Document:

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                                                                    Exhibit 4(h)

                                 AMENDMENT NO. 5
                                       TO
                          THE LINCOLN ELECTRIC COMPANY
                              EMPLOYEE SAVINGS PLAN
                          (EFFECTIVE NOVEMBER 1, 1994)

                  The Lincoln Electric Company, an Ohio corporation, hereby
adopts this Amendment No. 5 to The Lincoln Electric Company Employee Savings
Plan (Effective November 1, 1994). The provisions of this Amendment shall be
effective as of July 1, 1997.

                                       I.

                  Article I of the Plan is hereby amended by inserting the
following new Subsection immediately following Section 1.1(28):

                  "(28A) ESOP Contributions: Amounts attributable to
         contributions, plus gains and losses thereon, which were held prior to
         July 1, 1997 in The Lincoln Electric Company Employee Stock Ownership
         Plan, a frozen profit sharing plan which was merged into the Plan
         effective July 1, 1997."

                                       II.

                  Clause (a) of Section 1.1(53) of the Plan is hereby amended to
read as follows:

                  "(a) is derived from his Before-Tax Contributions, Rollover
         Contributions, ESOP Contributions and Qualified Nonelective
         Contributions and"

                                      III.

                  Article III of the Plan is hereby amended by inserting the
following new Section at the end thereof:

                  "3.11 Transfers of Assets to this Plan from Other Plans. (1)
         The Trustee shall, at the direction of the Company, receive and
         thereafter hold all amounts which may be transferred to it from a trust
         held under another plan which meets the requirements of sections 401(a)
         and 501(a) of the Code and which is not subject to the funding
         standards of section 412 of the Code.

                  (2) An Employee who has ESOP Contributions transferred to the
         Trust Fund on his behalf and who is otherwise not a Member shall be
         deemed to be a Member on and after the date of such transfer for all
         purposes of the Plan other than Articles III and IV."

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                                       IV.

                  The first sentence of Section 5.1(1) of the Plan is hereby
amended to read as follows:

         "The Trust Fund shall be divided into such Investment Funds as the
         Investment Committee shall from time to time determine, and all
         Before-Tax Contributions, Rollover Contributions, ESOP Contributions
         and Employer Contributions shall be invested therein as provided in
         Section 5.5."

                                       V.

                  The first sentence of Section 5.2 of the Plan is hereby
amended to read as follows:

                  "The Company shall establish and maintain, or cause to be
                  established and maintained, an Account for each Member, which
                  Account shall reflect, pursuant to Sub-Accounts established
                  and maintained thereunder, the amount, if any, of the Member's
                  (a) Before-Tax Contributions, (b) Rollover Contributions, (c)
                  ESOP Contributions, (d) Matching Employer Contributions, (e)
                  Qualified Nonelective Contributions, and (f) Profit Sharing
                  Contributions."

                                       VI.

                  The second sentence of Section 5.4(2) of the Plan is hereby
amended by inserting ", ESOP Contributions" immediately after the words
"Rollover Contributions".

                                      VII.

                  The first two sentences of Section 5.5 of the Plan (as amended
by Amendment No. 4) are hereby deleted and the following sentences are
substituted therefor:

         "Each Member may, pursuant to rules and procedures adopted by the
         Administrative Committee, direct that Before-Tax, Rollover, and
         Employer Contributions, other than Matching Employer Contributions,
         made by or for him shall be invested in any or all of the Investment
         Funds. Matching Employer Contributions shall be invested in the Company
         Non-Voting Stock Fund (or in such other Investment Fund as the
         Investment Committee shall designate for such purpose) and shall not be
         subject to the Members' investment directions. ESOP Contributions shall
         be invested in the Company Voting Stock Fund and the Company Non-Voting
         Stock Fund, as applicable, and shall not be subject to the Members'
         investment directions."

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                                      VIII.

                  The last sentence of Section 5.7(1) (as amended by Amendment
No. 4) of the Plan is hereby amended by (i) deleting the word "and" where it
appears before the word "fifth", and (ii) deleting the period at the end thereof
and substituting therefor the following:

         "; and sixth, to the extent necessary, against the Member's ESOP
         Contributions Sub-Account, if any."

                                      IX.

                  The first sentence of Section 6.7(1) of the Plan (as amended
by Amendment No. 4) is hereby amended by deleting the phrase "and Profit Sharing
Contributions Sub-Account" before the period at the end thereof and substituting
therefor the following:

         ", Profit Sharing Contributions Sub-Account and ESOP Contributions
         Sub-Account"

                  EXECUTED at Cleveland, Ohio, this 27th day of June, 1997.

