Document:

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EXHIBIT 10(e)

INDEMNITY AGREEMENT

     This Indemnity Agreement (this “Agreement”) is made as of this 1st day of May, 2010 by and
between The Sherwin-Williams Company, an Ohio corporation (“the Company”), and Allen J. Mistysyn
(the “Indemnitee”).

WITNESSETH:

     WHEREAS, the Indemnitee has agreed to serve or to continue to serve in one or more of the
following capacities: as a director, officer, employee or agent (an “Official”) of the Company or
one or more of its subsidiaries and in such capacity will render valuable services to the Company;

     WHEREAS, the Company has investigated the sufficiency of liability insurance and Ohio
statutory indemnification provisions to provide its Officials and its subsidiaries’ Officials with
adequate protection against various legal risks and potential liabilities to which such individuals
are subject due to their position with the Company or its subsidiaries and has concluded that such
insurance and statutory provisions may provide inadequate and unacceptable protection;

     WHEREAS, the Company has further determined that its prior form of indemnification agreement
entered into with certain of its Officials should be replaced with a new form of indemnity
agreement;

     WHEREAS, in order to induce and encourage highly experienced and capable persons such as the
Indemnitee to serve as Officials of the Company or one or more of its subsidiaries, the Board of
Directors has determined, after due consideration and investigation of the terms and provisions of
this Agreement and the various other options available to the Company and the Indemnitee in lieu
hereof, that this Agreement is not only reasonable and prudent but necessary to promote and ensure
the best interests of the Company, its subsidiaries and its shareholders;

     WHEREAS, the parties agree that it is their intent that the Company indemnify the Indemnitee
to the fullest extent permitted by law and, therefore, that this Agreement be construed and
enforced to effectuate such intent; and

     WHEREAS, to the extent that a change in Ohio law or the laws of any other jurisdiction under
which the Company is organized at the time (whether by statute or judicial decision) permits
greater indemnification by agreement than would be afforded currently under the Regulations of the
Company and this Agreement, it is the further intent of the parties hereto that Indemnitee enjoy by
this Agreement the greater benefits so afforded by such change.

     NOW, THEREFORE, in consideration of the services of the Indemnitee and in order to induce the
Indemnitee to serve or continue to serve as an Official of the Company

 

 

or one or more of its
subsidiaries and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally binding hereby,
the Company and the Indemnitee do hereby agree as follows:

     1. Agreement to Serve. The Indemnitee agrees to serve as an Official of the Company
or one or more of its subsidiaries for so long as the Indemnitee is duly elected or appointed, or
until such time as the Indemnitee tenders the Indemnitee’s resignation in writing or is otherwise
removed from the Indemnitee’s position, or until Indemnitee’s relationship and/or employment with
the Company is terminated.

     2. Indemnification in Third Party Actions. The Company shall indemnify the Indemnitee
in accordance with the provisions of this Section 2 if, whether prior to, on or after the date of
this Agreement, the Indemnitee is or has been a party to or threatened to be made a party to or
otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company or
a subsidiary of the Company to procure a judgment in its favor), by reason of or arising out of the
fact that the Indemnitee is or was an Official of the Company or one or more of its subsidiaries,
or is or was serving at the request of the Company or a subsidiary of the Company as an Official,
trustee, member or manager of another corporation, domestic or foreign, nonprofit or for profit, a
limited liability company, or partnership, joint venture, trust, or other enterprise (“Another
Enterprise”), or in relation to any action taken or omitted by the Indemnitee on behalf of the
Company, one or more of its subsidiaries or Another Enterprise, against all Expenses, judgments,
fines, penalties and ERISA excise taxes actually and reasonably incurred by the Indemnitee in
connection with the defense or settlement (provided that any settlement be approved in writing by
the Company, which approval shall not be unreasonably withheld) of such Proceeding, to the highest
and most advantageous extent to the Indemnitee, as determined by the Indemnitee, of one or any
combination of the following:

          (a) The benefits provided by the Company’s Regulations, as amended (the “Regulations”) in
effect on the date hereof, a copy of the relevant provisions of which are attached hereto as
Exhibit A;

          (b) The benefits provided by the Company’s Amended Articles of Incorporation, as further
amended, and the Regulations in effect at the time the Proceeding is initiated or the Expenses are
incurred by the Indemnitee;

          (c) The benefits allowable under Ohio law in effect at the date hereof;

          (d) The benefits allowable under the laws of the jurisdiction under which the Company is
organized at the time the Proceeding is initiated or the Expenses are incurred by the Indemnitee;

          (e) The benefits available under any liability insurance obtained by the Company; and

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          (f) Such other benefits as are or may be otherwise available to the Indemnitee.

     Combination of two or more of the benefits provided by clauses (a) through (f) shall be
available to the extent that the Applicable Documents, as hereinafter defined, do not require that
the benefits provided therein be exclusive of other benefits. The document or law providing for
the benefits listed in clauses (a) through (f) above is called the “Applicable Document” in this
Agreement. The Company hereby undertakes to use its best efforts to assist the Indemnitee, in all
proper and legal ways, to obtain the benefits selected by Indemnitee under clauses (a) through (f)
above.

     3. Indemnification in Proceedings by or in the Right of the Company. The Company
shall indemnify the Indemnitee in accordance with the provisions of this Section 3 if, whether
prior to, on or after the date of this Agreement, the Indemnitee is or has been a party to or
threatened to be made a party to or otherwise involved in any Proceeding by or in the right of the
Company or a subsidiary of the Company to procure a judgment in its favor by reason of or arising
out of the fact that Indemnitee was or is an Official of the Company or one or more of its
subsidiaries, or is or was serving at the request of the Company or a subsidiary of the Company as
an Official, trustee, member or manager of Another Enterprise, or in relation to any action taken
or omitted by the Indemnitee on behalf of the Company, one or more of its subsidiaries or Another
Enterprise, against all Expenses actually and reasonably incurred by the Indemnitee in connection
with the defense or settlement of such Proceeding, to the same extent provided in Section 2 above.

     4. Conclusive Presumption Regarding Standard of Conduct.

          (a) The Indemnitee shall be conclusively presumed to have met the relevant standards of
conduct as defined by the Applicable Documents for indemnification pursuant to this Agreement,
unless a determination is made that the Indemnitee has not met such standards by (i) the Board of
Directors of the Company by a majority vote of a quorum thereof consisting of Directors who were
not parties, or are not threatened to be made parties, to such Proceeding or any other Proceeding
arising from the same or similar facts (“Disinterested Directors”), (ii) if such a quorum is not
obtainable or if such quorum is obtainable and a majority of such quorum directs, a written opinion
by Independent Legal Counsel (compensated by the Company), or (iii) if there are no Disinterested
Directors or if a majority of Disinterested Directors (whether or not a quorum) directs, the
shareholders of the Company entitled to vote in the election of Directors by majority vote;
provided, however, that any such determination to be made after a Change of Control shall be made
only pursuant to clause (ii) if the Indemnitee so elects.

          (b) Prior to any decision under clauses (a)(i) or (a)(ii) above, an Official will be given an
opportunity, together with counsel, to be heard before the Board of Directors if such decision is
being made pursuant to clause (a)(i), or the Independent Legal Counsel if such decision is being
made pursuant to clause (a)(ii).

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          (c) The determination will be made as promptly as possible.

     5. Indemnification of Expenses of Successful Party. Notwithstanding any other
provision of this Agreement, to the extent that the Indemnitee has been successful in
defense of any Proceeding or in defense of any claim, issue or matter therein, on the merits
or otherwise, including the dismissal of a Proceeding without prejudice, the Indemnitee shall be
indemnified against all Expenses incurred in connection therewith to the fullest extent permitted
by any Applicable Document.

     6. Advances of Expenses. The Expenses incurred by the Indemnitee in any Proceeding
shall be paid by the Company within twenty days of the written request of the Indemnitee to the
fullest extent permitted by any Applicable Document; provided that the Indemnitee shall undertake
in writing, in the form attached hereto as Exhibit B, to repay such amount to the extent that it is
ultimately determined that the Indemnitee is not entitled to indemnification under the Applicable
Document.

     7. Partial Indemnification. If the Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the Expenses, judgments,
fines, penalties or ERISA excise taxes actually and reasonably incurred by the Indemnitee in the
investigation, defense, appeal or settlement of any Proceeding but not, however, for the total
amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such
Expenses, judgments, fines, penalties or ERISA excise taxes to which the Indemnitee is entitled.

     8. Indemnification Procedure; Determination of Right to Indemnification.

          (a) Promptly after receipt by the Indemnitee of written notice of the commencement of any
Proceeding, the Indemnitee will, if a claim in respect thereof is to be made against the Company
under this Agreement, notify the Company in writing of the commencement thereof. The omission so
to notify the Company will relieve it from any liability which it may have to the Indemnitee under
this Agreement only to the extent that the Company is able to establish that its ability to avoid
such liability was materially prejudiced by such omission. Any such omission, however, will not
relieve the Company from any liability which it may have to the Indemnitee otherwise than under
this Agreement.

