Document:

Officers' Supplemental Retirement Plan

 Exhibit 10.H 
  
 OFFICERS AND KEY EMPLOYEES 
 SUPPLEMENTAL RETIREMENT PLAN OF 
 CARPENTER TECHNOLOGY CORPORATION 
 Restated December 9, 1993 
 As amended through
January 1, 2004 
  
 INTRODUCTION 
  
 The Officers’ Supplemental Retirement Plan of Carpenter Technology
Corporation (“OSRP”) was authorized by the Board of Directors of Carpenter Technology Corporation to be applicable effective January 1, 1983 to pay supplemental pension benefits to certain corporate and division officers of the Company who
qualify for benefits under the General Retirement Plan for Employees of Carpenter Technology Corporation. Following the expansion of the related employee deferred compensation plan to include “officers and key employees,” this Plan and its
title were amended to recognize the expanded population under the employee deferred compensation plan. Effective January 1, 2004, the former OSRP was amended to be the Officers and Key Employees Supplemental Retirement Plan of Carpenter Technology
Corporation. 
  
 All benefits payable under this Plan shall be
paid out of the general assets of the Company. 
  
 Article I
- Definitions 
  
 1.01 “Benefits” shall
mean the supplemental retirement benefits payable pursuant to this Plan. 
  
 1.02 “Company” shall mean Carpenter Technology Corporation. 
  
 1.03 “Earnings” shall mean “earnings” as determined under the General Retirement Plan but also including any amounts deferred
pursuant to the Deferred Compensation Plan for Officers and Key Employees of Carpenter Technology Corporation. 
  
 1.04 “Effective Date” shall mean January 1, 1983. 
  
 1.05 “General Retirement Plan” or “GRP” shall mean the Corporation’s “General
Retirement Plan for Employees of Carpenter Technology Corporation” as in effect on the last date of a Participant’s employment with the Corporation as a participant under the General Retirement Plan. 
  
 1.06 “Adjusted GRP Benefit” shall mean the gross amount of
benefits payable to or on account of the Participant as calculated under the General Retirement Plan (disregarding any reduction in the amount of benefits under the General Retirement Plan attributable to any provision therein incorporating
limitations imposed by section 415 of the Internal Revenue Code of 1986, and the regulations thereunder, as amended). 

 1.07 “Participant” shall mean any person included in the participation of the Plan as
provided in Article 2. 
  
 1.08 “Pension Board”
shall mean the Pension Board as defined in the General Retirement Plan. 
  
 1.09 “Plan” shall mean the Officers and Key Employees Supplemental Retirement Plan of Carpenter Technology Corporation, as described herein or as hereafter amended, and the predecessor Officers’ Supplemental Retirement
Plan of Carpenter Technology Corporation. 
  
 Article 2 -
Participation 
  
 2.01 Every Company or subsidiary
employee who is a Participant in both the General Retirement Plan and the Deferred Compensation Plan for Officers and Key Employees of Carpenter Technology Corporation shall become a Participant in this Plan simultaneously with participation in said
Deferred Compensation Plan. 
  
 2.02 A Participant’s
participation in the Plan shall terminate if the Participant’s employment with the Company (or subsidiary) terminates unless at that time the Participant is entitled to a pension pursuant to the General Retirement Plan. 
  
 2.03 A Participant shall become entitled to Benefits hereunder only upon
retirement, death or other termination of employment with the Company and provided a benefit is payable to or on the Participant’s account under the General Retirement Plan. 
  
 Article 3 - Amount and Payment of Benefits 
  
 3.01 The Benefits shall be payable by the Company coincident with, and to the same recipient, as shall, in the opinion of
the Pension Board, be entitled to receive pension, co-pension, and/or Surviving Spouse benefits under the General Retirement Plan. Any such Benefits shall be payable from the general assets of the Company. The Benefits under this Plan shall be
payable under the same terms and conditions as the benefits payable to or on account of a Participant under the General Retirement Plan. 
  
 3.02 The amount of any Benefits payable to or on account of a Participant pursuant to this Plan shall, before any modification necessary to conform to the
provisions of Section 3.01, be equal to: 
  
 (a) the Adjusted GRP
Benefit (but calculated using Earnings as defined in Section 1.03 herein to modify the definition of “earnings” contained in the General Retirement Plan), minus 
  
 (b) the Adjusted GRP Benefit. 

 3.03 If a Participant is reemployed by the Company after having been retired and receiving a pension or
after having terminated the Participant’s employment with the Company for any other reason, the monthly payments under the Plan shall be discontinued and, upon subsequent retirement or termination of employment with the Company, the
Participant’s Benefits, if any, under the Plan shall be recomputed in accordance with Sections 3.01 and 3.02 and any Benefits derived therefrom shall again become payable to such Participant in accordance with the provisions of the Plan.

  
 Article 4 - Administration and Claims 

 
 4.01 The administration of the Plan, the exclusive power to interpret it,
and the responsibility for carrying out its provisions are vested in the Pension Board. The expenses of the Pension Board shall be paid directly by the Company. 
  

4.02 The claims procedures established under the General Retirement Plan shall be utilized herein. 
  
 Article 5 - General Provisions 
  
 5.01 The establishment of the Plan shall not be construed as conferring any
legal rights upon any Participant or other person for a continuation of employment, nor shall it interfere with the rights of the Company to discharge any Participant and to treat the Participant without regard to the effect which such treatment
might have upon the Participant as a Participant in the Plan. 
  