                              THE LINCOLN ELECTRIC COMPANY

                              By /s/ H. Jay Elliot
                                 ---------------------------------------------
                              Title: Senior Vice President, Chief Financial
                                     Officer and Treasurer

                              And /s/ Frederick G. Stueber
                                  --------------------------------------------
                              Title: Senior Vice President, General
                                     Counsel and Secretary

                                       3<PAGE>

                                                                    Exhibit 4(i)

                                 AMENDMENT NO. 6
                                       TO
                          THE LINCOLN ELECTRIC COMPANY
                              EMPLOYEE SAVINGS PLAN
                          (EFFECTIVE NOVEMBER 1, 1994)

                  The Lincoln Electric Company, an Ohio corporation, hereby
adopts this Amendment No. 6 to The Lincoln Electric Company Employee Savings
Plan (Effective November 1, 1994). The provisions of this Amendment shall be
effective as of November 1, 1997, unless otherwise specifically provided herein.

                                       I.

                  Sections 1.1(19) and 1.1(20) of the Plan are hereby amended to
read as follows:

                  "(19) Effective Date: November 1, 1994 for the Company and
         Members who enter the Plan as Covered Employees of the Company, and,
         for any other Employer and Members who enter the Plan as Covered
         Employees or FSP Participants of such Employer, the effective date
         specified by such Employer upon its adoption of the Plan.

                  (20) Eligible Employee: An Employee who is eligible to have
         his Employer make Before-Tax Contributions for him to the Trust as
         provided in Sections 2.1, 2.2 and 2.3 of the Plan."

                                      II.

                  Section 1.1(24) of the Plan is hereby amended to read as
follows:

                  "(24) Employer Contributions: Matching Employer Contributions
         as described in Section 4.1, Qualified Nonelective Contributions as
         described in Section 4.4, Profit Sharing Contributions as described in
         Section 4.6, and FSP Contributions as described in Section 4.12."

                                      III.

                  Article I of the Plan is hereby amended by inserting the
following new Subsections immediately following Section 1.1(28A):

                  "(28B) FSP Compensation: shall mean, for any Plan Year,
         regular salary and/or wages, plus overtime and excluding bonuses,
         received by an FSP Participant from the Employer during the Plan Year
         while an FSP Participant, provided, however, that for the initial Plan
         Year that an Employee is an FSP Participant, FSP Compensation shall be
         deemed to include the regular

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         salary and/or wages, plus overtime (but not bonuses) received by the
         Employee from the Employer for the two calendar months preceding the
         date that he became an FSP Participant. Notwithstanding the foregoing,
         (a) FSP Compensation shall not include any amounts received from the
         Harris Calorific Division or Seal Seat Division of the Company and (b)
         FSP Compensation of an FSP Participant taken into account for any
         purpose for any Plan Year shall not exceed $150,000 (as such amount
         shall be increased by the cost-of-living adjustment under section
         415(d) of the Code)."

                  "(28C) FSP Contributions: Employer Contributions described in
         Section 4.12."

                  "(28D) FSP Participant: shall mean any Employee who meets the
         eligibility requirements of Section 2.3."

                                       IV.

                  Section 1.2 (32) of the Plan is hereby amended to read as
follows:

                  "(32) Hour of Service: (a) For all purposes other than
         determining eligibility to participate in the Plan as an FSP
         Participant, an "Hour of Service" shall mean an hour for which an
         Employee is paid, or entitled to payment, by one or more Controlled
         Group Members for the performance of duties as an Employee.

                  (b) For purposes of determining eligibility to participate in
         the Plan as an FSP Participant, an "Hour of Service" shall mean:

                  (i)      Each hour for which an Employee is paid, or entitled
                           to payment, for the performance of duties for a
                           Controlled Group Member. These hours shall be
                           credited to the Employee for the computation period
                           or periods in which the duties are performed;

                  (ii)     Each hour for which an Employee is paid, or entitled
                           to payment, by a Controlled Group Member on account
                           of a period of time during which no duties are
                           performed (irrespective of whether the employment
                           relationship has terminated) due to vacation,
                           holiday, illness, incapacity (including disability),
                           layoff, jury duty, military duty, or leave of
                           absence. Hours under this subparagraph shall be

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                           calculated and credited pursuant to Section
                           2530.200b-2 of the Department of Labor Regulations,
                           which are incorporated herein by this reference; and

                  (iii)    Each hour for which back pay, irrespective of
                           mitigation of damages, is either awarded or agreed to
                           by a Controlled Group Member. The same Hours of
                           Service shall not be credited both under
                           subparagraphs (i) or (ii) above, as the case may be,
                           and under this subparagraph (iii). These hours shall
                           be credited to the Employee for the computation
                           period or periods to which the award or agreement
                           pertains, rather than the computation period in which
                           the award, agreement, or payment is made."

