EX-10.11






Exhibit 10.11




AMENDED AND RESTATED

EMPLOYEE EXCESS BENEFITS AGREEMENT




          THIS AMENDED AND RESTATED AGREEMENT, made this       day of
                    , 200_, by and between
                                        
 (the “Employee”), and THE TIMKEN COMPANY (“Timken”), an Ohio corporation
having its principal offices at Canton, Ohio.




          WHEREAS, the Company and the Employee currently are parties to an Employee Excess Benefits
Agreement, effective as of                      (the “Prior Agreement”), and the Company and the
Employee desire to amend and restate the Prior Agreement to conform to the requirements of Section
409A of the Internal Revenue Code (the “Code”).




          WHEREAS, this Agreement shall supersede and completely replace the Prior Agreement as of
January 1, 2009.




          NOW, THEREFORE, the parties covenant and agree as follows:





	1.	 	Timken shall provide the following Excess Benefits:






	 	(a)	 	Except as provided in Section 2(a), if, under the Amended and Restated Supplemental
Pension Plan of The Timken Company (the “Supplemental Plan”), the Employee would be
eligible for a benefit pursuant to paragraph 2(a) of the Supplemental Plan but for this
Agreement and the Employee Terminates Employment (as defined in Section 4(a) of this
Agreement) after having been an elected officer of Timken for five or more years, the
Employee shall be eligible to receive a benefit in an amount equal to the difference
between






	 	(i)	 	the monthly pension the Employee would be entitled to receive under the 1984
Retirement Plan for Salaried Employees of The Timken Company, the Retirement Plan for
Salaried Employees of The Timken Company and the Timken-Latrobe-MPB-Torrington
Retirement Plan (hereinafter the “Retirement Plans”) were it not for the limitations
imposed by the Employee Retirement Income Security Act of 1974, as amended, (“ERISA”)
and Sections 401 and 415 of the Internal Revenue Code of 1986, as amended (hereinafter
collectively referred to as “the Code Limitations”), and
	 
	 	(ii)	 	the monthly pension he would actually receive under the Retirement Plans.






	 	 	 	If any portion of the Employee’s benefit under the Retirement Plans is not payable at the
same time the Employee’s Excess Benefits are payable, the corresponding portion of the
Excess Benefit under this Section 1(a) shall be determined by calculating such




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	 	 	 	corresponding portion of the Excess Benefit that would be payable under Section 1(a) and
that portion of the benefit that would be payable under the Retirement Plans at age 65 and
then actuarially reducing such Excess Benefit from age 65 to the commencement date provided
under this Agreement for the Excess Benefits. Any actuarial adjustments under this Section
1(a) shall be based on the “applicable mortality table,” as defined in Code Section
417(e)(3) and the “applicable interest rate” as defined in Code Section 417(e)(3), during
the third calendar month (October) immediately preceding the first day of the calendar year
in which the determination is made.






	 	 	 	The Excess Benefits to which the Employee is entitled under this Section 1(a) shall
commence, subject to Section 3, on the first day of the month following the later of (A) the
Employee’s Termination of Employment or (B) the
Employee’s ___ birthday. The form of
payment of the Excess Benefits to which the Employee is entitled under this Section 1(a)
shall be as specified under the provisions applicable to Participants under the Supplemental
Plan.
	 
	 	(b)	 	If a married Employee dies after having been an elected officer of Timken for five or
more years but prior to commencement of the Employee’s benefit payments and the Employee’s
Spouse is entitled to a monthly pension under the Retirement Plans, Timken shall pay to the
Employee’s Spouse an amount equal to the difference between the monthly pension the
Employee’s Spouse would be entitled to receive under the Retirement Plans, were it not for
the Code Limitations, and the monthly pension the Employee’s Spouse would actually receive
under the Retirement Plans. Monthly payments shall be made until the Spouse’s death. A
Spouse’s benefit under this Section 1(b), shall commence on the first day of the month
following the later of (A) the Employee’s death, or (B) the date on which the Employee
would have reached age      .
	 
