Document:

<PAGE>   1
                                                                   Exhibit 10.52

                          AMENDMENT TO CREDIT AGREEMENT
                                   AND CONSENT

         THIS AMENDMENT TO CREDIT AGREEMENT AND CONSENT, dated as of August 1,
2000, among EAGLE-PICHER INDUSTRIES, INC., a Delaware corporation and successor
by merger to E-P ACQUISITION, INC., a Delaware corporation (together herein
collectively referred to as the "Borrower"), the lenders party hereto (each a
"Lender" and collectively, the "Lenders"), ABN AMRO BANK N.V., as Agent (in such
capacity, the "Agent"), PNC BANK, NATIONAL ASSOCIATION, as Documentation Agent
(in such capacity, the "Documentation Agent") and BANK ONE, INDIANA, N.A., as
Syndication Agent (in such capacity, the "Syndication Agent").

                                   WITNESSETH:

         WHEREAS, the Borrower, the Lenders, the Agent, the Documentation Agent
and the Syndication Agent are parties to that certain Credit Agreement, dated as
of February 19, 1998, as modified by (i) that certain Eagle-Picher Industries,
Inc. Credit Agreement Consent and Waiver among the Borrower, the Agent and the
Lenders party thereto, dated as of November 18, 1998, (ii) that certain
Eagle-Picher Industries, Inc. Credit Agreement Amendment and Consent among the
Borrower, the Agent and the Lenders party thereto dated as of December 14, 1998
and (iii) that certain Amendment to Credit Agreement and Consent among the
Borrowers, the Agent, and the Lenders party thereto dated as of May 18, 1999 and
(iv) that certain Credit Agreement Consent among the Borrowers, the Agent and
the Lenders party thereto dated as of May 26, 2000 (together, the "Credit
Agreement"); and

         WHEREAS, the Borrower has requested that the Lenders consent to certain
transactions as set forth below and that the Credit Agreement be further amended
in certain respects; and

         WHEREAS, the Lenders and the Agents party hereto, are willing to so
consent and to further amend the Credit Agreement, subject to the terms and
conditions hereinafter set forth;

         NOW, THEREFORE, the parties hereto, in consideration of their mutual
covenants and agreements hereinafter set forth and intending to be legally bound
thereby, covenant and agree as follows:

         1. General. All terms used herein which are not otherwise specifically
defined herein shall have the same meaning herein as defined in the Credit
Agreement as further amended hereby.

         2. "Just-in-Time" Supplier Arrangements. The Borrower has obtained an
agreement from certain of its suppliers to move to a "just-in-time" supply
arrangement pursuant to which: (i) suppliers will ship to the Borrower and/or
its Subsidiaries base levels of inventory to be maintained at the various
premises owned or leased by the Borrower and/or its Subsidiaries, (ii) the
Borrower and/or its Subsidiaries will be invoiced only as such inventory is
utilized, (iii) the Borrower and/or its Subsidiaries may be required to agree to
purchase a minimum amount of inventory from such suppliers each year and (iv)
such suppliers may request that the

<PAGE>   2

Borrower and/or its Subsidiaries execute certain notice filings under the
Uniform Commercial Code and the agreement of the Collateral Agent acknowledging
the continuing title of such suppliers in their respective inventory. The
foregoing arrangement with such suppliers (and with any additional suppliers
from which the Borrower may obtain similar agreements) shall be referred to
herein as the "Just-in-Time Supplier Arrangements." In addition, the Borrower
has obtained an agreement from certain of its suppliers to purchase a portion of
existing inventory of the Borrower previously delivered and invoiced by such
suppliers, subject to: (i) an agreement by the Borrower to buy-back any such
unutilized inventory eighteen (18) months after such purchase by the suppliers
and (ii) the right of such suppliers to request the Borrower and/or its
Subsidiaries to execute certain notice filings under the Uniform Commercial Code
and the agreement of the Collateral Agent acknowledging the continuing title of
such suppliers in their respective inventory. The foregoing sale of inventory by
the Borrower and/or its Subsidiaries back to such suppliers (and to any
additional suppliers from which the Borrower may obtain similar agreements) and
agreement by the Borrower and/or its Subsidiaries to repurchase such inventory
shall be herein referred to as the "Supplier Buy-Back Arrangements."

The Required Lenders do hereby consent to the Just-in-Time Supplier Arrangements
and the Supplier Buy-Back Arrangements, notwithstanding any term or provision of
the Credit Agreement that may purport to prohibit such transactions, including,
without limitation, Section 8.01 or 8.05. In addition, the Required Lenders
hereby agree that the sale by the Borrower of inventory to the suppliers
pursuant to the Supplier Buy-Back Arrangements shall be excluded from the
operation of the provisions of Section 4.02.01(c) and Section 8.02(iv) of the
Credit Agreement. The consent provided for hereby shall be subject to the
receipt by the Collateral Agent of such inter-creditor documentation as it may
request from the Borrower and the suppliers regarding the identification of the
relevant inventory and confirming the respective rights of the Borrower, the
suppliers and Collateral Agent with respect thereto.

         3. Total Revolving Credit Commitment. Present Annex I to the Credit
Agreement shall be and is hereby deleted and the new Annex I (Amended) attached
hereto shall be inserted in its place.

         4. Consolidation, Merger, Sale of Assets, etc. Section 8.02 shall be
and is hereby amended by (i) deleting the word "and" at the end of clause (ix)
thereof, (ii) inserting after the semicolon in clause (x) the word "and" therein
and (iii) inserting a new subsection before the proviso in the appropriate order
reading as follows: "(xi) the Borrower and its Subsidiaries may liquidate or
reincorporate subsidiaries established as foreign sales corporations under U.S.
tax law ("FSCs") whose gross revenues shall not exceed $5,000,000 per year;"
therein.

