Document:

Exhibit

Exhibit 10.6

LINCOLN ELECTRIC HOLDINGS, INC.
2005 DEFERRED COMPENSATION PLAN FOR EXECUTIVES
(AS AMENDED AND RESTATED AS OF JANUARY 1, 2016)
ARTICLE I
PURPOSE
The Lincoln Electric Holdings, Inc. 2005 Deferred Compensation Plan (the “Plan”) was established by Lincoln Electric Holdings, Inc., effective December 30, 2004, to allow designated management and highly compensated employees to defer a portion of their current salary and bonus compensation. The Plan is hereby amended and restated as of January 1, 2016. This amendment and restatement shall apply to Deferral Commitments made for Deferral Periods commencing on or after January 1, 2016.
The Plan is intended to comply with Section 409A of the Code, and shall be construed and interpreted in accordance with such intent. 
It is intended that the Plan will aid in attracting and retaining employees of exceptional ability by providing these benefits. The terms and conditions of the Plan are set forth below.

ARTICLE II
DEFINITIONS AND CONSTRUCTION
Section 2.1.     Definitions. Whenever the following terms are used in this Plan they shall have the meanings specified below unless the context clearly indicates to the contrary:
(a) “Account”: The bookkeeping account maintained for each Participant showing his or her interest under the Plan.
(b) “Accounting Date”: The first business day of each calendar quarter.
(c) “Accounting Period”: The period beginning on an Accounting Date and ending on the day immediately preceding the next following Accounting Date.
(d) “Administrator”: The committee established pursuant to the provisions of Section 7.1.
(e) “Base Salary”: The base earnings earned by a Participant and payable to him by the Corporation with respect to a Plan Year without regard to any increases or decreases in base earnings as a result of an election to defer base earnings under this Plan, or an election between benefits or cash provided under a plan of the Corporation maintained pursuant to Section 125 or 401(k) of the Code.
(f) “Beneficiary”: The person or persons (natural or otherwise), within the meaning of Section 6.5, who are entitled to receive distribution of the Participant’s Account balance in the event of the Participant’s death.
(g) “Board”: The Board of Directors of Holdings.
(h) “Bonus” or “Bonuses”: Any cash bonus earned by a Participant and payable to him by the Corporation with respect to any bonus plan year ending within a Plan Year without regard to any decreases as a result of an election to defer any portion of a bonus under this Plan, or an election between 

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benefits or cash provided under a plan of the Corporation maintained pursuant to Section 125 or 401(k) of the Code.
(i) “Cash LTIP”: Any cash incentive award made under the Lincoln Electric Holdings, Inc. Cash Long Term Incentive Plan.
(j) “Code”: The Internal Revenue Code of 1986, as amended from time to time, and any rules and regulations promulgated thereunder. Any reference to a provision of the Code shall also include any successor provision that modifies, replaces or supersedes it.
(k) “Committee”: The Compensation & Executive Development Committee of the Board.
(l) “Common Shares”: Shares of common stock of Holdings.
(m) “Compensation”: The amount of Base Salary plus Bonuses earned by a Participant and payable to him by the Corporation with respect to a Plan Year, plus the amount of Cash LTIP, if any, awarded to a Participant.
(n) “Corporation”: Holdings and any Participating Employer or any successor or successors thereto.
(o) “Deferral Commitment”: An agreement by a Participant (i) to have a specified percentage or dollar amount of his or her Compensation deferred under the Plan, (ii) to have a specified percentage of his or her Performance Shares deferred under the Plan, and/or (ii) to have a specified percentage of his or her RSUs deferred under the Plan.
(p) “Deferral Period”: The Plan Year for which a Participant has elected to defer a portion of his or her Compensation, Performance Shares or RSUs, which in the case of the Cash LTIP or Performance Shares is the Plan Year(s) corresponding to the measurement period for the Cash LTIP or Performance Shares, or, in the case of RSUs is the Plan Year(s) corresponding with the vesting period for the RSUs. The Deferral Period begins on the first day of the Plan Year during which services are performed in order to earn the Compensation, Performance Shares or RSUs.
(q) “Deferred Performance Share Sub-account”: The bookkeeping sub-account maintained for each Participant who elects to defer Performance Shares.
(r) “Deferred RSU Sub-account”: The bookkeeping sub-account maintained for each Participant who elects to defer RSUs upon vesting.
(s) “Disability”: A Participant shall be considered to have a Disability if the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under the Corporation’s plan providing benefits for short term disability.
(t) “Effective Date”: This Plan was originally established by the Corporation effective as of December 30, 2004 and has been amended from time to time. This amended and restated Plan shall be effective as of January 1, 2016.
(u) “Employee”: Any employee of the Corporation who is, as determined by the Committee, a member of a “select group of management or highly compensated employees” of the Corporation, within the meaning of Sections 201, 301 and 401 of ERISA, and who is designated by the Committee as an Employee eligible to participate in the Plan.

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(v) “Equity Incentive Plan”: The Lincoln Electric Holdings, Inc. 2015 Equity and Incentive Compensation Plan, or any similar or successor plan.
(w) “ERISA”: The Employee Retirement Income Security Act of 1974, as amended from time to time, and any rules or regulations promulgated thereunder. Any reference to a provision of ERISA shall also include any provision that modifies, replaces or supersedes it.
(x) “Financial Hardship”: A severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.
(y) “Holdings”: Lincoln Electric Holdings, Inc., an Ohio corporation.
(z) “Investment Funds”: Has the meaning set forth in Section 5.3.
(aa) “Investment Request”: An investment preference request filed by a Participant which (i) shall apply with respect to contributions credited to the Participant’s Account (other than Common Shares in the Deferred Performance Share Sub-account or Deferred RSU Subaccount) until the timely filing of a subsequent Investment Request and (ii) shall determine the manner in which such credited contributions shall be initially allocated by the Participant among the various Investment Funds within the Plan. A subsequent Investment Request may be submitted in writing (or in an electronic format) to the Administrator by the Participant. Such Investment Request will be effective as soon as practicable following receipt by the Administrator of such Investment Request.
(bb) “Investment Re-Allocation Request”: An investment preference request filed by a Participant which shall re-direct the manner in which earlier credited amounts to a Participant’s Account (other than Common Shares in the Deferred Performance Share Sub-account or Deferred RSU Sub-account), as well as any appreciation (or depreciation) to-date, are invested within the deemed Investment Funds available in the Plan. An Investment Re-Allocation Request may be submitted in writing (or in an electronic format) to the Administrator by the Participant. Such Investment Re-Allocation Request will be effective with respect to the balance of the Participant’s Account as soon as practicable following receipt by the Administrator of such Investment Re-Allocation Request.
(cc) “Participant”: An Employee participating in the Plan in accordance with the provisions of Section 3.1 or former Employee retaining benefits under the Plan that have not been fully paid.
(dd) “Participating Employer”: The Lincoln Electric Company, and any other subsidiary or affiliate of Holdings that adopts the Plan with the consent of the Committee. Any Participating Employer that adopts the Plan and thereafter ceases to exist, ceases to be a subsidiary or affiliate or Holdings or withdraws from the Plan shall no longer be considered a Participating Employer unless otherwise determined by the Committee.
(ee) “Participation Agreement”: The Agreement submitted by a Participant to the Administrator with respect to one (1) or more Deferral Commitments.
(ff) “Plan”: The Plan set forth in this instrument as it may, from time to time, be amended.
(gg) “Plan Year”: The twelve (12) - month period beginning January 1 through December 31, commencing with the Plan Year beginning January 1, 2005.
(hh) “Retirement”: Termination of employment with the Corporation on or after attainment of age fifty-five (55).

