CHANGE IN CONTROL AGREEMENTControl Agreement • October 31st, 2011 • Applied Industrial Technologies Inc • Wholesale-machinery, equipment & supplies
Applied Industrial Technologies, Inc. (the “Company”) considers it essential to the best interest of the Company and its shareholders that the Company’s management be encouraged to remain with the Company and to continue to devote their full attention to the Company’s business. The Company recognizes that the possibility of a change in control of the Company may exist and that such possibility, and the uncertainty and questions which it may raise among management, may result in the departure or distraction of management personnel to the detriment of the Company and its shareholders. Accordingly, the Company’s Board of Directors (the “Board”) has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of key members of the Company’s management, including you, to their assigned duties without distraction in the face of the potentially disturbing circumstances arising from the possibility of a change in control of the Company.
SEVERANCE AGREEMENTSeverance Agreement • October 31st, 2011 • Applied Industrial Technologies Inc • Wholesale-machinery, equipment & supplies • Ohio
As a material inducement to you joining Applied Industrial Technologies, Inc. (the “Company”), the parties desire to set forth in this Severance Agreement (the “Agreement”) their mutual agreements concerning the terms and conditions of any severance benefits in the event your employment with the Company is terminated within a year of the date hereof (the “Term”), subject to automatic annual renewal each year unless the Company gives you written notice 30 days in advance of expiration of the Term (as the same may be renewed from time-to time) of the Company’s election not to renew, as determined in the sole discretion of the Board of Directors of the Company (the “Board”), including its duly authorized committees.
