PARKER HANNIFIN CORP
FORM OF EXECUTIVE LIFE INSURANCE AGREEMENT
<DOCUMENT>
<TYPE>EX-10.A
<SEQUENCE>3
<FILENAME>dex10a.txt
<DESCRIPTION>FORM OF EXECUTIVE LIFE INSURANCE AGREEMENT
<TEXT>
<PAGE>

                                  EXHIBIT 10(a)
                       EXECUTIVE LIFE INSURANCE AGREEMENT

     This Executive Life Insurance Agreement ("Agreement") is made, as of
January 1, 2002, by and between Parker-Hannifin Corporation, an Ohio corporation
(the "Corporation"), and __________________________________ (the "Executive").

                                    RECITALS

     A.   The Executive desires to insure his or her life for the benefit and
protection of his or her family or designated beneficiary under the Policy (as
defined below); and

     B.   The Corporation desires to help the Executive provide certain
insurance for the benefit and protection of his or her family or designated
beneficiary by providing funds to pay the premiums due on the Policy in
accordance with this Agreement; and

     C.   The Executive, as owner of the Policy, desires to assign certain
rights and interests in the Policy to the Corporation, to the extent provided
herein, as security for repayment of certain funds provided by the Corporation
for the acquisition and/or maintenance of the Policy.

                                    AGREEMENT

          NOW, THEREFORE, in consideration of the foregoing, and the mutual
agreements and covenants set forth below, the parties to this Agreement agree as
follows:

     1.   Definitions. For purposes of this Agreement, unless otherwise clearly
apparent from the context, the following phrases or terms shall have the
following indicated meanings:


          (a)  "Aggregate Premiums Paid" shall mean, at any time, an amount
     equal to (i) the cumulative premiums paid by the Corporation on the Policy,
     less (ii) any policy loans to the Corporation and accrued and unpaid
     interest thereon. Notwithstanding the foregoing, Aggregate Premiums Paid
     shall not include extra benefit riders or agreements, other than those
     providing additional life insurance coverage on the Executive, and shall
     not include premiums waived pursuant to the terms of any disability waiver
     of a premium rider.

          (b)  "Base Annual Salary" shall mean the base annual compensation,
     excluding profit-sharing, RONA, bonuses, commissions, overtime, relocation
     expenses, incentive payments, non-monetary awards, expatriate premiums and
     differentials, or perquisites paid or provided to the Executive for
     employment services rendered to the Corporation, before reduction for
     compensation deferred pursuant to all qualified, non-qualified and Code
     Section

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     125 plans of the Corporation. For purposes of determining the Executive's
     Base Annual Salary hereunder, beginning January 1 of each year, the
     Executive's Base Annual Salary as of the most recent preceding December 1
     will be used (which means that the Executive's Base Annual Salary may be
     adjusted for the purposes of this Agreement only once a year).

          (c)  "Cash Surrender Value" shall mean an amount that equals, at any
     specified time, the cash surrender value as determined under the terms of
     the Policy.

          (d)  "Code" shall mean the Internal Revenue Code of 1986, as amended.

          (e)  "Collateral Assignment" shall mean an assignment made by the
     Executive in favor of the Corporation in a form mutually agreed to by the
     Corporation and the Executive and accepted by the Insurer.

          (f)  "Collateral Interest" shall mean the Corporation's rights and
     interests in the Policy, as set forth in Section 6 below.

          (g)  "Disability" or "Disabled" shall mean a period of disability
     during which the Executive qualifies for benefits under the Corporation's
     long-term disability plan.

          (h)  "Executive's Death Benefit" shall mean an amount that is equal to
     the Executive's Base Annual Salary multiplied by:

               (i)   three, prior to Retirement or Termination of Employment; or

               (ii)  the Post-Retirement Multiple, after Retirement.

          (i)  "Insurer" shall mean Sun Life Assurance Company of Canada Ltd.,
     its successors and assigns, or any other life insurance company issuing a
     Policy hereunder.

