Document:

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                                                                    Exhibit 10.1

                   SECOND STOCK OPTION MODIFICATION AGREEMENT

         This Second Stock Option Modification Agreement (the "Modification") is
entered into as of May 31, 2000 by and between Werner Holding Co. (PA), Inc. a
Pennsylvania corporation (the "Company") and the person identified as Optionee
on the signature page hereof ("Optionee").

         WHEREAS, Optionee currently holds the stock options to purchase Class C
Common Stock of the Company which are set forth below the signature of Optionee
below (the "Options"); and

         WHEREAS, Optionee and the Company desire to modify the stock option
agreement(s), as previously amended, which govern the Options (the "Option
Agreement") as set forth herein.

         NOW, THEREFORE, for good and valuable consideration receipt of which is
hereby acknowledged, the parties hereto agree that each Option Agreement shall
be and hereby are modified as follows:

                  1. Exhibit 2 to the Option Agreement is amended by deleting
                  the Minimum Level EBITDA amounts in column (A), the Target
                  annual EBITDA amounts in column (B) and the Cumulative Target
                  EBITDA amounts in column (C) and replacing them with the
                  following:

                                     (A)               (B)              (C)
                                                                    Cumulative
            Fiscal Year            Minimum           Target            Target
            -----------            -------           ------            ------
                2000                60,000            75,000          141,000
                2001                73,600            92,000          233,000
                2002                88,000           110,000          343,000
                2003                96,000           120,000          463,000
                2004               104,800           131,000          594,000

         2. The first sentence of Section 3(a) is amended by deleting the works
"one-fifth (1/5)" and replacing them with "one-fourth (1/4)".

         3. Optionee agrees to execute such further documents, if any, as are
considered necessary or appropriate by the Company to implement this
Modification.

         4. Except as set forth herein, all other terms and conditions of the
Options remain in effect.

         IN WITNESS WHEREOF, the undersigned have executed this Second Stock
Option Modification Agreement as of the date herein above.

WERNER HOLDING CO. (PA), INC., a                       OPTIONEE
Pennsylvania corporation

By: ___________________                         Name:
        Dennis G. Heiner

Its: President and CEO                          Signature: ____________________

                                                Options Covered:<PAGE>   1

                                                                    Exhibit 10.2

                                  WERNER PERCS

                     VARIABLE PAY BONUS COMPENSATION SYSTEM
                                EMPLOYEE SUMMARY

OBJECTIVE
---------
The objective of the Werner Variable Pay Bonus Compensation System is to
motivate associates to achieve exceptional EBITDA performance by providing
substantial financial rewards when such performance is attained.

ELIGIBILITY
-----------
Participating associates shall be approved by the Board of Directors each year.
Participants must hold a position which impacts profitability and strategy,
generally Job Grade 12 and above or currently participating in the Company's
variable pay bonus program. Individuals impacting profitability, in lower
grades, may also be considered.

To be eligible a participant must be employed, designated and otherwise eligible
by June 30th and remain a participant for a minimum of six (6) months. Awards
generally will be prorated for participants who do not participate for a full
year.

At any time during the year, the Board may also designate new participants in
its sole discretion.

Only Board approved associates of the Company or its subsidiaries will be
eligible to participate in the Plan. Once a participant ceases to be an
employee, whether voluntarily or involuntarily, he or she shall automatically
cease to be a participant in the Plan, and shall cease to be entitled to receive
an award unless the participant retires, dies or becomes permanently disabled,
as noted herein. Participants must be employed by the Company at the time the
bonus is paid, unless the participant has retired, becomes permanently disabled
or is deceased (in which case, payment shall be made to the participants
estate).

An associate's participation in the Plan in any prior year(s) does not give the
associate the right to be a participant in the Plan in the current year or in
any subsequent year.

No associate shall be a participant in the Plan during any year in which he or
she is a participant in any other annual incentive plan of the Company or any of
its subsidiaries.

ADMINISTRATION
--------------
The Board shall determine whether awards will be granted. The Board will also
determine which participants will receive an award and the amount of each award,
in its sole discretion. Due consideration will be given to the award guidelines,
performance against financial objectives, individual participant performance
against objectives, the recommendations of the Chief Executive Officer and the
appropriate Executive and Management Leadership Team representative(s) and such
other factors as the Board may deem appropriate, in its sole discretion.

