Document:

exv10w3

Exhibit 10.3

1996 DEFERRED COMPENSATION PLAN

THE TIMKEN COMPANY

ELECTION AGREEMENT

     I,                                         , hereby elect to participate in the 1996 Deferred
Compensation Plan for The Timken Company (the “Plan”) adopted with respect to the compensation that
I may receive for the year beginning January 1, 2008.

     I hereby elect to defer payment of the compensation that I otherwise would be entitled to
receive as follows:

DEFERRAL OF BASE SALARY

Percentage or dollar amount of Base Salary for 2008:

	 	 	 	 	 	 	 
	25% [    ]
	 	50% [    ]
	 	___% [    ]
	 	$                      [    ] per month

Please make payment of the above specified cash compensation together with all accrued interest
reflected in my Account as follows:

Pay in lump sum [    ]

Pay in ___
(not to exceed 40) approximately equal quarterly installments [    ]

Pay pursuant to the following alternate payment schedule (subject to the approval of the Director —
Total Rewards) [    ]

 

 

 

Please defer payment or make payment of first installment as follows:

Defer until my Termination of Employment [    ] *

Defer until                      [    ] (specify date or number of years following Termination of Employment)*

 

 

DEFERRAL OF ANNUAL BONUS

Percentage or dollar amount of bonus, if any, payable under the Management Performance Plan for
2008 (to be paid in 2009):

	 	 	 	 	 	 	 	 	 
	25% [    ]
	 	50% [    ]
	 	100% [    ]
	 	___% [    ]
	 	$                      [    ]

Please make payment of the above specified cash compensation together with all accrued interest
reflected in my Account as follows:

Pay in lump sum [    ]

Pay in ___ (not to exceed 40) approximately equal quarterly installments [    ]

Pay pursuant to the following alternate payment schedule (subject to the approval of the Director —
Total Rewards) [    ]

 

 

 

Please defer payment or make payment of first installment as follows:

Defer until my Termination of Employment [    ] *

Defer until                      [    ] (specify date or number of years following Termination of Employment)*

DEFERRAL OF SAVINGS AND INVESTMENT PENSION (SIP) PLAN AMOUNTS THAT EXCEED IRS LIMITATIONS

Percentage or dollar amount, if any, that would otherwise be contributed to the Post-Tax Savings
and Investment Pension (SIP) Plan (Employee Contributions and Match) in 2008:

	 	 	 	 	 	 	 	 	 
	25% [    ]
	 	50% [    ]
	 	100% [    ]
	 	___% [    ]
	 	$                      [    ]

Please make payment of the above specified cash compensation together with all accrued interest
reflected in my Account as follows:

Pay in lump sum [    ]

Pay in ___ (not to exceed 40) approximately equal quarterly installments [    ]

Pay pursuant to the following alternate payment schedule (subject to the approval of the Director —
Total Rewards) [    ]

 

 

 

Please defer payment or make payment of first installment as follows:

Defer until my Termination of Employment [    ] *

Defer until                      [    ] (specify date or number of years following Termination of
Employment) *

 

 

DEFERRAL OF COMMON SHARES PAYABLE PURSUANT TO PERFORMANCE UNITS EARNED UNDER THE LONG-TERM
INCENTIVE PLAN

Percentage or number of Common Shares, if any, payable as a result of the earning of Performance
Units (as defined in the Long-Term Incentive Plan) for the three year cycle that begins January 1,
2008 and continues through calendar years 2009 and 2010 (to be paid in 2011):

	 	 	 	 	 	 	 	 	 
	25% [    ]
	 	50% [    ]
	 	100% [    ]
	 	___% [    ]
	 	# of shares                      [    ]

Please make payment of the above Common Shares together with all earnings in my Account as follows:

Pay in lump sum [    ]

Pay in                      (not to exceed 40) approximately equal quarterly installments [    ]

Pay pursuant to the following alternate payment schedule (subject to the approval of the Director —
Total Rewards) [    ]

 

 

 

Please defer payment or make payment of first installment as follows:

Defer until my Termination of Employment [    ] *

Defer until                      [    ] (specify date or number of years following Termination of Employment)*

