Document:

EX-10.31

 EXHIBIT 10.31 

OCEANFIRST BANK 
 AMENDED
AND RESTATED 
 EMPLOYMENT AGREEMENT 

This Amended and Restated Employment Agreement (the “Agreement”) is entered into as of April 23, 2014 (the
“Effective Date”), by and among OceanFirst Bank (the “Bank”), a federally chartered savings institution, with its principal administrative office at 975 Hooper Avenue, Toms River, New Jersey 08753, OceanFirst
Financial Corp., a corporation organized under the laws of the State of Delaware, the holding company for the Bank (the “Holding Company”), and Christopher D. Maher (“Executive”). 

WHEREAS, Executive and the Bank previously entered into that certain Employment Agreement dated February 22, 2013 (the “Original
Agreement”); and 
 WHEREAS, Executive and the Bank wish to amend certain terms of the Original Agreement and restate the Original
Agreement in its entirety, and the Bank wishes to assure itself of the services of Executive on the terms set forth herein and Executive is willing to serve the Bank upon such terms. 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the
parties hereby agree as follows: 
  

	1.	POSITION AND RESPONSIBILITIES. 

 The Bank shall employ Executive, and Executive agrees to serve,
until December 31, 2014 as President and Chief Operating Officer of the Bank, and for the remainder of his employment hereunder, as President and Chief Executive Officer of the Bank. Executive shall render administrative and management services
to the Bank such as are customarily performed by persons situated in similar executive capacities to such positions. During said period, Executive also agrees to serve, if elected, as an officer and director of the Holding Company, or any direct or
indirect subsidiary of the Holding Company. 
  

	2.	TERMS AND DUTIES. 

 (a) The term of Executive’s employment under this Agreement shall
commence as of the Effective Date and shall continue through June 30, 2017. Effective as of July 1, 2015, and continuing each July 1 thereafter, the term of this Agreement shall be automatically extended by one year such that the
remaining term on such date of extension is three (3) years, unless the disinterested members of the board of directors of the Bank (the “Board”) elects not to extend the term of this Agreement by giving written notice to
Executive prior to such automatic extension. The Board shall review the Agreement and Executive’s performance annually for purposes of determining whether to give Executive such notice and the rationale and results thereof shall be included in
the minutes of the Board’s meeting. The Board shall give notice to Executive as soon as possible after such review. 

 (b) During the period of Executive’s employment hereunder, except for periods of absence
occasioned by illness, reasonable vacation periods, and reasonable leaves of absence, Executive shall devote substantially all his business time, attention, skill, and efforts to the faithful performance of his duties hereunder including activities
and services related to the organization, operation and management of the Bank and participation in community and civic organizations; provided, however, that, with the approval of the Board, as evidenced by a resolution of such Board, from time to
time, Executive may serve, or continue to serve, on the boards of directors of, and hold any other offices or positions in, companies or organizations, which, in such Board’s judgment, will not present any conflict of interest with the Bank, or
materially affect the performance of Executive’s duties pursuant to this Agreement. 
 (c) Notwithstanding anything herein to the
contrary, Executive’s employment with the Bank may be terminated by the Bank or Executive during the term of this Agreement, subject to the terms and conditions of this Agreement. 

 

	3.	COMPENSATION AND REIMBURSEMENT. 

 (a) The Bank shall pay Executive as compensation a salary of
$375,000 per year (“Base Salary”) until July 1, 2014 when Base Salary shall increase to an annual rate of $425,000, which rate shall remain in effect until January 1, 2015 when it shall increase to $550,000 per year. Base
Salary shall include any amounts of compensation deferred by Executive under any qualified or unqualified plan maintained by the Holding Company or the Bank. Such Base Salary shall be payable in accordance with the payroll practices of the Holding
Company and its Subsidiaries applicable to all employees. The Bank’s Compensation Committee or the Board may increase Executive’s Base Salary and any increased Base Salary shall become the “Base Salary” for purposes of this
Agreement. In addition to the Base Salary provided in this Section 3(a), the Bank shall also provide Executive, at no premium cost to Executive, with all such other benefits as are provided uniformly to permanent full-time employees of the
Bank. 
 (b) Executive shall be entitled to participate in any employee benefit plans, arrangements and perquisites substantially equivalent
to those in which Executive was participating or otherwise deriving benefit from immediately prior to the beginning of the term of this Agreement, and the Bank will not, without Executive’s prior written consent, make any changes in such plans,
arrangements or perquisites which would materially adversely affect Executive’s rights or benefits thereunder; except to the extent such changes are made applicable to all Bank employees eligible to participate in such plans, arrangements and
perquisites on a non-discriminatory basis. Without limiting the generality of the foregoing provisions of this Subsection (b), Executive shall be entitled to participate in or receive benefits under any employee benefit plans including but not
limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing-plans, health-and-accident plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank in the future to its senior
executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. Executive shall be entitled to incentive compensation and bonuses as provided in any
plan of the Bank in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement. 

  
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 (c) In addition to the Base Salary provided for by paragraph (a) of this Section 3 and
other compensation provided for by paragraph (b) of this Section 3, the Bank shall pay or reimburse Executive for all reasonable travel and other reasonable expenses incurred in the performance of Executive’s obligations under this
Agreement and may provide such additional compensation in such form and such amounts as the Board may from time to time determine. 
 (d)
Notwithstanding any other provisions of this Agreement, in addition to any clawback or forfeiture provisions required by law and applicable to the Bank or any of its subsidiaries, the compensation provided under this Agreement or under any incentive
compensation plan in which Executive participates shall be subject to the terms of: (i) the Bank’s recoupment policy as in effect on the Effective Date or any other policy adopted thereafter by the Board of Directors of the Bank or the
Compensation Committee thereof in order to comply with any applicable law, regulation, order, stock exchange listing requirement, including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations
thereunder (or any policy of the Bank adopted pursuant to any such law, government regulation, order or stock exchange listing requirement); and (ii) any clawback or forfeiture provisions in the Bank’s incentive compensation plans in which
Executive participates or the award agreements with respect to Executive’s awards thereunder. 
 (e) The Bank may directly or
indirectly withhold from any payments made under this Agreement all Federal, state, city or other taxes and all other deductions as shall be required pursuant to any law or governmental regulation or ruling or pursuant to any contributory benefit
plan maintained by or on behalf of the Bank. 
  

	4.	PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION. 

 (a) Upon the occurrence of an Event of
Termination (as herein defined) during Executive’s term of employment under this Agreement, the provisions of this Section shall apply. As used in this Agreement, an “Event of Termination” shall mean and include any one or more
of the following: (i) the termination by the Bank of Executive’s full-time employment hereunder for any reason other than a termination governed by Section 5(a) hereof, or Termination for Cause, as defined in Section 7 hereof;
(ii) Executive’s resignation from the Bank’s employ for “Good Reason,” which shall mean without Executive’s consent (A) a material reduction of Executive’s authority, duties or responsibilities with
respect to the Bank, including the failure to elect or reelect or to appoint or reappoint Executive as President or Chief Operating Officer or after December 31, 2014 President and Chief Executive Officer (rather than President and Chief
Operating Officer); (B) a material reduction of Executive’s salary; (C) a material change in the geographic location at which Executive must perform his services to the Bank; (D) a material breach of this Agreement. Upon the
occurrence of any event described in clauses (A) through (D) above constituting “Good Reason,” Executive shall have the right to elect to terminate his employment by resignation within six months after initial existence of the
event giving rise to said right to resign; provided that within 30 days after the initial existence of the basis for resignation Executive has provided the Bank written notice of the circumstances providing the basis for resigning on account of
“Good Reason” and the Bank has failed to remedy such circumstances within 30 days after receiving such notice. A resignation by Executive without complying with the notice and opportunity to remedy provisions in this Agreement shall not
constitute a resignation for “Good Reason” for any purpose of this Agreement. 

  
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 (b) Upon the occurrence of an Event of Termination, on the Date of Termination, as defined in
Section 8, the Bank shall be obligated to pay Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be an amount equal to the greater of (i) the amount of the remaining
payments that Executive would have earned if he had continued his employment with the Bank during the remaining term of this Agreement at Executive’s Base Salary at the Date of Termination (or, if the Event of Termination is attributable to a
reduction in Executive’s Base Salary, then the Base Salary in effect before such reduction); or (ii) Executive’s annual Base Salary at the Date of Termination; provided, however, that any payments pursuant to this
subsection and subsection 4(c) below, shall not, in the aggregate, exceed three times Executive’s average annual compensation for the five most recent taxable years that Executive has been employed by the Bank or such lesser number of years in
the event that Executive shall have been employed by the Bank for less than five years. Such payments shall be made in a lump sum within five business days of Executive’s Date of Termination, subject to delayed payment pursuant to
Section 24 hereof, if applicable. Any such payment may also be delayed where the Bank reasonably anticipates that the making of the payment will violate Federal securities laws or other applicable law; provided that the payment is made at the
earliest date at which the Bank reasonably anticipates that the making of the payment will not cause such violation. Such payments shall not be reduced in the event Executive obtains other employment following termination of employment. 

(c) Upon the occurrence of an Event of Termination, the Bank will cause to be continued life, medical, dental and disability coverage
substantially identical to the coverage maintained by the Bank or the Holding Company for Executive prior to his termination at no premium cost to Executive, except to the extent such coverage may be changed in its application to all Bank or Holding
Company employees. Such coverage shall cease upon the later of (i) the expiration of the remaining term of this Agreement or (ii) the end of the month of the first anniversary of Executive’s Date of Termination. If the provision of
any of the benefits covered by this Section 4(c) would trigger the 20% excise tax and interest penalties under Section 409A of the Code, then the benefit(s) that would trigger such tax and interest penalties shall not be provided
(collectively the “Excluded Benefits”), and in lieu of the Excluded Benefits the Bank will pay to Executive, in a lump sum within thirty business days following termination of employment or thirty business days after such
determination, should it occur after termination of employment, a cash amount equal to the cost to the Bank of providing the Excluded Benefits. Such lump sum payment will be subject to delayed payment pursuant to Section 24 hereof, if
applicable. 
  

	5.	CHANGE IN CONTROL. 

 (a) For purposes of this Agreement, a “Change in Control”
of the Bank or Holding Company shall mean an event of a nature that: (i) would be required to be reported in response to Item 5.01 of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”); or (ii) results in a Change in Control of the Bank or the Holding Company within the meaning of the Home Owners’ Loan Act of 1933, as amended, the Federal
Deposit Insurance Act or the Rules 

  
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and Regulations promulgated by the Office of the Comptroller of the Currency or its predecessor agency (collectively, the “OCC” or the “Comptroller”), as in
effect on the date hereof (provided, that in applying the definition of change in control as set forth under the rules and regulations of the OCC, the Board shall substitute its judgment for that of the OCC); or (iii) without limitation such a
Change in Control shall be deemed to have occurred at such time as (A) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of voting securities of the Bank or the Holding Company representing 25% or more of the Bank’s or the Holding Company’s outstanding voting securities or right to acquire such securities except for
any voting securities of the Bank purchased by the Holding Company and any voting securities purchased by any employee benefit plan of the Bank or the Holding Company, or (B) individuals who constitute the Board on the date hereof (the
“Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the
directors comprising the Incumbent Board, or whose nomination for election by the Holding Company’s stockholders was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for purposes of this clause (B),
considered as though he were a member of the Incumbent Board, or (C) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Holding Company or similar transaction occurs in which the Bank
or Holding Company is not the resulting entity; provided, however, that such an event listed above will be deemed to have occurred or to have been effectuated upon the receipt of all required regulatory approvals not including the lapse of any
statutory waiting periods. 
 (b) If a Change in Control has occurred pursuant to Section 5(a) or the Board has determined that a
Change in Control has occurred, Executive shall be entitled to the benefits provided in paragraphs (c), and (d) of this Section 5 upon his subsequent termination of employment at any time during the term of this Agreement due to:
(i) Executive’s dismissal other than a Termination for Cause, as defined herein, or (ii) Executive’s resignation for “Good Reason” as defined in Section 4(a). 

