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                                                                   EXHIBIT 10(r)
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                       HUNTINGTON BANCSHARES INCORPORATED
                     2001 STOCK AND LONG-TERM INCENTIVE PLAN

               ARTICLE 1. ESTABLISHMENT, EFFECTIVE DATE, AND TERM

1.1 ESTABLISHMENT OF THE PLAN. Huntington Bancshares Incorporated, a Maryland
corporation (hereinafter referred to as the "Corporation"), has established a
long-term incentive compensation plan to be known as the "Huntington Bancshares
Incorporated 2001 Stock and Long-Term Incentive Plan" (hereinafter referred to
as the "Plan"), as set forth in this document. The Plan permits the grant of
Nonqualified Stock Options, Incentive Stock Options, Reload Options, Restricted
Stock and Long-Term Performance Awards.

The Plan shall become effective as of February 21, 2001 (the "Effective Date"),
subject to approval by the Corporation's stockholders at the April 19, 2001
Annual Meeting. The Plan shall remain in effect as provided in Article 1.3
hereof.

1.2 OBJECTIVES OF THE PLAN. The objectives of the Plan are to help optimize the
profitability and growth of the Corporation through incentives which are
consistent with the Corporation's objectives and which link the interests of
Participants to those of the Corporation's stockholders; to induce Participants
to strive for the highest level of performance; and to promote teamwork among
Participants.

The Plan is further intended to provide flexibility to the Corporation in its
ability to motivate, attract, and retain the services of Participants who make
significant contributions to the Corporation's success and the creation of
shareholder value and to allow Participants to share in the success of the
Corporation.

1.3 DURATION OF THE PLAN. The Plan shall commence on the Effective Date, as
described in Article 1.1 hereof, and shall remain in effect, subject to the
right of the Board of Directors ("Board"), or a Committee delegated by the
Board, to amend or terminate the Plan at any time pursuant to Article 14 hereof.
However, in no event may an Award be granted under the Plan on or after February
21, 2011.

                             ARTICLE 2. DEFINITIONS

Whenever used in the Plan, the following terms shall have the meanings set forth
below, and when the meaning is intended, the initial letter of the word shall be
capitalized:

2.1 "AWARD" means, individually or collectively, a grant under this Plan of
Nonqualified Stock Options, Incentive Stock Options, Reload Options, Restricted
Stock, or a Long-Term Performance Award.

2.2 "AWARD AGREEMENT" means an agreement entered into by the Corporation and a
Participant setting forth the terms and provisions applicable to Awards granted
under this Plan.

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2.3 "BENEFICIAL OWNER" shall have the meaning ascribed to such term in Rule
13d-3 of the General Rules and Regulations under the Exchange Act.

2.4 "BOARD" OR "BOARD OF DIRECTORS" means the Board of Directors of the
Corporation.

2.5 "CHANGE IN CONTROL" means any of the following occurs:

         (a) Any "person" (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act as in effect as of the date of this Agreement), other than the
Corporation or any "person" who as of the Effective Date is a director or
officer of the Corporation or whose shares of Common Stock of the Corporation
are treated as "beneficially owned" (as such term is used in Rule 13d-3 of the
Exchange Act as in effect as of the Effective Date) by any such director or
officer, becomes the beneficial owner, directly or indirectly, of securities of
the Corporation representing 25% or more of the combined voting power of the
Corporation's then outstanding securities;

         (b) Individuals who, as of the Effective Date, constitute the Board of
Directors of the Corporation (the "Incumbent Board") cease for any reason to
constitute at least a majority of the Board, provided, however, that any
individual becoming a director subsequent to the date hereof whose election, or
nomination for election, was approved by a vote of at least a majority of the
directors comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding for this purpose
any such individual whose initial assumption of office occurs as a result of
either an actual or threatened election contest (as such terms are used in
Regulation 14A promulgated under the Exchange Act) or other actual or threatened
solicitation of proxies or consents by or on behalf of a person other than the
Board;

         (c) A merger or consolidation of the Corporation, other than a merger
or consolidation in which the voting securities of the Corporation immediately
prior to the merger or consolidation continue to represent (either by remaining
outstanding or being converted into securities of the surviving entity) 51% or
more of the combined voting power of the Corporation or surviving entity
immediately after the merger or consolidation with another entity;

         (d) A sale, exchange, lease, mortgage, pledge, transfer, or other
disposition (in a single transaction or a series of related transactions) of all
or substantially all of the assets of the Corporation which shall include,
without limitation, the sale of assets or earning power aggregating more than
50% of the assets or earning power of the Corporation on a consolidated basis;

         (e) A liquidation or dissolution of the Corporation;

         (f) A reorganization, reverse stock split, or recapitalization of the
Corporation which would result in any of the foregoing; or

         (g) A transaction or series of related transactions having, directly or
indirectly, the same effect as any of the foregoing.

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2.6 "CODE" means the Internal Revenue Code of 1986, as amended from time to
time.

2.7 "COMMITTEE" means the Compensation and Stock Option Committee of the Board,
as specified in Article 3 herein, or such other committee appointed by the Board
to administer the Plan with respect to grants of Awards.

2.8 "CORPORATION" means Huntington Bancshares Incorporated, a Maryland
corporation, together with any and all Subsidiaries, and any successor thereto
as provided in Article 18 herein.

2.9 "COVERED EMPLOYEE" means a Participant whom the Committee designates, for
each Performance Cycle, in order to meet the Performance-Based Exception.

2.10 "DIRECTOR" means any individual who is a member of the Board of Directors
of the Corporation.

2.11 "EFFECTIVE DATE" shall have the meaning ascribed to such term in Article
1.1 hereof.

2.12 "EMPLOYEE" means any employee of the Corporation. Directors who are not
employed by the Corporation shall not be considered Employees under this Plan.

2.13 "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended from
time to time, or any successor act thereto.

2.14 "EXTRAORDINARY EVENTS" shall mean (i) asset write-downs, (ii) litigation or
claim judgments or settlements, (iii) the effect of changes in tax law,
accounting principles or other such laws or provisions affecting reported
results, (iv) accruals for reorganization and restructuring programs, (v)
capital gains and losses, and (vi) any extraordinary non-recurring items as
described in Accounting Principles Board Opinion No. 30 and/or in management's
discussion and analysis of financial condition and results of operation
appearing or incorporated by reference in the Corporation's Annual Report on
Form 10-K filed with the Securities and Exchange Commission for the applicable
year.

2.15 "FAIR MARKET VALUE" shall be, on any given date, the mean between the
highest and lowest selling prices at which the Shares were sold on the NASDAQ
National Market or such other established securities market on which the Shares
are traded or, if there were no reported sales of Shares on such date, then the
business day immediately preceding such date. In any other situation not covered
by the foregoing, "fair market value" shall be determined in good faith by the
Committee, using principles consistent with the intent and purpose of Code
Section 422 and the regulations issued pursuant thereto.

2.16 "INCENTIVE STOCK OPTION" OR "ISO" means an option to purchase Shares
granted under Article 6 herein and which is designated as an Incentive Stock
Option and which is intended to meet the requirements of Code Section 422.

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2.17 "IMMEDIATE FAMILY" means, with respect to a particular Participant, such
Participant's child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, and shall include adoptive relationships.

2.18 "INSIDER" shall mean any person subject to the reporting requirements of
Section 16 of the Exchange Act.

2.19 "LONG-TERM PERFORMANCE AWARD" means an Award granted to a Participant
pursuant to Article 8 herein.

2.20 "NONEMPLOYEE DIRECTOR" means an individual who is a member of the Board of
Directors of the Corporation but who is not an Employee of the Corporation.

2.21 "NONQUALIFIED STOCK OPTION" OR "NQSO" means an option to purchase Shares
granted under Article 6 herein and which is not intended to meet the
requirements of Code Section 422.

2.22 "OPTION" means an Incentive Stock Option, a Nonqualified Stock Option, or a
Reload Option granted to a Participant pursuant to Article 6 herein.

2.23 "OPTION PRICE" means the price at which a Share may be purchased by a
Participant pursuant to an Option.

2.24 "PARTICIPANT" means an Employee or Nonemployee Director who has an
outstanding Award granted under the Plan. Except for an Option Award and
Restricted Stock Award, the term "Participant" shall not include a Nonemployee
Director.

2.25 "PERFORMANCE-BASED EXCEPTION" means the performance-based exception from
the tax deductibility limitations of Code Section 162(m).

2.26 "PERFORMANCE CYCLE" shall mean the two, three, or four calendar year period
designated by the Committee during which the performance objectives or goals
must be met.

2.27 "PERMISSIBLE TRANSFEREE" means any member of the Immediate Family of the
Participant, any trust solely for the benefit of members of the Participant's
Immediate Family, or any partnership whose only partners are members of the
Participant's Immediate Family.

2.28 "PERIOD OF RESTRICTION" means the period during which the transfer of
Shares of Restricted Stock is limited in some way (based on the passage of time,
the achievement of performance objectives, or upon the occurrence of other
events as determined by the Committee, in its discretion), and the Shares are
subject to a substantial risk of forfeiture, as provided in Article 7 herein.

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2.29 "PERSON" shall have the meaning ascribed to such term in Section 3(a)(9) of
the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a
"group" as described in Section 13(d) thereof.

2.30 "QUALIFYING PERFORMANCE CRITERIA" shall mean any one or more of the
following performance criteria (either individually, alternatively, or in any
combination, applied to either the Corporation as a whole or to a business unit
or subsidiary, individually, alternatively, or in any combination and measured
over a period of years, on an absolute basis, or relative to a pre-established
target, to previous years' results, or to a designated comparison group, in each
case as specified by the Committee): (a) net income, (b) earnings per share, (c)
return on equity or return on average equity ("ROAE"), (d) return on assets or
return on average assets, (e) operating expenses, (f) operating expenses as a
percentage of total or net revenues (known as the "efficiency ratio"), (g) total
shareholder return, (h) earnings growth, and (i) any other objective criteria
established by the Committee and approved by the shareholders of the Corporation
prior to the payment of any Award based on the criteria established in this
subsection (i). In all cases, such amounts will be on either a reported basis or
adjusted to exclude the impact of intangible assets and related amortization
expense (referred to as "cash basis" or "tangible" results) whichever will
produce the higher Award.

2.31 "RELOAD OPTION" means an Award granted to a Participant pursuant to Article
6.11 herein.

2.32 "RESTRICTED STOCK" means an Award granted to a Participant pursuant to
Article 7 herein.

2.33 "RETIREMENT" shall mean, in the case of an Employee, the retirement from
the employ of the Corporation under one or more of the retirement plans of the
Corporation, or as otherwise specified by the Committee and, in the case of a
Nonemployee Director, shall mean the retirement from the Board at any time after
the Nonemployee Director attains age 70 and has served at least 5 years as a
Director.

2.34 "SHARES" means the shares of common stock of the Corporation.

2.35 "SUBSIDIARY OR "SUBSIDIARIES" means any corporation or other entity whose
financial statements are consolidated with the Corporation.

