Document:

<PAGE>

                                  EXHIBIT 10(a)
                       EXECUTIVE LIFE INSURANCE AGREEMENT

     This Executive Life Insurance Agreement ("Agreement") is made, as of
January 1, 2002, by and between Parker-Hannifin Corporation, an Ohio corporation
(the "Corporation"), and __________________________________ (the "Executive").

                                    RECITALS

     A.   The Executive desires to insure his or her life for the benefit and
protection of his or her family or designated beneficiary under the Policy (as
defined below); and

     B.   The Corporation desires to help the Executive provide certain
insurance for the benefit and protection of his or her family or designated
beneficiary by providing funds to pay the premiums due on the Policy in
accordance with this Agreement; and

     C.   The Executive, as owner of the Policy, desires to assign certain
rights and interests in the Policy to the Corporation, to the extent provided
herein, as security for repayment of certain funds provided by the Corporation
for the acquisition and/or maintenance of the Policy.

                                    AGREEMENT

          NOW, THEREFORE, in consideration of the foregoing, and the mutual
agreements and covenants set forth below, the parties to this Agreement agree as
follows:

     1.   Definitions. For purposes of this Agreement, unless otherwise clearly
apparent from the context, the following phrases or terms shall have the
following indicated meanings:

          (a)  "Aggregate Premiums Paid" shall mean, at any time, an amount
     equal to (i) the cumulative premiums paid by the Corporation on the Policy,
     less (ii) any policy loans to the Corporation and accrued and unpaid
     interest thereon. Notwithstanding the foregoing, Aggregate Premiums Paid
     shall not include extra benefit riders or agreements, other than those
     providing additional life insurance coverage on the Executive, and shall
     not include premiums waived pursuant to the terms of any disability waiver
     of a premium rider.

          (b)  "Base Annual Salary" shall mean the base annual compensation,
     excluding profit-sharing, RONA, bonuses, commissions, overtime, relocation
     expenses, incentive payments, non-monetary awards, expatriate premiums and
     differentials, or perquisites paid or provided to the Executive for
     employment services rendered to the Corporation, before reduction for
     compensation deferred pursuant to all qualified, non-qualified and Code
     Section

                                       1

<PAGE>

     125 plans of the Corporation. For purposes of determining the Executive's
     Base Annual Salary hereunder, beginning January 1 of each year, the
     Executive's Base Annual Salary as of the most recent preceding December 1
     will be used (which means that the Executive's Base Annual Salary may be
     adjusted for the purposes of this Agreement only once a year).

          (c)  "Cash Surrender Value" shall mean an amount that equals, at any
     specified time, the cash surrender value as determined under the terms of
     the Policy.

          (d)  "Code" shall mean the Internal Revenue Code of 1986, as amended.

          (e)  "Collateral Assignment" shall mean an assignment made by the
     Executive in favor of the Corporation in a form mutually agreed to by the
     Corporation and the Executive and accepted by the Insurer.

          (f)  "Collateral Interest" shall mean the Corporation's rights and
     interests in the Policy, as set forth in Section 6 below.

          (g)  "Disability" or "Disabled" shall mean a period of disability
     during which the Executive qualifies for benefits under the Corporation's
     long-term disability plan.

          (h)  "Executive's Death Benefit" shall mean an amount that is equal to
     the Executive's Base Annual Salary multiplied by:

               (i)   three, prior to Retirement or Termination of Employment; or

               (ii)  the Post-Retirement Multiple, after Retirement.

          (i)  "Insurer" shall mean Sun Life Assurance Company of Canada Ltd.,
     its successors and assigns, or any other life insurance company issuing a
     Policy hereunder.

          (j)  "Minimum Retirement Cash Value" shall mean, on the Split Dollar
     Maturity Date, the minimum amount of cash value that is needed in the
     Policy to maintain the Executive Death Benefit after Retirement, determined
     on the date of Retirement, assuming that the Policy will be held without
     surrender, withdrawal or loan until the Executive reaches age 95 and that
     the fixed interest rate to be used to project earnings on the Policy up to
     age 95 is the Insurer's announced interest rate under the Policy on the
     Split Dollar Maturity Date.

          (k)  "Plan" shall mean the plan described in Section 8(a) below.

                                       2

<PAGE>

          (l)  "Policy" shall mean the following policy or policies on the life
     of the Executive that are issued by the Insurer:

                Policy Number                 Type of Policy
               _______________________       ______________________

               _______________________       ______________________

               _______________________       ______________________

               _______________________       ______________________

          (m)  "Post-Retirement Multiple" shall mean the death benefit multiple
     determined at the time of the Executive's Retirement based upon the
     Executive's age, as follows:

               Age at Retirement             Post-Retirement Multiple

                   Under 55                            0
                      55                               1
                      56                               1.1
                      57                               1.2
                      58                               1.3
                      59                               1.4
                      60                               1.5
                      61                               1.6
                      62                               1.7
                      63                               1.8
                      64                               1.9
                      65                               2

          (n)  "Prime Rate" shall mean the prime rate of interest as published
     in the Wall Street Journal on the date of Termination of Employment.

          (o)  "Retirement" or "Retire" shall mean severance from full-time
     employment from the Corporation on or after the attainment of age
     fifty-five (55) for any reason other than an authorized leave of absence,
     death or Termination for Cause. In addition, a person who continues to be
     Disabled at least until age 55 (regardless of his or her employment status
     with the Corporation) shall be treated as having reached Retirement under
     this Agreement at the earlier of age 65 with continued Disability or the
     time the Executive ceases to be Disabled.

                                       3

<PAGE>

          (p)  "Split Dollar Maturity Date" shall mean the date on which the
     first of any of the following events occurs:

               (i)   The Executive's Termination of Employment;

               (ii)  Termination of this Agreement in accordance with Section 9
          below;

               (iii) The later of the Executive's Retirement or the fifteenth
          anniversary of the Executive's participation in the Plan (the
          "Fifteenth Anniversary"); or

               (iv)  The Executive's death.

          The Disability of the Executive shall not cause the Split Dollar
     Maturity Date to occur and the Disabled Executive will continue
     participation in the Plan until Retirement or Termination of Employment.

          (q)  "Termination for Cause" shall mean termination of the Executive's
     employment by the Corporation as a result of activity by the Executive
     detrimental to the interests of the Corporation, including without
     limitation:

               (i)   the rendering of services for an organization, or engaging
          in a business, that is in competition with the Corporation;

               (ii)  the disclosure to anyone outside of the Corporation, or the
          use for any purpose other than the Corporation's business, of
          confidential information or material related to the Corporation;

               (iii) fraud, embezzlement, theft-in-office or other illegal
          activity; or

               (iv)  violation of the Corporation's Code of Ethics.

          (r)  "Termination of Employment" shall mean the ceasing of full-time
     employment with the Corporation for any reason other than Retirement,
     death, Disability (except as provided below) or an authorized leave of
     absence. If the Executive becomes Disabled and subsequently ceases to be
     Disabled before age 55 and does not return to employment with the
     Corporation, such failure to return to employment shall be deemed to be a
     Termination of Employment.