 5.02 The Company shall have the right to deduct from each payment to be made under the Plan any required withholding taxes. 
  
 5.03 Subject to any applicable law, no Benefits under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance or charge, and any attempt so to do shall be void, nor shall any such Benefits be in any manner liable for or subject to garnishment, attachment, execution or levy, or liable for or subject to the debts, contracts, liabilities,
engagements or torts of the Participant. 
  
 5.04 The Plan shall
be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania. 
  
 5.05 The masculine pronoun shall mean the feminine wherever appropriate. 

 Article 6 - Amendment or Termination 
  
 6.01 The Board of Directors of the Company or, when so designated by such
Board, the Human Resources Committee or its designee reserves the right to modify or to amend, in whole or in part, or to terminate, this Plan at any time. However, no modification, amendment or termination of the Plan shall adversely affect the
right of any Participant to receive the Benefits granted under the Plan by such Board of Directors in respect of such Participant as of the date of modification, amendment or termination. 
  
 Article 7 - Binding Effect 
  
 7.01 This Plan shall be a binding obligation upon and shall inure to the benefit of the Company, its successors and assigns
and the Participants and their beneficiaries, executors, administrators and legal representatives.Supplemental Executive Retirement Benefit Program (Restatement)

 Exhibit 10(k) 
  
 Parker-Hannifin Corporation 
  
 Supplemental Executive 
 Retirement Benefits
Program 
  
 WHEREAS, by instrument effective as of January 1,
1980, a supplemental executive retirement benefits program was established for the benefit of certain employees of Parker-Hannifin Corporation and their beneficiaries; and 
  
 WHEREAS, said Program was amended and restated from time to time; and 
  
 WHEREAS, it is desired to restate the terms, provisions, and conditions of
said Program; 
  
 NOW, THEREFORE, effective as of July 1, 2004,
said Program is hereby amended and restated in its entirety to provide as hereinafter set forth. 
  
 1. Definitions 
  
 Except as otherwise required by the context, the terms used in this Program shall have the meaning hereinafter set forth. 
  
 (a) Actuarial Equivalent or Actuarially Equivalent: An amount that is the actuarial equivalent of a value using the actuarial assumptions specified
for the relevant purpose under the Consolidated Plan. 
  
 (b)
Board: The Board of Directors of the Company 
  
 (c)
Change in Control: Any one or more of the following occurrences: 
  
 (i) any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (the “Exchange Act”) and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or
becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities
eligible to vote for the election of the Board (the “Company Voting Securities”); provided, however, that the event described in this paragraph shall not be deemed to be a Change in Control by virtue of any of the following situations: (A)
an acquisition by the Company or any Subsidiary; (B) an acquisition by any employee benefit plan sponsored or maintained by the Company or any Subsidiary; (C) an acquisition by any underwriter temporarily holding securities pursuant to an offering
of such securities; (D) a Non-Control transaction (as defined in paragraph (iii)); (E) as pertains to a Participant, any acquisition by the Participant or any group of persons (within the meaning of Sections 13(d)(3) and 14(d)(2) of the Exchange
Act) including the Participant(or any entity in which the Participant or a group of persons including the Participant, directly or indirectly, holds a majority of the voting power of such entity’s outstanding voting interests); or (F) the
acquisition of Company Voting Securities from the Company, if a majority of the Board approves a resolution providing expressly that the acquisition pursuant to this clause (F) does not constitute a Change in Control under this paragraph (i);

 (ii) individuals who, at the beginning of any period of twenty-four (24) consecutive months, constitute
the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof; provided, that (A) any person becoming a director subsequent to the beginning of such twenty-four (24) month period, whose election, or
nomination for election, by the Company’s shareholders was approved by a vote of at least two-thirds of the directors comprising the Incumbent Board who are then on the Board (either by a specific vote or by approval of the proxy statement of
the Company in which such person is named as a nominee for director, without objection to such nomination) shall be, for purposes of this paragraph (ii), considered as though such person were a member of the Incumbent Board; provided, however, that
no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or any other actual or threatened solicitation of proxies or consents by or on behalf of any
person other than the Board shall be deemed to be a member of the Incumbent Board; 
  
 (iii) the consummation of a merger, consolidation, share exchange or similar form of corporate reorganization of the Company or any Subsidiary that requires the approval of the Company’s stockholders, whether for
such transaction or the issuance of securities in connection with the transaction or otherwise (a “Business Combination”), unless (A) immediately following such Business Combination: (1) more than 50% of the total voting power of the
corporation resulting from such Business Combination (the “Surviving Corporation”) or, if applicable, the ultimate parent corporation which directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect
directors of the Surviving Corporation (the “Parent Corporation”), is represented by Company Voting Securities that were outstanding immediately prior to the Business Combination (or, if applicable, shares into which such Company Voting
Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately
prior to the Business Combination, (2) no person (other than any employee benefit plan sponsored or maintained by the Surviving Corporation or the Parent Corporation) is or becomes the beneficial owner, directly or indirectly, of 20% or more of the
total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation), and (3) at least a majority of the members of the board of directors of
the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation), following the Business Combination, were members of the Incumbent Board at the time of the Board’s approval of the execution of the initial agreement
providing for such Business Combination (a “Non-Control Transaction”) or (B) the Business Combination is effected by means of the acquisition of Company Voting Securities from the Company, and a majority of the Board approves a resolution
providing expressly that such Business Combination does not constitute a Change in Control under this paragraph (iii); or 
  
 (iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or the sale or other disposition of all or
substantially all of the assets of the Company and its Subsidiaries. 
  