         5. Dividends and Payments under Related Party Agreements. Section 8.03
shall be and is hereby amended by (i) deleting the word "and" at the end of
clause (ii) thereof and (ii) deleting the period at the end of clause (iii)
thereof and replacing it with the phrase "and (iv) any payment for the sole
purpose of redeeming stock and/or stock appreciation rights of employees who
terminate their employment in an aggregate amount not exceeding $5,000,000 in
any fiscal year."

                                      -2-
<PAGE>   3

         6. Advances, Investment and Loans. Section 8.05 shall be hereby amended
by (i) inserting in line 1 of subparagraph (iii) thereof, immediately after the
phrase "the Borrower may make intercompany loans" and prior to the phrase "and
advances to its Wholly-Owned Subsidiaries," the phrase ", capital contributions"
therein and (ii) inserting in line 3 of subparagraph (iii) thereof, immediately
after the phrase "any Subsidiary of the Borrower may make intercompany loans"
and prior to the phrase "and advances to the Borrower," the phrase ", capital
contributions" therein.

         7. Capital Expenditures. Section 8.07 shall be hereby amended by adding
a new subparagraph (d) reading as follows:

                  (d) Notwithstanding the foregoing, the Borrower and its
         Subsidiaries may make Capital Expenditures in excess of the amounts
         permitted in any fiscal year by clause (a) and (b) above so long as
         such excess amount, if added to Consolidated Fixed Charges for the
         relevant period, would not cause a violation of Section 8.10 hereof.

         8. Leverage Ratio. Section 8.09 shall be and is hereby amended by
deleting the present wording thereof and inserting in its place the following:

         "Section 8.09. Leverage Ratio. The Borrower will not permit the
         Leverage Ratio on the last day of any fiscal quarter ending on or about
         any date set forth below to be more than the ratio set forth opposite
         such date:

              PERIOD                                      RATIO
         August 31, 2000                                4.50:1.00
         November 30, 2000                              4.50:1.00
         February 28, 2001                              4.50:1.00
         May 31, 2001                                   4.50:1.00
         August 31, 2001                                4.50:1.00
         November 30, 2001                              4.00:1.00
         February 28, 2002                              4.00:1.00
         May 31, 2002                                   4.00:1:00
         August 31, 2002                                4.00:1:00
         November 30, 2002                              3.50:1:00
         thereafter                                     3.50:1.00"

         9. Fixed Charge Coverage Ratio. Section 8.10 shall be and is hereby
amended by deleting the present wording thereof and inserting in its place the
following:

         "Section 8.10. Fixed Charge Coverage Ratio. The Borrower will not
         permit the Fixed Charge Coverage Ratio for any Test Period to be less
         than 1.50 to 1.0."

                                      -3-
<PAGE>   4

         10. Definitions. Section 10.01 of the Credit Agreement shall be and is
hereby amended as follows:

         (a) There shall be added the following new definition to be inserted in
the proper alphabetical order reading as follows:

                  "Consolidated Total Net Cash" shall mean, at any time, all
         amounts that would, in conformity with GAAP, be set forth opposite the
         caption "Cash and Cash Equivalents" (or any like caption) on a
         consolidated balance sheet of the Borrower and its Subsidiaries,
         including, collected funds received at lockboxes maintained by the
         Borrower and its Subsidiaries or received by the cash management banks
         of the Borrower and its Subsidiaries and not yet applied to the payment
         of obligations of the Borrower or its Subsidiaries.

         (b) The definition of "Consolidated Debt" is amended and restated in
its entirety as follows:

                  "Consolidated Debt" shall mean, at any time, all Indebtedness
         of the Borrower and its Subsidiaries determined on a consolidated basis
         which would be reflected on a consolidated balance sheet at such time
         in accordance with GAAP minus Consolidated Total Net Cash.

         (c) The definition of "Consolidated EBIT" shall be amended by inserting
in clause (iii) thereof after the phrase "non-cash charge (other than
depreciation or amortization" and immediately before the parenthesis the phrase
"and other than routine recurring non-cash charges that result in an accrual of
a reserve for cash charges in any future period" therein.

         (d) The definition of "Consolidated Fixed Charges" shall be and is
hereby amended and restated in its entirety as follows:

                  "Consolidated Fixed Charges" shall mean, for any period, the
         sum of (i) the aggregate amount of payments scheduled to be made by the
         Borrower and its Subsidiaries during such period in respect of
         principal on all Indebtedness (whether at maturity, as a result of
         mandatory sinking fund redemption or scheduled mandatory prepayment),
         on a consolidated basis, plus (ii) Consolidated Interest Expense for
         such period, plus (iii) taxes to the extent paid or payable in cash
         during such period (excluding any taxes in respect of gains or income
         that are not included in Consolidated EBITDA) plus (iv) any dividends
         paid by the Borrower pursuant to Section 8.03(iii) during such period.

         (e) The definition of "Indebtedness" shall be and is hereby amended by
inserting in line 4 thereof, immediately after the phrase "but excluding current
trade accounts payable incurred in the ordinary course of business" and prior to
the comma in line 4 the phrase "and excluding accruals for expenses accrued in
the ordinary course of business" therein.

         11. Effectiveness. This Amendment and Consent shall become effective on
the date on which the Borrower and the Required Lenders shall have signed a
counterpart hereof and shall

                                      -4-
<PAGE>   5

have delivered the same to the Agent. This Amendment may be executed in any
number of Counterparts and by the different parties hereto on separate
counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument. A set of
counterparts executed by all the parties hereto shall be lodged with the
Borrower and the Agent. This Amendment and the rights and obligations of the
parties hereunder shall be construed in accordance with and be governed by the
law of the State of New York. Except as herein specifically amended, the Credit
Agreement shall be and remain in full force and effect and wherever reference is
made in any note, document, letter or other communication to the Credit
Agreement, such reference shall, without more, be deemed to refer to the Credit
Agreement as amended hereby. The consents provided for herein shall be limited
specifically as provided for herein and this Amendment and Consent shall not
constitute a consent to any other transaction nor shall it be a waiver or
modification of any other term, provision or condition of the Credit Agreement
except as expressly set forth herein and shall not prejudice or be deemed to
prejudice any right that the Agent or the Lenders may now have or may have in
the future under the Credit Agreement.

