Document:

EX-4.3

 Exhibit 4.3 

THE LINCOLN ELECTRIC COMPANY 

RESTORATION PLAN 

(Effective January 1, 2017) 

 THE LINCOLN ELECTRIC COMPANY 

RESTORATION PLAN 
 The
Lincoln Electric Company (the “Company”) hereby adopts The Lincoln Electric Company Restoration Plan (the “Plan”) to read as set forth herein. 

ARTICLE I 
 PREFACE

 SECTION 1.1 Effective Date. The effective date of this Plan is January 1, 2017. 

SECTION 1.2 Purpose of the Plan. The purpose of this Plan is to provide for certain Employees the benefits they would
have received under The Lincoln Electric Company Employee Savings Plan (or other Employer sponsored savings plan) but for the dollar limitation on compensation imposed under Section 401(a)(17) of the Code. 

SECTION 1.3 Intentions. The Plan is intended to be an unfunded plan maintained primarily for the purpose of providing
deferred compensation for a select group of management or highly compensation employees and is subject to, and intended to comply with, Section 409A of the Code and regulations thereunder and other applicable laws. 

ARTICLE II 
 DEFINITIONS

 Except as otherwise defined in this Plan, words and phrases used herein with initial capital letters that are defined in The Lincoln
Electric Company Employee Savings Plan, as it may be amended from time to time, or any successor thereto, shall have the same meanings when used herein, unless a different meaning is clearly required by the context of this Plan. The following words
and phrases shall have the following respective meanings for purposes of this Plan (without regard to their definition under The Lincoln Electric Company Employee Savings Plan, unless otherwise specifically provided): 

SECTION 2.1 Account shall mean the bookkeeping record maintained by the Employer in accordance with Section 4.6
showing a Participant’s interest under the Plan. 
 SECTION 2.2 Beneficiary shall mean the person or persons
designated by the Participant as his or her Beneficiary under this Plan, in accordance with the provisions of Article VI. 

SECTION 2.3 Company shall mean The Lincoln Electric Company. 

SECTION 2.4 Compensation shall mean an Employee’s “Compensation” as defined in the Savings Plan without
regard to the Compensation Limitation, plus the Employee’s deferrals, if any, of “Base Salary” and “Bonuses” under the Lincoln Electric Holdings, Inc. 2005 Deferred Compensation Plan for Executives, as the terms “Base
Salary” and “Bonuses” are defined in such 2005 Deferred Compensation Plan for Executives. 
 SECTION 2.5
Compensation Limitation shall mean the maximum dollar amount of compensation that may be taken into account under the Savings Plan pursuant to Section 401(a)(17) of the Code for a particular Plan Year. 

 SECTION 2.6 Change in Control Event shall mean an event described in
Section 6.7 of the Plan. 
 SECTION 2.7 Employer shall mean the Company and any other Controlled Group Member
designated as a participating employer under the Plan by the Administrative Committee for the Savings Plan. An Employer that ceases to exist, ceases to be a Controlled Group Member, or withdraws from the Plan shall no longer be an Employer. 

SECTION 2.8 Excess Matching Contribution Benefit shall mean the benefit described in Section 4.1. 

SECTION 2.9 Excess Matching Contribution Eligible Employee shall mean an Employee described in Section 3.1. 

SECTION 2.10 Excess Matching Contribution Sub-Account shall mean the Sub-Account described in Section 4.1. 

SECTION 2.11 Excess Nonelective Contribution Benefit shall mean the benefit described in Section 4.2. 

SECTION 2.12 Excess Nonelective Contribution Eligible Employee shall mean an Employee described in Section 3.2. 

SECTION 2.13 Excess Nonelective Contribution Sub-Account shall mean the Sub-Account described in Section 4.2. 

SECTION 2.14 Excess Retirement Benefit or Benefits shall mean individually or collectively the Excess Matching
Contribution Benefit, the Excess Nonelective Contribution Benefit and the Excess Transitional Contribution Benefit. 
 SECTION
2.15 Excess Retirement Benefit Eligible Employee shall mean an Employee of an Employer who is an Excess Matching Contribution Eligible Employee, an Excess Nonelective Contribution Eligible Employee or an Excess Transitional
Contribution Eligible Employee. 
 SECTION 2.16 Excess Transitional Contribution Benefit shall mean the benefit
described in Section 4.3. 
 SECTION 2.17 Excess Transitional Contribution Eligible Employee shall mean an
Employee described in Section 3.3. 
 SECTION 2.18 Excess Transitional Contribution Sub-Account shall mean the
Sub-Account described in Section 4.3. 
 SECTION 2.19 Holdings shall mean Lincoln Electric Holdings, Inc. 

SECTION 2.20 Other 401(k) Plan shall mean a defined contribution plan, other than the Savings Plan, maintained by an
Employer that is qualified under Section 401(a) of the Code and includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code. 

 SECTION 2.21 Participant shall mean an Excess Retirement Benefit Eligible
Employee or former Excess Retirement Benefit Eligible Employee who has an Account under the Plan. 
 SECTION 2.22 Plan
shall mean The Lincoln Electric Company Restoration Plan, as herein set forth, and as amended from time to time. 
 SECTION
2.23 Plan Administrator shall mean the Company. 
 SECTION 2.24 Plan Year shall mean the calendar
year. 
 SECTION 2.25 Retirement shall mean a Separation From Service that occurs on or after the date the Participant
attains age 55. 
 SECTION 2.26 Savings Plan shall mean The Lincoln Electric Company Employee Savings Plan, as amended
and restated effective January 1, 2017, and as the same may be amended from time to time, or any successor thereto. 
 SECTION
2.27 Separation from Service shall mean a separation from service, as defined in the 409A Guidance, with the Employer and all Controlled Group Members.  

SECTION 2.28 Unforeseeable Emergency shall mean a severe financial hardship of the Participant resulting from an illness
or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in Section 152 of the Code, without regard to Section 152(b)(1), (b)(2) and (d)(1)(B) of the
Code; 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. 

SECTION 2.29 409A Guidance shall have the meaning set forth in Section 8.11(a). 

ARTICLE III 

PARTICIPATION 

SECTION 3.1 Excess Matching Contribution Eligible Employees. An Employee of an Employer, who is designated by the
Administrative Committee for participation in the Plan, shall become an Excess Matching Contribution Eligible Employee for a Plan Year on the date in such Plan Year that he or she satisfies the following conditions: 

(a) he or she is eligible to make elective deferrals and has satisfied the eligibility conditions to receive matching employer contributions
under the Savings Plan or Other 401(k) Plan, as applicable (without regard to whether he or she actually makes such elective deferrals or receives such matching employer contributions), and 

(b) his or her Compensation for the Plan Year exceeds the Compensation Limitation. 

Such an Employee shall continue to be an Excess Matching Contribution Eligible Employee for each Plan Year or portion thereof that he or she satisfies the
preceding conditions. 

 SECTION 3.2 Excess Nonelective Contribution Eligible Employees. An Employee
of an Employer, who is designated by the Administrative Committee for participation in the Plan, shall become an Excess Nonelective Contribution Eligible Employee for a Plan Year on the date in such Plan Year that he or she satisfies the following
conditions: 
 (a) he or she has satisfied the eligibility conditions to receive nonelective employer contributions under the Savings Plan or
Other 401(k) Plan, as applicable, and 
 (b) his or her Compensation for the Plan Year exceeds the Compensation Limitation. 

Such an Employee shall continue to be an Excess Nonelective Contribution Eligible Employee for each Plan Year or portion thereof that he or she satisfies the
preceding conditions. 
 SECTION 3.3 Excess Transitional Contribution Eligible Employees. An Employee of an Employer
shall become an Excess Transitional Contribution Eligible Employee on January 1, 2017 if he or she satisfies the following conditions: 

(a) he or she is a Transitional Contribution Participant under the Savings Plan, and 

(b) his or her Compensation for the Plan Year exceeds the Compensation Limitation. 

Such an Employee shall continue to be an Excess Transitional Contribution Eligible Employee for each Plan Year or portion thereof commencing on or after
January 1, 2017 that he or she satisfies the preceding conditions. 
 ARTICLE IV 

EXCESS RETIREMENT BENEFITS 

SECTION 4.1 Excess Matching Contribution Benefit. The Employer shall establish and maintain on its books a Sub-Account
(the “Excess Matching Contribution Sub-Account”) for each Employee who is an Excess Matching Contribution Eligible Employee. For each Plan Year or portion thereof that an Employee is an Excess Matching Contribution Eligible Employee, the
Employer shall credit to his or her Excess Matching Contribution Sub-Account an amount equal to (a) three (3) percent (or in the case of an Employee eligible to participate in an Other 401(k) Plan, the percentage designated by the
Administrative Committee) of the Employee’s Compensation for the Plan Year that was earned while eligible to receive matching employer contributions under the Savings Plan or Other 401(k) Plan, minus (b) the maximum amount of matching
employer contributions that could have been made to the Savings Plan or Other 401(k) Plan on behalf of the Excess Matching Contribution Eligible Employee for such Plan Year if such Employee had elected under the Savings Plan to defer the maximum
amount of compensation (as defined in the Savings Plan or Other 401(k) Plan) that would be subject to matching employer contributions under the Savings Plan or Other 401(k) Plan (the “Excess Matching Contribution Benefit”). An Excess
Matching Contribution Eligible Employee shall cease to be eligible to receive the Excess Matching Contribution Benefit with respect to his or her Compensation at the same time that such Excess Matching Contribution Eligible Employee ceases to be
eligible to receive matching employer contributions under the Savings Plan or Other 401(k) Plan. 

