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EXHIBIT 10(a)
FIRST AMENDMENT
TO THE
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
SUPPLEMENTAL DEFINED CONTRIBUTION PLAN
(JANUARY 1, 1997 RESTATEMENT)
WHEREAS, Applied Industrial Technologies, Inc. (formerly known as
Bearings, Inc. and hereinafter referred to as the "Company") established the
Applied Industrial Technologies, Inc. Supplemental Defined Contribution Plan
(formerly known as the Bearings, Inc. Supplemental Defined Contribution Plan and
hereinafter referred to as the "Plan"), effective as of January 1, 1996, for the
benefit of a select group of management or highly compensated employees; and
WHEREAS, effective as of January 1, 1997, the Plan was subsequently
amended and restated; and
WHEREAS, the Company desires to amend said restated Plan;
NOW, THEREFORE, effective as of October 1, 2000, the Plan is hereby
amended in the respects hereinafter set forth:
1. Section 1.1 of the Plan is hereby amended by the addition of
Paragraph (23) at the end thereof to provide as follows:
(23) The term "APPLIED DEFERRED COMPENSATION PLAN" shall mean the
Applied Industrial Technologies, Inc. Deferred Compensation Plan (formerly
the Bearings, Inc. Deferred Compensation Plan), as amended from time to
time.
2. Section 1.1 of the Plan is hereby amended by the addition of
Paragraph (24) at the end thereof to provide as follows:
(24) The term "TRANSFERRED CONTRIBUTIONS" shall mean the contributions
that are transferred from the Applied Deferred Compensation Plan pursuant
to the terms thereof for crediting to the Separate Account of a Participant
who is a Retired Participant under the Applied Deferred Compensation Plan.
3. Section 1.1 of the Plan is hereby amended by the addition of
Paragraph (25) at the end thereof to provide as follows:
(25) The term "TRANSFERRED CONTRIBUTIONS ACCOUNT" shall mean
the Separate Account to which Transferred Contributions of a
Participant who is a Retired Participant under the Applied Industrial
Technologies, Inc. Deferred Compensation Plan are credited in
accordance with the provisions of Section 4.1 of the Plan.
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4. Section 4.1 of the Plan is hereby amended to provide as follows:
4.1 TYPES OF SEPARATE ACCOUNTS. Each Participant shall have
established in his name the following Separate Accounts which shall
reflect the type of contributions credited to him pursuant to Article
III or transferred to the Plan from his Deferral Account under the
Applied Deferred Compensation Plan:
(a) a Supplemental 401(k) Account which shall reflect the
Supplemental 401(k) Contributions credited to a
Participant pursuant to Section 3.1 as well as any
amount transferred from the King Bearing, Inc.
Nonqualified Supplemental Executive Retirement Plan,
and any adjustment thereto pursuant to Section 4.2;
and
(b) a Supplemental Matching Account which shall reflect
the Supplemental Matching Contributions credited to a
Participant pursuant to Section 3.2, and any
adjustment thereto pursuant to Section 4.2; and
(c) a Transferred Contributions Account which shall
reflect any Transferred Contributions that are
credited to a Participant who is also a Retired
Participant under the terms of the Applied Deferred
Compensation Plan and that are transferred from the
Applied Deferred Compensation Plan pursuant to the
procedures thereunder, and any adjustment thereto
pursuant to Section 4.2.
5. Article IV of the Plan is hereby amended by the addition of Section
4.7 at the end thereof to provide as follows:
4.7 INVESTMENT OF TRANSFERRED CONTRIBUTIONS. Subject to
procedures specified by the Company, each Participant who has
Transferred Contributions credited to his Transferred Contributions
Account shall elect the Funds in which such Transferred Contributions
are to be deemed invested. In addition, each such Participant may elect
to change the manner in which his Transferred Contributions are deemed
to be invested in the form, time and manner specified by the Company.
Upon receipt of any such election, the Company shall cause the
crediting or transfer, as the case may be, of such Transferred
Contributions among the Funds designated by the Participant pursuant to
procedures specified by the Company.
6. Section 5.2 of the Plan is hereby amended to provide as follows:
5.2 METHOD OF DISTRIBUTION. Except as otherwise provided in
Sections 5.3 and 5.4, the balance of a Participant's Separate Accounts
shall be paid to the
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Participant, or his Beneficiary, if applicable, in a single sum cash
payment or in substantially equal annual installment payments over a
period not in excess of three years and shall be determined as of the
most recent Valuation Date; provided, however, that any Participant who
has assets credited to a Transferred Contributions Account shall have
the balance of his Separate Accounts paid over a period that is not in
excess of ten years.
Executed at Cleveland, Ohio this 28th day of September , 2000.
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APPLIED INDUSTRIAL TECHNOLOGIES, INC.
By: /s/ Robert C. Stinson
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Title: Vice President
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