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(ii) “Performance Shares”: An award of Performance Shares under the Equity Incentive Plan, representing the right to receive Common Shares in accordance with the terms of the Equity Incentive Plan .
(jj) “RSUs”: An award of Restricted Stock Units under the Equity Incentive Plan, representing the right to receive Common Shares at the end of a specified period.
(kk) “Section 409A”: Section 409A of the Code and any proposed, temporary or final regulations, or any notices or other guidance, promulgated with respect to Section 409A.
(ll) “Settlement Date”: The date on which a Participant separates from service (within the meaning of Section 409A) with the Corporation. “Bona fide leaves of absence” (within the meaning of Section 409A) granted by the Corporation will not be considered a separation from service during the term of such leave. Settlement Date will also include a date selected by the Participant pursuant to Section 6.3.
(mm) “Specified Employee”: A Participant who is a “specified employee” within the meaning of Section 409A and pursuant to procedures established by the Corporation.
(nn) “Subsequent Deferral Rule”: Any subsequent election (other than modifications on account of Disability, death or a Financial Hardship) that alters the payment form or the date of distribution designated in the Participant’s original Participation Agreement (i) may not take effect for at least twelve (12) months: (ii) must be made at least twelve (12) months prior to the due date of the payment under the Participant’s original Participation Agreement: and (iii) must extend the payment at least five (5) years from the due date of the payment under the Participant’s original Participation Agreement.
Section 2.2. Construction. The masculine or feminine gender, where appearing in the Plan, shall be deemed to include the opposite gender, and the singular may include the plural, unless the context clearly indicates to the contrary. The words “hereof,” “herein,” “hereunder,” and other similar compounds of the word “here” shall mean and refer to the entire Plan, and not to any particular provision or Section.

ARTICLE III
PARTICIPATION AND DEFERRALS
Section 3.1.     Eligibility and Participation.
(a) Eligibility. Eligibility to participate in the Plan for any Deferral Period is limited to those management and/or highly compensated Employees of the Corporation who are designated, from time to time, by the Committee.
(b) Participation. An eligible Employee may elect to participate in the Plan with respect to any Deferral Period by submitting a Participation Agreement to the Administrator by the last business day immediately preceding the applicable Deferral Period. A Participation Agreement must be submitted with respect to each Deferral Period for which a Participant elects a Deferral Commitment. Elections made in a Participation Agreement for a specific Deferral Period shall not carry over to subsequent Deferral Periods.
(c) Initial Year of Participation. Except as provided in Section 3.l(d), in the event that an individual first becomes eligible to participate during a Plan Year and wishes to elect a Deferral Commitment with respect to the Compensation, Performance Shares or RSUs earned by and payable to the individual during such Plan Year, a Participation Agreement must be submitted to the Administrator no later than thirty (30) days following such individual’s initial eligibility. Any Deferral Commitments elected in such Participation Agreement shall be effective only with regard to Compensation or Performance Shares earned following the submission of the Participation Agreement to the Administrator. With respect to RSUs, any Deferral Commitments elected in such Participation Agreement shall be effective only with 

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regard to RSUs that begin vesting on or following the submission of the Participation Agreement to the Administrator. If an eligible Employee does not submit a Participation Agreement within such period of time, such individual will not be eligible to participate in the Plan until the first day of a Deferral Period subsequent to the Deferral Period in which the individual initially became eligible to participate.
(d) Participation for 2005. In the event that an individual wishes to elect a Deferral Commitment with respect to the Compensation earned by and payable to the individual during the Plan Year beginning January 1, 2005, a Participation Agreement must be submitted to the Administrator on or before March 15, 2005. Any Deferral Commitments elected in such Participation Agreement shall be effective only with regard to Compensation that has not been paid or become payable at the time of submission. If an Eligible Employee does not submit a Participation Agreement within such period of time, such individual will not be eligible to participate in the Plan until the first day of a Deferral Period subsequent to the 2005 Plan Year. 
(e) Termination of Participation. Participation in the Plan shall continue as long as the Participant is eligible to receive benefits under the Plan. 
Section 3.2.     Ineligible Participant. If the Administrator determines that any Participant may not qualify as a member of a select group of “management or highly compensated employees” within the meaning of ERISA, or regulations promulgated thereunder, the Administrator may determine, in its sole discretion, that such Participant shall not be permitted to elect to defer Compensation, Performance Shares or RSUs with respect to any subsequent Deferral Period. 
Section 3.3.     Amount of Deferral.
(a) With respect to each Deferral Period, a Participant may elect to defer a specified dollar amount or percentage of his or her Compensation, provided the amount the Participant elects to defer under this Plan shall not exceed the sum of eighty percent (80%) of his or her Base Salary plus eighty percent (80%) of his or her Bonus plus eighty percent (80%) of his or her Cash LTIP with respect to such Deferral Period. With respect to each Deferral Period, a Participant may elect to defer a specified percentage of his or her Performance Shares or RSUs, provided that the amount the Participant elects to defer under this Plan shall not exceed one hundred percent (100%) of his or her Performance Shares or RSUs with respect to such Deferral Period. Such amount to be deferred shall be indicated in the Participant’s Participation Agreement applicable to such Deferral Period. A Participant may choose to have amounts deferred under this Plan deducted from his or her Base Salary, Bonus, Cash LTIP, Performance Shares, RSUs or a combination of the foregoing, which shall also be indicated in the Participant’s Participation Agreement applicable to such Deferral Period. 
(b) For the first Deferral Period with respect to each category of Compensation, Performance Shares or RSUs, a Participant may elect to defer all or any portion of his or her Base Salary, Bonus, Cash LTIP, Performance Shares and/or RSUs earned or payable after the later of the effective date of the Participation Agreement or the date of filing the Participation Agreement with the Administrator, provided each deferred amount for each Deferral Period does not exceed the annual limitations under this Section 3.3 computed for the calendar year in which such Deferral Period commences.

ARTICLE IV
PARTICIPANTS’ ACCOUNTS
Section 4.1.     Establishment of Accounts. The Corporation, through its accounting records, shall establish an Account for each Participant. In addition, the Corporation may establish one (1) or more sub-accounts of a Participant’s Account, if the Corporation determines that such sub-accounts are necessary or 

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appropriate in administering the Plan, including, but not limited to, a Deferred Performance Share Sub-account or a Deferred RSU Sub-account.
Section 4.2.     Elective Deferred Compensation, Performance Shares and RSUs. A Participant’s Compensation, Performance Shares and RSUs that are deferred pursuant to a Deferral Commitment shall be credited to the Participant’s Account within thirty (30) days following the date the corresponding non-deferred portion of his or her Compensation or Performance Shares would have been paid to the Participant or the non-deferred portion of his or her RSUs (and any sequestered dividend equivalent rights) would have vested, as applicable. Any withholding of taxes or other amounts with respect to deferred Compensation, Performance Shares or RSUs which is required by state, federal or local laws shall be withheld from the Participant’s deferred Compensation, Performance Shares or RSUs.
Section 4.3.     Determination of Accounts.
(a) The amount credited to each Participant’s Account as of a particular date shall equal the deemed balance of such Account as of such date. The balance in the Account shall equal the amount credited pursuant to Section 4.2, and shall be adjusted in the manner provided in Section 4.4.
(b) The Corporation, through its accounting records, shall maintain a separate and distinct record of the amount in each Account as adjusted to reflect income, gains, losses, withdrawals and distributions.
Section 4.4.     Adjustments to Accounts.
(a) On an Accounting Date, each Participant’s Account shall be debited with the amount of any distributions under the Plan to or on behalf of the Participant or, in the event of his or her death, his or her Beneficiary during the immediately preceding Accounting Period.
(b) The Participant’s Account (other than the Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account) shall next be credited or debited, as the case may be, on a daily basis with the performance of each deemed Investment Fund based on the manner in which the balance of such Participant’s Account has been allocated among the deemed Investment Funds provided for in Article V. The performance of each deemed Investment Fund (either positive or negative) will be determined by the Administrator, in its sole discretion.
(c) Earnings on any amounts deemed to have been invested in any deemed Investment Fund (other than the Common Shares held in the Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account) will be deemed to have been reinvested as the Committee so determines.
(d) Each Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account shall be deemed invested solely in Common Shares, including fractions of a Common Share.
(e) The Common Shares held in the Participant’s Deferred Performance Share Subaccount and Deferred RSU Sub-account will be credited with any dividend equivalent rights, in cash or in Common Shares, based on the fair market value of a Common Share at the time such dividend equivalent rights are so credited. However, any such cash dividend equivalent rights shall not be credited to such Sub-accounts but shall be deemed to be credited to the Participant and invested in accordance with Article V in the same manner as the remainder of the Participant’s Account.
Section 4.5.     Statement of Accounts. As soon as practicable after the end of each Plan Year, a statement shall be furnished to each Participant or, in the event of his or her death, to his or her Beneficiary showing the status of his or her Account as of the end of the Plan Year, any changes in his or her Account since the end of the immediately preceding Plan Year, and such other information as the Administrator shall determine.
Section 4.6.     Vesting of Accounts. Subject to Section 5.1, each Participant shall at all times have a nonforfeitable interest in his or her Account balance.