                            ARTICLE 3. ADMINISTRATION

3.1 THE COMMITTEE. The Plan shall be administered by the Committee, which
Committee shall satisfy the "outside director" rules of Code Section 162(m). The
members of the Committee shall be appointed from time to time by, and shall
serve at the discretion of, the Board of Directors.

3.2 AUTHORITY OF THE COMMITTEE. Except as limited by law or by the Charter or
Bylaws of the Corporation, and subject to the provisions herein, the Committee
shall have full

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power to select the Participants who shall participate in the Plan; determine
the sizes and types of Awards; determine the terms and conditions of Awards in a
manner consistent with the Plan; construe and interpret the Plan and any
agreement or instrument entered into under the Plan as they apply to
Participants; establish, amend, or waive rules and regulations for the Plan's
administration as they apply to Participants; and (subject to the provisions of
Article 14 herein) amend the terms and conditions of any outstanding Award to
the extent such terms and conditions are within the discretion of the Committee
as provided in the Plan. The Committee may correct any defect, supply any
omission or reconcile any inconsistency in the Plan or any Award in the manner
and to the extent it shall deem desirable to carry the Plan into effect.
Further, the Committee shall make all other determinations which may be
necessary or advisable for the administration of the Plan. As permitted by law,
the Committee may delegate its authority as identified herein.

3.3 DECISIONS BINDING. All determinations and decisions made by the Committee
pursuant to the provisions of the Plan and all related orders and resolutions of
the Board shall be final, conclusive, and binding on all persons, including the
Corporation, its stockholders, Employees, Participants, and their estates and
beneficiaries.

            ARTICLE 4. SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS

4.1 NUMBER OF SHARES AVAILABLE FOR GRANTS. Subject to adjustment as provided in
Article 4.3 herein, the number of Shares hereby reserved for issuance to
Participants under the Plan shall be twelve million, four-hundred thousand
(12,400,000) Shares.

The following rules shall apply to grants of Awards under the Plan:

         (a) The maximum aggregate number of Shares which may be subject to
option by one or more option Awards to a single Participant pursuant to Article
6 shall be four million (4,000,000) Shares over any five (5) year period.

         (b) The maximum aggregate cash payout that may be paid out in any
specified Performance Cycle pursuant to any Long-Term Performance Award to any
single Participant pursuant to Article 8 shall be four million dollars
($4,000,000).

         (c) The maximum aggregate cash equivalent value of Shares that may be
granted, paid out, or that may vest, as applicable, pursuant to any Long-Term
Performance Award in any specified Performance Cycle to any single Participant
pursuant to Article 8 shall be four million dollars ($4,000,000) in cash
equivalent Shares.

         (d) Notwithstanding any provision in this Plan to the contrary, the
maximum number of Shares of Restricted Stock that may be awarded to any single
Participant for any calendar year shall be four million dollars ($4,000,000) in
cash equivalent Shares.

         (e) The maximum aggregate (1) Shares of Restricted Stock awarded
pursuant to Article 7 and (2) Long-Term Performance Award Shares awarded
pursuant to Article 8 shall not exceed

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20% of the 12,400,000 Shares authorized for issuance pursuant to this Article
4.1, subject to adjustment under Article 4.3, over the term of the Plan.

4.2 LAPSED AWARDS. If any Award granted under this Plan terminates, expires, or
lapses for any reason, any Shares subject to such Award shall again be available
for a grant of an Award under the Plan.

4.3 ADJUSTMENTS IN AUTHORIZED SHARES. In the event of any change in the number
of outstanding Shares through the declaration and payment of a stock dividend or
stock split, spin off, merger, or other reorganization, or through any
recapitalization resulting in the combination or exchange of Shares in which the
Corporation does not receive any consideration, a corresponding adjustment shall
be made in the number of Shares which may be delivered under Article 4.1, in the
number and/or price of Shares subject to outstanding Awards granted under the
Plan, and in the Award limits set forth in subsections 4.1(a), 4.1(b) and
4.1(c); provided, however, that the number of Shares subject to any Award shall
always be a whole number (by rounding down); provided, further, that the
Committee shall, in its sole discretion, make any further adjustments as are
necessary to prevent dilution or enlargement of rights.

                    ARTICLE 5. ELIGIBILITY AND PARTICIPATION

5.1 ELIGIBILITY. Persons eligible to participate in this Plan include any
Employee and Nonemployee Director of the Corporation, including any Employee who
is a member of the Board.

5.2 ACTUAL PARTICIPATION. Subject to the provisions of the Plan, the Committee
may, from time to time, select from all eligible Employees and Nonemployee
Directors, those to whom Awards shall be granted and shall determine the nature
and amount of each Award. As permitted by law, the Committee may delegate such
authority.

                            ARTICLE 6. STOCK OPTIONS

6.1 GRANT OF OPTIONS. Subject to the terms and provisions of the Plan, Options
may be granted to Participants in such number, and upon such terms, and at any
time and from time to time as shall be determined by the Committee.

No option shall be granted to any Employee or Nonemployee Director if, upon the
granting of such option, the number of Shares then subject to all Options to
purchase held by the Employee or Nonemployee Director, as the case may be, plus
the shares then owned by such Employee or Nonemployee Director, would constitute
more than 10% of the total combined voting power of all classes of stock of the
Corporation. For the purpose of the preceding sentence, an Employee or a
Nonemployee Director shall be deemed to own all shares which are attributable to
him or her under Section 424(d) of the Code, including, without limiting the
generality of the foregoing, shares owned by his or her brothers, sisters,
spouse, ancestors, and lineal descendants.

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The Committee may not grant ISOs under the Plan to any Employee which would
permit the aggregate Fair Market Value (determined on the date of grant) of
Shares with respect to which ISOs (under this and any other Plan of the
Corporation) are exercisable for the first time by such Employee during any
calendar year to exceed $100,000. Any excess shall be deemed a NQSO. No ISO
shall be granted to a Nonemployee Director.

If Shares acquired upon exercise of an Incentive Stock Option are disposed of by
a Participant prior to the expiration of either two years from the date of grant
of such Incentive Stock Option or one year from the transfer of Shares to such
Participant pursuant to the exercise of such Incentive Stock Option, or in any
other disqualifying disposition within the meaning of Section 422 of the Code,
such Participant shall notify the Corporation in writing of the date and terms
of such disposition and shall cooperate with the Corporation with respect to any
tax withholding required or resulting from such disqualifying dispositions. A
disqualifying disposition by a Participant shall not affect the status of any
other Incentive Stock Option granted under the Plan as an Incentive Stock
Option.

6.2 AWARD AGREEMENT. Each Option grant shall be evidenced by an Award Agreement
that shall specify the Option Price, the duration of the Option, the number of
Shares to which the Option pertains, the date of grant, time-based vesting
restrictions, if any, and such other provisions as the Committee shall
determine. The Award Agreement also shall specify whether the Option is intended
to be an ISO or an NQSO.

6.3 OPTION PRICE. The Option Price for each grant of an Option under this Plan
shall be determined by the Committee but shall be at least equal to one hundred
percent (100%) of the Fair Market Value of a Share on the date the Option is
granted.

6.4 DURATION OF OPTIONS. Each Option granted to an Employee or Nonemployee
Director shall expire at such time as the Committee shall determine at the time
of grant; provided, however, that no Option shall be exercisable on or later
than the tenth (10th) anniversary date of its grant.

6.5 EXERCISE OF OPTIONS. Except as otherwise provided in this Plan, Options
granted under this Article 6 shall be exercisable at such times and be subject
to such restrictions and conditions as the Committee shall in each instance
determine, which need not be the same for each grant or for each Participant.

6.6 PAYMENT. Options granted under this Article 6 shall be exercised by the
delivery of irrevocable instructions, to the Corporation, setting forth the
number of Shares with respect to which the Option is to be exercised. The Option
Price upon exercise of any Option shall be payable to the Corporation in full
either: (a) in cash or its equivalent; (b) by tendering previously acquired
Shares, including by attestation, having an aggregate Fair Market Value at the
time of exercise equal to the total Option Price (provided that the Shares which
are tendered must have been held by the Participant for at least six (6) months
prior to their tender); (c) by a combination of (a) and (b); (d) as permitted
under the Federal Reserve Board's Regulation T, subject to applicable securities
law restrictions, or (e) by any other means which the Committee determines to be
consistent with the Plan's purpose and applicable law.

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6.7 RESTRICTIONS ON SHARE TRANSFERABILITY. In addition to the foregoing, the
Committee may impose such restrictions on any Shares acquired pursuant to the
exercise of an Option granted under this Article 6 as it may deem advisable,
including, without limitation, restrictions under applicable Federal securities
laws, under the requirements of any stock exchange or market upon which such
Shares are then listed and/or traded, and under any blue sky or state securities
laws applicable to such Shares.

6.8 EXERCISE UPON TERMINATION OF EMPLOYMENT. Except as otherwise provided in
this Plan or as otherwise provided in the Award Agreement or by the Committee,
in the event that the employment of a Participant is terminated for any reason
other than death or Retirement, the rights under each then-outstanding Option
granted pursuant to the Plan shall terminate upon the termination of employment.
In the event that the employment of a Participant is terminated by reason of
death, all such Participant's Options shall become exercisable in full, and the
executor or administrator of such Participant's estate or a person or persons
who have acquired the Option directly from such Participant by bequest or
inheritance shall have until the expiration date of such Option or 13 months
after such date of termination of employment, whichever first occurs, to
exercise any Options. In the event that the employment of a Participant is
terminated by reason of Retirement, all such Participant's Options shall become
exercisable in full, and such Participant may exercise such Option until the
expiration date of such Option. Notwithstanding any provision to the contrary,
in the event of the Retirement of a Participant, each then-outstanding ISO not
exercised within 3 months of termination of employment shall automatically
convert to an NQSO. In addition to the foregoing, the Committee may include such
provisions in the Award Agreement entered into with each Participant as it deems
advisable (which may be more restrictive than described above), which provisions
need not be uniform among all Options issued pursuant to this Article 6, and
which may reflect distinctions based on the reasons for termination of
employment.

6.9 EXERCISE UPON TERMINATION OF DIRECTORSHIP. Except as otherwise provided in
this Plan, if a Participant's status as a Nonemployee Director ceases for any
reason other than Retirement, any NQSO granted to such Nonemployee Director
under the Plan shall terminate thirteen (13) months after the termination of
such Participant as a Nonemployee Director; provided, however, that no Option
shall be exercisable after its expiration date. If a Nonemployee Director ceases
service as a Director by reason of Retirement, then all such Nonemployee
Director's Options shall become exercisable in full, and such Participant may
exercise such Options until their expiration date.

6.10 NONTRANSFERABILITY OF OPTIONS.

         (a) INCENTIVE STOCK OPTIONS. No ISO granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by will or by the laws of descent and distribution. Further, all ISOs
granted to a Participant under the Plan shall be exercisable during his or her
lifetime only by such Participant.