     2.   Acquisition of Policy; Ownership of Insurance. The parties to this
Agreement shall cooperate in applying for and obtaining the Policy. The Policy
shall be designed to provide sufficient death proceeds and Cash Surrender Value
to enable payment or funding of the Executive's Death Benefit after payment of
the Corporation's Collateral Interest; provided, however, that the Corporation
and the Executive acknowledge that the actual death benefit paid to the Policy
beneficiary and the Cash Surrender Value at any point in time are subject to
Policy

                                       4

<PAGE>

experience. The Policy shall be issued to the Executive, as the sole and
exclusive owner of the Policy, subject to the rights and interests granted to
the Corporation, as provided in this Agreement and the Collateral Assignment,
and further subject to the Executive's right of assignment under Section 15
hereof.

     3. Premium Payments on Policy.

          (a)  Payments and Reimbursements. Prior to the occurrence of the Split
     Dollar Maturity Date, the Corporation shall pay to the Insurer, on or
     before each applicable premium due date, all applicable premiums for the
     Policy. All such premium payments made by the Corporation under this
     Agreement shall constitute advances by the Corporation to the Executive for
     which the Executive shall be responsible for repayment in accordance with
     the terms of this Agreement, but only up to an amount equal to the
     Corporation's Collateral Interest.

          (b)  Taxable Compensation. Each calendar year, the Executive shall be
     considered to have taxable compensation income that is equal to the value
     of the "economic benefit" derived by the Executive from the Policy's life
     insurance protection, as determined for Federal income tax purposes under
     the Code. To the extent required by the Code, the Corporation shall
     withhold from the Executive's Base Annual Salary, or other compensation
     paid to the Executive, in a manner determined by the Corporation, the
     Executive's share of FICA and other employment and income taxes relating to
     that taxable amount.

     4. Corporation's Rights. The Corporation's rights and interests in and to
the Policy shall be specifically limited to (i) the right to increase or
decrease Policy death benefits annually in accordance with maintaining the
"Executive's Death Benefit" as defined in Section 1(h); (ii) the right to be
paid its Collateral Interest in accordance with Section 6 below; (iii) the
rights specified in the Collateral Assignment, and; (iv) the right to obtain one
or more loans or advances on the Policy, provided, however, that any such loans
shall not, in the aggregate, exceed the Aggregate Premiums Paid by the
Corporation at any specified date without the written consent of the Executive.

     5. Executive's Rights. Subject to the terms of this Agreement and the
Collateral Assignment, the Executive shall be the owner of the Policy, and shall
be entitled to exercise all rights in the Policy; provided, however, that while
the Collateral Assignment is in effect, the following rights may be exercised
only in accordance with Section 6:

          (a)  To borrow against or pledge the Policy;

          (b)  To surrender, cancel or assign the Policy;

          (c)  To take a distribution or withdrawal from the Policy; or

          (d)  To increase or decrease the amount of the death benefit payable
               under the Policy.

                                       5

<PAGE>

     6. Collateral Interest.

          (a)  On the Split Dollar Maturity Date, the Corporation's interest in
     the Policy (the "Collateral Interest") shall be determined in the following
     manner:

               (i)   If the Split Dollar Maturity Date occurs due to the
          Executive's Retirement or the Fifteenth Anniversary, the Corporation
          shall be entitled to receive from the Policy an amount equal to that
          portion of the Policy's Cash Surrender Value that exceeds the Minimum
          Retirement Cash Value, but in no event less than the Aggregate
          Premiums Paid.

               (ii)  If the Split Dollar Maturity Date occurs due to the
          Executive's Termination of Employment (other than Termination for
          Cause), the Corporation shall be entitled to receive from the Policy
          an amount equal to that portion of the Policy's Cash Surrender Value
          that does not exceed the Aggregate Premiums Paid plus accrued interest
          thereon (from the date such premiums were actually paid by the
          Corporation) at a rate of annual interest equal to the Prime Rate.

               (iii) If the Split Dollar Maturity Date occurs due to the death
          of the Executive (except as provided in Section 6(a)(vi) below), the
          Corporation shall be entitled to that portion of the Policy's death
          proceeds equal to the sum of (A) the Aggregate Premiums Paid; and (B)
          any death proceeds in excess of the Aggregate Premiums Paid and the
          Executive's Death Benefit.

               (iv)  If the Split Dollar Maturity Date occurs due to the
          termination of this Agreement by the Corporation in accordance with
          Section 9 below, the Corporation shall be entitled to receive from the
          Policy an amount equal to that portion of the Policy's Cash Surrender
          Value that does not exceed the Aggregate Premiums Paid.

               (v)   If the Split Dollar Maturity Date occurs due to the
          termination of this Agreement by the Executive in accordance with
          Section 9 below or as a result of a Termination for Cause, the
          Corporation shall be entitled to receive from the Policy an amount
          equal to the entire Cash Surrender Value of the Policy.

               (vi)  If the Split Dollar Maturity Date occurs due to the suicide
          of the Executive or other contestable Policy event, and the proceeds
          from the Policy are limited by either a suicide or contestability
          provision under the Policy, the Corporation shall be entitled to that
          portion of the Policy's Cash Surrender Value and/or death proceeds
          equal to the sum of (A) the Aggregate Premiums Paid; and (B) any death
          proceeds or Cash Surrender Value, as the case may be, in excess of the
          Aggregate Premiums Paid and the Executive's Death Benefit.

          (b)  If the Split Dollar Maturity Date is other than the date of the
     Executive's death, the Corporation's Collateral Interest in the Policy, as
     determined in Section 6(a)(i), (ii), (iv) or (v) above, shall be paid to
     the Corporation in one of the following ways, as

                                       6

<PAGE>

     elected by the Executive in writing within 30 days after the date the
     Corporation first notifies the Executive in writing of the occurrence of
     the Split Dollar Maturity Date:

               (i)   By the Executive authorizing the Insurer to pay to the
          Corporation from the Cash Surrender Value of the Policy an amount
          equal to the Corporation's Collateral Interest;

               (ii)  By the Executive taking a loan out on the Policy in an
          amount equal to the Corporation's Collateral Interest, with payment of
          the loan proceeds to the Corporation, provided that the Corporation
          shall not be responsible for any interest that may accrue on any such
          loan; or

               (iii) By the Executive's payment to the Corporation, from the
          Executive's separate funds, of an amount equal to the Corporation's
          Collateral Interest.

     The Corporation's Collateral Interest in the Policy shall be paid as soon
     as is reasonably practicable after the Split Dollar Maturity Date.

          (c)  If the Split Dollar Maturity Date is the date of the Executive's
     death, the Corporation's Collateral Interest in the Policy, as determined
     in Section 6(a)(iii) or (vi) above, shall be paid to the Corporation from
     the Policy's death proceeds as soon as is reasonably practicable after the
     Executive's death.

          (d)  If the Executive fails to timely exercise any of the options
     under Section 6(b) above, the Corporation shall be entitled to instruct the
     Insurer to pay to the Corporation from the Cash Surrender Value of the
     Policy an amount equal to the Corporation's Collateral Interest.

          (e)  The Corporation agrees to keep records of its premium payments
     and to furnish the Insurer with a statement of its Collateral Interest
     whenever the Insurer requires such statement.