(c) Upon Executive’s entitlement to benefits pursuant to Section 5(b), the Bank shall pay Executive, or in the event of his
subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a sum equal to the greater of: (i) the payments due for the remaining term of the Agreement; or (ii) three (3) times Executive’s average
annual compensation for the five (5) taxable years preceding the taxable year in which the Date of Termination occurs or such lesser number of years in the event that Executive shall have been employed by the Bank for less than five
(5) years. Such average annual compensation shall include Base Salary, commissions, bonuses, contributions on Executive’s behalf to any pension and/or profit sharing plan, severance payments, retirement payments, directors or committee
fees, fringe benefits paid or to be paid to Executive in any such year, and payment of expense items without accountability or business purpose or that do not meet the IRS requirements for deductibility by the Institution; provided
however, that any payment under this provision and subsection 5(d) below shall not exceed three (3) times Executive’s average annual compensation. Such payment shall be made in a lump sum within five business days of the date
Executive becomes entitled to benefits pursuant to Section 5(b), subject to delayed payment pursuant to Section 24 hereof, if applicable. Any such payment may also be delayed where the Bank reasonably anticipates that the making of the
payment will violate Federal securities laws or other applicable law; provided that the payment is made at the 

  
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earliest date at which the Bank reasonably anticipates that the making of the payment will not cause such violation. Such payment shall not be reduced in the event Executive obtains other
employment following termination of employment. 
 (d) Upon Executive’s entitlement to benefits pursuant to Section 5(b), the Bank
will cause to be continued life, medical, dental and disability coverage substantially identical to the coverage maintained by the Bank for Executive prior to his severance at no premium cost to Executive, except to the extent that such coverage may
be changed in its application for all Bank employees on a non-discriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) months following the Date of Termination. If the provision of any of the benefits
covered by this Section 5(d) would trigger the 20% excise tax and interest penalties under Section 409A of the Code, then the benefit(s) that would trigger such tax and interest penalties shall not be provided (collectively the
“Excluded Benefits”), and in lieu of the Excluded Benefits the Bank will pay to Executive, in a lump sum within thirty business days following termination of employment or thirty business days after such determination, should it
occur after termination of employment, a cash amount equal to the cost to the Bank of providing the Excluded Benefits. Such cash payment will be subject to delayed payment pursuant to Section 24 hereof, if applicable. 

 

	6.	CHANGE OF CONTROL RELATED PROVISIONS. 

 Notwithstanding the provisions of Section 5, in no
event shall the aggregate payments or benefits to be made or afforded to Executive under said paragraphs (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Code or any
successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three
(3) times Executive’s “base amount”, as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination Benefits provided by Section 5 shall be determined by the
Bank. 
  

	7.	TERMINATION FOR CAUSE. 

 The term “Termination for Cause” shall mean
termination because of Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation
(other than traffic violations or similar offenses) or final cease-and-desist order or material breach of any provision of this Agreement. Notwithstanding the foregoing, Executive shall not be deemed to have been Terminated for Cause unless and
until there shall have been delivered to him a Notice of Termination which shall include a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the members of the Board at a meeting of the Board called and held
for that purpose (after reasonable notice to Executive and an opportunity for him, together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board, Executive was guilty of conduct justifying Termination for
Cause and specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause. During the period beginning on the date of the Notice of Termination for
Cause pursuant to Section 8 hereof through the Date of Termination for Cause, stock options and related limited rights granted to 

  
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Executive under any stock option plan shall not be exercisable, nor shall any unvested awards granted to Executive under any stock benefit plan of the Bank, the Holding Company or any subsidiary
or affiliate thereof, vest. At the Date of Termination for Cause, such stock options and related limited rights and such unvested awards shall become null and void and shall not be exercisable by or delivered to Executive at any time subsequent to
such Termination for Cause. 
  

	8.	NOTICE. 

 (a) Any purported termination by the Bank or by Executive shall be communicated by
Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall
set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 

(b) “Date of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a Termination for
Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given). 
 (c) If, within thirty
(30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of Termination shall be the date on which the dispute is
finally determined, either by mutual written agreement of the parties, by a binding arbitration award, or by a final judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having
been perfected) and provided further that the Date of Termination shall be extended by a notice of dispute only if such notice is given in good faith and the party giving such notice pursues the resolution of such dispute with reasonable diligence.
Notwithstanding the pendency of any such dispute, in the event Executive is terminated for reasons other than Termination for Cause the Bank will continue to pay Executive his Base Salary in effect when the notice giving rise to the dispute was
given until the earlier of: 1) the resolution of the dispute in accordance with this Agreement or 2) the expiration of the remaining term of this Agreement as determined as of the Date of Termination. Amounts paid under this Section are in addition
to all other amounts due under this Agreement and shall not be offset against or reduce any other amounts due under this Agreement. 
  

	9.	POST-TERMINATION OBLIGATIONS. 

 All payments and benefits to Executive under this Agreement
shall be subject to Executive’s compliance with this Section 9 for one (1) full year after the earlier of the expiration of this Agreement or termination of Executive’s employment with the Bank. Executive shall, upon reasonable
notice, furnish such information and assistance to the Bank as may reasonably be required by the Bank in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party. 

 

	10.	NON-COMPETITION, NON-DISCLOSURE AND NON-SOLICITATION. 

 (a) Upon any termination of
Executive’s employment hereunder pursuant to Section 4 hereof, Executive agrees not to compete with the Bank for a period of one (1) year following 

  
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such termination in any city, town or county in which Executive’s normal business office is located and the Bank has an office or has filed an application for regulatory approval to
establish an office, determined as of the effective date of such termination, except as agreed to pursuant to a resolution duly adopted by the Board. Executive agrees that during such period and within said cities, towns and counties, Executive
shall not work for or advise, consult or otherwise serve with, directly or indirectly, any entity whose business materially competes with the depository, lending or other business activities of the Bank. The parties hereto, recognizing that
irreparable injury will result to the Bank, its business and property in the event of Executive’s breach of this Subsection 10(a) agree that in the event of any such breach by Executive, the Bank will be entitled, in addition to any other
remedies and damages available, to an injunction to restrain the violation hereof by Executive, Executive’s partners, agents, servants, employees and all persons acting for or under the direction of Executive. Nothing herein will be construed
as prohibiting the Bank from pursuing any other remedies available to the Bank for such breach or threatened breach, including the recovery of damages from Executive. 

(b) Executive recognizes and acknowledges that the knowledge of the business activities and plans for business activities of the Bank and
affiliates thereof, as it may exist from time to time, is a valuable, special and unique asset of the business of the Bank. Executive will not, during or after the term of his employment, disclose any knowledge of the past, present, planned or
considered business activities of the Bank or affiliates thereof to any person, firm, corporation, or other entity for any reason or purpose whatsoever. Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or
economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Bank. Further, Executive may disclose information regarding the business activities of the Bank to the OCC and the
Federal Deposit Insurance Corporation (“FDIC”) pursuant to a formal regulatory request. In the event of a breach or threatened breach by Executive of the provisions of this Section, the Bank will be entitled to an injunction
restraining Executive from disclosing, in whole or in part, the knowledge of the past, present, planned or considered business activities of the Bank or affiliates thereof, or from rendering any services to any person, firm, corporation, other
entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to the Bank for such breach or threatened
breach, including the recovery of damages from Executive. 
 (c) During the term of this Agreement and for a period of twelve
(12) months from and after the date that Executive is (for any reason) no longer employed by the Bank or for a period of twelve (12) months from the date of entry by a court of competent jurisdiction of a final judgment enforcing this
covenant in the event of a breach by Executive, whichever is longer, Executive covenants and agrees that he will not, directly or indirectly, either as a principal, agent, employee, employer, stockholder, co-partner or in any other individual or
representative capacity whatsoever: (i) solicit, or assist any other person or business entity in soliciting, any depositors, borrowers or other customers of the Bank or its subsidiaries to make deposits in or to become customers of any other
financial institution offering banking and financial products and services substantially similar to those offered by the Bank or its subsidiaries on any date on which the conduct at issue occurs; or (ii) induce any individuals to terminate
their employment with the Bank or any of its subsidiaries if those individuals provide, or have provided during all or part of the covenant period described in this Section 10, 

  
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accounting, credit, lending, information technology, account management or personal banking services for the Bank or any of its subsidiaries or any other types of services that give those
individuals significant contact with or knowledge of the customer base of the Bank or any of its subsidiaries. 
  

	11.	SOURCE OF PAYMENTS. 

 (a) All payments provided in this Agreement shall be timely paid in cash
or check from the general funds of the Bank. The Holding Company, however, unconditionally guarantees payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely
paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Holding Company. 
 (b) Notwithstanding any
provision herein to the contrary, to the extent that payments and benefits, as provided by this Agreement, are paid to or received by Executive under the Amended and Restated Employment Agreement dated April 23, 2014, between Executive and the
Holding Company (the “Holding Company Agreement”), such compensation payments and benefits paid by the Holding Company will be subtracted from any amounts due simultaneously to Executive under similar provisions of this Agreement.
Payments pursuant to this Agreement and the Holding Company Agreement shall be allocated in proportion to the services rendered and time expended on such activities by Executive as determined by the Holding Company and the Bank on a quarterly basis.

  

	12.	EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS. 

 This Agreement contains the entire
understanding between the parties hereto and supersedes any prior employment agreement between the Bank or any predecessor of the Bank and Executive, including the Original Agreement, except that this Agreement shall not affect or operate to reduce
any benefit or compensation inuring to Executive of a kind elsewhere provided, including without limitation the Supplemental Executive Retirement Account Agreement, dated June 18, 2013, by and among Executive, the Holding Company and the Bank.
No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits provided under any other agreement or plan with the Bank or the Holding Company than those available to him without reference to this
Agreement. 
  

	13.	NO ATTACHMENT. 

 (a) Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary
or involuntary, to affect any such action shall be null, void, and of no effect. 
 (b) This Agreement shall be binding upon, and inure to
the benefit of, Executive and the Bank and their respective successors and assigns. 

  
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	14.	MODIFICATION AND WAIVER. 

 (a) This Agreement may not be modified or amended except by an
instrument in writing signed by the parties hereto. 
 (b) No term or condition of this Agreement shall be deemed to have been waived, nor
shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically
stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived. 

 

	15.	REQUIRED PROVISIONS. 

 (a) The Bank’s Board of Directors may terminate Executive’s
employment at any time, but any termination by the Bank’s Board of Directors, other than Termination for Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the
right to receive compensation or other benefits for any period after Termination for Cause as defined in Section 7 hereinabove. 
 (b)
If Executive is suspended from office and/or temporarily prohibited from participating in. the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C.
§1818(e)(3) or (g)(1); the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion:
(i) pay Executive all or part of the compensation withheld while their contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended. 

(c) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued
under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this contract shall terminate as of the effective date of the order, but vested rights of the
contracting parties shall not be affected. 
 (d) If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit
Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

(e) All obligations of the Bank under this Agreement shall be terminated, except to the extent determined that continuation of the Agreement
is necessary for the continued operation of the Bank: (i) by the Comptroller (or his designee), at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c)
of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Comptroller (or his designee) at the time the Comptroller (or his designee) approves a supervisory merger to resolve problems related to the operations of the Bank or
when the Bank is determined by the Comptroller to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

(f) Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with 12 U.S.C.
§1828(k), 12 C.F.R. §145.121 and 12 C.F.R. Part 359 and any rules and regulations promulgated thereunder. 

