Document:

EX-10.1

 Exhibit 10.1 
 THE TIMKEN COMPANY 
 1996 DEFERRED COMPENSATION PLAN 

(AS AMENDED AND RESTATED EFFECTIVE DECEMBER 31, 2010) 
 The Timken Company (the “Company”) hereby amends and restates, effective December 31, 2010, its 1996 Deferred Compensation Plan (the “Plan”), which was originally established on
November 3, 1995, amended and restated effective as of April 20, 1999, further amended by Amendment No. 1 and No. 2, and amended and restated effective as of December 31, 2008. The Plan provides key executives with the
opportunity to defer base salary, incentive compensation payments payable in cash or Common Shares, and certain Company contributions, in accordance with the provisions set forth below. 

ARTICLE I 

DEFINITIONS 
 For the purposes of the Plan, the following words and phrases shall have the meanings indicated in this Article I. Certain other words and phrases are defined throughout the Plan and shall have the
meaning so ascribed to them. 
 1. “Account” shall mean a bookkeeping account maintained on behalf of each Participant
pursuant to Section 4 of Article II that is comprised of the Base Salary Subaccount that is credited with Base Salary deferred by a Participant, the Incentive Compensation Subaccount that is credited with cash Incentive Compensation deferred by
a Participant, a Vested Excess Core Contribution Subaccount that is credited with Vested Excess Core Contributions deferred by a Participant, and an Unvested Excess Core Contributions Subaccount that is credited with Unvested Excess Core
Contributions deferred (or deemed deferred) by a Participant. A separate subaccount shall be maintained for Incentive Compensation payable in the form of Common Shares. A Participant’s Account(s) shall be

  

 
further divided into the following subaccounts: (a) a “Pre-2005 Subaccount” for amounts deferred by a Participant as of December 31, 2004 (and earnings and losses thereon) as
determined under Treasury Regulation Section 1.409A-6(a) or any successor provision, and (b) a “Post-2004 Subaccount” for amounts deferred for purposes of Section 409A of the Code by a Participant after December 31,
2004 (and earnings and losses thereon). Amounts in the Pre-2005 Subaccounts are intended to qualify for “grandfathered” status pursuant to Treasury Regulation Section 1.409A-6(a) and therefore they shall be subject to the terms
and conditions specified in the Plan as in effect prior to January 1, 2005. A Participant’s Account(s) shall be credited with earnings as described in Section 4 of Article II of the Plan. 

2. “Base Salary” shall mean the annual fixed or base compensation, payable monthly or otherwise to a Participant. 

3. “Beneficiary” or “Beneficiaries” shall mean the person or persons designated by a Participant in accordance with
the Plan to receive payment of the remaining balance of the Participant’s Account(s) in the event of the death of the Participant prior to receipt of the entire amount credited to the Participant’s Account(s). 

4. “Board” shall mean the Board of Directors of the Company. 

5. “Code” shall mean the Internal Revenue Code of 1986, as amended. 

6. “Change in Control” shall mean that: 

(i) All or substantially all of the assets of the Company are sold or transferred to another corporation or entity, or
the Company is merged, consolidated or reorganized into or with another corporation or entity, with the result that upon conclusion of the transaction less than 51 percent of the outstanding securities entitled to vote generally in the election of
directors or other capital interests of the acquiring corporation or entity is owned, directly or indirectly, by the shareholders of the Company generally prior to the transaction; or 

  
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 (ii) There is a report filed on Schedule 13D or Schedule 14D-1 (or any
successor schedule, form or report thereto), as promulgated pursuant to the Securities Exchange Act of 1934 (the “Exchange Act”), disclosing that any person (as the term “person” is used in Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act) has become the beneficial owner (as the term “beneficial owner” is defined under Rule 13d-3 or any successor rule or regulation thereto under the Exchange Act) of securities representing 30
percent or more of the combined voting power of the then-outstanding voting securities of the Company; or 

(iii) The Company shall file a report or proxy statement with the Securities and Exchange Commission (the
“SEC”) pursuant to the Exchange Act disclosing in response to Item 1 of Form 8-K thereunder or Item 5(f) of Schedule 14A thereunder (or any successor schedule, form, report or item thereto) that a change in control of the Company
has or may have occurred, or will or may occur in the future, pursuant to any then-existing contract or transaction; or 
 (iv) The individuals who constituted the Board at the beginning of any period of two consecutive calendar years cease for any reason to constitute at least a majority thereof unless the nomination for
election by the Company’s shareholders of each new member of the Board was approved by a vote of at least two-thirds of the members of the Board still in office who were members of the Board at the beginning of any such period. 

7. “Committee” shall mean the Compensation Committee of the Board or such other Committee as may be authorized by the Board to
administer the Plan. 

  
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 8. “Common Shares” shall mean shares of common stock without par value of the
Company or any security into which such Common Shares may be changed by reason of any transaction or event of the type referred to in Section 8 of Article II of the Plan. 
 9. “Company” shall mean The Timken Company and its successors, including, without limitation, the surviving corporation resulting from any merger or consolidation of The Timken Company with any
other corporation or corporations. 
 10. “Deferral Election” shall mean the Election Agreement (or portion thereof)
completed by a Participant and filed with the Company that indicates the percentage or dollar amount of his or her Base Salary, Incentive Compensation and/or Excess Core Contributions that is or will be deferred under the Plan for the Deferral
Period. 
 11. “Deferral Period” shall mean the Year that commences after each Election Filing Date, provided
that a Deferral Period with respect to Performance Units and Restricted Stock Units granted under the Long-Term Incentive Plans may be a period of more than one Year. 
 12. “Election Agreement” shall mean an agreement in the form that the Company may designate from time to time that is consistent with the terms of the Plan. 

13. “Election Filing Date” shall mean December 31 of the Year immediately prior to the first day of the Year (or other
Deferral Period described in Section 11 of this Article) for which Base Salary, Incentive Compensation and/or Excess Core Contributions would otherwise be earned. 
 14. “Eligible Associate” shall mean an associate of the Company (or a Subsidiary that has adopted the Plan) who meets the requirements of the following clauses (i) and (ii): 

  
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 (i) the associate is a participant in the Management Performance Plan or the
Senior Executive Management Performance Plan of the Company, and 
 (ii) the associate is a “highly
compensated employee” within the meaning of Section 414(q) of the Code (determined in the same manner determined under the tax-qualified defined contribution plan in which the associate is a participant, if applicable to such plan).

 15. “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

16. “Excess Core Contributions” shall mean “Excess Company Contributions” (other than the Company contributions that
are made with respect to a Participant’s “Excess Deferrals”) as defined in The Timken Company Post-Tax Savings Plan. 
 17. “Forfeitable Right” shall mean the right to payment of Base Salary, Incentive Compensation and/or Excess Core Contributions in a subsequent year that is subject to a forfeiture condition
requiring the Eligible Associate to remain an associate with the Company or a Subsidiary through at least the 12-month anniversary of the date on which the Eligible Associate obtains the legally binding right to the Forfeitable Right. For purposes
of this Section 1.17 and Section 2(ii)(3), a Forfeitable Right will be considered to be subject to a forfeiture condition even if such right to payment could become nonforfeitable upon death, disability (as defined in Treasury Regulation
Section 1.409A-3(i)(4)), or a change in control event (as defined in Treasury Regulation Section 1.409A-3(i)(5)). 

18. “Forfeitable Rights Filing Date” shall mean the date that is 30 days after the date an Eligible Associate first obtains a
legally binding right to a Forfeitable Right. 

  
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 19. “Incentive Compensation” shall mean (i) cash incentive compensation
earned as an associate pursuant to an incentive compensation plan now in effect or hereafter established by the Company, including, without limitation, the Management Performance Plan, the Long-Term Incentive Plans, and “Excess Deferrals”
and “Excess Company Contributions” (other than Excess Core Contributions) as defined in The Timken Company Post-Tax Savings Plan and (ii) incentive compensation payable in the form of Common Shares pursuant to the Long-Term Incentive
Plans (other than restricted shares or options) or any similar plan approved by the Committee for purposes of the Plan. 
 20.
“Incentive Filing Date” shall mean the date six months prior to the end of a performance period with respect to which certain Incentive Compensation is earned. 
 21. “Long-Term Incentive Plans” shall mean The Timken Company Long-Term Incentive Plan or other similar long-term incentive plans, as amended from time to time. 