          (j)  "Minimum Retirement Cash Value" shall mean, on the Split Dollar
     Maturity Date, the minimum amount of cash value that is needed in the
     Policy to maintain the Executive Death Benefit after Retirement, determined
     on the date of Retirement, assuming that the Policy will be held without
     surrender, withdrawal or loan until the Executive reaches age 95 and that
     the fixed interest rate to be used to project earnings on the Policy up to
     age 95 is the Insurer's announced interest rate under the Policy on the
     Split Dollar Maturity Date.

          (k)  "Plan" shall mean the plan described in Section 8(a) below.

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          (l)  "Policy" shall mean the following policy or policies on the life
     of the Executive that are issued by the Insurer:

                Policy Number                 Type of Policy
               _______________________       ______________________

               _______________________       ______________________

               _______________________       ______________________

               _______________________       ______________________

          (m)  "Post-Retirement Multiple" shall mean the death benefit multiple
     determined at the time of the Executive's Retirement based upon the
     Executive's age, as follows:

               Age at Retirement             Post-Retirement Multiple

                   Under 55                            0
                      55                               1
                      56                               1.1
                      57                               1.2
                      58                               1.3
                      59                               1.4
                      60                               1.5
                      61                               1.6
                      62                               1.7
                      63                               1.8
                      64                               1.9
                      65                               2


          (n)  "Prime Rate" shall mean the prime rate of interest as published
     in the Wall Street Journal on the date of Termination of Employment.

          (o)  "Retirement" or "Retire" shall mean severance from full-time
     employment from the Corporation on or after the attainment of age
     fifty-five (55) for any reason other than an authorized leave of absence,
     death or Termination for Cause. In addition, a person who continues to be
     Disabled at least until age 55 (regardless of his or her employment status
     with the Corporation) shall be treated as having reached Retirement under
     this Agreement at the earlier of age 65 with continued Disability or the
     time the Executive ceases to be Disabled.

                                       3

<PAGE>

          (p)  "Split Dollar Maturity Date" shall mean the date on which the
     first of any of the following events occurs:

               (i)   The Executive's Termination of Employment;

               (ii)  Termination of this Agreement in accordance with Section 9
          below;

               (iii) The later of the Executive's Retirement or the fifteenth
          anniversary of the Executive's participation in the Plan (the
          "Fifteenth Anniversary"); or

               (iv)  The Executive's death.

          The Disability of the Executive shall not cause the Split Dollar
     Maturity Date to occur and the Disabled Executive will continue
     participation in the Plan until Retirement or Termination of Employment.

          (q)  "Termination for Cause" shall mean termination of the Executive's
     employment by the Corporation as a result of activity by the Executive
     detrimental to the interests of the Corporation, including without
     limitation:

               (i)   the rendering of services for an organization, or engaging
          in a business, that is in competition with the Corporation;

               (ii)  the disclosure to anyone outside of the Corporation, or the
          use for any purpose other than the Corporation's business, of
          confidential information or material related to the Corporation;

               (iii) fraud, embezzlement, theft-in-office or other illegal
          activity; or

               (iv)  violation of the Corporation's Code of Ethics.

          (r)  "Termination of Employment" shall mean the ceasing of full-time
     employment with the Corporation for any reason other than Retirement,
     death, Disability (except as provided below) or an authorized leave of
     absence. If the Executive becomes Disabled and subsequently ceases to be
     Disabled before age 55 and does not return to employment with the
     Corporation, such failure to return to employment shall be deemed to be a
     Termination of Employment.

     2.   Acquisition of Policy; Ownership of Insurance. The parties to this
Agreement shall cooperate in applying for and obtaining the Policy. The Policy
shall be designed to provide sufficient death proceeds and Cash Surrender Value
to enable payment or funding of the Executive's Death Benefit after payment of
the Corporation's Collateral Interest; provided, however, that the Corporation
and the Executive acknowledge that the actual death benefit paid to the Policy
beneficiary and the Cash Surrender Value at any point in time are subject to
Policy

                                       4

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experience. The Policy shall be issued to the Executive, as the sole and
exclusive owner of the Policy, subject to the rights and interests granted to
the Corporation, as provided in this Agreement and the Collateral Assignment,
and further subject to the Executive's right of assignment under Section 15
hereof.