  
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	16.	REINSTATEMENT OF BENEFITS UNDER SECTION 15(b). 

 In the event Executive is suspended and/or
temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice described in Section 15(b) hereof (the “Notice”) during the term of this Agreement, the Bank will assume its obligation to pay and
Executive will be entitled to receive all of the termination benefits provided for under Section 5 of this Agreement upon the Bank’s receipt of a dismissal of charges in the Notice. 

 

	17.	SEVERABILITY. 

 If, for any reason, any provision of this Agreement, or any part of any
provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any .part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law
continue in full force and effect, and it is the intention and desire of the parties that the court treat any provisions of this Agreement which are not fully enforceable as having been modified to the extent deemed necessary by the court to render
them reasonable and enforceable and that the court enforce them to such extent. 
  

	18.	HEADINGS FOR REFERENCE ONLY. 

 The headings of sections and paragraphs herein are included
solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
  

	19.	GOVERNING LAW. 

 The validity, interpretation, performance and enforcement of this Agreement
shall be governed by the laws of the State of New Jersey, but only to the extent not superseded by federal law. 
  

	20.	ARBITRATION. 

 Any dispute or controversy arising under or in connection with this Agreement
shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of the Bank, in accordance with the rules of the American
Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid until the Date
of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 

  
 11 

 In the event any dispute or controversy arising under or in connection with Executive’s
termination is resolved in favor of Executive, whether by judgment, arbitration or settlement, Executive shall be entitled to the payment of all back-pay, including salary, bonuses and any other cash compensation, fringe benefits and any
compensation and benefits due Executive under this Agreement. 
  

	21.	PAYMENT OF COSTS AND LEGAL FEES. 

 All reasonable costs and legal fees paid or incurred by
Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank if Executive is successful on the merits pursuant to a legal judgment, arbitration or settlement. 

 

	22.	INDEMNIFICATION. 

 (a) The Bank shall provide Executive (including his heirs, executors and
administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense, and shall indemnify Executive (and his heirs, executors and administrators) as permitted under federal law against all
expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Bank (whether or not he continues to be a
director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements. 

(b) Any payments made to Executive pursuant to this Section are subject to and conditioned upon compliance with 12 C.F.R.§§145.121
and 359.5 and any rules or regulations promulgated thereunder. 
  

	23.	SUCCESSOR TO THE BANK. 

 The Bank shall require any successor or assignee, whether direct or
indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank or the Holding Company, expressly and unconditionally to assume and agree to perform the Bank’s obligations under this
Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place. 
  

	24.	APPLICATION OF SECTION 409A OF THE CODE. 

 (a) To the extent applicable, it is intended that
this Agreement comply with the provisions of Section 409A of the Code, so as to prevent inclusion in gross income of any amounts payable or benefits provided hereunder in a taxable year that is prior to the taxable year or years in which such
amounts or benefits would otherwise actually be distributed, provided or otherwise made available to Executive. This Agreement shall be construed, administered, and governed in a manner consistent with this intent and the following provisions of
this Section shall control over any contrary provisions of this Agreement. 
 (b) In the event Executive is a “specified employee”
within the meaning of Section 409A(a)(2)(B)(i) of the Code and delayed payment of any amount or commencement of any 

  
 12 

 
benefit under this Agreement is required to avoid a prohibited distribution under Section 409A(a)(2) of the Code, then (i) amounts payable in connection with Executive’s
termination of employment will be delayed and paid, with interest at the short term applicable federal rate as in effect as of the termination date, in a single lump sum six months thereafter (or if earlier, the date of Executive’s death) and
(ii) with respect to medical and welfare benefits, Executive shall be entitled to bear the cost of such benefits for six months following such termination date, after which time the Bank shall continue to provide such benefits for the period
they would otherwise have been provided, commencing from the six month anniversary of Executive’s termination date. 
 (c) Payments and
benefits hereunder upon Executive’s termination or severance of employment with the Bank that constitute deferred compensation under Code Section 409A payable shall be paid or provided only at the time of a termination of Executive’s
employment which constitutes a “separation from service” within the meaning of Code Section 409A (subject to a possible six-month delay pursuant to Subsection (b) above). 

(d) For purposes of Code Section 409A, the right to a series of payments under this Agreement shall be treated as a right to a series of
separate payments so that each payment hereunder is designated as a separate payment for purposes of Code Section 409A. 
 (e) All
reimbursements and in kind benefits provided under this Agreement, including, but not limited to, payments under Sections 3, 21 and 22, shall be made or provided in accordance with the requirements of Code Section 409A, including, where
applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement, or
in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before
the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. 

(f) References in this Agreement to Code Section 409A include both that section of the Code itself and any guidance promulgated
thereunder. 

  
 13 

 SIGNATURES 

IN WITNESS WHEREOF, OceanFirst Bank and OceanFirst Financial Corp. have caused this Agreement to be executed and seals to be affixed hereunto
by their duly authorized officers and directors, and Executive has signed this Agreement, on the 23rd day of April, 2014. 
  

							
	ATTEST:	 		 	OCEANFIRST BANK
				
	 /s/ Steven J. Tsimbinos
	 		 	By:	 	 /s/ John R. Garbarino

	Secretary	 		 	For Entire Board of Directors
				
	[SEAL]	 		 		 	
			
	ATTEST:	 		 	OCEANFIRST FINANCIAL CORP.
			
		 		 	(Guarantor)
				
	 /s/ Steven J. Tsimbinos
	 		 	By:	 	 /s/ John R. Garbarino

	Secretary	 		 	For Entire Board of Directors
				
	[SEAL]	 		 		 	
				
	WITNESS:	 		 		 	
		 		 	 /s/ Christopher D. Maher

	 /s/ Steven J. Tsimbinos
	 		 	Executive

  
 14EX-10.1

 Exhibit 10.1 

TAX SHARING AGREEMENT 
 BY AND BETWEEN 

THE TIMKEN COMPANY 
 AND 

TIMKENSTEEL CORPORATION 
 Dated
                , 2014 

 TAX SHARING AGREEMENT 

THIS TAX SHARING AGREEMENT (this “Agreement”), dated as of             ,
2014, is by and between The Timken Company (“Timken”), an Ohio corporation, and TimkenSteel Corporation (“TimkenSteel”), an Ohio corporation. Each of Timken and TimkenSteel is sometimes referred to herein as a
“Party” and, collectively, as the “Parties.” 
 WHEREAS, Timken, through itself and its direct and indirect
Subsidiaries, currently conducts the Steel Business and the Bearings Business; 
 WHEREAS, the board of directors of Timken has determined that it is
in the best interests of Timken and its shareholders to separate into two publicly traded companies: (a) Timken, which will continue to conduct, directly and through its Subsidiaries, the Bearings Business, and (b) TimkenSteel, which will
continue to conduct, directly and through its Subsidiaries the Steel Business; 
 WHEREAS, Timken has contributed to TimkenSteel certain assets
related to the Steel Business in exchange for the assumption by TimkenSteel of liabilities associated with the Steel Business (the “Contribution”); 

WHEREAS, on the Distribution Date and subject to the terms and conditions of this Agreement, Timken will distribute to the Record Holders (as defined in
the Separation Agreement), on a pro rata basis, all the outstanding common shares, without par value, of TimkenSteel then owned by Timken (the “Distribution”), and the board of directors of Timken has approved such
Distribution; 
 WHEREAS, for U.S. federal income tax purposes, the Contribution and the Distribution, taken together, are intended to qualify as a
reorganization that is described in Sections 355(a) and 368(a)(1)(D) of the Code; 
 WHEREAS, Timken anticipates receiving an opinion of
Covington & Burling LLP to the effect that, among other things, the Contribution and the Distribution, taken together, will be tax-free (except for cash received in lieu of fractional shares) to TimkenSteel, Timken, and the Timken
shareholders for U.S. federal income tax purposes under Sections 355(a) and 368(a)(1)(D) and related provisions of the Code; 
 WHEREAS, prior to
consummation of the Contribution and the Distribution, Timken will be the common parent corporation of an affiliated group of corporations within the meaning of Section 1504 of the Code that includes TimkenSteel; and 

WHEREAS, the Parties wish to (a) provide for the payment of Tax liabilities and entitlement to refunds thereof, allocate responsibility for, and
cooperation in, the filing of Tax Returns, and provide for certain other matters relating to Taxes, and (b) set forth certain covenants and indemnities relating to the preservation of the tax-free status of the Contribution and the
Distribution. 

  
 2 

 NOW, THEREFORE, in consideration of the premises and the representations, warranties, covenants and
agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows: 

Article I.          Definitions. 

As used in this Agreement, the following terms shall have the following meanings: 

“Accounting Firm” means                 , or any other
nationally recognized accounting firm as mutually agreed by the Parties. 
 “Acting Party” has the meaning set forth in
Section 6.02(b). 
 “Adjustment” means any change in the Tax liability of a taxpayer, determined issue-by-issue or
transaction-by-transaction, as the case may be. 
 “Aggregate Carryback Amount” has the meaning set forth in Section 4.02(c).

 “Agreement” has the meaning set forth in the preamble. 

“Bearings Business” means (i) the business and operations conducted by Timken and its Subsidiaries prior to the Distribution
comprising what is referred to in the Timken 10-K as the Mobile Industries, Process Industries, and Aerospace segments; (ii) any other business (other than the Steel Business) directly conducted by any member of the Timken Group as of or prior
to the Distribution; and (iii) any business operation or assets that, at the time they were discontinued or sold, were not part of the Steel business as then reported in the Timken 10-K. 

“Benefited Party” has the meaning set forth in Section 4.01(b). 

“Carryback Amount” has the meaning set forth in Section 4.02(c). 

“CAT Credit” means the commercial activity Tax credit under Ohio state Tax Law. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Contribution” has the meaning set forth in the preamble. 

“Contribution Agreement” means the Contribution, Assignment and Assumption Agreement, dated April 1, 2014, between the Parties.

 “Controlling Party” means Timken or any other member of the Timken Group with respect to any Mixed Business Tax
Return and Single Business Tax Return related to the Bearings Business, and TimkenSteel or any other member of the TimkenSteel Group with respect to any Single Business Tax Return related to the Steel Business. 

  
 3 

 “Counsel” means Covington & Burling LLP. 

“Disqualifying Action” means a Timken Disqualifying Action or a TimkenSteel Disqualifying Action. 

“Distribution” has the meaning set forth in the preamble. 

“Distribution Date” means the date on which the Distribution occurs. 

“Due Date” means (i) with respect to a Tax Return, the date (taking into account all valid extensions) on which such Tax Return is
required to be filed under applicable Law and (ii) with respect to a payment of Taxes, the date on which such payment is required to be made to avoid the incurrence of interest, penalties and/or additions to Tax. 

“Employee Matters Agreement” means the Employee Matters Agreement, dated as of the date of this Agreement, between the Parties. 

“Extraordinary Transaction” means any action that is not in the Ordinary Course of Business, but shall not include any action described
in the Contribution Agreement or Separation Agreement or that is undertaken pursuant to, or in connection with, the Contribution or the Distribution. 

“Fifty-Percent or Greater Interest” has the meaning ascribed to such term by Section 355(d)(4) of the Code. 

