SEC Filings

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

  (f) In the event of any termination of the Executive’s employment by the Company pursuant to Section 3(a) or Section 3(c), or by the Executive pursuant to Section 3(b), the Company or a Subsidiary will pay the Executive’s Accrued Obligations in connection with such termination. “Accrued Obligations” shall mean, as of the Termination Date, to the extent not theretofore paid, the sum of (i) the Executive’s Base Pay earned during the Term and through the Termination Date, (ii) the amount of any vested deferred compensation and other cash compensation accrued by the Executive as of the Termination Date that is not otherwise forfeitable, (iii) any accrued but unused vacation pay and any reimbursable expenses incurred by the Executive, in either case, as of the Termination Date, and (iv) all other benefits which have been earned and vested as of the Termination Date. For the purpose of this Section 4(f), except as provided in the applicable plan, program or policy, no discretionary compensation shall be deemed earned or vested until it is specifically approved by the Board in accordance with the applicable plan, program or policy. Accrued Obligations shall be paid in a lump sum in cash within thirty (30) days after the Termination Date; provided, however, that any portion of the Accrued Obligations that consists of bonus, deferred compensation, incentive compensation, insurance benefits or other employee benefits shall be determined and paid in accordance with the terms of the relevant plan, policy, program or agreement as applicable to the Executive.


  (g) A termination by the Company pursuant to Section 3(a) or Section 3(c), or by the Executive pursuant to Section 3(b), will not affect any rights that the Executive may have pursuant to any agreement, policy, plan, program or arrangement of the Company or Subsidiary providing Employee Benefits, which rights will be governed by the terms thereof, except for any rights to severance compensation to which the Executive may be entitled upon termination of employment, which rights will be deemed to have been satisfied to the extent and only to the extent comparable benefits are provided under this Agreement.


  (h) Nothing in this Agreement will (i) be construed as creating an express or implied contract of employment, changing the status of the Executive as an employee at will, giving the Company or the Executive any right or duty to have the Executive remain in the employ of the Company or any Subsidiary prior to or following any Change in Control, or giving the Executive the right to any particular level of compensation or benefits, or (ii) interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Executive at any time with or without Cause, subject in either case to the obligations of the Company under this Agreement.


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