SEC Contract Filing

Filing Date: 2022-02-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>3
<FILENAME>leco-20211231ex10218df0b.htm
<DESCRIPTION>EX-10.21
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 9.11.0.85--><!--Created on: 2/18/2022 08:18:18 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">Exhibit 10.21</u></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;text-transform:uppercase;margin:0pt 0pt 24pt 0pt;">AMENDMENT NO. 1<br>TO<br>THE LINCOLN ELECTRIC COMPANY<br>EMPLOYEE SAVINGS PLAN<br>(as amended and restated EFFECTIve JANUARY 15, 2021)</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:2.38;text-indent:72pt;margin:0pt 0pt 12pt 0pt;">The Lincoln Electric Company, an Ohio corporation, hereby adopts this Amendment No. 1 to The Lincoln Electric Company Employee Savings Plan (As Amended and Restated Effective January 15, 2021) (the &#8220;Plan&#8221;), effective as of January 1, 2022.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;table-layout:fixed;text-align:center;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:12pt;text-align:right;vertical-align:text-top;white-space:nowrap;width:27pt;padding:0pt;">I.</td><td style="text-align:right;width:9pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:2.38;text-indent:72pt;margin:0pt 0pt 12pt 0pt;">The Plan is hereby amended by inserting a new Article XVI immediately following Article XV thereof to read as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;text-indent:0pt;margin:0pt 0pt 0pt 36pt;">&#8220;<b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;text-transform:uppercase;">Article XVI &#8211; Suspense account</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:0pt;margin:0pt 0pt 0pt 36pt;"><font style="line-height:2.38;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:0pt;margin:0pt 0pt 0pt 36pt;"><font style="display:inline-block;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">16.1</font></font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Transferred Assets; Qualified Replacement Plan</b><font style="white-space:pre-wrap;">. The Company terminated the Retirement Annuity Program, effective as of the close of business on December 31, 2020, and approved the transfer of all residual assets in the Retirement Annuity Program trust, following satisfaction of all Retirement Annuity Program benefit liabilities, to the Plan. As soon as administratively practicable following the termination of the Retirement Annuity Program, the Plan shall accept a transfer of such residual assets from the Retirement Annuity Program. This Article XVI shall apply to any such assets transferred from the Retirement Annuity Program to the Plan during the Plan Year commencing January 1, 2022 (the &#8220;Transferred Assets&#8221;). This Plan is intended to be a &#8220;qualified replacement plan&#8221; under section 4980(d)(2) of the Code for purposes of such transfer, and has been determined to meet the participation requirement in section 4980(d)(2)(A) of the Code. This Article XVI and all other provisions of this Plan shall be construed and applied with the intention of complying with the requirements of section 4980(d) of the Code.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:0pt;margin:0pt 0pt 0pt 36pt;"><font style="color:#ff0000;line-height:2.38;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:0pt;margin:0pt 0pt 0pt 36pt;"><font style="display:inline-block;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">16.2</font></font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Suspense Account</b><font style="white-space:pre-wrap;">. The Transferred Assets, as adjusted for earnings, profits, expenses or losses thereon, shall be held in a suspense account under this Plan&#8217;s Trust (the &#8220;Suspense Account&#8221;) until such amounts are allocated to Member Accounts in accordance with Section 16.3.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:0pt;margin:0pt 0pt 0pt 36pt;"><font style="line-height:2.38;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:0pt;margin:0pt 0pt 0pt 36pt;"><font style="display:inline-block;width:36pt;"><font style="font-family:'Times N