                           [SIGNATURE PAGES TO FOLLOW]

                                      -5-
<PAGE>   6

         IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officers to execute and deliver this Amendment and Consent as of the
date first above written.

<TABLE>
<S>                                                       <C>
Address:

250 East Fifth Street, 5th Floor                          EAGLE-PICHER INDUSTRIES, INC.
Cincinnati, OH  45202
Attention: David Krall, Esq.                              By______________________________________________
           Tel. (513) 629-2417                               Name:
           Fax (513) 629-2572                                Title:

Address:

135 South LaSalle Street, Suite 725                       ABN AMRO BANK N.V., individually and as Agent
Chicago, IL 60674-9135
Attention:  Mr. Gregory D. Amoroso                        By______________________________________________
            Tel. (312) 904-2475                              Name:
            Fax (312) 904-1028                               Title:

                                                          By
                                                             Name:
                                                             Title:

Address:

201 East Fifth Street, 3rd Floor                          PNC BANK, NATIONAL ASSOCIATION
Cincinnati, OH 45202
Attention: Bruce A. Kintner                               By______________________________________________
           Tel. (513) 651-8675                               Name:
           Fax (513) 651-8952                                Title:

Address:

425 Walnut Street, Mailbox 8160                           FIRSTAR BANK, N.A.
Cincinnati, OH 45202
Attention: Mr. Derek S. Roudebush                        By______________________________________________
           Tel. (513) 632-4010                              Name:
           Fax (513) 632-2068                               Title:
</TABLE>

                                      -6-
<PAGE>   7

<TABLE>
<S>                                                       <C>
Address:

277 Park Avenue, 32nd Floor                               ARAB BANKING CORPORATION
New York, NY 10172-3299
Attention: Ms. Louise Bilbro                              By______________________________________________
           Tel. (212) 583-4758                               Name:
           Fax (212) 583-0935                                Title:

Address:

600 Peachtree Street NE, Suite 2700                       THE BANK OF NOVA SCOTIA
Atlanta, GA 30308
Attention: Ms. Shannon Dancila                            By______________________________________________
           Tel. (404) 877-1561                               Name:
           Fax (404) 888-8998                                Title:

Address:

1251 Avenue of the Americas, 12th Floor                   BANK OF TOKYO-MITSUBISHI TRUST COMPANY
New York, NY 10020-1104
Attention: Mr. Hidekazu Kojima                            By______________________________________________
           Tel. (212) 782-4795                               Name:
           Fax (212) 782-4981                                Title:

Address:

55 E. Monroe Street, Suite 4700                           CREDIT AGRICOLE INDOSUEZ
Chicago, IL 60603
Attention: Mr. Jerome Leblond                             By______________________________________________
           Tel. (312) 917-7569                               Name:
           Fax (312) 372-9329                                Title:
</TABLE>

                                      -7-
<PAGE>   8

<TABLE>
<S>                                                       <C>
Address:

Large Corporate Banking                                   BANK ONE, INDIANA, N.A., formerly known as
MC-IN1-0040                                               NBD Bank, N.A.
Bank One Center Tower, 4th Floor
Indianapolis, IN 46277
Attention: Mr. Ed Hathaway                                By______________________________________________
           Tel. (317) 321-7663                               Name:
           Fax (317) 266-6042                                Title:

Address:

Two Greenwich Plaza                                       CREDITANSTALT CORPORATE FINANCE
Greenwich, CT 06830
Attention: Mr. Frank Ossino                               By______________________________________________
           Tel. (203) 861-1454                               Name:
           Fax (203) 861-6449                                Title:

                                                          By______________________________________________
                                                             Name:
                                                             Title:

Address:

One East 4th Street, 5th Floor                            PROVIDENT BANK
Cincinnati, OH 45202
Attention: Mr. Richard E. Wirthlin                        By______________________________________________
           Tel. (513) 579-2022                               Name:
           Fax (513) 579-2201                                Title:

Address:

38 Fountain Square Plaza (MD#109054)                      FIFTH THIRD BANK
Cincinnati, OH 45263
Attention: Mr. Thomas G. Welch, Jr.                       By______________________________________________
           Tel. (513) 744-7757                               Name:
           Fax (513) 579-5226                                Title:
</TABLE>

                                      -8-
<PAGE>   9

<TABLE>
<S>                                                       <C>
Address:

One Wall Street, 22nd Floor                               THE BANK OF NEW YORK
New York, NY 10286
Attention: Mr. Edward J. Dougherty                        By______________________________________________
           Tel. (212) 635-7842                               Name:
           Fax (212) 635-6434                                Title:

Address:

520 Madison Avenue, 37th Floor                            CREDIT INDUSTRIAL ET COMMERCIAL,
New York, NY 10022                                          formerly known as Compagnie Financiere de
Attention: Mr. Anthony Rock                                CIC et de l'Union Europeenne
New York, NY  10022
           Tel. (212) 715-4422
           Tel. (212) 715-4535                            By______________________________________________
                                                             Name:
                                                             Title:

Address:

500 Woodward Avenue                                       COMERICA BANK
Mail Code 3265
Detroit, MI 48226                                         By______________________________________________
Attention: Mr. Nicholas G. Mester                            Name:
           Tel. (313) 222-9168                               Title:
           Fax (313) 222-3776

Address:

9920 South LaCienega Blvd., 14th Floor                    IMPERIAL BANK
Inglewood, CA 90301
Attention: Mr. Mark Campbell                              By______________________________________________
           Tel. (310) 417-5886                               Name:
           Fax (310) 417-5997                                Title:
</TABLE>