22. “Participant” shall mean any Eligible Associate who has at any time elected to defer the receipt of Base Salary, Incentive
Compensation, or Excess Core Contributions in accordance with the Plan. 
 23. “Payment Election” shall mean the
Election Agreement (or portion thereof) completed by a Participant and filed with the Company that indicates the time of the commencement of a payment and the form of a payment of that portion of the Participant’s Base Salary, Incentive
Compensation and/or Excess Core Contributions that is deferred pursuant to a Deferral Election under the Plan. 
 24.
“Plan” shall mean this deferred compensation plan, which shall be known as the 1996 Deferred Compensation Plan for The Timken Company. 

  
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 25. “Specified Employee” shall mean a “specified employee” with respect
to the Company (or a controlled group member) determined pursuant to procedures adopted by the Company in compliance with Section 409A of the Code and Treasury Regulation Section 1.409A-1(i) or any successor provision. 

26. “Subsidiary” shall mean any corporation, joint venture, partnership, unincorporated association or other entity in which
the Company has a direct or indirect ownership or other equity interest and directly or indirectly owns or controls more than 50 percent of the total combined voting or other decision-making power. 

27. “Termination of Employment” means a separation from service within the meaning of Treasury Regulation
Section 1.409A-1(h)(1). 
 28. “Unforeseeable Emergency” means an event that results in severe financial hardship
to a Participant resulting from (a) an illness or accident of the Participant or his or her spouse, dependent (as defined in Section 152(a) of the Code), or Beneficiary, (b) loss of the Participant’s property due to casualty, or
(c) other similar extraordinary and unforeseeable circumstances arising as of result of events beyond the control of the Participant. 
 29. “Unvested Excess Core Contribution” shall mean an Excess Core Contribution made with respect to an Eligible Associate who has less than three Years of Service as of the date such
contribution is made. 
 30. “Vested Excess Core Contribution” shall mean an Excess Core Contribution made with
respect to an Eligible Associate who has at least three Years of Service as of the date such contribution is made. 
 31.
“Year” shall mean a calendar year. 

  
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 32. “Years of Service” shall mean “Years of Service” as defined in and
determined under The Timken Company Savings and Investment Plan. 
 ARTICLE II 

ELECTION TO DEFER 

1. Eligibility. An Eligible Associate may make an annual Deferral Election to defer receipt of all or a specified part of his or
her Base Salary, Incentive Compensation, or Vested or Unvested Excess Core Contributions for any Deferral Period in accordance with Section 2 of this Article. Subject to Section 3(iv) of this Article, an Eligible Associate who makes a
Deferral Election must also make a Payment Election with respect to the amount deferred in accordance with Section 3 of this Article. An Eligible Associate’s entitlement to defer shall cease on the last day of the Deferral Period in which
he or she ceases to be an Eligible Associate. 
 2. Deferral Elections. All Deferral Elections, once effective, shall be
irrevocable, shall be made on an Election Agreement filed with the Director – Total Rewards of the Company (or other Company administrative representative as may be designated by the Committee), and shall comply with the following requirements:

 (i) The Deferral Election on the Election Agreement shall specify the percentage or the dollar amount of a
Participant’s Base Salary, Incentive Compensation and/or Excess Core Contributions that is to be deferred. 

(ii) The Deferral Election shall be made by, and shall be effective as of, the applicable Election Filing Date, except as
provided in the following clauses (1), (2), or (3): 

  
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 (1) To the extent permitted by Section 409A of the Code, the Company
may permit Eligible Associates to make a Deferral Election with respect to Incentive Compensation that constitutes “performance-based compensation” (within the meaning of Section 409A(a)(4)(B)(iii) of the Code) at a time later than
the Election Filing Date but no later than the Incentive Filing Date, and in such event, the Deferral Election shall be effective as of such Incentive Filing Date. If Incentive Compensation with respect to which an Eligible Associate has made a
Deferral Election under this Section 2(ii)(1) is paid without satisfaction of the applicable performance criteria upon death, disability (as defined in Treasury Regulation Section 1.409A-1(e)(1)), or a change in control event (as defined
in Treasury Regulation Section 1.409A-3(i)(5)(i)), such Deferral Election will only be given effect if the Deferral Election could have been made pursuant to a provision of the Plan other than this Section 2(ii)(1). 

(2) An employee who first becomes an Eligible Associate during the course of a Year, rather than as of the applicable
Election Filing Date, may make a Deferral Election with respect to Base Salary, Incentive Compensation and/or Excess Core Contributions within thirty days following the date the employee first becomes eligible to participate in the Plan. Such
Deferral Election shall be effective on the date made and, unless Section 2(ii)(1) or 2(ii)(3) applies, shall be effective with regard to Base Salary, Incentive Compensation and/or Excess Core Contributions (whichever is elected for deferral by
the Participant) earned during such Year following the filing of the Election Agreement with the Company, as determined pursuant to the pro-ration method permitted under Section 409A of the Code. For purposes of the preceding sentence, where an
individual has ceased being eligible to participate in the Plan (other than the accrual of earnings), 

  
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regardless of whether all amounts deferred under the Plan have been paid, and subsequently becomes eligible to participate in the Plan again, the individual shall be treated as being initially
eligible to participate in the Plan if the individual had not been eligible to participate in the Plan (other than the accrual of earnings) at any time during the twenty-four month period ending on the date the individual again becomes eligible to
participate in the Plan. 
 (3) To the extent permitted by Section 409A of the Code, the Company may permit
an Eligible Associate to make a Deferral Election with respect to a Forfeitable Right no later than the Forfeitable Rights Filing Date so long as such Forfeitable Right remains subject to a forfeiture condition through the 12-month anniversary of
the date on which the Eligible Associate makes such Deferral Election. In such event, the Deferral Election shall be effective as of such Forfeitable Rights Filing Date. If a Forfeitable Right with respect to which an Eligible Associate has made a
Deferral Election under this Section 2(ii)(3) becomes nonforfeitable upon death, disability (as defined in Treasury Regulation Section 1.409A-3(i)(4)), or a change in control event (as defined in Treasury Regulation
Section 1.409A-3(i)(5)) prior to the 12-month anniversary of the date on which the Eligible Associate made such Deferral Election, such Deferral Election will only be given effect if the Deferral Election could have been made pursuant to a
provision of the Plan other than this Section 2(ii)(3). 
 (iii) Notwithstanding the foregoing provisions
of Section 2 of this Article, an Eligible Associate with less than three Years of Service as of the date of an Excess Core Contribution shall elect, or (in the absence of a properly filed Election Agreement shall

  
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be deemed to have elected), to defer all of his or her Unvested Excess Core Contribution for a Year (and any Election Agreement to the contrary shall be disregarded and treated as not properly
filed hereunder). 
 (iv) Subject to Section 3(iv) of this Article, in order to revoke or modify a Deferral
Election with respect to Base Salary, Incentive Compensation and/or Excess Core Contributions for any particular Year, a revocation or modification must be delivered to the Director – Total Rewards of the Company (or other Company
administrative representative as was previously designated by the Committee) prior to the Election Filing Date, Forfeitable Rights Filing Date or the Incentive Filing Date (as applicable). 

3. Payment Elections. Subject to Sections 3(iv), 5, 6, and 7 of this Article, all Payment Elections are irrevocable, shall be made
on an Election Agreement filed with the Director – Total Rewards of the Company (or other Company administrative representative as may be designated by the Committee), and shall comply with the following requirements: 

(i) Each Participant shall make a separate Payment Election with respect to his or her Base Salary, Incentive
Compensation, and Excess Core Contributions that the Participant defers for the Deferral Period pursuant to the applicable Deferral Election. 
 (ii) Each Payment Election shall contain the Participant’s elections regarding the time at which the payment of amounts deferred pursuant to the specific Deferral Election shall commence. 