         (b) NONQUALIFIED STOCK OPTIONS. No NQSO granted under the Plan may be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by
a Participant,

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other than by will or by the laws of descent and distribution, except that any
NQSO (i) may be transferred by a Participant without consideration to
Permissible Transferees, but such transferees may not transfer such NQSO's to
third parties except by will or the laws of descent and distribution and then
only to a Permissible Transferee, and (ii) shall be subject to all other
conditions and restrictions applicable to Options granted under the Plan prior
to such transfer. Any transfer to a Permissible Transferee shall consist of
Options covering a minimum of five thousand (5000) Option Shares.

6.11 RELOAD OPTIONS. At the discretion of the Committee, Options granted under
the Plan may include a "reload" feature pursuant to which an optionee exercising
an Option by the delivery of a number of shares of Stock in accordance with
Article 6.6 hereof, would be granted an additional Option (with an exercise
price equal to the Fair Market Value of the Shares on the date the additional
Option is granted and with an expiration date equivalent to the expiration date
of the original Option) to purchase that number of Shares equal to the number of
already-owned Shares delivered to exercise the original Option. No Reload
Options may be granted to a Participant with respect to Shares delivered to
satisfy tax withholding obligations as described in Article 15.2.

                           ARTICLE 7. RESTRICTED STOCK

7.1 GRANT OF RESTRICTED STOCK. Subject to the terms and provisions of the Plan,
the Committee, at any time and from time to time, may grant Shares of Restricted
Stock to Participants in such amounts as the Committee shall determine.

7.2 RESTRICTED STOCK AGREEMENT. Each Restricted Stock grant shall be evidenced
by a Restricted Stock Award Agreement that shall specify the Period(s) of
Restriction, the number of Shares of Restricted Stock granted, and such other
provisions as the Committee shall determine.

7.3 OTHER RESTRICTIONS. The Committee shall impose such other conditions and/or
restrictions on any Shares of Restricted Stock granted pursuant to the Plan as
it may deem advisable including, without limitation, a requirement that
Participants pay a stipulated purchase price for each Share of Restricted Stock,
restrictions based upon the achievement of specific performance objectives
(Corporation-wide, business unit, and/or individual), Qualifying Performance
Criteria, a Performance Cycle, time-based restrictions on vesting following the
attainment of the performance objectives, and/or restrictions under applicable
Federal or state securities laws.

The Corporation shall retain the certificates representing Shares of Restricted
Stock in the Corporation's possession until such time as all conditions and/or
restrictions applicable to such Shares have been satisfied.

Except as otherwise provided in this Article 7, Shares of Restricted Stock
covered by each Restricted Stock grant made under the Plan shall become freely
transferable by the Participant after the last day of the applicable Period of
Restriction.

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7.4 VOTING RIGHTS. During the Period of Restriction, Participants holding Shares
of Restricted Stock granted hereunder may, at the discretion of the Committee,
exercise full voting rights with respect to those Shares.

7.5 DIVIDENDS AND OTHER DISTRIBUTIONS. During the Period of Restriction,
Participants holding Shares of Restricted Stock granted hereunder may, at the
discretion of the Committee, be credited with regular cash dividends paid with
respect to the underlying Shares while they are so held. Such dividends may be
paid currently, accrued as contingent cash obligations, or converted into
additional shares of Restricted Stock, upon such terms as the Committee
establishes.

The Committee may apply any restrictions to the dividends that the Committee
deems appropriate. Without limiting the generality of the preceding sentence, if
the grant or vesting of Shares of Restricted Stock granted to a Covered Employee
is designed to comply with the requirements of the Performance-Based Exception,
the Committee may apply any restrictions it deems appropriate to the payment of
dividends declared with respect to such Shares of Restricted Stock, such that
the dividends and/or the Shares of Restricted Stock maintain eligibility for the
Performance-Based Exception. Shares of Restricted Stock shall be subject to
adjustment as provided in Article 4.3.

                     ARTICLE 8. LONG-TERM PERFORMANCE AWARDS

8.1 GRANT OF LONG-TERM PERFORMANCE AWARDS. Subject to the terms of the Plan,
Awards of Shares and cash may be granted to Employees in such amounts and upon
such terms, and at any time and from time to time, as shall be determined by the
Committee.

8.2 TERMS OF LONG-TERM PERFORMANCE AWARDS. The Committee shall set performance
objectives in its discretion which, depending on the extent to which they are
met, will determine the number of Shares and/or value of Long-Term Performance
Awards that will be paid out to the Employee. The Committee shall establish the
Performance Cycle for each Long-Term Performance Award and shall impose such
other conditions and/or restrictions on any Long-Term Performance Awards granted
pursuant to the Plan as it may deem advisable including, without limitation,
restrictions based upon the achievement of specific performance objectives
(Corporation-wide, business unit, and/or individual), Qualifying Performance
Criteria, time-based restrictions on vesting following the attainment of the
performance objectives, and/or restrictions under applicable Federal or state
securities laws.

8.3 EARNING OF LONG-TERM PERFORMANCE AWARDS. Subject to the terms of this Plan
and Article 8.5, after the applicable Performance Cycle has ended, the Employee
shall be entitled to receive a payout on the number of Shares and/or cash earned
by the Employee over the applicable Performance Cycle. Notwithstanding the
attainment of specific performance goals, the Committee has the discretion to
reduce or eliminate an Award that would otherwise be payable based on its
evaluation of Extraordinary Events and other factors.

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8.4 FORM AND TIMING OF PAYMENT OF LONG-TERM PERFORMANCE AWARDS. Payment of
earned Long-Term Performance Awards shall be made as soon as practical following
the close of the applicable Performance Cycle in a manner designated by the
Committee, in its sole discretion. Subject to the terms of this Plan, the
Committee, in its sole discretion, may pay earned Long-Term Performance Awards
in the form of cash or in Shares (or in a combination thereof) which have an
aggregate Fair Market Value equal to the value of the earned Long-Term
Performance Awards at the close of the applicable Performance Cycle. Such Shares
may be granted subject to any restrictions deemed appropriate by the Committee.

8.5 REQUIREMENT OF EMPLOYMENT. Except as otherwise provided in this Plan and as
specified in Article 13, an Employee must remain in the employment of the
Corporation until the payment of a Long-Term Performance Award in order to be
entitled to payment; provided, however, that the Committee may, in its sole
discretion, provide for a partial or full payment in the event the Employee is
not so employed.

8.6 NONTRANSFERABILITY. A Long-Term Performance Award may not be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by will or by the laws of descent and distribution.

               ARTICLE 9. SECTION 162(M) DEDUCTION QUALIFICATIONS

9.1 AWARDS FOR COVERED EMPLOYEES. Except as otherwise provided herein, all
Awards to Covered Employees shall be made in a manner that allows for the full
deductibility of the Award by the Corporation under Section 162(m) of the Code.
All Awards for designated Covered Employees shall comply with the provisions of
this Article 9.

9.2 DESIGNATION OF COVERED EMPLOYEES. For each Performance Cycle, the Committee
will designate which Participants are Covered Employees within 90 days of the
beginning of the Performance Cycle (or such earlier or later date as is
permitted or required by Code Section 162(m)).

9.3 ESTABLISHMENT OF QUALIFYING PERFORMANCE CRITERIA AND AWARDS FOR COVERED
EMPLOYEES. Within 90 days of the beginning of a Performance Cycle (or such
earlier or later date as is permitted or required by Code Section 162(m)), the
Committee shall, in its sole discretion, for each such Performance Cycle,
determine and establish in writing one or more Qualifying Performance Criteria
applicable to the Performance Cycle for each Covered Employee. The Committee may
establish any number of Performance Cycles, Qualifying Performance Criteria and
Awards for any Covered Employee running concurrently, in whole or in part,
provided, that in so doing the Committee does not jeopardize the Corporation's
deduction for such Awards under Section 162(m) of the Code. The Committee may
select different Qualifying Performance Criteria and Awards for different
Covered Employees.

9.4 CERTIFICATION OF ACHIEVEMENT OF QUALIFYING PERFORMANCE CRITERIA AND AMOUNT
OF AWARDS. After the end of each Performance Cycle, or

                                       12
<PAGE>   13

such earlier date if the Qualifying Performance Criteria are achieved (and such
date otherwise complies with Code Section 162(m)), the Committee shall certify
in writing, prior to the payment of any Award to a Covered Employee, that the
performance goal based on the Qualifying Performance Criteria for the
Performance Cycle and all other material terms of the Plan were satisfied.
Extraordinary Events shall either be excluded or included in determining the
extent to which the corresponding performance goal has been achieved, whichever
will produce the higher Award. The Committee has the discretion to reduce or
eliminate an Award that would otherwise be paid to any Participant, including
any Covered Employee, based on the Committee's evaluation of Extraordinary
Events or other factors. With respect to Covered Employees, the Committee may
not, under any circumstances, increase an Award.

9.5 TAX AND SECURITY LAWS. In the event that applicable tax and/or securities
laws change to permit the Committee discretion to alter the governing
performance measures without obtaining shareholder approval of such changes, the
Committee shall have the sole discretion to make such changes without obtaining
shareholder-approval.

9.6 COMPLIANCE WITH CODE SECTION 162(m). At all times when Code Section 162(m)
is applicable, all Awards granted to a Covered Employee under this Plan shall
comply with the Performance-Based Exception requirements of Code Section 162(m);
unless the Committee determines that such compliance is not desired with respect
to any specified Award or Awards. In addition, in the event that changes are
made to Code Section 162(m) to permit greater flexibility with respect to any
Award or Awards available under the Plan, the Committee may, subject to this
Article 9, make any adjustments it deems appropriate.

                       ARTICLE 10. BENEFICIARY DESIGNATION

If permitted by the Committee, each Participant under the Plan may, from time to
time, name any beneficiary or beneficiaries (who may be named contingently or
successively) to whom any benefit under the Plan is to be paid in case of his or
her death before he or she receives any or all of such benefit. Each such
designation shall revoke all prior designations by the same Participant, shall
be in a form prescribed by the Corporation, and will be effective only when
filed by the Participant in writing with the Corporation during the
Participant's lifetime. In the absence of any such designation, benefits
remaining unpaid at the Participant's death shall be paid to the Participant's
estate.

                              ARTICLE 11. DEFERRALS

The Committee may permit or require a Participant to defer such Participant's
receipt of the payment of cash or the delivery of Shares that would otherwise be
due to such Participant by virtue of the (1) exercise of an Option, (2) the
lapse or waiver of restrictions with respect to Restricted Stock, or (3) the
satisfaction of any requirements or objectives with respect to Long-Term
Performance Awards. If any such deferral election is required or permitted, the
Committee shall, in its sole discretion, establish rules and procedures for such
payment of deferrals including the crediting of interest or dividend
equivalents.

                                       13
<PAGE>   14

                         ARTICLE 12. RIGHTS OF EMPLOYEES

12.1 EMPLOYMENT. Nothing in the Plan shall interfere with or limit in any way
the right of the Corporation to terminate any Participant's employment at any
time, with or without cause, nor confer upon any Participant any right to
continue in the employ of the Corporation.