                                      -9-
<PAGE>   10

<TABLE>
<S>                                                       <C>
Address:

520 Madison Avenue, 26th Floor                            THE MITSUBISHI TRUST AND BANKING
New York, NY 10022                                           CORPORATION
Attention: Mr. Paul Arzouian
           Tel. (212) 891-8425                            By______________________________________________
           Fax (212) 644-6825                                Name:
                                                             Title:

Address:

111 W. Monroe Street, Fl. 10W                             HARRIS TRUST AND SAVINGS BANK
Chicago, IL 60603
Attention: Mr. Danjuma Gibson                             By______________________________________________
           Tel. (312) 461-7100                               Name:
           Fax (312) 461-5225                                Title:
</TABLE>

                                      -10-
<PAGE>   11

<TABLE>
<S>                                                       <C>
Address:

Eleven Madison Avenue                                     CREDIT SUISSE FIRST BOSTON
New York, New York 10010
Attention: Mr. Robert Hetu
           Tel. (212) 325-4542                            By______________________________________________
           Fax (212) 325-8309                                Name:
                                                             Title:

                                                          By______________________________________________
                                                             Name:
                                                             Title:

Address:

555 Theodore Fremd Avenue, Suite C-301                    TRANSAMERICA BUSINESS CREDIT
Rye, New York 10580                                          CORPORATION
Attention: Mr. Mike Kerneklian
           Tel. (914) 925-7246                            By______________________________________________
           Fax (914) 921-9072                                Name:
                                                             Title:

                                                          By______________________________________________
                                                             Name:
                                                             Title:

Address:

225 West Wacker Drive                                     THE FUJI BANK, LIMITED
Suite 2000
Chicago, Illinois 60606
Attention: Mr. Jim Fayen/Mr. Ken Zeglin                   By______________________________________________
           Tel. (312) 621-0503                               Name:
           Fax (312) 621-3386                                Title:
</TABLE>

                                      -11-
<PAGE>   12

                                ANNEX 1 (AMENDED)

                                  COMMITMENT *

<TABLE>
<CAPTION>
                                                    TERM LOAN A                 REVOLVER                    TOTAL
<S>                                               <C>                       <C>                       <C>
            ABN AMRO Bank N.V.                    $13,154,906.21            $ 55,940,151.21           $ 69,095,057.42
              PNC Bank, N.A.                      $ 3,370,000.00            $  8,630,000.00           $ 12,000,000.00
          The Bank of Nova Scotia                 $ 4,693,073.34            $ 15,306,926.66           $ 20,000,000.00
  Bank of Tokyo-Mitsubishi Trust Company          $ 4,693,073.34            $ 15,306,926.66           $ 20,000,000.00
          Bank One Indiana, N.A.                  $ 9,386,146.68            $ 15,353,127.02           $ 24,739,273.70
               Comerica Bank                      $ 4,693,073.34            $  8,738,461.54           $ 13,431,534.88
         Credit Agricole Indosuez                 $ 6,609,962.43            $ 12,307,692.26           $ 18,917,654.69
      Creditanstalt Corporate Finance             $ 4,693,073.34            $ 10,306,926.66           $ 15,000,000.00
              Provident Bank                      $ 4,693,073.34            $  8,738,461.54           $ 13,431,534.88
         Arab Banking Corporation                 $ 4,957,471.84            $  9,230,769.23           $ 14,188,241.07
           The Bank of New York                   $ 3,304,981.23            $ 11,153,000.00           $ 14,457,981.23
      Credit Industrial ET Commercial             $ 3,304,981.23            $  6,153,846.15           $  9,458,827.38
             Fifth Third Bank                     $ 3,304,981.23            $  9,231,000.00           $ 12,535,981.23
       Harris Trust and Savings Bank              $ 3,304,981.23            $ 11,695,018.77           $ 15,000,000.00
               Imperial Bank                      $ 3,304,981.23            $  6,153,846.15           $  9,458,827.38
     The Mitsubishi Trust and Banking             $ 3,304,981.23            $  6,153,846.15           $  9,458,827.38
                Corporation
             Firstar Bank N.A.                    $ 5,155,770.73            $  9,600,000.00           $ 14,755,770.73

                                                  $85,929,511.97            $220,000,000.00           $305,929,511.97
</TABLE>

* As of May 18, 1999<PAGE>   1
                                                                   Exhibit 10(g)

                          WORTHINGTON INDUSTRIES, INC.
                2000 STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS

1.       PURPOSE

         The purpose of the Worthington Industries, Inc. 2000 Stock Option Plan
for Non-Employee Directors is to promote the interests of Worthington
Industries, Inc. and its shareholders by (a) increasing the proprietary interest
of Eligible Directors in the growth and performance of the Company by granting
such Eligible Directors options to purchase Common Shares of the Company and (b)
encouraging the Eligible Directors to remain as directors of the Company and put
forth maximum efforts for the success of the Company.

2.       DEFINITIONS

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

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

         (b)      "Change in Control" shall mean the following:

                  (i)      A Change in Control shall have occurred when any
                           Person (other than (A) the Company or any Subsidiary
                           of the Company, (B) any employee benefit plan of the
                           Company or of any Subsidiary of the Company or any
                           trustee of or fiduciary with respect to any such plan
                           when acting in such capacity, or (C) any Person who,
                           on the Effective Date of the Plan, is an Affiliate of
                           the Company and owning in excess of ten percent (10%)
                           of the outstanding Common Shares of the Company and
                           the respective successors, executors, legal
                           representatives, heirs and legal assigns of such
                           Person), alone or together with its Affiliates and
                           Associates, has acquired or obtained the right to
                           acquire the beneficial ownership of twenty-five
                           percent (25%) or more of the Common Shares then
                           outstanding.