Payments will be made in cash as soon as practical after audited financial
results are available, normally by March 15th of each year, to participants who
are regular full-time employees on the date of payment. Federal, State and/or
local taxes or other similar payments required by law will be withheld with
respect to such payments, but no 401(k) or other similar deductions will be
made.
<PAGE>   2

The Board will make bonus payments at a level commensurate with the
Corporation's overall performance, including adjustments consistent with past
bonus and current stock option plans (i.e. accrued costs for acquisitions,
extraordinary expenditures, unbudgeted gains/losses arising from a change in
accounting, etc.) as follows:

                            EBITDA Performance             Pool & Individual
                            ------------------             -----------------
                                 To Target                 % of Target Bonus
                                 ---------                 -----------------
                                   110%                           130%
                                   105%                           115%
                                   100%                           100%
                                    95%                            75%
                                    90%                            50%
                               less than 90%                        0%

The bonus is calculated by multiplying 50% times the individuals EBITDA Target
bonus percent, times the individuals bonus percent to get the EBITDA portion of
the bonus percentage. Then the Personal Performance Factor ("PPF") portion is
calculated by multiplying 50% times the individuals EBITDA Target bonus percent,
times the individuals bonus percent times their PPF rating. Finally, the two (2)
percentages are added together to get the final bonus percentage.

Under this format, it is possible for individuals to earn awards greater or less
than the formula, however, there shall be a calculated fixed bonus pool for each
year and a cap on each individual target bonus of 150% of the participant's
target bonus percent. In the event that the sum of all individual bonus's exceed
the fixed bonus pool, each individual bonus will be proportionately reduced so
that the total pay out does not exceed the fixed bonus pool. However, additional
funding can be attained if business exceeds budgeted EBITDA and the Company
makes significant progress against strategic objectives as determined by the
Board of Directors.

No person shall have any claim or right to be granted an award under the Plan.
The decisions to pay or not to pay an award, the amount of the award to be paid,
and to whom an award will be paid, shall be made by the Board, in its sole
discretion. The Board may pay an award even when the results would not otherwise
call for an award payment. Likewise, the Board may elect not to pay awards even
when minimum objectives are met.

Any exceptions to the Plan must be approved in writing by the Chief Executive
Officer based on approval of the Board.

Nothing in the Plan or in any action taken hereunder shall affect the Company's
right to terminate at any time and for any reason the employment of any employee
who is a participant in the Plan.

The Plan may be amended, suspended, terminated or reinstated in whole or in part
by the Board of Directors.<PAGE>   1

                                                                   EXHIBIT 10(a)

              FIRST AMENDMENT TO HUNTINGTON BANCSHARES INCORPORATED
                   AMENDED AND RESTATED 1994 STOCK OPTION PLAN

        Effective as set forth below, the Huntington Bancshares Incorporated
Amended and Restated 1994 Stock Option Plan shall be amended as follows:

        1. Effective for exercises after June 30, 2000, Section 8(e) of the 1994
Plan is hereby amended and restated in its entirety to read as follows:

                  (e) Upon the exercise of any option, the Optionholder shall be
         required to pay, or make satisfactory provision for payment, to HBI of
         an amount equal to any tax which HBI is required to withhold under any
         federal, state or local tax laws in connection with the exercise of any
         option granted under this Plan. The Optionholder may satisfy this
         obligation, in whole or in part, with respect to any option exercised
         by making an election ("Election") at the time the Optionholder
         provides written notice of exercise to HBI pursuant to Section 8(b)
         above to either (i) have HBI withhold from the shares otherwise to be
         delivered on the exercise of the option that number of shares of HBI
         having a fair market value equal to the amount of the withholding
         requirement, or (ii) to deliver to HBI sufficient shares of HBI having
         a fair market value equal to the amount of the withholding requirement.
         Such shares shall be valued at their fair market value on the date that
         income from the exercise of such option becomes taxable ("Tax Date").
         At the time of making an Election, the Optionholder may certify to the
         Committee the rates (which shall not exceed the maximum Federal and the
         maximum state statutory rates applicable to the income of individuals
         for the year in which Tax Date occurs, exclusive of any effect that
         losses of deduction or credits at various income levels may have on
         such Optionholder's taxes) at which the Optionholder, upon adequate
         investigation, expects his or her income from the shares to be taxed
         and requests that withholding with respect to Federal and state income
         taxes be made at such rates. Notwithstanding anything herein to the
         contrary, for exercises of options after June 30, 2000, an Optionholder
         may not make an Election that would (i) require HBI to withhold from
         the shares otherwise to be delivered upon exercise, or (ii) require HBI
         to accept shares of HBI, in an amount that is in excess of the tax
         which HBI is required to withhold based on the minimum statutory
         withholding rates for federal, state and local tax purposes, including
         payroll taxes, that are applicable to such supplemental taxable income
         resulting from the exercise of any option granted under this Plan.
         Delivery of or withholding of fractional shares shall not be permitted.

                  Upon receipt of payment of the exercise price or written
         direction with respect to such exercise price and upon payment or
         satisfactory provision for payment of any taxes due on the exercise of
         any option, HBI shall issue and deliver to the person exercising the
         option a certificate or certificates for the shares with respect to
         which the option shall have been so exercised (less any shares withheld
         in payment of the exercise price or any withholding requirement), dated
         as of the date of exercise.

         2. Effective as of May 17, 2000, the beginning phrase of the second
sentence of Section 7(e) of the 1994 Plan is hereby amended to read
"Notwithstanding the second paragraph of Section 7(b)."

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