     3. Premium Payments on Policy.

          (a)  Payments and Reimbursements. Prior to the occurrence of the Split
     Dollar Maturity Date, the Corporation shall pay to the Insurer, on or
     before each applicable premium due date, all applicable premiums for the
     Policy. All such premium payments made by the Corporation under this
     Agreement shall constitute advances by the Corporation to the Executive for
     which the Executive shall be responsible for repayment in accordance with
     the terms of this Agreement, but only up to an amount equal to the
     Corporation's Collateral Interest.

          (b)  Taxable Compensation. Each calendar year, the Executive shall be
     considered to have taxable compensation income that is equal to the value
     of the "economic benefit" derived by the Executive from the Policy's life
     insurance protection, as determined for Federal income tax purposes under
     the Code. To the extent required by the Code, the Corporation shall
     withhold from the Executive's Base Annual Salary, or other compensation
     paid to the Executive, in a manner determined by the Corporation, the
     Executive's share of FICA and other employment and income taxes relating to
     that taxable amount.

     4. Corporation's Rights. The Corporation's rights and interests in and to
the Policy shall be specifically limited to (i) the right to increase or
decrease Policy death benefits annually in accordance with maintaining the
"Executive's Death Benefit" as defined in Section 1(h); (ii) the right to be
paid its Collateral Interest in accordance with Section 6 below; (iii) the
rights specified in the Collateral Assignment, and; (iv) the right to obtain one
or more loans or advances on the Policy, provided, however, that any such loans
shall not, in the aggregate, exceed the Aggregate Premiums Paid by the
Corporation at any specified date without the written consent of the Executive.

     5. Executive's Rights. Subject to the terms of this Agreement and the
Collateral Assignment, the Executive shall be the owner of the Policy, and shall
be entitled to exercise all rights in the Policy; provided, however, that while
the Collateral Assignment is in effect, the following rights may be exercised
only in accordance with Section 6:

          (a)  To borrow against or pledge the Policy;

          (b)  To surrender, cancel or assign the Policy;

          (c)  To take a distribution or withdrawal from the Policy; or

          (d)  To increase or decrease the amount of the death benefit payable
               under the Policy.

                                       5

<PAGE>

     6. Collateral Interest.

          (a)  On the Split Dollar Maturity Date, the Corporation's interest in
     the Policy (the "Collateral Interest") shall be determined in the following
     manner:

               (i)   If the Split Dollar Maturity Date occurs due to the
          Executive's Retirement or the Fifteenth Anniversary, the Corporation
          shall be entitled to receive from the Policy an amount equal to that
          portion of the Policy's Cash Surrender Value that exceeds the Minimum
          Retirement Cash Value, but in no event less than the Aggregate
          Premiums Paid.

               (ii)  If the Split Dollar Maturity Date occurs due to the
          Executive's Termination of Employment (other than Termination for
          Cause), the Corporation shall be entitled to receive from the Policy
          an amount equal to that portion of the Policy's Cash Surrender Value
          that does not exceed the Aggregate Premiums Paid plus accrued interest
          thereon (from the date such premiums were actually paid by the
          Corporation) at a rate of annual interest equal to the Prime Rate.

               (iii) If the Split Dollar Maturity Date occurs due to the death
          of the Executive (except as provided in Section 6(a)(vi) below), the
          Corporation shall be entitled to that portion of the Policy's death
          proceeds equal to the sum of (A) the Aggregate Premiums Paid; and (B)
          any death proceeds in excess of the Aggregate Premiums Paid and the
          Executive's Death Benefit.

               (iv)  If the Split Dollar Maturity Date occurs due to the
          termination of this Agreement by the Corporation in accordance with
          Section 9 below, the Corporation shall be entitled to receive from the
          Policy an amount equal to that portion of the Policy's Cash Surrender
          Value that does not exceed the Aggregate Premiums Paid.