	 	(c)	 	Except as provided in Section 2(a), if the Employee Terminates Employment after having
been an elected officer of Timken for five or more years, the Employee shall be entitled to
a monthly benefit under this Agreement equal to 60% of one-twelfth of Final Average
Earnings (as defined in the Retirement Plans without consideration of the pay limitation
under Internal Revenue Code (“Code”) Section 401(a)(17) and based on a five non-consecutive
year average), multiplied by the following ratio:





Years of Continuous Service (to a maximum of 10)

10





	 	 	 	reduced by each of the following:






	 	(i)	 	the monthly payment from the Retirement Plans before any adjustments for
optional forms of benefits are made but after any adjustment for early commencement,
	 
	 	(ii)	 	the monthly payment under subsection (a) above before any adjustments for
optional forms of benefits are made but after any adjustment for early commencement,
and




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	 	(iii)	 	the monthly annuity value equal to the sum of (A) the account balance the
Employee would have accumulated under the Savings and Investment Pension (SIP) Plan and
any other qualified defined contribution plans sponsored by Timken and the Post-Tax
Savings Plan (the “Savings Plans”) as of December 31, 2008 but excluding amounts
contributed by the Employee as of such date, such account balance being determined in
the manner set forth in the next to last paragraph of this Section 1(c), plus (B) the
account balance the Employee would have accumulated under the Savings Plans during the
period beginning on January 1, 2009 and ending on the date that Excess Benefits are to
commence under this Section 1(c), but excluding amounts contributed by the Employee
during such period, such account balance being determined in the manner set forth in
the next to last paragraph of this Section 1(c).






	 	 	 	The benefit to which the Employee is entitled to receive under this Section 1(c) shall
commence, subject to Section 3, on the first day of the month following the later of (I) the
Employee’s Termination of Employment, or (II) the
Employee’s ___ birthday, and shall be paid
in the form of a monthly annuity for the life of the Participant.
	 
	 	 	 	In the event the benefits described in Sections 1(c)(i) and 1(c)(ii) are not payable
immediately because the Employee has not met the service requirements in the Retirement
Plans, for purposes of this section, the benefits will be reduced for early commencement in
the same manner as if the Employee met the service requirement for immediate commencement.
	 
	 	 	 	For purposes of Section 1(c)(iii)(A), the account balances related to the Savings Plans will
be determined by (w) assuming the Employee received in an account held for the Employee
under the Savings Plans the maximum amount of matching contributions for each year he was an
employee and eligible to participate in the Savings Plans and (x) using the actual
contributions made by Timken for all other purposes to the Savings Plans. For purposes of
Section 1(c)(iii)(B), the account balances related to the Savings Plans will be determined
by (y) assuming the Employee received in an account held for the Employee under the Savings
Plans the maximum amount of matching contributions at the rate specified for matching
contributions in Exhibit B for each year he was an employee and eligible to
participate in the Savings Plans and (z) assuming Timken’s contributions to the account held
for the Employee under the Savings Plan, in addition to the matching contributions described
in (y), consisted only of the Core Contributions (as defined in the Savings Plans) under the
Savings Plans at the rate specified for Core Contributions in Exhibit B for each
year he was an employee and eligible for Core Contributions in the Savings Plans. For
purposes of Section 1(c)(iii), interest will be credited to such account at a rate of eight
percent (8%) per annum beginning at the end of the year to which the contributions are
attributable. For purposes of Section 1(c)(iii), the monthly annuity will be that which
could be purchased on the date of the Employee’s Termination of Employment with the account
balance at the date that Excess Benefits are to commence under this Section 1(c) from an
insurance company which at the time of purchase has the highest rating by A. M. Best
assuming that the annuity is purchased with




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	 	 	 	assets from a qualified retirement plan, is based on group rates, is on a no commission
basis and is payable for the Employee’s lifetime, with no continuation after the Employee’s
death.
	 	 	 	Notwithstanding the foregoing provisions of this subsection (c), if the Employee’s benefit






	 	 	 	payable under this subsection (c) commences prior to attaining age 62, such benefit (before
the reductions described in Sections 1(c)(i), 1(c)(ii) and 1(c)(iii) are made) shall be
reduced by 4% for each year by which the commencement date of the benefit precedes age 62.
	 
