkar
                                          Executive Vice President

<PAGE>

CANADIAN AGENT:               CANADIAN IMPERIAL BANK OF COMMERCE

                              By: /s/ Lindsay Gordon
                                  ------------------
                              Name: Lindsay Gordon
                              Title: Executive Director

                              By:
                              Name:
                              Title:

CANADIAN LENDERS:             CANADIAN IMPERIAL BANK OF COMMERCE

                              By: /s/ Lindsay Gordon
                                  ------------------
                              Name: Lindsay Gordon
                              Title: Executive Director

                              BANK OF AMERICA, N.A.
                              (CANADA BRANCH)

                              By: /s/ Medina Sales de Andrade
                                  ---------------------------
                              Name: Medina Sales de Andrade
                              Title: Assistant Vice-President

                              MELLON BANK, N.A., CANADA BRANCH

                              By: /s/ Wendy B. H. Bocti
                                  ---------------------
                              Name: Wendy B. H. Bocti
                              Title: Principal Officer<PAGE>

EXHIBIT 10.7

                                  AIRGAS, INC.
                       1997 STOCK OPTION PLAN, AS AMENDED

          (EFFECTIVE MAY 15, 1997, AND AS AMENDED THROUGH MAY 7, 2002)

         1.       Purpose. AIRGAS, INC. (the "Company") hereby adopts the
Airgas, Inc. 1997 Stock Option Plan effective May 15, 1997 (the "Plan") as an
additional incentive to eligible employees and eligible independent contractors
(as determined under Section 3) to enter into or remain in the employ or service
of the Company or any Affiliate (as defined below) and to devote themselves to
the Company's success by providing them with an opportunity to acquire or
increase their proprietary interest in the Company through receipt of (a) rights
(the "Options") to purchase the Company's Common Stock, par value $0.01 per
share (the "Common Stock") or (b) Common Stock subject to conditions of
forfeiture (the "Restricted Stock Awards"). Each Option granted under the Plan
shall specify whether or not it is intended to be an incentive stock option
("ISO") within the meaning of section 422(b) of the Internal Revenue Code of
1986, as amended (the "Code") or a nonstatutory stock option ("NSO") for federal
income tax purposes. For purposes of the Plan, the term "Affiliate" shall mean a
corporation which is a parent corporation or a subsidiary corporation with
respect to the Company within the meaning of section 424(e) or (f) of the Code.

         2.       Administration.

                  (a)      Committee. The Plan shall be administered by the
Governance and Compensation Committee designated by the Company's Board of
Directors (the "Committee") which shall consist of at least two persons, each of
whom is a "non-employee director" as defined under Rule 16b-3 under the
Securities Exchange Act of 1934 (the "Exchange Act"), and an "outside director"
as defined under section 162(m) of the Code (the "Non-Employee Director"). If
any Committee member does not qualify as a Non-Employee Director, then such
member shall not participate in any way with respect to Committee action under
the Plan and shall not be treated as a member of the Committee for purposes of
the Plan.

                  (b)      Meetings. The Committee shall hold meetings at such
times and places as it may determine. Acts approved at a meeting by a majority
of the directors who are members of the Committee and present at a meeting at
which there is a quorum or acts approved in writing by the unanimous consent of
the directors who are members of the Committee (not counting any director who is
an employee for either purpose) shall be the valid acts of the Committee.

                  (c)      Grants. The Committee shall from time to time at its
discretion direct the Company to grant Options or Restricted Stock Awards
pursuant to the terms of the Plan. Subject to the express provisions of the
Plan, the Committee shall have plenary authority to determine the persons to
whom and the times at which Options or Restricted Stock Awards shall be granted,
the number of shares of Common Stock to be granted under an Option or Restricted
Stock Award and the price and other terms and conditions thereof, including a
specification with respect to whether or not an Option is intended to be an ISO.
In making such determinations the Committee may take into account the nature of
the person's services and responsibilities, the person's present and potential
contribution to the Company's success and such other factors as it may deem
relevant. The Committee's interpretation of any provision of the Plan or of any
Option or Restricted Stock Award granted under it shall be final, binding and
conclusive.