12.2 PARTICIPATION. No Employee shall have the right to be selected to receive
an Award under this Plan, or, having been so selected, to be selected to receive
a future Award.

                          ARTICLE 13. CHANGE IN CONTROL

13.1 TREATMENT OF AWARDS. Notwithstanding any provision in this Plan to the
contrary, upon the occurrence of a Change in Control, unless otherwise
specifically prohibited under applicable laws, or by the rules and regulations
of any governing governmental agencies or national securities exchanges:

(a) Any and all Options granted hereunder shall become immediately exercisable
in full, and all such Options shall remain exercisable throughout their entire
term notwithstanding the death, Retirement or termination of employment or
directorship of the Participant;

(b) Any restriction periods and restrictions imposed on Shares of Restricted
Stock shall lapse; and

(c) All Long-Term Performance Awards shall be measured as of the effective date
of the Change in Control, and shall be paid out to Participants within thirty
(30) days following the effective date of the Change in Control, in a pro rata
amount based upon (i) the actual results measured as of the effective date of
the Change in Control, and (ii) the length of time within the Performance Cycle
which has elapsed prior to the Change in Control.

13.2 TERMINATION, AMENDMENT, AND MODIFICATIONS OF CHANGE-IN-CONTROL PROVISIONS.
Notwithstanding any other provision of this Plan or any Award Agreement
provision, the provisions of this Article 13 may not be terminated, amended, or
modified on or after the date of a Change in Control to affect adversely any
Award theretofore granted under the Plan without the prior written consent of
the Participant with respect to said Participant's outstanding Awards.

              ARTICLE 14. AMENDMENT, MODIFICATION, AND TERMINATION

14.1 AMENDMENT, MODIFICATION, AND TERMINATION. Subject to Article 13.2 herein,
the Board or Committee may at any time and from time to time, alter, amend,
suspend, or terminate the Plan in whole or in part.

Notwithstanding the above, the Committee shall not have the authority to,
without shareholder approval, (1) change the limits set forth in Article 4.1,
(2) change the minimum exercise price of

                                       14
<PAGE>   15

an Option, (3) change eligible Participants to receive Awards, or (4) reprice or
alter the exercise price of Options.

                             ARTICLE 15. WITHHOLDING

15.1 TAX WITHHOLDING. The Corporation shall have the power and the right to
deduct or withhold, or require a Participant to remit to the Corporation, an
amount sufficient to satisfy Federal, state, and local taxes, domestic or
foreign, required by law or regulation to be withheld with respect to any
taxable event arising as a result of this Plan.

15.2 SHARE WITHHOLDING. With respect to withholding required upon the exercise
of Options, upon the lapse of restrictions on Restricted Stock, or upon any
other taxable event arising as a result of Awards granted hereunder,
Participants may elect to satisfy the Federal, state, and local tax withholding
requirement, in whole or in part, by (i) having the Corporation withhold Shares
having a Fair Market Value on the date the tax is to be determined equal to the
minimum statutory tax withholding rate which could be withheld on the
transaction or (ii) the delivery of Shares that have been held for a minimum of
six months to the Corporation (including attestation) having a Fair Market Value
equal to the amount of the tax withholding obligations related to the
transaction. All such elections shall be irrevocable, made in writing, signed by
the Participant, and shall be subject to any restrictions or limitations that
the Committee, in its sole discretion, deems appropriate. Delivery or
withholding of fractional Shares shall not be permitted.

                             ARTICLE 16. FORFEITURE

Except on or after a Change in Control, and notwithstanding any other provisions
in the Plan or in any Award Agreement to the contrary, in the event of a serious
breach of conduct by a Participant or former Participant (including, without
limitation, any conduct prejudicial to or in conflict with the Corporation), or
any activity of a Participant or former Participant in which the Participant or
former Participant solicits or takes away customers or potential customers with
whom the Participant or former Participant had contact with or responsibility
for during the Participant's or former Participant's employment with the
Corporation, the Committee may (a) terminate any outstanding Award granted to
the Participant, in whole or in part, whether or not vested, and/or (b) if such
conduct or activity occurs within one year following the exercise or payment of
an Award, require the Participant or former Participant to repay the Corporation
any gain realized or payment received upon the exercise or payment of such Award
(with such gain or repayment valued as of the date of exercise or payment). Such
termination or repayment obligation shall be effective as of the date specified
by the Committee. Any repayment obligation may be satisfied in Shares or cash or
a combination thereof (based upon the Fair Market Value of the Shares on the day
prior to the repayment) and the Committee may provide for an offset of any
future payments owed by the Corporation to such person if necessary to satisfy
the repayment obligation. The determination of whether any Participant or former
Participant has engaged in a serious breach of conduct or any prohibited
solicitation shall be determined by the Committee in good faith and in its sole
discretion.

                                       15

<PAGE>   16

                           ARTICLE 17. INDEMNIFICATION

Each person who is or shall have been a member of the Committee, or of the
Board, shall be indemnified and held harmless by the Corporation against and
from any loss, cost, liability, or expense that may be imposed upon or
reasonably incurred by him or her in connection with or resulting from any
claim, action, suit, or proceeding to which he or she may be a party or in which
he or she may be involved by reason of any action taken or failure to act under
the Plan and against and from any and all amounts paid by him or her in
settlement thereof, with the Corporation's approval, or paid by him or her in
satisfaction of any judgement in any such action, suit, or proceeding against
him or her, provided he or she shall give the Corporation an opportunity at its
own expense, to handle and defend the same before he or she undertakes to handle
and defend it on his or her own behalf. The foregoing right of indemnification
shall not be exclusive of any other rights of indemnification to which such
persons may be entitled under the Corporation's Charter or Bylaws, as a matter
of law, or otherwise, or any power that the Corporation may have to indemnify
them or hold them harmless.

                             ARTICLE 18. SUCCESSORS

All obligations of the Corporation under the Plan with respect to Awards granted
hereunder shall be binding on any successor to the Corporation, whether the
existence of such successor is the result of a direct or indirect purchase of
all or substantially all of the business and/or assets of the Corporation, or a
merger, consolidation, or otherwise.

                            ARTICLE 19. UNFUNDED PLAN

         The Plan shall be unfunded and the Corporation shall not be required to
segregate any assets that may at any time be represented by Awards under the
Plan. Any liability of the Company to any person with respect to any Awards
under the Plan shall be based solely upon any contractual obligations that may
be effected pursuant to the Plan. Except as provided herein, no such obligation
of the Corporation shall be deemed to be secured by any pledge of, or other
encumbrance on, any property of the Corporation.

                         ARTICLE 20. LEGAL CONSTRUCTION

20.1 GENDER AND NUMBER. Except where otherwise indicated by the context, any
masculine term used herein also shall include the feminine; the plural shall
include the singular and the singular shall include the plural.

20.2 SEVERABILITY. In the event any provision of the Plan shall be held illegal
or invalid for any reason, the illegality or invalidity shall not affect the
remaining parts of the Plan, and the Plan shall be construed and enforced as if
the illegal or invalid provision had not been included.

                                       16
<PAGE>   17

20.3 REQUIREMENTS OF LAW. The granting of Awards and the issuance of Shares
under the Plan shall be subject to all applicable laws, rules, and regulations,
and to such approvals by any governmental agencies or national securities
exchanges as may be required.

20.4 GOVERNING LAW. To the extent not preempted by Federal law, the Plan, and
all agreements hereunder, shall be construed in accordance with and governed by
the laws of the state of Ohio.

                                       17<PAGE>   1
                                                                    EXHIBIT 4(d)

                       THIRD AMENDMENT TO CREDIT AGREEMENT

         THIS THIRD AMENDMENT TO CREDIT AGREEMENT (the "Amendment"), dated as of
May 11, 2001 (the "Effective Date"), is entered into by and among MPW Industrial
Services Group, Inc. ("MPW Group"), Aquatech Environmental, Inc., each of the
other Subsidiaries of MPW Group listed on the Schedule of Subsidiary Borrowers
attached hereto, the Lenders listed on the signature pages of this Amendment,
Bank One, NA (Main Office Columbus), as Administrative Agent and LC Issuer, and
National City Bank, as Documentation Agent.

                             Background Information
                             ----------------------

         A. Borrowers, Lenders, Administrative Agent, LC Issuer and
Documentation Agent entered into a certain Credit Agreement, dated as of October
20, 1999, as amended by a (i) First Amendment to Credit Agreement and Other Loan
Documents, dated as of July 17, 2000, and (ii) Second Amendment to Credit
Agreement, dated as of November 10, 2000 (such credit agreement, as so amended,
the "Agreement").

         B. Lenders have extended a revolving line of credit loan (the
"Revolving Loan") to Borrowers in the maximum principal amount of $70,000,000
pursuant to the Agreement.

         C. Borrowers have requested certain amendments to the Agreement and to
the terms of the Revolving Loan, and Lenders are willing to consent to such
request, upon and subject to the terms and conditions set forth herein.

         D. MPW Group has advised Administrative Agent of its desire to enter
into a Stock Purchase Agreement (the "Filtration Agreement") with CLARCOR, Inc.
and CLARCOR Filtration Products, Inc. whereby MPW Group and its subsidiaries
will sell all of the issued and outstanding equity interests or shares of
capital stock (the "Sale Event") of MPW Filtration Management Services Corp., an
Ohio corporation ("MPW Filtration"), ESI International, Inc., an Ohio
corporation, ESI-North Limited, an Ohio limited liability company, Gauthier
Enterprises, Inc., a Michigan corporation, and MPW Industrial, Sociedad de
Responsibilidad Limitada de Capital Variable, a Mexican limited liability
company (collectively, the "Filtration Entities"), each a Borrower or Guarantor.
Prior to the consummation of the Sale Event, Borrowers and Guarantors desire to
effect an internal reorganization (the "Filtration Reorganization") of the
Filtration Entities such that each of the Filtration Entities, other than MPW
Filtration, will become a direct or indirect subsidiary of MPW Filtration.

         E. MPW Group has requested the consent of Lenders to the Sale Event and
the Filtration Reorganization.

         F. Lenders are willing to consent to the Sale Event and the Filtration
Reorganization, which requires that, simultaneously with the consummation of the
Sale Event, (i) the Filtration Entities be released from their respective
obligations under the Agreement, the Security Agreement and the other Loan
Documents, and (ii) all security interests, liens and pledges granted by the

<PAGE>   2

Filtration Entities with respect to their respective property to Administrative
Agent for the benefit of Lenders pursuant to the Security Agreement be
terminated and released.

                                   Provisions
                                   ----------

         NOW, THEREFORE, in consideration of their mutual agreements hereunder
and under the Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Borrowers,
Administrative Agent, Lenders, Documentation Agent and LC Issuer, hereby agree
as follows:

         1.       CAPITALIZED  TERMS.  Except as otherwise  defined herein,
the capitalized terms used herein shall have the same meanings as set forth in
the Agreement.