	 	(d)	 	[Except as provided in Section 2(a), if the Employee Terminates Employment after having
been an elected officer of Timken for five or more years, the Employee shall be entitled to
a lump sum benefit under this Agreement equal to $      plus interest on such amount at a
rate equal to 8% per year during the period beginning on January 1, 2009 and ending on the
last day of the month preceding the month in which such amount is paid in accordance with
the following sentence. The benefit to which the Employee is entitled to receive under
this Section 1(d) shall be paid in a single lump sum, subject to Section 3, on the first
day of the month following the later of (A) the Employee’s Termination of Employment, or
(B) the Employee’s           birthday.]
	 
	 	(e)	 	If a married Employee is eligible for a benefit under Section 1(c), his surviving
spouse shall be entitled to a monthly benefit after the death of the Employee as follows:






	 	(i)	 	If a married Employee dies after the Employee has started to receive the
benefit provided for under Section 1(c), the Employee’s surviving spouse shall be
entitled to receive an immediate monthly benefit equal to 50% of the amount the
Employee was receiving pursuant to Section 1(c). Such benefit will commence on the
first day of the month next following the month of the Employee’s death.
	 
	 	(ii)	 	If a married Employee dies before the Employee has started to receive the
benefit provided for under Section 1(c) but after having been an elected officer of
Timken for five or more years, the Employee’s Surviving Spouse shall be entitled to a
monthly benefit equal to 50% of the amount the Employee would have received pursuant to
Section 1(c) if the Employee had commenced to receive that monthly benefit at the
Surviving Spouse’s benefit commencement date specified below, determined by taking into
account the Employee’s Final Average Earnings and years of Continuous Service as of the
Employee’s date of death. The surviving spouse’s benefit payments pursuant to this
subsection (ii) will commence on the first day of the month next following the later of
(A) the Employee’s death, or (B) the date on which the Employee would have reached age
         .
	 
	 	(iii)	 	Monthly payments to a surviving spouse pursuant to this Section 1(e) shall be
made until the spouse’s death.





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	2.	 	(a) If (i) the Employee voluntarily terminates employment with Timken prior to having been an
elected officer of Timken for five or more years, (ii) Timken discharges the Employee or
requests that he resign his employment, prior to the Employee having been an elected officer
of Timken for five or more years, or (iii) the Employee’s employment with Timken terminates
for Cause, no Excess Benefits shall become due and payable to the Employee and this Agreement
shall be considered terminated.






	 	(b)	 	For purposes of this Section 2, a termination shall be deemed to have been for “Cause”
only if based on the fact that the Employee has done any of the following acts and such is
materially harmful to Timken:






	 	(i)	 	An intentional act of fraud, embezzlement or theft in
connection with the Employee’s duties with Timken and resulting or intended to
result directly or indirectly in substantial personal gain to the Employee at
the expense of Timken;
	 
	 	(ii)	 	Intentional wrongful disclosure of secret processes or
confidential information of Timken or any of its subsidiaries; or
	 
	 	(iii)	 	Intentional wrongful engagement in any Competitive Activity
which would constitute a material breach of the Employee’s duty of loyalty to
Timken.
	 
	 	 	 	For purposes of this Section 2, the term “Competitive Activity” shall mean
the Employee’s participation, without the written consent of an officer of
Timken, in the management of any business enterprise if such enterprise
engages in substantial and direct competition with Timken and such
enterprise’s sales of any product or service competitive with any product or
service of Timken amounted to 25% of such enterprise’s net sales for its
most recently completed fiscal year and if Timken’s net sales of said
product or service amounted to 25% of Timken’s net sales for its most
recently completed fiscal year. “Competitive Activity” shall not include
(A) the mere ownership of securities in any enterprise and exercise of
rights appurtenant thereto or (B) participation in the management of any
enterprise or business operation thereof other than in connection with the
competitive operation of such enterprise.

	 
	 	 	 	For purposes of this Section 2(b), no act, or failure to act, on the part of
the Employee shall be deemed “intentional” unless done, or omitted to be
done, by the Employee not in good faith and without reasonable belief that
his action or omission was in or not opposed to the best interest of Timken.
Notwithstanding the foregoing, the Employee shall not be deemed to have
been terminated for “Cause” hereunder unless and until there shall have been
delivered to the Employee a copy of a resolution





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	 	 	 	duly adopted by the affirmative vote of not less than three-quarters of the
Directors then in office at a meeting of the Directors called and held for
such purpose (after reasonable notice to the Employee and an opportunity for
the Employee, together with his counsel, to be heard before the Directors),
finding that, in the good faith opinion of the Directors, the Employee had
committed an act set forth in subsection (b) of this Section and specifying
the particulars thereof in detail. Nothing herein shall limit the right of
the Employee or his beneficiaries to contest the validity or propriety of
any such determination.