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                  (d)      Exculpation. Each Committee member shall be acting in
the capacity of a director of the Company for the purpose of Article VI of the
Company's Certificate of Incorporation in connection with the administration of
the Plan or the granting of Options or Restricted Stock Awards under the Plan.

                  (e)      Indemnification. Each Committee member shall be
entitled to indemnification by the Company in accordance with the provisions and
limitations of Article VII of the Company's Bylaws, as the same may be amended
from time to time, in connection with or arising out of any action, suit or
proceeding with respect to the administration of the Plan or the granting of
Options or Restricted Stock Awards under the Plan in which he may be involved by
reason of his being or having been a Committee member, whether or not he
continues to be a Committee member at the time of the action, suit or
proceeding.

         3.       Eligibility. All persons the Company or its Affiliates employ
as employees or retain as independent contractors (other than directors who are
not employees) who, in the Committee's judgment, hold positions of
responsibility or whose performance can have a significant or material effect on
the Company's long-term success or achievement of specific objectives shall be
eligible to participate (the "Participants"). The Committee, in its sole
discretion, shall determine whether an individual qualifies as a Participant.
Subject to the Plan's terms and restrictions, a Participant may receive more
than one Option or Restricted Stock Award; provided, however, a Participant may
not receive Options and Restricted Stock Awards in any one calendar year for
more than an aggregate of 1,000,000 Shares. A Participant who is an independent
contractor may not receive an Option which is intended to be an ISO.

         4.       Available Shares. The aggregate maximum number of shares of
the Common Stock for which the Committee may issue Options or Restricted Stock
Awards under the Plan is 11,200,000 shares, adjusted as provided in Section 9
(the "Plan Shares" or "Shares"); provided, however, the Committee may not issue
more than 1,000,000 Shares as Restricted Stock Awards in the aggregate, and
Restricted Stock Awards under this Plan and the Company's 1997 Directors' Stock
Option Plan in any calendar year may not exceed 0.5% of the shares of Common
Stock issued and outstanding on any date of grant. Plan Shares shall be issued
from authorized and unissued Common Stock or Common Stock held in or hereafter
acquired for the Company's treasury. If any outstanding Option or Restricted
Stock Award granted under the Plan expires, lapses or is terminated for any
reason, the Plan Shares allocable to the unexercised portion of such Option or
forfeited portion of such Restricted Stock Award may again be the subject of
grant pursuant to the Plan.

         5.       Term of Plan. The Plan is effective as of May 15, 1997, the
date on which it was adopted by the Company's Board of Directors. No Option or
Restricted Stock Award granted under the Plan shall be exercisable or
nonforfeitable unless the Plan is approved by vote of a majority of the
outstanding voting stock of the Company on or before May 15, 1998. No Option or
Restricted Stock Award may be granted under the Plan after May 15, 2007.

         6.       Terms and Conditions of Options. Options granted pursuant to
the Plan shall be evidenced by written documents (the "Option Documents") in
such form or forms as the Committee shall from time to time approve. Option
Documents shall comply with and be subject to the terms and conditions set forth
below and such other terms and conditions which the Committee shall from time to
time specify with respect to a particular Option or Options provided they are
not inconsistent with the terms of the Plan. The applicable terms need not be
uniform between or among Options.

                  (a)      Number of Shares. Each Option Document shall state
the number of Shares to which it pertains.

                  (b)      Option Price. Each Option Document shall state the
price at which Shares under Option may be purchased (the "Option Price"), which
shall be at least 100% of the Common Stock's closing price on the

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New York Stock Exchange (or such other exchange as the Committee selects) on the
date the Option is granted; provided, however, if an ISO is granted to a
Participant who then owns, directly or by attribution under section 424(d) of
the Code, shares possessing more than ten percent of the total combined voting
power of all classes of stock of the Company or an Affiliate, then the Option
Price for such ISO shall be at least 110% of the Common Stock's closing price on
the date the Option is granted.