         2.       AMENDMENT OF THE AGREEMENT; OTHER MATTERS.

                  2.1.     DEFINITIONS.

                           (a)      The following definition set forth in
                  Article I of the Agreement shall be amended in its entirety to
                  provide as follows:

                                    ""Consolidated Net Income" means, with
                           reference to any period, the net income (or loss)
                           from continuing operations of the Borrowers and their
                           Subsidiaries calculated on a consolidated basis for
                           such period. For purposes of this definition,
                           "continuing operations" shall be the continuing
                           operations of the Borrowers as set forth in MPW
                           Group's Form 10-Q filing made with the Securities and
                           Exchange Commission for the fiscal quarter ended
                           March 31, 2001. "

                           (b)      The following new definition shall be added
                  in alphabetical order to Article I of the Agreement:

                                    ""Filtration Division" means MPW Filtration
                           Management Services Corp., ESI International, Inc.,
                           ESI-North Limited, Gauthier Enterprises, Inc. and MPW
                           Industrial, Sociedad de Responsibilidad Limitada de
                           Capital Variable."

                  2.2.     REDUCTION OF AGGREGATE COMMITMENT AND EACH LENDER'S
         COMMITMENT.

                           (i) Borrowers have requested that the Aggregate
         Commitment be reduced from $70,000,000 to $47,500,000 upon the earlier
         to occur of (x) the date the Sale Event is consummated, and (y) August
         10, 2001, and upon such earlier occurrence, the Aggregate Commitment
         shall be reduced to $47,500,000, and the Commitment of each Lender
         shall be reduced on a pro rata basis, and the Commitment of each Lender
         then shall be as follows:

                           Lender                                Commitment
                           ------                                ----------
                           Bank One, NA                          $19,000,000

                                       2
<PAGE>   3

                           National City Bank                     16,625,000
                           LaSalle Bank National Association       5,937,500
                           Suntrust Bank                           5,937,500

                           (ii) On the effective date of the reduction of the
         Aggregate Commitment pursuant to subsection (i) above, Borrowers shall
         prepay Advances to the extent, if any, the then Aggregate Outstanding
         Credit Exposure exceeds the Aggregate Commitment as so reduced.

                           (iii) If the Sale Event is consummated, the Borrowers
         shall furnish to Administrative Agent a summary report regarding the
         calculation of the net proceeds realized from the Sale Event as soon as
         possible, but in any event within 120 days after the closing date of
         the Sale Event. In addition to the reduction of the Aggregate
         Commitment in accordance with subsection (i) above, if the net proceeds
         of the Sale Event as so reported exceed $22,500,000, the Aggregate
         Commitment shall be further reduced to the extent the net proceeds of
         the Sale Event exceed $22,500,000, with such reduction being rounded to
         the nearest multiple of $100,000, provided that the Aggregate
         Commitment shall not be reduced to less than $45,000,000. Any such
         additional reduction in the Aggregate Commitment shall be effective
         five (5) Business Days after the receipt by Administrative Agent of
         such summary report and the Commitment of each Lender shall be reduced
         on a pro rata basis on such date.

                           (iv) On the effective date of any reduction of the
         Aggregate Commitment pursuant to subsection (iii) above, Borrowers
         shall prepay Advances to the extent, if any, the then Aggregate
         Outstanding Credit Exposure exceeds the Aggregate Commitment as so
         reduced.

                           (v) Borrowers acknowledge and agree that because of
         this request and their previous request dated August 30, 2000 to reduce
         the Aggregate Commitment, Borrowers' option to propose an increase in
         the Aggregate Commitment pursuant to Section 2.22 of the Agreement has
         been terminated.

                  2.3.     REFERENCE TO SECTION. The reference to "Section 2.19"
in the definition of "Response Date" set forth in Article I of the Agreement is
hereby amended to be a reference to "Section 2.20(i)".

                  2.4.     EXTENSION OF FACILITY TERMINATION DATE.

                           (i) The period during which Borrowers have the option
         to request an extension of the Facility Termination Date as set forth
         in Section 2.20(i) of the Agreement shall be reduced from one-year to
         six months prior to the Facility Termination Date and the first
         sentence of Section 2.20(i) of the Agreement shall be amended in its
         entirety to provide as follows:

                           "The Borrowers may request a one-year extension of
                  the Facility Termination Date by submitting a request for an
                  extension to the Administrative Agent (an

                                       3
<PAGE>   4

                  "Extension Request") no more than 60 days prior to the date
                  which is six months prior to the Facility Termination Date."

                           (ii) The option of Borrowers to request an additional
         one-year extension of the Facility Termination Date as set forth in
         Section 2.20(ii) of the Agreement is terminated, and (x) Section
         2.20(ii) of the Agreement shall be deleted in its entirety and replaced
         with "[Intentionally omitted].", and (y) the definitions of "Second
         Extension Request" and "Second Response Date" set forth in Article I of
         the Agreement shall be deleted in their entireties.

                  2.5.     RELEASE OF COLLATERAL. The agreement of Lenders to
release the Property from the Lien granted by the Collateral Documents upon the
occurrence of certain events as set forth in Section 2.23 of the Agreement is
terminated, the last two sentences of Section 2.23 of the Agreement shall be
deleted in their entireties, and the following new sentence shall be added to
the end of Section 2.23 of the Agreement:

                           "The Administrative Agent shall be authorized and
                  permitted to execute and deliver to the Borrowers on the
                  Lenders' behalf any agreements, documents or instruments as
                  shall be necessary or appropriate to effect releases of
                  collateral with respect to leases, sales or other dispositions
                  of the Borrowers' Property which are permitted by Section
                  6.13."

                  2.6.     ACCOUNTS RECEIVABLE AGING SUMMARIES AND REPORTS.
After the Effective Date, Borrowers shall furnish to Administrative Agent
monthly accounts receivable aging reports and Section 6.1(viii) of the Agreement
shall be renumbered to be Section 6.1(ix) and the following new Section
6.1(viii) shall be added to the Agreement:

                           "(viii)  Within 20 days after the end of each
                                    calendar month, an accounts receivable aging
                                    summary as of the end of such month for
                                    Borrowers and their Subsidiaries, on a
                                    consolidated basis, which summary shall be
                                    in form and substance satisfactory to
                                    Administrative Agent; and thereafter, upon
                                    request of Administrative Agent, a detailed
                                    accounts receivable aging report as of the
                                    end of any such month for Borrowers and
                                    their Subsidiaries, on a consolidated basis,
                                    which report shall be in form and substance
                                    satisfactory to Administrative Agent."

                  2.7.     INDEBTEDNESS. As of the Effective Date, (x)
permitted Subordinated Indebtedness shall be reduced from $10,000,000 to
$5,000,000, and (y) permitted Indebtedness secured by purchase money Liens shall
be reduced from $2,500,000 to $1,000,000, and Sections 6.11(iii) and (iv) of the
Agreement shall be amended in their entireties to provide as follows:

                           "(iii)   Subordinated Indebtedness in an aggregate
                                    amount not exceeding $5,000,000 at any time.

                           (iv)     Indebtedness in an aggregate amount not
                                    exceeding $1,000,000 at any time which is
                                    secured by purchase money Liens."

                                       4
<PAGE>   5

                  2.8.     SALE OF ASSETS. As of the Effective Date, leases,
sales and other dispositions of Property permitted by Section 6.13(ii) of the
Agreement shall be reduced from $5,000,000 to $500,000, and Section 6.13(ii) of
the Agreement shall be amended in its entirety to provide as follows:

                           "(ii)    Leases, sales or other dispositions of its
                                    Property, the proceeds of which that,
                                    together with all other Property of the
                                    Borrowers and their Subsidiaries previously
                                    leased, sold or disposed of (other than
                                    inventory in the ordinary course of
                                    business) as permitted by this Section
                                    during any fiscal year of the Borrowers,
                                    does not exceed $500,000; provided, however,
                                    such leases, sales and disposition may
                                    exceed $500,000 if the Borrowers make a
                                    mandatory prepayment of Advances in an
                                    amount equal to 100% of the net proceeds in
                                    excess of $500,000 realized from such
                                    leases, sales and dispositions.

                  2.9.     INVESTMENTS AND ACQUISITIONS. As of the Effective
Date, Acquisitions in amounts not exceeding annual and per Acquisition baskets
as set forth in Section 6.14(iii) of the Agreement shall no longer be permitted
and any Acquisitions (other than Acquisitions permitted by Sections 6.14(i) and
(ii)) shall require the approval of all Lenders, and

                           (i)      Section 6.14(iii) of the Agreement shall be
                  deleted in its entirety and replaced with "[Intentionally
                  omitted]", and

                           (ii)     Section 6.14(iv) of the Agreement shall be
                  amended in its entirety to provide as follows:

                                    "(iv)   Acquisitions approved by all
                           Lenders."

                  2.10.    CAPITAL EXPENDITURES. As of the Effective Date, the
limitation on Capital Expenditures by Borrowers and their Subsidiaries set forth
in Section 6.16 of the Agreement shall be modified, and Section 6.16 of the
Agreement shall be amended in its entirety to provide as follows:

                           "6.16.   CAPITAL EXPENDITURES.

                           (i)      Excluding Capital Expenditures for the
                                    Filtration Division, each Borrower will not,
                                    nor will it permit any Subsidiary to,
                                    expend, or be committed to expend, in excess
                                    of $6,000,000 for Capital Expenditures
                                    during any one fiscal year in the aggregate
                                    for Borrowers and their Subsidiaries,
                                    provided, however:

                                            (x)  if such Capital Expenditures
                                                 are less than $6,000,000 during
                                                 fiscal year 2001, the unused
                                                 available amount, up to
                                                 $1,000,000, may be carried over
                                                 to the first fiscal quarter of
                                                 fiscal 2002;

                                       5
<PAGE>   6

                                            (y)  if Consolidated EBITDA (on a
                                                 cumulative basis commencing on
                                                 April 1, 2001) for the
                                                 Borrowers and their
                                                 Subsidiaries for the (1) three
                                                 consecutive fiscal quarters
                                                 ending December 31, 2001,
                                                 and/or (2) four consecutive
                                                 fiscal quarters ending March
                                                 31, 2002, exceeds the minimum
                                                 amounts required to be
                                                 maintained in accordance with
                                                 Sections 6.25.4(iii) and (iv),
                                                 respectively, additional
                                                 Capital Expenditures may be
                                                 made by the Borrowers and their
                                                 Subsidiaries in an amount up to
                                                 such excess during fiscal year
                                                 2002; and

                                            (z)  such Capital Expenditures shall
                                                 not exceed $2,500,000 during
                                                 any fiscal quarter of fiscal
                                                 year 2002, provided that the
                                                 unused available amount may be
                                                 carried over from one fiscal
                                                 quarter to the next fiscal
                                                 quarter of fiscal year 2002.

                           (ii)     With respect to the Filtration Division,
                                    each Borrower will not, nor will it permit
                                    any Subsidiary to, expend, or be committed
                                    to expend, in excess of the following
                                    amounts for Capital Expenditures during any
                                    one fiscal year in the aggregate for
                                    Borrowers and their Subsidiaries: (x)
                                    $2,000,000 during fiscal year 2001; and (y)
                                    $250,000 during fiscal year 2002.