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ARTICLE V
FINANCING OF BENEFITS
Section 5.1.     Financing of Benefits. Benefits payable under the Plan to a Participant or, in the event of his or her death, to his or her Beneficiary shall be paid by the Corporation from its general assets or, with respect to the Deferred Performance Share Sub-account and Deferred RSU Sub-account, from treasury shares. The payment of benefits under the Plan represents an unfunded, unsecured obligation of the Corporation. Notwithstanding the fact that the Participants’ Accounts may be adjusted by an amount that is measured by reference to the performance of any deemed Investment Funds as provided in Section 5.3, no person entitled to payment under the Plan shall have any claim, right, security interest or other interest in any fund, trust, account, insurance contract, or asset of the Corporation which may be responsible for such payment.
Section 5.2.     Security For Benefits. Notwithstanding the provisions of Section 5.1, nothing in this Plan shall preclude the Corporation from setting aside amounts in (trust (the “Trust”) pursuant to one (1) or more trust agreements between a trustee and the Corporation. However, no Participant or Beneficiary shall have any secured interest or claim in any assets or property of the Corporation or the Trust and all funds contained in the Trust shall remain subject to the claims of the Corporation’s general creditors.
Section 5.3.     Deemed Investments.
(a) The Committee may designate one (1) or more separate investment funds or vehicles or measures for crediting earnings, including, without limitation, certificates of deposit, mutual funds, money market accounts or funds, limited partnerships, or debt or equity securities, including equity securities of the Corporation (measured by market value, book value or any formula selected by the Committee), in which the amount credited to a Participant’s Account will be deemed to be invested (collectively, the “Investment Funds”). The amount credited to a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account will be deemed invested solely in Common Shares and has been designated by the Committee as a separate Investment Fund.
(b) An Investment Request or Investment Re-Allocation Request will advise the Administrator as to the Participant’s preference with respect to Investment Funds for all or some portion of the amounts credited to a Participant’s Account in specified multiples of one percent (1%). Notwithstanding the foregoing, no Investment Request or Investment Re-Allocation Request election may be made with respect to the Common Shares allocated to a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account.
Section 5.4.     Change of Investment Request Election.
(a) A Participant may change his or her Investment Request prospectively by giving the Administrator prior written (or in an electronic format) notice by filing an Investment Request, with respect to contributions subsequently credited to a Participant’s Account, other than the Common Shares credited to his or her Deferred Performance Share Sub-account and Deferred RSU Sub-account.
(b) A Participant may change his or her Investment Re-Allocation Request prospectively by giving the Administrator prior written (or in an electronic format) notice by filing an Investment Re-Allocation Request, with respect to all or a portion of the Participant’s Account, other than the Common Shares credited to his or her Deferred Performance Share Subaccount and Deferred RSU Sub-account.
(c) The Administrator may, but is under no obligation to, deem the amounts credited to a Participant’s Account to be invested in accordance with the Investment Request or Investment Re-

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Allocation Request made by the Participant, or the Committee may, instead, in its sole discretion, deem such Account to be invested in any deemed Investment Funds selected by the Committee.
(d) Notwithstanding any provision of the Plan to the contrary:
(i) The Administration, in its sole and absolute discretion (but subject to the requirements of applicable law) may temporarily suspend, in whole or in part, certain Plan transactions, including without limitation, the right to change investment preference allocation elections and/or the right to receive a distribution or withdrawal from a Participant’s Account in the event of any conversion, change in record keepers, change in Investment Funds and/or Plan merger, spin-off or similar corporate change.
(ii) In the event of a change in Investment Funds and/or a Plan merger, spinoff or similar corporate change, the Administrator, in its sole and absolute discretion may decide to map investments from a Participant’s prior investment preference allocation elections to the then available Investment Funds under the Plan. In the event that investments are mapped in this manner, the Participant will be permitted to reallocate funds among the Investment Funds (in accordance with this Section 5.4) after the suspension period described in Section 5.4(d)(i), if any, has ended.

ARTICLE VI
DISTRIBUTION OF BENEFITS
Section 6.1.     Settlement Date. A Participant or, in the event of his or her death, his or her Beneficiary will be entitled to distribution of the balance of his or her Account, as provided in this Article VI, following his or her Settlement Date or Dates.
Section 6.2.     Amount to be Distributed. The amount to which a Participant or, in the event of his or her death, his or her Beneficiary is entitled in accordance with the following provisions of this Article shall be based on the Participant’s adjusted account balance determined as of the Accounting Date next following his or her Settlement Date or Dates.
Section 6.3.     In Service Distribution. A Participant may elect to receive an in service distribution of the total of his or her deferred Base Salary and Bonus for any Deferral Period in a single lump sum payment in cash on a date which is the first day of a calendar quarter and is at least one (1) year after the end of such Deferral Period, provided that the Participant is an Employee on such date. A Participant’s election of an in service distribution shall be filed in writing with the Administrator at the same time as is filed his or her election to participate as provided in Section 3.1. Any benefits paid to the Participant as an in service distribution shall reduce the Participant’s Account. Any changes to the foregoing election shall be subject to the Subsequent Deferral Rule.
Section 6.4.     Form of Distribution.
(a)     (i) As soon as practicable after the end of the Accounting Period in which a Participant’s Settlement Date occurs, but in no event later than seventy-five (75) days following the end of such Accounting Period, the Corporation shall commence distribution or cause distribution to be commenced, to the Participant or, in the event of his or her death, to his or her Beneficiary, of the balance of the Participant’s Account, as determined under Section 6.2, under one (1) of the forms provided in this Section 6.4, as specified in the Participant’s Participant Agreement.
(ii) Notwithstanding the foregoing, if a Participant is a Specified Employee on the Settlement Date that results from his or her separation from service, and if any portion of the payments to such Participant upon his or her separation from service would be considered deferred 