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 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any person
acquires beneficial ownership of more than 20% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which, by reducing the number of Company Voting Securities outstanding, increases the
percentage of shares beneficially owned by such person; provided, that if a Change in Control would occur as a result of such an acquisition by the Company (if not for the operation of this sentence), and after the Company’s acquisition such
person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control shall then occur. 
  
 Notwithstanding anything in this Program to the contrary, if the
Participant’s employment is terminated prior to a Change in Control, and the Participant reasonably demonstrates that such termination was at the request of a third party who has indicated an intention or taken steps reasonably calculated to
effect a Change in Control (a “Third Party”), then for all purposes of this Program, the date immediately prior to the date of such termination of employment shall be deemed to be the date of a Change in Control for such Participant.

  
 (d) Change in Control Lump Sum Payment: The lump sum
payment made upon a Change in Control as calculated under Section 4.03(a). 
  
 (e) Change in Control Severance Agreement: The agreement between an Eligible Executive and the Company that provides for certain benefits if the Eligible Executive’s employment terminates following a
Change in Control; provided, that in the case of a former Participant who is receiving benefits under the Program, Change in Control Severance Agreement shall mean the change in control severance agreement that was in effect between the Participant
and the Company at the time of his retirement. 
  
 (f)
Code: The Internal Revenue Code of 1986, as amended, or any successor statute. 
  
 (g) Committee: The Compensation and Management Development Committee of the Board. 
  
 (h) Company: Parker-Hannifin Corporation, an Ohio corporation, its corporate successors, and the surviving corporation resulting from any merger of
Parker-Hannifin Corporation with any other corporation or corporations. 
  
 (i) Consolidated Plan: The Parker-Hannifin Consolidated Pension Plan. 
  
 (j) Contingent Annuitant: The person designated by a Participant as a contingent annuitant as provided in the Consolidated Plan. 
  
 (k) Controlled Group: The Company, its Subsidiaries or any entity that owns, directly or indirectly, 50% or more of
the total combined voting power of the Company’s then outstanding securities eligible to vote for the election of the Board of Directors of the Company. 
  
 (l) Disability: Disability that entitles a Participant to benefits under the Company’s long-term disability program. 
  

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 (m) Highest Average Three-Year Compensation: One-third of the aggregate amount of compensation
paid to a Participant from the Controlled Group during the three calendar years of the Participant’s employment which were the three highest years of annual compensation, including base salary, bonuses payable under the Company’s Return on
Net Assets Plan (RONA) and Target Incentive Program, any amounts which would otherwise be paid as compensation during a calendar year but which are deferred by a Participant pursuant to any qualified or nonqualified deferred compensation program
sponsored by the Controlled Group, and any amounts that would otherwise be paid as compensation during a calendar year but which are deferred under Section 125 of the Code, but excluding: (i) any deferred compensation received during any such year
but credited under the Program to the Participant for a prior year; (ii) any income realized due to the exercise of stock options or stock appreciation rights; (iii) any payments, in cash, deferred or otherwise, payable to the Participant under the
Company’s Long-Term Incentive Plan, under any extraordinary bonus arrangements, under any severance agreement (other than as may be required under Section 4.03(a)), or as an executive perquisite; and (iv) such items as fringe benefits
includible in income as compensation for federal tax purposes, moving and educational reimbursement expenses, overseas allowances received by the Participant from the Controlled Group, and any other irregular payments. 
  
 (n) Life Expectancy: The expected remaining lifetime (to the nearest
integer) based on the Mortality Table and the age at the nearest birthday of the Participant or Recipient at the date the Lump Sum Payment or Change in Control Lump Sum Payment is made (unless otherwise specified herein). If a joint and contingent
survivor annuity has been elected, then Life Expectancy shall reflect the joint Life Expectancy of the Participant or Recipient and Contingent Annuitant. 
  
 (o) Lump Sum Payment: The Lump Sum Payment provided in Section 4.02 of the Program with the amount determined as set forth in Section 4.03.

  
 (p) Mortality Table: Eighty percent (80%) of the 1983
Group Annuity Mortality factor (male only). 
  
 (q) Normal
Retirement Date: The definition set forth in the Consolidated Plan. 
  
 (r) Participant: An employee of the Company designated to participate in the Program pursuant to Article 2 of the Program, while so employed; provided, however, that any employee of the Company who, as of the date of a
Change in Control, has entered into a Change in Control Severance Agreement with the Company shall automatically be a Participant in the Plan. 
  
 (s) Profit Sharing Account Balance: The definition set forth in the Consolidated Plan. 
  
 (t) Program: The Supplemental Executive Retirement Benefits Program
set forth herein. 
  
