Document:

<PAGE>   1

                                                                   Exhibit 10(b)

                                 THIRD AMENDMENT
                                     TO THE
                      APPLIED INDUSTRIAL TECHNOLOGIES, INC.
                           DEFERRED COMPENSATION PLAN
                          (JANUARY 1, 1997 RESTATEMENT)

         WHEREAS, the Applied Industrial Technologies, Inc. Deferred
Compensation Plan (formerly known as the Bearings, Inc. Deferred Compensation
Plan and hereinafter referred to as the "Plan") was established, effective as of
July 1, 1993, by Applied Industrial Technologies, Inc. (formerly known as
Bearings, Inc. and hereinafter referred to as the "Company") to provide key
executives of the Company and its affiliates with a means by which to defer
receipt of all or a portion of their incentive compensation payable under the
Applied Industrial Technologies, Inc. Management Incentive Plan; and

         WHEREAS, effective as of January 1, 1997, the Plan was amended and
restated; and

         WHEREAS, the Plan was subsequently amended on two occasions; and

         WHEREAS, the Company desires to again amend the Plan;

         NOW, THEREFORE, effective as of January 16, 2001, the Plan is hereby
amended in the following respects.

         1. Paragraph (20) of Section 1.1 of the Plan is hereby amended to
provide as follows:

                  (20) The term "Retired Participant" shall mean a Participant
                  who terminates employment prior to January 16, 2001, with the
                  Company and its Affiliates due to retirement after the
                  attainment of age 55.

         2. Section 3.4 of the Plan is hereby amended to provide as follows:

                           3.4 DEFERRAL ACCOUNTS OF RETIRED PARTICIPANTS. A
                  Retired Participant may elect no earlier than 90 days, and no
                  later than 30 days, prior to his termination of employment due
                  to retirement to have the balance of his Deferral Account
                  transferred in kind to the Applied Industrial Technologies,
                  Inc. Supplemental Defined Contribution Plan for administration
                  thereof in accordance with the terms of such plan; provided,
                  however, that no such election and transfer may be made after
                  January 15, 2001.

         Executed at Cleveland, Ohio, this   5th   day of    February   , 2001.
                                            ------         -------------

                                           APPLIED INDUSTRIAL TECHNOLOGIES, INC.

                                           By:    /s/ Robert C. Stinson
                                              ----------------------------------
                                               Title:   Vice President<PAGE>   1
                                                                 Exhibit (10)(g)
                            THE LUBRIZOL CORPORATION
                          EXECUTIVE DEATH BENEFIT PLAN
                                  (As Amended)

         The Lubrizol Executive Death Benefit Plan (hereinafter referred to as
the "Plan") shall provide death benefits to the designated beneficiaries of
certain executives of The Lubrizol Corporation (hereinafter referred to as the
"Corporation") in accordance with the provisions hereinafter set forth.

         Section 1. ELIGIBILITY. Participation in the Plan shall be limited to
those executives of the Corporation who are designated by the Organization and
Compensation Committee of the Board of Directors of the Corporation (hereinafter
referred to as the "Committee") to participate in the Plan; who complete a
physical examination to the satisfaction of the Corporation as soon as
reasonably possible after being so designated; and who waive participation and
benefits in the basic term-life insurance coverage sponsored by the Corporation
or any of its affiliates, in a form satisfactory to the Corporation. Any
executive so designated shall be listed in Appendix A attached hereto and shall
hereinafter be referred to as a "Participant".

         Section 2. BENEFITS. Effective July 25, 1994, upon the death of a
Participant, a death benefit shall be made to the Participant's Beneficiary (as
defined in Section 5) equal to a percentage of the Participant's bi-weekly
salary multiplied by 26, plus quarterly pay, including any such bi-weekly salary
or quarterly pay which is deferred under The Lubrizol Corporation Deferred
Compensation Plan for Officers (hereinafter referred to as "Covered Pay")
rounded to the nearest $1,000.00. Covered Pay for the Participants designated by
the Board to participate in the Plan shall have the meaning as described in
Appendix A, attached hereto. The Committee will periodically review the Plan and
may, at its discretion, change the level of Covered Pay for any Participant. A
death benefit shall be calculated in accordance with Paragraph (a) or (b) below,
whichever is applicable.