          (f)  Concurrent with the signing of this Agreement, the Executive will
     collaterally assign the Policy to the Corporation, in the form of the
     Collateral Assignment, as security for the payment of the Collateral
     Interest, which assignment shall not be altered or changed without the
     consent of the Corporation and the Executive.

          (g)  Promptly following the Executive's death, the Corporation and the
     Executive's designated beneficiary under the Policy shall take all steps
     necessary to collect the death proceeds of the Policy by submitting the
     proper claims forms to the Insurer. The Corporation shall notify the
     Insurer of the amount of the Corporation's Collateral Interest in the
     Policy at the time of such death. Such amount shall be paid by the Insurer
     to the Corporation and the remainder of the Policy's death benefit will be
     paid by the Insurer to the Executive's designated beneficiary.

                                       7

<PAGE>

          (h)  Upon payment in full to the Corporation of its Collateral
     Interest as provided above, the Corporation shall (i) assign its Collateral
     Interest in the Policy to the Executive, (ii) execute and file with the
     Insurer an appropriate release of the Corporation's Collateral Interest in
     the Policy and (iii) have no further interest in the Policy. The Executive
     hereby acknowledges, understands and agrees that, upon the release of the
     Corporation's Collateral Interest, the Corporation shall not have any
     responsibility for the future performance of the Policy and shall have no
     obligation to make any additional premium payments.

          (i)  Upon payment to the Corporation of its Collateral Interest in
     accordance with this Section 6, this Agreement and the Executive's
     participation in the Plan shall terminate and neither party shall have any
     further rights or obligations under the Agreement or the Plan with respect
     to the Executive.

     7.   Insurer.

          (a)  The Insurer is not a party to this Agreement, shall in no way be
     bound by or charged with notice of its terms, and is expressly authorized
     to act only in accordance with the terms and conditions of the Policy. The
     Insurer shall be fully discharged from any and all liability under the
     Policy upon payment or other performance of its obligations in accordance
     with the terms and conditions of the Policy.

          (b)  The authority required for the Insurer to recognize the exercise
     of a right under the Policy shall be specified in the Collateral
     Assignment.

     8.   Plan; Named Fiduciary; Claims Procedure.

          (a)  This Agreement is part of the Parker Hannifin Corporation
     Executive Life Insurance Plan, which consists of all Parker Hannifin
     Corporation Executive Life Insurance Agreements and the related Collateral
     Assignments that so reference their association with the Plan.

          (b)  The Corporation is the named fiduciary of the Plan for purposes
     of this Agreement.

          (c)  The following claims procedure shall be followed in handling any
     benefit claim under this Agreement and the Plan:

               (i)   The Executive, or his or her beneficiary, if the Executive
          has died (the "Claimant"), shall file a claim for benefits by
          notifying the Corporation in writing. If the claim is wholly or
          partially denied, the Corporation shall provide a written notice
          within 90 days (unless special circumstances require an extension of
          time for processing the claim, in which case an extension not to
          exceed 90 days shall be allowed) specifying the reasons for the
          denial, the provisions of this Agreement on which the denial is based,
          and additional material or information, if any, that is necessary for
          the Claimant to receive benefits. Such written notice

                                       8

<PAGE>

          shall also indicate the steps to be taken by the Claimant if a review
          of the denial is desired.

               (ii)  If a claim is denied, and a review is desired, the Claimant
          shall notify the Corporation in writing within 60 days after receipt
          of written notice of a denial of a claim. In requesting a review, the
          Claimant may review plan documents and submit any written issues and
          comments the Claimant feels are appropriate. The Corporation shall
          then review the claim and provide a written decision within 60 days of
          receipt of a request for a review (unless special circumstances
          require an extension of time for processing the claim, in which case
          an extension not to exceed 60 days shall be allowed). This decision
          shall state the specific reasons for the decision and shall include
          references to specific provisions of this Agreement, if any, upon
          which the decision is based.

               (iii) In no event shall the Corporation's liability under this
          Agreement exceed the amount of proceeds from the Policy.

     9.   Amendment of Agreement; Termination. This Agreement shall not be
modified or amended except by a writing signed by the Corporation and the
Executive. Either party may terminate this Agreement, and Executive's
participation in the Plan, at any time provided that the obligations of the
party terminating the Agreement and the Plan with respect to the Executive are
performed in full under the Agreement as of the time of the termination.

     10.  Binding Agreement. This Agreement shall be binding upon the heirs,
administrators, executors, successors and assigns of each party to this
Agreement.

     11.  State Law. This Agreement shall be subject to and be construed under
the internal laws of the State of Ohio, without regard to its conflicts of laws
principles.

     12.  Validity. In case any provision of this Agreement shall be illegal or
invalid for any reason, said illegality or invalidity shall not affect the
remaining parts of this Agreement, but this Agreement shall be construed and
enforced as if such illegal or invalid provision had never been inserted in this
Agreement.

     13.  Not a Contract of Employment. The terms and conditions of this
Agreement shall not be deemed to constitute a contract of employment between the
Corporation and the Executive. Such employment is hereby acknowledged to be an
"at will" employment relationship that can be terminated at any time for any
reason, with or without cause, unless expressly provided in a separate written
employment agreement. Nothing in this Agreement shall be deemed to give the
Executive the right to be retained in the service of the Corporation or to
interfere with the right of the Corporation to discipline or discharge the
Executive at any time.

     14.  Notice. Any notice or filing required or permitted to be given under
this Agreement to the Executive or the Corporation shall be sufficient if in
writing and hand-delivered, or sent by registered or certified mail, to the
address below:

                                       9

<PAGE>

     To the Executive:     ________________________
                           ________________________
                           ________________________

     To the Corporation:   Parker Hannifin Corporation
                           6035 Parkland Boulevard
                           Cleveland, OH 44124
                           Attention: Director of Employee Benefits

or to such other address as may be furnished by the Executive or the Corporation
in writing to the other party in accordance with this notice provision. Such
notice shall be deemed given as of the date of delivery or, if delivery is made
by mail, as of the date shown on the postmark on the receipt for registration or
certification. Any notice or filing required or permitted to be given to the
Executive or the Executive's beneficiary under this Agreement shall be
sufficient if in writing and hand-delivered, or sent by mail, to the last known
address of the Executive.

     15.  Assignment. During the term hereof, the Executive may assign the
Executive's right and obligations under this Agreement and ownership of the
Policy without the consent of the Corporation; provided, however, that the cost
of preparation and legal adequacy of the documentation to effect such assignment
to the satisfaction of the Corporation and the Insurer is solely the
responsibility of the Executive.

     16.  Acknowledgement; Release. The Executive assumes all risk of the
creditworthiness of the Insurer and acknowledges that the Corporation makes no
representation or guarantee of the creditworthiness of any Insurer. The
Executive acknowledges and agrees that in consideration of the Executive's
participation in the Plan, the Executive is waiving the right to continue
participation in the Corporation's group life insurance plan (which provided a
death benefit of $50,000) and related accidental death and disability benefit.
The Executive acknowledges responsibility for all federal, state and local tax
consequences imposed on the Executive's participation in the Plan and further
acknowledges that the Corporation has not made any representations or guarantees
of the present or future tax consequences of the Executive's participation in
the Plan.