“Final Determination” means the final resolution of liability for any Tax for any taxable period, by or as a result of (i) a final
decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed; (ii) a final settlement with the IRS, a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code,
or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability for any taxable period; (iii) any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all
periods during which such refund or credit may be recovered by the jurisdiction imposing the Tax; or (iv) any other final resolution, including by reason of the expiration of the applicable statute of limitations or the execution of a
pre-filing agreement with the IRS or other Taxing Authority. 
 “Governmental Authority” means any federal, state, local or foreign
government (including any political or other subdivision or judicial, legislative, executive or administrative branch, agency, commission, authority or other body of any of the foregoing). 

“Governmental Order” means any order, writ, judgment, injunction, decree or award entered by or with any Governmental Authority. 

  
 4 

 “Indemnifying Party” means the Party from which the other Party is entitled to seek
indemnification pursuant to the provisions of Article 3. 
 “Indemnified Party” means the Party which is entitled to seek
indemnification from the other Party pursuant to the provisions of Article 3. 
 “Information” has the meaning set forth in
Section 7.01(a). 
 “Information Request” has the meaning set forth in Section 7.01(a). 

“Interested Party” means Timken or TimkenSteel (including any successor and/or assign of any of the foregoing), as the case may be, to
the extent (i) such Person or a member of such Person’s group is not a Controlling Party with respect to a Tax Proceeding and (ii) such Person or a member of such Person’s group is (A) an Indemnifying Party or (B) an
Indemnified Party. 
 “IRS” means the U.S. Internal Revenue Service or any successor thereto, including its agents, representatives,
and attorneys. 
 “Law” means any statute, law, ordinance, regulation, rule, code or other requirement of a Governmental Authority or
any Governmental Order. 
 “Mixed Business Tax Return” means any Tax Return including any consolidated, combined or unitary Tax
Return, that relates to at least one asset or activity that is part of the Bearings Business, on the one hand, and at least one asset or activity that is part of the Steel Business, on the other hand. 

“Non-Acting Party” has the meaning set forth in Section 6.02(b). 

“Opinion” means the opinion of Counsel to the effect that the Contribution and Distribution, taken together, will qualify as tax-free
(except for cash received in lieu of fractional shares) to TimkenSteel, Timken and Timken shareholders for U.S. federal income tax purposes under Sections 355 and 368(a)(1)(D) and related provisions of the Code. 

“Ordinary Course of Business” means an action taken by a Person only if such action is taken in the ordinary course of the normal
day-to-day operations of such Person. 
 “Party” has the meaning set forth in the preamble. 

“Person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization,
including a Governmental Authority. 
 “Post-Closing Period” means any taxable period (or portion thereof) beginning after the
Distribution Date. 

  
 5 

 “Post-Distribution Ruling” has the meaning set forth in Section 6.02(b). 

“Pre-Closing Period” means any taxable period (or portion thereof) ending on or before the Distribution Date. 

“Proposed Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding, arrangement, or
substantial negotiations within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such
transaction is supported by the applicable Party’s management or shareholders, is a hostile acquisition, or otherwise, as a result of which such Party would merge or consolidate with any other Person or as a result of which one or more Persons
would (directly or indirectly) acquire, or have the right to acquire, from such Party and/or one or more holders of outstanding shares of such Party’s common shares, as the case may be, a number of shares of such Party’s common shares that
would, when combined with any other changes in ownership of such Party’s common shares pertinent for purposes of Section 355(e) of the Code, comprise 25% or more of (i) the value of all outstanding shares of stock of such Party as of
the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or (ii) the total combined voting power of all outstanding shares of voting stock of such Party as of the date of such
transaction, or in the case of a series of transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (A) the adoption by a Party of a shareholder rights
plan or (B) issuances by a Party that satisfy Safe Harbor VIII (relating to acquisitions in connection with a Person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury
Regulation Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect
acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or
change in, the statute or Treasury Regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its interpretation. 

“Refund” means any refund (or credit in lieu thereof) of Taxes (including any overpayment of Taxes that can be refunded or,
alternatively, applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes, provided, however, that for purposes of this Agreement, the amount of any Refund required to be paid to another Party shall be
reduced by the net amount of any income Taxes imposed on, related to, or attributable to, the receipt or accrual of such Refund. 

“Restriction Period” means the period beginning at the effective time of the Distribution and ending on the two-year anniversary of the
day after the Distribution Date. 
 “Section 336(e) Election” has the meaning set forth in Section 6.03. 

  
 6 

 “Separation Agreement” means the Separation and Distribution Agreement, dated as of the
date of this Agreement, between the Parties. 
 “Single Business Tax Return” means any Tax Return including any consolidated,
combined or unitary Tax Return, that includes assets or activities relating only to the Bearings Business, on the one hand, or the Steel Business, on the other (but not both), whether or not the Person charged by Law to file such Tax Return is
engaged in the business to which the Tax Return relates. 
 “Steel Business” means (i) the business and operations conducted by
Timken and its Subsidiaries prior to the Distribution comprising what is referred to in the Timken 10-K as the Steel segment; (ii) any other business directly conducted by any member of the TimkenSteel Group (as defined in the Separation
Agreement) primarily through the use of TimkenSteel Assets (as defined in the Separation Agreement) as of or prior to the date of the Distribution; and (iii) any business operation or assets that, at the time they were discontinued or sold,
were part of the Steel business as then reported in the Timken 10-K. 
 “Straddle Period” means any taxable period that begins on or
before and ends after the Distribution Date. 
 “Subsidiary” of any Person means another Person (a) in which the first Person
owns, directly or indirectly, an amount of the voting securities, voting partnership interests or other voting ownership sufficient to elect at least a majority of its board of directors or other governing body (or, if there are no such voting
securities, interests or ownership, a majority of the equity interests in such other Person), or (b) of which the first Person otherwise has the power to direct the management and policies. A Subsidiary may be owned directly or indirectly by
such first Person or by another Subsidiary of such first Person. 
 “Tax” means (i) all taxes, charges, fees, duties, levies,
imposts, or other similar assessments, imposed by any U.S. federal, state or local or foreign governmental authority, including income, gross receipts, excise, property, sales, use, license, common shares, transfer, franchise, payroll, withholding,
social security, value added, goods and services, consumption, and other taxes, (ii) any interest, penalties or additions attributable thereto and (iii) all liabilities in respect of any items described in clauses (i) or
(ii) payable by reason of assumption, transferee or successor liability, operation of Law or Treasury Regulation Section 1.1502-6(a) (or any predecessor or successor thereof or any analogous or similar provision under Law). 

“Tax Attribute” means a net operating loss, net capital loss, tax credit, earnings and profits, overall foreign loss,
separate limitation loss, previously taxed income, or any item of income, gain, loss, deduction, credit, recapture or other item that may have the effect of increasing or decreasing any income Tax paid or payable. 

“Tax Benefit” has the meaning set forth in Section 3.04. 

  
 7 

 “Tax-Free Status of the Transactions” means the tax-free treatment accorded to the
Contribution and the Distribution as set forth in the Opinion. 
 “Tax Materials” has the meaning set forth in Section 6.01(a).

 “Tax Matter” has the meaning set forth in Section 7.01(a)(i). 

“Tax Package” means all relevant Tax-related information relating to the operations of the Bearings Business or the Steel Business, as
applicable, that is reasonably necessary to prepare and file the applicable Tax Return. 
 “Tax Proceeding” means any audit,
assessment of Taxes, pre-filing agreement, other examination by any Taxing Authority, proceeding, appeal of a proceeding or litigation relating to Taxes, whether administrative or judicial, including proceedings relating to competent authority
determinations. 
 “Tax Representation Letter” means any letter containing certain representations and covenants issued by Timken or
any of its Subsidiaries to Counsel in connection with the Opinion. 
 “Tax Return” means any return, report, certificate, form or
similar statement or document (including any related or supporting information or schedule attached thereto and any information return, or declaration of estimated Tax) required to be supplied to, or filed with, a Taxing Authority in connection with
the payment, determination, assessment or collection of any Tax or the administration of any Laws relating to any Tax and any amended Tax return or claim for refund. 

“Taxing Authority” means any governmental authority or any subdivision, agency, commission or entity thereof or any quasi-governmental
or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS). 

“Timken” has the meaning set forth in the preamble. 

“Timken 10-K” means Timken’s Annual Report on Form 10-K, including for the fiscal year ended December 31, 2013, and all prior
fiscal years. 
 “Timken Allocable Portion” means, with respect to any Tax paid after the Distribution Date relating to a Mixed
Business Tax Return, the amount of any such Tax less the TimkenSteel Allocable Portion. 
 “Timken Common Shares” means (i) all
classes or series of outstanding common shares of Timken for U.S. federal income tax purposes, including common stock and all other instruments treated as outstanding equity in Timken for U.S. federal income tax purposes, and (ii) all options,
warrants and other rights to acquire such stock. 

  
 8 

 “Timken Disqualifying Action” means (i) any action (or the failure to take any
action) within its control by Timken or any Timken Entity (including entering into any agreement, understanding or arrangement or any negotiations with respect to any transaction or series of transactions), or (ii) any event (or series of
events) involving Timken Common Shares, any assets of Timken or any assets of any Timken Entity that, in each case, negates the Tax-Free Status of the Transactions in whole or in part, regardless of whether such act or failure to act (x) is
covered by a Post-Distribution Ruling or an Unqualified Tax Opinion, or (y) occurs during or after the Restriction Period. 
 “Timken
Entity” means a member of the Timken Group. 
 “Timken Group” means Timken and each of its direct or indirect Subsidiaries
that is not a member of the TimkenSteel Group, and each Person that is or becomes a member of the Timken Group after the Distribution, including any Person that is or was merged into Timken or any direct or indirect Subsidiary that is not a member
of the TimkenSteel Group. 
 “Timken Percentage” 100% minus the TimkenSteel Percentage. 

“Timken Taxes” means, without duplication, (i) any Taxes imposed on Timken (or any of its Subsidiaries) or TimkenSteel (or any of
its Subsidiaries) attributable to a Timken Disqualifying Action, (ii) the Timken Percentage of any Taxes imposed on Timken (or any of its Subsidiaries) or TimkenSteel (or any of its Subsidiaries) attributable to both a TimkenSteel Disqualifying
Action and a Timken Disqualifying Action, (iii) 50% of all Transfer Taxes, (iv) the Timken Allocable Portion of any Taxes in respect of a Mixed Business Tax Return, and (v) any Taxes in respect of any Single Business Tax Return
related to the Bearings Business. For the avoidance of doubt, Timken Taxes shall not include any Taxes solely attributable to a TimkenSteel Disqualifying Action. 

“TimkenSteel” has the meaning set forth in the preamble. 

“TimkenSteel Allocable Portion” means, with respect to any Tax paid after the Distribution Date or any Adjustments to Tax after the
Distribution Date relating to a Mixed Business Tax Return, the amount of such Tax attributable to TimkenSteel, any TimkenSteel Entity, or the Steel Business, as determined taking into account historical practice (including historical methodologies
for making corporate allocations), the Code, Treasury Regulations, and any applicable state, local or foreign law. For purposes of determining the TimkenSteel Allocable Portion of any Tax related to a Pre-Closing Period or Straddle Period for which
no Tax Return has been filed, the amount of the TimkenSteel Allocable Portion will be determined after subtracting the amount of the Tax (whether positive, or if a loss, negative) attributable to TimkenSteel, any TimkenSteel Entity, or the Steel
Business as agreed to by the Parties with respect to the portion of the Tax year ending on June 30, 2014. 