                  (c)      Exercisability.

                           (i)      General Rule. Unless the Committee provides
otherwise in an Option Document, each Option granted under the Plan shall be
exercisable in cumulative equal installments of 25% of the Shares under Option
on each of the first four anniversaries of the date of grant provided the
Participant remains an employee of the Company or an Affiliate on such date(s).
Further, if a Participant terminates employment due to death, disability, or
retirement (as defined below) prior to the date an Option is 100% exercisable,
the installment which would become exercisable on the next anniversary shall
become exercisable. For the purposes of this Plan, a Participant's employment
will be deemed to terminate due to "retirement" if, on his termination date, the
Participant is at least age 65 or the sum of the Participant's age and completed
years of employment with the Company or an Affiliate measured from his date of
hire is at least 75. Except to the limited extent provided in the preceding
sentence, the portion of an Option which is exercisable shall be fixed on the
Participant's employment termination date. No Option shall be exercisable after
its term expires pursuant to subsection 6(e), 6(f) or 6(g).

                           (ii)     Change in Control. If a Change in Control of
the Company (as defined below) occurs, then all Options which both were not
exercisable and have not terminated as of the date of such "Change in Control"
shall as of such date become immediately exercisable except to the extent the
Participant waives such accelerated right to exercise. A "Change in Control"
shall be deemed to have taken place upon the date when (A) as a result of a
tender offer, stock purchase, other stock acquisition, merger, consolidation,
recapitalization, reverse split, sale or transfer of any asset or other
transaction any person or group (as such terms are used in and under Section
13(d) of the Exchange Act) other than the Company, any Affiliate, or any
employee benefit plan of the Company or an Affiliate, shall become the
beneficial owner (as defined in Rule 13-d under the Exchange Act) directly or
indirectly of securities of the Company representing more than 20% of the
combined voting power of the Company's then outstanding securities; providing,
however, that this provision shall not apply to Peter McCausland ("McCausland"),
unless and until McCausland, together with all affiliates and associates,
becomes the beneficial owner of 30% or more of the combined voting power of the
Company's then outstanding securities; (B) stockholders approve the consummation
of any merger of the Company or any sale or other disposition of all or
substantially all of its assets, if the Company's stockholders immediately
before such transaction own, immediately after consummation of such transaction,
equity securities (other than options and other rights to acquire equity
securities) possessing less than 50% of the voting power of the surviving or
acquiring corporation; or (C) a change in the majority of the individuals who
constitute the Company's Board of Directors occurs during any period of two
years for any reason without the approval of at least a majority of directors in
office at the beginning of such period.

                  (d)      Medium of Payment. A Participant shall pay for Shares
under Option (i) in cash, (ii) by certified check payable to the order of the
Company, (iii) in shares of the Common Stock held by the Participant for at
least six months as of the exercise date, (iv) by a combination of the
foregoing, (v) by delivery to the Company of a properly executed notice of
exercise together with irrevocable instructions to a broker to deliver to the
Company promptly the amount of the proceeds of the sale of all or a portion of
the Shares or of a loan from the broker to the Participant necessary to pay the
aggregate exercise price payable for the purchased Shares plus all applicable
federal, state and local income and employment taxes required to be withheld by
the Company by reason of such exercise or (vi) by such other mode of payment as
the Committee may approve. If payment is made in whole or in part in shares of
the Common Stock, then the Participant shall deliver to the Company certificates
registered in the name of such Participant representing shares of Common Stock
owned by such

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Participant, free of all liens, claims and encumbrances of every kind and having
a fair market value on the date of delivery that is not greater than the Option
Price of the Shares with respect to which such Option is to be exercised,
accompanied by stock powers duly endorsed in blank by the Participant.
Notwithstanding the foregoing, the Committee may impose such limitations and
prohibitions on the use of shares of the Common Stock to exercise an Option as
it deems appropriate.