                           (iii)    Notwithstanding any other provision of this
                                    Section 6.16, Capital Expenditures during
                                    any fiscal year for the Borrowers and their
                                    Subsidiaries shall not exceed the sum of (x)
                                    $8,000,000, plus (y) the unused available
                                    amount, up to $1,000,000, permitted to be
                                    carried over from fiscal year 2001 to the
                                    first fiscal quarter of fiscal 2002 as
                                    provided in subsection (i)(x) of this
                                    Section 6.16."

                  2.11.    INTEREST COVERAGE RATIO.

                           (a) Pursuant to Section 6.25.1 of the Agreement,
                  Borrowers covenant that Borrowers and their Subsidiaries will
                  maintain the ratio of Consolidated EBIT to Consolidated
                  Interest Expense, determined as of the end of each fiscal
                  quarter, at a certain minimum ratio, which covenant has been
                  violated with respect to the fiscal quarter ended March 31,
                  2001. Therefore, compliance with such Section 6.25.1 of the
                  Agreement is waived by Lenders for the fiscal quarter ending
                  March 31, 2001.

                           (b) The ratio of Consolidated EBIT to Consolidated
                  Interest Expense required to be maintained by Borrowers and
                  their Subsidiaries as set forth in Section 6.25.1 of the
                  Agreement shall not be tested for the fiscal quarter ending
                  June 30, 2001. As of the Effective Date, such ratio of
                  Consolidated EBIT to Consolidated

                                       6
<PAGE>   7

                  Interest Expense shall be modified, and Section 6.25.1 of the
                  Agreement shall be amended in its entirety to provide as
                  follows:

                                    "6.25.1. INTEREST COVERAGE RATIO. The
                           Borrowers will not permit the ratio, (x) determined
                           as of the end of each of their fiscal quarters on a
                           cumulative basis beginning with the fiscal quarter
                           ending September 30, 2001, of (i) Consolidated EBIT
                           to (ii) Consolidated Interest Expense to be less than
                           (A) 1.2 to 1.0 for the fiscal quarter ending
                           September 30, 2001, (B) 1.4 to 1.0 for the two
                           consecutive fiscal quarters ending December 31, 2001,
                           (C) 1.6 to 1.0 for the three consecutive fiscal
                           quarters ending March 31, 2002, and (D) 1.8 to 1.0
                           for the four consecutive fiscal quarters ending June
                           30, 2002, and (y) determined as of the end of each of
                           their fiscal quarters beginning with the fiscal
                           quarter ending September 30, 2002 for the then
                           most-recently ended four fiscal quarters, of (i)
                           Consolidated EBIT to (ii) Consolidated Interest
                           Expense to be less than 2.0 to 1.0.

                  2.12.    LEVERAGE RATIO.

                           (a) Pursuant to Section 6.25.2 of the Agreement,
                  Borrowers covenant that Borrowers and their Subsidiaries will
                  maintain the ratio of (i) Consolidated Funded Indebtedness to
                  (ii) Consolidated EBITDA, determined as of the end of each
                  fiscal quarter, at a certain maximum ratio, which covenant has
                  been violated with respect to the fiscal quarter ended March
                  31, 2001. Therefore, compliance with such Section 6.25.2 of
                  the Agreement is waived by Lenders for the fiscal quarter
                  ending March 31, 2001.

                           (b) The ratio of (i) Consolidated Funded Indebtedness
                  to (ii) Consolidated EBITDA required to be maintained by
                  Borrowers and their Subsidiaries as set forth in Section
                  6.25.2 of the Agreement shall not be tested for the fiscal
                  quarters ending June 30, 2001, September 30, 2001 and December
                  31, 2001, and testing of such ratio of (i) Consolidated Funded
                  Indebtedness to (ii) Consolidated EBITDA shall resume
                  beginning with the fiscal quarter ending March 31, 2002.

                  2.13.    MINIMUM NET WORTH.

                           (a) Pursuant to Section 6.25.3 of the Agreement,
                  Borrowers covenant that Borrowers and their Subsidiaries will
                  maintain a certain minimum Consolidated Net Worth, which
                  covenant has been violated with respect to the fiscal quarter
                  ended March 31, 2001. Therefore, compliance with such Section
                  6.25.3 of the Agreement is waived by Lenders for the period
                  commencing March 31, 2001 and ending on the day prior to the
                  Effective Date.

                           (b) As of the Effective Date, the minimum
                  Consolidated Net Worth required to maintained by Borrowers and
                  their Subsidiaries as set forth in Section 6.25.3 of the
                  Agreement shall be modified, and Section 6.25.3 of the
                  Agreement shall be amended in its entirety to provide as
                  follows:

                                       7
<PAGE>   8

                                    "6.25.3. MINIMUM NET WORTH. The Borrowers
                           will at all times maintain Consolidated Net Worth of
                           not less than the sum of (i) 90% of Consolidated Net
                           Worth as at March 31, 2001, but in no event less than
                           $34,250,000, plus (ii) (x) 75% of Consolidated Net
                           Income earned in each fiscal quarter beginning with
                           the quarter ending June 30, 2001 (without deduction
                           for losses), and (y) 100% of the net proceeds from
                           the issuance and sale of equity securities of any
                           Borrower or any Subsidiary."

                  2.14.    MINIMUM CONSOLIDATED EBITDA. The following new
Section 6.25.4 shall be added to the Agreement, which new section is with
respect to Borrowers and their Subsidiaries maintaining minimum Consolidated
EBITDA:

                           "6.25.4. MINIMUM CONSOLIDATED EBITDA . The Borrowers
                  will not permit Consolidated EBITDA determined as of the end
                  of each of their fiscal quarters to be less than (i)
                  $2,700,000 for the fiscal quarter ending June 30, 2001, (ii)
                  $5,450,000 for the two consecutive fiscal quarters ending
                  September 30, 2001, (iii) $8,750,000 for the three consecutive
                  fiscal quarters ending December 31, 2001, and (iv) $12,000,000
                  for the four consecutive fiscal quarters ending March 31,
                  2002."

                  2.15.    EVENTS OF DEFAULTS.

                           (i)      The reference to "$1,000,000" in Section 7.5
                  of the Agreement shall be amended in its entirety to be a
                  reference to "$500,000".

                           (ii)     The reference to "$3,000,000" in Section 7.9
                  of the Agreement shall be amended in its entirety to be a
                  reference to "$1,500,000".

                           (iii)    The reference to "$3,000,000" in Section
                  7.10 of the Agreement shall be amended in its entirety to be a
                  reference to "$1,500,000".

                  2.16.    PRICING SCHEDULE. On the Effective Date, the Pricing
Schedule to the Agreement is hereby deleted in its entirety and replaced with
the Pricing Schedule attached hereto as Exhibit A and all references in the
Agreement to the Pricing Schedule are hereby amended to refer to the Pricing
Schedule attached hereto as Exhibit A.

         3.       APPLICABLE MARGIN. From the Effective Date until the date the
Applicable Margin may be adjusted pursuant to the Agreement with respect to
financial information for the fiscal quarter of Borrowers ending March 31, 2002,
the Applicable Margin and the Applicable Fee Rate shall not be less than the
Applicable Margin and the Applicable Fee Rate applicable to Level V Status as
set forth in the Pricing Schedule (which is the amended Pricing Schedule as
provided in Section 2.16 hereof).

         4.       PAYMENT OF NET PROCEEDS FROM SALE EVENT; RELEASE OF LIENS;
ADDENDUM TO AMENDMENT.

                                       8
<PAGE>   9

                  (a)     Notwithstanding Section 6.13 or any other provision
         of the Agreement, all net proceeds, which shall not be less than
         $22,500,000, realized by Borrowers from the consummation of the Sale
         Event shall be paid to Administrative Agent as a mandatory prepayment
         of Advances on the date the Sale Event is consummated. If such net
         proceeds are less than $22,500,000, a Default shall be deemed to have
         occurred.

                  (b)      If such net proceeds paid to Administrative Agent
                  pursuant to subsection (a) above are at least $22,500,000:

                           (i) simultaneously with the consummation of the Sale
                  Event, all security interests, liens and pledges granted by
                  the Filtration Entities with respect to their respective
                  Property to Administrative Agent for the benefit of Lenders
                  pursuant to the Security Agreement shall automatically be
                  terminated and released,

                           (ii) simultaneously with the consummation of the Sale
                  Event, Administrative Agent shall deliver all stock
                  certificates or other certificates evidencing the issued and
                  outstanding shares or equity interest of each Filtration
                  Entity, together with all stock powers, to MPW Group or its
                  designee,

                           (iii) promptly after the consummation of the Sale
                  Event, (x) at Borrowers' cost, Administrative Agent shall
                  prepare and file all necessary terminations and releases of
                  such security interests, liens and pledges, including UCC
                  termination statements, and (y) Administrative Agent shall
                  prepare and execute on behalf of Lenders and enter into with
                  Borrowers an addendum to this Amendment to update and
                  otherwise make necessary changes to all exhibits and schedules
                  to the Loan Documents so that the information concerning the
                  Borrowers contained in such exhibits and schedules is accurate
                  after giving effect to the Sale Event, and

                           (iv) effective as of the consummation of the Sale
                  Event, (x) each of the Filtration Entities shall automatically
                  cease to be a party to the Agreement, the Notes, the Security
                  Agreement and all other Loan Documents, and (y) each of the
                  Filtration Entities shall automatically be released from all
                  obligations, including payment obligations, imposed upon it as
                  a "Borrower" or "Guarantor" under the Agreement, the Notes,
                  the Security Agreement and all other Loan Documents.

                  (c) If the net proceeds exceed $22,500,000 as set forth in the
         summary report to be furnished to Administrative Agent pursuant to
         Section 2.2(iii) hereof, notwithstanding Section 6.13 or any other
         provision of the Agreement, such excess net proceeds shall be paid to
         Administrative Agent as a mandatory prepayment of Advances not later
         than five (5) Business Days after the receipt by Administrative Agent
         of such summary report.

         5. REQUIRED RATE MANAGEMENT TRANSACTIONS. Notwithstanding Section 6.21
or any provision of the Agreement, Borrowers, not later than May 31, 2001, will
enter into one or more Rate Management Transactions with one or more Lenders
providing for a fixed rate of interest on a notional amount of at least
$20,000,000 and an average weighted maturity of at least 2 years.

                                       9
<PAGE>   10

         6.       TITLES TO MOTOR VEHICLES.

                  (a)      Borrowers shall promptly deliver to Administrative
         Agent, but in any event not later than June 15, 2001, the original of
         all vehicle title certificates for each vehicle owned by the Borrowers
         having a net book value of at least $15,000 and, upon request of
         Administrative Agent, vehicle title certificates for up to 100 vehicles
         owned by the Borrowers each having a net book value of less than
         $15,000.