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compensation under Section 409A, such Participant’s payment, whether in the form of a single lump sum or an initial installment payment, shall commence as soon as practicable after the end of the Accounting Period in which occurs the earliest of (A) the first day of the 7th month following the Settlement Date, or (B) the Participant’s death, provided that an installment payment will only be distributed on such date if such payment has otherwise become due and payable and any subsequent annual installment shall be paid pursuant to the schedule elected by the Participant in his or her applicable Participation Agreement (determined without regard to any delay in the first installment pursuant to this Section 6.4(a)(ii)).
(b) Notwithstanding Section 6.4(a)(i) and subject to Section 6.4(a)(ii), if elected by the Participant in his or her Participation Agreement and provided that the form of the distribution is in the form of a lump sum distribution in cash (or, in the case of a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account, Common Shares), the distribution of the Participant’s Account may be made at the beginning of the second calendar year commencing after the Participant’s separation from service due to Retirement or death.
(c) Distribution of a Participant’s Account following his or her separation from service, other than a separation from service due to a Participant’s Retirement or death, shall be made in a single lump sum payment in cash (or, in the case of a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub- account, Common Shares). 
(d) Distribution of a Participant’s Account following his or her Retirement or death may be made in cash (or, in the case of a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account, Common Shares) in one (1) of the following forms as elected by the Participant in his or her Participation Agreement applicable to each of his or her Deferral Commitments:
(i) in five (5) annual installments, with each installment being designated a “separate payment” as described in Treasury Regulation §1.409A-2(b)(2)(iii); or
(ii) in ten (10) annual installments, with each installment being designated a “separate payment” as described in Treasury Regulation §1.409A-2(b)(2)(iii); or
(iii) in fifteen (15) annual installments, with each installment being designated a “separate payment” as described in Treasury Regulation §1.409A-2(b)(2)(iii); or
(iv) in a single lump sum; 
provided, however, that in the event of a Participant’s death, if the balance in his or her Account is then less than $35,000, such balance shall be distributed in a single lump sum payment. If the Participant fails to select a form of distribution with respect to any Deferral Commitment, such amount shall be paid in a lump sum at the time of such Participant’s separation from service.
(e) The Participant’s election of the form and date of distribution shall be provided for in the Participant’s Participation Agreement applicable to each of his or her Deferral Commitments. Subject to the Subsequent Deferral Rule, any such election may be changed by the Participant without the consent of any other person by filing a later signed written election with the Administrator.
(f) The amount of each installment shall be equal to the quotient obtained by dividing the Participant’s Account balance as of the date of such installment payment by the number of installment payments remaining to be made to or in respect of such Participant at the time of calculation, and, with respect to a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account, rounded up to the next whole share.
(g) Any fraction of a Common Share payable from a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account shall be distributed in cash.

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Section 6.5.     Beneficiary Designation. As used in the Plan the term “Beneficiary” means:
(a) The last person designated as Beneficiary by the Participant in a written notice ona form prescribed by the Administrator;
(b) If there is no designated Beneficiary or if the person so designated shall not survive the Participant, such Participant’s spouse; or
(c) If no such designated Beneficiary and no such spouse is living upon the death of a Participant, or if all such persons die prior to the full distribution of the Participant’s Account balance, then the legal representative of the last survivor of the Participant and such persons, or, if the Administrator shall not receive notice of the appointment of any such legal representative within one (1) year after such death, the heirs-at-law of such survivor (in the proportions in which they would inherit his or her intestate personal property) shall be the Beneficiaries to whom the then remaining balance of the Participant’s Account shall be distributed.
Prior to the Participant’s death, any Beneficiary designation may be changed from time to time by like notice similarly delivered. No notice given under this Section shall be effective unless and until the Administrator actually receives such notice. Section 6.6. Facility of Payment. Whenever and as often as any Participant or his or her Beneficiary entitled to payments hereunder shall be under a legal disability or, in the sole judgment of the Administrator, shall otherwise be unable to apply such payments to his or own best interests and advantage, the Administrator in the exercise of its discretion may direct all or any portion of such payments to be made in anyone (1) or more of the following ways: (i) directly to him; (ii) to his or her legal guardian or conservator; or (iii) to his or her spouse or to any other person, to be expended for his or her benefit; and the decision of the Administrator, shall in each case be final and binding upon all persons in interest.
Section 6.7.     Hardship Distributions. Upon a finding by the Administrator that a Participant has suffered a Financial Hardship, the Administrator may, in its sole discretion, distribute, or direct the Trustee to distribute, to the Participant an amount which does not exceed the amount required to meet the immediate financial needs created by the Financial Hardship, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution and are not otherwise available through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent that the liquidation of such assets would not itself cause severe financial hardship to the Participant). No distributions pursuant to this Section 6.7 may be made in excess of the value of the Participant’s Account at the time of such distribution.
Section 6.8.     Coordination with Other Benefits. The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Corporation. 
Section 6.9.     Transitional Relief for 2008. Notwithstanding anything herein to the contrary, a Participant (i) must designate the time and form of distribution to the extent not previously so elected and/or (ii) may make a new election to change a previously filed election with respect to the time and form of distribution, in each case, no later than December 31, 2008. Any Participant who fails to deliver a new payment election as provided in clause (ii) above shall continue to participate in the Plan in accordance with his or her prior distribution elections, which shall be administered in accordance with Section 409A. An election may be changed by the Participant without the consent of any other person by filing a later signed written election with the Administrator; provided, however, that any subsequent election made after December 31, 2008 will be subject to the Subsequent Deferral Rule.
Section 6.10.     Change in Control. Notwithstanding any of the preceding provisions of this Plan,

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as soon as possible following “change in the ownership” or the “effective control” of the Corporation or a “change in the ownership of a substantial portion of the Corporation’s assets” (each within the meaning of Section 409A), but in no event later than 30 days following such event, a lump sum payment shall be made, in cash (or, in the case of a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account, Common Shares), of the entire Account hereunder of each Participant.
ARTICLE VII
ADMINISTRATION, AMENDMENT AND TERMINATION
Section 7.1.  Administration. The Plan shall be administered by an Administrator consisting of one (1) or more persons who shall be appointed by and serve at the pleasure of the Board. The Administrator shall have such powers as may be necessary to discharge its duties hereunder, including, but not by way of limitation, to construe and interpret the Plan and determine the amount and time of payment of any benefits hereunder. The Administrator may, from time to time, employ agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with legal counsel who may be counsel to the Corporation. The Administrator shall have no power to add to, subtract from or modify any of the terms of the Plan, or to change or add to any benefits provided under the Plan, or to waive or fail to apply any requirements of eligibility for a benefit under the Plan. No member of the Administrator shall act in respect of his or her own Account. All decisions and determinations by the Administrator shall be final and binding on all parties. All decisions of the Administrator shall be made by the vote of the majority, including actions in writing taken without a meeting. All elections, notices and directions under the Plan by a Participant shall be made on such forms as the Administrator shall prescribe.
Section 7.2.     Plan Administrator. The Corporation shall be the “administrator” under the Plan for purposes of ERISA.
Section 7.3.     Amendment, Termination and Withdrawal.
(a) In General. The Plan may be amended from time to time or may be terminated at any time by the Board. Except as provided in Section 7.3(b), no amendment or termination of the Plan, however, may adversely affect the amount or timing of payment of any person’s benefits accrued under the Plan to the date of amendment or termination without such person’s written consent.
(b) Compliance with Section 409A. 
(1) It is intended that the Plan comply with the provisions of Section 409A, so that the income inclusion provisions of Section 409A do not apply to the Participants. The Plan and each Participation Agreement and Deferral Commitment shall be administered in a manner consistent with this intent.
(2) Neither a Participant nor any of a Participant’s creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A of the Code) payable under the Plan to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A, any deferred compensation (within the meaning of Section 409A) payable to a Participant or for a Participant’s benefit under the Plan and grants hereunder may not be reduced by, or offset against, any amount owing by a Participant to the Corporation or any of its affiliates.
(3) Notwithstanding any provision of the Plan and Participation Agreements and Deferral Commitments to the continually, in light of the uncertainty with respect to the proper application of Section 409A, Holdings reserves the right to make amendments to the Plan and Participation Agreements and Deferral Commitments as Holdings deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A. In any case, a Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a 