(1) A Participant may elect to commence payment upon either (A) the date the Participant incurs a Termination of
Employment for any reason (other than by reason of death), including, without limitation, by reason of 

  
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retirement or (B) the date otherwise specified by the Participant in the Election Agreement, including a date determined by reference to the date the Participant incurs a Termination of
Employment for any reason (other than by reason of death), including, without limitation, by reason of retirement; provided, however, that with respect to the deferral of any Unvested Excess Core Contributions, payment shall not
commence any sooner than the date on which the Eligible Associate has achieved three Years of Service. 
 (2)
Subject to Section 3(vi) of this Article, payments made in accordance with the Participant’s election under Section 3(ii)(1)(A) of this Article shall be paid or commence to be paid within 90 days following the Termination of
Employment and payments made in accordance with the Participant’s election under Section 3(ii)(1)(B) of this Article shall be paid or commence to be paid within 90 days following the date specified in the Election Agreement,
provided that, in either case, the Participant shall not have the right to designate the year of payment. 
 (iii) Each Payment Election shall contain the Participant’s elections regarding the form of payment of the amount of his or her Base Salary, Incentive Compensation, and Excess Core Contributions that
the Participant deferred for the Deferral Period pursuant to his or her Deferral Election. 
 (1) A Participant
may elect to receive payment in one of the following forms: (A) a single, lump sum payment; (B) in a number of approximately equal quarterly installments, not to exceed 40, as designated by the Participant in his or her Election Agreement;
or (C) subject to the approval of the 

  
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Director—Total Rewards of the Company (or other Company administrative representative as may be designated by the Committee) at the time the Participant makes his or her Payment Election,
pursuant to an alternate payment schedule designated by the Participant in his or her Election Agreement. 
 (2)
In the event that a Participant’s deferral of Base Salary, Incentive Compensation, and Excess Core Contributions pursuant to his or her Payment Election is payable in quarterly installments, all of the quarterly installments during the
installment period shall be approximately equal in amount. The amount of the unpaid installment payments remaining in the Participant’s Account(s) that is (a) attributable to the deferral of cash compensation shall continue to bear
interest as provided in Section 4(i) of this Article and (b) attributable to the deferral of Incentive Compensation payable in the form of Common Shares shall continue to be credited with dividends, distributions and interest thereon as
provided in Section 4(iv) of this Article. 
 (iv) If in the case of a Vested Excess
Core Contribution an Eligible Associate fails to timely file an Election Agreement, the Company, within 2
 1/2 months after the close of the Year during which
the Vested Excess Core Contribution was earned, shall pay to the Eligible Associate in a lump sum an amount equal to the Vested Excess Core Contribution without interest. If in the case of an Unvested Core Contribution an Eligible Associate fails to
file properly an Election Agreement, the Eligible Associate nevertheless shall be deemed as if the Eligible Associate had timely filed an Election Agreement electing a lump sum payment to be made within 2  1/2 months after the close of the Year during which the Eligible
Associate achieved three Years of Service, or if 

  
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earlier, the close of the Year during which the Eligible Associate incurs a Termination of Employment due to death, Disability (as defined in the Savings and Investment Pension Plan) or
Retirement (as defined in the Savings and Investment Pension Plan). 
 (v) Subject to Section 3(iv) of this
Article, if the Payment Elections are not made by the applicable Election Filing Date, Forfeitable Rights Filing Date, or Incentive Filing Date, as the case may be, or are insufficient to be deemed effective as of such date, then a
Participant’s Deferral Election shall be null and void. 
 (vi) Notwithstanding the foregoing provisions of
Section 3 of this Article, if the Participant is a Specified Employee, then any payment on account of Termination of Employment that was scheduled to commence during the six-month period immediately following the Participant’s Termination
of Employment shall commence on the first day of the seventh month after such Termination of Employment (or, if earlier, the date of death). Any payments on account of Termination of Employment that are scheduled to be paid more than six months
after such Participant’s Termination of Employment shall not be delayed and shall be paid in accordance with provisions of Section 3(iii) of this Article. 

  
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 4. Accounts. 

(i) Cash compensation that a Participant elects to defer shall be treated as if it were set aside in an Account on the
date the Base Salary or Incentive Compensation would otherwise have been paid to the Participant. The Base Salary and Incentive Compensation Subaccounts will be credited with interest computed quarterly (based on calendar quarters) on the lowest
balance in such Subaccounts during each quarter at such rate and in such manner as determined from time to time by the Committee. Unless otherwise determined by the Committee, interest to be credited hereunder shall be credited at the prime rate in
effect according to the Wall Street Journal on the last day of each calendar quarter plus one percent. Interest for a calendar quarter shall be credited to the Base Salary and Incentive Compensation Subaccounts as of the first day of the following
quarter. 
 (ii) An Excess Core Contribution that a Participant defers under the Plan shall be treated as if it
was credited to the Participant’s Account on the date the Excess Core Contribution is made. An Excess Core Contributions Subaccount shall be credited with interest computed quarterly (based on calendar quarters) on the lowest balance in the
Excess Core Contributions Subaccount during each quarter at such rate and in such manner as determined from time to time by the Committee. Unless otherwise determined by the Committee, interest to be credited hereunder shall be credited at the prime
rate in effect according to the Wall Street Journal on the last day of each calendar quarter plus one percent. Interest for a calendar quarter shall be credited to the Excess Core Contributions Subaccount as of the first day of the following
quarter. 

  
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 (iii) If as of the date of a Participant’s Termination of Employment
the Participant has not achieved three Years of Service, the Participant shall forfeit his or her Unvested Excess Core Contributions Subaccount, including any interest credited to such Subaccount. Notwithstanding the preceding sentence, a
Participant shall not forfeit his or her Unvested Excess Core Contributions Subaccount if the Participant’s Termination of Employment is due to death, Disability (as defined in the Savings and Investment Pension Plan) or Retirement (as defined
in the Savings and Investment Pension Plan). 
 (iv) Incentive Compensation payable in the form of Common shares
that a Participant elects to defer shall be reflected in a separate Account, which shall be credited with the number of Common Shares that would otherwise have been issued or transferred and delivered to the Participant. Such Account, following any
applicable vesting period, shall be credited from time to time with amounts equal to dividends or other distributions paid on the number of Common Shares reflected in such Account, and such Account shall be credited with interest on cash amounts
credited to such Account from time to time in the manner provided in Subsection (i) above. 
 (v) Except as
described in Section 4(iii) of this Article, a Participant’s Account shall be nonforfeitable. 
 5. Death of a
Participant. In the event of the death of a Participant, the amount of the Participant’s Account(s) shall be paid to the Beneficiary or Beneficiaries designated in a writing on a form that the Company may designate from time to time (the
“Beneficiary Designation”), in a lump sum within 90 days of the day of death; provided that the Beneficiary or Beneficiaries shall not have the right to designate the year of payment. A Participant’s Beneficiary Designation may
be changed at any time prior to his or her death by the 

  
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execution and delivery of a new Beneficiary Designation. The Beneficiary Designation on file with the Company that bears the latest date at the time of the Participant’s death shall govern.
In the absence of a Beneficiary Designation or the failure of any Beneficiary to survive the Participant, the amount of the Participant’s Account(s) shall be paid to the Participant’s estate in a lump sum within 90 days of the day of
death; provided that the representative of the estate shall not have the right to designate the year of payment. In the event of the death of the Beneficiary or Beneficiaries after the death of a Participant, the remaining amount of
the Account(s) shall be paid in a lump sum to the estate of the last Beneficiary to receive payments within 90 days of the day of death; provided that the representative of the estate shall not have the right to designate the year of
payment. 
 6. Small Payments. Notwithstanding the foregoing provisions of this Article II, if upon the applicable
distribution date the Participant’s total balance in his or her Account(s), in addition to the balances and accounts under and any other agreements, methods, programs, plans or other arrangements with respect to which deferrals of compensation
are treated as having been deferred under a single nonqualified deferred compensation plan with the account balances under the Plan under Treasury Regulation Section 1.409A-1(c)(2) (the “Aggregate Account Balance”), is less than
$5,000, then the amount of the Participant’s Aggregate Account Balance may, at the discretion of the Company, be paid in a lump sum. 
 7. Accelerations. Notwithstanding the foregoing provisions of this Article II: 
 (i) If a Change in Control occurs, the total amount of each Participant’s Base Salary Subaccount, Incentive Compensation Subaccount, and Vested Excess Core Contribution Subaccount shall immediately
be paid to the Participant in the form of a single, lump sum payment, provided that if such Change in Control does not constitute a 

  
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“change in the ownership or effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of
Section 409A(a)(2)(A)(v) of the Code and Treasury Regulation Section 1.409A-3(i)(5), or any successor provision, then payment shall be made, to the extent necessary to comply with the provisions of Section 409A of the Code, to the
Participant on the date (or dates) the Participant would otherwise be entitled to a distribution (or distributions) in accordance with the provisions of the Plan. 

