|LINCOLN ELECTRIC HOLDINGS INC filed this Form 10-Q on 10/30/2017|
account, from treasury shares. The payment of benefits under the Plan represents an unfunded, unsecured obligation of the Corporation. Notwithstanding the fact that the Participant’s Deemed Investment Sub‑account may be adjusted by an amount that is measured by reference to the performance of any deemed Investment Funds as provided in Section 5.3, no person entitled to payment under the Plan shall have any claim, right, security interest or other interest in any fund, trust, account, insurance contract, or asset of the Corporation.
Section 5.2. Security For Benefits. Notwithstanding the provisions of Section 5.1, nothing in this Plan shall preclude the Corporation from setting aside amounts in trust (the “Trust”) pursuant to one (1) or more trust agreements between a trustee and the Corporation. However, no Participant or Beneficiary shall have any secured interest or claim in any assets or property of the Corporation or the Trust and all funds contained in the Trust shall remain subject to the claims of the Corporation’s general creditors.
Section 5.3. Deemed Investments.
(a) The Committee may designate one (1) or more separate investment funds or vehicles or measures for crediting earnings on amounts allocated to the Deemed Investment Sub-account, including, without limitation, certificates of deposit, mutual funds, money market accounts or funds, limited partnerships, or debt or equity securities, in which the amount credited to a Participant’s Deemed Investment Sub-account will be deemed to be invested (collectively, the “Investment Funds”). The amount credited to a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account will be deemed invested solely in Common Shares.
(b) An Investment Request or Investment Re-Allocation Request will advise the Administrator as to the Participant’s preference with respect to Investment Funds for all amounts credited to a Participant’s Deemed Investment Sub-account in specified multiples of one percent (1%). No Investment Request or Investment Re Allocation Request election may be made with respect to the Common Shares allocated to a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account.
Section 5.4. Change of Investment Request Election.
(a) A Participant may change his or her Investment Request prospectively by giving the Administrator prior written (or electronic) notice by filing an Investment Request, which shall apply to contributions credited to the Participant’s Deemed Investment Sub‑account after such Investment Request is filed.
(b) A Participant may change the deemed investment of his or her Deemed Investment Sub-account by giving the Administrator prior written (or electronic) notice by filing an Investment Re-Allocation Request with respect to all amounts credited to the Participant’s Deemed Investment Sub-Account.
(c) The Administrator may, but is under no obligation to, deem the amounts credited to a Participant’s Deemed Investment Sub‑account to be invested in accordance with the Investment Request or Investment Re-Allocation Request made by the Participant, or the