11

Participant or for a Participant’s Account in connection with the Plan (including any taxes and penalties under Section 409A), and neither Holdings, the Corporation nor any of their affiliates shall have any obligation to indemnify or otherwise hold a Participant harmless from any or all of such taxes or penalties.
Section 7.4.     Successors. The Corporation shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business and/or assets of the Corporation expressly to assume and to agree to perform this Plan in the same manner and to the same extent the Corporation would be required to perform if no such succession had taken place. This Plan shall be binding upon and inure to the benefit of the Corporation and any successor of or to the Corporation, including without limitation any persons acquiring directly or indirectly all or substantially all of the business and/or assets of the Corporation whether by sale, merger, consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the “Corporation” for the purposes of this Plan), and the heirs, beneficiaries, executors and administrators of each Participant.
Section 7.5.     Claims Procedure.
(a) Except as otherwise provided in the Plan, the Administrator will determine the rights of any Participant to any benefits hereunder. Any employee or former employee of the Corporation who believes that he has not received any benefit under the Plan to which he believes he is entitled, may file a claim in writing with the Administrator. The Administrator will, no later than ninety (90) days after the receipt of a claim, either allow or deny the claim by written notice to the claimant; provided, however, that if the Administrator determines that special circumstances require an extension of time for processing of an employee’s claim, the Administrator will provide written notice of the extension to the employee within such ninety (90)-day period. In no event will the extension of time to process the claim exceed a period of ninety (90) days from the end of the initial ninety (90)-day review period. If a claimant does not receive written notice of the Administrator’s decision on his or her claim within the first ninety (90)-day review period (or the one-hundred and eighty (180)-day review period, in the case of special circumstances as determined by the Administrator), the claim will be deemed to have been denied in full.
(b) A denial of a claim by the Administrator, wholly or partially, will be written in a manner calculated to be understood by the claimant and will include:
(i) the specific reason or reasons for the adverse determination;
(ii) specific reference to pertinent Plan provisions on which the denial is based;
(iii) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and
(iv) an explanation of the claim review procedure and the time limits applicable to such procedures, including a statement of a claimant’s right to bring a civil action under ERISA following an adverse benefit determination on review.
(c) A claimant whose claim is denied (or his duly authorized representative) may, within sixty (60) days after receipt of denial of his or her claim, request a review of such denial by the Committee by filing with the Secretary of the Committee a written request for review of his or her claim. If the claimant does not file a request for review with the Committee within such sixty (60)-day period, the claimant will be deemed to have acquiesced in the original decision of the Committee on his or her claim. If a written request for review is so filed within such sixty (60)-day period, the Committee will conduct a full and fair review of such claim. During such full review, the claimant will be given the opportunity to, upon request and free of charge, obtain reasonable access to and copies of all documents, records and other information that are pertinent to his or her claim and to submit issues and comments in writing. The Committee will notify the claimant of its decision on review within sixty (60) days after receipt of a request for review; 

12

provided, however, that if the Committee determines that special circumstances require an extension of time for processing of an employee’s claim, the Committee will provide written notice of the extension to the employee within such sixty (60) day review period. In no event will the extension of time to process the claim exceed a period of sixty (60) days from the end of the initial sixty (60)-day review period. If a claimant does not receive written notice of the Committee’s decision on his or her claim within the first sixty (60) day review period (or the one hundred and eighty (180)-day review period, in the case of special circumstances as determined by the Committee), the claim will be deemed to have been denied on review. Notice of the decision on review will be in writing.
Section 7.6.     Expenses. All expenses of the Plan shall be paid by the Corporation from funds other than those deemed Investment Funds as provided in Section 5.3, except that brokerage commissions and other transaction fees and expenses relating to the investment of deemed assets and investment fees attributable to commingled investment of such assets shall be paid from or charged to such assets or earnings thereon.

ARTICLE VIII
MISCELLANEOUS
Section 8.1.     No Guarantee of Employment. Nothing contained in the Plan shall be construed as a contract of employment between the Corporation and any Employee, or as a right of any Employee, to be continued in the employment of the Corporation, or as a limitation of the right of the Corporation to discharge any of its Employees, with or without cause.
Section 8.2.     Applicable Law. All questions arising in respect of the Plan, including those pertaining to its validity, interpretation and administration, shall be governed, controlled and determined in accordance with the applicable provisions of federal law and, to the extent not preempted by federal law, the laws of the State of Ohio. All legal actions or proceedings relating to the Plan shall be brought exclusively in the U.S. District Court for the Northern District of Ohio, Eastern Division or the Cuyahoga County Court of Common Pleas, located in Cuyahoga County, Ohio.
Section 8.3.     Interests Not Transferable. No person shall have any right to commute, encumber, pledge or dispose of any interest herein or right to receive payments hereunder, nor shall such interests or payments be subject to seizure, attachment or garnishment for the payments of any debts, judgments, alimony or separate maintenance obligations or be transferable by operation of law in the event of bankruptcy, insolvency or otherwise, all payments and rights hereunder being expressly declared to be nonassignable and nontransferable.
Section 8.4.     Severability. Each section, subsection and lesser section of this Plan constitutes a separate and distinct undertaking, covenant and/or provision hereof. Whenever possible, each provision of this Plan shall be interpreted in such manner as to be effective and valid under applicable law. In the event that any provision of this Plan shall finally be determined to be unlawful, such provision shall be deemed severed from this Plan, but every other provision of this Plan shall remain in full force and effect, and in substitution for any such provision held unlawful, there shall be substituted a provision of similar import reflecting the original intention of the parties hereto to the extent permissible under law.
Section 8.5.     Withholding of Taxes. Withholding Indemnification Agreement. The Corporation may withhold or cause to be withheld from any amounts payable under this Plan all federal, state, local and other taxes as shall be legally required; provided, however, that the Corporation, in its sole discretion may determine not to withhold or cause to be withheld such taxes from any amounts payable under this Plan to a Participant who is a non-resident of the State of Ohio, provided, that such Participant submits a tax withholding indemnification agreement (in the form set forth by the Corporation) to the Administrator no later than thirty (30) days prior to a Participant’s Settlement Date.

13

Section 8.6.     Top-Hat Plan. The Plan is intended to be a plan which is unfunded and maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees within the meaning of Sections 201, 301 and 401 of ERISA, and therefore to be exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA.
Section 8.7.     Accounts Subject to the Corporation’s Recovery of Funds Policy. Notwithstanding anything in this Plan to the contrary, the Participants’ Accounts shall be subject to the Corporation’s Recovery of Funds Policy, as it may be in effect from time to time, including, without limitation, the provisions of such Policy required by Section 10D of the Securities and Exchange Act of 1934 and any applicable rules or regulations issued by the U.S. Securities and Exchange Commission or any national securities exchange or national securities association on which Common Shares may be traded.

IN WITNESS WHEREOF, Lincoln Electric Holdings, Inc. has caused this Lincoln Electric Holdings, Inc. 2005 Deferred Compensation Plan for Executives to be executed in its name as of January 1, 2016.

LINCOLN ELECTRIC HOLDINGS, INC.:
By: /s/ Frederick G. Stueber
Its: Executive VP, General Counsel &Secretary
Date: December 17, 2015

14Exhibit

Exhibit 10.21
LINCOLN ELECTRIC HOLDINGS, INC.
2015 EQUITY AND INCENTIVE COMPENSATION PLAN
Restricted Stock Unit Agreement
WHEREAS, Lincoln Electric Holdings, Inc. (the “Company”) maintains the Company’s 2015 Equity and Incentive Compensation Plan, as may be amended from time to time (the “Plan”), pursuant to which the Company may award Restricted Stock Units (“RSUs”) to officers and certain key employees of the Company and its Subsidiaries;
WHEREAS, the Grantee, whose name is set forth on the “Overview” tab on the Morgan Stanley Stock Plan Connect portal, a secure third-party vendor website used by the Company (to be referred to herein as the “Grant Summary”), is an employee of the Company or one of its Subsidiaries;
WHEREAS, the Grantee was awarded RSUs under the Plan by the Compensation and Executive Development Committee (the "Committee") of the Board of Directors (the "Board") of the Company on the Date of Grant in 2016, as set forth on the Grant Summary (the “Date of Grant”), and the execution of an Evidence of Award in the form hereof (this "Agreement") has been authorized by a resolution of the Committee duly adopted on such date.
NOW, THEREFORE, pursuant to the Plan and subject to the terms and conditions thereof and the terms and conditions hereinafter set forth, the Company hereby confirms to the Grantee the award of the number of RSUs set forth on the Grant Summary.
		
	1.
	Definitions.  Unless otherwise defined in this Agreement, terms used in this Agreement, with initial capital letters will have the meanings assigned to them in the Plan.