     17.  Entire Agreement. This Agreement constitutes the entire agreement
between the parties hereto with regard to the subject matter of this Agreement
and supersedes all previous negotiations, agreements and commitments in respect
thereto. No oral explanation or oral information by either of the parties to
this Agreement shall alter the meaning or interpretation of this Agreement.

                                       10

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the
date first written above.

                                        PARKER-HANNIFIN CORPORATION

                                        By: ____________________________
                                            Daniel T. Garey
                                            Vice President, Human Resources

                                        ________________________________
                                            Signature of Executive

                                       11

<PAGE>

                              COLLATERAL ASSIGNMENT

     This Collateral Assignment (this "Assignment") is made and entered into as
of January 1, 2002, by and between _________________________ (the "Executive"),
as both the owner of and insured under a life insurance policy, No.
_________________ (the "Policy"), issued by Sun Life Assurance Company of Canada
Ltd. (the "Insurer"), and Parker-Hannifin Corporation, an Ohio corporation (the
"Corporation").

                                    RECITALS

     A.   The Executive desires to insure his or her life for the benefit and
protection of his or her family or designated beneficiary under the Policy;

     B.   The Corporation desires to help the Executive provide certain
insurance for the benefit and protection of his or her family or designated
beneficiary by providing funds from time to time to pay the premiums due on the
Policy, as more specifically provided for in that certain Executive Life
Insurance Agreement entered into between the Executive and the Corporation as of
the date hereof (the "Agreement"); and

     C.   In consideration of the Corporation agreeing to provide such funds in
accordance with the terms and conditions of the Agreement, the Executive agrees
to grant to the Corporation, as a security interest in the Policy, a collateral
security interest for the payment of the Corporation's Collateral Interest (as
defined in the Agreement).

                                    AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing, and the mutual
agreements and covenants set forth below, the parties to this Assignment agree
as follows:

     1.   Assignment. The Executive hereby assigns, transfers and sets over to
the Corporation, and its permitted successors, those certain rights and
interests described in the Agreement that are to be assigned to the Corporation
in accordance with the Agreement. Furthermore, this Assignment is made, and the
Policy is to be held as collateral security for, any and all liabilities of the
Executive to the Corporation, either now existing, or that may hereafter arise,
pursuant to the terms of the Agreement.

     2.   Signatures. To facilitate the operation of this Assignment, the
parties agree that the Insurer is hereby notified that the following rights
under the Policy may be exercised while the Assignment is in effect without the
signature or consent of the other party:

          (a)  The Corporation may sign a request to take a loan or partial
     withdrawal without the Executive's signature or consent;

                                       1

<PAGE>

          (b)  The Corporation may sign an instruction to the Insurer to pay an
     amount equal to the Corporation's Collateral Interest from the Policy's
     Cash Surrender Value to the Corporation, provided that the Corporation
     simultaneously delivers to the Insurer a notarized statement that the
     Corporation is exercising its rights in accordance with Section 6(d) of the
     Agreement;

          (c)  The Executive may sign a request to change the beneficiary or
     owner of the Policy without the signature or consent of the Corporation;
     and

          (d)  The exercise of any other right under the Policy not specifically
     set forth above shall be exercised with the signature of both the
     Corporation and the Executive.

     3.   Policy Proceeds. Any amount payable from the Policy during the
Executive's life or at death shall first be paid to the Corporation to the
extent of its Collateral Interest. Any balance will be paid to the Executive
during the Executive's lifetime, or at the Executive's death, to the beneficiary
designated by the Executive. A settlement option may be elected by the recipient
of the proceeds. For purposes of this Section, the amount of the Collateral
Interest shall be determined for purposes of the Insurer by a written statement
delivered to the Insurer and signed by the Corporation.

     4.   Endorsement. The Corporation shall hold the Policy while this
Assignment is operative and, upon request, forward the Policy to the Insurer,
without unreasonable delay, for endorsement of any designation or change of
beneficiary or ownership, any election of optional mode of settlement, or the
exercise of any other right reserved by the Executive in this Assignment.

     5.   Insurer. The Insurer is hereby authorized to recognize the
Corporation's claims to rights hereunder without investigating the reason for
any action taken by the Corporation, the validity or amount of any of the
liabilities of the Executive to the Corporation under the Agreement, the
existence of any default therein, the giving of any notice required herein, or
the application to be made by the Corporation of any amounts to be paid to the
Corporation. The Insurer shall not be responsible for the sufficiency or
validity of this Assignment and is not a party to the Agreement (or any other
similar executive life insurance agreement) between the Corporation and the
Executive.

     6.   Reassignment. Upon the full payment of the Corporation's Collateral
Interest in accordance with the terms and conditions of this Assignment and the
Agreement, the Corporation shall reassign to the Executive the Policy and all
specific rights included in this Assignment.

     7.   Amendment of Assignment; Termination. This Assignment shall not be
modified, amended or terminated, except by a writing signed by the Corporation
and the Executive; provided, however, that this Assignment may be terminated by
either party if that party terminates the Agreement in accordance with Section 9
of the Agreement and the obligations of the party terminating the Agreement are
performed in full under the Agreement.

                                       2

<PAGE>

     8.   Binding Agreement; Assigns. This Assignment shall be binding upon the
heirs, administrators, executors and permitted successors and assigns of each
party to this Assignment. The Executive shall not assign his or her rights under
this Assignment without the prior written consent of the Corporation.

     9.   State Law. This Assignment shall be subject to and be construed under
the internal laws of the State of Ohio, without regard to its conflicts of law
principles.

     10.  Validity. In case any provision of this Assignment shall be illegal or
invalid for any reason, said illegality or invalidity shall not affect the
remaining parts of this Assignment, but this Assignment shall be construed and
enforced as if such illegal or invalid provision had never been inserted in this
Assignment.

     IN WITNESS WHEREOF, the Executive and the Corporation have signed this
Assignment as of the date first written above.

                                      __________________________________________
                                           Signature of Executive

                                      PARKER-HANNIFIN CORPORATION

                                      By:_______________________________________
                                           Daniel T. Garey
                                           Vice President, Human Resources

Filed with the Insurer:

____________________________________  Date:__________________
Insurer

                                       3<PAGE>

                                  EXHIBIT 10(b)

                           PARKER-HANNIFIN CORPORATION

                            SAVINGS RESTORATION PLAN

          Parker-Hannifin Corporation, an Ohio corporation, (the "Company"),
established this Savings Restoration Plan (the "Plan"), effective October 1,
1994, for the purpose of attracting high quality executives and promoting in its
executives increased efficiency and an interest in the successful operation of
the Company by restoring some of the deferral opportunities and
employer-provided benefits that are lost under The Parker Retirement Savings
Plan due to legislative limits. The benefits provided under the Plan shall be
provided in consideration for services to be performed after the effective date
of the Plan, but prior to the executive's retirement. The Plan is hereby amended
and restated as of January 1, 2002, except as may be otherwise specifically set
forth hereinafter.