(ii) In the event of an Unforeseeable Emergency and at the request of a Participant or Beneficiary, the Committee may in
its sole discretion accelerate the payment to the Participant or Beneficiary of all or a part of his or her Account(s). Payments of amounts as a result of an Unforeseeable Emergency may not exceed the amount necessary to satisfy such Unforeseeable
Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution(s), after taking into account the extent to which the hardship is or may be relieved through reimbursement or compensation by insurance or otherwise
by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). 
 8. Adjustments. The Committee may make or provide for such adjustments in the numbers of Common Shares credited to Participants’ Account, and in the kind of shares so credited, as the
Committee in its sole discretion, exercised in good faith, may determine is equitably required to prevent dilution or enlargement of the rights of Participants that otherwise would result from (i) any stock dividend, stock split, combination of
shares, recapitalization or other change in the capital structure of the Company, or (ii) any merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of

  
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assets, issuance of rights or warrants to purchase securities, or (iii) any other corporate transaction or event having an effect similar to any of the foregoing. Moreover, in the event of
any such transaction or event, the Committee, in its discretion, may provide in substitution for any or all Common Shares deliverable under the Plan such alternative consideration as it, in good faith, may determine to be equitable in the
circumstances. 
 9. Fractional Shares. The Company shall not be required to issue any fractional Common Shares pursuant
to the Plan. The Committee may provide for the elimination of fractions or for the settlement of fractions in cash. 
 ARTICLE
III 
 ADMINISTRATION 
 1. Administration. The Company, through the Committee, shall be responsible for the general administration of the Plan and for carrying out the provisions hereof. The Committee shall have all such
powers as may be necessary to carry out the provisions of the Plan, including the power to (i) determine all questions relating to eligibility for participation in the Plan and the amount in the Account or Accounts of any Participant and all
questions pertaining to claims for benefits and procedures for claim review, (ii) resolve all other questions arising under the Plan, including any questions or construction, and (iii) take such further action as the Company shall deem
advisable in the administration of the Plan. The actions taken and the decisions made by the Committee hereunder shall be final and binding upon all interested parties. It is intended that all Participant elections hereunder shall comply with
Section 409A of the Code. The Committee is authorized to adopt rules or regulations deemed necessary or appropriate in connection therewith to anticipate and/or comply with the requirements thereof (including any transition rules thereunder).

  
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 2. Claims Procedures. Whenever there is denied, whether in whole or in part, a claim
for benefits under the Plan filed by any person (herein referred to as the “Claimant”), the Committee shall transmit a written notice of such decision to the Claimant within 90 days of receiving the claim from the Claimant, which notice
shall be written in a manner calculated to be understood by the Claimant and shall contain a statement of the specific reasons for the denial of the claim, a reference to the relevant Plan provisions, a description and explanation of additional
information needed, and a statement advising the Claimant that, within 60 days of the date on which he or she receives such notice, he or she may obtain review of such decision in accordance with the procedures hereinafter set forth. Within such
60-day period, the Claimant or the Claimant’s authorized representative may request that the claim denial be reviewed by filing with the Committee a written request therefor, which request shall contain the following information: 

(i) the date on which the Claimant’s request was filed with the Committee; provided, however, that the
date on which the Claimant’s request for review was in fact filed with the Committee shall control in the event that the date of the actual filing is later than the date stated by the Claimant pursuant to this paragraph; 

(ii) the specific portions of the denial of the claim which the Claimant requests the Committee to review; 

(iii) a statement by the Claimant setting forth the basis upon which the Claimant believes the Committee should reverse
the previous denial of the Claimant’s claim for benefits and accept the claim as made; and 

  
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 (iv) any written material (offered as exhibits) which the Claimant desires
the Committee to examine in its consideration of the Claimant’s position as stated pursuant to clause (iii) above. 
 Within 60 days
of the date determined pursuant to clause (i) above, the Committee shall conduct a full and fair review of the decision denying the Claimant’s claim for benefits. Within 60 days of the date of such hearing, the Committee shall render its
written decision on review, written in a manner calculated to be understood by the Claimant and including the reasons and Plan provisions upon which its decision was based, a statement that the Claimant is entitled to receive, upon request and free
of charge, reasonable access to and copies of all documents and other information relevant to the claim, and a statement describing the Claimant’s right to bring an action under Section 502(a) of ERISA. 

ARTICLE IV 

AMENDMENT AND TERMINATION 
 The Company reserves the right to amend or terminate the Plan at any time by action of the Board; provided, however, that no such action shall adversely affect any Participant or Beneficiary
who has an Account, or result in the acceleration of payment of the amount of any Account (except as otherwise permitted under the Plan), without the consent of the Participant or Beneficiary; (provided, however, that the consent
requirement of Participants or Beneficiaries to certain actions shall not apply to any amendment or termination made by the Company pursuant to Section 8(iii) of Article V). Notwithstanding the preceding sentence, the Committee, in its sole
discretion, may terminate the Plan to the extent and in circumstances described in Treasury Regulation Section 1.409A-3(j)(4)(ix), or any successor provision. 

  
 - 21 -

 ARTICLE V 
 MISCELLANEOUS 
 1. Non-alienation of Deferred Compensation. Except
as permitted by the Plan and subject to Section 8(ii) of this Article V, no right or interest under the Plan of any Participant or Beneficiary shall, without the written consent of the Company, be (i) assignable or transferable in any
manner, (ii) subject to alienation, anticipation, sale, pledge, encumbrance, attachment, garnishment or other legal process or (iii) in any manner liable for or subject to the debts or liabilities of the Participant or Beneficiary.

 2. Participation by Associates of Subsidiaries. An Eligible Associate who is employed by a Subsidiary and elects to
participate in the Plan shall participate on the same basis as an associate of the Company. The Account or Accounts of a Participant employed by a Subsidiary shall be paid in accordance with the Plan solely by such Subsidiary to the extent
attributable to Base Salary or Incentive Compensation that would have been paid by such Subsidiary in the absence of deferral pursuant to the Plan. 
 3. Interest of Associate. The obligation of the Company under the Plan to make payment of amounts reflected in an Account merely constitutes the unsecured promise of the Company to make payments
from its general assets or in the form of its Common Shares, as the case may be, as provided herein, and no Participant or Beneficiary shall have any interest in, or a lien or prior claim upon, any property of the Company. Further, no Participant or
Beneficiary shall have any claim whatsoever against any Subsidiary for amounts reflected in an Account. Nothing in the Plan shall be construed as guaranteeing future employment to Eligible Associates and nothing in the Plan shall be considered in
any manner a contract of employment. It is the intention of the Company that the Plan be unfunded for tax purposes of Title I of ERISA. The Company may create a trust to hold funds, Common Shares or other securities to be used in

  
 - 22 -

 
payment of its obligations under the Plan, and may fund such trust; provided, however, that any funds contained therein shall remain liable for the claims of the Company’s
general creditors and provided, further, that no amount shall be transferred to trust if, pursuant to Section 409A of the Code, such amount would, for purposes of Section 83 of the Code, be treated as property transferred in
connection with the performance of services. 
 4. Claims of Other Persons. The provisions of the Plan shall in no event
be construed as giving any other person, firm or corporation any legal or equitable right as against the Company or any Subsidiary or the officers, employees or directors of the Company or any Subsidiary, except any such rights as are specifically
provided for in the Plan or are hereafter created in accordance with the terms and provisions of the Plan. 
 5.
Severability. The invalidity and unenforceability of any particular provision of the Plan shall not affect any other provision hereof, and the Plan shall be construed in all respects as if such invalid or unenforceable provision were omitted
herefrom. 
 6. Governing Law. Except to the extent preempted by federal law, the provisions of the Plan shall be
governed and construed in accordance with the laws of the State of Ohio. 
 7. Relationship to Other Plans. The Plan is
intended to serve the purposes of and to be consistent with the Long-Term Incentive Plans and any similar plan approved by the Committee for purposes of the Plan. The issuance or transfer of Common Shares pursuant to the Plan shall be subject in all
respects to the terms and conditions of the Long-Term Incentive Plans and any other such plan. Without limiting the generality of the foregoing, Common Shares credited to the Account(s) of Participants pursuant to the Plan as Incentive Compensation
shall be taken into account for purposes of Section 3 of the Long-Term Incentive Plans (Shares Available Under the Plans) and for purposes of the corresponding provisions of any other such plan. 