		
	(a)
	“Cause”: A termination for “Cause” shall mean that, prior to termination of employment, the Grantee shall have: 

		
	(i)
	been convicted of, or pleaded nolo contendere to, a criminal violation, in each case, involving fraud, embezzlement or theft in connection with the Grantee’s duties or in the course of the Grantee’s employment with the Company or any Subsidiary (or the Successor, if applicable);

		
	(ii)
	committed intentional wrongful damage to property of the Company or any Subsidiary (or the Successor, if applicable);

		
	(iii)
	committed intentional wrongful disclosure of secret processes or confidential information of the Company or any Subsidiary (or the Successor, if applicable); or

		
	(iv)
	committed intentional wrongful engagement in any of the activities set forth in any confidentiality, non-competition or non-solicitation arrangement with the Company (or the Successor, if applicable) to which the Grantee is a party;

and, in each case, any such act shall have been demonstrably and materially harmful to the Company (or the Successor, if applicable). For purposes of this Agreement, no act or failure to act on the part of the Grantee will be deemed “intentional” if it was due primarily to an error in judgment or negligence, but will be deemed “intentional” only if done or omitted to be done by the Grantee not in good faith and without reasonable belief that the Grantee’s action or omission was in the best interest of the Company (or the Successor, if applicable).
		
	(b)
	“Deferred Compensation Plan”  means the Lincoln Electric Holdings, Inc. 2005 Deferred Compensation Plan for Executives, as amended and restated.

		
	(c)
	“Disabled”: The Committee shall determine, in its sole discretion, that a Grantee is “Disabled” if the Grantee meets one of the following requirements:  (i) the Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, (ii) the Grantee is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under the Company’s accident and health or long-term disability plan or any similar plan maintained by a third party, but excluding governmental plans, or (iii) the Social Security Administration determines the Grantee to be totally disabled.

		
	(d)
	“Distribution Date” means the date on which the Common Shares represented by vested RSUs shall be distributed to the Grantee as specified in Section 8; provided that, the Distribution Date for a Grantee who elects to defer the distribution of his or her Common Shares pursuant to the Deferred Compensation Plan will be governed by the Deferred Compensation Plan.

		
	(e)
	“Good Reason”: A termination “for Good Reason” shall mean the Grantee’s termination of employment with the Successor as a result of the initial occurrence, without the Grantee’s consent, of one or more of the following events: 

		
	(i)
	A material diminution in the Grantee’s base compensation; 

		
	(ii)
	A material diminution in the Grantee’s authority, duties, or responsibilities; 

		
	(iii)
	A material reduction in the Grantee’s opportunity regarding annual bonus, incentive or other payment of compensation, in addition to base compensation, made or to be made in regard to services rendered in any year or other period pursuant to any bonus, incentive, profit-sharing, performance, discretionary pay or similar agreement, policy, plan, program or arrangement (whether or not funded) of the Successor; 

		
	(iv)
	A material change in the geographic location at which the Grantee must perform the services, which adds fifty (50) miles or more to the Grantee’s one-way daily commute; and 

		
	(v)
	Any other action or inaction that constitutes a material breach by the Company of the Grantee’s employment agreement, if any, under which the Grantee provides services. 

Notwithstanding the foregoing, a termination of employment by the Grantee for one of the reasons set forth in clauses (i) through (v) above will not constitute “Good Reason” unless the Grantee provides, within 90 days of the initial occurrence of such condition or conditions, written notice to the Grantee’s employer of the existence of such condition or conditions and the Grantee’s employer has not remedied such condition or conditions within 30 days of the receipt of such notice.
		
	(f)
	“Replacement Award” means an award: (i) of the same type (e.g., time-based restricted stock units) as the Replaced Award; (ii) that has a value at least equal to the value of the Replaced Award; (iii) that relates to publicly traded equity securities of the Company or its successor in the Change in Control or another entity that is affiliated with the Company or its successor following the Change in Control; (iv) if the Grantee holding the Replaced Award is subject to U.S. federal income tax under the Code, the tax consequences of which to such Grantee under the Code are not less favorable to such Grantee than the tax consequences of the Replaced Award; and (v) the other terms and conditions of which are not less favorable to the Grantee holding the Replaced Award than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent Change in Control).  A Replacement Award may be granted only to the extent it does not result in the Replaced Award or Replacement Award failing to comply with or be exempt from Section 409A of the Code.  Without limiting the generality of the foregoing, the Replacement Award may take the form 

of a continuation of the Replaced Award if the requirements of the two preceding sentences are satisfied.  The determination of whether the conditions of this Section 1(f) are satisfied will be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion.
		
	(g)
	“Separation from Service” shall have the meaning given in Code Section 409A, and references to employment termination or termination of employment in this Agreement shall be deemed to refer to a Separation from Service.  In accordance with Treasury Regulation §1.409A-1(h)(1)(ii) (or any similar or successor provisions), a Separation from Service shall be deemed to occur, without limitation, if the Company and the Grantee reasonably anticipate that the level of bona fide services the Grantee will perform after a certain date (whether as an employee or as an independent contractor) will permanently decrease to less than fifty percent (50%) of the average level of bona fide services provided in the immediately preceding thirty-six (36) months.

		
	2.
	Issuance of RSUs.  The RSUs covered by this Agreement shall be issued to the Grantee effective upon the Date of Grant.  Each RSU entitles the Grantee to receive one Common Share upon the Grantee’s Distribution Date.  The Grantee shall not have the rights of a shareholder with respect to such RSUs, except as provided in Section 10, provided that such RSUs, together with any additional RSUs that the Grantee may become entitled to receive by virtue of a share dividend, a merger or reorganization in which the Company is the surviving corporation or any other change in capital structure, shall be subject to the restrictions hereinafter set forth.

		
	3.
	Restrictions on Transfer of RSUs.  Subject to Section 15 of the Plan, the RSUs subject to this grant may not be sold, exchanged, assigned, transferred, pledged, encumbered or otherwise disposed of by the Grantee, except to the Company, until the Distribution Date; provided, however, that the Grantee’s rights with respect to such RSUs may be transferred by will or pursuant to the laws of descent and distribution.  Any purported transfer or encumbrance in violation of the provisions of this Section 3 shall be void, and the other party to any such purported transaction shall not obtain any rights to or interest in such RSUs or the underlying Common Shares.  The Company in its sole discretion, when and as permitted by the Plan, may waive the restrictions on transferability with respect to all or a portion of the RSUs subject to this Agreement.

		
	4.
	Vesting of RSUs.  Subject to the terms and conditions of Sections 5, 6 and 7 hereof, all of the RSUs covered by this Agreement shall become nonforfeitable upon the Grantee remaining in the continuous employment of the Company or a Subsidiary until the third anniversary of the Date of Grant.

		
	5.
	Effect of Change in Control.  In the event a Change in Control occurs during the Restriction Period, the RSUs covered by this Agreement shall become nonforfeitable to the extent provided in this Section 5.

		
	(a)
	If the Grantee remains in the continuous employ of the Company or a Subsidiary throughout the period beginning on the Date of Grant and ending on the date of a Change in Control, the RSUs covered by this Agreement will become nonforfeitable in full immediately prior to the Change in Control, except to the extent that a Replacement Award is provided to the Grantee in accordance with Section 1(f) to replace, adjust or continue the award of RSUs covered by this Agreement (the “Replaced Award”).  If a Replacement Award is provided, references to RSUs in this Agreement shall be deemed to refer to the Replacement Award after the Change in Control.

		
	(b)
	If, upon or after receiving a Replacement Award, the Grantee experiences a termination of employment with the Company or a Subsidiary of the Company (or any of their successors) (as applicable, the “Successor”) by reason of the Grantee terminating employment for Good Reason or the Successor terminating Grantee’s employment other than for Cause, in each case within a period of two years after the Change in Control and during the remaining vesting 

period for the Replacement Award, the Replacement Award shall become immediately nonforfeitable in full upon such termination.
		