          (b) If a claim under this Agreement is not paid by the Company within twenty days of receipt
of written notice, the right to indemnification as provided by this Agreement shall be enforceable
by the Indemnitee in any court of competent jurisdiction. The burden of proving by clear and
convincing evidence that indemnification or advances are not appropriate shall be on the Company.
Neither the failure of the Board of Directors, the shareholders of the Company or Independent Legal
Counsel to have made a determination prior to the commencement of such action that indemnification
or advances are proper in the circumstances because the Indemnitee has met the applicable standard
of conduct, nor an actual determination by the Board of Directors, the shareholders of the

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Company
or Independent Legal Counsel that the Indemnitee has not met such applicable standard of conduct,
shall be a defense to the action that the Indemnitee has not met the applicable standard of
conduct, nor shall such failure or determination create a presumption that the Indemnitee has or
has not met the applicable standard.

          (c) The Indemnitee’s Expenses incurred in connection with any proceeding concerning the
Indemnitee’s right to indemnification or advancement of expenses in whole or in part pursuant to
this Agreement shall also be indemnified by the Company regardless of the outcome of such
proceeding, unless a court of competent jurisdiction determines that the material assertions made
by the Indemnitee in such proceeding were not made in good faith or were frivolous.

          (d) With respect to any Proceeding for which indemnification is requested, the Company will be
entitled to participate therein at its own expense and, except as otherwise provided below, to the
extent that it may wish, the Company may assume the defense thereof, with counsel reasonably
satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to
assume the defense of a Proceeding, the Company will not be liable to the Indemnitee under this
Agreement for any legal or other expenses subsequently incurred by the Indemnitee in connection
with defense thereof, other than reasonable costs of investigation or as otherwise provided below.
The Company shall not settle any Proceeding in any manner which would impose any penalty or
limitation on the Indemnitee without the Indemnitee’s written consent. The Indemnitee shall give
the Company such cooperation as the Company may reasonably request and as shall be within the
Indemnitee’s power. The Indemnitee shall have the right to employ the Indemnitee’s counsel in any
Proceeding but the fees and expenses of such counsel incurred after written notice from the Company
of its assumption of the defense thereof shall be at the expense of the Indemnitee, unless (i) the
employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee
shall have reasonably concluded that there may be a conflict of interest between the Company and
the Indemnitee in the conduct of a Proceeding, or (iii) the Company shall not in fact have employed
counsel to assume the defense of a proceeding, in each of which cases the fees and expenses of the
Indemnitee’s counsel shall be at the expense of the Company. The Company shall not be entitled to
assume or control the defense of any Proceeding brought by or on behalf of the Company or as to
which the Indemnitee has made the reasonable conclusion that there may be a conflict of interest
between the Company and the Indemnitee.

     9. Limitations on Indemnification. No payments pursuant to this Agreement shall be
made by the Company:

          (a) To indemnify or advance Expenses to the Indemnitee with respect to Proceedings initiated
or brought voluntarily by the Indemnitee, except with respect to Proceedings brought to establish
or enforce a right to indemnification under this Agreement or any other statute or law, but such
indemnification or advancement of Expenses may be provided by the Company in specific cases if the
Board of Directors finds it to be appropriate;

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          (b) To indemnify the Indemnitee for any Expenses, judgments, fines, penalties or ERISA excise
taxes for which payment is actually made to the Indemnitee under a valid and collectible insurance
policy or under any other agreement, contract or otherwise, except in respect of any excess beyond
the amount of payment under such insurance or under any such agreement, contract or otherwise;

          (c) To indemnify or advance to the Indemnitee for any Expenses, judgments, fines or penalties
sustained in any Proceeding for an accounting of profits made from the purchase or sale by
Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), the rules and regulations
promulgated thereunder and amendments thereto or similar provisions of any federal, state or local
statutory law;

          (d) To indemnify the Indemnitee for any Expenses, judgments, fines, penalties or ERISA excise
taxes resulting from the Indemnitee’s conduct which is finally adjudged to have been willful
misconduct, knowingly fraudulent or deliberately dishonest; or

          (e) If a court of competent jurisdiction shall finally determine that any indemnification
hereunder is unlawful.

     10. Maintenance of Liability Insurance. To the extent the Company maintains an
insurance policy or policies providing directors’ and officers’ liability insurance (“D&O
Insurance”), the Indemnitee shall be named as an insured under such D&O Insurance in such a manner
as to provide the Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company’s directors and/or officers, as appropriate, under such D&O Insurance.
Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain D&O
Insurance.

     11. Limitation of Actions and Release of Claims. No Proceeding shall be brought and
no cause of action shall be asserted by or on behalf of the Company or any subsidiary against the
Indemnitee, the Indemnitee’s spouse, heirs, estate, executors or administrators after the
expiration of two years from the earlier of (i) the date the Company or any subsidiary of the
Company discovers the facts underlying such cause of action, or (ii) the date the Company or any
subsidiary of the Company could have discovered such facts by the exercise of reasonable diligence;
provided, however, this sentence shall not be deemed to waive or toll any statute of limitations
that otherwise might apply. Any claim or cause of action of the Company or any subsidiary of the
Company, including claims predicated upon the negligent act or omission of the Indemnitee, shall be
extinguished and deemed released unless asserted by filing of a legal action within such period.
This section shall not apply to any cause of action which has accrued on the date hereof and of
which the Indemnitee is aware on the date hereof, but as to which the Company has no actual
knowledge apart from the Indemnitee’s knowledge.

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     12. Change of Control. As collateral security for its obligations hereunder and under
similar agreements with other Officials, within the earlier of (i) five (5) business days after the
occurrence of an event that in the reasonable opinion of the Board of Directors will likely result
in a Change of Control or (ii) the occurrence of an actual Change of Control, the Company shall
dedicate and maintain, for a period of six (6) years or such longer time as is necessary for the
final disposition of any Proceeding existing at the expiration of such six year period, an escrow
account in such aggregate amount as is reasonably calculated to be sufficient to satisfy any and
all Expenses reasonably
anticipated in connection with any and all Proceedings, which in no event shall be less than
Ten Million Dollars ($10,000,000), by depositing assets or bank letters of credit in escrow that
may be drawn down by an escrow agent in said amount (the “Escrow Reserve”). Promptly following the
establishment of the Escrow Reserve, the Company shall (i) provide the Indemnitee with a true and
complete copy of the Agreement relating to the establishment and operation of the Escrow Reserve,
together with such additional documentation or information with respect to the Escrow Reserve as
the Indemnitee may from time to time reasonably request, (ii) deliver an executed copy of this
Agreement to the escrow agent for the Escrow Reserve to evidence to such agent that the Indemnitee
is a beneficiary of the Escrow Reserve, and (iii) deliver to the Indemnitee the agent’s signed
receipt evidencing delivery of the Agreement to the agent. Notwithstanding anything to the
contrary contained in this Section 12, any assets deposited by the Company in the Escrow Reserve
shall at all times be and remain subject to the claims of the general creditors of the Company. If
prior to the date of a Change of Control, the Board of Directors has actual knowledge that all
third parties have abandoned or terminated their efforts to effect a Change of Control and a Change
of Control at that time is unlikely and the Board of Directors so advises the escrow agent, the
assets and letters of credit comprising the Escrow Reserve, if any, and any interest earned
thereon, shall be returned to the Company by the escrow agent.

     13. Indemnification Hereunder Not Exclusive. The indemnification provided by this
Agreement shall not be exclusive of, and shall be in addition to, any other rights to which the
Indemnitee may be entitled under the Company’s or any subsidiary’s articles of incorporation,
bylaws or regulations, or any vote of shareholders or disinterested directors or applicable law,
both as to action in the Indemnitee’s official capacity and as to action in another capacity on
behalf of the Company or any subsidiary while holding such office or position.

     14. Successors and Assigns. This Agreement shall be binding upon, and shall inure to
the benefit of the Indemnitee and the Indemnitee’s heirs, executors, administrators, personal
representatives and assigns, and the Company, its successors (whether direct or indirect, by
purchase, merger, consolidation,
operation of law, or otherwise) to all or substantially all of the business and/or assets of the
Company, and its assigns.

     15. Separability. Each provision of this Agreement is a separate and distinct
agreement and independent of the others, so that if any provision hereof shall be held to be
invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect

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the
validity or enforceability of the other provisions hereof. To the extent required, any provision
of this Agreement may be modified by a court of competent jurisdiction to preserve its validity and
to provide the Indemnitee with the broadest possible indemnification permitted under applicable
law.

     16. Entire Agreement. This Agreement, together with all exhibits hereto, constitutes
the entire understanding and agreement of the parties with respect to the subject matter hereof and
supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or
obligations with respect to the subject matter hereof; provided,
however, that if this Agreement, in its entirety, is held to be invalid or unenforceable for
any reason, the indemnification agreement, if any, between the Company and the Indemnitee which was
in effect immediately prior to the execution of this Agreement shall govern.

     17. Interpretation; Governing Law; Venue. This Agreement shall be construed as a
whole and in accordance with its fair meaning. Headings are for convenience only and shall not be
used in construing meaning. This Agreement shall be governed and interpreted in accordance with
the laws of the State of Ohio without regard to principles of conflicts of laws thereof. The party
bringing any action under this Agreement shall only be entitled to choose the federal or state
courts in the State of Ohio as the venue for such action, and each party consents to the
jurisdiction of the court chosen in such manner for such action.