                  (ii)     "Acquiring Person" means any Person who or which,
                           together with all Affiliates and Associates, has
                           acquired or obtained the right to acquire the
                           beneficial ownership of twenty-five percent (25%) or
                           more of the Common Shares then outstanding.

                  (iii)    "Affiliate" and "Associate" shall have the respective
                           meanings ascribed to such terms in Rule 12b-2 of the
                           General Rules and Regulations under the Exchange Act.

                  (iv)     "Continuing Director" means any individual who was a
                           member of the Board on the Effective Date of the Plan
                           or thereafter elected by the shareholders or
                           appointed by the Board prior to the date as of which
                           the Acquiring Person became a Substantial Shareholder
                           (as such term is defined in Article SEVENTH of the
                           Company's Amended Articles of
<PAGE>   2
                           Incorporation), or an individual designated (before
                           his initial election or appointment as a director) as
                           a Continuing Director by three-fourths of the Whole
                           Board, but only if a majority of the Whole Board
                           shall then consist of Continuing Directors.

                  (v)      "Whole Board" means the total number of directors
                           which the Company would have if there were no
                           vacancies.

         (c)      "Change in Control Exercise Period" shall have the meaning set
                  forth in paragraph (ii) of Subsection 6(d) of the Plan.

         (d)      "Change in Control Price Per Common Share" shall mean the
                  highest price per Common Share (i) paid by the Acquiring
                  Person in connection with the transaction that results in the
                  Change in Control; or (ii) paid or offered by the Acquiring
                  Person, to acquire other Common Shares in excess of one
                  percent (1%) of the outstanding Common Shares, at any time
                  after the Change in Control and before the Eligible Director
                  exercises his/her election under paragraph (ii) of Subsection
                  6(d).

         (e)      "Change in Control Spread" shall have the meaning set forth in
                  paragraph (ii) of Subsection 6(d) of the Plan.

         (f)      "Code" shall mean the Internal Revenue Code of 1986, as
                  amended from time to time, and any successor provisions
                  thereto.

         (g)      "Company" shall mean Worthington Industries, Inc., an Ohio
                  corporation, together with any successor thereto.

         (h)      "Common Shares" shall mean the common shares, without par
                  value, of the Company.

         (i)      "Director Option" shall mean a Non-Qualified Stock Option
                  granted to each Eligible Director under the provisions of the
                  Plan without any action by the Board.

         (j)      "Director Retirement" shall mean the retirement of an Eligible
                  Director from service on the Board after having (i) attained
                  the age of 65 or (ii) served at least nine years as a member
                  of the Board, unless the Board specifies a shorter period of
                  required service which shall in no event be fewer than six
                  years.

         (k)      "Exchange Act" shall mean the Securities Exchange Act of 1934,
                  as amended from time to time, and any successor provisions
                  thereto.

         (l)      "Effective Date" shall mean the date of the approval of the
                  Plan by the Company's shareholders.

                                       2
<PAGE>   3
         (m)      "Eligible Director" shall mean, on any date, an individual who
                  is serving as a member of the Board but shall not include any
                  individual who is an employee of the Company or of any
                  Subsidiary or Affiliate of the Company.

         (n)      The "Fair Market Value" of a Common Share on any relevant date
                  for purposes of any provision of the Plan shall be the last
                  reported sales price of a Common Share as shown on the
                  national securities exchange on which the Company's Common
                  Shares are then traded, or, if there are no reported sales on
                  such date, then the last reported sales price on the next
                  preceding day on which such a sale was transacted.

         (o)      "For Cause" shall mean removal from office for cause in
                  accordance with Article SIXTH of the Company's Amended
                  Articles of Incorporation and the Ohio General Corporation
                  Law.

         (p)      "Non-Qualified Stock Option" shall mean a right to purchase
                  Common Shares from the Company that is granted under the Plan
                  and is not intended to meet the requirements of Section 422 of
                  the Code or any successor provision thereto.

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

         (r)      "Permissible Transferee" shall mean any member of the
                  immediate family of an Eligible Director, any trust, whether
                  revocable or irrevocable, solely for the benefit of members of
                  the Eligible Director's immediate family, or any partnership
                  or limited liability company whose only partners or members
                  are members of the Eligible Director's immediate family.

         (s)      "Person" shall mean any individual, corporation, partnership,
                  limited liability company, association, joint-stock company,
                  trust, unincorporated organization, government or political
                  subdivision thereof or other entity.

         (t)      "Plan" shall mean the Worthington Industries, Inc. 2000 Stock
                  Option Plan for Non-Employee Directors, as the same may be
                  amended from time to time.

         (u)      "SEC" shall mean the Securities and Exchange Commission or any
                  successor thereto and shall include the staff thereof.

         (v)      "Subsidiary" shall mean any corporation which, on the date of
                  determination, qualified as a subsidiary corporation of the
                  Company under Section 424(f) of the Code. In addition, the
                  term "Subsidiary" shall include any trade or business which is
                  under common control with the Company, as determined under
                  Section 414(c) of the Code.

         (w)      "Total Disability" shall be deemed to be the inability, by
                  reason of a medically determinable physical or mental
                  impairment, to engage in any substantial gainful activity, for
                  a period of 180 days after its commencement and such
                  condition, in the opinion of a physician selected by the
                  Company and reasonably acceptable to the Eligible Director or
                  his/her legal representative is total and permanent.

                                       3
<PAGE>   4
3.       ADMINISTRATION

         (a) The Plan shall be administered by the Board.

