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EX-4(T) AMEND #17 - EMPLOYEE SAVINGS PLAN

 

Exhibit 4(t)

AMENDMENT NO. 17

TO

THE LINCOLN ELECTRIC COMPANY

EMPLOYEE SAVINGS PLAN

(Effective November 1, 1994)

          The Lincoln Electric Company, an Ohio corporation, hereby adopts this Amendment No. 17 to The
Lincoln Electric Company Employee Savings Plan (Effective November 1, 1994) (the “Plan”), effective
as of February 1, 2004.

I.

          The first sentence of Section 4.1 of the Plan is hereby amended to read as follows:

“Subject to the provisions of the Plan and Trust Agreement, each Employer may, in its
discretion, contribute to the Trust on account of each Plan Year an amount (the “Matching
Employer Contributions”) equal to the Matching Employer Contribution Percentage multiplied
by the Before-Tax Contributions (not in excess of 6% of Compensation or such other
percentage specified by the Company before the beginning of the Plan Year; provided,
however, that for purposes of this sentence Compensation shall not include any amounts
payable in February of 2004 pursuant to the Lincoln Electric Holdings, Inc. Management
Incentive Program) made during such Plan Year pursuant to Section 3.1 for its Employees who
are entitled to participate in the Employer’s Matching Employer Contributions for such Year
pursuant to section 4.3.”

II.

          The last sentence of Section 4.1 of the Plan (as amended by Amendment No. 16) is hereby
amended to read as follows:

“Notwithstanding any provision of the Plan to the contrary, (i) no Matching Employer
Contributions shall be made with respect to any Catch-Up Before-Tax Contributions (as
defined in Section 3.12), (ii) no Matching Employer Contributions shall be made with respect
to any Before-Tax Contributions made on or after March 16, 2003 (other than Before-Tax
Contributions attributable to Compensation earned prior to March 16, 2003) and prior to
January 1, 2004 and (iii) no Matching Employer Contributions shall be made with respect to
any Before-Tax Contributions that are attributable to Compensation payable in February 2004
under the Lincoln Electric Holdings, Inc. Management Incentive Program.”

III.

          The first sentence of Section 4.3 of the Plan is hereby amended to read as follows:

“Each Employer’s Matching Employer Contributions made for a Plan Year shall, subject to the
provisions of Sections 3.5(3), 3.6(5) and 3.7(3), be allocated and credited to the Account
of each

 

 

Employee of the Employer who is entitled to receive a Matching Employer Contribution and for
whom Before-Tax Contributions were made during such Plan Year, with each such Employee being
credited with a portion of such Employer’s Matching Employer Contribution equal to the
Matching Employer Contribution Percentage of the Before-Tax Contributions (not in excess of
6% of Compensation or such other percentage specified by the Company before the beginning of
the Plan Year; provided, however, that for purposes of this sentence Compensation shall not
include any amounts payable in February of 2004 under the Lincoln Electric Holdings, Inc.
Management Incentive Program) made for him pursuant to Section 3.1.”

EXECUTED at Cleveland, Ohio this 1st day of February, 2004.

	 	 	 	 	 	 	 
	 	 	THE LINCOLN ELECTRIC COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ G. A. Farrell
 

	 	 
	 	 	Title: Vice President, Human Resources	 	 

2EX-4(U) AMEND #18 - EMPLOYEE SAVINGS PLAN

 

Exhibit 4(u)

AMENDMENT NO. 18

TO

THE LINCOLN ELECTRIC COMPANY

EMPLOYEE SAVINGS PLAN

(Effective November 1, 1994)

          The Lincoln Electric Company, an Ohio corporation, hereby adopts this Amendment No. 18 to The
Lincoln Electric Company Employee Savings Plan (Effective November 1, 1994) (the “Plan”), effective
as of January 31, 2005 unless otherwise provided herein.

I.

          Section 1.1(27) of the Plan is hereby amended in its entirety to read as follows:

     “(27) Enrollment Date: November 16, 1994, and (a) with respect to elections to
reduce Base Compensation, the first day of each January, April, July and October thereafter,
(b) with respect to elections to reduce Bonus Compensation payable in December of a calendar
year, the Wednesday immediately preceding each Thanksgiving Day after 1994, and (c) with
respect to any other Bonus Compensation payable at any other time during a calendar year,
the date designated by the Administrative Committee, provided that such date is no later
than the day before the date that such Bonus Compensation is determined.”

II.

          Section 2.2(1)(c) of the Plan is hereby amended in its entirety to read as follows:

“(c) his authorization to his Employer to withhold from his Base Compensation for each pay
period and/or from his Bonus Compensation, commencing on or after such effective date, any
designated Before-Tax Contributions and to pay the same to the Trust, and”

III.

          The last sentence of Section 3.3 of the Plan is hereby amended in its entirety to read as
follows:

“For each payment of Bonus Compensation, a Member shall make an election with respect to the
percentage, or amount, if any, of each such payment to be made as Before-Tax Contributions
effective as of the applicable Enrollment Date, upon such prior written notice filed with
the Administrative Committee, and on such form as the Committee may require.”

 

 

IV.

          Effective as of March 28, 2005, Section 6.3(4) of the Plan is hereby amended by deleting
“$5,000” where it appears therein and substituting therefor “$1,000”.

EXECUTED at Cleveland, Ohio this 31st day of January, 2005.