 SECTION 4.2 Excess Nonelective Contribution Benefit. The Employer shall
establish and maintain on its books a Sub-Account (the “Excess Nonelective Contribution Sub-Account”) for each Employee who is an Excess Nonelective Contribution Eligible Employee. For each Plan Year or portion thereof that an Employee is
an Excess Nonelective Contribution Eligible Employee, the Employer shall credit to his or her Excess Nonelective Contribution Sub-Account an amount equal to three (3) percent (or in the case of an Employee who is eligible to participate in an
Other 401(k) Plan, the percentage designated by the Administrative Committee) of the Participant’s Compensation for the Plan Year that was earned while eligible to receive nonelective employer contributions under the Savings Plan or Other
401(k) Plan and that is in excess of the Compensation Limitation (the “Excess Nonelective Contribution Benefit”). An Excess Nonelective Contribution Eligible Employee shall cease to be eligible to receive the Excess Nonelective
Contribution Benefit with respect to his or her Compensation at the same time that such Excess Nonelective Contribution Eligible Employee ceases to be eligible to receive nonelective employer contributions under the Savings Plan or Other 401(k)
Plan. 
 SECTION 4.3 Excess Transitional Contribution Benefit. The Employer shall establish and maintain on its books a
Sub-Account (the “Excess Transitional Contribution Sub-Account”) for each Employee who is an Excess Transitional Contribution Eligible Employee. For each Plan Year or portion thereof that an Employee is an Excess Transitional Contribution
Eligible Employee, the Employer shall credit to his or her Excess Transitional Contribution Sub-Account an amount equal to six (6) percent of the Participant’s Compensation for the Plan Year that was earned while a Transitional
Contribution Participant under the Savings Plan and that is in excess of the Compensation Limitation (the “Excess Transitional Contribution Benefit”). An Excess Transitional Contribution Eligible Employee shall cease to be eligible to
receive the Excess Transitional Contribution Benefit with respect to his or her Compensation at the same time that such Excess Transitional Contribution Eligible Employee ceases to be a Transitional Contribution Participant under the Savings Plan.

 SECTION 4.4 Payroll Taxes. The Plan Administrator may determine, in its sole and exclusive discretion, to deduct
from the contributions otherwise to be credited to the Sub-Accounts of a Participant for a Plan Year an amount necessary to pay any related payroll taxes. 

SECTION 4.5 Annual Determination. The determination of whether an Employee is an Excess Matching Contribution Eligible
Employee, an Excess Nonelective Contribution Eligible Employee or an Excess Transitional Contribution Eligible Employee shall be made for each Plan Year. Once an amount is credited to the Account of an Excess Retirement Benefit Eligible Employee,
such Excess Retirement Benefit Eligible Employee shall continue to be a Participant (whether or not any amounts are later credited to his or her Account) until his or her Account is distributed pursuant to Article VI or VII. 

SECTION 4.6 Participant’s Account. The Employer shall establish and maintain on its books an Account for each Excess
Retirement Benefits Eligible Employee which shall be subdivided and shall reflect, to the extent applicable, the Excess Retirement Benefits Eligible Employee’s Excess Matching Employer Contribution Sub-Account, Excess Nonelective Contribution
Sub-Account and Excess Transitional Contribution Sub-Account. Contributions made pursuant to this Article IV shall be allocated to such Sub-Accounts at such time or times as the Employer shall determined in its sole discretion, but not less
frequently than annually. The Employer shall maintain for each Account and each Sub-Account thereunder separate records showing the amount of contributions thereto, distributions therefrom and the amount of income, expenses, gains and losses
attributable thereto. The interest of each Participant in the Plan shall at any time consist of the amount credited to his or her Account. The Employer may delegate to another person any of the recordkeeping duties required by this Article IV. 

 SECTION 4.7 Deemed Investments. 

(a) Deemed Investment of Accounts. The Plan Administrator shall from time to time designate one or more investment vehicle(s) in which
the Accounts of Participants shall be deemed to be invested. The investment vehicle(s) may be designated by reference to the investments available under the Savings Plan. Each Participant shall designate the investment vehicle(s) in which his or her
Account shall be deemed to be invested according to the procedures developed by the Plan Administrator. The Company or any other Employer shall be under no obligation to acquire or invest in any of the deemed investment vehicle(s) under this
Section 4.7(a), and any acquisition of or investment in a deemed investment vehicle by the Company or an Employer shall be made in the name of the Company or the Employer and shall remain the sole property of the Company or the Employer. The
Plan Administrator shall also establish from time to time a default fund into which a Participant’s Account shall be deemed to be invested if the Participant fails to provide investment instructions pursuant to this Section 4.7(a). Until
otherwise changed, such default fund shall be the applicable investment vehicle determined pursuant to the terms of the Savings Plan’s default investment provisions. 

(b) Changes in Elections; Transfers Among Funds. During a Plan Year, a Participant may change the investment vehicle in which his or her
Account shall be deemed to be invested according to the procedures developed by the Plan Administrator. A Participant may also elect to transfer amounts credited to his or her Account from any deemed investment vehicle to any other deemed investment
vehicle, according to the procedures developed by the Plan Administrator. The Plan Administrator may establish any limitations on the frequency with which Participants may make, and the timing of, investment designations and transfer elections under
this Section 4.7(b) as the Plan Administrator may determine necessary or appropriate from time to time, including limitations related to frequent trading, market timing activities and restrictions on executive officer trading. 

(c) Periodic Account Adjustments. Each Account shall be adjusted from time to time at such intervals as determined by the Plan
Administrator until the entire amount credited to the Account has been distributed to the Participant or his or her Beneficiary. The amount of the adjustment shall equal the amount that each Participant’s Account would have earned (or lost) for
the period since the last adjustment had the Account actually been invested in the deemed investment vehicle(s) designated by the Participant for such period. 

ARTICLE V 
 VESTING

 SECTION 5.1 Vesting. A Participant shall be 100% vested in his or her Excess Matching Employer Contributions
Sub-Account, his or her Excess Nonelective Contributions Sub-Account and his or her Excess Transitional Contribution Sub-Account. 

ARTICLE VI 
 DISTRIBUTION
OF BENEFITS 
 SECTION 6.1 Separation from Service Prior to Age 55. Amounts credited to a Participant’s
Account at the time of the Participant’s Separation from Service (other than by reason of death) prior to his or her attainment of age 55 shall be paid in full in the form of a lump sum payment on the first business day of the seventh month
immediately following the date on which the Participant incurs such Separation from Service. 

 SECTION 6.2 Separation from Service upon Retirement. 

(a) Prior to the beginning of each Plan Year for which it is anticipated that an Employee will be an Excess Retirement Benefit Eligible
Employee (as determined by the Plan Administrator), the Employee may elect to have any Excess Retirement Benefit credited to his or her Account for such Plan Year, which is payable at the time of his or her Retirement (other than by reason of his or
her death), paid in the form of (i) a lump sum payment on the first business day of the seventh month immediately following the date of his or her Retirement, or (ii) substantially equal annual installments for a period of not less than
two nor greater than 15 years (as elected by the Employee) commencing with the first business day of the seventh month immediately following the date of his or her Retirement. The election of an Employee for a Plan Year shall be void if the Employee
is not an Excess Retirement Benefit Eligible Employee for such Plan Year. If for a Plan Year an Excess Retirement Benefit Eligible Employee fails to elect the form of payment applicable to his or her Excess Retirement Benefit credited to his or her
Account for such Plan Year, he or she shall be deemed to have elected a lump sum payment on the first business day of the seventh month immediately following the date of his or her Retirement. Any election made by a Participant pursuant to this
Section 6.2(a) shall be made in writing by executing such form(s) as the Plan Administrator shall from time to time prescribe or through any other method designated by the Plan Administrator and must be made no later than the end of the
calendar year preceding the Plan Year or Plan Years for which the election applies. For purposes of this Article VI, a series of installment payments shall be treated as a single payment and not as a series of separate payments. 