         (b) The Board shall have full power and authority in its discretion,
subject to and not inconsistent with the express provisions of the Plan, to
administer the Plan and to exercise all the power and authority specifically
granted to the Board under the Plan or necessary or advisable, in the sole and
absolute discretion of the Board, in the administration of the Plan including,
without limitation, the authority to: interpret and construe any provision of
the Plan or any Director Option granted under the Plan; make all required or
appropriate determinations under the Plan or any Director Option granted under
the Plan; adopt, amend and rescind such rules and regulations relating to the
Plan as the Board shall determine in its discretion subject to the express
provisions of the Plan; and make all other determinations deemed by the Board
necessary or advisable for the administration of the Plan. Notwithstanding the
preceding sentence, the Board shall have no discretion with respect to the
selection of members of the Board to receive Director Options, the number of
Common Shares subject to any Director Option, the purchase price per Common
Share under each Director Option or the timing of grants of Director Options
under the Plan.

         (c) The interpretation and construction of any provision of the Plan or
any Director Option granted under the Plan and all determinations by the Board
in each case shall be final, binding and conclusive with respect to all
interested parties, unless otherwise determined by the Board. No member of the
Board shall be personally liable for any action, failure to act, determination,
interpretation or construction made in good faith with respect to the Plan or
any Director Option or transaction under the Plan.

         (d) Nothing contained in the Plan, nor any Director Option granted
pursuant to the Plan, shall confer upon any Eligible Director any right to
continue as a director of the Company nor limit in any the right of the
shareholders of the Company to remove him/her as a director in accordance with
the Company's Amended Articles of Incorporation and the Ohio General Corporation
Law.

         (e) The validity, construction and effect of the Plan and any rules and
regulations relating to the Plan and any Option Agreement evidencing a Director
Option granted under the Plan shall be determined in accordance with the laws of
the State of Ohio.

4.       ELIGIBILITY

         The class of individuals eligible to receive grants of Director Options
shall be the Eligible Directors.

5.       COMMON SHARES SUBJECT TO THE PLAN

         Subject to adjustment as provided in Section 7 of the Plan, an
aggregate of 250,000 Common Shares shall be available for issuance under the
Plan. The Common Shares deliverable upon the exercise of Director Options may be
made available from authorized but unissued

                                       4
<PAGE>   5
Common Shares or issued Common Shares which have been reacquired by the Company.
If any Director Option granted under the Plan shall terminate for any reason
without having been exercised in full, the Common Shares subject to, but not
delivered under, such Director Option shall be available for issuance under the
Plan.

6.       GRANT, TERMS AND CONDITIONS OF DIRECTOR OPTIONS

         (a) On the date an Eligible Director is first elected or appointed to
the Board, such Eligible Director shall be granted a Director Option to purchase
4,000 Common Shares; provided, however, in respect of the first election to the
Board of Eligible Directors prior to the Effective Date, such Director Option
shall be granted on the Effective Date.

         (b) On the date on which each annual meeting of the shareholders of the
Company is held, beginning with the annual meeting of shareholders to be held in
2001, each Eligible Director who has served as a director of the Company for
more than six months and will continue to serve as a member of the Board on and
after such date, shall receive a grant of a Director Option to purchase 2,000
Common Shares.

         (c) The Director Options granted shall have the following terms and
conditions:

                  (i) Purchase Price. The purchase price per Common Share
         deliverable upon the exercise of each Director Option shall be 100% of
         the Fair Market Value per Common Share on the date the Director Option
         is granted.

                  (ii) Payment. Director Options may be exercised only upon
         payment of the purchase price thereof in full. Such payment may be made
         in cash, or its equivalent, or, if and to the extent permitted by the
         Board, by tendering, either by actual delivery of Common Shares or by
         attestation, Common Shares acceptable to the Board or by a combination
         of the foregoing, as determined by the Board, provided that the
         combined value of all cash and cash equivalents and the Fair Market
         Value of any Common Shares so tendered to the Company as of the date of
         such tender is at least equal to the purchase price for the Common
         Shares underlying the portion of the Director Option being exercised.
         The Board may permit an Eligible Director to elect to pay the purchase
         price upon the exercise of a Director Option by irrevocably authorizing
         a third party to sell Common Shares (or a sufficient number of Common
         Shares) acquired upon exercise of the Director Option and remit to the
         Company a sufficient portion of the sale proceeds to pay the entire
         purchase price and tax withholding resulting from such exercise.

                  (iii) Vesting and Term of Director Options. Each Director
         Option granted pursuant to the Plan shall become vested and fully
         exercisable on the first to occur of (A) the first anniversary of the
         date of grant or (B) as to any Director Option granted as of the date
         of an annual meeting of shareholders of the Company, the date on which
         the next annual meeting of shareholders of the Company is held
         following the date of grant, provided that in each case the Eligible
         Director who was granted the Director Option is a director of the
         Company on the relevant date or the Eligible Director's term as a
         director of the Company is ending on the relevant date. Once vested,
         each Director Option shall

                                       5
<PAGE>   6
         be exercisable until the earlier of ten years from the date of grant
         and the expiration of the applicable period described in paragraph (iv)
         below.

                  (iv)     Termination of Service as Eligible Director.

                           (A) Upon termination of an Eligible Director's
                  service as a director of the Company for any reason other than
                  death, Director Retirement, Total Disability or For Cause, all
                  outstanding Director Options held by such Eligible Director,
                  to the extent then exercisable, shall be exercisable in whole
                  or in part for a period of one year from the date upon which
                  the Eligible Director ceases to be a member of the Board,
                  provided that in no event shall the Director Options be
                  exercisable beyond the period provided for in paragraph (iii)
                  of Subsection 6(c) above. Notwithstanding the foregoing, the
                  Board shall have the right to accelerate the exercisability of
                  any outstanding Director Option, in its discretion, upon the
                  termination of an Eligible Director's service on the Board.

                            (B) If an Eligible Director shall die while serving
                  as a director of the Company, all outstanding Director Options
                  held by such Eligible Director (whether or not then
                  exercisable by their terms) shall become immediately
                  exercisable in full by the Eligible Director's estate or by
                  the Person who acquires the right to exercise such Director
                  Options upon the Eligible Director's death by bequest or
                  inheritance. Such exercise may occur at any time within three
                  years after the date of the Eligible Director's death,
                  provided that in no event shall such Director Options be
                  exercisable beyond the period provided for in paragraph (iii)
                  of Subsection 6(c) above.