  
 - 23 -

 8. Compliance with Section 409A of the Code. 

(i) To the extent applicable, it is intended that the Plan (including all amendments thereto) comply with the provisions
of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Participant or a Beneficiary. The Plan shall be administered in a manner consistent with this intent. In furtherance
of, but without limiting the generality of the foregoing, amounts in the Pre-2005 Subaccounts, which are intended to qualify for “grandfathered” status pursuant to Treasury Regulation Section 1.409A-6(a), shall not be subject to the
provisions of Section 409A of the Code and shall be governed by the terms and conditions specified in the Plan as in effect prior to January 1, 2005. 
 (ii) Neither a Participant nor any of a Participant’s creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A of the Code)
payable under the Plan to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment, provided that to the extent permitted by Section 409A of the Code, payment of part or all of a
Participant’s interest under the Plan may be made to an individual other than the Participant to the extent necessary to fulfill a domestic relations order as defined in Section 414(p)(1)(B) of the Code. Except as permitted under
Section 409A of the Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to a Participant or for a Participant’s benefit under the Plan may not be reduced by, or offset against, any amount owing by
a Participant to the Company or any of its affiliates. 

  
 - 24 -

 (iii) Notwithstanding any provision of the Plan to the contrary, in light of
the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to the Plan as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under
Section 409A of the Code. In any case, a Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or for a Participant’s Account in connection with the Plan
(including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold a Participant harmless from any or all of such taxes or penalties.

 9. Headings; Interpretation. 
 (i) Headings in the Plan are inserted for convenience of reference only and are not to be considered in the construction of the provisions hereof. 

(ii) Any reference in the Plan to Section 409A of the Code will also include any applicable proposed, temporary, or
final regulations or any other applicable formal guidance promulgated with respect to such Section 409A of the Code by the U.S. Department of Treasury or the Internal Revenue Service. Further, any specific reference to a Code section or a
Treasury Regulation section shall include any successor provision of the Code or the Treasury Regulation, as applicable. 
 (iii) For purposes of the Plan, the phrase “permitted by Section 409A of the Code,” or words or phrases of similar import, shall mean that the event or circumstance that may occur or exist
only if permitted by Section 409A of the Code would not cause an amount deferred or payable under the Plan to be includible in the gross income of a Participant or Beneficiary under Section 409A(a)(1) of the Code. 

  
 - 25 -EX-10.2

 Exhibit 10.2 
 AMENDED AND RESTATED 
 SUPPLEMENTAL PENSION PLAN 

OF THE TIMKEN COMPANY 
 (Amended and Restated Effective as of January 1, 2011) 
 The Timken Company
(“Timken”), 1835 Dueber Avenue, S. W., Canton, Ohio 44706, EIN 34-0577130, and its wholly-owned subsidiaries MPB Corporation, and The Timken Corporation (collectively the “Company”) hereby amend and restate the Supplemental
Pension Plan of The Timken Company (the “Supplemental Plan”), originally effective May 14, 1979, for the following purpose and in accordance with the provisions as set forth below. Two prior amendments and restatements of the
Supplemental Plan were effective as of January 1, 2009. This amendment and restatement of the Supplemental Plan is effective as of January 1, 2011. 
  

	1.	Purpose 

 The purpose of
the Supplemental Plan is to provide for, on or after the effective date hereof, the payment of supplemental retirement benefits: 
 (a) to those participants of certain qualified defined benefit plans of the Company whose benefits payable under such qualified defined benefit plans of the Company are subject to certain benefit
limitations imposed by ERISA and Section 401 and Section 415 of the Code (collectively referred to as “Code Limitations”); and 
 (b) to certain employees of the Company who have Employee Excess Benefits Agreements (“Excess Agreements”) in effect with the Company. 

 

	2.	Eligibility 

 Each of the
following individuals shall be eligible for benefits under the Supplemental Plan and shall be known as a “Participant”: 

 (a) Members of or participants in (i) The Timken Company Retirement
Plan for Salaried Employees, (ii) prior to January 1, 2012, the 1984 Retirement Plan for Salaried Employees of The Timken Company, and (iii) the TLMT Plan but only to the extent the members or participants are members or participants
pursuant to Part Seven, Part Eight, Part Ten (other than Kilian Participants, as defined in Part Ten), and, effective January 1, 2012, Part Fifteen of the TLMT Plan (the plans, or portions of plans, identified in clauses (i), (ii) and
(iii) being collectively the “Qualified Plan”), other than participants described in paragraph 2(c), who are eligible for a retirement benefit other than a deferred vested pension and whose retirement benefits under the Qualified Plan
are limited pursuant to the Code Limitations; 
 (b) (i) Former employees of the Company who separated from the
service of the Company, and (ii) current employees of the Company who separate from the service of the Company, in each case under circumstances which the Company, in its sole discretion, deems to be for mutually satisfactory reasons and in
each case with eligibility for a deferred vested pension and whose retirement benefits under the Qualified Plan are limited by the Code Limitations; and 
 (c) Employees of the Company who have Excess Agreements currently in effect with the Company. 
  

	3.	Incorporation of the Qualified Plan 

 The Qualified Plan, with any amendments thereto is hereby incorporated by reference into and shall be a part of the Supplemental Plan as fully as if set forth herein. Any future amendment made to the
Qualified Plan shall be also incorporated by reference into and form a part of the Supplemental Plan, effective as of the effective date of such amendment. The Qualified Plan, whenever referred to in the Supplemental Plan, shall mean such Qualified
Plan as it exists as of the date any determination is made of benefits payable under the Supplemental Plan. All terms used herein shall have the meanings assigned to them under the provisions of the

  
 -2-

 
Qualified Plan unless otherwise qualified by the context of the Supplemental Plan. If there is any conflict between the provisions of the Qualified Plan and the provisions of the Supplemental
Plan, the provisions of the Supplemental Plan will govern. 
  

	4.	Amount of Benefit 

 (a) The benefit payable to a Participant described in paragraphs 2(a) or (b) under the Supplemental Plan shall be equal to the excess, if any, of: 

 

	 	(i)	The benefit which would have been payable to such Participant under the Qualified Plan, if the provisions of the Qualified Plan were administered without regard to the
Code Limitations, over 

  

	 	(ii)	 The benefit which is in fact payable to such Participant under the Qualified Plan. Such benefits payable under the Supplemental Plan to any Participant
shall be computed in accordance with the foregoing using the normal form of payment under the Qualified Plan and with the objective that such Participant should receive under the Supplemental Plan and the Qualified Plan the total amount which would
otherwise have been payable to that Participant solely under the Qualified Plan had not the Code Limitations been applicable thereto. The Participant’s benefit under the Supplemental Plan will be paid in the form provided under paragraph 5(a).
If any portion of a Participant’s benefit under the Qualified Plan is not payable at the same time the Participant’s benefit under the Supplemental Plan is payable, for purposes of this paragraph 4, the corresponding portion of the benefit
under the Supplemental Plan shall be determined by calculating that portion of the benefit that would be payable under the Supplemental 

  
 -3-

	 	
Plan and Qualified Plan at age 65 and then actuarially reducing such benefit from age 65 to the commencement date provided under the Supplemental Plan in accordance with paragraph 5(b). Any
actuarial adjustments under this paragraph 4 shall be based on the Plan Assumptions and, for this purpose, the determinations made under this paragraph 4(a) will be made in the calendar year in which the Participant has a separation from service (as
defined in paragraph 5). 

 (b) The benefit payable to a Participant described in paragraph 2(c)
under the Supplemental Plan shall be the benefit described in such Participant’s Excess Agreement. 
 (c)

  

	 	(i)	If a Participant dies prior to commencement of the Participant’s benefit payments pursuant to paragraph 5(b) and the Participant has a Spouse on his or her date of
death who is not eligible for a benefit under an Excess Agreement, the Supplemental Plan shall pay to the Participant’s Spouse an amount equal to the difference between the monthly pension the Spouse would be entitled to receive under the
Qualified Plan, were it not for the Code Limitations, and the monthly pension the Spouse will actually receive under the Qualified Plan. Notwithstanding the foregoing, if the Participant’s Lump Sum Beneficiary is entitled to receive a benefit
under paragraph 4(c)(ii), the Participant’s Spouse is not entitled to receive any benefit under this paragraph 4(c)(i). 

  
 -4-

	 	(ii)	If a Participant who is eligible for a benefit described in paragraph 4(a) and who has elected a Lump Sum Option pursuant to a Subsequent Election, dies after the date
the Participant’s benefit would have commenced but for such Subsequent Election and prior to the Delayed Payment Date, the Supplemental Plan shall pay to the Participant’s Lump Sum Beneficiary an amount equal to the benefit that the
Participant would have received had the Participant commenced his benefit one day prior to his death (such amount to include any interest accrued up to the Participant’s date of death as provided under paragraph 5(a)(iv)(D)).