(b) Any election made or deemed made pursuant to Section 6.2(a) with respect to Excess Retirement Benefits credited to a
Participant’s Account for any Plan Year shall be binding as of the first day of the Plan Year for which such election applies. However, in accordance with procedures developed by the Plan Administrator, a Participant may change the time or form
of payment provided in Section 6.2(a) with respect to Excess Retirement Benefits credited to the Participant’s Account for a Plan Year and payable on his or her Retirement, provided that subsequent changes to the time or form of payment of
Excess Retirement Benefits credited to the Participant’s Account for a Plan Year and payable on Retirement shall not be effective unless the change election satisfies the following requirements: 

(i) the change will not be effective until at least twelve months after the date on which the Participant files the election
with the Plan Administrator in the manner prescribed by the Plan Administrator; 
 (ii) the change must be made at least
twelve (12) months prior to the due date for the payment as provided in Section 6.2(a); and 
 (iii) the change
must provide that the payment be deferred for a period of not less than five years from the due date of the payment as provided in Section 6.2(a). 

The Administrative Committee may impose such other restrictions and limitations on subsequent changes to a time or form of payment election as it determines
appropriate. 
 SECTION 6.3 Beneficiary Designations. A designation of a Beneficiary hereunder may be made only by an
instrument (in form acceptable to the Plan Administrator) signed by the Participant and filed with the Plan Administrator prior to the Participant’s death. A Participant 

 
must designate a single Beneficiary (or set of Beneficiaries) for all collective Sub-Accounts hereunder. In the absence of such a designation and at any other time when there is no existing
Beneficiary designated hereunder, the Beneficiary of a Participant for his or her Account shall be his or her Beneficiary under the Savings Plan. A person designated by a Participant as his or her Beneficiary who or which ceases to exist shall not
be entitled to any part of any payment thereafter to be made to the Participant’s Beneficiary unless the Participant’s designation specifically provided to the contrary. If two or more persons designated as a Participant’s Beneficiary
are in existence with respect to an Excess Retirement Benefit, the amount of any payment to the Beneficiary under this Plan shall be divided equally among such persons unless the Participant’s designation specifically provides for a different
allocation. 
 SECTION 6.4 Change in Beneficiary. A Participant may, at any time and from time to time, change a
Beneficiary designation hereunder without the consent of any existing Beneficiary or any other person. Any change in Beneficiary shall be made by giving written notice thereof to the Plan Administrator on a form prescribed by the Plan Administrator
and any change shall be effective only if received by the Plan Administrator prior to the death of the Participant. 
 SECTION
6.5 Distribution to Beneficiaries. If a Participant’s death occurs prior to the payment of his or her entire Account under Section 6.1 or 6.2 (whether or not his or her death occurs before or after his or her Separation from
Service), the amounts credited to the Participant’s Account at the time of the Participant’s death shall be paid in full to the Participant’s Beneficiary in the form of a lump sum payment as soon as practicable following the
Participant’s death. 
 SECTION 6.6 Distributions on Account of an Unforeseeable Emergency: A Participant
(including a Participant who has had a Separation from Service but whose Account has not commenced to be distributed) may, in the Plan Administrator’s sole discretion and according to the procedures developed by the Plan Administrator in
accordance with the 409A Guidance, receive a distribution of all or any part of the amounts credited to the Participant’s Account in the case of an Unforeseeable Emergency. A Participant requesting a payment pursuant to this Section shall have
the burden of proof of establishing, to the Plan Administrator’s satisfaction, the existence of such Unforeseeable Emergency, and the amount of the payment needed to satisfy the same (including taxes reasonably anticipated as a result of the
distribution). If the Plan Administrator determines that a distribution should be made to a Participant under this Section 6.6, such distribution shall be made within 30 days after the Plan Administrator’s determination of the existence of
such Unforeseeable Emergency and the amount of distribution so needed. 
 SECTION 6.7 Distribution upon a Change in Control
Event under Section 409A of the Code. Notwithstanding any other provisions of the Plan to the contrary, as soon as possible following a “change in the ownership” or “change in the effective control” of Holdings or an
Employer or a “change in the ownership of a substantial portion of the assets” of Holdings or an Employer, each within the meaning of the 409A Guidance (a “Change in Control Event”), but in no event later than 30 days following
such Change in Control Event, a lump sum payment shall be made of the entire Account (or the remainder of the Account) of (a) in the case of a Change in Control Event with respect to Holdings, each Participant under the Plan and (b) in the
case of a Change in Control Event with respect to an Employer, each Participant who was employed by the Employer immediately prior to the Change in Control event. 

 SECTION 6.8 Acceleration of Distributions. Notwithstanding any provisions of
the Plan to the contrary, the time for payment or the schedule of any payment with respect to a Participant’s Account as provided under the Plan shall not be accelerated (within the meaning of the Section 409A Guidance) except as follows:

 (a) To the extent necessary to comply with a certificate of divestiture (as defined in section 1043(b)(2) of the Code), the Plan may
permit the acceleration of the time or schedule of a payment of a Participant’s Account; 
 (b) The Plan may permit acceleration of the
time for payment or schedule of a payment with respect to a Participant’s Account in order to (i) pay the Federal Insurance Contributions Act (“FICA”) tax imposed under sections 3101 and 3121(v)(2) of the Code on
compensation deferred under the plan (the “FICA Amount”), (ii) pay the income tax at source on wages imposed under section 3401 of the Code on the FICA Amount, and (iii) pay the additional income tax at source on wages
attributable to the pyramiding of section 3401 wages and taxes, provided that the total payment permissible under this acceleration provision shall not exceed the aggregate of the FICA Amount and the income tax withholding related to such FICA
Amount; and 
 (c) The Plan may permit acceleration of the time for payment or schedule of a payment with respect to a Participant’s
Account in such other circumstances as prescribed in the 409A Guidance and in accordance with such 409A Guidance. 
 SECTION
6.9 Distributions of Amounts Not Deductible Under Section 162(m) of the Code. Notwithstanding any provisions of the Plan to the contrary, no amount may be distributed from the Plan if the Plan Administrator reasonably anticipates
that such amount would not be deductible under Section l62(m) of the Code, as determined by the Plan Administrator in its sole discretion, and in accordance with the 409A Guidance. 

SECTION 6.10 Distributions of Amounts Deemed Includable in Gross Income. Notwithstanding any provisions of the Plan to
the contrary, if at any time a court or the Internal Revenue Service determines that an amount in a Participant’s Account is includable in the gross income of the Participant and subject to tax, the Plan Administrator may, in its sole
discretion, and in accordance with the 409A Guidance, permit a lump sum distribution of an amount equal to the amount determined to be includable in the Participant’s gross income. 

SECTION 6.11 Distributions of Amounts in Violation of Securities Laws. Notwithstanding any provisions of the Plan to the
contrary, a payment under the Plan may be delayed if the Plan Administrator reasonably anticipates that the making of such payment will violate federal securities laws or other applicable law, in the Plan Administrator’s sole discretion, and in
accordance with the 409A Guidance, provided that the payment is made on the earliest date at which the Plan Administrator reasonably anticipates that the making of the payment will not cause such violation. 

ARTICLE VII 

ADMINISTRATION OF PLAN 

SECTION 7.1 Administration. 

(a) In general. The Plan shall be administered by the Plan Administrator. The Plan Administrator shall have discretion to interpret
where necessary all provisions of the 

 
Plan (including, without limitation, by supplying omissions from, correcting deficiencies in, or resolving inconsistencies or ambiguities in, the language of the Plan), to make findings
(including factual findings) with respect to any issue arising under the Plan, to determine the rights and status under the Plan of Participants, Beneficiaries or other persons, to resolve questions (including factual questions) or disputes arising
under the Plan and to make any determinations with respect to the benefits payable under the Plan and the persons entitled thereto as may be necessary for the purposes of the Plan. Without limiting the generality of the foregoing, the Plan
Administrator is hereby granted the authority (i) to determine whether a particular Employee is an Excess Retirement Benefit Eligible Employee, and (ii) to determine if a person is entitled to Excess Retirement Benefits hereunder and, if
so, the amount of such Benefits. The Plan Administrator’s determination of the rights of any person hereunder shall be final and binding on all persons, subject only to the provisions of Sections 7.3 and 7.4 hereof. 

(b) Delegation of Duties. The Plan Administrator may delegate any of its administrative duties, including, without limitation, duties
with respect to the processing, review, investigation, approval and payment of Excess Retirement Benefits, to a named administrator or administrators. 

SECTION 7.2 Regulations. The Plan Administrator shall promulgate any rules and regulations it deems necessary in order to
carry out the purposes of the Plan or to interpret the provisions of the Plan; provided, however, that no rule, regulation or interpretation shall be contrary to the provisions of the Plan or the 409A Guidance. The rules, regulations and
interpretations made by the Plan Administrator shall, subject only to the provisions of Sections 7.3 and 7.4 hereof, be final and binding on all persons. 