                  (e)      Termination of ISOs. Unless the Committee provides
otherwise in an Option Document, an ISO shall not be exercisable after the first
to occur of the following:

                           (i)      Term Expiration. Expiration of the term
specified in the Option Document, which shall not exceed ten years from the date
of grant or five years from the date of grant if the Participant on the date of
grant owns, directly or by attribution under section 424(d) of the Code, shares
possessing more than ten percent of the total combined voting power of all
classes of stock of the Company or of an Affiliate;

                           (ii)     Employment Termination. Expiration of 90
days from the date the Participant's employment with the Company or its
Affiliates terminates unless any of subsection 6(e)(iii) - 6(e)(vi) applies;

                           (iii)    Retirement. Expiration of 90 days from the
date the Participant's employment with the Company or its Affiliates terminates
due to "retirement";

                           (iv)     Disability. Expiration of one year from the
date the Participant's employment with the Company or its Affiliates terminates
if the Participant terminates due to disability (within the meaning of section
22(e)(3) of the Code);

                           (v)      Death. Expiration of the Option term if the
Participant's employment terminates due to death; or

                           (vi)     Forfeiture. The date on which forfeiture
occurs under subsection 6(g).

                  (f)      Termination of NSOs. Unless the Committee provides
otherwise in an Option Document, an NSO shall not be exercisable after the first
to occur of the following:

                           (i)      Term Expiration. Expiration of the term
specified in the Option Document, which shall not exceed ten years from the date
of grant;

                           (ii)     Employment Termination Before Death,
Disability or Retirement. Expiration of 90 days from the date the Participant's
employment with the Company or its Affiliates terminates for reasons other than
death, disability (within the meaning of section 22(e)(3) of the Code) or
"retirement"; or

                           (iii)    Forfeiture. The date on which forfeiture
occurs under subsection 6(g).

                  (g)      Forfeiture. An Option shall terminate immediately
upon a finding by the Committee, after full consideration of the facts presented
on behalf of both the Company and the Participant, that the Participant has
engaged in any sort of disloyalty to the Company or an Affiliate, including,
without limitation, fraud, embezzlement, theft, commission of a felony or proven
dishonesty in the course of his employment or service or has disclosed trade
secrets or confidential information of the Company or an Affiliate or engaged in
competition with the Company or an Affiliate. In such event, in addition to
immediate termination of the Option, the Participant, upon a determination by
the Committee, shall automatically forfeit all Shares for which the Company has
not yet delivered the share certificates upon the Company's refund of the Option
Price.

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                  (h)      Transfers. Generally, a Participant may not transfer
any Option granted under the Plan, except that (i) during his lifetime, a
Participant may transfer an NSO to a spouse or a lineal ascendant or descendant
or a trust for the benefit of such a person or persons or a partnership in which
such persons are the only partners, provided the Participant receives no
consideration for any such transfer and (ii) at the Participant's death, a
Participant may transfer an Option by will or by the laws of descent and
distribution. If a transfer occurs under this subsection, the transferred Option
shall remain subject to all Plan provisions. A transferee shall be required to
furnish proof satisfactory to the Committee of the transfer to him by gift or by
will or laws of descent and distribution.

                  (i)      Limits on ISOs. Each ISO shall provide that to the
extent the aggregate fair market value of Plan Shares with respect to which a
Participant may exercise an ISO for the first time during any calendar year
under any Company plan exceeds $100,000, then such Option shall be treated as an
NSO rather than as an ISO.

                  (j)      Other Provisions. The Option Documents shall contain
such other provisions including, without limitation, additional restrictions
upon the exercise of the Option or additional limitations upon the term of the
Option, as the Committee shall deem advisable.

                  (k)      Amendment. The Committee shall have the right to
amend Option Documents issued to a Participant subject to the Participant's
consent.

         7.       Method of Option Exercise.

                  (a)      Notice. No Option shall be deemed to have been
exercised prior to the Company's receipt of written notice of such exercise and
of payment in full of the Option Price for the Shares to be purchased. Each such
notice shall specify the number of Shares to be purchased.