  

	5.	Payment of Benefits 

  

	 	(a)	Form of Payment. 

  

	 	(i)	Participants. Subject to the provisions of any domestic relations order described in paragraph 7(b), the benefits payable to Participants described in paragraphs
2(a), (b) or (c) (unless otherwise provided in an Excess Agreement with a Participant) under the Supplemental Plan shall be paid in the form of a monthly annuity for the life of the Participant (a “Life Annuity”) if the
Participant does not have an Initial Election or Subsequent Election for the Lump Sum Option in effect. In lieu of receiving his or her benefit in the form of a Life Annuity, at any time prior to the date benefit payments are to commence in the form
of a Life Annuity in accordance with paragraph 5(b) or the Excess Agreement, if applicable, a Participant described in paragraphs 2(a), (b) or (c) (if provided for in the Excess Agreement with Participant) may elect, on a written form
acceptable to the Company, to receive his or her benefit in one of the following forms (the “Optional Forms”), each of which are actuarially equivalent to the Life Annuity: 

  
 -5-

	 	(A)	Joint Pension Option. The Joint Pension Option provides for monthly benefit payments to the Participant during his or her lifetime and thereafter to the
Participant’s duly named joint pensioner, who shall be a natural person. The amount of each benefit payment to the Participant will be reduced so that the joint pensioner after the Participant’s death will receive a monthly benefit
equivalent to 25%, 50%, 75% or 100%, as elected by the Participant at the time the Joint Pension Option is elected, of the monthly benefit paid to the Participant during his or her lifetime. If the joint pensioner dies after benefit payments to the
Participant have started, the benefits will only be payable for the Participant’s lifetime. 

  

	 	(B)	Ten Year Certain and Continuous Pension Option. The Ten Year Certain and Continuous Pension Option provides monthly pension payments to the Participant during
his lifetime and if he dies after benefit payments have started but before receiving 120 benefit payments, the remainder of the 120 monthly benefit payments will be paid to the Participant’s beneficiary monthly. 

If a Participant elects an Optional Form that provides for a benefit to a joint pensioner or beneficiary, such joint pensioner or
beneficiary shall be designated at the time the Participant elects such Optional Form. If a Participant has a DOMA Spouse and wants to designate a joint pensioner or beneficiary other than his or her DOMA Spouse, such designation will

  
 -6-

 
not take effect unless (i) the Participant’s DOMA Spouse consents in writing to such election, the election designates a beneficiary or a form of benefits which may not be changed
without spousal consent (or the consent of the DOMA Spouse expressly permits designations by the Participant without any requirement of further consent by the DOMA Spouse), and the DOMA Spouse’s consent acknowledges the effect of such election
and is witnessed by a Plan representative or a notary public, or (ii) it is established to the satisfaction of a Plan representative that the consent required under (i) cannot be obtained because there is no DOMA Spouse, because the DOMA
Spouse cannot be located, or because of such other circumstances as the Secretary of the Treasury may prescribe by regulations. Any consent by a DOMA Spouse or establishment that the consent of a DOMA Spouse may not be obtained shall be effective
only with respect to such DOMA Spouse. 
  

	 	(ii)	Surviving Spouse and Lump Sum Beneficiary. Subject to paragraphs 5(a)(iii) and 5(a)(iv), any benefit payable to a surviving Spouse pursuant to paragraph 4(c)(i),
shall be paid in the form of a monthly annuity for the life of the surviving Spouse. Any benefit payable to a Lump Sum Beneficiary pursuant to paragraph 4(c)(ii) shall be paid in a single, lump sum cash payment. 

  
 -7-

	 	(iii)	Election of Lump Sum Option Upon Initial Eligibility. 

  

	 	(A)	Any Participant who is described in paragraphs 2(a) or (b) and who first accrues a benefit under the Supplemental Plan on and after January 1, 2011, may make
an initial election, subject to the requirements of clause (B), below to receive his or her benefit and to provide that his or her Spouse will receive any Spouse’s benefit under the Supplemental Plan in the form of a single, lump sum, cash
payment determined using the Plan Assumptions (a “Lump Sum Option”) in lieu of receiving the benefits in the forms provided for under paragraphs 5(a)(i) and 5(a)(ii). Any such election that does not meet all of the requirements of
this paragraph 5(a)(iii) shall not be valid and, in such case, such election shall be disregarded. A Participant’s or Spouse’s benefit paid in a Lump Sum Option will be the actuarial equivalent (determined in the calendar year benefits
commence, or would commence but for any delay pursuant to paragraph 5(c), using the Plan Assumptions) of the Participant’s or Spouse’s benefit payable in the form a monthly annuity for the life of the Participant (for the
Participant’s benefit) or the life of the Spouse (for the Spouse’s benefit) and commencing on the date specified in paragraph 5(b). 

  

	 	(B)	 A Participant may only make an election described under paragraph 5(a)(iii)(A) if the election (1) is completed, in writing, signed by the
Participant, in a form acceptable to the Administrator, and (2) is received by the Plan Administrator no later than 30 days after the first day of the Participant’s tax year immediately following the first year the Participant accrues a

  
 -8-

	 	
benefit under the Supplemental Plan. Any election made under this paragraph 5(a)(iii) will be irrevocable on the date the fully completed election form is received by the Administrator.

  

	 	(iv)	Subsequent Election of Lump Sum Option. 

  

	 	(A)	Each Plan Year, Timken may, in its discretion, designate a period of time during which a Participant described in paragraphs 2(a), (b) or (c) (unless
otherwise provided in an Excess Agreement), who is an employee of the Company on or after January 1, 2011 and who did not make an Initial Lump Sum Election, may make an election, subject to the requirements of clauses (B) and
(C) below, to receive his or her benefit and to provide that his or her Spouse will receive any Spouse’s benefit under the Supplemental Plan or, if applicable, the Excess Agreement, in the form of a Lump Sum Option in lieu of receiving the
benefits in the forms provided for under paragraphs 5(a)(i) 5(a)(ii) and, if applicable, the forms provided under the Excess Agreement. 

  

	 	(B)	 A Participant’s election described under paragraph 5(a)(iv)(A) must be filed with the Administrator, in writing, signed by the Participant, in a
form acceptable to the Administrator (which for a Participant described in paragraph 2(c) may include an amendment to the Participant’s Excess Agreement) and must meet the following requirements: (1) the election is made at least 12 months
prior to the date the Participant’s benefit would have 

  
 -9-

	 	
commenced but for the Subsequent Election (if the commencement date is the Participant’s birthday or other specified time or fixed schedule described in Treasury Regulation section
1.409A-3(a)(4)); (2) except for a benefit being paid as a result of the Participant’s death, the payment under such election will be made on the date that is 5 years after the first date the Participant’s benefit could have
commenced but for the Subsequent Election (the “Delayed Payment Date”); and (3) such election will not take effect until the date that is 12 months after the date on which such election becomes irrevocable. Any election made under
this paragraph 5(a)(iv) will be irrevocable on the date the fully completed election forms (including an amendment to the Excess Agreement, if applicable) are received by the Administrator. 

 

	 	(C)	Any such election that does not meet all of the requirements of this paragraph 5(a)(iv) shall not be valid and, in such case, shall be disregarded. Except as provided
in an Excess Agreement, a Participant’s or Spouse’s benefit paid in a Lump Sum Option will be the actuarial equivalent (determined in the calendar year benefits would have commenced but for the Subsequent Election and any delay pursuant to
paragraph 5(c) using the Plan Assumptions) of the Participant or Spouse’s benefit payable in the form of a monthly annuity for the life of the Participant (for the Participant’s benefit) or the life of the Spouse (for the Spouse’s
benefit) and commencing on the date such benefit would have commenced but for the Subsequent Election. 

  
 -10-

	 	(D)	If a Participant makes an effective election for a Lump Sum Option under this paragraph 5(a)(iv), his or her benefit will be increased at an annual rate equal to the
Average Interest Rate for the period beginning on the date the Participant’s benefit would have commenced but for the Subsequent Election and any delay pursuant to paragraph 5(c) and ending on the date the benefit actually commences.

  

	 	(b)	Time of Payment. 