SECTION 7.3 Claims Procedures. The Plan Administrator shall determine the rights of any person to any Excess Retirement
Benefits hereunder. Any person who believes that he or she has not received the Excess Retirement Benefit or Benefits to which he or she is entitled under the Plan must file a claim in writing with the Plan Administrator. The Plan Administrator
shall, no later than 90 days after the receipt of a claim (plus an additional period of 90 days if required for processing, provided that notice of the extension of time is given to the claimant within the first 90 day period), either allow or deny
the claim in writing. 
 A written denial of a claim by the Plan Administrator, wholly or partially, shall be written in a manner calculated
to be understood by the claimant and shall include: 
 (a) the specific reasons for the denial; 

(b) specific references to pertinent Plan provisions on which the denial is based; 

(c) 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 
 (d) an explanation of the claim review procedure and the time limits applicable thereto
(including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review). 

 A claimant whose claim is denied (or his or her duly authorized representative) may within 60
days after receipt of denial of a claim file with the Plan Administrator a written request for a review of such claim. If the claimant does not file a request for review of his or her claim within such 60-day period, the claimant shall be deemed to
have acquiesced in the original decision of the Plan Administrator on his or her claim. If such an appeal is so filed within such 60 day period, the Plan Administrator or a person designated by the Plan Administrator shall conduct a full and fair
review of such claim. During such review, the claimant shall be given the opportunity to review documents that are pertinent to his or her claim and to submit issues and comments in writing. For this purpose, any person designated by the Plan
Administrator shall have the same power to interpret the Plan and make findings of fact thereunder as is given to the Plan Administrator under Section 7.1(a). 

The Plan Administrator or the person designated by the Plan Administrator shall mail or deliver to the claimant a written decision on the
matter based on the facts and the pertinent provisions of the Plan within 60 days after the receipt of the request for review (unless special circumstances require an extension of up to 60 additional days, in which case written notice of such
extension shall be given to the claimant prior to the commencement of such extension). Such decision shall be written in a manner calculated to be understood by the claimant, shall state the specific reasons for the decision and the specific Plan
provisions on which the decision was based and shall, to the extent permitted by law, be final and binding on all interested persons. In addition, the notice of adverse determination shall also include statements that the claimant is entitled to
receive, upon request and free of charge, reasonable access to, and copies of all documents, records and other information relevant to the claimant’s claim for benefits and a statement of the claimant’s right to bring a civil action under
Section 502(a) of ERISA. 
 SECTION 7.4 Revocability of Action/Recovery. Any action taken by the Plan
Administrator with respect to the rights or benefits under the Plan of any person shall be revocable as to payments not yet made to such person, and acceptance of any Excess Retirement Benefit under the Plan constitutes acceptance of, and agreement
to, the Plan Administrator’s making any appropriate adjustments in future payments to such person (or to recover from such person) any excess payment or underpayment previously made to him or her. 

SECTION 7.5 Amendment. The Company (with the approval of the Compensation and Executive Development Committee of the
Board Directors of Holdings), in its sole discretion, may at any time and in any manner amend any or all of the provisions of this Plan, provided that, without the prior written consent of the affected Participant, no such amendment may reduce the
amount of any Participant’s Excess Retirement Benefits as of the date of such amendment. Any amendment shall be in the form of a written instrument executed by an officer of the Company. Subject to the foregoing provisions of this Section, such
amendment shall become effective as of the date specified in such instrument or, if no such date is specified, on the date of its execution. 

SECTION 7.6 Termination. The Company (with the approval of the Compensation and Executive Development Committee of the
Board of Directors of Holdings), in its sole discretion, may terminate this Plan at any time and for any reason whatsoever, except that, without the prior written consent of the affected Participant, no such termination may reduce the amount of any
Participant’s Excess Retirement Benefits as of the date of such termination. Notwithstanding the preceding sentence, the Company (with the approval of the Compensation Committee of the Board of Directors of Holdings), in its sole discretion,
may terminate this Plan to the extent and in the circumstances described in Treasury Regulation Section 1.409A-3(j)(4)(ix) or any successor provision. Any termination shall be expressed in the form of a

 
written instrument executed by an officer of the Company. Subject to the foregoing provisions of this Section, such termination shall become effective as of the date specified in such instrument
or, if no such date is specified, on the date of its execution. Written notice of any termination shall be given to the Participants at a time determined by the Plan Administrator. In the event of such termination, the Company may require the
immediate payment of all Excess Retirement Benefits accrued hereunder in the form of a single lump sum payment. 
 ARTICLE VIII 

MISCELLANEOUS 

SECTION 8.1 Liability of Company. Nothing in this Plan shall constitute the creation of a trust or other fiduciary
relationship between the Company or an Employer and any Participant, Beneficiary or any other person. 
 SECTION 8.2
Limitation on Rights of Participants and Beneficiaries - No Lien. The Plan is designed to be an unfunded, nonqualified plan. Any amounts payable under the Plan shall be paid out of the general
assets of the Company or an Employer. Nothing contained herein shall be deemed to create a trust or lien in favor of any Participant or Beneficiary on any assets of the Company, an Employer or any Controlled Group Member. The Company or an Employer
shall have no obligation to purchase any assets that do not remain subject to the claims of the creditors of the Company or an Employer for use in connection with the Plan. No Participant or Beneficiary or any other person shall have any preferred
claim on, or any beneficial ownership interest in, any assets of the Company, an Employer or any Controlled Group Member prior to the time that such assets are paid to the Participant or Beneficiary as provided herein. Each Participant and
Beneficiary shall have the status of a general unsecured creditor of the Company and any Employer. The Plan constitutes a mere promise by the Company or an Employer to make benefit payments in the future. Nothing contained in the Plan shall
constitute a guaranty by the Company, an Employer or any other entity that the assets of the Company, any Employer or the Controlled Group Members will be sufficient to pay any benefit hereunder. It is the intention of the Company and each Employer
that this Plan be unfunded for purposes of the Code and for purposes of Title I of ERISA. 
 SECTION 8.3 No Guarantee of
Employment. Nothing in this Plan shall be construed as guaranteeing future employment to Participants. A Participant continues to be an Employee of an Employer solely at the will of the Employer subject to discharge at any time, with or without
cause. 
 SECTION 8.4 Facility of Payment. If an Excess Retirement Benefit payable hereunder is payable to a minor, to
a person declared incompetent or to a person incapable of handling the disposition of his or her property, the Plan Administrator, in its sole discretion, may direct payment of such Excess Retirement Benefit to the guardian, legal representative or
person having the care and custody of such minor, incompetent or person. The Plan Administrator may require such proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the Excess Retirement
Benefit. Such distribution shall completely discharge the Company, the Employers and all Controlled Group Members from all liability with respect to such Excess Retirement Benefit. 

SECTION 8.5 Assignment. No right or interest under this Plan of any Participant or Beneficiary shall be assignable or
transferable in any manner or be subject to alienation, anticipation, sale, pledge, encumbrance or other legal process or in any manner be liable for or subject to the debts or liabilities of the Participant or Beneficiary. Notwithstanding the
foregoing, the Plan Administrator shall honor a judgment, order or decree from a state domestic relations court which requires the payment of part or all or a Participant’s or Beneficiary’s interest under this Plan to an “alternate
payee” as defined in Section 414(p) of the Code. 

 SECTION 8.6 Severability. If any provision of this Plan or the application
thereof to any circumstance(s) or person(s) is held to be invalid by a court of competent jurisdiction, the remainder of the Plan and the application of such provision to other circumstances or persons shall not be affected thereby. 

SECTION 8.7 Effect on other Benefits. Benefits payable to or with respect to a Participant under the Savings Plan, Other
401(k) Plan or any other Company or Employer-sponsored (qualified or nonqualified) plan, if any, are in addition to those provided under this Plan. 

SECTION 8.8 Liability for Payment/Expenses. Each Employer shall be liable for the payment of the Excess Retirement
Benefits that are payable hereunder to Participants who are employees of such Employer. Expenses of administering the Plan shall be paid by the Company. 

SECTION 8.9 Unclaimed Benefit. Each Participant shall keep the Plan Administrator informed of his or her current address.
The Plan Administrator shall not be obligated to search for the whereabouts of any person. If the location of a Participant or Beneficiary is not made known to the Plan Administrator by the end of the calendar year in which any payment to the
Participant or Beneficiary is due hereunder, the Plan Administrator shall have no further obligation to pay any benefit hereunder to such Participant or Beneficiary or any other person and such benefit shall be irrevocably forfeited. 