     18. Amendments. No amendment, waiver, modification, termination or cancellation of
this Agreement shall be effective unless in writing signed by the party against whom enforcement is
sought. The indemnification rights afforded to the Indemnitee hereby are contract rights and may
not be diminished, eliminated or otherwise affected by amendments to the Company’s or any
subsidiary’s charter, bylaws or regulations (or similar constitutive documents) or by amendments to
any agreements other than agreements executed by the Indemnitee that expressly refer to this
Agreement.

     19. No Personal Liability. The Indemnitee agrees that no director, officer, employee,
representative or agent of the Company or any of its subsidiaries shall be personally liable for
the satisfaction of the Company’s obligations under this Agreement, and Indemnitee shall look
solely to the assets of the Company for satisfaction of any claims hereunder.

     20. Counterparts. This Agreement may be executed in one or more counterparts, all of
which shall be considered one and the same agreement and shall become effective when one or more
counterparts have been signed by each party and delivered to the other.

     21. Notices. All notices, demands, requests, or other communications which may be or
are required to be given, served or sent by either party to the other party pursuant to this
Agreement, shall be in writing and shall be hand delivered, sent by express mail or other overnight
delivery service or mailed by registered or certified mail, return

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receipt requested, postage
prepaid, or transmitted by telegram, telex or telecopy, addressed as follows:

          If to the Company:

The Sherwin-Williams Company

101 West Prospect Avenue

Cleveland, Ohio 44115

Attn: Senior Vice President, General Counsel and Secretary

Telecopier No.: (216) 566-2947

          If to the Indemnitee:

To the Indemnitee’s last known address

     Each party may designate by notice in writing a new address (or substitute additional persons)
to which any notice, demand, request or communication may thereafter be so given, served or sent.
Each notice, demand, request, or communication which shall be mailed, sent, delivered, telefaxed or
telexed in the manner described above, or which shall be delivered to a telegraph company, shall be
deemed sufficiently given, served, sent or received for all purposes at such time as it is
delivered to the addressee (with the return receipt, the delivery receipt or, with respect to a
telex or telefax, the answer back being deemed conclusive evidence of such delivery) or at such
time as delivery is refused by the addressee upon presentation.

     22. Subrogation. In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who
shall execute all papers required and shall do everything that may be necessary to secure such
rights, including the execution of such documents necessary to enable the Company effectively to
bring suit to enforce such rights.

     23. Not Employment Contract. Neither this Agreement nor any action taken hereunder
shall be construed either (i) as a contract of employment or (ii) as giving Indemnitee any right to
be retained in the employ or otherwise as an Official.

     24. Definitions. As used herein the following terms shall have the following
meanings:

          (a) The term “Proceeding” shall include any threatened, pending or completed action,
suit or proceeding, whether brought in the name of the Company or one or more of its subsidiaries,
or otherwise, and whether of a civil, criminal or administrative or investigative nature, or
otherwise, and whether formal or informal, by reason of or arising out of the fact that the
Indemnitee is or was an Official of the Company or one or more of its subsidiaries, or is or was
serving at the request of the Company or a subsidiary of the Company as an Official, trustee,
member or manager of Another Enterprise, or relating in any way to any actions taken or omitted by
the Indemnitee on behalf of the

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Company, one or more of its subsidiaries or Another Enterprise, in
all cases whether or not the Indemnitee is serving in such capacity at the time any liability or
Expenses are incurred for which indemnification or reimbursement is to be provided under this
Agreement. For purposes of this Agreement, references to “Another Enterprise” shall include,
without limitation, employee benefit plans for employees of the Company or its subsidiaries without
regard to ownership of such plans.

          (b) The term “Expenses” shall include, without limitation, attorneys’ fees,
disbursements and retainers, accounting and witness fees, travel and deposition costs, expenses of
investigations, judicial or administrative proceedings or appeals, amounts paid in settlement
(provided that any settlement be approved in writing by the Company, which
approval shall not be unreasonably withheld) by or on behalf of the Indemnitee, and any
expenses of establishing a right to indemnification, pursuant to this Agreement or otherwise.

          (c) The term “Independent Legal Counsel” shall mean legal counsel retained jointly by,
and mutually acceptable to, the Company and the Indemnitee. The Indemnitee and the Company each
may submit no more than three (3) candidates for the position of Independent Legal Counsel. All
candidates shall disclose to the Indemnitee and the Company any circumstances likely to affect his
or her impartiality, including, without limitation, bias, interest in the resolution of the
Proceeding, and past or present relations with the Indemnitee, the employer of the Indemnitee or
the Company. Under no circumstances shall the Independent Legal Counsel be (or have been during
the six (6) year period prior to the date of such appointment) a relative, employee, officer,
director or shareholder of either the Indemnitee, the employer of the Indemnitee or the Company, or
an Affiliate of the employer of the Indemnitee or the Company. Each party may reject a candidate
for good cause, such as reasonable concern regarding that candidate’s independence, impartiality,
access to confidential information or failure to meet agreed upon qualifications. Once Independent
Legal Counsel has been selected and jointly retained by the parties, the Company shall pay all
costs and expenses of such counsel. Independent Legal Counsel may retain such additional experts
as he or she determines are necessary or useful for the rendering of his or her advice, provided
that he or she in good faith determines, after notifying the Company and the Indemnitee of the
selection of such expert and soliciting any objections either party might have, that such expert
does not appear to have a conflict of interest. Circumstances that might cause doubt regarding the
expert’s independence or impartiality include bias, interest in the result of any Proceeding, and
past or present relations with the Indemnitee, the employer of the Indemnitee (including an
Affiliate of such employer), the Company (including an Affiliate of the Company) or their
respective counsels. Under no circumstances shall any such expert be (or have been during the six
(6) year period prior to the selection of the Independent Legal Counsel) a relative, employee,
officer, director or shareholder of the Indemnitee, the employer of the Indemnitee or an Affiliate
of such employer, the Company or an Affiliate of the Company, or an individual otherwise providing
material services to the Indemnitee, the employer of the Indemnitee or the Company, or an Affiliate
of the employer of the Indemnitee or the Company.

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          (d) A person (as such term is used in Section 13(d) and 14(d)(2) of the Exchange Act shall be
deemed the “Beneficial Owner” of and shall be deemed to “beneficially own” any securities:

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

               (ii) which such person or any of such person’s Affiliates or Associates, directly or
indirectly, has or shares the right to acquire, hold, vote (except
pursuant to a revocable proxy as described in the proviso to this Section 24(d)) or dispose of
such securities (whether any such right is exercisable immediately or only after the passage of
time) pursuant to any agreement, arrangement or understanding (whether or not in writing), or upon
the exercise of conversion rights, exchange rights, rights, warrants or options, or otherwise;
provided, however, that a person shall not be deemed to be the Beneficial Owner of, or to
beneficially own, securities tendered pursuant to a tender or exchange offer made by or on behalf
of such person or any of such person’s Affiliates or Associates until such tendered securities are
accepted for purchase or exchange; or

               (iii) which are beneficially owned, directly or indirectly, by any other person (or any
Affiliate or Associate of such other person) with which such person (or any of such person’s
Affiliates or Associates) has any agreement, arrangement or understanding (whether or not in
writing), with respect to acquiring, holding, voting (except as described in the proviso to this
Section 24(d)) or disposing of any securities of the Company;

provided, however, that a person shall not be deemed the Beneficial Owner of, nor to beneficially
own, any security if such person has the right to vote such security pursuant to an agreement,
arrangement or understanding which (A) arises solely from a revocable proxy given to such person in
response to a public proxy or consent solicitation made pursuant to, and in accordance with, the
applicable rules and regulations under the Exchange Act, and (B) is not also then reportable on
Schedule 13D (or any comparable or successor report) under the Exchange Act; and provided, further,
that nothing, in this Section 24(d) shall cause a person engaged in business as an underwriter of
securities to be the Beneficial Owner of, or to beneficially own, any securities acquired through
such person’s participation in good faith in a firm commitment underwriting until the expiration of
forty (40) days after the date of such acquisition or such later date as the Board of Directors may
determine in any specific case.