  
 9 

 “TimkenSteel Common Shares” means (i) all classes or series of outstanding common
shares of TimkenSteel for U.S. federal income tax purposes, including common shares and all other instruments treated as outstanding equity in TimkenSteel for U.S. federal income tax purposes, and (ii) all options, warrants and other rights to
acquire such stock. 
 “TimkenSteel Disqualifying Action” means (i) any action (or the failure to take any action) by
TimkenSteel or any TimkenSteel Entity (including entering into any agreement, understanding or arrangement or any negotiations with respect to any transaction or series of transactions), or (ii) any event (or series of events) involving the
TimkenSteel Common Shares, any assets of TimkenSteel or any assets of any TimkenSteel Entity that, in each case, negates the Tax-Free Status of the Transactions in whole or in part, regardless of whether such act or failure to act (A) is
covered by a Post-Distribution Ruling or an Unqualified Tax Opinion, or (B) occurs during or after the Restriction Period. 

“TimkenSteel Entity” means a member of the TimkenSteel Group. 

“TimkenSteel Group” means TimkenSteel and each Person that will be a direct or indirect Subsidiary of TimkenSteel immediately prior to
the Distribution (but after giving effect to the Contribution), including the entities set forth on Schedule 1.1(E) of the Separation Agreement, and each Person that is or becomes a member of the TimkenSteel Group after the Distribution, including
in all circumstances any Person that is or was merged into TimkenSteel or any direct or indirect Subsidiary that is a member of the TimkenSteel Group. 

“TimkenSteel Percentage” means the percentage determined by dividing (i) the average total value of the TimkenSteel Common Shares
for the five business days following the Distribution Date, computed for each day by averaging the intraday high and intraday low trading price of the TimkenSteel Common Shares and multiplying such amount by the total number of shares of TimkenSteel
Common Shares outstanding on such day, by (ii) the sum of (A) the amount determined in clause (i) and (B) the average total value of the Timken Common Shares for the five business days following the Distribution Date, computed
for each day by averaging the intraday high and intraday low trading price of the Timken Common Shares and multiplying such amount by the total number of shares of Timken Common Shares outstanding on such day. 

“TimkenSteel Taxes” means, without duplication, (i) any Taxes imposed on Timken (or any of its Subsidiaries) or TimkenSteel (or
any of its Subsidiaries) attributable to a TimkenSteel Disqualifying Action, (ii) the TimkenSteel Percentage of any Taxes imposed on Timken (or any of its Subsidiaries) or TimkenSteel (or any of its Subsidiaries) attributable to both a
TimkenSteel Disqualifying Action and a Timken Disqualifying Action, (iii) 50% of all Transfer Taxes, (iv) the TimkenSteel Allocable Portion of any Taxes in respect of a Mixed Business Tax Return, and (v) any Taxes in respect of any
Single Business Tax Return related to the Steel Business. For the avoidance of doubt, TimkenSteel Taxes shall not include any Taxes solely attributable to a Timken Disqualifying Action. 

  
 10 

 “Transfer Taxes” means all sales, use, transfer, real property transfer, intangible,
recordation, registration, documentary, stamp or similar Taxes imposed on the Contribution or the Distribution, and paid after the Distribution Date. 

“Treasury Regulations” means the final and temporary (but not proposed) Tax regulations promulgated under the Code, as such regulations
may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Unqualified Tax Opinion” means a
reasoned “will” opinion, without qualifications, of a nationally recognized law firm to the effect that a transaction will not affect the Tax-Free Status of the Transactions. For purposes of this definition, an opinion is reasoned if it
describes the reasons for the conclusions and includes the facts, assumptions, and supporting legal analysis. 
 “U.S.” means the
United States of America. 
 Article II.        Preparation, Filing and Payment of Taxes 

Section 2.01  Responsibility of Parties to Prepare Tax Returns and Pay Taxing Authority. 

(a)      Timken Tax Returns. Timken shall prepare and file (or cause a Timken Entity to prepare and file) all
(i) Single Business Tax Returns relating to the Bearings Business and (ii) all Mixed Business Tax Returns, and shall pay (or cause such Timken Entity to pay) all Taxes shown to be due and payable on such Tax Returns. 

(b)      TimkenSteel Tax Returns. TimkenSteel shall prepare and file (or cause a TimkenSteel Entity to prepare and file)
all Single Business Tax Returns relating to the Steel Business, and shall pay (or cause such TimkenSteel Entity to pay) all Taxes shown to be due and payable on such Tax Returns. 

Section 2.02  Tax Return Procedures for Mixed Business Tax Returns. 

(a)                  Timken shall prepare all Mixed Business
Tax Returns consistent with historical practice, the Opinion, and the Tax Representation Letter unless otherwise required by Law or agreed to in writing by TimkenSteel. In the event that there is no historical practice for reporting a particular
item or matter, Timken shall determine the reporting of such item or matter provided that such determination is, in the reasonable opinion of Timken, at least more likely than not to be sustained. In connection with the preparation of any Mixed
Business Tax Return, TimkenSteel will assist and cooperate with Timken with respect to Timken’s preparation of each Mixed Business Tax Return, including assisting Timken in the preparation of a pro forma Tax Return for TimkenSteel and any
TimkenSteel Entity to be used in determining the TimkenSteel Allocable Portion with respect to such Mixed Business Tax Return. 

  
 11 

(b)                  In connection with any Mixed Business Tax
Return, no later than 30 days prior to the Due Date of each such Tax Return, Timken shall make available or cause to be made available drafts of such Tax Return (together with all related work papers) and a document determining the TimkenSteel
Allocable Portion of Taxes with respect to such Mixed Business Tax Return to TimkenSteel. The failure of Timken to make available any such materials described in the preceding sentence to TimkenSteel within the time frame described in the preceding
sentence shall not relieve TimkenSteel of any obligation which it may have to Timken under this Agreement except to the extent that TimkenSteel is actually prejudiced by such failure. TimkenSteel shall have access to any and all data and information
necessary for the preparation of all such Mixed Business Tax Returns and the Parties shall cooperate fully in the preparation and review of such Tax Returns. Subject to the preceding sentence, no later than 15 days after receipt of such Mixed
Business Tax Returns (and related documents), TimkenSteel shall have a right to object to such Mixed Business Tax Return (or items with respect thereto, including the TimkenSteel Allocable Portion with respect to such Mixed Business Tax Return) by
written notice to Timken; such written notice shall contain such disputed item (or items) and the basis for its objection. TimkenSteel shall pay to Timken no later than five days prior to the Due Date of each such Tax Return the TimkenSteel
Allocable Portion of Taxes shown as due and payable on such Mixed Business Tax Return (net of any prepayment made against such amount). 

(c)                  With respect to a Mixed Business Tax
Return delivered by Timken to TimkenSteel pursuant to Section 2.02(b), if TimkenSteel does not object by proper written notice described in Section 2.02(b), such Mixed Business Tax Return and the calculation of the TimkenSteel Allocable
Portion with respect thereto shall be deemed to have been accepted and agreed upon, and to be final and conclusive, for purposes of this Section 2.02(c). If TimkenSteel does object by proper written notice described in Section 2.02(b),
Timken and TimkenSteel shall act in good faith to resolve any such dispute as promptly as practicable; provided, however, that, notwithstanding anything to the contrary contained herein, if Timken and TimkenSteel have not resolved the disputed item
or items by the day five days prior to the Due Date of such Mixed Business Tax Return, such Tax Return shall be filed as prepared pursuant to this Section 2.02(a) (revised to reflect all initially disputed items that Timken and TimkenSteel have
agreed upon prior to such date). In the event that a Mixed Business Tax Return is filed that includes any disputed item for which proper notice was given pursuant to Section 2.02(b) that was not finally resolved and agreed upon, such disputed
item (or items) shall be resolved in accordance with Section 8.01 (interpreted without regard to the requirement that the Accounting Firm render a determination no later than the Due Date of the Tax Return at issue). In the event that the
resolution of such disputed item (or items) in accordance with Section 8.01 with respect to a Mixed Business Tax Return is inconsistent with such Mixed Business Tax Return as filed, Timken (with cooperation from TimkenSteel, if necessary)
shall, as promptly as practicable, amend such Tax Return to properly reflect the final resolution of the disputed item (or items). In the event that the amount of Taxes shown to be due and owing on a Mixed Business Tax Return is adjusted as a result
of a resolution pursuant to this Section 2.02(c), proper adjustment shall be made to the amounts previously paid or required to be paid in a manner that reflects such resolution. 

  
 12 

 Section 2.03  Expenses. Except as provided otherwise herein or in the Separation Agreement,
each Party shall bear its own expenses incurred in connection with this Article 2. 
 Section 2.04  Coordination with Article 4. This
Article 2 shall not apply to any amended Tax Returns, other than such Tax Returns required to be amended under Section 2.02(c), all other such amended Tax Returns governed by Article 4. 

Article III.        Payment of Taxes and Indemnification. 

Section 3.01  Payment and Indemnification by Timken. Timken shall pay, and shall indemnify and hold the TimkenSteel Group harmless from
and against, without duplication, (a) all Timken Taxes, (b) all Taxes incurred by TimkenSteel or any TimkenSteel Entity by reason of the breach by Timken of any of its representations, warranties or covenants hereunder, and (c) any
external costs and expenses related to the foregoing (including reasonable attorneys’ fees and expenses but excluding any expenses described in Section 2.03). 

Section 3.02  Payment and Indemnification by TimkenSteel. TimkenSteel shall pay, and shall indemnify and hold the Timken Group harmless
from and against, without duplication, (a) all TimkenSteel Taxes, (b) all Taxes incurred by Timken or any Timken Entity by reason of the breach by TimkenSteel of any of its representations, warranties or covenants hereunder, and
(c) any external costs and expenses related to the foregoing (including reasonable attorneys’ fees and expenses but excluding any expenses described in Section 2.03). 

Section 3.03  Timing of Tax Payments. Unless otherwise provided in this Agreement, in the event that a Party (the “Indemnifying
Party”) is required to make a payment to another Party (the “Indemnified Party”) pursuant to this Article 3, the Indemnified Party shall deliver written notice of the payments to the Indemnifying Party, including proof of
payment to the Taxing Authority, in accordance with Section 8.19 on the last day of the calendar quarter in which the obligation giving rise to the indemnification payment must be satisfied, and the Indemnifying Party shall be required to make
payment to the Indemnified Party within 10 days after notice of such payment is delivered to the Indemnifying Party. 

Section 3.04  Characterization of and Adjustments to Payments. For all Tax purposes, Timken and TimkenSteel agree to treat (a) any
payment required by this Agreement or (b) any indemnity payments required by the Contribution Agreement or Separation Agreement (other than payments pursuant to Section 8.03) as either a contribution by Timken to TimkenSteel or a
distribution by TimkenSteel to Timken, as the case may be, occurring immediately prior to the Distribution Date. Except as otherwise provided, any payment under this Agreement shall be decreased to take into account any reduction in taxable income
of the Indemnified Party arising from the payment by the Indemnified Party of such indemnified liability and increased to take into account any inclusion in taxable income of the Indemnified Party arising from the receipt of such indemnity payment
if there is any such increase notwithstanding the first sentence of this 

  
 13 

 
Section 3.04 (collectively, “Tax Benefits”). Any Tax Benefit shall be determined (i) using the highest applicable marginal U.S. federal corporate income tax rate in
effect at the time of the determination (and excluding any state income tax effect of such inclusion or reduction) and (ii) assuming that the Indemnified Party will be liable for Taxes at such rate, the Indemnified Party has sufficient taxable
income to use any tax deduction, and has no other relevant Tax Attributes at the time of the determination. For the avoidance of doubt, the previous two sentences of this Section 3.04 do not apply to any payments made pursuant to
Section 6.03. 
 Article IV.        Refunds, Carrybacks, Amendments and Tax Attributes. 