                  (b)      All such vehicle title certificates shall be held by
         Administrative Agent, and if:

                           (i)      the Sale Event does not occur by August 31,
                  2001, or the Sale Event is abandoned or terminated at any time
                  prior to August 31, 2001, Administrative Agent shall be
                  entitled to have the Lien of Administrative Agent noted on
                  each such vehicle title certificate and each Borrower agrees
                  to do all things necessary to have the Lien of Administrative
                  Agent noted on any such certificate; or

                           (ii)     the Sale Event occurs by August 31, 2001,
                  Administrative Agent shall return all such vehicle title
                  certificates to Borrowers within 30 days of the date the Sale
                  Event is consummated.

         7.       REAL ESTATE MORTGAGES/DEEDS OF TRUST. In accordance with
Section 2.23 of the Agreement, each Borrower has agreed to grant a Lien in favor
of Administrative Agent on each parcel of Real Property owned or leased by it.
Each Borrower shall promptly deliver to Administrative Agent, but in any event
not later than June 15, 2001, all information and documentation which
Administrative Agent may request in connection therewith with granting of Liens
as to each such parcel. Upon the receipt of such information and documentation,
Administrative Agent shall cause appropriate mortgages, deeds of trust or other
necessary documentation to be prepared to grant such Liens and each Borrower
agrees to execute and deliver to Administrative Agent all such mortgages, deeds
of trust or other necessary documentation.

         8.       RELEASE OF EXISTING LIENS IN CONNECTION WITH SALE TRANSACTION.
The Lenders consent to the sale of equipment and other goods having an aggregate
value of approximately $125,000 by MPW Industrial Services, Inc. to Straightline
Optical Services, Inc., and Administrative Agent shall, and hereby is authorized
and permitted by Lenders to, execute and deliver to the Borrowers on the
Lenders' behalf any agreements, documents or instruments as shall be necessary
or appropriate to effect releases of Liens on such equipment and other goods.

         9.       REVISED UCC ARTICLE 9. Each Borrower hereby agrees, in
anticipation of the possible application, in one or more jurisdictions, to the
transactions contemplated by the Agreement and the Security Agreement, of the
Revised Article 9 of the Uniform Commercial Code in the form or substantially in
the form approved by the American Law Institute and the National Conference of
Commissioners on Uniform State Laws and contained in the 2000 official text of
Revised Article 9 ("Revised Article 9"), as follows:

                                       10
<PAGE>   11

                  (a)      In applying the law of any jurisdiction in which
         Revised Article 9 is in effect, the Collateral (as defined in the
         Security Agreement) shall consist of all assets of Borrowers whether or
         not within the scope of Revised Article 9. If any Borrower shall at any
         time, whether or not Revised Article 9 is in effect in any particular
         jurisdiction, acquire a commercial tort claim, as defined in Revised
         Article 9, such Borrower shall immediately notify Administrative Agent
         in a writing signed by such Borrower of the brief details thereof and
         grant to Administrative Agent in such writing a security interest
         therein and in the proceeds thereof, with such writing to be in form
         and substance reasonably satisfactory to Administrative Agent.

                  (b)      Administrative Agent may at any time and from time to
         time, pursuant to the provisions of the Security Agreement, file
         financing statements, continuation statements and amendments thereto
         that describe the Collateral as all assets of the applicable Borrower
         or words of similar effect and which contain any other information
         required by Part 5 of Revised Article 9 for the sufficiency or filing
         office acceptance of any financing statements, continuation statements
         or amendments. Each Borrower agrees to furnish any such information to
         Administrative Agent promptly upon request. Any such financing
         statements, continuation statements or amendments may be signed by
         Administrative Agent on behalf of applicable Borrower and may be filed
         at any time in any jurisdiction whether or not Revised Article 9 is
         then in effect in that jurisdiction.

                  (c)      Borrowers shall at any time and from time to time,
         whether or not Revised Article 9 is in effect in any particular
         jurisdiction, take such steps as Administrative Agent may reasonably
         request as are necessary for Administrative Agent to insure the
         continued perfection of Administrative Agent's security interest in any
         of the Collateral with the same priority required by the Agreement and
         the Security Agreement and the preservation of its rights therein,
         whether in anticipation of or following the effectiveness of Revised
         Article 9 in any jurisdiction.

                  (d)      Nothing contained herein shall be construed to narrow
         the scope of Administrative Agent's security interest in any of the
         Collateral or the perfection or priority thereof or to impair or
         otherwise limit any of the rights, powers, privileges or remedies of
         Agent or any Lender except (and then only to the extent) mandated by
         Revised Article 9 to the extent then applicable.

         10.      CONDITIONS TO LENDER'S OBLIGATIONS. The agreement of Lenders
to enter into this Amendment, and for Lenders to be bound by the terms hereof,
are subject to the satisfaction of the following conditions precedent:

                  (a)      DELIVERY OF DOCUMENTS. On or prior to the Effective
         Date, Administrative Agent shall have received the following:

                           (i) a copy of the resolutions (in form and substance
                  satisfactory to Lender) of the board of directors of each
                  Borrower authorizing (A) the execution, delivery and
                  performance of this Amendment and all other documents in
                  connection herewith or therewith, as applicable, and (B) the
                  consummation of the transactions

                                       11
<PAGE>   12

                  contemplated hereby and thereby, certified by the secretary or
                  an assistant secretary (or other appropriate representative)
                  of each Borrower. Each such certificate shall state that the
                  resolutions set forth therein have not been amended, modified,
                  revoked or rescinded as of the date hereof; and

                           (ii) such other certificates, documents and other
                  items as Administrative Agent, in its reasonable discretion,
                  deems necessary or desirable.

                  (b)      AMENDMENT FEE. Borrowers shall pay to Administrative
         Agent, for the ratable benefit of Lenders, an amendment fee in the
         amount set forth in the fee letter of even date herewith.

                  (c)      REPRESENTATIONS AND WARRANTIES. The representations
         and warranties made by Borrowers in this Amendment shall be true and
         correct in all material respects as of the date of this Amendment.

         11.      EXHIBITS AND SCHEDULES. Each Borrower confirms and warrants
that the information set forth in all schedules and exhibits to the Agreement is
true, accurate and complete as of the date hereof.

         12.      REPRESENTATIONS AND WARRANTIES; NO DEFAULTS. Each Borrower
hereby represents and warrants to Lenders and Administrative Agent that the
following are true and correct as of the date of this Amendment:

                  (a)      the representations and warranties of each Borrower
         contained in the Agreement are true and correct on and as of the date
         of this Amendment as if made on and as of such date, unless stated to
         relate to a specific earlier date, in which case they were true,
         correct and complete in all material respects on and as of such earlier
         date;

                  (b)      all financial statements and information of Borrowers
         provided to Administrative Agent and Lenders are true, accurate and
         complete in all material respects as of the date of, and for the
         periods covered by, such financial statements and information;

                  (c)      neither this Amendment nor any other document,
         certificate or written statement furnished to Administrative Agent
         and/or Lenders or to special counsel to Administrative Agent by or on
         behalf of any Borrower in connection with the transactions contemplated
         hereby contains any untrue statement of a material fact or omits to
         state a material fact necessary in order to make the statements
         contained herein and therein not misleading;

                  (d)      each Borrower has full power and authority (i) to
         execute, deliver and perform this Amendment, and (ii) to incur the
         obligations provided for herein and therein, all of which have been
         duly authorized by all necessary and proper action by each Borrower;

                                       12
<PAGE>   13

                  (e)      no consent, waiver or authorization of, or filing
         with, any person, entity or governmental authority is required to be
         made or obtained by any Borrower in connection with the execution,
         delivery, performance, validity or enforceability of this Amendment;

                  (f)      this Amendment constitutes the legal, valid and
         binding obligation of Borrowers, enforceable against Borrowers in
         accordance with its terms;

                  (g)      giving effect to the changes to the Agreement
         contemplated by this Amendment, no Unmatured Default nor Default has
         occurred and is continuing;

                  (h)      no event has occurred which would have a Material
         Adverse Effect; and

                  (i)      the execution and delivery by Borrowers of this
         Amendment and the performance by Borrowers of this Amendment and the
         transactions contemplated hereby: (i) do not and will not violate any
         law or regulation; (ii) do not and will not violate any order, decree
         or judgment by which any Borrower is bound; (iii) do not and will not
         violate or conflict with, result in a breach of or constitute (with
         notice, lapse of time, or otherwise) a default under any material
         agreement, mortgage, indenture or other contractual obligation to which
         any Borrower is a party, or by which any Borrower's properties are
         bound; or (iv) do not and will not result in the creation or imposition
         of any lien upon any property or assets of any Borrower.

13.      REAFFIRMATION OF LIABILITY. Subject to the terms and conditions
contained herein, each Borrower hereby reaffirms its liability to Lender under
the Agreement, the Security Agreement, the Notes, the other Loan Documents and
all other agreements and instruments executed by Borrowers for the benefit of
Administrative Agent, Lenders, LC Issuer or Documentation Agent in connection
with the Agreement and the Revolving Loan (collectively, the "Bank Documents").
Without limiting the generality of the foregoing, each Borrower reaffirms all
of its payment obligations, including with respect to the Revolving Loan under
the Agreement and the Notes and with respect to the Facility LCs. In addition,
each Borrower agrees that Administrative Agent, each Lender, LC Issuer and
Documentation Agent have performed all of their obligations under the Bank
Documents and that none of Administrative Agent, any Lender, LC Issuer or
Documentation Agent is in default under any obligation any of them has or ever
did have to any Borrower under the Bank Documents or any other agreement. As a
specific inducement and consideration to Lenders, Administrative Agent, LC
Issuer and Documentation Agent to enter into this Amendment and agree to the
transactions contemplated hereby, each Borrower hereby waives and releases each
Lender, Administrative Agent, LC Issuer and Documentation Agent, their
respective officers, directors, employees and representatives, from any and all
claims or causes of actions, if any, accruing on or before the date hereof and
arising out of the past and/or present business relationship among each
Borrower and each Lender, Administrative Agent, LC Issuer or Documentation
Agent which any Borrower now has or may have or in the future may have against
any Lender, Administrative Agent, LC Issuer or Documentation Agent or any of
their respective officers, directors, employees or representatives.

                                       13
<PAGE>   14

         14.      EFFECTIVENESS OF AMENDMENT. All of the terms, covenants and
conditions of, and the obligations of Borrowers under, the Bank Documents shall
remain in full force and effect as amended hereby.

         15.      PRESERVATION OF EXISTING SECURITY INTERESTS. Each mortgage,
security interest, pledge, assignment, lien or other conveyance or encumbrance
of any right, title, or interest in any property of any kind delivered to
Administrative Agent for the benefit of Lenders at any time by any Borrower or
any other Person in connection with the Bank Documents or to secure the
performance of the obligations of Borrowers under the Bank Documents, including
pursuant to the Security Agreement, shall remain in full force and effect
following the execution of this Amendment.