 (u) Qualified Plan Death Benefit: The
death benefit payable to the Spouse under the Consolidated Plan (and/or any death benefit payable to a Spouse under any other defined benefit 
  

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 arrangement described in Sections 3.03(c), (d), or (g)), multiplied by a factor equal to [1 plus (0.025 multiplied
by each year of Service less than 35 but equal to or greater than 15)]. Thus, the factor will range from 1.5 at 15 years of Service to 1 at 35 or more years of Service, as illustrated by the following examples: 
  

			
	 Years of Service

	  	Factor

	 35 or more
	  	1.000
	 30
	  	1.125
	 25
	  	1.250
	 20
	  	1.375
	 15
	  	1.500

  
 (v) Recipient:
A retiree, Contingent Annuitant, term certain beneficiary, or Surviving Spouse, who is currently receiving benefits or is entitled to receive benefits under the Program. 
  
 (w) RIA Balance: The total contributions to the Participant’s Retirement Income Account under the Savings Plan
(or any successor thereto) and the Participant’s Nonqualified Retirement Income Account under the Parker-Hannifin Corporation Savings Restoration Plan (or any successor thereto), plus hypothetical earnings/losses calculated as if the accounts
had been invested from the time of the first contribution 60% in the securities represented in the Standard & Poor’s 500 Index (in the proportions represented therein) and 40% in the securities represented in the Lehman Brothers
Intermediate Government/Corporate Bond Fund Index (in the proportions represented therein). 
  
 (x) Savings Plan: The Parker Retirement Savings Plan. 
  
 (y) Service: Employment as an employee by any member of the Controlled Group, as well as employment by a corporation, trade or business, that is now part of the Controlled Group at a time prior to its becoming
part of the Controlled Group, but in such case only if and to the extent that the Committee shall so direct at any time prior to retirement. For purposes of determining a Participant’s eligibility to receive a benefit hereunder, Service shall
include any additional years credited to a Participant under Section 4.03(a)(i)). 
  
 (z) Specified Rate: The average of the daily closing On-The-Run Long Bond rates as displayed by the Bloomberg Professional Financial System at screen “GT 30 GVT” (or any successor screen), for the
second full calendar month preceding the month in which a payment is to be made; provided that if the U.S. Treasury should resume issuance of 30-Year Treasury Bonds, the Specified Rate shall be the monthly average annual yield of 30-Year United
States Treasury Bonds for constant maturities as published by the Federal Reserve Bank and in effect on the first day of the month prior to the month in which a payment is to be made. Notwithstanding the foregoing, for purposes of calculating a
Change in Control Lump Sum Payment, the Specified Rate shall be the interest rate for immediate annuities of the Pension Benefit Guaranty Corporation (PBGC) in effect on the date of the Change in Control as set forth in Appendix B to Part 2619 of 29
Code of Federal Regulations, or any other successor or similar rate. 
  

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 (aa) Subsidiary: Any corporation or other entity in which the Company has a direct or indirect
ownership interest of 50% or more of the total combined voting power of the then outstanding securities or interests of such corporation or other entity. 
  
 (bb) Surviving Spouse: The person who is the Participant’s spouse at the time of the Participant’s death and who has been such spouse for
at least one year immediately prior to the date of the Participant’s death. 
  
 2. Participation 
  
 2.01
Participants. The Participants in the Program shall be: (i) such officers and other key executives of the Company as shall be designated as Participants from time to time by the Committee; and (ii) upon a Change in Control, those individuals
who have entered into a Change in Control Severance Agreement with the Company as of the date of such Change in Control. 
  
 2.02 Designation of Participants. An individual may be designated a Participant by action of the Committee or in a written employment agreement
approved by the Committee. Participation of each individual designated as a Participant shall be subject to the terms, conditions, and limitations set forth in the Program and to such other terms, conditions and limitations as the Committee may, in
its discretion, impose upon the participation of any such individual at the time the individual is designated a Participant in the Program. 
  
 2.03 Continuation of Participation. Subject only to the provisions of Section 2.04 and Article 6 of the Program, an individual designated as a
Participant shall continue to be a Participant for the purpose of eligibility to receive the supplemental retirement benefits provided by the Program and his participation in the Program shall not be terminated; provided, however, that a Participant
who terminates employment at a time when he is not eligible for a benefit under Article 3 shall cease to be a Participant in the Program. 
  
 2.04 Effect of Voluntary Termination of Employment. To be eligible for supplemental retirement benefits under the Program a Participant shall not
voluntarily terminate employment with the Company without the consent of the Committee for a period, not exceeding 60 calendar months, set by the Committee at the time he is designated a Participant. If he shall so voluntarily terminate his
employment within such period, his participation in the Program shall terminate, he shall cease to be a Participant and (subject to Section 3.02) he shall forfeit all benefits under the Program. Notwithstanding the foregoing, for purposes of this
Section 2.04, in no event shall an exercise by a Participant of his right to terminate his employment for “Good Reason” as defined under any Change in Control Severance Agreement between the Participant and the Company be deemed to be a
voluntary termination of employment with the Company. 
  

 6 

 3. Supplemental Retirement Benefits 
  
 3.01 Eligibility at or After Normal Retirement Date. Any provision of Section 2.04 to the contrary notwithstanding,
any Participant with at least 120 calendar months of Service who terminates his employment with the Controlled Group on or after his Normal Retirement Date shall be eligible for a monthly supplemental retirement benefit computed as set forth in
Section 3.03. 
  