          (e) “Change of Control” means the occurrence of any of the following events:

               (i) any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) (a “Person”) is or becomes the beneficial

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owner (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 30% or more of the combined voting power of the
then-outstanding voting stock of Company; provided, however, that:

          (A) for purposes of this Section 24(e), the following acquisitions will not
constitute a Change in Control: (1) any acquisition of voting stock directly
from Company that is approved by a majority of the Incumbent Directors, (2) any
acquisition of voting stock by Company or any Subsidiary, (3) any acquisition of
voting stock by the trustee or other fiduciary holding securities under any
employee benefit plan (or related trust) sponsored or maintained by Company or
any Subsidiary,
and (4) any acquisition of voting stock by any Person pursuant to a Business
Transaction that complies with clauses (A), (B) and (C) of Section 24(e)(iii)
below;

          (B) if any Person is or becomes the beneficial owner of 30% or more of
combined voting power of the then-outstanding voting stock as a result of a
transaction described in clause (1) of Section 24(e)(i)(A) above and such Person
thereafter becomes the beneficial owner of any additional shares of voting stock
representing 1% or more of the then-outstanding voting stock, other than in an
acquisition directly from Company that is approved by a majority of the
Incumbent Directors or other than as a result of a stock dividend, stock split
or similar transaction effected by Company in which all holders of voting stock
are treated equally, such subsequent acquisition shall be treated as a Change in
Control; or

          (C) a Change in Control will not be deemed to have occurred if a Person is
or becomes the beneficial owner of 30% or more of the voting stock as a result
of a reduction in the number of shares of voting stock outstanding pursuant to a
transaction or series of transactions that is approved by a majority of the
Incumbent Directors unless and until such Person thereafter becomes the
beneficial owner of any additional shares of voting stock representing 1% or
more of the then-outstanding voting stock, other than as a result of a stock
dividend, stock split or similar transaction effected by Company in which all
holders of voting stock are treated equally; and

          (D) if at least a majority of the Incumbent Directors determine in good
faith that a Person has acquired beneficial ownership of 30% or more of the
voting stock inadvertently, and such Person divests as promptly as practicable
but no later than the date, if any, set by the Incumbent Board a sufficient
number of shares so that such Person beneficially owns less than 30% of the
voting stock, then no Change in Control shall have occurred as a result of such
Person’s acquisition; or

-12-

 

               (ii) a majority of the Board ceases to be comprised of Incumbent Directors; or

               (iii) the consummation of a reorganization, merger or consolidation, or sale or other
disposition of all or substantially all of the assets of Company or the acquisition of the stock or
assets of another corporation, or other transaction (each, a “Business Transaction”), unless, in
each case, immediately following such Business Transaction (A) the voting stock outstanding
immediately prior to such Business Transaction continues to represent (either by remaining
outstanding or by being converted into voting stock of the surviving entity or any parent thereof),
more than 50% of the combined voting power of the then outstanding shares of voting stock of the
entity resulting from such Business Transaction (including, without limitation, an entity which as
a result of such transaction owns Company or all or substantially all of Company’s assets either
directly or through one or more subsidiaries), (B) no Person (other than Company, such entity
resulting from such Business Transaction, or any employee benefit plan (or related trust) sponsored
or maintained by Company, any Subsidiary or such entity resulting from such Business Transaction)
beneficially owns, directly or indirectly, 30% or more of the combined voting power of the then
outstanding shares of voting stock of the entity resulting from such Business Transaction, and (C)
at least a majority of the members of the board of directors of the entity resulting from such
Business Transaction were Incumbent Directors at the time of the execution of the initial agreement
or of the action of the Board providing for such Business Transaction; or

               (iv) approval by the shareholders of Company of a complete liquidation or dissolution of
Company, except pursuant to a Business Transaction that complies with clauses (A), (B) and (C) of
Section 24(e)(iii).

               (v) For purposes of this Section 24(e), the term “Incumbent Directors” shall mean, during any
period of two consecutive years, individuals who at the beginning of such period constituted the
Board and any new director (other than a director initially elected or nominated as a director as a
result of an actual or threatened election contest with respect to directors or any other actual or
threatened solicitation of proxies by or on behalf of such director) whose election by the Board or
nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors at the beginning of the
period or whose election or nomination for election was previously so approved.

-13-

 

     IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of the date first
written above.

	 	 	 	 	 
	 	INDEMNITEE

 	 
	 	/s/
 	 
	 	Allen J. Mistysyn 	 
	 	 	 
	 
	 	THE SHERWIN-WILLIAMS COMPANY

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

-14-

 

EXHIBIT A

ARTICLE IV

INDEMNIFICATION, INSURANCE AND LIMITATION OF LIABILITY

     Section 1. Indemnification

          (a) The Company shall indemnify, to the full extent then permitted by law, any Director or
officer or former Director or officer of the Company who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, by reason of the fact that the individual is or was a
Director or an officer, employee or agent of the Company, or is or was serving at the request of
the Company as a director, trustee, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise. The Company shall pay, to the full extent then required
by law, expenses, including attorney’s fees, incurred by a Director in defending any such action,
suit or proceeding as they are incurred, in advance of the final disposition thereof.

          (b) To the full extent then permitted by law, the Company may indemnify employees, agents and
other persons and may pay expenses, including attorney’s fees, incurred by any employee, agent or
other person in defending any action, suit or proceeding as such expenses are incurred, in advance
of the final disposition thereof.

          (c) The indemnification and payment of expenses provided by this section shall not be
exclusive of, and shall be in addition to, any other rights granted to any person seeking
indemnification under any law, the Amended and Restated Articles of Incorporation, any agreement,
vote of shareholders or of disinterested Directors, or otherwise, both as to action in official
capacities and as to action in another capacity while he or she is a Director or an officer,
employee or agent of the Company, and shall continue as to a person who has ceased to be a
Director, trustee, officer, employee or agent and shall inure to the benefit of the heirs,
executors, and administrators of such a person.

     Section 2. Liability Insurance

          (a) The Company may purchase and maintain insurance or furnish similar protection, including
but not limited to trust funds, letters of credit or self-insurance, on behalf of or for any person
who is or was a Director, officer, employee or designated agent of the Company or is or was serving
at the request of the Company as a director, officer, employee or designated agent of another
corporation, partnership, joint venture, trust or other enterprise against any liability asserted
against him and incurred by him in any such capacity, or arising out of his status as such, whether
or not the Company would have the power to indemnify him against such liability under the
provisions of this Article or of Chapter 1701 of the Ohio Revised Code. Insurance may be purchased
from or maintained with a person in whom the Company has a financial interest.

          (b) The Company is expressly authorized to enter into any indemnification or insurance
agreements with or on behalf of any person who is or was a Director, officer, employee or
designated agent of the Company or is or was serving at the request of the Company as a director,
officer, employee or designated agent of another corporation, partnership, joint venture, trust or
other enterprise, in accordance
with the terms of this Article IV or the laws of the State of Ohio. Such agreements may
include, but are not limited to agreements providing for indemnification or the advancement of
expenses under Section 1 of this Article IV, agreements providing for insurance, indemnification or
the advancement of expenses by way of self-insurance, whether or not funded through the use of a
trust,

 

 

escrow agreement, letter of credit, etc., in accordance with subsection (a) of this section,
and agreements providing for insurance or indemnification through the commercial insurance market.

     Section 3. Limitation of Liability

          (a) No person shall be found to have violated his duties to the Company as a Director of the
Company in any action brought against such Director (including actions involving or affecting any
of the following: (i) a change or potential change in control of the Company; (ii) a termination or
potential termination of his service to the Company as a Director; or (iii) his service in any
other position or relationship with the Company), unless it is proved by clear and convincing
evidence that the Director has not acted in good faith, in a manner he reasonably believes to be in
or not opposed to the best interests of the Company, or with the care that an ordinarily prudent
person in a like position would use under similar circumstances. Notwithstanding the foregoing,
nothing contained in this paragraph (a) limits relief available under Section 1701.60 of the Ohio
Revised Code.

          (b) In performing his duties, a Director shall be entitled to rely on information, opinions,
reports, or statements, including financial statements and other financial data, that are prepared
or presented by: (i) one or more Directors, officers or employees of the Company whom the Director
reasonably believes are reliable and competent in the matters prepared or presented; (ii) counsel,
public accountants, or other persons as to matters that the Director reasonably believes are within
the person’s professional or expert competence; or (iii) a committee of the Directors upon which he
does not serve, duly established in accordance with the provisions of these Regulations, as to
matters within its designated authority, which committee the Director reasonably believes to merit
confidence.

          (c) A Director in determining what he reasonably believes to be in the best interests of the
Company shall consider the interests of the Company’s shareholders and, in his discretion, may
consider (i) the interests of the Company’s employees, suppliers, creditors and customers; (ii) the
economy of the state and nation; (iii) community and societal considerations; and (iv) the
long-term as well as short-term interests of the Company and its shareholders, including the
possibility that these interests may be best served by the continued independence of the Company.

          (d) A Director shall be liable in damages for any action he takes or fails to take as a
Director only if it is proved by clear and convincing evidence in a court of competent jurisdiction
that his action or failure to act involved an act or omission undertaken with deliberate intent to
cause injury to the Company or undertaken with reckless disregard for the best interests of the
Company. Notwithstanding the foregoing, nothing contained in this paragraph (d) affects the
liability of Directors under Section 1701.95 of the Ohio Revised Code or limits relief available
under Section 1701.60 of the Ohio Revised Code.

 

 

EXHIBIT B

FORM OF UNDERTAKING

     THIS UNDERTAKING has been entered into by                      (the
“Indemnitee”) pursuant to an Indemnity Agreement, dated                      (the
“Indemnity Agreement”), between The Sherwin-Williams Company (the “Company”) and the Indemnitee.

WITNESSETH:

     WHEREAS, pursuant to the Indemnity Agreement, the Company has agreed to pay Expenses incurred
by the Indemnitee in any Proceeding involving the Indemnitee; and

     WHEREAS, such a Proceeding has arisen involving the Indemnitee, and the Indemnitee has
notified the Company thereof in accordance with the terms of the Indemnity Agreement.