	3.	 	Notwithstanding any provision of this Agreement to the contrary, if the Employee is a
“specified employee,” determined pursuant to procedures adopted by Timken in compliance with
Section 409A of the Code, on the date the Employee Terminates Employment and if any portion
of the payments to be received by the Employee are by reason of his Termination of Employment,
then to the extent necessary to comply with Section 409A, amounts that would otherwise be
payable pursuant to this Agreement during the six-month period immediately following the
Employee’s Termination of Employment will instead be paid or made available on the earlier of
(i) the first business day of the seventh month after the date of the Employee’s Termination
of Employment, or (ii) the Employee’s death. Any benefit payments that are scheduled to be
paid more than six months after such Employee’s Termination of Employment shall not be delayed
and shall be paid in accordance with the schedule prescribed by Sections 1(a) and 1(c), as
applicable.







	4.	(a) 	 	For purposes of this Agreement, “Terminates Employment” and “Termination of Employment”
shall mean a termination of employment (within the meaning of Treasury Regulation Section
1.409A-1(h)(1)(ii)) with Timken and any member of its controlled group (as such term is used
for purposes of ERISA and the Code, except that a 50% ownership or common control threshold
shall be used to determine controlled group status instead of an 80% ownership or common
control threshold). For purposes of the preceding sentence a termination of employment shall
also include a permanent decrease in the level of bona fide services performed by the Employee
after a certain date to a level that is 20% or less of the average level of bona fide services
performed by the Employee over the immediately preceding 36-month period.
	 
	 	(b)	 	Any references to the Employee’s Spouse herein shall mean the Employee’s Spouse at the
time of the Employee’s death or commencement of Participant’s Excess Benefits, whichever is
applicable, under the Retirement Plans or Savings Plans if the Employee is not a
participant in the Retirement Plans, provided that if a qualified domestic relations order
provides that a former spouse of the Employee is to be considered the Employee’s Spouse for
purposes of pension benefits, Timken shall consider such former spouse of the Employee to
be the Employee’s Spouse for purposes of this Agreement.





	5.	 	This Agreement shall be binding upon and shall inure to the benefit of Timken and the
Employee and their respective successors and assigns; provided, however, that, except as set
forth herein, no rights to any benefit under this Agreement shall be transferable or
assignable




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	 	 	by the Employee or any other person, or be subject to alienation, encumbrance, garnishment,
attachment, execution or levy of any kind, voluntary or involuntary. Any such attempted
assignment or transfer shall terminate this Agreement and Timken shall have no further liability
hereunder.
	 
	6.	 	Timken is hereby designated as the Named Fiduciary of this Agreement, in accordance with
ERISA. The Named Fiduciary shall have the authority to control and manage the operation and
administration of this Agreement and is hereby designated as the Agreement Administrator.
	 
	7.	 	The obligations of Timken hereunder constitute an unsecured promise of Timken to make payment
of the amounts provided for in this Agreement. No property of Timken is or shall be, by
reason of this Agreement, held in trust for the Employee, or any other person, and neither the
Employee nor any other person shall have, by reason of this Agreement, any rights, title or
interest of any kind in or to any property of Timken.
	 
	 	 	Notwithstanding the foregoing paragraph, upon the earlier to occur of (i) a Change of Control
that involves a transaction that was not approved by the Board of Directors, and was not
recommended to Timken’s shareholders by the Board of Directors, (ii) a declaration by the Board
of Directors that the trusts under the Employee Excess Benefits Agreements should be funded in
connection with a Change of Control that involves a transaction that was approved by the Board
of Directors, or was recommended to shareholders by the Board of Directors, or (iii) a
declaration by the Board of Directors that a Change of Control is imminent, Timken shall
promptly, to the extent it has not previously done so, and in any event within five business
days fund a trust established for the sole purpose of the payment of the amounts payable under
this Agreement. The amount to be contributed by Timken prior to the Change of Control shall be
calculated, using the actuarial assumptions set forth in Exhibit A, by Watson Wyatt &
Company or another independent actuary appointed by Timken. Notwithstanding any provision of
this Agreement to the contrary, no amount shall be transferred to a trust in accordance with
this paragraph if, pursuant to Section 409A(b)(3)(A) of the Code, such amount would, for
purposes of Section 83 of the Code, be treated as property transferred in connection with the
performance of services. Upon a Change of Control, the rights of the Employee under this
Agreement shall be fully vested and shall be forfeited only if the Employee voluntarily
terminates his employment prior to completing five years of service as an elected officer of
Timken.
	 
