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EX-4(R) AMEND #15 - EMPLOYEE SAVINGS PLAN

 

Exhibit 4(r)

AMENDMENT NO. 15

TO

THE LINCOLN ELECTRIC COMPANY

EMPLOYEE SAVINGS PLAN

(Effective November 1, 1994)

          The Lincoln Electric Company, an Ohio corporation, hereby adopts this Amendment No. 15 to The
Lincoln Electric Company Employee Savings Plan (Effective November 1, 1994) (the “Plan”).

I.

     Effective on and after January 1, 1995 and before January 1, 2002, Section 4.9(1) of the Plan
is hereby amended in its entirety to read as follows:

          "(1) Notwithstanding the foregoing provisions of this Article IV, the maximum annual
additions (as defined in Subsection (2) of this Section) to a Member’s account for any
limitation year (which shall be the Plan Year) shall in no event exceed the lesser of (a)
$30,000 (as adjusted pursuant to section 415(d) of the Code) or (b) 25% of his compensation
for such Plan Year.”

          EXECUTED at Cleveland, Ohio this 9th day of October, 2003.

	 	 	 	 	 	 	 
	 	 	THE LINCOLN ELECTRIC COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ F. G. Stueber
 

	 	 
	 

	 	Title:
	 	Senior Vice President

General Counsel and SecretaryEX-4(S) AMEND #16 - EMPLOYEE SAVINGS PLAN

 

Exhibit 4(s)

AMENDMENT NO. 16

TO

THE LINCOLN ELECTRIC COMPANY

EMPLOYEE SAVINGS PLAN

(Effective November 1, 1994)

          The Lincoln Electric Company, an Ohio corporation, hereby adopts this Amendment No. 16 to The
Lincoln Electric Company Employee Savings Plan (Effective November 1, 1994) (the “Plan”), effective
as of October 28, 2003 unless otherwise set forth herein.

I.

          The last sentence of Section 1.1(28B) of the Plan (as amended by Amendment No. 13) is hereby
amended to read as follows:

“Notwithstanding the foregoing, (a) FSP Compensation shall not include any amounts received
from Harris Calorific, Inc., Lincoln Global, Inc. or Smart Force, LLC (or prior to January
1, 1999, the Harris Calorific Division or the Seal Seat Division of the Company) provided,
however, that FSP Compensation shall include amounts received from Lincoln Global, Inc. by a
Member who continues to be an FSP Participant after a transfer of employment from The
Lincoln Electric Company, as provided in Section 2.4 of the Plan, and (b) FSP Compensation
of an FSP Participant taken into account for any purpose for any Plan Year shall not exceed
$200,000 (as adjusted for cost-of-living increases in accordance with section 401(a)(17)(B)
of the Code).”

II.

          Effective January 1, 2004, the last sentence of Section 1.1(36) of the Plan (as added by
Amendment No. 14) is hereby amended to read as follows:

“Notwithstanding any provision of the Plan to the contrary, on and after March 16, 2003 and
prior to January 1, 2004, the Matching Employer Contribution Percentage to be applied
against Before-Tax Contributions made on or after March 16, 2003 (other than Before-Tax
Contributions attributable to Compensation earned prior to March 16, 2003) and prior to
January 1, 2004 shall be zero (0) percent.”

III.

          Effective January 1, 2004, the last sentence of Section 4.1 of the Plan (as added by Amendment
No. 13 and as amended by Amendment No. 14) is hereby amended to read as follows:

“Notwithstanding any provision of the Plan to the contrary, (i) no Matching Employer
Contributions shall be made with respect to any Catch-Up Before-Tax Contributions (as
defined in Section 3.12) and (ii) no Matching Employer Contributions shall be made with
respect to any Before-Tax Contributions made on or after March 16, 2003 (other than
Before-Tax Contributions attributable to Compensation earned prior to March 16, 2003) and
prior to January 1, 2004.

IV.

 

 

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

“An Employee of the Employer for whom Before-Tax Contributions are made shall be entitled to
receive an allocation of Matching Employer Contributions in accordance with the preceding
sentence, unless such Before-Tax Contributions are made for any period while he was an
Employee of Harris Calorific, Inc., Lincoln Global, Inc. or Smart Force, LLC (or prior to
January 1, 1999, the Harris Calorific Division or Seal Seat Division of the Company),
provided, however, that an Employee who transfers employment from The Lincoln Electric
Company to the department of Lincoln Global, Inc. that manages licensing activities with
third parties shall be entitled to receive an allocation of Matching Employer Contributions
in accordance with the preceding sentence.”

V.

          Effective as of January 1, 2003, Section 6.6(2) of the Plan is hereby amended in its entirety
to read as follows:

“(2) Distributions Pursuant to Section 401(a)(9) of the Code.

	 	(a)	 	Definitions. For the purposes of this Section 6.6(2),
the following terms, when used with initial capital letters, shall have the
following respective meanings:

	 	(i)	 	Designated Beneficiary: The person who
is designated as the Beneficiary as defined in Section 1.1(6) and is
the designated beneficiary under section 401(a)(9) of the Code and
section 1.401(a)(9)-1, Q&A-4, of the Treasury Regulations.
	 
