|LINCOLN ELECTRIC HOLDINGS INC filed this Form 10-Q on 10/30/2017|
(a) On each Accounting Date, each Participant’s Account and applicable sub-accounts shall be debited with the amount of any distributions under the Plan to or on behalf of the Participant or, in the event of his or her death, his or her Beneficiary during the immediately preceding Accounting Period.
(b) The Participant’s Deemed Investment Sub-account shall next be credited or debited, as the case may be, on a daily basis with the performance of each deemed Investment Fund based on the manner in which the balance of such Participant’s Account has been allocated among the deemed Investment Funds provided for in Article V. The performance of each deemed Investment Fund (either positive or negative) will be determined by the Administrator, in its sole discretion.
(c) Earnings on any amounts deemed to have been invested in the Deemed Investment Sub-account will be deemed to have been reinvested as the Committee so determines.
(d) Each Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account shall be deemed invested solely in Common Shares, including fractions of a Common Share.
(e) Common Shares deemed held in the Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account will be credited with dividend equivalent rights, in respect of any dividends paid on its Common Shares by Holdings in cash or in Common Shares. Such dividend equivalent rights shall be credited on the date of the payment of such dividend by Holdings. Dividend equivalent rights in respect of dividends paid in Common Shares shall be credited to the Participant’s Deferred Performance Share Sub-account or Deferred RSU Sub-account, as applicable. Dividend equivalent rights in respect of dividends paid in cash shall not be credited to such Sub-accounts but instead shall be credited to the Participant’s Deemed Investment Sub-account and invested in accordance with Article V in the same manner as the remainder of the Participant’s Deemed Investment Sub-account.
Section 4.5. Statement of Accounts. As soon as practicable after the end of each Plan Year, a statement shall be furnished to each Participant or, in the event of his or her death, to his or her Beneficiary showing the status of his or her Account as of the end of the Plan Year, any changes in his or her Account since the end of the immediately preceding Plan Year, and such other information as the Administrator shall determine.
Section 4.6. Vesting of Accounts. Subject to Sections 5.1 and 8.7, each Participant shall at all times have a nonforfeitable interest in his or her Account balance.
FINANCING OF BENEFITS
Section 5.1. Financing of Benefits. Benefits payable under the Plan to a Participant or, in the event of his or her death, to his or her Beneficiary shall be paid by the Corporation from its general assets or, with respect to the Deferred Performance Share Sub-account and Deferred RSU Sub-