                                    ARTICLE 1

                                   Definitions

          1.1 Administrator shall mean the Company or, if applicable, the
committee appointed by the Board of Directors of the Company to administer the
Plan pursuant to Article 13 of the Plan.

          1.2 Annual Deferral shall mean the amount of Compensation which the
Participant elects to defer for a Plan Year pursuant to Articles 2 and 3 of the
Plan.

          1.3 Beneficiary shall mean the person or persons or entity designated
as such in accordance with Article 14 of the Plan.

          1.4 Change in Control means the occurrence of one of the following
events:

               (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 of Directors of the Company (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 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 (a "Subsidiary"); (B) an
acquisition by any employee

                                       1

<PAGE>

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

                                       2

<PAGE>

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.

          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 Plan 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 Plan, 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.

          1.5 Compensation shall mean the sum of the Participant's base salary
and regular bonuses (including profit-sharing, RONA, and executive compensation,
but excluding payments under any long term incentive plan, volume incentive
plan, or other extraordinary bonus or incentive plan) for a Plan Year before
reductions for deferrals under the Plan, or the Executive Deferral Plan, or the
Savings Plan, or the Parker Select program. Compensation shall not include any
amounts payable on account of Termination of Employment, whether paid
periodically or in a lump sum.

          1.6 Crediting Rate shall mean: (i) the amount described in Section
1.6.1 to the extent the Restoration Account balance represents either Annual
Deferrals under Article 3 or earnings previously credited on such deferrals
under Section 5.2; or (ii) the amount described in Section 1.6.2 to the extent
the Restoration Account balance represents either

                                       3

<PAGE>

Matching Credits under Article 4 or interest previously credited on such
Matching Credits under Section 5.2:

          1.6.1 Crediting Rate for Annual Deferrals shall mean any notional
     gains or losses equal to those generated as if the Restoration Account
     balance attributable to Annual Deferrals under Article 3 had been invested
     in one or more of the investment portfolios designated as available by the
     Administrator, less separate account fees and less applicable
     administrative charges determined annually by the Administrator.

          A Participant (or after his death, his Beneficiary) may elect to
     allocate his Restoration Account among the available portfolios. The gains
     or losses shall be credited based upon the daily unit values for the
     portfolio(s) selected by the Participant. The rules and procedures for
     allocating the Restoration Account balance among the portfolios shall be
     determined by the Administrator. The Participant's allocation is solely for
     the purpose of calculating the Crediting Rate. Notwithstanding the method
     of calculating the Crediting Rate, the Company shall be under no obligation
     to purchase any investments designated by the Participant.

          1.6.2 Crediting Rate for Matching Credits shall mean any notional
     gains or losses equal to those generated as if the Restoration Account
     balance attributable to Matching Credits under Article 4 had been invested
     in the Common Stock of the Company, including reinvestment of dividends.
     The rules and procedures for determining the value of the Common Stock of
     the Company shall be determined by the Administrator. The rules and
     procedures for re-allocating the Restoration Account balance attributable
     to the Matching Credits among the other portfolios offered under the Plan
     shall be determined by the Administrator.

          1.7 Disability shall mean any long term disability as defined under
the Company's long term disability plan. The Administrator, in its complete and
sole discretion, shall determine a Participant's Disability. The Administrator
may require that the Participant submit to an examination on an annual basis, at
the expense of the Company, by a competent physician or medical clinic selected
by the Administrator to confirm Disability. On the basis of such medical
evidence, the determination of the Administrator as to whether or not a
condition of Disability exists or continues shall be conclusive.

          1.8 Early Retirement Date shall mean age 55 with ten or more years of
employment with the Company.

          1.9 Eligible Executive shall mean a key employee of the Company or any
of its subsidiaries who: (i) is designated by the Administrator as eligible to
participate in the Plan (subject to the restriction in Sections 10.2, 11.2 and
12.2 of the Plan); and (ii) qualifies as a member of the "select group of
management or highly compensated employees" under ERISA.

                                       4

<PAGE>

          1.10 ERISA shall mean the Employee Retirement Income Security Act of
1974, as amended.

          1.11 Executive Deferral Plan shall mean the Parker-Hannifin
Corporation Executive Deferral Plan as it currently exists and as it may
subsequently be amended.

          1.12 Financial Hardship shall mean an unexpected need for cash arising
from an illness, casualty loss, sudden financial reversal, or other such
unforeseeable occurrence as determined by the Administrator. Cash needs arising
from foreseeable events such as the purchase of a residence or education
expenses for children shall not, alone, be considered a Financial Hardship.

          1.13 Matching Credit shall mean the Company's credit to the
Participant's Restoration Account under Article 4.

          1.14 Normal Retirement Date shall mean the date on which a Participant
attains age 65.

          1.15 Participant shall mean an Eligible Executive who has elected to
participate and has completed a Participation Agreement pursuant to Article 2 of
the Plan.

          1.16 Participation Agreement shall mean the Participant's written
election to participate in the Plan.

          1.17 Plan Year shall mean the calendar year.

          1.18 Restoration Account shall mean the notional account established
for record-keeping purposes for a Participant pursuant to Article 5 of the Plan.

          1.19 Retirement shall mean a termination of employment following
Normal or Early Retirement Date.

          1.20 Savings Plan shall mean the Parker Retirement Savings Plan,
formerly known as The Parker-Hannifin Employees' Savings Plus Stock Ownership
Plan, as it currently exists and as it may subsequently be amended.

          1.21 Termination of Employment shall mean the Participant's employment
with the Company ceases for any reason whatsoever, whether voluntary or
involuntary, other than Retirement or death.

          1.22 Unscheduled Withdrawal shall mean a distribution of all or a
portion of the entire amount credited to the Participant's Restoration Account
requested by the Participant pursuant to the provisions of Article 11 of the
Plan.

                                        5

<PAGE>

          1.23 Valuation Date shall mean each day on which the New York Stock
Exchange is open, except that for purposes of determining the value of a
distribution under Articles 6, 7, 8, 9 or 15, it shall mean the 24th day of each
month (or the most recent business day preceding such date) immediately
preceding the month in which a distribution is to be made.

                                    ARTICLE 2

                                  Participation

          2.1 Participation Agreement / Annual Deferral. An Eligible Executive
shall become a Participant in the Plan on the first day of the Plan Year
coincident with or next following the date the individual becomes an Eligible
Executive, provided such Eligible Executive has submitted to the Administrator a
Participation Agreement. To be effective, the Eligible Executive must submit the
Participation Agreement to the Administrator during the enrollment period
designated by the Administrator. In the Participation Agreement, and subject to
the restrictions in Article 3, the Eligible Executive shall designate the Annual
Deferral for the covered Plan Year.

          2.2 Continuation of Participation. An Eligible Executive who has
elected to participate in the Plan by making an Annual Deferral shall continue
as a Participant in the Plan for purposes of such Annual Deferral even though
such executive ceases to be an Eligible Executive. However, a Participant shall
not be eligible to elect a new Annual Deferral unless the Participant is an
Eligible Executive for the Plan Year for which the election is made.