     NOW, THEREFORE, the Indemnitee hereby agrees that in consideration of Company’s advance
payment of the Indemnitee’s Expenses incurred prior to a final disposition of the Proceeding, the
Indemnitee hereby undertakes to repay to the Company any and all Expenses paid by the Company on
behalf of the Indemnitee prior to a final disposition of the Proceeding to the extent it is
ultimately determined that the Indemnitee is not entitled to indemnification under the Applicable
Document. Such reimbursement or arrangements for reimbursement by the Indemnitee shall be
consummated within ninety (90) days after a determination that the Indemnitee is not entitled to
indemnification under the Applicable Document. Indemnitee agrees to reasonably cooperate with the
Company concerning any Proceeding. Capitalized terms used but not defined herein shall have the
meaning assigned to such term in the Indemnity Agreement.

     IN WITNESS WHEREOF, the undersigned has set his hand this       day of                     
,           .

	 	 	 	 	 
	 	INDEMNITEEexv10wxfy

EXHIBIT 10(f)

THE SHERWIN-WILLIAMS COMPANY

AMENDED AND RESTATED

SEVERANCE AGREEMENT

(2.5 Times Base Pay Amount)

     THIS SEVERANCE AGREEMENT (this “Agreement”), dated as of May 1, 2010 (the “Effective
Date”), is made and entered into by and between THE SHERWIN-WILLIAMS COMPANY, an Ohio corporation
(“Company”) and ALLEN J. MISTYSYN (“Executive”).

RECITALS:

	 	A.	 	Executive is a senior executive of Company or one or more of its Subsidiaries
(as defined below) and has made and is expected to continue to make major contributions
to the short-and long-term profitability, growth and financial strength of Company.
	 
	 	B.	 	Company recognizes that the possibility of a Change in Control (as defined
below) exists and that such possibility, and the uncertainty it may create among
management, may result in the distraction or departure of management personnel, to the
detriment of Company and its stockholders.
	 
	 	C.	 	Company desires to assure itself of both present and future continuity of
management and desires to establish certain minimum severance benefits for certain of
its senior executives, including Executive, applicable in the event of a Change in
Control.
	 
	 	D.	 	Company wishes to ensure that its senior executives are not unduly distracted
by the circumstances attendant to the possibility of a Change in Control and to
encourage the continued attention and dedication of such executives, including
Executive, to their assigned duties with Company.
	 
	 	E.	 	Company desires to provide additional inducement for Executive to continue to
remain in the employ of Company.

     NOW, THEREFORE, Company and Executive agree as follows:

     1. Certain Defined Terms. In addition to terms defined elsewhere herein,
the following terms have the following meanings when used in this Agreement with initial capital
letters:

          (a) “Base Pay” means Executive’s annual base salary rate as in effect from time to
time.

          (b) “Board” means the Board of Directors of Company.

          (c) “Cause” means that, prior to any termination pursuant to Section 3(a)(iii),
Executive shall have:

          (i) been convicted of a criminal violation involving, in each case, fraud,
embezzlement or theft in connection with Executive’s duties or in the course of Executive’s
employment with Company or any Subsidiary;

 

 

          (ii) committed intentional wrongful damage to property of Company or any
Subsidiary; or

          (iii) committed intentional wrongful disclosure of secret processes or
confidential information of Company or any Subsidiary;

and any such act shall have been demonstrably and materially harmful to Company. For
purposes of this Agreement, no act or failure to act on the part of Executive will be deemed
“intentional” if it was due primarily to an error in judgment or negligence, but will be
deemed “intentional” only if done or omitted to be done by Executive not in good faith and
without reasonable belief that Executive’s action or omission was in the best interest of
Company. Notwithstanding the foregoing, Executive will not be deemed to have been
terminated for “Cause” hereunder unless and until there shall have been delivered to
Executive a copy of a resolution duly adopted by the affirmative vote of not less than a
majority of the Board then in office (excluding Executive if Executive is then a member of
the Board) at a meeting of the Board called and held for such purpose, after reasonable
notice to Executive and an opportunity for Executive, together with Executive’s counsel (if
Executive chooses to have counsel present at such meeting), to be heard before the Board,
finding that, in the good faith opinion of the Board, Executive had committed an act
constituting “Cause” as herein defined and specifying the particulars thereof in reasonable
detail. Nothing herein will limit the right of Executive or Executive’s beneficiaries to
contest the validity or propriety of any such determination.

          (d) “Change in Control” means the occurrence during the Term of any of the following
events:

          (i) any individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Exchange Act) (a “Person”) is or becomes the beneficial owner (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of the combined
voting power of the then-outstanding Voting Stock of Company; provided,
however, that:

     (1) for purposes of this Section 1(d)(i), the following acquisitions
will not constitute a Change in Control: (A) any acquisition of Voting Stock
directly from Company that is approved by a majority of the Incumbent
Directors, (B) any acquisition of Voting Stock by Company or any Subsidiary,
(C) any acquisition of Voting Stock by the trustee or other fiduciary
holding securities under any employee benefit plan (or related trust)
sponsored or maintained by Company or any Subsidiary, and (D) any
acquisition of Voting Stock by any Person pursuant to a Business Transaction
that complies with clauses (A), (B) and (C) of Section 1(d)(iii) below;

     (2) if any Person is or becomes the beneficial owner of 30% or more of
combined voting power of the then-outstanding Voting Stock as a result of a
transaction described in clause (A) of Section 1(d)(i)(1) above and such
Person thereafter becomes the beneficial owner of any additional shares of
Voting Stock representing 1% or more of the then-outstanding Voting Stock,
other than in an acquisition directly from Company that is approved by a
majority of the Incumbent Directors or other than as a result of a stock
dividend, stock split or similar transaction effected by Company in which
all holders of Voting Stock are treated equally, such subsequent acquisition
shall be treated as a Change in Control;

-2-

 

     (3) a Change in Control will not be deemed to have occurred if a Person
is or becomes the beneficial owner of 30% or more of the Voting Stock as a
result of a reduction in the number of shares of Voting Stock outstanding
pursuant to a transaction or series of transactions that is approved by a
majority of the Incumbent Directors unless and until such Person thereafter
becomes the beneficial owner of any additional shares of Voting Stock
representing 1% or more of the then-outstanding Voting Stock, other than as
a result of a stock dividend, stock split or similar transaction effected by
Company in which all holders of Voting Stock are treated equally; and

     (4) if at least a majority of the Incumbent Directors determine in good
faith that a Person has acquired beneficial ownership of 30% or more of the
Voting Stock inadvertently, and such Person divests as promptly as
practicable but no later than the date, if any, set by the Incumbent Board a
sufficient number of shares so that such Person beneficially owns less than
30% of the Voting Stock, then no Change in Control shall have occurred as a
result of such Person’s acquisition; or

          (ii) a majority of the Board ceases to be comprised of Incumbent Directors;
or

          (iii) the consummation of a reorganization, merger or consolidation, or sale
or other disposition of all or substantially all of the assets of Company or the acquisition
of the stock or assets of another corporation, or other transaction (each, a “Business
Transaction”), unless, in each case, immediately following such Business Transaction (A) the
Voting Stock outstanding immediately prior to such Business Transaction continues to
represent (either by remaining outstanding or by being converted into voting stock of the
surviving entity or any parent thereof), more than 50% of the combined voting power of the
then outstanding shares of voting stock of the entity resulting from such Business
Transaction (including, without limitation, an entity which as a result of such transaction
owns Company or all or substantially all of Company’s assets either directly or through one
or more subsidiaries), (B) no Person (other than Company, such entity resulting from such
Business Transaction, or any employee benefit plan (or related trust) sponsored or
maintained by Company, any Subsidiary or such entity resulting from such Business
Transaction) beneficially owns, directly or indirectly, 30% or more of the combined voting
power of the then outstanding shares of voting stock of the entity resulting from such
Business Transaction, and (C) at least a majority of the members of the board of directors
of the entity resulting from such Business Transaction were Incumbent Directors at the time
of the execution of the initial agreement or of the action of the Board providing for such
Business Transaction; or

          (iv) approval by the shareholders of Company of a complete liquidation or
dissolution of Company, except pursuant to a Business Transaction that complies with clauses
(A), (B) and (C) of Section 1(d)(iii).

          (v) For purposes of this Section 1(d), the term “Incumbent Directors” shall
mean, during any period of two consecutive years, individuals who at the beginning of such
period constituted the Board and any new director (other than a director initially elected
or nominated as a director as a result of an actual or threatened election contest with
respect to directors or any other actual or threatened solicitation of proxies by or on
behalf of such director) whose election by the Board or nomination for election by the
Company’s shareholders was approved by a vote of at least two-thirds (2/3) of the directors
then still in office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved.

-3-

 

          (e) “Code” means the Internal Revenue Code of 1986, as amended.

          (f) “Common Shares” means shares of common stock, no par value, of Company.