               (v)   If the Split Dollar Maturity Date occurs due to the
          termination of this Agreement by the Executive in accordance with
          Section 9 below or as a result of a Termination for Cause, the
          Corporation shall be entitled to receive from the Policy an amount
          equal to the entire Cash Surrender Value of the Policy.

               (vi)  If the Split Dollar Maturity Date occurs due to the suicide
          of the Executive or other contestable Policy event, and the proceeds
          from the Policy are limited by either a suicide or contestability
          provision under the Policy, the Corporation shall be entitled to that
          portion of the Policy's Cash Surrender Value and/or death proceeds
          equal to the sum of (A) the Aggregate Premiums Paid; and (B) any death
          proceeds or Cash Surrender Value, as the case may be, in excess of the
          Aggregate Premiums Paid and the Executive's Death Benefit.

          (b)  If the Split Dollar Maturity Date is other than the date of the
     Executive's death, the Corporation's Collateral Interest in the Policy, as
     determined in Section 6(a)(i), (ii), (iv) or (v) above, shall be paid to
     the Corporation in one of the following ways, as

                                       6

<PAGE>

     elected by the Executive in writing within 30 days after the date the
     Corporation first notifies the Executive in writing of the occurrence of
     the Split Dollar Maturity Date:

               (i)   By the Executive authorizing the Insurer to pay to the
          Corporation from the Cash Surrender Value of the Policy an amount
          equal to the Corporation's Collateral Interest;

               (ii)  By the Executive taking a loan out on the Policy in an
          amount equal to the Corporation's Collateral Interest, with payment of
          the loan proceeds to the Corporation, provided that the Corporation
          shall not be responsible for any interest that may accrue on any such
          loan; or

               (iii) By the Executive's payment to the Corporation, from the
          Executive's separate funds, of an amount equal to the Corporation's
          Collateral Interest.

     The Corporation's Collateral Interest in the Policy shall be paid as soon
     as is reasonably practicable after the Split Dollar Maturity Date.

          (c)  If the Split Dollar Maturity Date is the date of the Executive's
     death, the Corporation's Collateral Interest in the Policy, as determined
     in Section 6(a)(iii) or (vi) above, shall be paid to the Corporation from
     the Policy's death proceeds as soon as is reasonably practicable after the
     Executive's death.

          (d)  If the Executive fails to timely exercise any of the options
     under Section 6(b) above, the Corporation shall be entitled to instruct the
     Insurer to pay to the Corporation from the Cash Surrender Value of the
     Policy an amount equal to the Corporation's Collateral Interest.

          (e)  The Corporation agrees to keep records of its premium payments
     and to furnish the Insurer with a statement of its Collateral Interest
     whenever the Insurer requires such statement.

          (f)  Concurrent with the signing of this Agreement, the Executive will
     collaterally assign the Policy to the Corporation, in the form of the
     Collateral Assignment, as security for the payment of the Collateral
     Interest, which assignment shall not be altered or changed without the
     consent of the Corporation and the Executive.

          (g)  Promptly following the Executive's death, the Corporation and the
     Executive's designated beneficiary under the Policy shall take all steps
     necessary to collect the death proceeds of the Policy by submitting the
     proper claims forms to the Insurer. The Corporation shall notify the
     Insurer of the amount of the Corporation's Collateral Interest in the
     Policy at the time of such death. Such amount shall be paid by the Insurer
     to the Corporation and the remainder of the Policy's death benefit will be
     paid by the Insurer to the Executive's designated beneficiary.

                                       7

<PAGE>

          (h)  Upon payment in full to the Corporation of its Collateral
     Interest as provided above, the Corporation shall (i) assign its Collateral
     Interest in the Policy to the Executive, (ii) execute and file with the
     Insurer an appropriate release of the Corporation's Collateral Interest in
     the Policy and (iii) have no further interest in the Policy. The Executive
     hereby acknowledges, understands and agrees that, upon the release of the
     Corporation's Collateral Interest, the Corporation shall not have any
     responsibility for the future performance of the Policy and shall have no
     obligation to make any additional premium payments.