                  (b)      Securities Laws. Each notice of exercise shall
(unless the Shares are covered by a then current registration statement under
the Securities Act of 1933, as amended (the "Act")), contain the Participant's
acknowledgment in form and substance satisfactory to the Company that (i) such
Option Shares are being purchased for investment and not for distribution or
resale (other than a distribution or resale which, in the opinion of counsel
satisfactory to the Company, may be made without violating the registration
provisions of the Act), (ii) the Participant has been advised and understands
that (A) the Option Shares may not be registered under the Act and may be
"restricted securities" within the meaning of Rule 144 under the Act and may be
subject to restrictions on transfer and (B) the Company is under no obligation
to register the Option Shares under the Act or to take any action which would
make available to the Participant any exemption from such registration, and
(iii) such Option Shares may not be transferred without compliance with all
applicable federal and state securities laws. Notwithstanding the foregoing,
should the Company be advised by counsel that issuance of Shares should be
delayed pending (iv) registration under federal or state securities laws or (v)
the receipt of an opinion that an appropriate exemption therefrom is available,
the Company may defer exercise of any Option granted hereunder until either such
event in (iv) or (v) has occurred.

                  (c)      Brokerage Account. Each notice of exercise may
instruct the Company, in such form as the Committee shall prescribe, to deliver
Shares upon Option exercise to any registered broker or dealer which the Company
approves in lieu of delivery to the Participant.

                  8.       Terms and Conditions of Restricted Stock Awards.
Restricted Stock Awards made pursuant to the Plan shall be evidenced by written
documents (the "Award Documents") in such form or forms as the Committee shall
from time to time approve.

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                  (a)      Number of Shares. Subject to Section 4, each Award
Document shall state the number of Shares to which it pertains.

                  (b)      Restrictions and Limitations. Each grant shall be
subject to such restrictions as the Committee may impose. The applicable
restrictions may lapse separately or in combination at such time or times, or in
such installments, as the Committee may deem appropriate. In addition, the
Committee may impose limits on the Participant's right to vote Shares or receive
dividends or distributions on Shares under a Restricted Stock Award until such
Shares become nonforfeitable. Each Award Document shall provide that the
Participant shall forfeit all forfeitable Shares upon a finding by the Committee
that the Participant has engaged in conduct which violates subsection 6(g) and
that all forfeitable Shares shall become nonforfeitable upon the occurrence of a
Change in Control (as defined in subsection 6(c)(ii)).

                  (c)      Legend. Any certificate issued in respect of a
Restricted Stock Award shall be registered in the Participant's name and shall
bear an appropriate legend referring to the terms, conditions and restrictions
applicable under the Plan and Award Document to the covered Shares. In addition,
until such time as all restrictions applicable to the Shares lapse, the
Committee may provide for the certificate to be held in escrow by an escrow
agent which the Committee selects and the Company compensates.

                  (d)      Forfeiture.

                           (i)      General Rule. If a Participant terminates
employment during any restriction period under circumstances which result in a
forfeiture of Shares covered by the Restricted Stock Award or any event occurs
or fails to occur which results in a forfeiture, the restricted Shares shall
revert to the Company. Notwithstanding the foregoing, the Committee may waive
any restriction applicable to any Restricted Stock Award whenever the Committee
determines that such waiver is in the Company's best interests.

                           (ii)     Forfeiture for Cause. A Participant shall
forfeit all forfeitable Shares covered by a Restricted Stock Award immediately
upon a finding by the Committee, after full consideration of the facts presented
on behalf of both the Company and the Participant, that the Participant has
engaged in any sort of disloyalty to the Company or an Affiliate, including,
without limitation, fraud, embezzlement, theft, commission of a felony or proven
dishonesty in the course of his employment or service or has disclosed trade
secrets or confidential information of the Company or an Affiliate or engaged in
competition with the Company or an Affiliate.