 3.02 Eligibility Prior to Normal Retirement
Date. Any Participant with at least 120 calendar months of Service: (i) who terminates his employment with the Controlled Group with the consent of the Committee after attainment of age 55; or (ii) who is employed at the time of a Change in
Control of the Company; or (iii) whose employment with the Controlled Group is terminated by the Company for reasons other than for cause (as determined solely by the Committee) after attainment of age 55 but prior to the expiration of the requisite
period of employment established by the Committee with respect to him pursuant to Section 2.04; or (iv) who terminates his employment with the Controlled Group due to Disability prior to his Normal Retirement Date; or (v) who terminates his
employment with the Controlled Group after attainment of age 60 (and after completion of the requisite period of employment established by the Committee with respect to him pursuant to Section 2.04) but prior to his Normal Retirement Date; shall be
eligible for a monthly supplemental retirement benefit as set forth in Section 3.04. 
  
 3.03 Amount of Normal Retirement Supplemental Benefit. The monthly supplemental retirement benefit payable to an eligible Participant at Normal Retirement Date shall be an amount equal to 1/12th of 55% of his Highest Average Three-Year Compensation, reduced by all of the following that are applicable: 
  
 (a) in the case of a Participant who does not have at least 15 years of
Service at the time of his retirement, .3055 percent for each calendar month his Service is less than 15 years; 
  
 (b) the monthly single life Actuarial Equivalent of any benefit to which the Participant is entitled under the Consolidated Plan, including the single
life monthly equivalent attributable to the Participant’s Profit-Sharing Account Balance, determined as if the Profit-Sharing Account Balance had remained in the Consolidated Plan until retirement, whether or not such Profit-Sharing Account
Balance has been transferred to the Savings Plan; 
  
 (c) the
monthly single life Actuarial Equivalent of any benefit to which the Participant is entitled under any other tax-qualified defined benefit plan of the Company and which is attributable to contributions of the Company, unless benefit service for
employment on which such benefit is based is credited to the Participant under the Consolidated Plan; 
  
 (d) the monthly single life Actuarial Equivalent of any benefit to which the Participant is entitled under any non-qualified defined benefit program of
the Company; 
  

 7 

 (e) the monthly single life Actuarial Equivalent of any benefit attributable to the Participant’s
RIA Balance; 
  
 (f) 50 percent of the monthly primary social
security benefit to which the Participant is entitled or would be entitled as of the earliest date following the Participant’s termination of employment for which social security benefits would be payable (whether or not social security
benefits are actually paid to the Participant at such time), with such reduction to begin at the earliest date after retirement for which social security benefits would be payable to the Participant; and 
  
 (g) the monthly single life Actuarial Equivalent of any benefit which the
Participant is entitled to receive from any previous employer, provided that a contract between the Participant and the Company grants the Participant service for service with the previous employer and the contract states the amount to be offset.

  
 3.04 Amount of Early Retirement Supplemental Benefit.
The monthly supplemental retirement benefit payable to a Participant who is retiring prior to Normal Retirement Date shall be an amount equal to 1/12th of 55 percent of the Highest Average Three-Year Compensation, reduced by all of the following
that are applicable: 
  
 (a) in the case of a Participant who does
not have at least 15 years of Service at the time of his retirement, .3055 percent for each month that his Service is less than 15 years; 
  
 (b) after applying Section 3.04(a) if applicable, .1515 percent for each of the first 60 months by which commencement of the benefit precedes Normal
Retirement Date, and by .3030 percent for each additional month by which commencement of the benefit precedes Normal Retirement Age; provided, however, that if the Participant has at least 30 years of Service, and entitlement to
payment is a result of a Change in Control, the .1515 shall be reduced to .07575, and the .3030 shall be reduced to .1515; and 
  
 (c) any amounts described in Sections 3.03(b)-(g). 
  
 3.05 Gross-Up Payment. Anything in this Program notwithstanding, in the event it shall be determined that any payment, distribution or acceleration
of vesting of any benefit hereunder would be subject to the excise tax imposed by Section 4999 of the Code, or any interest or penalties are incurred by the Participant with respect to such excise tax, then the Participant shall be entitled to
receive an additional payment calculated as set forth in the Change in Control Severance Agreement with respect to such benefit hereunder; provided, however, that there shall be no duplication of such additional payment under this Program and the
Change in Control Severance Agreement. 
  
 4. Payment of
Benefits 
  
 4.01 Commencement of Benefits. Subject to
Sections 4.02 (b) and (c), supplemental retirement benefits shall be payable monthly to an eligible Participant commencing as of the first of the month following retirement and terminating with the month in which the death of such Participant
occurs. 
  

 8 

 4.02 Payments Under Certain Situations. 
  
 (a) Optional Methods of Payment. Subject to Sections 4.02 (b) and (c),
an optional method of payment selected by the Participant for payment of his retirement benefit under the Consolidated Plan shall automatically be applicable to the payment of the supplemental retirement benefits provided by the Program. The
benefits provided pursuant to any such optional method of payment shall be the Actuarial Equivalent of the monthly amount of benefit to which the Participant otherwise would be entitled under the Program. 
  
 (b) Payment Upon a Change in Control. Within 15 business days of a
Change in Control, in lieu of any other payments due with respect to benefits earned under the Program to the date of the Change in Control, each Participant and each Recipient shall receive a Change in Control Lump Sum Payment, as calculated under
Section 4.03(a). 
  