          (i)  Upon payment to the Corporation of its Collateral Interest in
     accordance with this Section 6, this Agreement and the Executive's
     participation in the Plan shall terminate and neither party shall have any
     further rights or obligations under the Agreement or the Plan with respect
     to the Executive.

     7.   Insurer.

          (a)  The Insurer is not a party to this Agreement, shall in no way be
     bound by or charged with notice of its terms, and is expressly authorized
     to act only in accordance with the terms and conditions of the Policy. The
     Insurer shall be fully discharged from any and all liability under the
     Policy upon payment or other performance of its obligations in accordance
     with the terms and conditions of the Policy.

          (b)  The authority required for the Insurer to recognize the exercise
     of a right under the Policy shall be specified in the Collateral
     Assignment.

     8.   Plan; Named Fiduciary; Claims Procedure.

          (a)  This Agreement is part of the Parker Hannifin Corporation
     Executive Life Insurance Plan, which consists of all Parker Hannifin
     Corporation Executive Life Insurance Agreements and the related Collateral
     Assignments that so reference their association with the Plan.

          (b)  The Corporation is the named fiduciary of the Plan for purposes
     of this Agreement.

          (c)  The following claims procedure shall be followed in handling any
     benefit claim under this Agreement and the Plan:

               (i)   The Executive, or his or her beneficiary, if the Executive
          has died (the "Claimant"), shall file a claim for benefits by
          notifying the Corporation in writing. If the claim is wholly or
          partially denied, the Corporation shall provide a written notice
          within 90 days (unless special circumstances require an extension of
          time for processing the claim, in which case an extension not to
          exceed 90 days shall be allowed) specifying the reasons for the
          denial, the provisions of this Agreement on which the denial is based,
          and additional material or information, if any, that is necessary for
          the Claimant to receive benefits. Such written notice

                                       8

<PAGE>

          shall also indicate the steps to be taken by the Claimant if a review
          of the denial is desired.

               (ii)  If a claim is denied, and a review is desired, the Claimant
          shall notify the Corporation in writing within 60 days after receipt
          of written notice of a denial of a claim. In requesting a review, the
          Claimant may review plan documents and submit any written issues and
          comments the Claimant feels are appropriate. The Corporation shall
          then review the claim and provide a written decision within 60 days of
          receipt of a request for a review (unless special circumstances
          require an extension of time for processing the claim, in which case
          an extension not to exceed 60 days shall be allowed). This decision
          shall state the specific reasons for the decision and shall include
          references to specific provisions of this Agreement, if any, upon
          which the decision is based.

               (iii) In no event shall the Corporation's liability under this
          Agreement exceed the amount of proceeds from the Policy.

     9.   Amendment of Agreement; Termination. This Agreement shall not be
modified or amended except by a writing signed by the Corporation and the
Executive. Either party may terminate this Agreement, and Executive's
participation in the Plan, at any time provided that the obligations of the
party terminating the Agreement and the Plan with respect to the Executive are
performed in full under the Agreement as of the time of the termination.

     10.  Binding Agreement. This Agreement shall be binding upon the heirs,
administrators, executors, successors and assigns of each party to this
Agreement.

     11.  State Law. This Agreement shall be subject to and be construed under
the internal laws of the State of Ohio, without regard to its conflicts of laws
principles.

     12.  Validity. In case any provision of this Agreement shall be illegal or
invalid for any reason, said illegality or invalidity shall not affect the
remaining parts of this Agreement, but this Agreement shall be construed and
enforced as if such illegal or invalid provision had never been inserted in this
Agreement.

     13.  Not a Contract of Employment. The terms and conditions of this
Agreement shall not be deemed to constitute a contract of employment between the
Corporation and the Executive. Such employment is hereby acknowledged to be an
"at will" employment relationship that can be terminated at any time for any
reason, with or without cause, unless expressly provided in a separate written
employment agreement. Nothing in this Agreement shall be deemed to give the
Executive the right to be retained in the service of the Corporation or to
interfere with the right of the Corporation to discipline or discharge the
Executive at any time.