	 	(ii)	 	Distribution Calendar Year: A calendar
year for which a minimum distribution is required. For distributions
beginning before the Member’s death, the first Distribution Calendar
Year is the calendar year immediately preceding the calendar year which
contains the Member’s Required Beginning Date. For distributions
beginning after the Member’s death, the first Distribution Calendar
Year is the calendar year in which distributions are required to begin
under Section 6.6(2)(c). The required minimum distribution for the
Member’s first Distribution Calendar Year will be made on or before the
Member’s Required Beginning Date. The required minimum distribution
for other Distribution Calendar Years, including the required minimum
distribution for the Distribution Calendar Year in which the Member’s
Required Beginning Date occurs, will be made on or before December 31
of that Distribution Calendar Year.
	 
	 	(iii)	 	Life Expectancy: Life expectancy as
computed by use of the Single Life Table in section 1.401(a)(9)-9 of
the Treasury Regulations.
	 
	 	(iv)	 	Member’s Account Balance: The Account
balance as of the last Valuation Date in the calendar year immediately
preceding the Distribution Calendar Year (the “Valuation Calendar
Year”) increased by the amount of any contributions made and allocated
or forfeitures allocated to the Account balance as of dates in the
Valuation Calendar Year after the Valuation Date and decreased by
distributions made in the Valuation Calendar Year after the Valuation
Date. The Account balance for the Valuation Calendar Year includes any
amounts rolled over or transferred to the Plan either in the Valuation
Calendar Year or in the Distribution Calendar Year if distributed or
transferred in the Valuation Calendar Year.

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	 	(v)	 	Required Beginning Date: The
applicable date specified in Section 6.6(2)(c) below.

	 	(b)	 	General Rules. Notwithstanding any provision of the
Plan to the contrary, all distributions under the Plan shall be made in
accordance with this Section and the Treasury Regulations issued under section
401(a)(9) of the Code, provided that this Section and such Regulations shall
override the other distribution provisions of the Plan only to the extent
required by the provisions of section 401(a)(9) of the Code and such
Regulations.
	 
	 	(c)	 	Time of Distribution. (i) The Member’s entire Vested
Interest will be distributed, or begin to be distributed, to the Member no
later than the Member’s Required Beginning Date. Except as described in (ii)
below, the Required Beginning Date of a Member who is a 5% owner (as defined in
Section 416 of the Code) shall be the April 1 of the calendar year following
the calendar year he attains age 701/2 and the Required Beginning Date of any
other Member shall be the April 1 of the calendar year following the later of
(A) the calendar year he terminates employment or (B) the calendar year he
attains age 701/2.

	 	(ii)	 	If the Member dies before distributions begin,
the Member’s entire Vested Interest will be distributed, or begin to be
distributed, no later than as follows:

	 	(A)	 	If the Member’s surviving Spouse
is the Member’s sole Designated Beneficiary, then, unless the
election described in (iv) below is made, distributions to the
surviving Spouse will begin by December 31 of the calendar year
immediately following the calendar year in which the Member
died, or by December 31 of the calendar year in which the Member
would have attained age 701/2, if later.
	 
	 	(B)	 	If the Member’s surviving Spouse
is not the Member’s sole Designated Beneficiary, then, unless
the election described in (iv) below is made, distributions to
the Designated Beneficiary will begin by December 31 of the
calendar year immediately following the calendar year in which
the Member died.
	 
	 	(C)	 	If there is no Designated
Beneficiary as of September 30 of the year following the year of
the Member’s death, the Member’s entire Vested Interest will be
distributed by December 31 of the calendar year containing the
fifth anniversary of the Member’s death.
	 
	 	(D)	 	If the Member’s surviving Spouse
is the Member’s sole Designated Beneficiary and the surviving
Spouse dies after the Member but before distributions to the
surviving Spouse begin, this Section 6.6(2)(c)(ii), other than
subparagraph (A), will apply as if the surviving Spouse were the
Member.

	 	(iii)	 	For purposes of this Section 6.6(2), unless subparagraph (D)
of Section 6.6(2)(c)(ii) applies, distributions are considered to begin on the
Member’s Required Beginning Date. If subparagraph (D) of Section 6.6(2)(c)(ii)
applies, distributions are considered to begin on the date distributions are
required to begin to the surviving Spouse under subparagraph (A) of Section
6.6(2)(c)(ii).

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	 	(iv)	 	Notwithstanding the foregoing, if a Member dies before
distributions begin and there is a Designated Beneficiary, distribution to the
Designated Beneficiary is not required to begin by the Required Beginning Date
specified above if the Member or the Beneficiary elects, on an individual
basis, that the Member’s entire Vested Interest will be distributed to the
Designated Beneficiary by December 31 of the calendar year containing the fifth
anniversary of the Member’s death; provided, however, that if the Member’s
surviving Spouse is the Member’s sole Designated Beneficiary and the surviving
Spouse dies after the Member but before distributions to either the Member of
the surviving Spouse begin, this election will apply as if the surviving Spouse
were the Member. The election provided in this Section 6.6(2)(c)(iv) must be
made no later than the earlier of September 30 of the calendar year in which
distribution would be required to begin, or by September 30 of the calendar
year which contains the fifth anniversary of the Member’s (or, if applicable,
surviving Spouse’s) death.