                  (e)      Transfers. Generally, a Participant may not transfer,
assign, alienate, sell, encumber, or pledge Shares under a Restricted Stock
Award until they are nonforfeitable and any purported transfer, assignment,
alienation, sale, encumbrance or pledge shall be void and unenforceable.
Notwithstanding the foregoing, (i) a Participant may transfer forfeitable Shares
under a Restricted Stock Award to a spouse or a lineal ascendant or descendant
or a trust for the benefit of such a person or persons or a partnership in which
such persons are the only partners, provided the Participant receives no
consideration for any such transfer and (ii) at the Participant's death, a
Participant may transfer forfeitable Shares under a Restricted Stock Award by
will or by the laws of descent and distribution. If a permitted transfer occurs
under this subsection, the transferred Shares shall remain subject to all Plan
provisions and all applicable conditions and restrictions under the Award
Document. A transferee shall be required to furnish proof satisfactory to the
Committee of the transfer to him by gift or by will or laws of descent and
distribution.

                  (f)      Securities Laws. Upon the advice of counsel, the
Committee may require a Participant to take or defer any action with respect to
Shares covered under a Restricted Stock Award which counsel determines is
necessary to comply with federal or state securities laws.

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         9.       Adjustments on Changes in Common Stock. The aggregate number
of shares and class of shares as to which Options or Restricted Stock Awards may
be granted hereunder, the number of Shares covered by each outstanding Option
and the Option Price thereof and each Restricted Stock Award shall be
appropriately adjusted in the event of a stock dividend, stock split,
recapitalization or other change in the number or class of issued and
outstanding equity securities of the Company resulting from a subdivision or
consolidation of the Common Stock and/or other outstanding equity security or a
recapitalization or other capital adjustment (not including the issuance of
Common Stock upon the conversion of other securities of the Company which are
convertible into Common Stock) affecting the Common Stock which is effected
without receipt of consideration by the Company. The Committee shall have
authority to determine the adjustments to be made under this Section and any
such determination by the Committee shall be final, binding and conclusive;
provided, however, that no adjustment shall be made which causes an ISO to lose
its status as such without the consent of the Participant.

         10.      Amendment of the Plan. The Board of Directors of the Company
may amend the Plan from time to time in such manner as it may deem advisable or
terminate the Plan in full. Nevertheless, the Board of Directors of the Company
may not, without obtaining approval by vote of a majority of the outstanding
voting stock of the Company within twelve months before or after such action,
change the class of individuals eligible to receive grants under the Plan or
increase the maximum number of shares of Common Stock as to which Options or
Restricted Stock Awards may be granted, except as provided in Section 9 hereof.

         11.      Continued Employment. The grant of an Option or a Restricted
Stock Award pursuant to the Plan shall not be construed to imply or to
constitute evidence of any agreement, express or implied, on the part of the
Company or any Affiliate to retain the Participant in the employ of the Company
or an Affiliate or as a member of the Company's or an Affiliate's Board of
Directors or in any other capacity.

         12.      Withholding of Taxes.

                  (a)      General Rule. As a condition for the receipt of an
Option or Restricted Stock Award, the Participant agrees that the Company (or
the Affiliate employing him) may deduct from wages or other amounts payable to
him or that he will pay over to the Company any amount necessary to satisfy any
federal, state and/or local withholding tax requirements and that the Company
shall have the right to take whatever action it deems necessary to protect its
interests with respect to tax liabilities resulting from any act or event in
connection with the Plan.

                  (b)      Payment in Shares. The Participant may elect that the
Company satisfy any applicable minimum federal, state and/or local withholding
tax requirement by retaining Shares the Company would otherwise transfer to him
upon his exercise of an Option or satisfaction of all vesting conditions under a
Restricted Stock Award which have a fair market value equal to such withholding
requirement. Notwithstanding the foregoing, the Committee may impose such
limitations and prohibitions on the use of shares of the Common Stock to satisfy
withholding tax requirements as it deems appropriate.

         13.      Rules of Interpretation. Regardless of the number and gender
specifically used, words used in the Plan shall be deemed and construed to
include any other number (singular or plural) and any other gender (masculine,
feminine or neuter) as the context indicates is appropriate. Section headings
are for convenience only; they form no part of the Plan.

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