SEC Contract Filing

Filing Date: 2019-05-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.31
<SEQUENCE>32
<FILENAME>tkr33119exhibit1031.htm
<DESCRIPTION>EXHIBIT 10.31
<TEXT>
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<div><a name="s6EEEC45F39D15DEA84DACA3A0FAB3719"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Exhibit 10.31</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Times New Roman;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;padding-left:18px;text-indent:-2px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;color:#181717;font-weight:bold;">THE TIMKEN COMPANY </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#181717;">&#160;</font></div><div style="line-height:120%;text-align:center;padding-left:1px;text-indent:0px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;text-decoration:underline;">Deferred Share Equivalents Agreement</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;padding-bottom:14px;text-align:justify;padding-left:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:15px;text-align:justify;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">WHEREAS, </font><font style="font-family:Arial;font-size:9pt;font-weight:bold;">[GRANTEE]</font><font style="font-family:Arial;font-size:9pt;">&#32;(&#8220;Grantee&#8221;) is an employee of The Timken Company (the &#8220;Company&#8221;) or a Subsidiary; and </font></div><div style="line-height:120%;padding-bottom:15px;text-align:justify;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">WHEREAS, the Company has granted the Deferred Shares, evidenced by this Deferred Share Equivalents Agreement (this &#8220;Agreement&#8221;), to Grantee, effective as of </font><font style="font-family:Arial;font-size:9pt;font-weight:bold;">_______</font><font style="font-family:Arial;font-size:9pt;">,</font><font style="font-family:Arial;font-size:9pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:9pt;">20__ (the &#8220;Date of Grant&#8221;). </font></div><div style="line-height:120%;padding-bottom:17px;text-align:justify;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#32;NOW, THEREFORE, pursuant to the Company 2019 Equity and Incentive Compensation Plan (the &#8220;Plan&#8221;), and subject to the terms and conditions thereof, in addition to the terms and conditions of this Agreement, the Company confirms to Grantee the grant of the right to receive (i) ____</font><font style="font-family:Arial;font-size:9pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:9pt;">Deferred Share Equivalents and (ii) dividend equivalents payable in cash on a deferred basis (the &#8220;Dividend Equivalents&#8221;) with respect to the Deferred Share Equivalents covered by this Agreement. All terms used in this Agreement with initial capital letters that are defined in the Plan and not otherwise defined herein shall have the meanings assigned to them in the Plan. </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><font style="font-family:Arial;font-size:9pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;text-decoration:underline;">Five-Year Vesting of Awards</font><font style="font-family:Arial;font-size:9pt;">. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:48px;"><font style="font-family:Arial;font-size:9pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;text-decoration:underline;">Normal Vesting</font><font style="font-family:Arial;font-size:9pt;">: Subject to the terms and conditions of Sections 2 and 3 hereof, Grantee&#8217;s right to receive a cash payment in respect of the Deferred Share Equivalents covered by this Agreement and any Dividend Equivalents accumulated with respect thereto shall become nonforfeitable on the fifth anniversary of the Date of Grant if Grantee has been in the continuous employ of the Company or a Subsidiary from the Date of Grant until the date of such fifth anniversary. </font></div></td></tr></table><div style="line-height:120%;padding-bottom:0px;text-align:justify;padding-left:96px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;padding-bottom:0px;text-align:justify;padding-left:96px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">For purposes of this Agreement, Grantee&#8217;s continuous employment with the Company or a Subsidiary shall not be deemed to have been interrupted, and Grantee shall not be deemed to have ceased to be an employee