 (c) Election to Receive a Lump Sum
Payment. A Participant who is eligible to receive benefits under the Program pursuant to Section 3.01 or 3.02, or a Recipient, may file a written request with the Committee, subject to the terms and conditions hereinafter set forth, to receive,
in lieu of future payments of any and all then unpaid accrued and vested benefits under the Program, a Lump Sum Payment determined in accordance with Section 4.03(b). If the request for a Lump Sum Payment is filed at least 13 months prior to the
Participant’s termination of employment and is approved by the Committee, then 100% of such Lump Sum Payment shall be paid on the date on which the first monthly benefit payment under the Program would otherwise be made. In any case in which
the request for a Lump Sum Payment is not filed at least 13 months prior to the Participant’s termination of employment or is denied by the Committee, then the Participant or Recipient shall receive 90% of the Lump Sum Payment, and the
remaining 10% shall be forfeited to the Company. 
  
 4.03
Determination of the Lump Sum Payment. 
  
 (a) The Change
in Control Lump Sum Payment referred to in Section 4.02(b) shall be equal to the present value of the monthly payments to which a Participant or Recipient would be entitled under the Program based on the following assumptions: (i) the Participant
(but not a Recipient) is treated as having been employed, for purposes of determining age and service hereunder, for the lesser of (A) the duration of the “Termination Period”, if any, under Participant’s Change in Control Severance
Agreement or (B) the period of time remaining until Normal Retirement Date; (ii) Highest Average Three-Year Compensation shall be the greater of (A) the amount that would be taken into account in determining a Participant’s benefit under the
Program as of the date of the Change in Control if there were no Change in Control or (B) the lump sum severance payment under Section 2(a)(ii) of the Participant’s (but not the Recipient’s) Change in Control Severance Agreement (as if he
had been terminated immediately following the Change in Control) divided by the multiple used under such section to determine severance pay; (iii) the discount rate equals the Specified Rate; (iv) the Participant (or, if applicable, Recipient) lives
the number of years equal to his Life Expectancy (calculated as of the date which includes any additional Service credited hereunder); and (v) with respect to any benefit to be deducted as an offset as described in Section 3.03(b) through (f), the
Participant terminated employment with the Company on the date of the Change in Control and began to receive such benefits at the earliest date thereafter permitted under the applicable plan, agreement or statute. 
  

 9 

 (b) The Lump Sum Payment referred to in Section 4.02(c) shall be equal to the present value of the future
monthly payments to which the participant is entitled under the Program based on the following assumptions: (i) the discount rate equals the Specified Rate; and (ii) the Participant lives the number of years equal to his Life Expectancy on the later
of (A) date of his election to receive a Lump Sum Payment, or (B) the date of his termination of employment. 
  
 4.04 Certain Matters Following a Lump Sum Payment. 
  
 (a) A Participant who has received a Change in Control Lump Sum Payment pursuant to Section 4.02(b) shall thereafter: (i) while in the employ of the
Company, continue to accrue benefits under the Program, and (ii) be eligible for further benefits under Section 4.01 or 4.02(a), (b) or (c). The amount of such benefit shall be determined by: 
  
 (i) calculating the benefit that would be payable to the
Participant if there had been no previous Change in Control Lump Sum Payment; 
  
 (ii) determining the present lump sum value of such benefit, using the Specified Rate as the discount rate and assuming the Participant lives the number of years equal to his Life Expectancy on the date of his
retirement or termination of employment; 
  
 (iii)
determining the present lump sum value of the Change in Control Lump Sum Payment, assuming the Change in Control Lump Sum Payment had earned interest at the average Specified Rate in effect from the time of payment of the Change in Control Lump Sum
Payment until the date of retirement or other termination of employment; 
  
 (iv) reducing the amount determined in (ii) by the amount determined in (iii); and 
  
 (v) if applicable, converting the amount determined in (iv) to an Actuarially Equivalent single life only form of payment. 
  
 5. Death Benefits 
  
 5.01 Eligibility. If a Participant dies after completing 120 calendar
months of Service (without regard to the requirements of Section 2.04) but prior to the earlier of his retirement or his Normal Retirement Date, his Surviving Spouse (or, in the event there is no surviving spouse, or there is a common death, his
estate) shall be eligible for a benefit under this Article 5. 
  

 10 

 5.02 Benefit Amount. 
  
 (a) The monthly amount of a benefit payable under this Article 5 to a deceased Participant’s Surviving Spouse who has
applied therefor, shall be equal to the monthly payment the spouse would have received had the Participant retired on the day before his death after having effectively elected to receive payment in the form of a Joint and 100% Survivor Annuity under
the Consolidated Plan, with his spouse as his Contingent Annuitant under such option; provided, that (i) in lieu of the offset for the Participant’s primary social security benefit under Section 3.03(f), the benefit to the Surviving Spouse
shall be offset by 50% of the primary or survivor social security benefit to which the Surviving Spouse is entitled at the earliest date as of which such payments become payable, and (ii) in lieu of the offset for the Consolidated Plan benefit set
forth in Section 3.03(b) (and/or any other retirement benefit under any defined benefit arrangement described in Sections 3.03(c), (d), or (g)), the benefit to the Surviving Spouse shall be offset by the Qualified Plan Death Benefit. If the estate
is the death beneficiary, the estate shall receive a lump sum payment equal to the present value (using the Specified Rate) of the total monthly payments that would have been paid to the Participant assuming he had not died but rather that he: (i)
retired on the day before the date of his death (or the first day of the month following the time he would have reached age 55, if later); (ii) elected the 10-Year Certain Annuity under the Consolidated Plan; and (iii) received 120 monthly payments.