Section 4.01  Refunds 

(a)                  Except as provided in Section 4.02,
Timken shall be entitled to all Refunds of Taxes with respect to which Timken would be liable for payment under Article 3 if such Taxes were paid after the Distribution Date, and TimkenSteel shall be entitled to all Refunds of Taxes with respect to
which TimkenSteel would be liable for payment under Article 3 if such Taxes were paid after the Distribution Date. A Party receiving a Refund to which the other Party is entitled pursuant to this Agreement shall pay to the other Party the amount to
which such other Party is entitled within 10 days after the receipt of the Refund. 

(b)                  Notwithstanding Section 4.01(a), to
the extent that a Party applies or causes to be applied an overpayment of Taxes as a credit toward or a reduction in Taxes otherwise payable by such Party (or a Taxing Authority requires such application in lieu of a Refund) and such overpayment of
Taxes, if received as a Refund, would have been payable by such Party to the other Party pursuant to this Section 4.01, such Party shall pay such amount to the other Party no later than the Due Date of the Tax Return for which such overpayment
is applied to reduce Taxes otherwise payable. 

(c)                  In the event of an Adjustment relating to
Taxes for which one Party is or may be liable pursuant to Article 3 would have given rise to a Refund but for an offset against the Taxes for which the other Party is or may be liable pursuant to Article 3 (the “Benefited Party”),
then the Benefited Party shall pay to the other Party within 10 days of the Final Determination of such Adjustment an amount equal to the lesser of (a) the amount of such hypothetical Refund or (b) the amount of such reduction in the Taxes
of the Benefited Party, in each case plus interest at the rate set forth in Section 6621(a)(1) of the Code on such amount for the period from the filing date of the Tax Return that would have given rise to such Refund to the payment date to the
other Party. 
 (d)                  To the extent that the
amount of any Refund under this Section 4.01 is later reduced by a Taxing Authority or as the result of a Tax Proceeding, such reduction shall be allocated to the Party that was entitled to such Refund pursuant to this Section 4.01 and an
appropriate adjusting payment shall be made by such Party to the other Party if the other Party originally paid the Refund to such Party. For the avoidance of doubt, this Section 4.01(d) is intended to make whole the other Party that was not
entitled to the Refund. 

  
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 Section 4.02  Carrybacks. 

(a)                Subject to Timken’s discretion to file an
amended Tax return under Section 4.03, each Party is permitted (but not required) to carry back (or to cause its Subsidiaries to carry back) a loss, credit, or other Tax Attribute realized in a Post-Closing Period or a Straddle Period to a
Pre-Closing Period or a Straddle Period; provided, however, that if such carryback would reasonably be expected to adversely impact the other Party (including through an increase in Taxes or a loss or reduction in the utilization of a loss, credit,
or other Tax Attribute regardless of whether or when such loss, credit, or other Tax Attribute otherwise would have been used), such carryback shall not be permitted without first obtaining the prior written consent of such other Party, which
consent shall not be unreasonably withheld or delayed. 

(b)                Refunds for Carrybacks. 

 (i)                       
 Subject to Sections 4.02(c) and 4.02(d), in the event that any member of the TimkenSteel Group chooses to (or is required to under applicable Law), and is permitted to under Sections 4.02(a) and 4.03, carry back a loss, credit, or other Tax
Attribute to a Mixed Business Tax Return, Timken shall cooperate with TimkenSteel and such member in seeking from the appropriate Taxing Authority any Refund that reasonably would result from a permitted carryback (including by filing an amended Tax
Return at TimkenSteel’s cost and expense). TimkenSteel (or such member) shall be entitled to any Refund realized by any member of the Timken Group or TimkenSteel Group as a result of the carryback. 

(ii)                        
 Subject to Sections 4.02(c) and 4.02(d), in the event that any member of the Timken Group chooses to (or is required to under applicable Law), and is permitted to under Sections 4.02(a) and 4.03, carry back a loss, credit, or other Tax
Attribute to a Mixed Business Tax Return, TimkenSteel shall cooperate with Timken and such member in seeking from the appropriate Taxing Authority any Refund that reasonably would result from a permitted carryback (including by filing an amended Tax
Return at Timken’s cost and expense). Timken shall be entitled to any Refund realized by any member of the TimkenSteel Group or Timken Group as a result of the carryback. 

(c)                Except as otherwise provided by applicable Law, if
any loss, credit or other Tax Attribute of the Bearings Business and the Steel Business both would be eligible to be carried back or carried forward to the same Pre-Closing Period or Straddle Period (had such carryback been the only carryback to
such taxable period) (such amount for each of Bearings Business and the Steel Business separately referred to as the “Carryback Amount” and the sum of both amounts returned to as the “Aggregate Carryback Amount”),
any Refund resulting therefrom shall be allocated between Timken and TimkenSteel proportionately based on the ratio of the Bearings Business Carryback Amount to the Aggregate Carryback Amount and the Steel Business Carryback Amount to the Aggregate
Carryback Amount, respectively. Appropriate adjustments to the allocation of any Refund under the preceding sentence shall be made if the carryback results in any additional Tax Attributes being allocated to the Timken Group or the TimkenSteel Group
(for example, under the regulations applicable to U.S. federal 

  
 15 

 
consolidated income tax returns) to the extent necessary to cause the Timken Group, on the one hand, and the TimkenSteel Group, on the other hand, to proportionately benefit from such carryback.

 (d)                  To the extent the amount of any
Refund under this Section 4.02 is later reduced by a Taxing Authority or a Tax Proceeding, such reduction shall be allocated to the Party to which such Refund was allocated pursuant to this Section 4.02. 

Section 4.03 Amended Tax Returns. 

(a)                  Mixed Business Tax Returns. Timken shall,
in its sole discretion, be permitted to amend, or to cause TimkenSteel or any TimkenSteel Entity to amend (and TimkenSteel shall, if Timken so chooses, amend or cause the applicable TimkenSteel Entity to amend), any Mixed Business Tax Return;
provided, however, that unless otherwise required by a Final Determination, Timken shall not be permitted to so amend any such Mixed Business Tax Return to the extent that any such amendment or filing (i) would reasonably be expected to
materially adversely impact TimkenSteel (including through an increase in Taxes or a loss or reduction of a Tax Attribute regardless of whether or when such Tax Attribute otherwise would have been used), (ii) would be inconsistent with
historical practice, or (iii) would be inconsistent with the Opinion or Tax Representation Letter, in each case without the prior written consent of TimkenSteel, which consent shall not be unreasonably withheld or delayed. If requested in
writing by TimkenSteel at least 60 days prior to the expiration of the applicable statute of limitations, Timken shall amend any Mixed Business Tax Return to reflect changes proposed by TimkenSteel; provided, however, that TimkenSteel shall
reimburse Timken for all reasonable out-of-pocket costs and expenses incurred by Timken in amending such Mixed Business Tax Return; provided, further, that unless otherwise required by a Final Determination, Timken shall not be required to so amend
any such Mixed Business Tax Return to the extent that any such amendment (A) would reasonably be expected to materially adversely impact Timken (including through an increase in Taxes or a loss or reduction of a Tax Attribute regardless of
whether or when such Tax Attribute otherwise would have been used), (B) would be inconsistent with historical practice, or (C) would be inconsistent with the Opinion or Tax Representation Letter. 

(b)                  Single Business Tax Returns. 

 (i)                    Timken. Timken shall,
in its sole discretion, be permitted to amend (or cause or permit to be amended) any Single Business Tax Return relating to the Bearings Business. 

(ii)                    TimkenSteel. TimkenSteel
shall, in its sole discretion, be permitted to amend (or cause or permit to be amended) any Single Business Tax Return relating to the Steel Business. 

Section 4.04  Tax Attributes. 

(a)                  Tax Attributes arising in a Pre-Closing
Period will be allocated to (and the benefits and burdens of such Tax Attribute will inure to) the Timken Group and 

  
 16 

 
the TimkenSteel Group in accordance with historical practice (including historical methodologies for making corporate allocations), the Code, Treasury Regulations, and any applicable state, local
and foreign Law. For the avoidance of doubt, the CAT Credit will be allocated in the manner agreed to by the State of Ohio. Timken and TimkenSteel shall jointly determine the allocation of such Tax Attributes arising in Pre-Closing Periods as soon
as reasonably practicable following the Distribution Date, and shall compute all Taxes for a Post-Closing Period and Straddle Period consistently with that determination unless otherwise required by a Final Determination. 

(b)                  Except as otherwise provided herein, to
the extent that the amount of any Tax Attribute is later reduced or increased by a Taxing Authority or as a result of a Tax Proceeding, such reduction or increase shall be allocated to the Party to which such Tax Attribute was allocated pursuant to
Section 4.04(a). 

(c)                  Notwithstanding anything to the contrary
in this Agreement, Timken shall at all times be entitled to any Tax deduction or credit, as the case may be, relating to (i) the exercise of Timken Common Shares compensatory stock options, (ii) restricted stock that has vested (in whole
or in part) on or prior to the Distribution Date, or (iii) restricted stock with respect to Timken Common Shares.  TimkenSteel shall be entitled to any Tax deduction or credit, as the case may be, relating to (A) the exercise of
TimkenSteel Common Shares compensatory stock options or (B) restricted stock with respect to TimkenSteel Common Shares.  To the extent any Tax deduction that is described in either of the first two sentences of this
Section 4.04(c) and claimed by the Party to whom the deduction is allocated under this section 4.04(c) is disallowed to such Party and a Taxing Authority makes a determination that the other Party is entitled to such deduction, the Party denied
such deduction shall notify the other Party of the receipt of such determination, promptly after receipt thereof, and the Party for which the determination allows the Tax deduction shall pay to the other Party the amount of the Tax Benefit arising
therefrom. 
 Article V.        Tax Proceedings 

Section 5.01  Notification of Tax Proceedings. Within 10 days after a Controlling Party (or its Subsidiary) becomes aware of the
commencement of a Tax Proceeding that may give rise to Taxes for which an Interested Party is responsible pursuant to Article 3, such Controlling Party shall provide notice to the Interested Party of such Tax Proceeding, and thereafter shall
promptly forward or make available to the Interested Party copies of notices and communications relating to such Tax Proceeding. The failure of the Controlling Party to provide notice to the Interested Party of the commencement of any such Tax
Proceeding within such 10-day period or promptly forward any further notices or communications shall not relieve the Interested Party of any obligation which it may have to the Controlling Party under this Agreement except to the extent that the
Interested Party is actually prejudiced by such failure. 
 Section 5.02  Tax Proceeding Procedures. The Controlling Party, in its sole
discretion, and at its own expense, shall be entitled to control, administer, contest, litigate, compromise and settle any Adjustment proposed, asserted or assessed pursuant to any 

  
 17 

 
Tax Proceeding and any such actions taken by the Controlling Party shall be made diligently and in good faith; provided that the Controlling Party shall (a) keep the Interested Party
informed in a timely manner of all actions proposed to be taken by the Controlling Party and shall permit the Interested Party to comment in advance on the Controlling Party’s oral or written submissions with respect to such Tax Proceeding,
(b) prepare all correspondence or filings to be submitted to any Taxing Authority or judicial authority in a manner consistent with the Tax Return, which is the subject of such Adjustment, as filed and timely provide the Interested Party with
copies of any such correspondence or filings for the Interested Party’s prior review and comment and (c) provide the Interested Party with written notice reasonably in advance of, and the Interested Party shall have the right to attend and
participate in, any formally scheduled meetings with any Taxing Authority or hearings or proceedings before any judicial authority with respect to such Adjustment.  Furthermore, the Controlling Party may not settle or otherwise resolve a
Tax Proceeding with respect to an Adjustment that would reasonably be expected to impact the Tax liability of an Interested Party without the consent of such Interested Party, such consent not to be unreasonably withheld; provided that the
Controlling Party shall be permitted to settle or otherwise resolve a Tax Proceeding if and when the only unsettled issue of such Tax Proceeding relates to an Adjustment for which an Interested Party has consent rights pursuant to the previous
clause, but has not consented to settlement. 
 Section 5.03  Tax Proceeding Cooperation. Each Party shall act in good faith and use
its reasonable best efforts to cooperate fully with the other Party (and its Subsidiaries) in connection with such Tax Proceeding and shall provide or cause its Subsidiaries to provide such information to each other as may be necessary or useful
with respect to such Tax Proceeding in a timely manner, identify and provide access to potential witnesses, and other persons with knowledge and other information within its control and reasonably necessary to the resolution of the Tax Proceeding.