         16.      EXPENSES. Borrowers shall reimburse Administrative Agent and
Arranger for any costs, internal charges and out-of-pocket expenses (including
reasonable attorneys' fees and time charges of attorneys for Administrative
Agent and Arranger, which attorneys may be employees of Administrative Agent)
paid or incurred by Administrative Agent and Arranger in connection with the
preparation, negotiation, execution, delivery, performance, review, amendment,
modification, and administration of this Amendment, the Agreement and the other
Bank Documents. Borrowers also agree to reimburse Administrative Agent for any
costs, internal charges and out-of-pocket expenses (including reasonable
attorneys' fees and time charges of attorneys for Administrative Agent and
Lenders, which attorneys may be employees of Administrative Agent) paid or
incurred by Administrative Agent and Lenders in connection with the collection
and enforcement of the Agreement and the other Bank Documents.

         17.      APPLICABLE  LAW. This Amendment shall be deemed to be a
contract made under the laws of the State of Ohio and for all purposes shall be
construed in accordance with the laws of such state.

         18.      SEVERABILITY. Any provision of this Amendment that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective only to the extent of such prohibition or unenforceability,
without invalidating the remaining provisions hereof or affecting the validity
or enforceability of such provision in any other jurisdiction.

         19.      COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         20.      AMENDMENTS AND SUPPLEMENTS. This Amendment may not be amended
or supplemented except by an instrument in writing executed by Borrowers and
Agent.

         21.      COVENANTS TO SURVIVE, BINDING AGREEMENT. This Amendment shall
be binding upon and inure to the benefit of Borrowers, Lenders, Administrative
Agent, LC Issuer and Documentation Agent and their respective successors or
assigns; provided, however, that Borrowers may not assign or otherwise dispose
of any of their rights or obligations hereunder.

         22.      ENTIRE AGREEMENT. This Amendment embodies the entire agreement
and understanding among Borrowers, Administrative Agent, Lenders, Documentation
Agent and LC

                                       14
<PAGE>   15

Issuer relating to, and supersedes all prior agreements and understandings among
Borrowers, Administrative Agent, Lenders, Documentation Agent and LC Issuer
relating to, the subject matter hereof.

         23.      HEADINGS. The headings of the sections of this Amendment are
for convenience only and shall not affect the meaning or interpretation of this
Amendment.

         24.      INTERPRETATION. This Amendment is to be deemed to have been
prepared jointly by the parties hereto, and any uncertainty or ambiguity
existing herein shall not be interpreted against any party but shall be
interpreted according to the rules for the interpretation of arm's length
agreements.

         25.       WAIVER OF JURY TRIAL. EACH BORROWER, ADMINISTRATIVE AGENT,
DOCUMENTATION AGENT, LC ISSUER AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER
SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO,
OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

                   [Balance of Page Intentionally Left Blank]

                                       15
<PAGE>   16

         IN WITNESS WHEREOF, the parties hereto entered into this Amendment to
be effective as of the Effective Date.

                                BORROWERS:

                                MPW Industrial Services Group, Inc.

                                By: /s/ Ira O. Kane
                                    -------------------------------------
                                      Ira O. Kane, President and Chief
                                         Operating Officer

                                Aquatech Environmental, Inc.

                                By:   /s/ Peter G. Schumacher
                                    -------------------------------------
                                     Peter G. Schumacher, Vice President
                                         and Treasurer

                                Each of the Other Borrowers Listed
                                on the Schedule of Subsidiary Borrowers

                                By:  /s/ Ira O. Kane
                                    -------------------------------------
                                      Ira O. Kane, President and Chief
                                         Operating Officer

[Signatures of Lenders, Administrative Agent, LC Issuer and Documentation Agent
                         Continued on Following Pages]

                                       16
<PAGE>   17

                                   BANK ONE, NA (Main Office Columbus),
                                   as a Lender and as Administrative Agent and
                                   LC Issuer

                                   By:   /s/ Steven P. Shepard
                                         --------------------------------------

                                   Name:     Steven P. Shepard
                                         --------------------------------------

                                   Title: First Vice President
                                         --------------------------------------

                                       17
<PAGE>   18

                                   NATIONAL CITY BANK,
                                   as a Lender and as Documentation Agent

                                   By:   /s/ Brian T. Strayton
                                         --------------------------------------

                                   Name: Brian T. Strayton
                                         --------------------------------------

                                   Title: Vice President
                                         ---------------------------------------

                                       18
<PAGE>   19

                                   LASALLE BANK NATIONAL ASSOCIATION

                                   By:    /s/ Bijon Jalaie
                                         --------------------------------------

                                   Name:  Bijon Jalaie
                                         --------------------------------------

                                   Title: Assistant Vice President
                                         --------------------------------------

                                       19
<PAGE>   20

                                   SUNTRUST BANK

                                   By:   /s/ Shelley M. Browne
                                         --------------------------------------

                                   Name: Shelley M. Browne
                                         --------------------------------------

                                   Title: Managing Director
                                         --------------------------------------

                                       20
<PAGE>   21

                        SCHEDULE OF SUBSIDIARY BORROWERS

MPW Industrial Services, Inc.
MPW Management Services Corp.
MPW Filtration Management Services Corp.
MPW Industrial Water Services, Inc.
MPW Container Management Corp.
MPW Container Management Corp. of Michigan
ESI International, Inc.
ESI-North Limited
Gauthier Enterprises, Inc.
MPW Industrial Services of Indiana, LLC
MPW Industrial Cleaning Corp.

                                       21
<PAGE>   22

                       CONSENT AND AGREEMENT OF GUARANTORS

         Each of the undersigned, MPW Industrial Services, Ltd. and MPW
Industrial, Sociedad de Responsibilidad Limitada de Capital Variable (the
"Guarantors"), being a guarantor pursuant to the Subsidiary Guaranty dated as of
October 20, 1999 in favor of Lenders (the "Guaranty") whereby each of Guarantors
has guaranteed the payment and performance of Borrowers' obligations and
indebtedness owed to Lenders, joins in the execution of this Amendment and
hereby consents and agrees to the terms, conditions, execution and performance
of the this Amendment. Each of Guarantors has read and understands all terms and
provisions of the Guaranty, the Bank Documents and this Amendment, and agrees
that all of the terms, covenants and conditions of, and the obligations of each
of Guarantors under, the Guaranty shall continue in full force and effect and be
binding upon Guarantors.

         Each of Guarantors represents and warrants that all representations and
warranties contained in the Guaranty are true, correct and complete in all
material respects on and as of the date hereof to the same extent as though made
on and as of this date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date.

         Each of Guarantors hereby reaffirms its liability to Lenders under the
Guaranty and all other agreements and instruments executed by each of Guarantors
for the benefit of Lenders in connection therewith. Each of Guarantors agrees
that Administrative Agent, each Lender, LC Issuer and Documentation Agent have
performed all of their obligations under the Bank Documents and that none of
Administrative Agent, any Lender, LC Issuer or Documentation Agent is in default
under any obligation any of them has or ever did have to either of Guarantors
under the Guaranty or the other Bank Documents or any other agreement.

         Each of Guarantors acknowledges and agrees that (i) notwithstanding the
conditions to effectiveness set forth in this Amendment, each of Guarantors is
not required by the terms of the Guaranty or any other Bank Document to consent
to the terms of this Amendment, and (ii) nothing in the Guaranty, this Amendment
or any other Bank Document shall require, or be deemed to require, the consent
of either of Guarantors to any future amendments to any Bank Document.

GUARANTOR:                                GUARANTOR:

MPW Industrial Services, Ltd.             MPW Industrial, Sociedad de
                                          Responsibilidad Limitada de
                                          Capital Variable

By:   /s/ Ira O. Kane                     By:    /s/ Ira O. Kane
   --------------------------------           ---------------------------
   Ira O. Kane, President and Chief           Ira O. Kane, President and Chief
      Operating Officer                          Operating Officer

                                       22
<PAGE>   23

                                    EXHIBIT A

                                Pricing Schedule
                                ----------------
                           (on the following 2 pages)

                                       23
<PAGE>   24

                                PRICING SCHEDULE
      (Applicable Margin and Applicable Fee Rate in basis points per annum)

<TABLE>
<CAPTION>
============================================================================================================
APPLICABLE MARGIN      LEVEL    I    LEVEL    II         LEVEL   III    LEVEL    IV       LEVEL   V
                       STATUS        STATUS              STATUS         STATUS            STATUS
------------------------------------------------------------------------------------------------------------
<S>                    <C>             <C>                <C>              <C>             <C>
Eurodollar Rate        200             225                250              275             300
------------------------------------------------------------------------------------------------------------
Floating Rate          37.5            62.5               87.5             112.5           137.5
============================================================================================================

<CAPTION>

============================================================================================================
APPLICABLE FEE RATE    LEVEL    I    LEVEL    II         LEVEL   III    LEVEL    IV       LEVEL   V
                       STATUS        STATUS              STATUS         STATUS            STATUS
============================================================================================================
<S>                    <C>             <C>                <C>              <C>             <C>
Commitment Fee         30              35                 40               45              50

============================================================================================================
</TABLE>

         For the purposes of this Schedule, the following terms have the
following meanings, subject to the final paragraph of this Schedule:

         "Financials" means the annual or quarterly financial statements of the
Borrowers delivered pursuant to Section 6.1(i) or (ii).

         "Level I Status" exists at any date if, as of the last day of the
fiscal quarter of the Borrowers referred to in the most recent Financials, the
Leverage Ratio is less than 1.5 to 1.0.

         "Level II Status" exists at any date if, as of the last day of the
fiscal quarter of the Borrowers referred to in the most recent Financials, (i)
the Borrowers have not qualified for Level I Status and (ii) the Leverage Ratio
is less than 2.0 to 1.0.

         "Level III Status" exists at any date if, as of the last day of the
fiscal quarter of the Borrowers referred to in the most recent Financials, (i)
the Borrowers have not qualified for Level I Status or Level II Status and (ii)
the Leverage Ratio is less than 2.5 to 1.0.

         "Level IV Status" exists at any date if, as of the last day of the
fiscal quarter of the Borrowers referred to in the most recent financials, (i)
the Borrowers have not qualified for Level I Status, Level II Status or Level
III Status, and (ii) the Leverage Ratio is less than 3.0 to 1.0.

         "Level V Status" exists at any date if the Borrowers have not qualified
for Level I Status, Level II Status, Level III Status or Level IV Status.

         "Status" means either Level I Status, Level II Status, Level III
Status, Level IV Status or Level V Status.

         The Applicable Margin and Applicable Fee Rate shall be determined in
accordance with the foregoing table based on the Borrower's Status as reflected
in the then most recent Financials. Adjustments, if any, to the Applicable
Margin or Applicable Fee Rate shall be effective five

                                       24
<PAGE>   25

Business Days after the Administrative Agent has received the applicable
Financials. If the Borrowers fail to deliver the Financials to the
Administrative Agent at the time required pursuant to Section 6.1, then the
Applicable Margin and Applicable Fee Rate shall be the highest Applicable Margin
and Applicable Fee Rate set forth in the foregoing table until five days after
such Financials are so delivered.

                                       25

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