  
 (b) If the Participant dies before reaching the age that is
ten years prior to the Participant’s Normal Retirement Date, then the monthly benefit used to determine the death benefit shall be further reduced by .3030 for each month that the Participant was under such age at the time of his death.

  
 5.03 Benefit Payments. Subject to Section 4.02 (b) and
(c), the benefit under this Article 5 shall be paid to the deceased Participant’s Surviving Spouse commencing with the first day of the month following the month in which the Participant’s death occurs, and shall be payable monthly
thereafter during the life of the Surviving Spouse, the last payment being for the month in which the death of the Surviving Spouse shall occur. If payment is made to the estate of the Participant, payment shall be made within 30 days of the date of
the Participant’s death. 
  
 6. Non-Competition

  
 6.01 Condition of Payment. Payment of supplemental
retirement benefits under the Program shall be subject to the condition that the Participant or retiree-Recipient shall not have engaged in competition (as defined in Section 6.02) with the Company at any time prior to the date of such payment;
provided, however, that this Section 6.01 shall not apply to a Participant following his termination of employment if such termination occurs after the date of a Change in Control that occurs at the time the Participant is actively
participating in the Program. 
  
 6.02 Competition.
Competition for purposes of the Program shall mean assuming an ownership position or a consulting, management, employee or director position with a business engaged in the manufacture, processing, purchase or distribution of products of the type
manufactured, processed or distributed by the Controlled Group; provided, however, that in no event shall ownership of less than two percent of the outstanding capital stock entitled to vote for the election of directors of a corporation with a
class of equity securities held of record by more 
  

 11 

 than 500 persons in itself be deemed Competition; and provided further, that all of the following shall have taken place:

  
 (a) the Secretary of the Company shall have given written
notice to the Participant or retiree-Recipient that, in the opinion of the Committee, the Participant or retiree-Recipient is engaged in Competition within the meaning of the foregoing provisions of this Section 6.02, specifying the details;

  
  
 (b) the Participant or retiree-Recipient shall have been given a reasonable opportunity, upon receipt of such notice, to appear before and to be heard by the Committee with respect to his views regarding the
Committee’s opinion that the Participant or retiree-Recipient engaged in Competition; 
  
 (c) following any hearing pursuant to Section 6.02(b), the Secretary of the Company shall have given written notice to the Participant or retiree-Recipient that the Committee determined that the Participant or
retiree-Recipient is engaged in Competition; and 
  
 (d) the
Participant or retiree-Recipient shall neither have ceased to engage in such Competition within thirty days from his receipt of notice of such determination nor diligently taken all reasonable steps to that end during such thirty-day period and
thereafter. 
  
 7. General Provisions 
  
 7.01 Denial of Claims. Whenever the Company denies, in whole or in
part, a claim for benefits filed by any person (hereinafter referred to as the “Claimant”), the Company shall transmit a written notice setting forth, in a manner calculated to be understood by the Claimant, a statement of the specific
reasons for the denial of the claim, references to the specific Program provisions on which the denial is based, a description of any additional material or information necessary to perfect the claim and an explanation of why such material or
information is necessary, and an explanation of the claims review procedure as set forth in Section 7.02. In addition, the written notice shall contain the date on which the written notice was sent and a statement advising the Claimant that, within
60 days of the date on which such notice was received, he may obtain review of the decision of the Company. 
  
 7.02 Claims Review Procedure. Within 60 days of the date on which the notice of denial of claim is received by the Claimant, the Claimant, or his
authorized representative, may request that the claim denial be reviewed by filing with the Company a written request therefor, which request shall contain the following information: 
  
 (a) The date on which the notice of denial of claim was received by the Claimant; 
  
 (b) The date on which the Claimant’s request was filed with the Company;
provided, however, that the date on which the Claimant’s request for review was in fact filed with the Company shall control in the event that the date of the actual filing is later than the date stated by the Claimant pursuant to
this subsection (b); 
  

 12 

 (c) The specific portions of the denial of his claim which the Claimant requests the Company to review;

  
 (d) A statement by the Claimant setting forth the basis upon
which he believes the Company should reverse its previous denial of his claim for benefits and accept his claim as made; and 
  
 (e) Any written material (included as exhibits) which the Claimant desires the Company to examine in its consideration of his position as stated pursuant
to subsection (d). 
  
 Within 60 days of the date determined pursuant to Section
7.02(b), the Company shall conduct a full and fair review of the decision denying the Claimant’s claim for benefits. Within ten days following the date of such review, the Company will send to the Claimant its written decision setting forth, in
a manner calculated to be understood by the Claimant, a statement of the specific reasons for its decision, including references to the specific Program provision relied upon. If the Claimant disputes the Company’s decision, such dispute shall
be resolved by arbitration in Cleveland, Ohio under the rules of the American Arbitration Association. 
  