	 	 	For purposes of this Agreement, “Change of Control” shall mean the occurrence of any of the
following events:






	 	(a)	 	The sale or transfer of all or substantially all of the assets of Timken; or the
merger, consolidation or reorganization of Timken with or into another corporation or
entity with the result that upon the completion of the transaction, less than 51% of the
outstanding securities entitled to vote generally in the election of directors or other
capital interests of the surviving corporation or entity are owned, directly or indirectly,
by the pre-transaction shareholders of Timken;




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	 	(b)	 	A Schedule 13D or 14D-1F report (or any successor schedule, form or report promulgated
pursuant to the Securities Exchange Act of 1934 (the “Exchange Act”)), is filed with the
United States Securities and Exchange Commission (the “SEC”) disclosing that any person
(including a person as defined in Sections 13(d)(3) or 14(d)(2) of the Exchange Act) has
become the beneficial owner (as defined in SEC Rule 13d-3) of securities representing 30%
or more of the combined voting power of the outstanding shares of Timken;
	 
	 	(c)	 	Timken files a report or proxy statement with the SEC that includes a disclosure,
including, but not limited to, a disclosure in Item 1 of Form 8-K or Item 6(e) of Schedule
14A, that a change of control of Timken has or may have occurred or will or may occur in
the future pursuant to any existing contract or transaction; and
	 
	 	(d)	 	The individuals who at the beginning of any two consecutive calendar year period
constituted the Board of Directors cease for any reason to constitute a majority of the
Board of Directors; provided, however, this subsection (d) shall not apply if the
nomination of each new Director elected during such two-year period was approved by the
vote of at least two-thirds of the Directors of Timken still in office who were Directors
of Timken on the first day of such two-year period.






	8.	 	In the event that, in its discretion, Timken purchases an insurance policy or policies
insuring the life of the Employee to allow Timken to recover in whole or in part, the cost of
providing the benefits under this Agreement, neither the Employee nor any beneficiary shall
have any right whatsoever therein; Timken shall be the sole owner and beneficiary of such
insurance policy or policies and shall possess and may exercise all incidents of ownership
therein.
	 
	9.	 	All questions of interpretation, construction or application arising under this Agreement
shall be decided by the Board of Directors of Timken and its decision shall be final and
conclusive upon all parties. Timken, in its discretion, shall make all determinations as to
rights to benefits under this Agreement. Any decision by Timken denying a claim for benefits
under this Agreement shall be stated in writing and delivered or mailed to the Employee or the
Employee’s Spouse. Such decision shall (i) be made and issued in accordance with the claims
regulations issued by the Department of Labor, (ii) set forth the specific reasons for the
denial of the claim, and (iii) state that the decision may be appealed by the Employee.
	 
	10.	 	Nothing contained in this Agreement shall be construed to be a contract of employment nor as
conferring upon the Employee the right to continue in the employ of Timken in any capacity.
It is expressly understood by the parties hereto that this Agreement relates exclusively to
Excess Benefits and is not intended to be an employment contract.
	 
	11.	 	This Agreement may not be amended, altered or modified, except by a written instrument signed
by the parties hereto. This Agreement shall supersede the provisions of the Prior Agreement
and the Employee shall be entitled to benefits solely under this Agreement.




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	12.	 	Following Termination of Employment, the Employee shall comply with the Restriction on
Competition in paragraph 9 of the Supplemental Plan. If the Employee engages in activity
prohibited by this Section, then in addition to all other remedies available to Timken, Timken
shall be released from any obligation under this Agreement to pay benefits to the Employee or
the Employee’s Spouse under this Agreement. Any such cessation of payments shall not reduce
any monetary damages that may be available to Timken as a result of the Employee’s breach.
	 
