SEC Filings

10-Q
LINCOLN ELECTRIC HOLDINGS INC filed this Form 10-Q on 10/30/2017
Entire Document
 


a single lump sum payment in cash (or, in the case of a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub­account, in Common Shares).
(d)    Distribution of a Participant’s Account following his or her Retirement or death may be made in cash (or, in the case of a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account, in Common Shares) in one (1) of the following forms as elected by the Participant in his or her Participation Agreement applicable to each of his or her Deferral Commitments:
(i)    in five (5) annual installments; or
(ii)    in ten (10) annual installments; or
(iii)    in fifteen (15) annual installments; or
(iv)    in a single lump sum;
provided, however, that in the event of a Participant’s death, if the balance in his or her Account is then less than $35,000, such balance shall be distributed in a single lump sum payment. For Deferral Commitments made with respect to Deferral Periods commencing before January 1, 2018, each installment described in clause (i), (ii) or (iii) of this section 6.4 (d) shall be designated as a “separate payment” as described in Treasury Regulation §1.409A-2(b)(2)(iii). For Deferral Commitments made with respect to Deferral Periods commencing on or after January 1, 2018, each series of annual installments described in clause (i), (ii) or (iii) of this Section 6.4(d) shall be treated as the entitlement to a single payment as described in Treasury Regulation §1.409A-2(b)(2)(iii). If the Participant fails to select a form of distribution with respect to any Deferral Commitment, such amount shall be paid in a lump sum at the time of such Participant’s separation from service.
(e)    The Participant’s election of the form and date of distribution shall be provided for in the Participant’s Participation Agreement applicable to each of his or her Deferral Commitments. A Participant may change the payment form or the date of distribution provided in a Participation Agreement of the Participant only in compliance with the Subsequent Deferral Rule
(f)    The amount of each installment shall be equal to the quotient obtained by dividing the Participant’s Account balance as of the date of such installment payment by the number of installment payments remaining to be made to or in respect of such Participant at the time of calculation, and, with respect to a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account, rounded up to the next whole share.
(g)    Any fraction of a Common Share payable from a Participant’s Deferred Performance Share Sub-account or Deferred RSU Sub-account shall be distributed in cash.
Section 6.5.    Beneficiary Designation. As used in the Plan the term “Beneficiary” means:

13