          (g) “Employee Benefits” means the perquisites, benefits and service credit for
benefits as provided under any and all employee retirement income and welfare benefit policies,
plans, programs or arrangements in which Executive is entitled to participate, including without
limitation any stock option, performance share, performance unit, stock purchase, stock
appreciation, savings, pension, supplemental executive retirement, or other retirement income or
welfare benefit, deferred compensation, incentive compensation, group or other life, health,
medical/hospital or other insurance (whether funded by actual insurance or self-insured by Company
or a Subsidiary), disability, salary continuation, expense reimbursement and other employee benefit
policies, plans, programs or arrangements that may now exist or any equivalent successor policies,
plans, programs or arrangements that may be adopted hereafter by Company or a Subsidiary, providing
benefits and service credit for benefits at least as great in the aggregate as are payable
thereunder immediately prior to a Change in Control.

          (h) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          (i) “Good Reason” means the occurrence of one or more of the following events:

          (i) Failure to elect or reelect or otherwise to maintain Executive in
the office or the position, or a substantially equivalent or better office or
position, of or with Company and/or a Subsidiary (or any successor thereto by
operation of law or otherwise), as the case may be, which Executive held immediately
prior to a Change in Control, or the removal of Executive as a Director of Company
and/or a Subsidiary (or any successor thereto) if Executive shall have been a
Director of Company and/or a Subsidiary immediately prior to the Change in Control;

          (ii) Failure of Company to remedy any of the following within 10
calendar days after receipt by Company of written notice thereof from Executive:
(A) a significant adverse change in the nature or scope of the authorities, powers,
functions, responsibilities or duties attached to the position with Company and any
Subsidiary which Executive held immediately prior to the Change in Control, (B) a
reduction in Executive’s Base Pay received from Company and any Subsidiary, (C) a
reduction in Executive’s Incentive Pay opportunity as compared with the Incentive
Pay opportunity most recently paid prior to the Change in Control, or (D) the
termination or denial of Executive’s rights to Employee Benefits or a reduction in
the scope or value thereof;

          (iii) The liquidation, dissolution, merger, consolidation or
reorganization of Company or the transfer of all or substantially all of its
business and/or assets, unless the successor or successors (by liquidation, merger,
consolidation, reorganization, transfer or otherwise) to which all or substantially
all of its business and/or assets have been transferred (by operation of law or
otherwise) assumed all duties and obligations of Company under this Agreement
pursuant to Section 10(a);

          (iv) Company requires Executive to have Executive’s principal
location of work changed to any location that is in excess of 30 miles from the
location thereof immediately prior to the Change in Control, or requires Executive
to travel away from Executive’s office in the course of discharging Executive’s
responsibilities or duties hereunder at least 20% more (in terms of aggregate days
in any calendar year or in any calendar quarter when annualized for purposes of
comparison to any prior year) than was

-4-

 

required of Executive in any of the three full years immediately prior to the
Change in Control without, in either case, Executive’s prior written consent; or

          (v) Without limiting the generality or effect of the foregoing, any
material breach of this Agreement by Company or any successor thereto.

          (j) “Incentive Pay” means an annual bonus, incentive or other payment of
compensation, in addition to Base Pay, made or to be made in regard to services rendered in any
year pursuant to any bonus, incentive, profit-sharing, performance, discretionary pay or similar
agreement, policy, plan, program or arrangement (whether or not funded) of Company or a Subsidiary,
or any successor thereto. “Incentive Pay” does not include any stock option, stock appreciation,
stock purchase, restricted stock, private equity, long-term incentive or similar plan, program,
arrangement or grant, whether or not provided under a plan, program or arrangement described in the
preceding sentence.

          (k) “Severance Period” means the period of time commencing on the date of the first
occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of
the occurrence of the Change in Control, or (ii) Executive’s death;

          (l) “Subsidiary” means an entity in which Company directly or indirectly
beneficially owns 50% or more of the outstanding voting stock of such entity.

          (m) “Term” means the period commencing as of the Effective Date and expiring on the
close of business on December 31, 2010; provided, however, that (i) commencing on
January 1, 2011 and each January 1 thereafter, the term of this Agreement will automatically be
extended for an additional year unless, not later than September 30 of the immediately preceding
year, Company or Executive shall have given notice that Company or Executive, as the case may be,
does not wish to have the Term extended; (ii) if a Change in Control occurs during the Term, the
Term will expire on the last day of the Severance Period; and (iii) subject to Section 3(c), if,
prior to a Change in Control, the Executive ceases for any reason to be a corporate officer or
operating president of Company and any Subsidiary, thereupon without further action the Term shall
be deemed to have expired and this Agreement will immediately terminate and be of no further
effect. For purposes of this Section 1(m), the Executive shall not be deemed to have ceased to be
an employee of Company and any Subsidiary by reason of the transfer of the Executive’s employment
between Company and any Subsidiary, or among any Subsidiaries.

          (n) “Termination Date” means the date on which Executive’s employment is terminated
(the effective date of which will be the date of termination, or such other date that may be
specified by Executive if the termination is pursuant to Section 3(b)).

          (o) “Voting Stock” means at any time, the then-outstanding securities entitled to
vote generally in the election of directors of Company.

     2. Operation of Agreement. This Agreement will be effective and binding
immediately upon its execution, but, anything in this Agreement to the contrary notwithstanding,
except as provided in Section 3(c), this Agreement will not be operative unless and until a Change
in Control occurs. Upon the occurrence of a Change in Control at any time during the Term, without
further action, this Agreement will become immediately operative.

     3. Termination Following a Change in Control.

          (a) In the event of the occurrence of a Change in Control, Executive’s employment may be
terminated by Company or a Subsidiary during the Severance Period (or pursuant to Section 3(c))

-5-

 

and Executive will be entitled to the benefits provided by Section 4 unless such termination
is the result of the occurrence of one or more of the following events:

          (i) Executive’s death;

          (ii) If Executive becomes permanently disabled within the meaning of, and
begins actually to receive disability benefits pursuant to, the long-term disability plan in
effect for, or applicable to, Executive immediately prior to the Change in Control; or

          (iii) Cause.

If, during the Severance Period, Executive’s employment is terminated by Company or any
Subsidiary other than pursuant to Section 3(a)(i), 3(a)(ii) or 3(a)(iii), Executive will be
entitled to the benefits provided by Section 4.

          (b) In the event of the occurrence of a Change in Control, Executive may terminate
employment with Company and any Subsidiary during the Severance Period for Good Reason with the
right to severance compensation as provided in Section 4 regardless of whether any other reason,
other than Cause, for such termination exists or has occurred, including without limitation other
employment.

          (c) Anything in this Agreement to the contrary notwithstanding, if a Change in
Control occurs and not more than 90 days prior to the date on which the Change in Control occurs,
Executive’s employment with Company is terminated by Company, such termination of employment will
be deemed to be a termination of employment immediately after a Change in Control for purposes of
determining whether Executive is entitled to benefits under this Agreement if Executive has
reasonably demonstrated that such termination of employment (i) was at the request of a third party
who has taken steps reasonably calculated to effect a Change in Control, or (ii) otherwise arose in
connection with or in anticipation of a Change in Control.

          (d) A termination of employment pursuant to Section 3(a), 3(b) or 3(c) will not
affect any rights that Executive may have pursuant to any agreement, policy, plan, program or
arrangement of Company or Subsidiary providing Employee Benefits, which rights will be governed by
the terms thereof. Notwithstanding the foregoing, any severance benefits received by Executive
pursuant to Section 4 of this Agreement shall be in lieu of any severance benefits to which
Executive would otherwise be entitled under any severance plan, program, policy or practice or
contract or agreement of Company or its affiliates (other than a retirement plan or other deferred
compensation arrangement, equity award, welfare benefit plan or any similar plan or agreement which
may contain provisions that become operative on, or that may incidentally refer to accelerated
vesting or accelerated payment upon, a termination of Executive’s employment).

     4. Severance Compensation.

          (a) If, following the occurrence of a Change in Control, Company or Subsidiary terminates
Executive’s employment during the Severance Period other than pursuant to Section 3(a)(i), 3(a)(ii)
or 3(a)(iii), or if Executive terminates Executive’s employment pursuant to Section 3(b), Company
will be obligated to make the following payments and provide the following benefits to Executive.

          (i) Within ten business days after the occurrence of an event described in
Section 4(a) above (or in the case of an event described in Section 3(c), within 10 business
days after the Change in Control), Company shall pay, in a lump sum, an amount equal to two
and one-half (2-1/2) times the sum of (A) Base Pay (at the highest rate in effect for any
period within

-6-

 

three years prior to the Termination Date), plus (B) an amount equal to the greater of:
(x) the average of the Incentive Pay earned or received by Executive during the three year
period immediately preceding the Termination Date, or (y) the Executive’s target Incentive
Pay for the year in which the Termination Date occurs (assuming the Executive achieves 100%
of any stated goals); provided, however, that if payment to Executive would
constitute a “deferral of compensation” under Section 409A of the Code, Executive (or
Executive’s beneficiary) will receive payment of the amounts described in this Section
4(a)(i) upon the earlier of (i) six (6) months following Executive’s “separation from
service” with Company (as such phrase is defined in Section 409A of the Code) or (ii) within
90 days after Executive’s death.