	(c)
	If a Replacement Award is provided, notwithstanding anything in this Agreement to the contrary, any outstanding RSUs that at the time of the Change in Control are not subject to a “substantial risk of forfeiture” (within the meaning of Section 409A of the Code) will be deemed to be nonforfeitable at the time of such Change in Control and will be paid within 15 days of the Change in Control; provided, however, that if such Change in Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and the regulations thereunder, and where Section 409A of the Code applies to such distribution, payment will be made on the date that would have otherwise applied pursuant to Section 8.

		
	6.
	Effect of Death, Disability or Retirement.

		
	(a)
	The RSUs subject to this Agreement shall become immediately nonforfeitable in full (i) upon the death of the Grantee while in the employment of the Company or any Subsidiary, or (ii) if the Grantee’s employment with the Company or any Subsidiary should terminate as a result of the Grantee becoming Disabled.

		
	(b)
	If the Grantee terminates employment with the Company or any Subsidiary after the Grantee’s normal retirement date (as determined under The Lincoln Electric Company Retirement Annuity Program, whether or not the Grantee participates in that program),  but prior to the vesting provided in Section 4 hereof, only a pro rata portion of the RSUs (rounded down to the nearest whole Common Share) subject to this Agreement, based on the Grantee’s length of employment during the three-year vesting period, shall immediately vest, and the remaining portion of the RSUs will be forfeited upon such termination.

		
	7.
	Effect of Termination of Employment and Effect of Competitive Conduct.

		
	(a)
	In the event that the Grantee’s employment shall terminate in a manner other than any specified in Section 5 or Section 6 hereof, the Grantee shall forfeit any RSUs that have not become nonforfeitable at the time of such termination; provided, however, that the Board upon recommendation of the Committee may order that part or all of such RSUs become nonforfeitable.

		
	(b)
	Notwithstanding anything in this Agreement to the contrary, unless otherwise determined by the Company, if the Grantee, either during employment by the Company or a Subsidiary or within six (6) months after termination of such employment, (i) shall become an employee of a competitor of the Company or a Subsidiary or (ii) shall engage in any other conduct that is competitive with the Company or a Subsidiary, in each case as reasonably determined by the Company (“Competition”), then, at the time of such Company determination, the Grantee shall forfeit any RSUs that have not become nonforfeitable.  In addition, if the Company shall so determine, the Grantee shall, promptly upon notice of such determination, (x) return to the Company all the Common Shares that the Grantee has not disposed of that were issued in payment of RSUs that became nonforfeitable pursuant to this Agreement, including amounts the Grantee elected to defer under Section 9 hereof, within a period of one (1) year prior to the date of the commencement of such Competition if the Grantee is an employee of the Company or a Subsidiary, or within a period of one (1) year prior to termination of employment with the Company or a Subsidiary if the Grantee is no longer an employee of the Company or a Subsidiary, and (y) with respect to any Common Shares so issued in payment of RSUs pursuant to this Agreement, that the Grantee has disposed of, including amounts the Grantee elected to defer under Section 9 hereof, pay to the Company in cash the aggregate Market Value per Share of those Common Shares on the Distribution Date, in each case as reasonably determined by the Company.  To the extent that such amounts are not promptly paid to the Company, the Company may set off the amounts so payable to it against any amounts (other than amounts of non-qualified deferred compensation as so defined under Section 409A of 

the Code) that may be owing from time to time by the Company or a Subsidiary to the Grantee, whether as wages or vacation pay or in the form of any other benefit or for any other reason.
		
	8.
	Time of Payment of RSUs. 

		
	(a)
	With respect to RSUs (or any portion of RSUs) that constitute deferred compensation within the meaning of Section 409A of the Code (after taking into account any applicable exemptions from Section 409A of the Code),  on each of the earlier of the following dates (i.e., within 15 days of such date), payment for such RSUs, if any, that are vested as of such date as determined in accordance with Section 409A of the Code (less any RSUs which became vested and were paid on an earlier date) shall be made: 

		
	(i)
	on the vesting date specified in Section 4;

		
	(ii)
	on the date of the Grantee’s death;

		
	(iii)
	on the date the Grantee experiences a separation from service with the Company (determined in accordance with Section 409A of the Code); provided, however, that if the Grantee on the date of separation from service is a “specified employee” (within the meaning of Section 409A of the Code determined using the identification methodology selected by the Company from time to time), payment for the RSUs will be made on the tenth business day of the seventh month after the date of the Grantee’s separation from service or, if earlier, the date of the Grantee’s death; and

		
	(iv)
	on the date of a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company (each within the meaning of Section 409A of the Code).

		
	(b)
	With respect to RSUs (or any portion of RSUs) that do not constitute deferred compensation within the meaning of Section 409A of the Code (after taking into account any applicable exemptions from Section 409A of the Code), payment for such RSUs shall be made within 60 days of the date on which such RSUs become nonforfeitable and in all events within the 21⁄2 month short-term deferral period specified in Treasury Regulation § 1.409A-1(b)(4). 

		
	9.
	Deferral of RSUs.  The Grantee may elect to defer receipt of the Common Shares underlying the RSUs subject to this Agreement beyond the vesting date in Section 4 above, pursuant to and in accordance with the terms of the Deferred Compensation Plan. 

		
	10.
	Dividend Equivalents and Other Rights.

		
	(a)
	Except as provided in this Section, the Grantee shall not have any of the rights of a shareholder with respect to the RSUs covered by this Agreement; provided, however, that any additional Common Shares, share rights or other securities that the Grantee may become entitled to receive pursuant to a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, separation or reorganization or any other change in the capital structure of the Company shall be subject to the same restrictions as the RSUs covered by this Agreement.

		
	(b)
	The Grantee shall have the right to receive dividend equivalents with respect to the Common Shares underlying the RSUs on a deferred basis and contingent on vesting of the RSUs.  Dividend equivalents on the RSUs covered by this Agreement shall be sequestered by the Company from and after the Date of Grant until the Distribution Date, whereupon such dividend equivalents shall be paid to the Grantee in the form of cash to the extent such dividend equivalents are attributable to RSUs that have become nonforfeitable.  To the extent that RSUs covered by this Agreement are forfeited pursuant to Section 7 hereof, all the dividend equivalents sequestered with respect to such RSUs shall also be forfeited.  No interest shall be payable with respect to any such dividend equivalents.

		
	(c)
	Under no circumstances, will the Company distribute dividend equivalents paid on RSUs until the Grantee’s Distribution Date.  The Grantee will not be entitled to vote the Common Shares underlying the RSUs until after the Distribution Date.

		
	(d)
	Notwithstanding anything to the contrary in this Section 10, to the extent that any of the RSUs vest pursuant to this Agreement and the Grantee elects pursuant to Section 9 to defer receipt of the Common Shares underlying the RSUs beyond such vesting date in accordance with the terms of the Deferred Compensation Plan, then the right to receive dividend equivalents thereafter will be governed by the Deferred Compensation Plan from and after such vesting date.

		
	11.
	Withholding Taxes.  No later than the date as of which an amount first becomes includible in the gross income of the Grantee for applicable income tax purposes with respect to the RSUs evidenced by this Agreement, the Grantee shall pay to the Company, or make arrangements satisfactory to the Committee regarding the payment of, any federal, state local or foreign taxes of any kind required by law to be withheld with respect to such amount.  Unless otherwise determined by the Committee, the Grantee may elect to have the minimum required withholding obligations may be settled with Common Shares, including Common Shares that are payable to Grantee upon vesting of RSUs under this Agreement.  The obligations of the Company under this Agreement shall be conditional on such payment or arrangements and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Grantee.