  

	 	(i)	 Participants. Subject to any required delay pursuant to paragraph 5(a)(iv)(B)(2), with respect to a Participant who is described in paragraphs
2(a), (b) or (c) (unless otherwise provided in an Excess Agreement with the Participant or in a Transition Election), the benefits payable to such Participant under this Supplemental Plan or the Excess Agreement, as applicable, shall
commence within 30 days of the later of (A) the Participant’s separation from service, or (B) the Participant’s 55th birthday. The term “Transition Election” means a Participant’s election made on or before
December 31, 2008 in accordance with IRS Notice 2007-86 and other applicable guidance under Code Section 409A to designate the time at which the Participant’s benefits will commence. 

  
 -11-

	 	(ii)	Surviving Spouses and Lump Sum Beneficiaries. Any benefit payable to a surviving Spouse or Lump Sum Beneficiary pursuant to paragraph 4(c) shall commence within
30 days of the later of (A) the Participant’s death, or (B) the date on which the Participant would have reached age 55. 

 (c) Delayed Benefits for Specified Employees. Notwithstanding any provision of this Supplemental Plan to the contrary, if a Participant is a “specified employee,” determined pursuant to
procedures adopted by the Company in compliance with Section 409A of the Code, on the date the Participant separates from service, then to the extent necessary to comply with Section 409A, amounts that would otherwise be payable pursuant to
this Supplemental Plan during the six-month period immediately following the Participant’s separation from service will instead be paid or made available on the earlier of (i) the first business day of the seventh month after the date of
the Participant’s separation from service, or (ii) the Participant’s death. Any benefit payments that are scheduled to be paid more than six months after such Participant’s separation from service shall not be delayed and shall
be paid in accordance with the schedule prescribed by paragraphs 5(a) and 5(b). 
 (d)
Small Benefit Cash-Out. Notwithstanding any provision to the contrary but subject to paragraph 5(c), if, upon a Participant’s separation from service, the actuarial present value of the benefit the Participant is entitled to receive
under this Supplemental Plan and any other plans with respect to which deferrals of compensation are treated as having been deferred under a single nonqualified deferred compensation plan with the Supplemental Plan under Treasury Regulation
Section 1.409A-1(c)(2) (the “Aggregate Benefit”) is less than $15,000, the Company may in its discretion pay the Participant’s entire Aggregate Benefit in a single lump sum payment on the 30th day following the Participant’s separation from service. To
determine the Aggregate Benefit under this paragraph 5(d), the Plan Assumptions will be used. 

  
 -12-

 (e) Separation from Service. For purposes of this paragraph 5,
“separation from service” or “separates from service” shall mean termination of employment (within the meaning of Treasury Regulation Section 1.409A-1(h)(1)(ii)) with the Company and any member of its controlled group (as
such term is used for purposes of ERISA and the Code, except that a 50% ownership or common control threshold shall be used to determine controlled group status instead of an 80% ownership or common control threshold). For purposes of the preceding
sentence a termination of employment shall also include a permanent decrease in the level of bona fide services performed by the Participant after a certain date to a level that is 20% or less of the average level of bona fide services performed by
the Participant over the immediately preceding 36-month period. 
  

	6.	Definitions. When the following capitalized terms are used in this Supplemental Plan, they will have the meaning specified below. 

(a) “Aggregate Benefit” shall have the meaning given to such term in paragraph 5(d). 

(b) “Average Interest Rate” means the single effective interest rate which results in the same lump sum
amount for a benefit paid in the Lump Sum Option as results from use of the “applicable interest rate” as defined under “Plan Assumptions.” 
 (c) “Claimant” shall have the meaning given to such term in paragraph 8(c). 
 (d) “Code” means the Internal Revenue Code of 1986, as amended. 

  
 -13-

 (e) “Code Limitations” shall have the meaning given to such
term in paragraph 1(a). 
 (f) “Company” shall have the meaning given to such term in the
preamble. 
 (g) “Competitive Activity” shall have the meaning given to such term in paragraph
10. 
 (h) “Delayed Payment Date” shall have the meaning given to such term in paragraph
5(a)(iv)(B). 
 (i) “DOMA Spouse” means a Spouse who is a person of the opposite gender to whom
a Participant is legally married under the laws of a U.S. state or foreign nation (including common law marriages if recognized by the laws of the U.S. state in which the Participant resides). 

(j) “Initial Election” means a Participant’s election to receive his or her benefit in a Lump Sum
Option in accordance with the requirements of paragraph 5(a)(iii). 
 (k) “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended. 
 (l) “Excess Agreements” shall
have the meaning given to such term in paragraph 1(b). 
 (m) “Optional Forms” shall have the
meaning given to such term in paragraph 5(a)(i). 
 (n) “Life Annuity” shall have the meaning
given to such term in paragraph 5(a)(i). 

  
 -14-

 (o) “Lump Sum Beneficiary” means the natural person the
Participant designates on a written form acceptable to the Company, in its discretion, provided that if a Participant has a DOMA Spouse on the date of such designation and designates a Lump Sum Beneficiary who is not the Participant’s DOMA
Spouse, that DOMA Spouse must have provided consent to such designation in accordance with the consent requirements set forth under paragraph 5(a)(i). If a Participant has not designated a Lump Sum Beneficiary in accordance with the preceding
sentence, the Participant’s Lump Sum Beneficiary shall be his or her Spouse on the Participant’s date of death or, if there is no such Spouse, the Participant’s estate. If the Participant has obtained the consent of the individual who
is his or her DOMA Spouse on the date the applicable Lump Sum Beneficiary is designated, the Participant will not be required to obtain the consent of any later Spouse for the prior designation of the Lump Sum Beneficiary. Notwithstanding any
provision of the Plan to the contrary, if the Participant has designated his or her Spouse as a Lump Sum Beneficiary, that designation shall terminate and be of no further force and effect as of the date the individual ceases to be the Spouse of the
Participant as result of divorce, dissolution, or other legal termination of the relationship. 
 (p)
“Lump Sum Option” shall have the meaning given to such term in paragraph 5(a)(iii)(A). 
 (q)
“Participant” shall have the meaning given to such term in paragraph 2. 
 (r) “Plan
Assumptions” means the “applicable mortality table, “ as defined in Code Section 417(e)(3) and the “applicable interest rate” as defined in Code Section 417(e)(3), during the third calendar month (October)
immediately preceding the first day of the calendar year in which the determination is made. 
 (s)
“Qualified Plan” shall have the meaning given to such term in paragraph 2(a). 

  
 -15-

 (t) “Spouse” shall have the meaning given to such term in
the Qualified Plan. 
 (u) “Subsequent Election” means a Participant’s election to receive
his or her benefit in a Lump Sum Option in accordance with the requirements of paragraph 5(a)(iv). 
 (v)
“Supplemental Plan” shall have the meaning given to such term in the preamble. 
 (w)
“Timken” shall have the meaning given to such term in the preamble. 
 (x) “TLMT
Plan” means the Timken-Latrobe-MPB-Torrington Retirement Plan. 
 (y) “Transition
Election” shall have the meaning given to such term in paragraph 5(b)(i). 
  

	7.	General 

(a) The entire cost of the Supplemental Plan shall be paid from the general assets of the Company. It is the intent of the
Company to so pay benefits under the Supplemental Plan as they become due; provided, however, that the Company may, in its sole discretion, establish or cause to be established a trust account for any or each Participant pursuant to an agreement, or
agreements, with a bank and direct that some or all of a Participant’s benefits under the Supplemental Plan be paid from the general assets of the Company which are transferred to the custody of such bank to be held by it in such trust account
as property of the Company subject to the claims of its creditors until such time as benefit payments pursuant to the Supplemental Plan are made from such assets in accordance with such agreement; and until any such payment is made, neither the Plan
nor any Participant, Spouse or other beneficiary shall have any preferred claim on, or any beneficial ownership interest in, such assets. Notwithstanding any provision of the Supplemental Plan to the contrary, no amounts shall be so transferred to a
trust pursuant 

  
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to the preceding sentence if, pursuant to Section 409A(b)(3)(A) of the Code, such amount would, for purposes of Section 83 of the Code, be treated as property transferred in connection
with the performance of services. No liability for the payment of benefits under the Supplemental Plan shall (i) be imposed upon any officer, director, employee, or stockholder of the Company, (ii) be imposed upon the trust fund under the
Qualified Plan, (iii) be paid from the trust fund under the Qualified Plan, or (iv) have any effect whatsoever upon the Qualified Plan or the payment of benefits from the trust fund under the Qualified Plan. 