	 	 	 	 	 
	 	THE LINCOLN ELECTRIC COMPANY

 	 
	 	By:  	/s/ G. A. Farrell
 	 
	 	 	      Title: 	 
	 	 	 	 
	 

 2EX-10.1

 

Exhibit 10.1

LCA-Vision Inc.

Executive Cash Bonus Plan

(as amended February 21, 2006)

Section 1. Purposes of the Plan

     The purposes of this Executive Cash Bonus Plan (Plan) of LCA-Vision Inc. (Company) are:

	 	•	 	to stimulate executives’ efforts to achieve the Company’s short and long-term goals,

	 	•	 	to link a portion of executive compensation to Company performance, and

	 	•	 	to provide a competitive compensation package.

Section 2. Performance Period

     Bonuses shall be determined based upon the Company’s performance during each calendar year
(Plan Year).

Section 3. Participants; Eligibility

     (a) The following employees shall be participants in the Plan: the Company’s Chief Executive
Officer (including on an interim basis if or as applicable), its President, its Chief Financial
Officer and its Chief Operating Officer & General Counsel. The Compensation Committee of the
Company’s Board of Directors (Committee) may select additional participants from time to time.

     (b) In order to be eligible for a bonus, a participant must be employed by the Company or one
of its subsidiaries throughout any Plan Year and as provided in Section 5. However, the Committee
may approve participation in the Plan and a prorated bonus for an employee who is hired or moves
into an eligible position during a Plan Year.

Section 4. Bonus Calculation

     (a) Bonus amounts shall be calculated as a percent of base salary at the end of the Plan Year
based upon the extent to which threshold, target and maximum performance goals set annually by the
Committee are achieved. Initially, the performance measure shall be pre-tax income. The Committee
may select one or more additional or different objective performance measures in the future.
Bonuses for achieving the threshold, target and maximum performance goals shall be 20%, 40% and 60%
of base salary, respectively, for participants, with linear interpolation between those percentages
unless another method of interpolation is set by the Committee at the time it establishes the
performance goals.

     (b) In calculating bonuses for a Plan Year, the Committee may interpret any performance
measure in a way that eliminates the effects of any unusual financial items or corporate events
that have materially affected the performance goals originally established for that Plan Year
(e.g., stock splits and other changes in capitalization, stock offerings or repurchases, unusual
gains or losses or accounting changes).

Section 5. Bonus Payment

     Bonuses under this Plan will be calculated and paid in cash as soon as practicable after
completion of the year-end audit of the Company’s financial statements by its independent auditors;
provided that in no event will bonuses be paid later than short-term deferral deadline.
Notwithstanding a participant’s eligibility for a bonus pursuant to Section 3(b), the participant
will forfeit any bonus for a Plan Year if he or she is not employed by the Company or one of its
subsidiaries on the date that bonuses for that Plan Year are calculated.

 

 

     For purposes of this Plan, the “short-term deferral deadline” means the later of the 15th day
of the third month following the executive’s first taxable year in which the bonus is no longer
subject to a substantial risk of forfeiture or the 15th day of the third month following the end of
the Company’s first taxable year in which the bonus is no longer subject to a substantial risk of
forfeiture. Notwithstanding the foregoing, if it is not administratively impracticable for the
Company to make the bonus payment by the end of the applicable 21/2 month period or the making of the
bonus payment by the end of the applicable 21/2 month period will jeopardized the solvency of the
Company, and, as of the beginning of the Plan Year to which the bonus is attributable, such
impracticability or insolvency was unforeseeable, the bonus payment shall be made as soon as
reasonably practicable after the 21/2 month period. Such bonus payment shall be considered as being
made prior to the short-term deferral deadline. For purposes of this paragraph, an action or
failure to act of the executive or a person under the executive’s control, such as a failure to
provide necessary information or documentation, is not an unforeseeable event.

Section 6. Committee

     (a) This Plan shall be administered by the Committee, which will have the authority and
discretion to interpret the Plan, to establish, amend and rescind rules relating to the Plan, and
to make all other determinations that may be necessary or advisable for the Plan’s administration.
In administering the Plan, the Committee shall strictly enforce the forfeiture conditions with
respect to all executives, including executives that own a significant amount of the total
combined voting power or value of all classes of equity of the Company. For federal income tax
purposes, the Plan and the bonuses payable hereunder are intended to be exempt from Section 409A of
the Internal Revenue Code of 1986 (Code) as a result of the fact that a bonus payment that becomes
payable as a result of the lapse of the substantial risk of forfeiture conditions applicable to a
bonus is to occur no later than the period allowed under the short-term deferral rule set forth in
Prop. Treas. Reg. § 1.409A-1(b)(4). This Plan shall be interpreted, operated and administered in a
manner consistent with these intentions.

     (b) Any interpretation of the Plan by the Committee and any decision by it relating to the
Plan shall be final and binding on all persons.

Section 7. Amendment

     The Board of Directors of the Company may amend or terminate this Plan at any time, except
that no amendment or termination may materially adversely affect the rights of any participant with
respect to Plan Years ended prior to the date on which the amendment or termination is adopted by
the Board.

Section 8. Plan Not Exclusive

     This Plan shall not be construed as limiting the ability or discretion of the Committee to
award additional bonuses, separate and apart from this Plan, to individual participants based upon
subjective or other criteria.

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