                            (C) If an Eligible Director's service as a director
                  of the Company ceases as a result of the Eligible Director's
                  becoming Totally Disabled, all outstanding Director Options
                  held by such Eligible Director (whether or not then
                  exercisable by their terms) shall become immediately
                  exercisable in full. Such exercise may occur at any time
                  within three years after the Eligible Director's service as a
                  director of the Company has ceased, provided that in no event
                  shall such Director Options be exercisable beyond the period
                  provided for in paragraph (iii) of Subsection 6(c) above.

                           (D) If an Eligible Director's service as a director
                  of the Company ceases due to a Director Retirement, all
                  outstanding Director Options held by such Eligible Director
                  (whether or not then exercisable by their terms) shall become
                  immediately exercisable in full. Such exercise may occur at
                  any time within three years after the date of the Director
                  Retirement, provided that in no event shall such Director
                  Options be exercisable beyond the period provided for in
                  paragraph (iii) of Subsection 6(c) above.

                           (E) If an Eligible Director's service as a director
                  of the Company is terminated For Cause, each of the Director
                  Options of such Eligible Director shall be cancelled on the
                  date the Eligible Director ceases to be a director of the
                  Company.

                                       6
<PAGE>   7
                  (v) Assignability of Director Options. With the permission of
         the Board, an Eligible Director who has been granted a Director Option
         under the Plan, may transfer such Director Option to a revocable inter
         vivos trust as to which the Eligible Director is the settlor or may
         transfer such Director Option to a Permissible Transferee. Any such
         transferee shall remain subject to all of the terms and conditions
         applicable to such Director Option and subject to the rules and
         regulations prescribed by the Board. A Director Option may not be
         retransferred by a Permissible Transferee except by will or the laws of
         descent and distribution and then only to another Permissible
         Transferee. Other than as described above, no Director Option may be
         assigned, alienated, pledged, attached, sold or otherwise transferred
         or encumbered by an Eligible Director otherwise than by will or the
         laws of descent and distribution, or pursuant to a qualified domestic
         relations order, and during the lifetime of the Eligible Director to
         whom a Director Option is granted, the Director Option may be exercised
         only by the Eligible Director or by the Eligible Director's guardian or
         legal representative.

                  (vi) Option Agreement. Each Director Option granted under the
         Plan shall be evidenced by an Option Agreement with the Company which
         shall contain the terms and provisions set forth in the Plan and shall
         otherwise be consistent with the provisions of the Plan.

         (d)      Change in Control Provisions.

                  (i) Notwithstanding any other provision of the Plan to the
         contrary, but subject to the provisions of paragraph (iv) of this
         Subsection 6(d), in the event of a Change in Control, any Director
         Options outstanding as of the date such Change in Control is determined
         to have occurred, and which are not then exercisable, shall become
         fully exercisable.

                  (ii) Notwithstanding any other provision of the Plan, during
         the 60-day period from and after a Change in Control (the "Change in
         Control Exercise Period"), if the Board shall determine at, or at any
         time after the time of grant, an Eligible Director holding a Director
         Option shall have the right, whether or not the Director Option is
         fully exercised and in lieu of the payment of the purchase price for
         the Common Shares being purchased under the Director Option and by
         giving notice to the Company, to elect (within the Change in Control
         Exercise Period) to surrender all or part of the Director Option to the
         Company and to receive cash, within 30 days of such notice, in an
         amount equal to the amount by which the Change in Control Price per
         Common Share on the date of such election shall exceed the purchase
         price per Common Share under the Director Option (the "Change in
         Control Spread") multiplied by the number of Common Shares granted
         under the Director Option as to which the right granted under this
         paragraph (ii) shall have been exercised; provided, that if the Change
         in Control is within six months of the date of grant of a particular
         Director Option held by an Eligible Director, no such election shall be
         made by such Eligible Director with respect to such Director Option
         prior to six months from the date of grant. However, if the end of such
         sixty-day period from and after a Change in Control is within six
         months of the date of grant of a Director Option, such Director Option
         (unless theretofore exercised) shall be cancelled in exchange for a
         cash payment to the Eligible Director, effected on the day which is six

                                       7
<PAGE>   8
         months and one day after the date of grant of such Director Option,
         equal to the Change in Control Spread multiplied by the number of
         Common Shares granted under the Director Option.

                  (iii) Notwithstanding any other provision of the Plan, if any
         right granted pursuant to the Plan would make a Change in Control
         transaction ineligible for pooling-of-interests accounting treatment
         under APB No. 16 that (after giving effect to any other actions taken
         to cause such transaction to be eligible for such pooling-of-interests
         accounting treatment) but for the nature of such grant would otherwise
         be eligible for such accounting treatment, the Board shall have the
         ability to substitute for the cash payable pursuant to such right
         Common Shares with a Fair Market Value equal to the cash that would
         have otherwise been payable pursuant thereto.

                  (iv) The provisions of this Subsection 6(d) shall not apply
         (A) if the Board determines at the time of grant that such Section
         shall not apply or (B) to any Change in Control when expressly provided
         otherwise by a three-fourths vote of the Whole Board, but only if a
         majority of the members of the Board then in office and acting upon
         such matters shall be Continuing Directors.