SECTION 8.10 Limitations on Liability. No liability shall attach to or be incurred by the Plan Administrator or any
member of the Company or Employer or its Controlled Group under or by reason of the terms, conditions and provisions contained in the Plan, or for the acts or decisions taken or made thereunder or in connection therewith; and as a condition
precedent to the establishment of the Plan or the receipt of benefits thereunder, or both, such liability, if any, is expressly waived and released by the Participant and by any and all persons claiming under or through the Participant or any other
person. Such waiver and release shall be conclusively evidenced by any act of participation in or the acceptance of benefits under the Plan. 

SECTION 8.11 Section 409A of the Code. 

(a) It is intended that the Plan (including all amendments thereto) comply with the provisions of Section 409A of the Code, so as to
prevent the inclusion in gross income of any Excess Retirement Benefit payable hereunder in a taxable year that is prior to the taxable year or years in which such amount would otherwise be actually distributed or made available to the Participants.
It is intended that the Plan shall be administered in a manner that will comply with Section 409A of the Code, including regulations or any other formal guidance issued by the Secretary of the Treasury and the Internal Revenue Service with
respect thereto (collectively, the “409A Guidance”). 
 (b) Except as permitted under Section 409A of the Code, any
amounts payable to a Participant or Beneficiary or for a Participant’s or Beneficiary’s benefit under this Plan may not be reduced by, or offset against, any amount owing by the Participant or Beneficiary to the Company or any of its
Controlled Group Members. 

 (c) Notwithstanding any provision of the Plan to the contrary, a distribution to be made as of a
specified date under Article VI shall be made on the date specified or as soon as administratively practicable thereafter. In addition, if calculation of the amount of a payment is not administratively practicable due to events beyond the control of
the Participant or his or her Beneficiary, a payment will be treated as made on the specified date for purposes of Section 409A of the Code if the payment is made during the first calendar year in which the calculation of the amount of the
payment is administratively practicable. 
 (d) Notwithstanding any provision of this Plan to the contrary, the Company reserves the right to
make amendments to this Plan as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. In any case, a Participant or Beneficiary shall be solely responsible and liable for the
satisfaction of all taxes and penalties that may be imposed on such Participant or Beneficiary or for such Participant’s or Beneficiary’s account in connection with this Plan (including any taxes and penalties under Section 409A of
the Code), and neither the Company nor any of its Controlled Group Members shall have any obligation to indemnify or otherwise hold a Participant or Beneficiary harmless from any or all of such taxes or penalties. 

(e) For purposes of the Plan, the phrase “permitted by Section 409A of the Code,” “permitted by the 409A Guidance,” or
words or phrases of similar import, shall mean that the event or circumstance that may occur or exist only if permitted by Section 409A of the Code would not cause an amount deferred or payable under the Plan to be includible in the gross
income of a Participant or Beneficiary under Section 409A(a)(1) of the Code. 
 SECTION 8.12 Withholding of Taxes.
The Plan Administrator 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 Plan Administrator, 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 prescribed by the Plan Administrator) to the Plan Administrator no later than thirty (30) days prior to the Participant’s Separation from Service. 

SECTION 8.13 Accounts Subject to the Holdings’ Recovery of Funds Policy. Notwithstanding anything in this Plan to
the contrary, the Participants’ Accounts shall be subject to Recovery of Funds Policy of Holdings, 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 of Holdings may be
traded. 
 SECTION 8.14 Successors and Assigns The provisions of this Plan shall be binding upon and inure to the
benefit of the Company, its successor and assigns, and the Participants, Beneficiaries, heirs, legal representatives and assigns. 

SECTION 8.15 Governing Law. This Plan shall be regulated, construed and administered under the laws of the State of Ohio,
except where preempted by federal law. 

 EXECUTED this         day of December, 2016. 

 

					
	THE LINCOLN ELECTRIC COMPANY
		
	By:	 	  

		 	Title:Exhibit 10.1

 

BUCKEYE PARTNERS, L.P.

UNIT DEFERRAL AND INCENTIVE PLAN

 

(As Amended and Restated, effective as of January 1, 2017)

 

 

BUCKEYE PARTNERS, L.P.

UNIT DEFERRAL AND INCENTIVE PLAN

 

(As Amended and Restated, effective as of January 1, 2017)

 

ARTICLE I
  ESTABLISHMENT AND PURPOSE

 

The Buckeye Partners, L.P. Unit Deferral and Incentive Plan is intended to provide a select group of management and highly compensated employees of the Company and its Affiliates with the opportunity to exchange annual bonus compensation for Deferral and Matching Units that are all subject to a substantial, additional vesting requirement.  The purposes of the Plan are to attract and retain selected officers and key employees of the Company and its Affiliates and to enable such individuals to acquire or increase ownership interests in the Partnership.  The Plan is intended to provide benefits that are excluded from the definition of “deferred compensation” under Code section 409A pursuant to the exclusion for certain short-term deferral amounts applicable thereunder or solely with respect to Section 5.7(f), are structured to comply with Code section 409A.  Capitalized terms, unless otherwise defined herein, shall have the meanings provided in Article II.

 

ARTICLE II
  DEFINITIONS

 

Whenever used in this Plan, the following terms will have the respective meanings set forth below, unless the context clearly indicates otherwise:

 

“Administrator” shall mean the Committee.

 

“Affiliate” will have the meaning ascribed to such term in Rule 12b-2 of the General Rules under the Exchange Act.  Notwithstanding the foregoing, Buckeye Pipe Line Services Company shall be considered an Affiliate of the Company and any reference to an Affiliate in this Plan shall include an Affiliate of the Company or the Partnership, as applicable.

 

“Annual Bonus” shall mean any amounts payable to the Participant under the Buckeye Partners, L.P. Annual Incentive Compensation Plan or any similar incentive plan.

 

“Beneficiary” or “Beneficiaries” means the beneficiary or beneficiaries last designated in writing by a Participant in accordance with procedures established by the Administrator to receive distributions under the Plan following the Participant’s death.

 

“Board” means the Company’s Board of Directors as constituted from time to time.

 

“Cause” shall mean, except to the extent specified otherwise by the Administrator, a finding by the Administrator that the Participant (i) has materially breached his or her employment, severance or service contract with the Company, Partnership or Affiliate, (ii) has engaged in disloyalty to the Company, Partnership or Affiliate, including, without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty, (iii) has disclosed

 

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trade secrets or confidential information of the Company, Partnership or Affiliate to persons not entitled to receive such information, or (iv) has breached any written non-competition, non-solicitation, invention assignment or confidentiality agreement between the Participant and the Company, Partnership or Affiliate.

 

“Change of Control” shall mean the occurrence of one or more of the following transactions:

 

(a)                                 the sale or disposal by the Partnership of all or substantially all of its assets; or

 

(b)                                 the merger or consolidation of the Partnership with or into another partnership, corporation, or other entity, other than a merger or consolidation in which the Unit holders immediately prior to such transaction retain at least a fifty percent (50%) equity interest in the surviving entity; or

 

(c)                                  the Company ceases to be the sole general partner of the Partnership;

 

(d)                                 the Partnership ceases to own, directly or indirectly, 100% of the outstanding equity interests of the Company; or

 

(e)                                  any person or “group” (within the meaning of the Exchange Act) collectively shall beneficially own and control, directly or indirectly, a number of Units that would entitle such person or group to vote Units representing, in the aggregate, more than fifty percent (50%) of the total number of outstanding Units that are entitled to vote and be counted for purposes of calculating the required votes and that are deemed to be outstanding for purposes of determining a quorum at any annual meeting of the limited partners of the Partnership or otherwise in the election of the Company’s Board.

 

“Change of Control Period” shall mean the period commencing on the date of a Change of Control and ending eighteen (18) calendar months following a Change of Control.

 

“Code” means the Internal Revenue Code of 1986, as it may be amended from time to time.

 

“Committee” means the Compensation Committee of the Board, or such other committee as determined by the Board.

 

“Company” means Buckeye GP LLC, a Delaware limited liability company, and any successor thereto.

 

“Deferral Amount” or “Deferral” shall mean that portion of a Participant’s Annual Bonus that is deferred in the form of Deferral Units that a Participant irrevocably elects to have, and is deferred, for any one Plan Year.

 

“Deferral Election” shall mean an Eligible Employee’s election to defer a portion of his or her Annual Bonus in the form of Deferral Units under the Plan on the form and in the manner prescribed by the Administrator and required by the terms of the Plan.

 

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“Deferral Unit” means a unit of measurement, which is deemed solely for bookkeeping purposes under this Plan to be equivalent to one Unit.

 

“Disability” or “Disabled” means a Participant becoming disabled within the meaning of section 22(e)(3) of the Code, a long-term disability as determined under the long-term disability plan of the Company, the Partnership or an Affiliate, which is applicable to the Participant, or as otherwise determined by the Administrator.