     14.  Notice. Any notice or filing required or permitted to be given under
this Agreement to the Executive or the Corporation shall be sufficient if in
writing and hand-delivered, or sent by registered or certified mail, to the
address below:

                                       9

<PAGE>

     To the Executive:     ________________________
                           ________________________
                           ________________________

     To the Corporation:   Parker Hannifin Corporation
                           6035 Parkland Boulevard
                           Cleveland, OH 44124
                           Attention: Director of Employee Benefits

or to such other address as may be furnished by the Executive or the Corporation
in writing to the other party in accordance with this notice provision. Such
notice shall be deemed given as of the date of delivery or, if delivery is made
by mail, as of the date shown on the postmark on the receipt for registration or
certification. Any notice or filing required or permitted to be given to the
Executive or the Executive's beneficiary under this Agreement shall be
sufficient if in writing and hand-delivered, or sent by mail, to the last known
address of the Executive.

     15.  Assignment. During the term hereof, the Executive may assign the
Executive's right and obligations under this Agreement and ownership of the
Policy without the consent of the Corporation; provided, however, that the cost
of preparation and legal adequacy of the documentation to effect such assignment
to the satisfaction of the Corporation and the Insurer is solely the
responsibility of the Executive.

     16.  Acknowledgement; Release. The Executive assumes all risk of the
creditworthiness of the Insurer and acknowledges that the Corporation makes no
representation or guarantee of the creditworthiness of any Insurer. The
Executive acknowledges and agrees that in consideration of the Executive's
participation in the Plan, the Executive is waiving the right to continue
participation in the Corporation's group life insurance plan (which provided a
death benefit of $50,000) and related accidental death and disability benefit.
The Executive acknowledges responsibility for all federal, state and local tax
consequences imposed on the Executive's participation in the Plan and further
acknowledges that the Corporation has not made any representations or guarantees
of the present or future tax consequences of the Executive's participation in
the Plan.

     17.  Entire Agreement. This Agreement constitutes the entire agreement
between the parties hereto with regard to the subject matter of this Agreement
and supersedes all previous negotiations, agreements and commitments in respect
thereto. No oral explanation or oral information by either of the parties to
this Agreement shall alter the meaning or interpretation of this Agreement.

                                       10

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the
date first written above.

                                        PARKER-HANNIFIN CORPORATION


                                        By: ____________________________
                                            Daniel T. Garey
                                            Vice President, Human Resources



                                        ________________________________
                                            Signature of Executive

                                       11

<PAGE>

                              COLLATERAL ASSIGNMENT

     This Collateral Assignment (this "Assignment") is made and entered into as
of January 1, 2002, by and between _________________________ (the "Executive"),
as both the owner of and insured under a life insurance policy, No.
_________________ (the "Policy"), issued by Sun Life Assurance Company of Canada
Ltd. (the "Insurer"), and Parker-Hannifin Corporation, an Ohio corporation (the
"Corporation").

                                    RECITALS

     A.   The Executive desires to insure his or her life for the benefit and
protection of his or her family or designated beneficiary under the Policy;

     B.   The Corporation desires to help the Executive provide certain
insurance for the benefit and protection of his or her family or designated
beneficiary by providing funds from time to time to pay the premiums due on the
Policy, as more specifically provided for in that certain Executive Life
Insurance Agreement entered into between the Executive and the Corporation as of
the date hereof (the "Agreement"); and

     C.   In consideration of the Corporation agreeing to provide such funds in
accordance with the terms and conditions of the Agreement, the Executive agrees
to grant to the Corporation, as a security interest in the Policy, a collateral
security interest for the payment of the Corporation's Collateral Interest (as
defined in the Agreement).

                                    AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing, and the mutual
agreements and covenants set forth below, the parties to this Assignment agree
as follows:

     1.   Assignment. The Executive hereby assigns, transfers and sets over to
the Corporation, and its permitted successors, those certain rights and
interests described in the Agreement that are to be assigned to the Corporation
in accordance with the Agreement. Furthermore, this Assignment is made, and the
Policy is to be held as collateral security for, any and all liabilities of the
Executive to the Corporation, either now existing, or that may hereafter arise,
pursuant to the terms of the Agreement.