DEFERRAL OF CASH AMOUNTS PAYABLE PURSUANT TO PERFORMANCE UNITS EARNED UNDER THE LONG-TERM INCENTIVE
PLAN

Percentage or dollar amount, if any, payable as a result of the earning of Performance Units for
the three year cycle that begins January 1, 2008 and continues through calendar years 2009 and 2010
(to be paid in 2011):

	 	 	 	 	 	 	 	 	 
	25% [    ]
	 	50% [    ]
	 	___% [    ]
	 	___% [    ]
	 	$                      [    ]

Please make payment of the above specified cash compensation together with all accrued interest
reflected in my Account as follows:

Pay in lump sum [    ]

Pay in ___ (not to exceed 40) approximately equal quarterly installments [    ]

Pay pursuant to the following alternate payment schedule (subject to the approval of the Director —
Total Rewards) [    ]

 

 

 

Please defer payment or make payment of first installment as follows:

Defer until my Termination of Employment [    ] *

Defer until                      [    ] (specify date or number of years following Termination of Employment)*

DEFERRAL OF VESTED EXCESS CORE CONTRIBUTIONS

Percentage or dollar amount of any Vested Excess Core Contribution(s) for 2008:

	 	 	 	 	 	 	 	 	 
	25% [    ]
	 	50% [    ]
	 	___% [    ]
	 	___% [    ]
	 	$                      [    ] per contribution

 

 

Please make payment of the above specified cash compensation together with all accrued interest
reflected in my Account as follows:

Pay in lump sum [    ]

Pay in ___ (not to exceed 40) approximately equal quarterly installments [    ]

Pay pursuant to the following alternate payment schedule (subject to the approval of the Director —
Total Rewards) [    ]

 

 

 

Please defer payment or make payment of first installments as follows:

Defer until my Termination of Employment [    ] *

Defer until                      [    ] (specify date or number of years following Termination of Employment) *

DEFERRAL OF UNVESTED EXCESS CORE CONTRIBUTIONS

Percentage or dollar amount of any Unvested Excess Core Contribution(s) for 2008:

	 	 	 	 	 	 	 
	25% [    ]
	 	50% [    ]
	 	___% [    ]
	 	$                      [    ] per contribution

Please make payment of the above specified cash compensation together with all accrued interest
reflected in my Account as follows:

Pay in lump sum [    ]

Pay in ___ (not
to exceed 40) approximately equal quarterly installments [    ]

Pay pursuant to the following alternate payment schedule (subject to the approval of the Director —
Total Rewards) [    ]

 

 

 

Please defer payment or make payment of first installment as follows:1

Defer until my Termination of Employment [    ] *

Defer until                      [    ] (specify date or number of years following Termination of Employment)*

SIGNATURE/AUTHORIZATION

     I acknowledge that I have reviewed the Plan and understand that my participation will be
subject to the terms and conditions contained in the Plan. Capitalized terms used, but not
otherwise defined, in this Election Agreement shall have the respective meanings assigned to them
in the Plan.

     I understand that this Election Agreement applies only to the compensation earned by me during
the periods specified above and will not apply to compensation earned in subsequent years.

 

			
	1	 	Note that with respect to any Unvested Excess
Core Contributions, the period of deferral can end no sooner than the date on
which the Eligible Associate has achieved three Years of Service (as defined in
and determined under the Savings and Investment Pension Plan).

 

 

     I acknowledge that I have been advised to consult with my own financial, tax, estate planning
and legal advisors before making this election to defer in order to determine the tax effects and
other implications of my participation in the Plan.

     I understand that generally my Termination of Employment will occur when I cease to be an
associate. However, if I continue to provide services for the Company (as an employee or
independent contractor) after I cease to be an associate, my Termination of Employment for purposes
of the Plan may not occur until a later date.

     I understand that amendments to bring the Plan into compliance with Section 409A of the
Internal Revenue Code are necessary, and I further agree that the Company has my consent to make
these amendments with an effective date no later than January 1, 2009.

               Dated this       day of                     , 2007.