                                       V.

                  Clause (b) of Section 1.1(53) of the Plan is hereby amended to
read as follows:

                  "(b) is (i) derived from Matching Employer Contributions,
         Profit Sharing Contributions, and FSP Contributions and (ii)
         nonforfeitable after his completion of three Years of Vesting Service."

                                       VI.

                  Article I of the Plan is hereby amended by inserting the
following at the end of Section 1.1(54):

         "(54A) Year of Eligibility Service: For the purpose of determining
         eligibility for participation in the Plan as an FSP Participant, an
         Employee shall be credited with a Year of Eligibility Service when he
         is credited with at least 1000 Hours of Service in the 12-month period
         beginning with his Employment Commencement Date and, if applicable, his
         Reemployment Commencement Date, either of which 12-month periods shall
         be the "Initial Eligibility Computation Period." Whether or not an
         Employee is entitled to be credited with 1000 Hours of Service during
         an Initial Eligibility Computation Period, such Employee shall be
         credited with a Year of Eligibility Service if he is credited with at
         least 1000 Hours of Service during the Plan Year which includes the
         first anniversary of his Employment Commencement Date or Reemployment
         Commencement Date (whichever is applicable) or any Plan Year
         thereafter; provided, however, that an Employee who is credited with
         1000 Hours of Service in both the Initial Eligibility Computation
         Period and the Plan Year which includes the first anniversary of his
         Employment Commencement Date of

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         Reemployment Commencement Date (whichever is applicable) shall be
         credited with two Years of Eligibility Service. For purposes of this
         Section 1.1(54A), the term "Hour of Service" has the meaning set forth
         in Section 1.1(32)(b)."

                                      VII.

                  Section 2.2 of the Plan is hereby amended to read as follows:

                  "2.2 Commencement of Membership. (1) Any Eligible Employee may
         enroll in the Plan for purposes of having his Employer make Before-Tax
         Contributions for him to the Trust on the Enrollment Date on which he
         is initially eligible or on any subsequent Enrollment Date by filing
         with the Administrative Committee at least 30 days (or such shorter
         period as the Committee shall determine) before such Date an enrollment
         form prescribed by the Committee, which form shall include (a) the
         desired effective date of the Eligible Employee's enrollment in the
         Plan, (b) his agreement commencing on or after such effective date to
         have his Employer make Before-Tax Contributions for him to the Trust,
         (c) his authorization to his Employer to withhold from his Base
         Compensation for each pay period and/or his Bonus Compensation for the
         Plan Year, commencing on or after such effective date, any designated
         Before-Tax Contributions and to pay the same to the Trust, and (d) his
         direction that the Before-Tax Contributions and Employer Contributions,
         if any, made by or for him be invested (to the extent permitted under
         the Plan) in any one of the investment options permitted by Section
         5.5. An Eligible Employee who enrolls as provided in this Subsection
         (1) shall become a Member, if he is not otherwise a Member under the
         Plan.

                  (2) Notwithstanding the preceding provisions of this Section,
         an Eligible Employee who does not enroll in the Plan as provided in
         Subsection (1) shall be eligible to have Qualified Nonelective
         Contributions or Profit Sharing Contributions, if any, made on his
         behalf and shall become a Member, if he is not otherwise a Member under
         the Plan, on the Enrollment Date on which he is initially eligible
         pursuant to Section 2.1."

                                      VIII.

                  Article II of the Plan is hereby amended by deleting Section
2.3 and substituting therefor the following new Sections:

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                  "2.3 FSP Participation: (1) An Employee shall be eligible to
         become an FSP Participant under this Plan if he meets the following
         requirements:

                  (a)      he is a member of the class of Employees who are
                           eligible to become FSP Participants, as defined in
                           The Lincoln Electric Company Retirement Annuity
                           Program.

                  (b)      he has been credited with One Year of Eligibility
                           Service, and

                  (c)      his Employment Commencement Date is on or after
                           November 1, 1997, or his Employment Commencement Date
                           is prior to November 1, 1997 and he makes an
                           irrevocable election to participate in the Financial
                           Security Program offered by the Company effective
                           November 1, 1997 which election makes him eligible to
                           have FSP Contributions made on his behalf to the Plan
                           in accordance with the terms herein.