     2.   Signatures. To facilitate the operation of this Assignment, the
parties agree that the Insurer is hereby notified that the following rights
under the Policy may be exercised while the Assignment is in effect without the
signature or consent of the other party:

          (a)  The Corporation may sign a request to take a loan or partial
     withdrawal without the Executive's signature or consent;

                                       1


<PAGE>

          (b)  The Corporation may sign an instruction to the Insurer to pay an
     amount equal to the Corporation's Collateral Interest from the Policy's
     Cash Surrender Value to the Corporation, provided that the Corporation
     simultaneously delivers to the Insurer a notarized statement that the
     Corporation is exercising its rights in accordance with Section 6(d) of the
     Agreement;

          (c)  The Executive may sign a request to change the beneficiary or
     owner of the Policy without the signature or consent of the Corporation;
     and

          (d)  The exercise of any other right under the Policy not specifically
     set forth above shall be exercised with the signature of both the
     Corporation and the Executive.

     3.   Policy Proceeds. Any amount payable from the Policy during the
Executive's life or at death shall first be paid to the Corporation to the
extent of its Collateral Interest. Any balance will be paid to the Executive
during the Executive's lifetime, or at the Executive's death, to the beneficiary
designated by the Executive. A settlement option may be elected by the recipient
of the proceeds. For purposes of this Section, the amount of the Collateral
Interest shall be determined for purposes of the Insurer by a written statement
delivered to the Insurer and signed by the Corporation.

     4.   Endorsement. The Corporation shall hold the Policy while this
Assignment is operative and, upon request, forward the Policy to the Insurer,
without unreasonable delay, for endorsement of any designation or change of
beneficiary or ownership, any election of optional mode of settlement, or the
exercise of any other right reserved by the Executive in this Assignment.

     5.   Insurer. The Insurer is hereby authorized to recognize the
Corporation's claims to rights hereunder without investigating the reason for
any action taken by the Corporation, the validity or amount of any of the
liabilities of the Executive to the Corporation under the Agreement, the
existence of any default therein, the giving of any notice required herein, or
the application to be made by the Corporation of any amounts to be paid to the
Corporation. The Insurer shall not be responsible for the sufficiency or
validity of this Assignment and is not a party to the Agreement (or any other
similar executive life insurance agreement) between the Corporation and the
Executive.

     6.   Reassignment. Upon the full payment of the Corporation's Collateral
Interest in accordance with the terms and conditions of this Assignment and the
Agreement, the Corporation shall reassign to the Executive the Policy and all
specific rights included in this Assignment.

     7.   Amendment of Assignment; Termination. This Assignment shall not be
modified, amended or terminated, except by a writing signed by the Corporation
and the Executive; provided, however, that this Assignment may be terminated by
either party if that party terminates the Agreement in accordance with Section 9
of the Agreement and the obligations of the party terminating the Agreement are
performed in full under the Agreement.

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<PAGE>

     8.   Binding Agreement; Assigns. This Assignment shall be binding upon the
heirs, administrators, executors and permitted successors and assigns of each
party to this Assignment. The Executive shall not assign his or her rights under
this Assignment without the prior written consent of the Corporation.

     9.   State Law. This Assignment shall be subject to and be construed under
the internal laws of the State of Ohio, without regard to its conflicts of law
principles.

     10.  Validity. In case any provision of this Assignment shall be illegal or
invalid for any reason, said illegality or invalidity shall not affect the
remaining parts of this Assignment, but this Assignment shall be construed and
enforced as if such illegal or invalid provision had never been inserted in this
Assignment.

     IN WITNESS WHEREOF, the Executive and the Corporation have signed this
Assignment as of the date first written above.


                                      __________________________________________
                                           Signature of Executive


                                      PARKER-HANNIFIN CORPORATION


                                      By:_______________________________________
                                           Daniel T. Garey
                                           Vice President, Human Resources



Filed with the Insurer:


____________________________________  Date:__________________
Insurer

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