SEC Filings

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


  Continuation Period, if and to the extent that any benefit described in this Paragraph 2 is not or cannot be provided under any policy, plan, program or arrangement of the Company or any Subsidiary, as the case may be, then the Company will itself provide for such Health and Life Benefits. Notwithstanding the foregoing, or any other provision of the Agreement, for purposes of determining the period of continuation coverage to which the Executive or any of the Executive’s dependents is entitled pursuant to Section 4980B of the Code under the Company’s medical, dental and other group health plans, or successor plans, the Executive’s “qualifying event” will be the termination of the Continuation Period and the Executive will be considered to have remained actively employed on a full-time basis through that date. Further, for purposes of the immediately preceding sentences and for purposes of calculating service or age to determine the Executive’s eligibility for Health and Life Benefits, including benefits under any retiree medical benefits or life insurance plan or policy, the Executive will be considered to have remained actively employed on a full-time basis through the termination of the Continuation Period. Health and Life Benefits otherwise receivable by the Executive pursuant to this Paragraph 2 will be reduced to the extent comparable benefits are actually received by the Executive from another employer or under title XVIII of the Social Security Act (Medicare) following the Executive’s Termination Date, and any such benefits actually received by the Executive shall be reported by the Executive to the Company. Notwithstanding anything in the Agreement or this Paragraph 2 to the contrary, (i) the full cost of Health and Life Benefits provided pursuant to this Paragraph 2 will be paid by the Executive and (ii) the Company shall not be obligated to provide any Health and Life Benefits pursuant to this Paragraph 2 if the provision of such Health and Life Benefits would result in the imposition of any additional taxes or penalties on the Company or any Subsidiary.

 

  3. The Company will provide the Executive with third-party outplacement services suitable to the Executive’s position for the period following the Executive’s Termination Date and ending on December 31 of the second calendar year following such Termination Date or, if earlier, until the first acceptance by the Executive of an offer of employment, provided, however, that in no case will the Company be required to pay in excess of $100,000, if the Executive is a Tier I Executive as of immediately prior to the Change in Control, $50,000, if the Executive is a Tier II Executive as of immediately prior to the Change in Control, or $30,000, if the Executive is a Tier III Executive as of immediately prior to the Change in Control, over such period in providing outplacement services and that all reimbursements hereunder will be paid to the Executive within thirty (30) calendar days following the date on which the Executive submits the invoice but no later than December 31 of the third calendar year following the year of the Executive’s Termination Date.

 

  4. The payments and benefits under this Annex A are consideration in part for the Executive’s commitments under the Proprietary Information, Inventions and Restrictive Covenant Agreement that the Executive is required to execute pursuant to Section 4(a).

 

A-2