         (a)      The amount of the death benefit payable with respect to a
                  Participant, who at the time of his death, (i) is employed by
                  the Corporation, or (ii) has retired under the normal
                  retirement provisions of a qualified defined benefit plan
                  maintained by the Corporation, shall be as follows:

                     Age of Participant
                        at Death                  Death Benefit
                  -----------------------        --------------------
                  Less than age 70               250% of Covered Pay

                  At least age 70, but
                     less than age 75            150% of Covered Pay

                  Age 75 and over                100% of Covered Pay

         (b)      The amount of the death benefit payable with respect to a
                  Participant who (i) has retired under the early retirement
                  provisions of a qualified
<PAGE>   2

                  defined benefit plan maintained by the Corporation, or (ii)
                  has voluntarily terminated his employment with the Corporation
                  but has not obtained competitive employment with another
                  employer, shall be as follows:

                  Years after
                  Early Retirement or
                  Voluntary Termination              Death Benefit
                  ---------------------              --------------------
                  0 through 5                        250% of Covered Pay

                  6 through 10                       150% of Covered Pay

                  11 or more                         100% of Covered Pay

         Section 3. FUNDING. The obligation of the Corporation to pay benefits
provided hereunder shall be satisfied by the Corporation out of its general
funds. In order to provide a source of payment for its obligations under the
Plan, the Corporation will cause a trust fund to be maintained and/or arrange
for insurance contracts. Subject to the provisions of the trust agreement
governing any such trust fund or the insurance contract, the obligation of the
Corporation under the Plan to provide a benefit shall nonetheless constitute the
unsecured promise of the Corporation to make payments as provided herein, and no
person shall have any interest in, or a lien or prior claim upon, any property
of the Corporation.

         Section 4. PAYMENT OF BENEFITS. Payment of any death benefit under the
Plan shall be made to the decreased Participant's beneficiary in a single lump
sum as soon as practicable after the Participant's death.

         Section 5. BENEFICIARIES. A Participant may designate any person or
person as a beneficiary (hereinafter referred to as a "Beneficiary") to receive
payment of the death benefit provided under the Plan. Such designation shall be
made in writing in the form prescribed by the plan administrator and shall
become effective only when filed by the Participant with the Corporation. A
Participant may change or revoke his Beneficiary designation at any time by
completing and filing with the Corporation a new Beneficiary designation. If at
the time of the Participant's death there is no Beneficiary designation on file
with the Corporation, or the Beneficiary does not survive to the date of
distribution, the death benefit provided hereunder shall be paid to the
Participant's estate.

         Section 6. PLAN ADMINISTRATOR. The Corporation shall be the
administrator of the Plan. The plan administrator shall perform all ministerial
functions with respect to the Plan. The plan administrator shall employ such
advisors or agents as it may deem necessary or advisable to assist it in
carrying out its duties hereunder. The plan administrator shall have full power
and authority to interpret and construe the Plan and shall determine all
questions arising in the administration, interpretation, and application of the
Plan. Any such determination shall be conclusive and binding on all persons.

         Section 7. REDUCTION OR TERMINATION OF BENEFITS. The Committee reserves
the right to reduce or eliminate the benefit of any Participant who is dismissed
for cause, or who voluntarily terminates employment to obtain competitive
employment.

                                       2
<PAGE>   3

         For Plan purposes, "Cause" means (i) willful violation of a Corporation
policy, or (ii) willful misconduct or gross negligence in the performance of
duties, as determined by the Corporation in good faith consistently, if
applicable, with its existing personnel practices.

         For Plan purposes, "Competitive employment" shall include employment
with any employer (firm, business, or individual) engaged in selling or
furnishing any product similar to that available from the Corporation at the
time of termination of employment with the Corporation.

         Section 8. EMPLOYMENT. This Plan shall not constitute a contract of
employment.

         Section 9. SEVERABILITY. In the event any provision of the Plan is
deemed invalid, such provision shall be deemed to be severed from the Plan, and
the remainder of the Plan shall continue in full force and effect.

         Section 10. GOVERNING LAW. The provisions of the Plan shall be
construed and enforced in accordance with the laws of the State of Ohio.

         Section 11. EFFECTIVE DATE. The Plan is effective as of June 1, 1990.

                                       3
<PAGE>   4

                            THE LUBRIZOL CORPORATION
                          EXECUTIVE DEATH BENEFIT PLAN

                                   APPENDIX A
                                February 26, 2001

         PARTICIPANT                        COVERED PAY
         -----------                        -----------

1.       W. G. Bares                        February 26, 2001 Covered Pay
2.       G. R. Hill                         February 26, 2001 Covered Pay
3.       J. E. Hodge                        February 26, 2001 Covered Pay
4.       R. A. Andreas                      January 1, 1996 Covered Pay
5.       R. Y. K. Hsu                       January 1, 1993 Covered Pay
6.       W. D. Manning                      January 1, 1993 Covered Pay
7.       R. J. Senz                         January 1, 1993 Covered Pay
8.       W. T. Beargie                      June 1, 1990 Covered Pay
9.       P. L. Krug                         June 1, 1990 Covered Pay
10.      J. A. Studebaker                   June 1, 1990 Covered Pay

                                       4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00025-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00025-of-00352.parquet"}]]