 

“Distribution Equivalent Rights” means an amount determined by multiplying the number of Deferral Units and Matching Units credited to a Participant’s Unit Account, subject to adjustment under Section 8.2, by the per-Unit cash distribution, or the per-Unit fair market value (as determined by the Administrator) of any distribution in consideration other than cash, paid by the Partnership on its Units.

 

“Eligible Employee” shall mean any Employee who (1) was an Eligible Employee for Plan Years prior to January 1, 2013, selected by the Administrator to participate in the Plan for any Plan Year prior to January 1, 2013, is employed by the Company on December 31, 2012 and had a base salary equal to or in excess of $150,000 for any Plan Year, or (2) for Plan Years on or after January 1, 2013 and prior to January 1, 2017, had a base salary equal to or in excess of $175,000 and is in Salary Grade 22 — Director Level or higher (or such other amount or Salary Grade level set from time to time by the Administrator) or (3) for Plan Years on or after January 1, 2017, has a base salary equal to or in excess of $250,000 and is at Salary Grade 24 — Vice President Level or higher (or such other amount or Salary Grade level set from time to time by the Administrator), and, in the case of either (1), (2) or (3), such Employee is selected by the Administrator to participate in the Plan in the Administrator’s sole and absolute discretion for the relevant Plan Year.  The Administrator may also designate any Employee who does not meet the foregoing eligibility requirements as an Eligible Employee in its sole and absolute discretion.  Notwithstanding the foregoing, in the case of (1) or (2), any Eligible Employee who terminates employment on or after January 1, 2017 and is later rehired by the Company must meet the eligibility requirements in (3).  Notwithstanding the foregoing eligibility requirements in (3) above, for Plan Years on or after January 1, 2017, any Employee that (x) was a Participant and made a Deferral Election of his or her Annual Bonus during the 2016 Plan Year, (y) was an Eligible Employee but elected not to make a Deferral Election for the 2016 Plan Year, or (z) was an Employee who otherwise would be an Eligible Employee for the 2016 Plan Year but was not eligible to make a Deferral Election for the 2016 Plan Year because such Employee was hired on or after January 1, 2016, will remain an Eligible Employee, so long as the Employee makes a Deferral Election for the 2017 Plan Year and continues to make a Deferral Election in later Plan Years, in each case, equal to minimum deferral percentage set by the Administrator for the relevant Plan Year.

 

“Employee” means a regular full-time salaried employee of the Company or an Affiliate who performs services directly or indirectly for the benefit of the Partnership.

 

“Employer(s)” shall mean the Company and any Affiliate (now in existence or hereafter formed or acquired) that have been selected by the Administrator to participate in the Plan.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

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“Fair Market Value” of a Unit means the average, rounded to one cent ($0.01), of the highest and lowest sales prices thereof on the New York Stock Exchange on the day on which Fair Market Value is being determined, as reported on the Composite Tape for transactions on the New York Stock Exchange. In the event that there are no Unit transactions on the New York Stock Exchange on such day, the Fair Market Value will be determined as of the immediately preceding day on which there were Unit transactions on that exchange.  If a Unit is not publicly traded or, if publicly traded, is not subject to reported transactions as set forth above, the Fair Market Value per share shall be as determined by the Administrator through any reasonable valuation method.

 

“Good Reason” shall mean the occurrence, without the Participant’s express written consent, of any of the following events during the Change of Control Period:

 

(a)                                 a substantial adverse change in the Participant’s duties or responsibilities from those in effect on the date immediately preceding the first day of the Change of Control Period;

 

(b)                                 a material reduction in Participant’s annual rate of Base Salary or annual bonus opportunity as in effect immediately prior to commencement of a Change of Control Period; or

 

(c)                                  requiring Participant to be based at a location more than 100 miles from the Participant’s primary work location as it existed on the date immediately preceding the first day of the Change of Control Period, except for required travel substantially consistent with the Participant’s present business obligations.

 

Notwithstanding the foregoing, Participant shall not have Good Reason for termination unless (i) Participant gives written notice of termination for Good Reason within 30 days after the event giving rise to Good Reason occurs, (ii) the Company does not cure the action or failure to act that constitutes the grounds for Good Reason, as set forth in Participant’s notice of termination, within 30 days after the date on which Participant gives written notice of termination and (iii) Participant actually resigns within 60 days following the expiration of the Company’s 30-day cure period.

 

“LTIP” shall mean the Buckeye Partners, L.P. 2013 Long-Term Incentive Plan, including any amendments, modifications, or successors thereto.

 

“Matching Unit” means a notional Unit credited to a Participant’s Unit Account that is subject to service-based vesting restrictions.

 

“Participant” shall mean an Eligible Employee who has commenced participation in the Plan and whose Unit Account has not been fully distributed.

 

“Partnership” means Buckeye Partners, L.P., a Delaware limited partnership or any successor thereto.

 

“Plan” shall mean the Buckeye Partners, L.P. Unit Deferral and Incentive Plan set forth herein, as amended from time to time.

 

4

 

“Plan Year” shall mean a calendar year.

 

“Unit” means a unit representing a limited partnership interest in the Partnership.

 

“Unit Account” shall mean the unfunded bookkeeping account established and maintained by the Administrator for each Participant that is credited with Deferral Units and Matching Units.

 

“Vesting Date” shall mean the date a Participant’s Deferral Units and Vesting Units become vested in accordance with Section 5.7 of the Plan.

 

ARTICLE III
  ADMINISTRATION

 

The Administrator shall have sole discretionary responsibility for the operation, interpretation, and administration of the Plan.  Any action taken on any matter within the discretion of the Administrator shall be final, conclusive, and binding on all parties.  In order to discharge its duties hereunder, the Administrator shall have the power and authority to remedy any errors, inconsistencies or omissions, to resolve any ambiguities, to adopt, interpret, alter, amend or revoke rules necessary to administer the Plan, to delegate its duties and to employ such outside professionals as may be required for prudent administration of the Plan.  The records of the Administrator with respect to the Plan shall be conclusive on all Participants, all Beneficiaries, and all other persons whomsoever.  The Administrator shall also have the right within the scope of his authority (if a designee of the Company) to enter into agreements on behalf of the Company necessary to administer the Plan.  Any Participant who is acting as Administrator shall not be entitled to vote or act on any matter relating solely to himself or herself.

 

ARTICLE IV
  ELIGIBILITY AND PARTICIPATION

 

4.1.                            Eligibility.  Only Eligible Employees may become Participants.  Prior to each Plan Year, each Eligible Employee shall be notified as to eligibility to defer a portion of his or her Annual Bonus for that Plan Year in the form of Deferral Units.  For the avoidance of doubt, eligibility to defer Annual Bonus for one Plan Year shall not imply eligibility to defer Annual Bonus for a subsequent Plan Year.

 

4.2.                            Participation.  An Eligible Employee shall become a Participant by completing an election form and delivering it to the Company as specified in the Plan.  If the Administrator determines in good faith that a Participant is no longer an Eligible Employee, the Participant shall cease active participation in the Plan immediately and the terms of the Plan shall continue to govern the Participant’s Unit Account until his or her Unit Account has been paid in full.

 

ARTICLE V
  DEFERRAL UNITS AND MATCHING UNITS

 

5.1.                            Deferral Elections.  Each Plan Year an Eligible Employee may, in accordance with procedures established by the Administrator in its sole discretion, elect to defer up to 50%

 

5

 

of his or her Annual Bonus for that Plan Year to the Participant’s Unit Account in the form of Deferral Units.  Deferral Elections are effective on a Plan Year basis, and become irrevocable no later than the date specified by the Administrator but in any event before the beginning of the Plan Year that the Employer would otherwise have paid the Annual Bonus to the Participant but for the Participant’s Deferral Election.  For the avoidance of doubt, Deferral Elections generally must be completed on or before December 31 of the Plan Year prior to the scheduled payment date for the Annual Bonus.  For example, a Deferral Election with respect to an Annual Bonus amount payable for the 2014 Plan Year (otherwise payable in 2015) generally would need to be completed no later than December 31, 2014.   A Participant’s Deferral Election will become effective only if the forms required by the Administrator have been properly completed and signed by the Participant, timely delivered to the Administrator, and accepted by the Administrator.  A Participant who fails to file a Deferral Election before the required date will be treated as having elected not to defer any amounts for the Plan Year.  Deferrals are subject to the vesting and forfeiture conditions of Sections 5.7 and 5.8.

 

5.2.                            Deferral Limits.  The Administrator may change the maximum deferral percentage and establish minimum deferral percentages from time to time in its sole discretion.  Any such limits shall be communicated by the Administrator prior to the commencement of any election period.

 

5.3.                            Deferral Units.  The Administrator shall credit a Participant’s Unit Account with Deferral Units equal to the portion of his or her Annual Bonus that the Participant elected to defer.  The number of Deferral Units shall be determined by dividing the amount of Annual Bonus deferred by the Participant to his Unit Account by the Fair Market Value of a Unit on the date that the Employer would otherwise have paid the Annual Bonus to the Participant but for the Participant’s Deferral Election or such other date as determined by the Administrator in accordance with procedures governing grants under the LTIP.