 Article VI.      Tax-Free Status of the Transactions 

Section 6.01  Representations and Warranties. 

(a)                  TimkenSteel. TimkenSteel hereby
represents and warrants or covenants and agrees, as appropriate, that: 

 (i)                    it has examined
(A) the Opinion, (B) the Tax Representation Letter, and (C) any other materials delivered or deliverable by Timken or TimkenSteel in connection with the rendering by Counsel of the Opinion (all of the foregoing, collectively, the
“Tax Materials”) ; 

(ii)                    the facts presented and the
representations made therein, to the extent descriptive of the TimkenSteel Group (including the business purposes for the Distribution as described in the Opinion and the other Tax Materials to the extent that they relate to the TimkenSteel Group
and the plans, proposals, intentions and policies of the TimkenSteel Group), are, or will be from the time presented or made through and including the Distribution Date and thereafter as relevant, true, correct and complete in all respects; 

  
 18 

(iii)                      it knows of no
fact (after due inquiry) that may negate the Tax-Free Status of the Transactions ; and 

(iv)                      neither it, nor
any of its Subsidiaries, has any plan or intent to take any action which is inconsistent with any statements or representations made in the Tax Materials. 

(b)                  Timken. Timken hereby represents and
warrants or covenants and agrees, as appropriate, that: 

  (i)                      
  it has examined the Tax Materials ; 

 (ii)                       it
has delivered complete and accurate copies of the Tax Materials to TimkenSteel, and the facts presented and the representations made therein, to the extent descriptive of the Timken Group (including the business purposes for the Distribution as
described in the Opinion, and the other Tax Materials to the extent that they relate to the Timken Group and the plans, proposals, intentions and policies of the Timken Group), are, or will be from the time presented or made through and including
the Distribution Date and thereafter as relevant, true, correct and complete in all respects ; 

(iii)                      it knows of no
fact (after due inquiry) that may negate the Tax-Free Status of the Transactions ; and 

(iv)                      neither it, nor
any of its Subsidiaries, has any plan or intent to take any action which is inconsistent with any statements or representations made in the Tax Materials. 

Section 6.02  Limits on Proposed Acquisition Transactions and Other Transactions During Restriction Period. 

(a)                  During the Restriction Period, Timken and
TimkenSteel: 

  (i)                      
  shall continue and cause to be continued the active conduct of the Bearings Business and the Steel Business, in each case taking into account Section 355(b)(3) of the Code and as conducted immediately prior to the Distribution; 

 (ii)                       
shall not voluntarily dissolve, liquidate, or partially liquidate (including any action that is treated as a liquidation for federal income Tax purposes); 

(iii)                      shall not
enter into any Proposed Acquisition Transaction or, approve any Proposed Acquisition Transaction, or permit any Proposed Acquisition Transaction to occur; 

(iv)                      shall not
redeem or otherwise repurchase (directly or through an Affiliate) any stock, or rights to acquire stock, except to the extent such repurchases 

  
 19 

 
satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48 (provided, however, that the fact that any
such redemption or repurchase satisfies Section 4.05(1)(b) of Revenue Procedure 96-30 shall not prevent such redemption or repurchase from being considered, or taken into account for purposes of another transaction constituting, a Proposed
Acquisition Transaction, in which case clause (iii) shall apply); 

   (v)                     
 shall not amend its articles of incorporation (or other organizational documents), or take any other action or approve or permit the taking of any action, whether through a stockholder vote or otherwise, affecting the relative voting rights of
the common shares (including through the conversion of any common shares into another class of capital stock); 

  (vi)                      
shall not issue shares of a new class of nonvoting stock; 

 (vii)                      shall
not merge or consolidate with any other Person; provided, however, that if Timken or TimkenSteel acquires equity of another Person in a transaction that is not otherwise described in clauses (i) through (vi), (viii), or (ix) of this
Section 6.02(a), then the merger or consolidation of such Person with and into Timken or TimkenSteel (with Timken or TimkenSteel surviving), as applicable, shall not constitute a merger or consolidation described in this clause (vii); 

(viii)                      shall not
sell, transfer, or otherwise dispose of or agree to, sell, transfer or otherwise dispose of (including in any transaction treated for U.S. federal income Tax purposes as a sale, transfer or disposition, and including any sale, transfer or other
disposition to an Subsidiary or otherwise) assets (including, any shares of common shares of a Subsidiary) that, in the aggregate, constitute more than 35% of its consolidated gross or net assets. The foregoing sentence shall not apply to
(A) sales, transfers, or dispositions of assets in the Ordinary Course of Business, (B) any cash paid to acquire assets from an unrelated Person in an arm’s-length transaction, (C) any assets transferred to a Person that is
disregarded as an entity separate from the transferor for U.S. federal income Tax purposes or (D) any mandatory or optional repayment (or pre-payment) of any indebtedness of such company. The percentages of consolidated gross and net assets
sold, transferred, or otherwise disposed of, shall be based on the fair market value of the gross or net assets, as the case may be, of Timken and TimkenSteel, as applicable, as of the Distribution Date. For purposes of this
Section 6.02(a)(viii), a merger of Timken or TimkenSteel with and into any Person shall constitute a disposition of all of the assets of Timken or TimkenSteel, respectively; and 

  (ix)                      
shall not take any other action or actions (including any action or transaction that would be reasonably likely to be inconsistent with any representation made in the Tax Materials) which in the aggregate (and taking into account any other
transactions described in this Section 6.02(a)) would be reasonably likely to have the effect of causing or permitting one or more Persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent
or Greater Interest in Timken or TimkenSteel or otherwise jeopardize the Tax-Free Status of the Transactions. 

  
 20 

(b)                  Notwithstanding the restrictions imposed
by Section 6.02(a), during the Restriction Period, Timken and TimkenSteel shall be permitted to take such action or one or more actions set forth in the foregoing clauses (i) through (ix), if, prior to taking any such actions, the Party
taking the action (the “Acting Party”) set forth in the foregoing clauses (i) through (ix) shall (1) have received a favorable private letter ruling from the IRS, or a ruling from another appropriate Taxing Authority
that confirms that such action or actions will not affect the Tax-Free Status of the Transactions, taking into account such actions and any other relevant transactions in the aggregate (a “Post-Distribution Ruling”), in form and
substance satisfactory to the other Party (the “Non-Acting Party”), or (2) have received an Unqualified Tax Opinion that confirms that such action or actions will not affect the Tax-Free Status of the Transactions, or
(3) the Non-Acting Party shall have waived in writing the requirement to obtain such ruling or opinion. In determining whether a ruling or opinion is satisfactory, the Non-Acting Party shall exercise its discretion, in good faith, solely to
preserve the Tax-Free Status of the Transactions and may consider, among other factors, the appropriateness of any underlying assumptions or representations used as a basis for the ruling or opinion and the Non-Acting Party’s views on the
substantive merits of such ruling or opinion.  The Acting Party shall provide a copy of the Post-Distribution Ruling or the Unqualified Tax Opinion described in this paragraph to the Non-Acting Party as soon as practicable prior to taking
or failing to take any action set forth in the foregoing clause (i) through (ix).  The Acting Party shall bear all costs and expenses of securing any such Post-Distribution Ruling or Unqualified Tax Opinion and shall reimburse the
Non-Acting Party for all reasonable out-of-pocket costs and expenses that the Non-Acting Party may incur in good faith in seeking to obtain or evaluate any such Post-Distribution Ruling or Unqualified Tax Opinion. 

Section 6.03  Section 336(e) Elections. Pursuant to Treasury Regulation sections 1.336-2(h)(1)(i) and 1.336-2(j), Timken and
TimkenSteel agree that Timken shall make a timely protective election under Section 336(e) of the Code and the Treasury Regulations issued thereunder for TimkenSteel and each TimkenSteel Affiliate that is a domestic corporation for U.S. federal
income Tax purposes with respect to the Distribution (a “Section 336(e) Election”). It is intended that a Section 336(e) Election will have no effect unless the Distribution is a “qualified stock disposition,” as
defined in Treasury Regulation section 1.336(e)-1(b)(6), either because (a) the Distribution is not a transaction described in Treasury Regulations section 1.336-1(b)(5)(i)(B) or (b) Treasury Regulation Section 1.336-1(b)(5)(ii)
applies to the Distribution. If and to the extent that there is a violation of the Tax-Free Status of the Transaction, and the resulting Taxes (including any Taxes attributable to the Section 336(e) Election) are considered Timken Taxes (rather
than TimkenSteel Taxes), then, to that extent, Timken shall be entitled to quarterly payments from TimkenSteel equal to the actual Tax savings arising from the step-up in Tax basis resulting from the Section 336(e) Election, determined using a
“with and without” methodology (treating any deductions or amortization attributable to the step-up in tax basis resulting from the Section 336(e) Election as the last items claimed for any taxable year, including after the
utilization of any available net operating loss carryforwards), and less a reasonable charge for administrative expenses necessary to secure the Tax savings. 

  
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 Article VII.      Cooperation 

Section 7.01  General Cooperation. 

(a)                 The Parties shall each cooperate fully (and
each shall cause its respective Subsidiaries to cooperate fully) with all reasonable requests in writing (“Information Request”) from another Party hereto, or from an agent, representative or advisor to such Party, in connection
with the preparation and filing of Tax Returns (including the preparation of Tax Packages), claims for Refunds, Tax Proceedings, and calculations of amounts required to be paid pursuant to this Agreement, in each case, related or attributable to or
arising in connection with Taxes of any of the Parties or their respective Subsidiaries covered by this Agreement and the establishment of any reserve required in connection with any financial reporting (a “Tax Matter”). Such
cooperation shall include the provision of any information reasonably necessary or helpful in connection with a Tax Matter (“Information”) and shall include, without limitation, at each Party’s own cost: 

  (i)                      
  the provision of any Tax Returns of the Parties and their respective Subsidiaries, books, records (including information regarding ownership and Tax basis of property), documentation and other information relating to such Tax Returns,
including accompanying schedules, related work papers, and documents relating to rulings or other determinations by Taxing Authorities; 

 (ii)                       the
execution of any document (including any power of attorney) in connection with any Tax Proceedings of any of the Parties or their respective Subsidiaries, or the filing of a Tax Return or a Refund claim of the Parties or any of their respective
Subsidiaries; 

(iii)                      the use of the
Party’s reasonable best efforts to obtain any documentation in connection with a Tax Matter; and (iv) the use of the Party’s reasonable best efforts to obtain any Tax Returns (including accompanying schedules, related work papers, and
documents), documents, books, records or other information in connection with the filing of any Tax Returns of any of the Parties or their Subsidiaries. 
 Each Party
shall make its employees, advisors, and facilities available, without charge, on a reasonable and mutually convenient basis in connection with the foregoing matters. 