7.       ADJUSTMENT AND CHANGES IN COMMON SHARES

         (a) In the event that the outstanding Common Shares shall be changed
into or exchanged for a different kind of shares, other securities or other
property of the Company or of another corporation or for cash (whether by reason
of merger, consolidation, recapitalization, reclassification, split-up,
combination of shares or otherwise) or if the number of Common Shares of the
Company shall be increased through the payment of a share dividend, then unless
such change results in the termination of all outstanding Director Options
granted pursuant to the Plan, there shall be substituted for or added to each
Common Share subject to the Director Option, the number and kind of shares,
other securities or other property and the amount of cash into which each
outstanding Common Share of the Company shall be changed, or for which each such
Common Share shall be exchanged, or to which the holder of each Common Share
shall be entitled, as the case may be. The Director Option shall also be
appropriately amended as to the purchase price and other terms as may be
necessary to reflect the foregoing events. Fractional shares resulting from any
adjustment in the Director Options pursuant to this Section 7 shall be rounded
down to the nearest whole number of shares.

         (b) Notice of any adjustment shall be given by the Company to each
holder of a Director Option which shall have been so adjusted, provided that
such adjustment (whether or not such notice is given) shall be effective and
binding for all purposes of the Plan and any Option Agreements issued under the
Plan.

         (c) The grant of Director Options under the Plan shall in no way affect
the right of the Company to adjust, reclassify, reorganize or otherwise change
its capital or business structure or to merge, consolidate, dissolve, liquidate
or sell or transfer all or any part of its business or assets.

                                       8
<PAGE>   9
8.       NO RIGHTS AS SHAREHOLDERS

         Neither an Eligible Director nor any holder or beneficiary of any
Director Option shall be, or have any of the rights and privileges of, a
shareholder of the Company in respect of any Common Shares purchasable upon the
exercise of any Director Option, in whole or in part, unless and until ownership
of such Common Shares shall have been recorded in the share transfer books of
the Company. To the extent that the Plan provides for issuance of certificates
to reflect the issuance of Common Shares, the issuance may be effected on a
non-certificated basis, to the extent not prohibited by applicable law or the
applicable rules of any national securities exchange on which the Common Shares
are then listed or traded.

9.       PLAN AMENDMENTS

         The Board may amend, alter, suspend, discontinue or terminate the Plan
or any portion thereof at any time, in its sole and absolute discretion;
provided that no such amendment, alteration, suspension, discontinuation or
termination shall be made without shareholder approval if such approval is
necessary to comply with any tax or regulatory requirement, including for these
purposes any approval requirement which is a prerequisite for exemptive relief
from Section 16(b) of the Exchange Act for which or with which the Board deems
it necessary or desirable to qualify or comply.

10.      TAX WITHHOLDING

         The Company shall have the power to withhold, or require an Eligible
Director to remit to the Company, an amount sufficient to satisfy federal, state
and local tax withholding requirements on any Director Option granted under the
Plan, and the Company may withhold payment of cash or issuance of Common Shares
until such requirements are satisfied. The Board may, in its discretion, permit
an Eligible Director to elect, subject to such conditions as the Board shall
impose, (a) to have Common Shares otherwise issuable under the Plan withheld by
the Company or (b) to tender, either by actual delivery of Common Shares or by
attestation, Common Shares acceptable to the Board, in each case having a Fair
Market Value sufficient to satisfy all or part of the Eligible Director's
estimated total federal, state and local tax obligations associated with the
transaction.

11.      REQUIREMENTS OF LAW

         The granting of Director Options and the issuance of Common Shares upon
exercise of Director Options shall be subject to all applicable laws, rules and
regulations, and to such approval by any governmental agencies or national
securities exchanges as may be required. Notwithstanding the foregoing, no
Common Shares shall be issued under the Plan unless the Company is satisfied
that such issuance will be in compliance with applicable federal and state
securities laws. Certificates for Common Shares delivered under the Plan may be
subject to such stock transfer orders and other restrictions as the Board may
deem advisable under the rules, regulations and other requirements of the SEC,
any national securities exchange upon which the Common Shares are then listed or
traded, or any applicable federal or state securities laws. The Board may cause
a legend or legends to be placed on any such certificate to make appropriate
reference to such restrictions.

                                       9
<PAGE>   10
12.      SEVERABILITY

         If any provision of the Plan or any Director Option is or becomes or is
deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any
Person or Director Option or would disqualify the Plan or any Director Option
under any law deemed applicable by the Board, such provision shall be construed
or deemed amended to conform to the applicable laws, or if it cannot be
construed or deemed amended without, in the determination of the Board,
materially altering the intent of the Plan or the Director Option, such
provision shall be stricken as to such jurisdiction, Person or Director Option
and the remainder of the Plan and any such Director Options shall remain in full
force and effect.

13.      INDEMNIFICATION

         Each individual who is or shall have been a member of the Board shall
be indemnified and held harmless by the Company against and from any loss, cost,
liability or expense that may be imposed upon or reasonably incurred by him/her
in connection with or resulting from any claim, action, suit or proceeding to
which he/she may be made a party or in which he/she may be involved by reason of
any action taken or failure to act by the Board under the Plan and against and
from any and all amounts paid by him/her in settlement thereof, with the
Company's approval, or paid by him/her in satisfaction of any judgment in any
such action, suit or proceeding against him/her, provided he/she shall give the
Company an opportunity, at its own expense, to handle and defend the same before
he/she undertakes to handle and defend it on his/her own behalf. The foregoing
right of indemnification shall not be exclusive and shall be independent of any
other rights of indemnification to which such individuals may be entitled under
the Company's Amended Articles of Incorporation or Code of Regulations, by
contract, as a matter of law.

14.      EFFECTIVE DATE AND DURATION OF PLAN

The Plan shall become effective on the date of the approval of the Plan by the
Company's shareholders ("Effective Date"). The Plan shall terminate the day
following the tenth annual meeting of shareholders of the Company at which
directors are elected succeeding the Effective Date unless the Plan is
terminated by exhaustion of the Common Shares available for issuance under the
Plan. Director Options outstanding on the date the Plan is terminated shall
continue to have force and effect in accordance with the provisions of the
Option Agreements evidencing such Director Options.

                                       10

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