                                    ARTICLE 3

                               Executive Deferrals

          3.1 Deferral Election. A Participant may elect an Annual Deferral
under this Plan to defer all or a portion of the Compensation that he or she
cannot defer under the Savings Plan due to the Statutory Limit. Such election
shall designate a specified percentage of Compensation to be deferred. Annual
Deferrals under this Plan shall be irrevocable.

          3.2 Maximum Annual Deferral. The Annual Deferral for a Plan Year shall
be determined as:

               (i)   For a Participant who is not eligible to participate in the
Executive Deferral Plan, any whole percentage between 1 and 15% of Compensation
up to $25,000.

               (ii)  For a Participant who is eligible to participate in the
Executive Deferral Plan, any whole percentage between 1 and 5% of Compensation
up to $7,600.

                                       6

<PAGE>

          3.3 Vesting. The Participant's right to receive Compensation deferred
(and gains or losses thereon) under this Article 3 shall be 100% vested at all
times.

                                    ARTICLE 4

                            Company Matching Credits

          4.1 Amount. The Company's Matching Credit in each Plan Year shall
equal one hundred percent (100%) of the first three percent (3%) of Compensation
deferred and fifty percent (50%) of the next two (2%) of Compensation deferred,
reduced by the maximum matching contributions that would have been credited to
the Participant's account under the Savings Plan if he had elected to make the
maximum permitted deferral to the Savings Plan, whether or not he actually does
so. Notwithstanding the foregoing, the maximum Matching Credit allocated to any
Participant's Restoration Account in a Plan Year shall be $17,000, less the
maximum matching contributions that would have been credited to the
Participant's account under the Savings Plan if he had elected to make the
maximum permitted deferral to the Savings Plan.

          4.2 Vesting. Subject to Section 12.4, the Participant's right to
receive Matching Credits (and gains or losses thereon) credited to the
Participant's Restoration Account shall be one hundred percent (100%) vested.

                                    ARTICLE 5

                              Restoration Accounts

          5.1 Restoration Accounts. Solely for record keeping purposes, the
Company shall maintain a Restoration Account for each Participant.

          5.2 The Timing of Credits.

               (i)   Annual Deferrals made under Article 3 shall be credited to
the Restoration Account on the same day the deferrals would otherwise have been
paid to the Participant but for the deferral election;

               (ii)  Matching Credits under Article 4 shall be credited to the
Restoration Account as of the day the corresponding Annual Deferrals are
credited to the Restoration Account; and

               (iii) gains or losses shall be credited to the Restoration
Account as of the close of business on each Valuation Date, based on the
Crediting Rate in effect for the day under Section 1.6.

                                        7

<PAGE>

          5.3 Terminations. Following a Participant's Termination of Employment,
Retirement or death, gains or losses shall continue to be credited to the
Restoration Account through the final Valuation Date.

          5.4 Statement of Accounts. The Administrator shall provide
periodically to each Participant a statement setting forth the balance of the
Restoration Account maintained for such Participant.

                                    ARTICLE 6

                               Retirement Benefits

          6.1 Amount. Upon Retirement, the Company shall pay to the Participant
the value of his Restoration Account at the time and in the manner selected by
the Participant pursuant to the rules set forth in Sections 6.2 and 6.3.

          6.2 Form of Retirement Benefits. The retirement benefit shall be paid
monthly over a period of fifteen (15) years or the number of whole years
required to result in a monthly benefit of at least one thousand dollars
($1,000), if less; provided, however, that the Participant may elect to have
payment made in one of the following options:

               (i)   a single lump sum payment in cash;

               (ii)  monthly installments over 5, 10 or 15 years; provided, that
if a monthly benefit is less than $1,000, the Administrator may shorten the
payout period in whole year increments to assure that each monthly payment is at
least $1,000; or

               (iii) an annual lump sum amount payable as of January 1 of each
year equal to a specified whole number percentage (1-8%) of the account balance
as of the Valuation Date preceding each such annual payment, plus monthly
installments of the remaining balance of the account over 5, 10 or 15 years;
provided, that if a monthly benefit is less than $1,000, the Administrator may
shorten the payout period in whole year increments to assure that each monthly
payment is at least $1,000.

          Payments shall be made or shall begin as of the first day of the month
no later than the date sixty (60) days after the Participant's Retirement,
unless the Participant has elected to have payments begin as of January l of a
later year. However, in no event shall payments commence later than the January
1 occurring five (5) years after Retirement or, if earlier, the January 1
following the date the Participant attains age seventy (70). Notwithstanding the
foregoing, the Company may postpone all or a portion of any scheduled payment
until the next fiscal year to avoid loss of the corporate tax deduction under
Internal Revenue Code Section 162(m). Except as provided in Article 7, 10, 11 or
15, the Participant may change the election of the form of payment at any time,
except that if the election is not filed at least thirteen (13) months prior to
the Participant's

                                       8

<PAGE>

scheduled date of commencement of payment, the election shall be ineffective
unless the Participant agrees to take a ten percent (10%) reduction in the value
of the Restoration Account.

          6.3 Small Benefit Exception. Notwithstanding any of the foregoing, if
the sum of all benefits payable to the Participant is less than or equal to ten
thousand dollars ($10,000), the Company shall pay such benefits in a single lump
sum.

                                    ARTICLE 7

                              Termination Benefits

          7.1 Amount. As of the first day of the month beginning no later than
sixty (60) days after Termination of Employment, the Company shall pay to the
Participant a termination benefit equal to the balance of the Restoration
Account as of the Valuation Date.

          7.2 Form of Termination Benefits. The Company shall pay the
termination benefits in a single lump sum; provided, however, that except
following a Change in Control the Company may, in its sole discretion, elect to
pay the termination benefits over a period of three (3) years in monthly
installments, in which event the Restoration Account shall continue to be
credited with gains or losses based on the Crediting Rate(s) elected by the
Participant from time to time.

                                    ARTICLE 8

                                Survivor Benefits

          8.1 Pre-Commencement Survivor Benefit. If the Participant dies prior
to the commencement of installment payments, the Company shall pay the balance
of the Restoration Account to the Participant's Beneficiary in one of the
following forms, based on the Participant's election:

               (i)   a single lump sum payment in cash;

               (ii)  monthly installments over 5, 10 or 15 years; provided, that
if a monthly benefit is less than $1,000, the Administrator may shorten the
payout period in whole year increments to assure that each monthly payment is at
least $1,000; or

               (iii) an annual lump sum amount equal to a specified percentage
(1-8%) of the account balance as of the Valuation Date preceding each such
annual payment, plus monthly installments of the remaining balance of the
account over 5, 10 or 15 years; provided, that if a monthly benefit is less than
$1,000, the Administrator may shorten the payout period in whole year increments
to assure that each monthly payment is at least

                                       9

<PAGE>

$1,000.

          Payments shall be made or shall begin as of the first day of the month
no later than the date sixty (60) days after the Participant's death unless the
Participant has elected to have payments begin as of January l of a later year.
However, in no event shall payments commence later than the January 1 occurring
five (5) years after death or, if earlier, the January 1 following the date the
Participant would have attained age seventy (70). Except as provided in Article
7, 10, 11 or 15, the Participant (or after his death, his Beneficiary) may
change the election of the form of payment at any time, except that if the
election is not filed at least thirteen (13) months prior to the Participant's
death, the election shall be ineffective unless the Beneficiary agrees to take a
ten percent (10%) reduction in the value of the Restoration Account.