		
	12.
	No Right to Employment.  This award of RSUs is a voluntary, discretionary bonus being made on a one-time basis and it does not constitute a commitment to make any future awards.  This award and any payments made hereunder will not be considered salary or other compensation for purposes of any severance pay or similar allowance, except as otherwise required by law.  The Plan and this Agreement will not confer upon the Grantee any right with respect to the continuance of employment or other service with the Company or any Subsidiary and will not interfere in any way with any right that the Company or any Subsidiary would otherwise have to terminate any employment or other service of the Grantee at any time.  For purposes of this Agreement, the continuous employ of the Grantee with the Company or a Subsidiary shall not be deemed interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company or any Subsidiary, by reason of (A) the transfer of his or her employment among the Company and any Subsidiary or (B) an approved leave of absence.

		
	13.
	Relation to Other Benefits.  Any economic or other benefit to the Grantee under this Agreement or the Plan will not be taken into account in determining any benefits to which the Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or a Subsidiary and will not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or a Subsidiary.

		
	14.
	Agreement Subject to the Plan.  The RSUs evidenced by this Agreement and all of the terms and conditions hereof are subject to all of the terms and conditions of the Plan.  In the event of any inconsistency between this Agreement and the Plan, the terms of the Plan will govern.

		
	15.
	Data Privacy. 

		
	(a)
	The Grantee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Grantee’s personal data as described in this document by and among, as applicable, the Grantee’s employer (the “Employer”), and the Company and its Subsidiaries for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan. 

		
	(b)
	The Grantee understands that the Company, its Subsidiaries and the Employer hold certain personal information about the Grantee, including, but not limited to, name, home address and telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title, any Common Shares or directorships held in the Company, details of all RSUs or any other entitlement to Common Shares awarded, canceled, purchased, exercised, vested, unvested or outstanding in the Grantee’s favor for the purpose of implementing, managing and administering the Plan (“Data”).

		
	(c)
	The Grantee understands that the Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Grantee’s country or elsewhere (in particular the United States), including outside the European Economic Area (if applicable), and that the recipient country (e.g., the United States) may have different data privacy laws and protections than the Grantee’s country.  The Grantee understands that the Grantee may request a list with the names and addresses of any potential recipients of the Data by contacting the local human resources representative. The Grantee authorizes the Company, Morgan Stanley Smith Barney, LLC and any other possible recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Grantee’s participation in the Plan, including any requisite transfer of such Data, as may be required to a broker or other third party with whom the Grantee may elect to deposit any Common Shares acquired under the Plan. The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage participation in the Plan. The Grantee understands that he or she may, at any time, view Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data or refuse or withdraw the consents herein, in any case without cost, by contacting the local human resources representative in writing. The Grantee understands that refusing or withdrawing consent may affect the Grantee’s ability to participate in the Plan. For more information on the consequences of refusing to consent or withdrawing consent, the Grantee understands that he or she may contact his or her local human resources representative.

		
	16.
	Amendments.  Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that no amendment shall adversely affect the rights of the Grantee with respect to RSUs without the Grantee’s consent.

		
	17.
	Severability.  In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated will be deemed to be separable from the other provisions hereof, and the remaining provisions hereof will continue to be valid and fully enforceable.

		
	18.
	Governing Law/Venue.  This Agreement is made under, and will be construed in accordance with, the internal substantive laws of the State of Ohio.  All legal actions or proceedings relating to this Agreement shall be brought exclusively in the U.S. District Court for the Northern District of Ohio, Eastern Division or the Cuyahoga County Court of Common Pleas, located in Cuyahoga County, Ohio. 

		
	19.
	Employment Agreement.  The grant of the RSUs under this Agreement is contingent upon the Grantee having executed the most recent version of the Company’s Employment Agreement and having returned it to the Company.

		
	20.
	RSUs Subject to the Company’s Recovery of Funds Policy.  Notwithstanding anything in this Agreement to the contrary, the RSUs covered by this Agreement shall be subject to the Company’s Recovery of Funds Policy (or similar clawback policy), as it may be in effect from time to time, including, without limitation, to implement Section 10D of the Exchange Act and any applicable rules or regulations issued by the U.S. Securities and Exchange Commission or any national securities exchange or national securities association on which the Common Shares may be traded.

		
	21.
	Code Section 409A.  To the extent applicable, it is intended that this Agreement be designed and operated within the requirements of Section 409A of the Code (including any applicable exemptions) and, in the event of any inconsistency between any provision of this Agreement or the Plan and Section 409A of the Code, the provisions of Section 409A of the Code shall control.  Any provision in the Plan or this Agreement that is determined to violate the requirements of  Section 409A of the Code shall be void and without effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made 

by the Company without the consent of the Grantee).  Any provision that is required by Section 409A of the Code to appear in the Agreement that is not expressly set forth herein shall be deemed to be set forth herein, and the Agreement shall be administered in all respects as if such provision was expressly set forth herein.  Any reference in the Agreement to Section 409A of the Code or a Treasury Regulation section shall be deemed to include any similar or successor provisions thereto.
		
	22.
	Electronic Delivery.  The Company may, in its sole discretion, deliver any documents related to the RSUs and Grantee’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request Grantee’s consent to participate in the Plan by electronic means.  Grantee hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

		
	23.
	Appendix.  Notwithstanding any provisions in this Agreement, the grant of RSUs is also subject to the special terms and conditions set forth in Appendix A to this Agreement for Grantee’s country.  Moreover, if Grantee relocates to one of the countries included in the Appendix A, the special terms and conditions for such country will apply to Grantee, to the extent the Company determines that the application of such terms and conditions are necessary or advisable in order to comply with local law or facilitate the administration of the Plan.  Appendix A constitutes part of this Agreement. 

The Grantee hereby acknowledges receipt of  this Agreement and accepts the right to receive the RSUs evidenced hereby subject to the terms and conditions of the Plan and the terms and conditions herein above set forth and represents that he or she understands the acceptance of this Agreement through an on-line or electronic system, if applicable, carries the same legal significance as if he or she manually signed this Agreement.
THIS AGREEMENT is executed in the name and on behalf of the Company on the Date of Grant as set forth in the Grant Summary.
	
		
	 
	LINCOLN ELECTRIC HOLDINGS, INC.

	 
	 

	 
	Christopher L. Mapes
Chairman, President and Chief Executive Officer

APPENDIX A

COUNTRY SPECIFIC
SPECIAL TERMS AND CONDITIONS OF
 LINCOLN ELECTRICAL HOLDINGS, INC.
 RESTRICTED STOCK UNIT AGREEMENT (OFFICER)
FOR INTERNATIONAL GRANTS

TERMS AND CONDITIONS
This Appendix A, which is part of the Lincoln Electric Holdings, Inc. Restricted Stock Unit Agreement (Officer) (the “Agreement”), contains additional terms and conditions of the Agreement that will apply to Grantee if he or she resides in one of the countries listed below.  Capitalized terms used but not defined herein have the same meanings assigned to them in the Lincoln Electric Holdings, Inc. 2015 Equity and Incentive Compensation Plan, as may be amended from time to time (the “Plan”), and/or the Agreement. 
The information is based on laws in effect in the respective countries as of January 2016.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that the Grantee not rely on the information in this Appendix A as the only source of information relating to the consequences of his or her participation in the Plan because the information may be out of date at the time that the Grantee vests in the Restricted Stock Units or sell Common Shares acquired under the Plan.
In addition, the information contained herein is general in nature and may not apply to the Grantee’s particular situation, and the Company is not in a position to assure the Grantees of a particular result.  Accordingly, the Grantee is advised to seek appropriate professional advice as to how the relevant laws in his or her country may apply to the Grantee’s situation.
Finally, if the Grantee is a citizen or resident, or is considered a resident, of a country other than the one in which he or she is currently working, or transferred employment after the Restricted Stock Units were granted to him or her, the information contained herein may not be applicable.  In addition, the Company shall, in its sole discretion, determine to what extent the additional terms and conditions included herein will apply to you under these circumstances.
GERMANY
There are no country-specific provisions for Germany.
UNITED STATES
The words “six (6) months” are replaced with the following in the first sentence of Subsection (b) of Section 7, Effect of Employment and Effect of Competitive Conduct, of the Agreement.
“two (2) years”

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