 

5.4.                            Matching Units.  An Eligible Employee who elects to defer a portion of his or her Annual Bonus under the Plan shall be entitled to receive a Matching Unit for each Deferral Unit that is credited to a Participant’s Unit Account during a Plan Year.

 

5.5.                            Distribution Equivalent Rights.  Participants shall be entitled to Distribution Equivalent Rights with respect to the Deferral Units and Matching Units allocated to a Participant’s Unit Account as if each such Deferral Unit and Matching Unit had been a Unit.  Except as otherwise determined by the Administrator, Distribution Equivalent Rights shall be paid as soon as practicable following the payment of a distribution by the Partnership on its Units.  A Participant will receive the aggregate amount of the Participant’s Distribution Equivalent Rights in cash or Units as determined by the Administrator in its discretion.

 

5.6.                            Unit Accounts.

 

(a)                                 Establishment of Unit Account.  The Administrator will establish a Unit Account for each Participant who has elected to defer a portion of his or her Annual Bonus in Deferral Units.  Unit Accounts shall be credited as appropriate for Deferral Units and Matching Units, and debited for distributions from the Unit Account.

 

6

 

(b)                                 Timing of Credits.  The Administrator shall credit Deferrals to the Participant’s Unit Account not later than the end of the calendar year that the Employer would otherwise have paid the Annual Bonus to the Participant but for the Participant’s Deferral Election.  The Administrator shall credit Matching Units to a Participant’s Unit Account at such times and in such amounts as the Administrator determines.

 

5.7.                            Vesting.  Except as otherwise specified by the Administrator in its discretion, a Participant shall become vested as follows:

 

(a)                                 General.  A Participant shall become 100% vested in Deferral Units and Matching Units credited to his or her Unit Account during a Plan Year on December 15th of the second Plan Year that is after the Plan Year that the Deferral Units and Matching Units are credited to his or her Unit Account; provided that the Participant is continuously employed by, or continuously provides services to, the Company, Partnership or Affiliate through that date.  For example, Deferral Units and Matching Units that are credited to a Participant’s Unit Account in 2014 will vest on December 15, 2016, provided that the Participant is continuously employed by, or continuously provides services to, the Company, Partnership or Affiliate from the date that such Deferral Units and Matching Units are credited to his or her Unit Account until December 15, 2016.

 

(b)                                 Termination without Cause.  If a Participant’s employment is terminated by the Company, Partnership or Affiliate without Cause, such Participant’s unvested Deferral Units will immediately vest in full and unvested Matching Units will vest on a prorated basis, based on the portion of the vesting period during which the Participant was employed by the Company, Partnership or Affiliate.  For purposes of determining the number of Matching Units that become vested pursuant to this section, the vesting period commences on the January 1 of the Plan Year that the Company would otherwise have paid the Annual Bonus to the Participant but for the Participant’s Deferral Election and ends three years later.

 

(c)                                  Disability.  If a Participant is determined to be Disabled, such Participant’s unvested Deferral Units and Matching Units will immediately vest in full.

 

(d)                                 Death.  In the event of the death of a Participant while employed by the Company, Partnership or Affiliate, such Participant’s unvested Deferral units and Matching Units will immediately vest in full.

 

(e)                                  Change of Control.  In the event a Change of Control occurs while the Participant is employed by, or providing services to the Company, Partnership or Affiliate, and (i) the Participant is terminated without Cause during the Change of Control Period or (ii) the Participant resigns for Good Reason during the Change of Control Period, such Participant’s unvested Deferral Units and Matching Units will immediately vest in full.

 

(f)                                   Retirement.  In the event a Participant terminates employment or service on account of retirement (as determined by the Administrator), the Administrator may, in its sole discretion, provide that such Participant’s unvested Deferral Units and Matching Units will immediately vest in full.  The vesting of Deferral Units and Matching Units will be subject to such terms and conditions as the Administrator determines, including the Participant’s agreement

 

7

 

to be bound by restrictive covenant obligations, such as non-competition or non-solicitation covenants and/or such other restrictions as the Administrator determines, on a case-by-case basis at the time of the Participant’s retirement.

 

5.8.                            Forfeiture.

 

(a)                                 If a Participant’s employment is terminated for Cause or voluntarily on the part of the Participant, any and all unvested Deferral Units and Matching Units shall be forfeited as of the date the Participant ceases to be employed by, or provide service to the Company, Partnership or Affiliate.

 

(b)                                 If a Participant’s employment is terminated without Cause, all unvested Matching Units that do not vest in accordance with Section 5.7(b) shall be forfeited as of the date the Participant ceases to be employed by, or provide service to the Company, Partnership or Affiliate.

 

5.9.                            Distribution.  Vested Deferral Units and Matching Units shall be distributed to the Participant (or in the case of a deceased Participant, the Participant’s Beneficiary) in a single lump sum payment as soon as reasonably practicable following the Vesting Date and in no event later than the later of the last day of the calendar year in which the Vesting Date occurs or two and one-half months following the Vesting Date.  Vested Deferral Units and Matching Units will be settled in Units reserved under the LTIP; provided, however, that the Administrator may in its sole discretion specify prior to an affected Deferral Election that with respect to particular Participants or Deferral Units settlement will or may be made by a cash payment in lieu of Units.  The amount of such cash payment shall equal the most recent Fair Market Value of a Unit as of the Vesting Date, multiplied by the number of Deferral Units and Matching Units to be paid in such manner.  Any distribution that complies with this section shall be deemed for all purposes to comply with the Plan requirements regarding the time and form of distributions.

 

ARTICLE VI
  CLAIMS PROCEDURES

 

6.1.                            Exclusive Procedures.  This article sets forth the exclusive procedures by which claims under the Plan are to be made.  No legal action may be brought by any person claiming entitlement to payment under the Plan until after the claims procedures set forth herein have been exhausted.

 

6.2.                            Claim.  Any person who believes that he or she is being denied a benefit to which he or she is entitled under the Plan (hereafter referred to as a “Claimant”) may file a written request for such benefit with the Administrator setting forth the basis for the claim.

 

6.3.                            Determination; Notification.  Except as provided herein, within sixty (60) days of receiving the claim, the Administrator shall determine whether to grant or deny the claim and notify the Claimant in writing of the decision.  If the claim is granted, the Administrator shall commence payment in accordance with the provisions of Section 5.9.  If the claim is denied, in whole or in part, the Administrator’s notice to the Claimant shall:

 

(a)                                 explain the specific reasons for the denial;

 

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(b)                                 refer to the specific Plan provisions on which the denial is based;

 

(c)                                  describe any additional material or information necessary for the Claimant to perfect the claim (if perfection of the claim is possible) and an explanation of why such material or information is necessary; and

 

(d)                                 explain the steps and time limit for requesting review of the claim.

 

If the Administrator determines that an extension of time for processing is required, written notice of the extension shall be furnished to the Claimant prior to termination of the original 60-day period.  In no event shall such extension exceed sixty (60) days from the end of such initial period.

 

6.4.                            Claim Review.  A Claimant (or his authorized representative) shall have sixty (60) days from the date the Administrator’s notice is mailed in which to file an appeal of the denial of his claim.  Any such appeal must: (a) be in writing; (b) request review of the Claimant’s claim; (c) set forth each ground on which the request for review is based and the facts in support thereof; and (d) provide any other comments the Claimant believes pertinent and helpful to his application.  The Claimant (or the Claimant’s duly authorized representative) may (i) request access to, and copies of, all documents, records, and other information relevant to the claim, which shall be provided to Claimant free of charge and (ii) submit written comments or other documents.  Any Claimant who fails to timely file such a written appeal shall be estopped and barred from any further challenge to the Administrator’s determination to deny his claim.

 

6.5.                            Review of Determination.  The Administrator shall complete its review and decide the appeal within sixty (60) days after the written request for review was received by the Administrator (or within one-hundred twenty (120) days if special circumstances require additional time, and if written notice of such extension and circumstances is given to the Claimant within the initial 60-day period).  In conducting its review, the Administrator may, in its sole discretion, require the Claimant to submit such additional documents or other evidence as the Administrator deems necessary or appropriate.  The Administrator’s decision shall be final and binding on all persons with respect to the Claimant’s appeal.  The Administrator shall notify the Claimant in writing that the claim has been allowed in full or that the claim has been denied, in whole or in part, and any denial notice must set forth:

 

(a)                                 Specific reasons for the decision;

 

(b)                                 Specific reference(s) to the pertinent Plan provisions upon which the decision was based;

 

(c)                                  A statement that Claimant is entitled to reasonable access to, and copies of, all documents, records or other information relevant to the claim upon request and free of charge; and

 

(d)                                 Such other matters as the Administrator deems relevant.