                  (2) An Employee who satisfies the foregoing requirements shall
         become an FSP Participant and a Member (if he is not otherwise a Member
         under the Plan) as of the (a) January 1st following his Employment
         Commencement Date if he is credited with one Year of Eligibility
         Service in his Initial Eligibility Computation Period (as defined in
         Section 1.1(54A)), or (b) the January 1st following the first Plan Year
         in which he is credited with one Year of Eligibility Service.

                  2.4 Duration of Membership. An Employee shall cease to be a
         Member when he ceases to be both an Eligible Employee and an FSP
         Participant; provided, however, that if after he ceases to be an
         Eligible Employee and an FSP Participant, an Account continues to be
         maintained for him, he shall (subject to Section 13.1) remain a Member
         for all purposes of the Plan other than for purposes of making, or
         having his Employer make, Before-Tax, Rollover or Employer
         Contributions pursuant to Article III and Article IV. If a former
         Eligible Employee again becomes an Eligible Employee, he may again
         enroll as provided in Section 2.2 on the first Enrollment Date
         following the date he so again becomes an Eligible Employee by filing
         with the Administrative Committee at least 30 days (or such shorter
         period as the Committee shall determine) before such Enrollment Date an
         enrollment form prescribed in Section 2.2. A re-

                                       5

<PAGE>

         employed Employee who was an FSP Participant shall again become an FSP
         Participant on the date that he again becomes a Participating Member
         and an FSP Participant under The Lincoln Electric Company Retirement
         Annuity Program."

                                       IX.

                  Effective as of January 1, 1997, the last sentence of Section
4.3 of the Plan is hereby amended by deleting the term "Sealseat" and
substituting therefor "Seal Seat".

                                       X.

                  Article IV of the Plan is hereby amended by inserting the
following new Sections at the end thereof:

                  "4.12 FSP Contributions. Subject to the provisions of the Plan
         and Trust Agreement, each Employer shall contribute to the Trust on
         account of each Plan Year an amount equal to 2% of the FSP Compensation
         of FSP Participants for such Plan Year. The FSP Contributions of each
         Employer shall be made in cash. An Employer may make FSP Contributions
         on account of any Plan Year, or partial payments of such Contributions,
         at any time during such Plan Year or within the time following the
         close of such Year which is prescribed by law for the filing by each
         such Employer of its federal income tax return (including extensions
         thereof). Notwithstanding the above, for the Plan Year ending on
         December 31, 1997, the amount of the FSP Contribution for such year
         shall be an amount equal to 2% of the FSP Compensation of FSP
         Participants for the period from November 1, 1997 through December 31,
         1997."

                  "4.13 Allocation of FSP Contributions. Each Employer's FSP
         Contributions made for a Plan Year shall be allocated and credited to
         the Accounts of those FSP Participants who were FSP Participants on any
         day during such Plan Year. As of the last day of the period for which
         FSP Contributions are made but in no event later than the last day of
         the Plan Year there shall be credited to the Account of each such FSP
         Participant a portion of the FSP Contribution of such FSP Participant's
         Employer made for such period equal to the amount of such FSP
         Contribution multiplied by a fraction, the numerator of which is the
         FSP Participant's FSP Compensation for such period and the denominator
         of which is the total FSP Compensation for such period of all FSP
         Participants of such Employer."

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<PAGE>

                                       XI.

                  The first sentence of Section 5.2 of the Plan (as amended by
Amendment No. 5) is hereby amended to read as follows:

         "The Company shall establish and maintain, or cause to be established
         and maintained, an Account for each Member, which Account shall
         reflect, pursuant to Sub-Accounts established and maintained
         thereunder, the amount, if any, of the Member's (1) Before-Tax
         Contributions, (2) Rollover Contributions, (3) ESOP Contributions, (4)
         Matching Employer Contributions, (5) Qualified Nonelective
         Contributions, if any, (6) Profit Sharing Contributions, if any, and
         (7) FSP Contributions."

                                      XII.

                  The first sentence of Section 5.7(1) of the Plan is hereby
amended to read as follows:

                  "A Member who is an Employee or a "party in interest" within
         the meaning of Section 3(14) of ERISA may apply on the form provided by
         the Administrative Committee for a loan from his Vested Interest in his
         Account, excluding his FSP Contributions Sub-Account."

                  EXECUTED at Cleveland, Ohio, this 31st day of October, 1997.

                           THE LINCOLN ELECTRIC COMPANY

                           By: /s/ H. Jay Elliott
                               ---------------------------------------------
                               Title: Senior Vice President, Chief Financial
                                      Officer and Treasurer

                           And: /s/ Frederick G. Stueber
                                ---------------------------------------------
                                Title: Senior Vice President, General
                                       Counsel and Secretary

                                       7

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