Third Amendment to Applied Industrial Technologies, Inc. Deferred Compensation Plan (1997 Restatement)

Summary

This amendment, effective January 16, 2001, modifies the Applied Industrial Technologies, Inc. Deferred Compensation Plan for key executives. It updates the definition of "Retired Participant" and changes the rules for transferring deferred compensation account balances to another company plan. Specifically, it allows retired participants to elect to transfer their account balances within a specific time frame before retirement, but prohibits such transfers after January 15, 2001. The amendment is executed by the company's Vice President.

EX-10.B 3 l87887aex10-b.txt EXHIBIT 10(B) 1 Exhibit 10(b) THIRD AMENDMENT TO THE APPLIED INDUSTRIAL TECHNOLOGIES, INC. DEFERRED COMPENSATION PLAN (JANUARY 1, 1997 RESTATEMENT) WHEREAS, the Applied Industrial Technologies, Inc. Deferred Compensation Plan (formerly known as the Bearings, Inc. Deferred Compensation Plan and hereinafter referred to as the "Plan") was established, effective as of July 1, 1993, by Applied Industrial Technologies, Inc. (formerly known as Bearings, Inc. and hereinafter referred to as the "Company") to provide key executives of the Company and its affiliates with a means by which to defer receipt of all or a portion of their incentive compensation payable under the Applied Industrial Technologies, Inc. Management Incentive Plan; and WHEREAS, effective as of January 1, 1997, the Plan was amended and restated; and WHEREAS, the Plan was subsequently amended on two occasions; and WHEREAS, the Company desires to again amend the Plan; NOW, THEREFORE, effective as of January 16, 2001, the Plan is hereby amended in the following respects. 1. Paragraph (20) of Section 1.1 of the Plan is hereby amended to provide as follows: (20) The term "Retired Participant" shall mean a Participant who terminates employment prior to January 16, 2001, with the Company and its Affiliates due to retirement after the attainment of age 55. 2. Section 3.4 of the Plan is hereby amended to provide as follows: 3.4 DEFERRAL ACCOUNTS OF RETIRED PARTICIPANTS. A Retired Participant may elect no earlier than 90 days, and no later than 30 days, prior to his termination of employment due to retirement to have the balance of his Deferral Account transferred in kind to the Applied Industrial Technologies, Inc. Supplemental Defined Contribution Plan for administration thereof in accordance with the terms of such plan; provided, however, that no such election and transfer may be made after January 15, 2001. Executed at Cleveland, Ohio, this 5th day of February , 2001. ------ ------------- APPLIED INDUSTRIAL TECHNOLOGIES, INC. By: /s/ Robert C. Stinson ---------------------------------- Title: Vice President