 

6.6.                            Reimbursement of Costs.  If the Company, an Affiliate, the Plan, a Claimant, or a successor in interest to any of the foregoing brings legal action to enforce any of the provisions

 

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of this Plan, the prevailing party in such legal action shall be reimbursed by the other party for the prevailing party’s costs, including, without limitation, reasonable fees of attorneys, accountants and similar advisors and expert witnesses.

 

ARTICLE VII
 AMENDMENT AND TERMINATION

 

The Plan may be amended, suspended, or terminated at any time (in whole or in part) by action of the Board or the Committee, with or without prior notice; provided, however, that no such amendment, suspension or termination shall reduce any Participant’s Unit Account balances without the written consent of the affected Participant.  In the event of any suspension or termination of the Plan (or any portion thereof), Participants’ Unit Accounts shall continue to vest and be distributed in accordance with the Plan.

 

ARTICLE VIII
  MISCELLANEOUS

 

8.1.                            FICA and Other Taxes. To the extent required by the law in effect at the time benefits are distributed, the Participant’s Employer shall withhold from any benefits to a Participant any employment or other taxes required to be withheld by the federal government or any state or local government in amounts and in a manner to be determined in the sole discretion of the Employer.

 

8.2.                            Adjustment of Number and Price of Units, Etc.  If there is any change in the number or kind of Units outstanding (i) by reason of a Unit distribution, spinoff, recapitalization, Unit split, or combination or exchange of Units, (ii) by reason of a merger, reorganization, consolidation or reclassification, or (iii) by reason of any other extraordinary or unusual event affecting the outstanding Units as a class without the Company’s receipt of consideration, or if the value of outstanding Units is substantially reduced as result of a spinoff or the Company’s payment of any extraordinary distribution, the kind and number of Units covered by Deferral Units and Matching Units to be issued or issuable under the LTIP, and the applicable market value of outstanding Deferral Units and Matching Units shall be required to be equitably adjusted by the Administrator to reflect any increase or decrease in the number of, or change in the kind or value of, issued Units to preclude, to the extent practicable, the enlargement or dilution of rights and benefits under the LTIP and such outstanding Deferral Units and Matching Units; provided, however, than any fractional Units resulting from such adjustment shall be eliminated.  Any adjustments determined by the Administrator shall be final, binding and conclusive.

 

8.3.                            Unsecured General Creditor.  Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of an Employer.  An Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.

 

8.4.                            Unfunded Status of Plan.  The Plan is intended to constitute an “unfunded” plan.  Benefits payable hereunder shall be payable out of the general assets of the Company, and no segregation of any assets whatsoever for such benefits shall be made.  With respect to any

 

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payments not yet made to a Participant, nothing contained herein shall give any such Participant any rights to assets that are greater than those of a general creditor of the Company.

 

8.5.                            Designation of Beneficiary.  Each Participant may designate a Beneficiary or Beneficiaries (which Beneficiary may be an entity other than a natural person) to receive any payments which may be made following the Participant’s death.  Such designation may be changed or canceled at any time without the consent of any such Beneficiary.  Any such designation, change or cancellation must be made in a form approved by the Administrator and shall not be effective unless and until it is filed with the Administrator during the Participant’s lifetime.  If no Beneficiary has been named, or the designated Beneficiary or Beneficiaries shall have predeceased the Participant, the Beneficiary shall be the Participant’s estate.  If a Participant designates more than one Beneficiary, the interests of such Beneficiaries shall be paid in equal percentages, unless the Participant has specifically designated otherwise.

 

8.6.                            Nontransferability.  The right of a Participant, Beneficiary, or other person to any payment under this Plan shall not be assigned, alienated, transferred, pledged or encumbered.

 

8.7.                            No Rights to Employment.  This Plan does not confer nor shall it be construed as creating an express or implied contract of employment between any Participant and the Company, Partnership, or Affiliate or other party. Nothing in the Plan shall interfere with or limit in any way the right of the Company, Partnership, or Affiliate to terminate any Participant’s employment at any time, nor confer upon any Employee any right to continue in the employment of the Company, Partnership, or Affiliate.

 

8.8.                            Employer’s Liability.  An Employer’s liability for the distribution of a Participant’s Unit Account shall be defined only by the Plan.  An Employer shall have no obligation to a Participant except as expressly provided in the Plan.

 

8.9.                            Payments to Minors and Incompetents.  If any person entitled to any payment under this Plan is, in the judgment of the Administrator, incapable of receiving such payment because of minority, illness, infirmity or other incapacity, the Administrator may pay the amount due such person to a duly appointed legal representative, if there is one, or, if none, to the spouse, children, dependents, or such other persons with whom the person entitled to payment resides.  Any such payment shall be a complete discharge of the liability of the Company, Partnership, Affiliate and the Plan with respect to such payment.

 

8.10.                     Furnishing Information.  A Participant or his Beneficiary will cooperate with the Administrator by furnishing any and all information requested by the Administrator and take such other actions as may be requested in order to facilitate the administration of the Plan and the distributions hereunder, including but not limited to taking such physical examinations as the Administrator may deem necessary.

 

8.11.                     Notice.  Any notice or filing required or permitted under the Plan shall be sufficient if in writing and if (a) hand-delivered or sent by telecopy; (b) sent by registered or certified mail; or (c) sent by nationally-recognized overnight courier.  Such notice shall be deemed given as of (i) the date of delivery if hand-delivered or sent by telecopy; (ii) as of the

 

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date shown on the postmark on the receipt for registration or certification, if delivery is by mail; or (iii) on the first business day after dispatch, if sent by nationally-recognized overnight courier.  In the case of the Company, mailed or couriered notices will be addressed to its corporate headquarters, and all notices will be directed to the attention of its General Counsel.  In the case of a Participant, mailed or couriered notice to a Participant or Beneficiary shall be directed to the individual’s last known address in the Employer’s records.

 

8.12.                     Code Section 409A.  Except with respect to any benefits that may become payable under Section 5.7(f), all Plan benefits are intended to constitute short-term deferrals within the meaning of Code section 409A and shall be excepted from the applicable requirements of Code section 409A in accordance with the regulations issued thereunder, and the Plan shall be maintained, interpreted and administered accordingly.  With respect to any benefits that may become payable pursuant to the Administrator’s discretion under Section 5.7(f), to the extent that action by the Administrator results in such Deferral Units and Matching Units being deemed to constitute deferred compensation subject to the requirements of Code section 409A, payment shall only be made under the Plan upon an event and in a manner permitted by Code section 409A.  Notwithstanding anything contained herein to the contrary, all provisions of this Plan shall be construed and interpreted to comply with Code section 409A and applicable regulations thereunder and if necessary, any provision shall be held null and void to the extent such provision (or part thereof) fails to comply with Code section 409A or regulations thereunder.  In addition, to the extent that deferred compensation subject to the requirements of Code section 409A becomes payable under this Plan to a “specified employee” (within the meaning of Code section 409A) on account of “separation from service” (within the meaning of Code section 409A), any such payments shall be delayed by six months to the extent necessary to comply with the requirements of Code section 409A, but not beyond the death of the Participant.  Nothing herein shall be construed as a guarantee of any particular tax treatment to a Participant.

 

8.13.                     Successors.  This Plan shall be binding upon and inure to the benefit of the Partnership, the Company, and their successors and assigns and the Participant and his or her heirs, executors, administrators and legal representatives.

 

8.14.                     Gender and Number.  Except when otherwise indicated by context, words in the masculine gender shall include the feminine and neuter genders, the singular shall include the plural, and the plural shall include the singular.

 

8.15.                     Headings.  The headings contained in this Plan are for convenience only and will not control or affect the meaning or construction of any of the terms or provisions of this Plan.

 

8.16.                     Invalid or Unenforceable Provisions.  If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof and the Administrator may elect in its sole discretion to construe such invalid or unenforceable provisions in a manner that conforms to applicable law or as if such provisions, to the extent invalid or unenforceable, had not been included.

 

8.17.                     Effective Date of Plan.  This Plan was originally effective as of December 16, 2009, was amended and restated, effective as of August 4, 2011, January 1, 2013, July 31, 2013

 

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and February 4, 2015, and is hereby amended and restated, effective as of January 1, 2017.  The Plan shall remain in effect until the termination of the Plan by action of the Board or the Committee pursuant to Article VII.

 

8.18.                     Applicable Law.  The Plan shall be construed and administered in accordance with and governed by the laws of the State of Delaware, other than its laws respecting choice of law.

 

8.19.                     Entire Agreement.  This Plan constitutes the entire understanding and agreement with respect to the subject matter contained herein, and there are no agreements, understandings, restrictions, representations or warranties among any Participant and the Partnership, Company or Affiliates other than those set forth or provided for herein.

 

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