          8.2 Post-Commencement Survivor Benefit. If the Participant dies after
the time installment payments have commenced, the Company shall pay the
remaining balance of the Restoration Account to the Participant's Beneficiary in
accordance with the following rules, based on the Participant's election:

               (i)   continue in the form in effect before the Participant's
death; or

               (ii)  a single lump sum in cash to be paid the first of the month
no later than the date 60 days after the Participant's death.

          8.3 Small Benefit Payment. Notwithstanding any of the foregoing, in
the event the sum of all benefits payable to the Beneficiary is less than or
equal to ten thousand dollars ($10,000), the Company shall pay such benefits in
a single lump sum.

                                    ARTICLE 9

                                   Disability

          If a Participant suffers a Disability, the Company shall pay the
benefit described in Article 6 to the Participant as if the date of the
Participant's Termination of Employment for Disability were the Participant's
Normal Retirement Date.

                                       10

<PAGE>

                                   ARTICLE 10

                                Change in Control

          10.1 Election. At the time the Participant is completing his initial
Participation Agreement, the Participant may elect that, if a Change in Control
occurs, the Participant (or after the Participant's death the Participant's
Beneficiary) shall receive a lump sum payment of the balance of the Restoration
Account within thirty (30) days after the Change of Control. Such balance shall
be determined as of the end of the month sixty (60) days prior to the month in
which the Change in Control occurs.

          10.2 Benefit Reduction on Withdrawal. If a Participant has not made
the election described in Section 10.1 above and, within thirty (30) days after
a Change of Control, the Participant (or Beneficiary) elects to receive a
distribution of the balance of the Restoration Account (determined as described
in Section 10.1), the lump sum payment shall be reduced by an amount equal to
five percent (5%) of the total balance of the Restoration Account (instead of
the ten percent (10%) reduction otherwise provided for in Section 11.2). If a
Participant elects such a withdrawal, any on-going Annual Deferral shall cease,
and the Participant may not make any further Annual Deferrals until one entire
Plan Year following the Plan Year in which such withdrawal was made has elapsed.

                                   ARTICLE 11

                                   Withdrawals

          11.1 Election. A Participant (or Beneficiary if the Participant is
deceased) may request an Unscheduled Withdrawal of all or a portion of the
entire amount credited to the Participant's Restoration Account as of the
Valuation Date on which the written request is received by the Administrator,
which shall be paid in a single lump sum as soon as practicable following
receipt of the request; provided, however, that (i) the minimum withdrawal shall
be twenty-five percent (25%) of the Restoration Account balance, and (ii) an
election to withdraw seventy-five percent (75%) or more of the balance shall be
deemed to be an election to withdraw the entire balance.

          11.2 Withdrawal Penalty. There shall be a penalty deducted from the
Restoration Account prior to an Unscheduled Withdrawal equal to ten percent
(10%) of the Unscheduled Withdrawal. If a Participant elects such a withdrawal,
any on-going Annual Deferral shall cease, and the Participant may not make
further Annual Deferrals until one entire Plan Year following the Plan Year in
which such withdrawal was made has elapsed.

          11.3 Financial Hardship Distribution. Upon a finding that the
Participant or the Beneficiary has suffered a Financial Hardship, the
Administrator may in its sole discretion permit the Participant to cease any
on-going deferrals and accelerate

                                       11

<PAGE>

distributions of benefits under the Plan in the amount reasonably necessary to
alleviate such Financial Hardship. If a distribution is made to a Participant on
account of Financial Hardship, the Participant may not make further Annual
Deferrals under the Plan until one entire Plan Year following the Plan Year in
which a distribution based on Financial Hardship was made has elapsed; however,
there shall be no withdrawal penalty assessed.

          11.4 Small Benefit Exception. Notwithstanding any of the foregoing, if
the sum of all benefits payable to the Participant or Beneficiary who has
requested the Unscheduled Withdrawal or Financial Hardship withdrawal is less
than or equal to ten thousand dollars ($10,000), the Company shall pay out the
entire Restoration Account balance (reduced by the ten percent (10%) penalty, if
applicable) in a single lump sum.

          11.5 Limit on Withdrawals. Notwithstanding any of the foregoing, no
Participant in a position described in Section 162(m) of the Internal Revenue
Code (or who the Company reasonably believes will be in such a position) shall
be permitted to take any distribution from the Plan in any year in which he is
in or is believed to be in such a position.

                                   ARTICLE 12

                         Conditions Related to Benefits

          12.1 Nonassignability. The benefits provided under the Plan may not be
alienated, assigned, transferred, pledged or hypothecated by or to any person or
entity, at any time or any manner whatsoever. These benefits shall be exempt
from the claims of creditors of any Participant or other claimants and from all
orders, decrees, levies, garnishment or executions against any Participant to
the fullest extent allowed by law.

          12.2 No Right to Company Assets. The benefits paid under the Plan
shall be paid from the general funds of the Company, and the Participant and any
Beneficiary shall be no more than unsecured general creditors of the Company
with no special or prior right to any assets of the Company for payment of any
obligations hereunder.

          12.3 Protective Provisions. The Participant shall cooperate with the
Company by furnishing any and all information requested by the Administrator, in
order to facilitate the payment of benefits hereunder, taking such physical
examinations as the Administrator may deem necessary and taking such other
actions as may be requested by the Administrator. If the Participant refuses to
cooperate, the Company shall have no further obligation to the Participant under
the Plan. If the Participant makes any material misstatement of information or
nondisclosure of medical history, then no benefits shall be payable to the
Participant or the Participant's Beneficiary or estate under the Plan beyond the
sum of the Participant's Annual Deferrals.

          12.4 Withholding. The Participant or the Beneficiary shall make
appropriate arrangements with the Company for satisfaction of any federal, state
or local income tax

                                       12

<PAGE>

withholding requirements and Social Security or other employee tax requirements
applicable to the payment of benefits under the Plan. If no other arrangements
are made, the Company may provide, at its discretion, for such withholding and
tax payments as may be required.

                                   ARTICLE 13

                             Administration of Plan

          The Company shall administer the Plan, provided, however, that the
Company may elect to appoint a committee of three (3) or more individuals to
administer the Plan. All references to the Administrator herein shall refer to
the Company or, if such committee has been appointed, the committee.

          The Administrator shall administer the Plan and shall have
discretionary authority to interpret, construe and apply its provisions in
accordance with its terms. The Administrator shall further establish, adopt or
revise such rules and regulations as it may deem necessary or advisable for the
administration of the Plan. All decisions of the Administrator shall be final
and binding. The individuals serving on the committee shall, except as
prohibited by law, be indemnified and held harmless by the Company from any and
all liabilities, costs, and expenses (including legal fees), to the extent not
covered by liability insurance arising out of any action taken by any member of
the committee with respect to the Plan, unless such liability arises from the
individual's own gross negligence or willful misconduct.