 7.03 ERISA Plan. The Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for “a select
group of management or highly compensated employees” within the meaning of Sections 201, 301 and 401 of ERISA and therefore to be exempt from Parts 2, 3 and 4 of Title I of ERISA. 
  
 7.04 Trust. The Company shall be responsible for the payment of all benefits under the Plan. At its discretion, the
Company may establish one or more grantor trusts for the purpose of providing for payment of benefits under the Plan. Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Company’s creditors.
Benefits paid to a Participant from any such trust shall be considered paid by the Company for purposes of meeting the obligations of the Company under the Plan. 
  
 7.05 Rights of Participants. Except as expressly provided in any grantor trust agreement established by the Company:

  
 (a) no Participant or Recipient shall have any right, title,
or interest whatsoever in or to any investments which the Company may make to aid it in meeting its obligations under the Program; 
  
 (b) nothing contained in the Program shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any
Participant, Recipient or any other person; 
  
 (c) to the extent
that any person acquires a right to receive payments from the Company under the Program, such right shall be no greater than the right of an unsecured general creditor of the Company; and 
  
 (d) all payments to be made under the Program shall be paid from the general funds of the Company and no special or separate
fund shall be established and no segregation of assets shall be made to assure payment of amounts payable under the Program. 
  

 13 

 7.06 Administration. The Committee shall be responsible for the general administration of the
Program and for carrying out the provisions thereof. Any act authorized, permitted or required to be taken by the Company under the Program may be taken by action of the Committee. Subject to the provisions of Section 7.01 relating to denial of
claims and claims review procedure, any action taken by the Committee which is authorized, permitted or required under the Program shall be final and binding upon the Company, all persons who have or who claim an interest under the Program, and all
third parties dealing with the Company. 
  
 7.07 Program
Non-Contractual. Nothing herein contained shall be construed as a commitment or agreement on the part of any person to continue his employment with the Company, and nothing herein contained shall be construed as a commitment on the part of the
Company to continue the employment or the rate of compensation of any such person for any period, and all employees of the Company shall remain subject to discharge to the same extent as if the Program had never been put into effect. 
  
 7.08 Non-Alienation of Retirement Rights or Benefits. No right or
benefit under the Program shall at any time be subject in any manner to alienation or encumbrances. If any person shall attempt to, or shall, alienate or in any way encumber his rights or benefits under the Program, or any part thereof, or if by
reason of his bankruptcy or other event happening at any time any such benefits would otherwise be received by anyone else or would not be enjoyed by him, his interest in all such benefits shall automatically terminate and the same, at the
discretion of the Company, shall be held or applied to or for the benefit of such person, his spouse, children, or other dependents as the Company may select. 
  

7.09 Payment of Benefits to Others. If any person to whom a retirement benefit is payable is unable to care for his affairs because of illness
or accident, any payment due (unless prior claim therefor shall have been made by a duly qualified guardian or legal representative) may be paid to the spouse, parent, brother, or sister, or any other individual deemed by the Company to be
maintaining or responsible for the maintenance of such person. The monthly payment of a retirement benefit to a person for the month in which he dies, if not paid to such person prior to his death, shall be paid to his estate. Any payment made in
accordance with the provisions of this Section 7.09 shall be a complete discharge of any liability of the Program with respect to the retirement benefit so paid. 
  
 7.10 Notices. All notices provided for by the Program shall be in writing and shall be sufficiently given if and when
mailed in the continental United States by registered or certified mail or personally delivered to the party entitled thereto at the address stated below or to such changed address as the addressee may have given by a similar notice: 
  

			
	 To the Company:
	 	 Attention: Secretary

	 	 	 Parker-Hannifin Corporation

	 	 	 6035 Parkland Blvd.

	 	 	 Cleveland, Ohio 44124-4141

		
	 To the Participant:
	 	 address of residence

  

 14 

 Any such notice delivered in person shall be deemed to have been received on the date of delivery. 
  
 7.11 Amendment, Modification, Termination. The Program may at any time
be terminated, or at any time or from time to time be amended or otherwise modified, prospectively, by the Board of Directors of the Company; provided, however, that no such termination, amendment or modification of the Program shall
operate to: 
  
 (a) reduce or terminate the benefit of a
Participant participating in the Program at the time of any such termination, amendment, or modification; 
  
 (b) terminate the participation of a Participant participating in the Program at the time of any such termination, amendment, or modification; 

 
 (c) increase the eligibility requirements applicable to a Participant
participating in the Program at the time of any such termination, amendment or modification; or 
  
 (d) terminate the Program, or reduce or terminate any benefit, or terminate the participation or any rights or benefits, after the occurrence of a Change
in Control, with respect to a Participant or Recipient who was a Participant or Recipient, or became a Participant or Recipient, at the time of the occurrence of the Change in Control. 
  
 7.12 Applicable Law. Except to the extent preempted by ERISA, the laws of the State of Ohio shall govern the Program
and any disputes arising thereunder. 
  
 7.13 Gender, Singular
and Plural. All pronouns and variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may be read as the plural and the
plural as the singular. 
  
 7.14 Headings. All headings are
for convenience only and shall not be used in interpreting any text to which they relate. 
  
 EXECUTED in Cleveland, Ohio as of the      day of                     , 2004.

  

			
	 PARKER-HANNIFIN CORPORATION

		
	 By:
	 	  

  

 15

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