	13.	 	The failure at any time to require performance of any provision expressed herein shall in no
way affect the right thereafter to enforce such provision; nor shall the waiver of any breach
of any provision expressed herein be taken or held to be a waiver of any succeeding breach of
any such provision or as a waiver of a provision itself.
	 
	 	 	In the event that any provision or term of this Agreement is finally determined by any judicial,
quasi-judicial or administrative body to be void or not enforceable for any reason, it is the
agreed upon intent of the parties hereto that all other provisions or terms of the Agreement
shall remain in full force and effect and that the Agreement shall be enforceable as if such
void or unenforceable provision or term had never been included herein.
	 
	14.	 	Every designation, election, revocation or notice authorized or required hereunder shall be
deemed delivered to Timken: (a) on the date it is personally delivered to Timken offices at
1835 Dueber Avenue, S.W., Canton, OH 44706-0927 or (b) three business days after it is sent by
registered or certified mail, postage prepaid, addressed to Timken at the offices indicated
above. Every designation, election, revocation or notice authorized or required hereunder
which is to be delivered to the Employee or a beneficiary shall be deemed delivered to the
Employee or beneficiary: (a) on the date it is personally delivered to such individual (either
physically or through interactive electronic communication), or (b) three business days after
it is sent by registered or certified mail, postage prepaid, addressed to such individual at
the last address shown for him on Timken records. Any notice required hereunder may be waived
by the person entitled thereto.
	 
	15.	 	In the event the Employee or the Employee’s Spouse is declared incompetent and a guardian,
conservator or other person is appointed and legally charged with the care of the person or
the person’s estate, the payments under this Agreement to which the Employee or the Employee’s
Spouse is entitled shall be paid to such guardian, conservator or other person legally charged
with the care of the person or the estate. Except as provided hereinabove, when Timken, in
its sole discretion, determines that the Employee or the Employee’s Spouse is unable to manage
his financial affairs, Timken may make distribution(s) of the amounts payable to the Employee
or the Employee’s Spouse to any one or more of the spouse, lineal ascendants or descendants or
other closest living relatives of the Employee or the Employee’s Spouse who demonstrate to the
satisfaction of Timken the propriety of making such distribution(s). Any payment so made
shall be made at the same time and in the same form as such benefit would be made to the
Employee and shall be in complete discharge of




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	 	 	any liability under this Agreement for such payment. Timken shall not be required to see to the
application of any such distribution made under this Section 15.






	16.	 	This Agreement shall be subject to and construed under the laws of the State of Ohio.





          IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this       day of
                    , 200_.




	 	 	 	 	 
	 

	 	THE TIMKEN COMPANY	 	 
	 
	 	 	 	 
	 

Employee

	 	 

By: William R. Burkhart
	 	 
	 
	 

	 	Its: Senior Vice President & General Counsel	 	 






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EXHIBIT A



The amount to be contributed to a trust fund pursuant to Section 7 of this Agreement to insure the
performance of Timken’s obligations under this Agreement in the event of a Change of Control shall
be calculated using the “applicable mortality table,” and the “applicable interest rate” as defined
in Code Section 417(e)(3), during the third calendar month immediately preceding the date in which
the contribution to the trust fund occurs.




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EXHIBIT B




Assumptions for Determination of Savings Plans Account Balances




Matching Contributions Rate:





4.5% of the Employee’s Gross Earnings (as defined in the Savings Plans on the date hereof)



Core Contributions Rate:





The contribution percentage rate of the Core Contribution is based on the sum of the
Employee’s full years of Credited Service and age as of December 31 of the previous calendar
year with any fractional portion of a year of Credited Service or age disregarded, and
calculated as follows:



	 	 	 
	Age Plus Years of Credited Service*	 	Contribution Percentage Rate
	0-34
	 	1.00% of Gross Earnings*
	35-44
	 	2.00% of Gross Earnings*
	45-54
	 	3.00% of Gross Earnings*
	55-64
	 	3.50% of Gross Earnings*
	65-74
	 	4.00% of Gross Earnings*
	75+
	 	4.50% of Gross Earnings*








 




			
	*	 	“Credited Service” and “Gross Earnings” have the meanings given to such terms in the
Savings Plans on the date hereof.






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