|LINCOLN ELECTRIC HOLDINGS INC filed this Form 10-Q on 10/30/2017|
LINCOLN ELECTRIC HOLDINGS, INC.
2005 DEFERRED COMPENSATION PLAN FOR EXECUTIVES
(AS AMENDED AND RESTATED AS OF JANUARY 1, 2018)
The Lincoln Electric Holdings, Inc. 2005 Deferred Compensation Plan (the “Plan”) was established by Lincoln Electric Holdings, Inc., effective December 30, 2004, to allow designated management and highly compensated employees to defer a portion of their current salary and bonus compensation. The Plan is hereby amended and restated as of January 1, 2018. Except as provided herein, this amendment and restatement shall apply to Deferral Commitments made for Deferral Periods commencing on or after January 1, 2018.
The Plan is intended to comply with Section 409A of the Code, and shall be construed and interpreted in accordance with such intent.
It is intended that the Plan will aid in attracting and retaining employees of exceptional ability by providing these benefits. The terms and conditions of the Plan are set forth below.
DEFINITIONS AND CONSTRUCTION
Section 2.1. Definitions. Whenever the following terms are used in this Plan they shall have the meanings specified below unless the context clearly indicates to the contrary:
(a) “Account”: The bookkeeping account maintained for each Participant showing his or her interest under the Plan.
(b) “Accounting Date”: The first business day of each calendar quarter.
(c) “Accounting Period”: The period beginning on an Accounting Date and ending on the day immediately preceding the next following Accounting Date.
(d) “Administrator”: The committee established pursuant to the provisions of Section 7.1.
(e) “Award Agreement”: The evidence of award under the Equity Incentive Plan that relates to an award to a Participant of Performance Shares or RSUs.
(f) “Base Salary”: The base earnings earned by a Participant and payable to him by the Corporation with respect to a Plan Year without regard to any increases or decreases in base earnings as a result of an election to defer base earnings under this Plan, or an election between