          (ii) For a period of eighteen (18) months following the Termination Date (the
“Continuation Period”), Company shall arrange to provide Executive, at no cost to Executive,
with medical and dental benefits substantially similar to those that Executive was receiving
or entitled to receive immediately prior to the Termination Date (or, if greater,
immediately prior to the reduction, termination, or denial described in Section 1(i)(ii)).
The Continuation Period shall be considered to be the period during which Executive shall be
eligible for continuation coverage under Section 4980B of the Code, and Company shall
reimburse Executive for the amount of the premiums for such continuation coverage;
provided, however that without otherwise limiting the purposes or effect of
Section 6, the benefits otherwise receivable by Executive pursuant to this Section 4(a)(ii)
will be reduced to the extent comparable welfare benefits are actually received by Executive
from another employer during the Continuation Period following Executive’s Termination Date,
and any such benefits actually received by Executive shall be reported by Executive to
Company. If any benefit described in this Section 4(a)(ii) is subject to tax, Company will
pay to Executive an additional amount such that after payment by Executive or Executive’s
dependents or beneficiaries, as the case may be, of all taxes so imposed, the recipient
retains an amount equal to such taxes.

          (iii) Executive shall be entitled to outplacement services by a firm selected
by Executive, at the expense of Company in an amount not to exceed ten percent (10%) of Base
Pay; provided, however, that all such outplacement services must be
completed, and all payments by Company must be made, by December 31 of the second calendar
year following the calendar year in which the Termination Date occurs.

          (b) Without limiting the rights of Executive at law or in equity, if Company fails
to make any payment or provide any benefit required to be made or provided hereunder on a timely
basis, Company will pay interest on the amount or value thereof at an annualized rate of interest
equal to the “prime rate” as set forth from time to time during the relevant period in The Wall
Street Journal “Money Rates” column. Such interest will be payable at the time the related
payment or benefit is paid to Executive. Any change in such prime rate will be effective on and as
of the date of such change.

          (c) Unless otherwise expressly provided by the applicable plan, program or
agreement, after the occurrence of a Change in Control, Company will pay in cash to Executive a
lump sum amount equal to the sum of (i) any unpaid Incentive Pay that would have been earned,
accrued, allocated or awarded to Executive for any performance period ending prior to the Change in
Control (regardless of whether (x) payment of such compensation is contingent on the continuing
performance of services by Executive or (y) the bonus, incentive, profit-sharing, performance,
discretionary pay or similar agreement, policy, plan, program or arrangement pursuant to which such
Incentive Pay would otherwise be payable permits pro-ration), plus (ii) the value of any annual
bonus or long-term Incentive Pay (including, without limitation, incentive-based annual cash
bonuses and performance units, but not including any equity-based compensation or compensation
provided under a qualified plan) payable pursuant to any performance period that is outstanding on
the date of the Change in Control. Such payment will be made at the earlier of (x) the date
prescribed for payment pursuant to the applicable plan,

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program or agreement, and (y) within five business days after the Change in Control. In the
case of clauses (i) and (ii), any applicable vesting requirements will be disregarded. In the case
of clause (ii), the amount will be calculated at the greater of (1) the plan target or payout rate
and (2) the amount determined based on Company’s actual results relative to the applicable
performance criteria as if the performance period had ended on the date of the Change in Control,
which amount will be prorated on the basis of the number of days of Executive’s participation
during the applicable performance period to which the incentive pay related divided by the
aggregate number of days in such performance period, taking into account service rendered through
the payment date.

     5. Parachute Payments. In the event that the payments made to Executive
under Section 4 of the Agreement constitute “parachute payments” within the meaning of Section 280G
of the Internal Revenue Code, and such parachute payments would be subject to the excise tax
imposed by Section 4999 of the Internal Revenue Code (the “Excise Tax”), then the payments shall be
made to the Executive based on an after-tax basis (taking into account the applicable federal,
state, local taxes and the Excise Tax), of either:

          (a) payments delivered in full (including Excise Tax), or

          (b) payments delivered after reducing the payment $1 below the safe harbor limit (as
set forth in Section 280G(b)(2)(A)(ii) of the Internal Revenue Code) which would result in no
portion of the payment being subject to the Excise Tax.

The determination of whether any reduction in or repayment of such payments or benefits to be
provided under this Agreement is required will be made at the expense of the Company by a
nationally recognized accounting firm or benefits consulting firm, if requested by Executive or
Company. In the event that any payment or benefit intended to be provided under this Agreement or
otherwise is required to be reduced or repaid pursuant to this Section 5, the reduction shall be
made by reducing the amounts to be paid or provided under the following section of this Agreement
in the following order: (i) Section 4(a)(i), (ii) Section 4(c), (iii) Section 4(a)(iii), and (iv)
Section 4(a)(ii).

     6. No Mitigation Obligation. Company hereby acknowledges that it will be
difficult and may be impossible for Executive to find reasonably comparable employment following
Termination Date. Accordingly, the payment of the severance compensation by Company to Executive
in accordance with the terms of this Agreement is hereby acknowledged by Company to be reasonable,
and Executive will not be required to mitigate the amount of any payment provided for in this
Agreement by seeking other employment or otherwise, nor will any profits, income, earnings or other
benefits from any source whatsoever create any mitigation, offset, reduction or any other
obligation on the part of Executive hereunder or otherwise.

     7. Legal Fees and Expenses.

          (a) It is the intent of Company that Executive not be required to incur legal fees and the
related expenses associated with the interpretation, enforcement or defense of Executive’s rights
in connection with any dispute arising under this Agreement because the cost and expense thereof
would substantially detract from the benefits intended to be extended to Executive hereunder.
Accordingly, if it should appear to Executive that Company has failed to comply with any of its
obligations under this Agreement or in the event that Company or any other person takes or
threatens to take any action to declare this Agreement void or unenforceable, or institutes any
proceeding designed to deny, or to recover from, Executive the benefits provided or intended to be
provided to Executive hereunder, Company irrevocably authorizes Executive from time to time to
retain counsel of Executive’s choice, at the expense of Company as hereafter provided, to advise
and represent Executive in connection with any such dispute

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or proceeding. Notwithstanding any existing or prior attorney-client relationship between
Company and such counsel, Company irrevocably consents to Executive’s entering into an
attorney-client relationship with such counsel, and in that connection Company and Executive agree
that a confidential relationship will exist between Executive and such counsel. Without respect to
whether Executive prevails, in whole or in part, in connection with any of the foregoing, Company
will pay and be solely financially responsible for any and all attorneys’ and related fees and
expenses incurred by Executive at any time from the Effective Date through Executive’s remaining
lifetime, (or, if longer, through the 20th anniversary of the Effective Date) in connection with
any of the foregoing. Such payments will be made within five business days after delivery of
Executive’s written requests for payment, accompanied by such evidence of fees and expenses
incurred as Company may reasonably require; provided that Executive shall have submitted all
required documentation at least 14 days before the end of the calendar year next following the
calendar year in which such fees and expenses were incurred.

          (b) In order to secure the benefits to be received by Executive pursuant to this Agreement and
similar arrangements with other executives, Company shall establish one or more trust funds (the
“Trust”). Company will deposit in such Trust, within five (5) business days after the occurrence
of an event that in the reasonable opinion of the Board will likely result in a Change in Control,
an amount equal to approximately the maximum aggregate benefits that could be payable to Executive
under the terms of this Agreement; provided, however, that (i) the Trust shall not be funded if the
funding thereof would result in taxable income to Executive by reason of Section 409A(b) of the
Code; and (ii) in no event shall any Trust assets at any time be located or transferred outside of
the United States, within the meaning of Section 409A(b) of the Code. Any funds which may be
placed into the Trust under this Agreement shall continue for all purposes to be a part of the
general funds of Company subject to the claims of Company’s creditors in the event of Company’s
insolvency and no person shall by virtue of this Agreement have any interest in such funds. To the
extent that any person acquires a right to receive payments from Company under this Agreement, such
rights shall be no greater than the right of any unsecured general creditor of Company. Executive
shall be entitled to receive distributions from the funds held in the Trust pursuant to the terms
and conditions of this Agreement and the agreement establishing the Trust between Company and the
trustee. If prior to the date of a Change in Control, the Board has actual knowledge that all
third parties have abandoned or terminated their efforts to effect a Change in Control and a Change
in Control at that time is unlikely and the Board so advises Executive, the trust funds and
interest earned thereon, if any, shall be returned to Company by the trustee. Notwithstanding the
provisions of this Section 6(b), failure by Company to place such funds in Trust in no way relieves
Company from its financial obligations and responsibilities to Executive under the terms of this
Agreement.

          (c) All benefits to be paid pursuant to this Agreement, including any amounts paid pursuant to
Section 6(a) which were not paid through the Trust established pursuant to Section 6(b), shall be
paid from the general assets of the Company.

     8. Employment Rights. Nothing expressed or implied in this Agreement will
create any right or duty on the part of Company or Executive to have Executive remain in the
employment of Company or any Subsidiary prior to or following any Change in Control.

     9. Withholding of Taxes. Company may withhold from any amounts payable
under this Agreement all federal, state, city or other taxes as Company is required to withhold
pursuant to any applicable law, regulation or ruling.