(b) No right or interest of a Participant, Spouse or other beneficiary under the Supplemental Plan shall be anticipated,
assigned (either at law or in equity), or alienated by the Participant, Spouse or other beneficiary, nor shall any such right or interest be subject to attachment, garnishment, levy, execution, or other legal or equitable process or in any manner be
liable for or subject to the debts of any Participant, Spouse or other beneficiary. The Company shall not recognize any attempt by any Participant, Spouse or other beneficiary to alienate, sell, transfer, assign, pledge, or otherwise encumber his or
her benefits under the Supplemental Plan or any part thereof. To the extent permitted by Section 409A of the Code, this paragraph 7(b) shall not apply, however, in the case of a domestic relations order that would be a “qualified domestic
relations order” within the meaning of Section 206(d)(3) of ERISA if the Supplemental Plan was subject to Section 206(d)(3) of ERISA. Except as permitted under Section 409A of the Code, any deferred compensation (within the
meaning of Section 409A of the Code) payable to a Participant or for a Participant’s benefit under this Supplemental Plan may not be reduced by, or offset against, any amount owing by a Participant to the Company or any of its affiliates.

  
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 (c) Employment rights shall not be enlarged or affected hereby. The Company
shall continue to have the right to discharge or retire a Participant, with or without cause. 
  

	8.	Miscellaneous 

 (a) Timken shall, in its discretion, interpret where necessary, in its reasonable and good faith judgment, the provisions of the Supplemental Plan and, except as otherwise provided in the Supplemental
Plan, shall determine the rights and status of Participants, Spouses and other beneficiaries hereunder (including, without limitation, the amount of any benefit to which a Participant or beneficiary may be entitled under the Supplemental Plan).
Except to the extent federal law controls, all questions pertaining to the construction, validity, and effect of the provisions hereof shall be determined in accordance with the laws of the State of Ohio. 

(b) Timken may, from time to time, delegate all or part of the administrative powers, duties, and authorities delegated
to it under the Supplemental Plan to such person or persons, office or committee as it shall select. For the purposes of ERISA, Timken shall be the plan sponsor and the plan administrator. 

(c) Whenever there is denied, whether in whole or in part, a claim for benefits under the Supplemental Plan filed by any
person (herein referred to as the “Claimant”), the plan administrator shall transmit a written notice of such decision to the Claimant within 90 days of receiving the claim from the Claimant, which notice shall be written in a manner
calculated to be understood by the Claimant and shall contain a statement of the specific reasons for the denial of the claim, a reference to the relevant Supplemental Plan provisions, a description and explanation of additional information needed,
and a statement advising the Claimant that, within 60 days of the date on which he or she 

  
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receives such notice, he or she may obtain review of such decision in accordance with the procedures hereinafter set forth. Within such 60-day period, the Claimant or the Claimant’s
authorized representative may request that the claim denial be reviewed by filing with the plan administrator a written request therefor, which request shall contain the following information: 

 

	 	(i)	the date on which the Claimant’s request was filed with the plan administrator; provided, however, that the date on which the Claimant’s request for review
was in fact filed with the plan administrator shall control in the event that the date of the actual filing is later than the date stated by the Claimant pursuant to this paragraph; 

 

	 	(ii)	the specific portions of the denial of the claim which the Claimant requests the plan administrator to review; 

 

	 	(iii)	a statement by the Claimant setting forth the basis upon which the Claimant believes the plan administrator should reverse the previous denial of the Claimant’s
claim for benefits and accept the claim as made; and 

  

	 	(iv)	any written material (offered as exhibits) which the Claimant desires the plan administrator to examine in its consideration of the Claimant’s position as stated
pursuant to clause (iii) above. 

 Within 60 days of the date determined pursuant to clause (i) above,
the plan administrator shall conduct a full and fair review of the decision denying the Claimant’s claim for benefits. Within 60 days of the date of such hearing, the plan administrator shall render its written decision on review, written in a
manner calculated to be understood by the 

  
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Claimant and including the reasons and Plan provisions upon which its decision was based, a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access
to and copies of all documents and other information relevant to the claim, and a statement describing the Claimant’s right to bring an action under Section 502(a) of ERISA. 

 

	9.	Amendment and Termination 

 (a) Timken has reserved and does hereby reserve the right to amend, restate or terminate, at any time, any or all of the provisions of the Supplemental Plan, without the consent of any Participant,
Spouse, beneficiary, or any other person. Without limiting the authority of the Board of Directors of Timken or a duly authorized committee thereof to amend, restate or terminate the Supplemental Plan, the Board of Directors of Timken has authorized
and instructed its Senior Vice President—Human Resources and Organizational Advancement (or any other officer or delegate of an officer) to amend, restate or terminate the Plan. Any amendment, restatement or termination of the Plan shall be
expressed in an instrument executed in the name of Timken. Any such amendment, restatement or termination shall become effective as of the date designated in such instrument or, if no such date is specified, on the date of its execution. 

(b) Notwithstanding paragraph 9(a) hereof, no amendment, restatement or termination of the Supplemental Plan shall,
without the consent of the Participant (or, in the case of his or her death, his or her beneficiary or Spouse, as applicable), adversely affect (i) the benefit under the Supplemental Plan of any Participant, Spouse or beneficiary then entitled
to receive a benefit under the Supplemental Plan or (ii) the right of any Participant to receive upon termination of employment with the Company (or the 

  
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right of the Participant’s Spouse or other beneficiary, as applicable, to receive upon the Participant’s death) that benefit which would have been received under the Supplemental Plan
if such employment of the Participant had terminated immediately prior to the amendment, restatement or termination of the Supplemental Plan; provided, however, that the consent requirement of Participants, Spouses or other beneficiaries to certain
actions shall not apply to any amendment or termination made by the Company pursuant to paragraph 11(b). Notwithstanding any provision to the contrary, Timken, in its sole discretion, may terminate this Supplemental Plan in accordance with Treasury
Regulation Section 1.409A-3(j)(4)(ix), or any successor provision. 
  

	10.	Restriction on Competition 

 For a period of two years following a Participant’s separation from service, the Participant shall not (a) engage or participate, directly or indirectly, in any Competitive Activity (as defined
below), or (b) solicit or cause to be solicited on behalf of a competitor any person or entity which was a customer of the Company during the three year period ending on the Participant’s retirement date, if the Employee had any direct
responsibility for such customer while employed by the Company. The term “Competitive Activity” shall mean the Participant’s participation, without the written consent of an officer of the Company, in the management of any business
enterprise if such enterprise engages in substantial and direct competition with the Company and such enterprise’s sales of any product or service competitive with any product or service of the Company amounted to 25% of such enterprise’s
net sales for its most recently completed fiscal year and if the Company’s net sales of said product or service amounted to 25% of the Company’s net sales for its most recently completed fiscal year. “Competitive Activity” shall
not include (y) the mere ownership of securities in any enterprise and exercise of rights appurtenant thereto or (z) participation in management of any enterprise or business operation

  
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thereof other than in connection with the competitive operation of such enterprise. If a Participant engages in activity prohibited by this paragraph, then in addition to all other remedies
available to the Company, the Company shall be released of any obligation under the Supplemental Plan to pay benefits to such Participant or to such Participant’s Spouse or beneficiary under the Supplemental Plan. 

 

	11.	Compliance with Section 409A of the Code. 

 (a) To the extent applicable, it is intended that this Supplemental Plan (including all amendments thereto) comply with the provisions of Section 409A of the Code, so that the income inclusion
provisions of Section 409A(a)(1) of the Code do not apply to the Participant, Spouse or a beneficiary. This Supplemental Plan shall be administered in a manner consistent with this intent. 

(b) Notwithstanding any provision of this Supplemental Plan to the contrary, in light of the uncertainty with respect to
the proper application of Section 409A of the Code, Timken reserves the right to make amendments to this Supplemental Plan as Timken deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code.
In any case, a Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or for a Participant’s account in connection with this Supplemental Plan (including any taxes
and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold a Participant harmless from any or all of such taxes or penalties. 

IN WITNESS WHEREOF, The Company has executed this amendment and restatement of this Plan at Canton, Ohio, this
             day of                 ,         .

  
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	THE TIMKEN COMPANY
	
	  
	 Scott A. Scherff
 Corporate
Secretary and
 Vice President, Ethics and Compliance

  
 -23-

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