	(d)	 	Required Minimum Distributions During Member’s Lifetime. (i) During
the Member’s lifetime, the minimum amount that will be distributed for each
Distribution Calendar Year is the lesser of:

	 	(A)	 	the quotient obtained by dividing the Member’s
Account balance by the distribution period in the Uniform Lifetime
Table set forth in section 1.401(a)(9)-9 of the Treasury Regulations,
using the Member’s age as of the Member’s birthday in the Distribution
Calendar Year; or
	 
	 	(B)	 	if the Member’s sole Designated Beneficiary for
the Distribution Calendar Year is the Member’s Spouse, the quotient
obtained by dividing the Member’s Account balance by the number in the
Joint and Last Survivor Table set forth in section 1.401(a)(9)-9 of the
Treasury Regulations, using the Member’s and Spouse’s attained ages as
of the Member’s and Spouse’s birthdays in the Distribution Calendar
Year.

	 	(ii)	 	Required minimum distributions will be determined under this
Section 6.6(2)(d) beginning with the first Distribution Calendar Year and up to
and including the Distribution Calendar Year that includes the Member’s date of
death.

	(e)	 	Required Minimum Distributions After Member’s Death.

	 	(i)	 	Death on or after date distributions begin:

	 	(A)	 	If the Member dies on or after the date
distributions begin and there is a Designated Beneficiary, the minimum
amount that will be distributed for each Distribution Calendar Year
after the year of the Member’s death is the quotient obtained by
dividing the Member’s Account balance by the longer of the remaining
Life Expectancy of the Member or the remaining Life Expectancy of the
Member’s Designated Beneficiary, determined as follows:

	 	(I)	 	The Member’s remaining Life
Expectancy is calculated using the age of the Member in the year
of death, reduced by one for each subsequent year.
	 
	 	(II)	 	If the Member’s surviving Spouse
is the Member’s sole Designated Beneficiary, the remaining Life
Expectancy of the surviving Spouse is calculated for each
Distribution Calendar Year after the year of the Member’s death
using the surviving Spouse’s age as of the Spouse’s birthday in
that year. For

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	 	 	 	Distribution Calendar Years after the year of the surviving
Spouse’s death, the remaining Life Expectancy of the
surviving Spouse is calculated using the age of the surviving
Spouse as of the Spouse’s birthday in the calendar year of
the Spouse’s death, reduced by one for each subsequent
calendar year.
	 	(III)	 	If the Member’s surviving Spouse
is not the Member’s sole Designated Beneficiary, the Designated
Beneficiary’s remaining Life Expectancy is calculated using the
age of the Beneficiary in the year following the year of the
Member’s death, reduced by one for each subsequent year.

	 	(B)	 	If the Member dies on or after the date
distributions begin and there is no Designated Beneficiary as of
September 30 of the year after the year of the Member’s death, the
minimum amount that will be distributed for each Distribution Calendar
Year after the year of the Member’s death is the quotient obtained by
dividing the Member’s Account balance by the Member’s remaining Life
Expectancy calculated using the age of the Member in the year of death,
reduced by one for each subsequent year.

	 	(ii)	 	Death before date distributions begin:

	 	(A)	 	If the Member dies before the date
distributions begin and there is a Designated Beneficiary, then, unless
the election described in Section 6.6(2)(c)(iv) above is made, the
minimum amount that will be distributed for each Distribution Calendar
Year after the year of the Member’s death is the quotient obtained by
dividing the Member’s Account balance by the remaining Life Expectancy
of the Member’s Designated Beneficiary, determined as provided in
Section 6.6(2)(e)(i).
	 
	 	(B)	 	If the Member dies before the date
distributions begin and there is no Designated Beneficiary as of
September 30 of the year following the year of the Member’s death,
distribution of the Member’s entire Vested Interest will be completed
by December 31 of the calendar year containing the fifth anniversary of
the Member’s death.
	 
	 	(C)	 	If the Member dies before the date
distributions begin, the Member’s surviving Spouse is the Member’s sole
Designated Beneficiary, and the surviving Spouse dies before
distributions are required to begin to the surviving Spouse under
Section 6.6(2)(c)(ii), this Section 6.6(2)(e)(ii) will apply as if the
surviving Spouse were the Member.”

VI.

     Exhibit A to the Plan is hereby amended in its entirety to read as follows:

“EXHIBIT A

Participating Employers

as of October 28, 2003

The Lincoln Electric Company

Harris Calorific, Inc.

Lincoln Global, Inc.

WCT&A, LLC

Smart Force, LLC”.

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EXECUTED at Cleveland, Ohio this 30th day of December, 2003.

	 	 	 	 	 	 	 
	 	 	THE LINCOLN ELECTRIC COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ G. A. Farrell
 

	 	 
	 	 	Title: VP, Human Resources	 	 

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