	 	 	 
	 
	 	 
	(Signature)
	 	(Print or type name)exv10w4

Exhibit 10.4

DIRECTOR DEFERRED COMPENSATION PLAN

THE TIMKEN COMPANY

ELECTION AGREEMENT

          I,                     , hereby elect to participate in the Director Deferred Compensation Plan for The Timken Company (the “Plan”)
with respect to the Compensation that I may receive for the year beginning January 1, 2008.

          I hereby elect to defer payment of the Compensation that I otherwise would be entitled to
receive as follows:

Deferral of Cash

1. Percentage or dollar amount of Board retainer and
Committee fees earned in 2008:

	 	 	 
	25% [     ]
	 	100% [     ]
	50% [     ]
	 	      % [     ]

$      [     ]

2. Percentage of deferred amount to be invested in
Common Shares fund and/or cash fund (total of
percentages must equal 100%):

	a.	 	Common Shares fund ___%
	 
	b.	 	Cash fund ___%

3. To the extent of any election to Common Shares fund,
percentage of dividend equivalents to be invested in
Common Shares fund and/or cash fund (total of
percentages must equal 100%)

	a.	 	Common Shares fund ___%
	 
	b.	 	Cash fund ___%

4. Please make payment of the above specified
Compensation together with all accrued interest
reflected in my Account as follows:

	a.	 	Pay in lump sum [     ]
	 
	b.	 	Pay in ___ (not to exceed 40) approximately equal
quarterly installments (based on initial value) [     ]

5. Please defer payment or make payment of first
installment of the specified Compensation as follows:

	a.	 	Defer until my Termination of Service [     ]
	 
	b.	 	Defer until                      [     ] (specify date or number
of years following my Termination of Service)

 

Please be sure each numbered item is completed

 Deferral of Common Shares

1. Percentage or dollar amount value of
Common Shares earned as a result of the
annual automatic award in 2008:

	 	 	 
	25% [     ]
	 	100% [     ]
	50% [     ]
	 	___% [     ]

	 	 	 
	___shares[     ]
	 	$      [     ]

2. Percentage of dividend equivalents to be
invested in Common Shares fund and/or cash
fund (total of percentages must equal 100%)

	a.	 	Common Shares fund ___%
	 
	b.	 	Cash fund ___%

3. Please make payment of the above
specified Compensation together with all
accrued earnings reflected in my Account as
follows:

	a.	 	Pay in lump sum [     ]
	 
	b.	 	Pay in ___ (not to exceed 40) approximately
equal quarterly installments (based on
initial value) [     ]

4. Please defer my receipt of Common Shares
together with the cash credited to my Account
equal to dividends or other distributions
paid on the number of shares reflected in
such Account, together with all accrued
earnings, as follows:

	a.	 	Defer until my Termination of Service [     ]
	 
	b.	 	Defer until       [     ] (specify date or
number of years following my Termination of
Service)
	 
	 
	 
	 
	 
	 

 

 

Please be sure each numbered item is completed

 

          I acknowledge that I have reviewed the Plan and understand that my participation will be
subject to the terms and conditions contained in the Plan. Capitalized terms used, but not
otherwise defined, in this Election Agreement shall have the respective meanings assigned to them
in the Plan.

          I understand that this Election Agreement applies only to the compensation earned by me during
the period specified above and will not apply to compensation earned in subsequent years.

          I understand the, generally, my Termination of Service will occur when I cease to be a
Director. However, if I continue to provide services to the Company (as an employee or independent
contractor) after I cease to be a Director, my Termination of Service may not occur until a later
date, and if I become an employee following my service as a Director, I may be subject to a
six-month waiting period after my Termination Date.

          I acknowledge that I have been advised to consult with my own financial, tax, estate planning
and legal advisors before making this election to defer in order to determine the tax effects and
other implications of my participation in the Plan.

          I understand that amendments to bring the Plan into compliance with Section 409A of the
Internal Revenue Code are necessary, and I further agree that the Company has my consent to make
these amendments with an effective date not later than January 1, 2009.

Dated this       day of                     , 2007.

	 	 	 
	 

	 	 
	(Signature)

	 	(Print or type name)

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