     10. Successors and Binding Agreement.

          (a) Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation, reorganization or otherwise) to all or substantially all of the business or assets
of

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Company, by agreement in form and substance reasonably satisfactory to Executive, expressly to
assume and agree to perform this Agreement in the same manner and to the same extent Company would
be required to perform if no such succession had taken place. This Agreement will be binding upon
and inure to the benefit of Company and any successor to Company, including without limitation any
persons acquiring directly or indirectly all or substantially all of the business or assets of
Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor
will thereafter be deemed the “Company” for the purposes of this Agreement), but will not otherwise
be assignable, transferable or delegable by Company.

          (b) This Agreement will inure to the benefit of and be enforceable by Executive’s personal or
legal representatives, executors, administrators, successors, heirs, distributees and legatees.

          (c) This Agreement is personal in nature and neither of the parties hereto will, without the
consent of the other, assign, transfer or delegate this Agreement or any rights or obligations
hereunder except as expressly provided in Sections 10(a) and 10(b). Without limiting the
generality or effect of the foregoing, Executive’s right to receive payments hereunder will not be
assignable, transferable or delegable, whether by pledge, creation of a security interest, or
otherwise, other than by a transfer by Executive’s will or by the laws of descent and distribution
and, in the event of any attempted assignment or transfer contrary to this Section 10(c), Company
will have no liability to pay any amount so attempted to be assigned, transferred or delegated.

     11. Notices. For all purposes of this Agreement, all communications,
including without limitation notices, consents, requests or approvals, required or permitted to be
given hereunder will be in writing and will be deemed to have been duly given when hand delivered
or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed), or five
business days after having been mailed by United States registered or certified mail, return
receipt requested, postage prepaid, or three business days after having been sent by a nationally
recognized overnight courier service such as FedEx or UPS, addressed to Company (to the attention
of the Secretary of Company) at its principal executive office and to Executive at Executive’s
principal residence, or to such other address as any party may have furnished to the other in
writing and in accordance herewith, except that notices of changes of address will be effective
only upon receipt.

     12. Governing Law. The validity, interpretation, construction and
performance of this Agreement will be governed by and construed in accordance with the substantive
laws of the State of Ohio and federal law, without giving effect to the principles of conflict of
laws of such State, except as expressly provided herein.

     13. Validity. If any provision of this Agreement or the application of any
provision hereof to any person or circumstance is held invalid or otherwise unenforceable, the
remainder of this Agreement and the application of such provision to any other person or
circumstance will not be affected, and the provision so held to be invalid or otherwise
unenforceable will be reformed to the extent (and only to the extent) necessary to make it
enforceable or valid.

     14. Miscellaneous. No provision of this Agreement may be modified, waived
or discharged unless such waiver, modification or discharge is agreed to in writing signed by
Executive and Company. No waiver by either party hereto at any time of any breach by the other
party hereto or compliance with any condition or provision of this Agreement to be performed by
such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the
same or at any prior or subsequent time. No agreements or representations, oral or otherwise,
expressed or implied with respect to the subject matter hereof have been made by either party that
are not set forth expressly in this Agreement. The headings used in this Agreement are intended
for convenience or reference only and will not in any manner amplify, limit, modify or otherwise be
used in the construction or interpretation of any provision of this

-10-

 

Agreement. References to Sections are to Sections of this Agreement. Any reference in this
Agreement to a provision of a statute, rule or regulation will also include any successor provision
thereto.

     15. Effect on Prior Agreements. This Agreement shall expressly supersede
and render null, void and invalid any prior severance pay agreement or agreements of a similar
nature previously entered into by and between Company and Executive with respect to the subject
matter of this Agreement.

     16. Dispute Resolution. Any dispute between the parties under this
Agreement will be resolved (except as provided below) through informal arbitration by an arbitrator
selected under the rules of the American Arbitration Association for arbitration of employment
disputes (located in the city in which Company’s principal executive offices in the United States
are based) and the arbitration will be conducted in that location under the rules of said
Association. Each party will be entitled to present evidence and argument to the arbitrator. The
arbitrator will have the right only to interpret and apply the provisions of this Agreement and may
not change any of its provisions, except as expressly provided in Section 13. The arbitrator will
permit reasonable pre-hearing discovery of facts, to the extent necessary to establish a claim or a
defense to a claim, subject to supervision by the arbitrator. The determination of the arbitrator
will be conclusive and binding upon the parties and judgment upon the same may be entered in any
court having jurisdiction thereof. The arbitrator will give written notice to the parties stating
the arbitrator’s determination, and will furnish to each party a signed copy of such determination.
The expenses of arbitration will be borne equally by Company and Executive or as the arbitrator
equitably determines consistent with the application of state or federal law; provided, however,
that Executive’s share of such expenses will not exceed the maximum permitted by law. Any
arbitration or action pursuant to this Section 16 will be governed by and construed in accordance
with the substantive laws of the State of Ohio and, where applicable, federal law, without giving
effect to the principles of conflict of laws of such State.

     17. Survival. Notwithstanding any provision of this Agreement to the
contrary, the parties’ respective rights and obligations under Sections 3(d), 4, 5, 7, 9, 10(b),
16, 18 and 20 will survive any termination or expiration of this Agreement or the termination of
Executive’s employment following a Change in Control for any reason whatsoever.

     18. Beneficiaries. Executive will be entitled to select (and change, to the
extent permitted under any applicable law) a beneficiary or beneficiaries to receive any
compensation or benefit payable hereunder following Executive’s death, and may change such
election, in either case by giving Company written notice thereof in accordance with Section 11.
In the event of Executive’s death or a judicial determination of Executive’s incompetence,
reference in this Agreement to “Executive” will be deemed, where appropriate, to Executive’s
beneficiary, estate or other legal representative.

     19. Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original but all of which together will
constitute one and the same agreement.

     20. Section 409A of the Code.

          (a) The intent of the parties is that payments and benefits under this Agreement comply with
Section 409A of the Code (“Section 409A”) or are exempt therefrom and, accordingly, to the maximum
extent permitted, this Agreement shall be interpreted to be in compliance therewith. If Executive
notifies Company (with specificity as to the reason therefore) that Executive believes that any
provision of this Agreement (or of any award of compensation, including equity compensation or
benefits) would cause Executive to incur any additional tax or interest under Section 409A and
Company concurs with such belief or Company (without any obligation whatsoever to do so)
independently makes such determination, Company shall, after consulting with Executive, reform such
provision in a manner

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that is economically neutral to Company to attempt to comply with Section 409A through good faith
modifications to the minimum extent reasonably appropriate to conform with Section 409A.

          (b) A termination of employment shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the payment of any amounts or benefits subject to Section
409A upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Section 409A and Executive is no longer providing services (at
a level that would preclude the occurrence of a “separation from service” within the meaning of
Section 409A) to Company or its affiliates as an employee or consultant, and for purposes of any
such provision of this Agreement, references to a “termination,” “termination of employment” or
like terms shall mean “separation from service” within the meaning of Section 409A.

          (c) With regard to any provision herein that provides for reimbursement of costs and expenses
or in-kind benefits, except as otherwise permitted by Section 409A: (i) the right to reimbursement
or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the
amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable
year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided,
in any other taxable year, and (iii) such payments shall be made on or before the last day of the
calendar year immediately following the calendar year in which the expense occurred, or such
earlier date as required hereunder.

          (d) With regard to any provision herein that provides for a gross-up payment or other
reimbursement for Executive’s taxes (or audit or litigation expenses attributable to the tax
gross-up or reimbursement), the applicable taxes or related expenses shall be reimbursed no later
than the earlier of (i) the date specified for payment under the Arrangement, or (ii) the end of
the calendar year immediately following the calendar year in which the applicable taxes are
remitted or, in the case of reimbursement of expenses incurred due to a tax audit or litigation to
which there is no remittance of taxes, the end of the calendar year following the calendar year in
which the audit is completed or there is a final and nonappealable settlement or other resolution
of the litigation.

          (e) Notwithstanding anything contained in this Agreement to the contrary, if Executive is a
“specified employee,” as determined under Company’s policy for identifying specified employees on
the Termination Date, then to the extent required in order to comply with Section 409A, all
payments, benefits, tax gross-ups or other reimbursements paid or provided under this Agreement
that constitute a “deferral of compensation” within the meaning of Section 409A, that are provided
as a result of a “separation from service” within the meaning of Section 409A and that would
otherwise be paid or provided during the first six months following such Termination Date shall be
accumulated through and paid or provided (together with interest at the applicable federal rate
under Section 7872(f)(2)(A) of the Code in effect on the Termination Date), within 30 days after
the first business day that is more than six months after the date of his separation from service
(or, if Executive dies during such six-month period, within 90 days after Executive’s death).

          (f) Whenever a payment under this Agreement specifies a payment period with reference to a
number of days (e.g., “payment shall be made within 30 days after the Termination Date”), the
actual date of payment within the specified period shall be within the sole discretion of Company.
For purposes of Section 409A, Executive’s right to receive any “installment” payments pursuant to
this Agreement shall be treated as a right to receive a series of separate and distinct payments.

-12-

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
as of the date first above written.

	 	 	 	 	 
	 	

THE SHERWIN-WILLIAMS COMPANY

 	 
	 	By:  	/s/
 	 
	 	 	 	 
	 	 	 	 
	 
	 	EXECUTIVE

 	 
	 	/s/
 	 
	 	 	 
	 	 	 
	 

-13-

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