                                   ARTICLE 14

                             Beneficiary Designation

          The Participant shall have the right, at any time, to designate any
person or persons as Beneficiary (both primary and contingent) to whom payment
under the Plan shall be made in the event of the Participant's death. The
Beneficiary designation shall be effective when it is submitted in writing to
the Administrator during the Participant's lifetime on a form prescribed by the
Administrator.

          The submission of a new Beneficiary designation shall cancel all prior
Beneficiary designations. Any finalized divorce or marriage of a Participant
subsequent to the date of a Beneficiary designation shall revoke such
designation, unless in the case of divorce the previous spouse was not
designated as Beneficiary and unless in the case of marriage the Participant's
new spouse has previously been designated as Beneficiary. The spouse of a
married Participant shall consent to any designation of a Beneficiary other than
the spouse, and the spouse's consent shall be witnessed by a notary public.

                                       13

<PAGE>

          If a Participant fails to designate a Beneficiary as provided above,
or if the Beneficiary designation is revoked by marriage, divorce, or otherwise
without execution of a new designation, or if every person designated as
Beneficiary predeceases the Participant or dies prior to complete distribution
of the Participant's benefits, then the Administrator shall direct the
distribution of such benefits to the Participant's estate.

                                   ARTICLE 15

                        Amendment and Termination of Plan

          15.1 Amendment of Plan. Except as provided in Section 15.3, the
Company may at any time amend the Plan in whole or in part, provided, however,
that such amendment: (i) shall not decrease the balance of the Participant's
Restoration Account at the time of such amendment; and (ii) shall not
retroactively decrease the applicable Crediting Rate of the Plan prior to the
time of such amendment. The Company may amend the Crediting Rate or Fixed
Crediting Rate of the Plan prospectively, in which case the Company shall notify
the Participant of such amendment in writing within thirty (30) days after such
amendment.

          15.2 Termination of Plan. Except as provided in Section 15.3, the
Company may at any time terminate the Plan. If the Company terminates the Plan,
the date of such termination shall be treated as the date of Retirement or
Termination of Employment for the purpose of calculating Plan benefits, and the
Company shall pay to the Participant the benefits the Participant is entitled to
receive under the Plan in monthly installments over a thirty-six (36) month
period. Interest at an annualized rate equal to 90% of the Ten-Year United
States Treasury Note rate as of January 1 of the year in which the Plan is
terminated will be credited to the Participant's Restoration Account commencing
as of the date of the Plan's termination and continuing until distribution under
this Section is completed.

          15.3 Amendment or Termination After Change in Control. Notwithstanding
the foregoing, the Company shall not amend or terminate the Plan without the
prior written consent of affected Participants for a period of two calendar
years following a Change in Control and shall not thereafter amend or terminate
the Plan in any manner which affects any Participant (or Beneficiary of a
deceased Participant) who commences receiving payment of benefits under the Plan
prior to the end of such two year period following a Change in Control.

          15.4 Company Action. Except as provided in Section 15.3 or 15.5, the
Company's power to amend or terminate the Plan shall be exercisable by the
Company's Board of Directors or by the committee or individual authorized by the
Company's Board of Directors to exercise such powers.

          15.5 Constructive Receipt Termination. In the event the Administrator

                                       14

<PAGE>

determines that amounts deferred under the Plan have been constructively
received by Participants and must be recognized as income for federal income tax
purposes, the Plan shall terminate and distributions shall be made to
Participants in accordance with the Provisions of Section 15.2 or as may be
determined by the Administrator. The determination of the Administrator under
this Section 15.5 shall be binding and conclusive.

                                   ARTICLE 16

                                  Miscellaneous

          16.1 Successors of the Company. The rights and obligations of the
Company under the Plan shall inure to the benefit of, and shall be binding upon,
the successors and assigns of the Company.

          16.2 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.

          16.3 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 the
Participant from any such trust shall be considered paid by the Company for
purposes of meeting the obligations of the Company under the Plan.

          16.4 Employment Not Guaranteed. Nothing contained in the Plan nor any
action taken hereunder shall be construed as a contract of employment or as
giving any Participant any right to continued employment with the Company.

          16.5 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.

          16.6 Captions. The captions of the articles and sections of the Plan
are for convenience only and shall not control or affect the meaning or
construction of any of its provisions.

          16.7 Validity. If any provision of the Plan is held invalid, void or
unenforceable, the same shall not affect, in any respect whatsoever, the
validity of any other provisions of the Plan.

          16.8 Waiver of Breach. The waiver by the Company of any breach of any

                                       15

<PAGE>

provision of the Plan by the Participant shall not operate or be construed as a
waiver of any subsequent breach by the Participant.

          16.9 Applicable Law. The Plan shall be governed and construed in
accordance with the laws of Ohio except where the laws of Ohio are preempted by
ERISA.

          16.10 Notice. Any notice or filing required or permitted to be given
to the Company under the Plan shall be sufficient if in writing and
hand-delivered, or sent by first class mail, facsimile, or electronic mail to
the principal office of the Company, directed to the attention of the
Administrator. Such notice shall be deemed given as of the date of delivery, or,
if delivery is made by mail, as of the date shown on the postmark.

                                   ARTICLE 17

                          Claims and Review Procedures

          17.1 Claims Procedure. The Company shall notify a Participant in
writing, within ninety (90) days after his or her written application for
benefits, of his or her eligibility or noneligibility for benefits under the
Plan. If the Company determines that a Participant is not eligible for benefits
or full benefits, the notice shall set forth: (i) the specific reasons for such
denial; (ii) a specific reference to the provisions of the Plan on which the
denial is based; (iii) a description of any additional information or material
necessary for the claimant to perfect his or her claim, and a description of why
it is needed; and (iv) an explanation of the Plan's claims review procedure and
other appropriate information as to the steps to be taken if the Participant
wishes to have the claim reviewed. If the Company determines that there are
special circumstances requiring additional time to make a decision, the Company
shall notify the Participant of the special circumstances and the date by which
a decision is expected to be made, and may extend the time for up to an
additional ninety-day period.

          17.2 Review Procedure. If a Participant is determined by the Company
not to be eligible for benefits, or if the Participant believes that he or she
is entitled to greater or different benefits, the Participant shall have the
opportunity to have such claim reviewed by the Company by filing a petition for
review with the Company within sixty (60) days after receipt of the notice
issued by the Company. Said petition shall state the specific reasons which the
Participant believes entitle him or her to benefits or to greater or different
benefits. Within sixty (60) days after receipt by the Company of the petition,
the Company shall afford the Participant (and counsel, if any) an opportunity to
present his or her position to the Company orally or in writing, and the
Participant (or counsel) shall have the right to review the pertinent documents.
The Company shall notify the Participant of its decision in writing within the
sixty-day period, stating specifically the basis of its decision, written in a
manner calculated to be understood by the Participant and the specific
provisions of the Plan on which the decision is based. If, because of the need
for a hearing, the sixty-day period is not sufficient, the decision may be
deferred for

                                       16

<PAGE>

up to another sixty-day period at the election of the Company, but notice of
this deferral shall be given to the Participant. In the event of the death of
the Participant, the same procedures shall apply to the Participant's
beneficiaries.

                                       17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]