Section 7.02  Retention of Records. Timken and TimkenSteel shall retain or cause to be retained all Tax Returns, schedules and
workpapers, and all material records or other documents relating thereto in their possession, until 60 days after the expiration of the applicable statute of limitations (including any waivers or extensions thereof) of the taxable periods to which
such Tax Returns and other documents relate or until the expiration of any additional period that any Party reasonably requests, in writing, with respect to specific material records or documents. A Party intending to destroy any material records or
documents shall provide the other Party with reasonable advance 

  
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notice and the opportunity to copy or take possession of such records and documents. The Parties hereto will provide notice to each other in writing of any waivers or extensions of the applicable
statute of limitations that may affect the period for which the foregoing records or other documents must be retained. 
 Article
VIII.     Miscellaneous 
 Section 8.01  Dispute Resolution. 

(a)                 Except as otherwise provided herein, in the
event of any dispute between the Parties as to any matter covered by this Agreement, the dispute shall be governed exclusively by the procedures set forth in Section 8.01(b). 

(b)                 With respect to any dispute governed by this
Section 8.01(b), the Parties shall appoint a nationally recognized independent public accounting firm (the “Accounting Firm”) to resolve such dispute. In this regard, the Accounting Firm shall make determinations with respect
to the disputed items based solely on representations made by Timken and TimkenSteel and their respective representatives, and not by independent review, and shall function only as an expert and not as an arbitrator and shall be required to make a
determination in favor of one Party only. The Parties shall require the Accounting Firm to resolve all disputes no later than 45 days after the submission of such dispute to the Accounting Firm, but in no event later than the Due Date for the
payment of Taxes or the filing of the applicable Tax Return, if applicable, and agree that all decisions by the Accounting Firm with respect thereto shall be final and conclusive and binding on the Parties. The Accounting Firm shall resolve all
disputes in a manner consistent with this Agreement and, to the extent not inconsistent with this Agreement, in a manner consistent with the historical practices of Timken and its Subsidiaries, except as otherwise required by applicable Law. The
Parties shall require the Accounting Firm to render all determinations in writing and to set forth, in reasonable detail, the basis for such determination. The fees and expenses of the Accounting Firm shall be paid by the non-prevailing Party. 

Section 8.02  Tax Sharing Agreements. All Tax sharing, indemnification and similar agreements, written or unwritten, as between Timken,
on the one hand, and TimkenSteel or a TimkenSteel Entity, on the other (other than this Agreement), shall be or shall have been terminated no later than the effective time of the Distribution and, after the effective time of the Distribution, none
of Timken, TimkenSteel or a TimkenSteel Entity shall have any further rights or obligations under any such Tax sharing, indemnification or similar agreement. 

Section 8.03  Interest on Late Payments. With respect to any payment between the Parties pursuant to this Agreement not made by the due
date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate equal to the rate of interest from time to time announced publicly by The Wall Street Journal as its prime rate, calculated on the basis of a
year of 365 days and the number of days elapsed. 

  
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 Section 8.04  Survival of Covenants. Except as otherwise contemplated by this Agreement, all
covenants and agreements of the Parties contained in this Agreement shall survive the Distribution Date and remain in full force and effect in accordance with their applicable terms, provided, however, that the representations and warranties and all
indemnification for Taxes shall survive until 90 days following the expiration of the applicable statute of limitations (taking into account all extensions thereof), if any, of the Tax that gave rise to the indemnification, provided, further, that,
in the event that notice for indemnification has been given within the applicable survival period, such indemnification shall survive until such time as such claim is finally resolved. 

Section 8.05  Termination. Notwithstanding any provision to the contrary, this Agreement may be terminated by the board of directors of
Timken, in its sole and absolute discretion, at any time prior to the Distribution. In the event of any termination of this Agreement prior to the Distribution, neither Party (nor any member of its Group or any of its respective directors or
officers) will have any liability or further obligation to the other Party (or member of its Group) with respect to this Agreement. After the Distribution Date, this Agreement may not be terminated except by an agreement in writing signed by each of
the Parties. 
 Section 8.06  Severability.  Whenever possible, each provision or portion of any provision of this Agreement
will be interpreted in such manner as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule
in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision or portion of any provision had never been contained in this Agreement. 

Section 8.07  Entire Agreement. Except as otherwise expressly provided in this Agreement, this Agreement and any annexes, exhibits,
schedules and appendices hereto constitute the entire agreement, and supersede all prior written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and
understandings between the Parties with respect to the subject matter of this Agreement. This Agreement will not be deemed to contain or imply any restriction, covenant, representation, warranty, agreement or undertaking of any Party with respect to
the transactions contemplated hereby other than those expressly set forth in this Agreement or in any document required to be delivered hereunder. Notwithstanding any oral agreement or course of action of the Parties or their representatives to the
contrary, no Party to this Agreement will be under any legal obligation to enter into or complete the transactions contemplated hereby unless and until this Agreement and the Separation Agreement, as applicable, will have been executed and delivered
by each of the Parties. Except as specifically set forth in the Separation Agreement and the Employee Matters Agreement, and except as provided in Section 8.15, all matters related to Taxes or Tax Returns of the Parties and their respective
Subsidiaries shall be governed exclusively by this Agreement. Except as provided in Section 8.15, in the event of a conflict between this Agreement and the Separation Agreement or the Employee Matters Agreement with respect to such matters,
this Agreement shall govern and control. 

  
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 Section 8.08  Assignment. Except as expressly provided in this Agreement, neither this
Agreement nor any of the rights, interests or obligations hereunder may be assigned or delegated, in whole or in part, by operation of law or otherwise, by any Party without the prior written consent of the other Party, and any such assignment or
delegation without such prior written consent will be null and void. If any Party to this Agreement (or any of its successors or permitted assigns) (a) will consolidate with or merge into any other Person and will not be the continuing or
surviving corporation or entity of such consolidation or merger or (b) will transfer all or substantially all of its properties and/or assets to any Person, then, and in each such case, the Party (or its successors or permitted assigns, as
applicable) will ensure that such Person assumes all of the obligations of such Party (or its successors or permitted assigns, as applicable) under this Agreement, in which case the consent described in the previous sentence will not be required.

 Section 8.09  No Third-Party Beneficiaries. Except as provided in Article 3 with respect to the TimkenSteel Group and the Timken
Group, nothing in this Agreement, express or implied, is intended to or will confer upon any Person other than the Parties and their respective Subsidiaries and their respective successors and permitted assigns and nothing in this Agreement, express
or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement. 

Section 8.10  Specific Performance. Subject to the provisions of Section 8.01, in the event of any actual or threatened default in,
or breach of, any of the terms, conditions and provisions of this Agreement, the Party who is or is to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief (on an interim or permanent basis) of
its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach,
including monetary damages, may be inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such
remedy are waived by the Parties. 
 Section 8.11  Amendment and Modification. This Agreement may not be amended, modified or
supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing expressly designated as an amendment hereto, signed on behalf of each Party hereto. 

Section 8.12 Waiver.  No failure or delay of either Party (or the applicable member of its Group) in exercising any right or remedy under
this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or
further exercise thereof or the exercise of any other right or 

  
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power. The rights and remedies of the Parties (and the other members of their respective Groups) under this Agreement are cumulative and are not exclusive of any rights or remedies that they
would otherwise have hereunder. Any agreement on the part of any Party to any such waiver will be valid only if set forth in a written instrument executed and delivered by a duly authorized officer on behalf of such Party. 

Section 8.13  Rules of Construction. Interpretation of this Agreement shall be governed by the following rules of construction:
(a) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires; (b) references to the terms Article, Section, paragraph, clause,
Exhibit and Schedule are references to the Articles, Sections, paragraphs, clauses, exhibits and schedules of this Agreement unless otherwise specified; (c) the terms “hereof,” “herein,” “hereby,”
“hereto,” and derivative or similar words refer to this entire Agreement, including any Schedules or Exhibits hereto; (d) references to “$” shall mean U.S. dollars; (e) the word “including” and words of
similar import when used in this Agreement shall mean “including without limitation,” unless otherwise specified; (f) the word “or” shall not be exclusive; (g) references to “written” or “in writing”
include in electronic form; (h) provisions shall apply, when appropriate, to successive events and transactions; (i) the headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement; (j) Timken and TimkenSteel have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if
drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this Agreement or any interim drafts of this Agreement; and (k) a
reference to any Person includes such Person’s successors and permitted assigns. 
 Section 8.14  Counterparts. This Agreement may
be executed in one or more counterparts, and by the different Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Agreement by facsimile or portable document format (PDF) shall be as effective as delivery of a manually executed counterpart of any such Agreement. 

Section 8.15  Coordination with the Contribution Agreement, Separation Agreement or Employee Matters Agreement. To the extent any
conflict arises between this Agreement and the Contribution Agreement or Separation Agreement, this Agreement shall control. To the extent any covenants or agreements between the Parties with respect to employee withholding Taxes are set forth in
the Employee Matters Agreement, such Taxes shall be governed exclusively by the Employee Matters Agreement and not by this Agreement. 

Section 8.16  Effective Date. This Agreement shall become effective only upon the occurrence of the Distribution. 

  
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 Section 8.17  Governing Law. This Agreement and all disputes or controversies arising out of
or relating to this Agreement or the transactions contemplated hereby will be governed by, and construed in accordance with, the Laws of the State of Ohio, without regard to the conflicts of law rules thereof. 

Section 8.18  Force Majeure. Neither Party hereto (nor any Person acting on its behalf) shall have any liability or responsibility for
failure to fulfill any obligation (other than a payment obligation) under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of circumstances of
Force Majeure. A Party claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence of any such event, (a) notify the other Party of the nature and extent of any such Force Majeure condition and
(b) use commercially reasonable efforts to remove any such causes and resume performance under this Agreement as soon as feasible. 

Section 8.19  Notices. All notices and other communications under this Agreement will be in writing and will be deemed duly given
(a) on the date of delivery if delivered personally, or if by facsimile or electronic transmission, upon written confirmation of receipt by facsimile, e-mail or otherwise, (b) on the first business day following the date of dispatch if
delivered utilizing a next-day service by a recognized next-day courier, or (c) on the earlier of confirmed receipt or the fifth business day following the date of mailing if delivered by registered or certified mail, return receipt requested,
postage prepaid. All notices hereunder will be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the Party to receive such notice: 

If to Timken: 
 The Timken Company 

4500 Mount Pleasant Street NW 
 North Canton, Ohio
44720-5450 
 Attention: Senior Vice President and General Counsel 

If to TimkenSteel: 
 TimkenSteel Corporation 

1835 Dueber Avenue, S.W. 
 Canton, Ohio 44706-2798

 Attention: General Counsel 

Section 8.20  No Circumvention. Each Party agrees not to directly or indirectly take any actions, act in concert with any Person who
takes any action, or cause or allow any of its Subsidiaries to take any actions (including the failure to take any reasonable action) such that the resulting effect is to materially undermine the effectiveness of any of the provisions of this
Agreement (including adversely affecting the rights or ability of any Party to successfully pursue indemnification or payment pursuant to the provisions of this Agreement). 

  
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 Section 8.21  No Duplication; No Double Recovery. Nothing in this Agreement is intended to
confer or impose upon any Party a duplicative right, entitlement, obligation, or recovery with respect to any matter arising out of the same facts and circumstances. 

[The remainder of this page is intentionally left blank.] 

  
 28 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year first
above written. 
  

			
	THE TIMKEN COMPANY
		
	By:	 	  

		 	Name:
		 	Title:
	
	TIMKENSTEEL CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

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