SEC Filings

8-K
LINCOLN ELECTRIC HOLDINGS INC filed this Form 8-K on 11/21/2017
Entire Document
 


  (ii) if a Change in Control occurs during the Term, the Term will expire on the last day of the Severance Period;

 

  (iii) subject to Section 3(c), if, prior to a Change in Control, the Executive’s position in the Company is reduced in status such that the Executive is no longer a Tier I Executive, Tier II Executive or Tier III Executive (as defined in Annex A), the Term will automatically expire unless otherwise determined by the Board; and

 

  (iv) subject to Section 3(c), if, prior to a Change in Control, the Executive ceases for any reason to be an employee of the Company and any Subsidiary, thereupon without further action the Term will automatically expire. For purposes of this Section 1(p)(iv), the Executive will not be deemed to have ceased to be an employee of the Company and any Subsidiary by reason of the transfer of Executive’s employment between the Company and any Subsidiary, or among any Subsidiaries.

 

  (q) “Termination Date” means the date on which the Executive’s employment is terminated (the effective date of which will be the date of termination), or such other date that may be specified by the Executive if the termination is pursuant to Section 3(b).

 

  (r) “Voting Stock” means securities entitled to vote generally in the election of directors of the Company.

 

  2. Operation of Agreement. This Agreement will be effective and binding immediately upon its execution.

 

  3. Termination Following a Change in Control.

 

  (a) In the event of the occurrence of a Change in Control, the Executive’s employment may be terminated by the Company or a Subsidiary during the Severance Period and the Executive will be entitled to the benefits provided by Section 4 unless such termination is the result of the occurrence of one or more of the following events:

 

  (i) The Executive’s death;

 

  (ii) The Executive becomes Permanently Disabled; or

 

  (iii) Cause.

 

       If, during the Severance Period, the Executive’s employment is terminated by the Company and all Subsidiaries other than pursuant to Section 3(a)(i), 3(a)(ii) or 3(a)(iii), the Executive will be entitled to the benefits provided by Section 4.

 

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