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EXHIBIT 10(o)
AMENDMENT 1
TO
SEVERANCE AGREEMENT
THIS AMENDMENT, is made this 6th day of March, 2000, by and between Lincoln
Electric Holdings, Inc. (the "Company") and _______________ ("Executive").
WHEREAS, the Company and Executive have entered into an agreement,
dated September 9, 1998, specifying severance benefits that would apply to
Executive upon a change in control of the Company (the "Severance Agreement");
WHEREAS, the Compensation Committee of the Board of Directors of the
Company have approved certain changes to the terms of Executive's retirement
arrangement with the Company which are specified in the Severance Agreement;
and
WHEREAS, the Company and Executive desire to amend the Severance
Agreement to reflect the changes approved by the Compensation Committee.
NOW THEREFORE,
1. The third paragraph of Annex A of the Severance Agreement is hereby
amended in its entirety, effective as of the date hereof, to read
as follows:
"3. Performance Awards. All performance
awards granted prior to a Change in Control under the
Company's Long-Term Incentive Program or any successor
plan, if any, for the open performance periods will be
paid in accordance with the provisions of such Program
at the greater of target or actual performance on the
Executive's Termination Date."
2. The fifth paragraph of Annex A of the Severance Agreement is hereby
amended in its entirety, effective as of the date hereof, to read
as follows:
"5. Supplemental Executive Retirement Plan.
For purposes of determining the Executive's benefit under
the Supplemental Executive Retirement Plan or any
successor thereto, the Executive (a) will be credited
with the number of years of continuous service equal to
the number of his actual years of continuous service at
his Termination Date plus the number of years of
continuous service he would have had if he had continued
his employment throughout the greater of (i) one year or
(ii) the remainder of the Severance Period, (b) will be
considered to have attained his actual chronological age
at his Termination Date age plus the greater of (i) one
additional year of chronological age or (ii) additional
years of chronological
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age equal to the number of years and months included in
the remainder of the Severance Period, and (c) will
become fully vested under the Supplemental Executive
Retirement Plan as of his Termination Date."
* * *
EXECUTED this 6th day of March, 2000.
LINCOLN ELECTRIC HOLDINGS, INC.
By:
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Title:
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