<SEC-DOCUMENT>0001193125-16-797138.txt : 20161219
<SEC-HEADER>0001193125-16-797138.hdr.sgml : 20161219
<ACCEPTANCE-DATETIME>20161219150125
ACCESSION NUMBER:		0001193125-16-797138
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20161219
DATE AS OF CHANGE:		20161219
EFFECTIVENESS DATE:		20161219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINCOLN ELECTRIC HOLDINGS INC
		CENTRAL INDEX KEY:			0000059527
		STANDARD INDUSTRIAL CLASSIFICATION:	METALWORKING MACHINERY & EQUIPMENT [3540]
		IRS NUMBER:				340359955
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-215168
		FILM NUMBER:		162058782

	BUSINESS ADDRESS:	
		STREET 1:		22801 ST CLAIR AVE
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44117
		BUSINESS PHONE:		2164818100

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LINCOLN ELECTRIC CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>d309605ds8.htm
<DESCRIPTION>S-8
<TEXT>
<HTML><HEAD>
<TITLE>S-8</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on December&nbsp;19, 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM&nbsp;S-8
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>LINCOLN ELECTRIC HOLDINGS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


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<TD VALIGN="top" ALIGN="center"><B>Ohio</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>34-1860551</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Incorporation or Organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>22801 St. Clair Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cleveland, Ohio 44117 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices Including Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Lincoln Electric Company Restoration Plan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Full Title of the Plan) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Frederick G. Stueber, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Executive Vice President, General Counsel&nbsp;&amp; Secretary </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Lincoln Electric Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>22801 St. Clair Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cleveland, Ohio 44117 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name and Address of Agent for Service) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(216) 481-8100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Telephone Number, including Area Code, of Agent for Service) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Non-accelerated filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;&nbsp;&nbsp;(Do not check if a smaller reporting company)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:0pt;margin-bottom:0pt;page-break-before:always"></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF REGISTRATION FEE </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of Securities</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to be Registered</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to be</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registered<SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Maximum</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering&nbsp;Price</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Per
Share</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Maximum</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering&nbsp;Price<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registration&nbsp;Fee</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred Compensation Obligations <SUP
STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$10,000,000<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">100%</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$10,000,000</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$1,159</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The Deferred Compensation Obligations being registered are general obligations to pay deferred compensation in the future in accordance with the terms of The Lincoln Electric Company Restoration Plan. </TD></TR></TABLE>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Estimated solely for calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the &#147;<B><I>Securities Act</I></B>&#148;). </TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Registration Statement on Form S-8 (the &#147;<B><I>Registration Statement</I></B>&#148;) is filed by Lincoln Electric Holdings, Inc., an Ohio
Corporation (the &#147;<B><I>Registrant</I></B>&#148;), relating to $10,000,000 of unsecured obligations to pay deferred compensation in the future (the &#147;<B><I>Deferred Compensation Obligations</I></B>&#148;) in accordance with the terms of The
Lincoln Electric Company Restoration Plan (the &#147;<B><I>Plan</I></B>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;3. Incorporation of Documents by Reference. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrant is subject to the informational and reporting requirements of Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended (the &#147;<B><I>Exchange Act</I></B>&#148;), and, in accordance therewith, files reports, proxy statements and other information with the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;). The
following documents, which are on file with the Commission, are incorporated into this Registration Statement by reference: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">The Registrant&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2015 (Commission File No. 000-01402), filed with the Commission on February&nbsp;25, 2016; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">The Registrant&#146;s Quarterly Reports on Form 10-Q for the quarters ended March&nbsp;31, 2016,&nbsp;June&nbsp;30, 2016 and September&nbsp;30, 2016 (Commission File No. 000-01402), filed with the Commission on
April&nbsp;22, 2016,&nbsp;July&nbsp;26, 2016 and October&nbsp;24, 2016, respectively; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">The Registrant&#146;s Current Reports on Form 8-K (Commission File No. 000-01402), filed with the Commission on April&nbsp;26, 2016,&nbsp;May&nbsp;16, 2016,&nbsp;October&nbsp;17, 2016,&nbsp;October&nbsp;20,
2016,&nbsp;October&nbsp;24, 2016 and December&nbsp;14, 2016; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">The description of the Common Shares contained in the Registration Statement on Form S-4 (Registration No.&nbsp;333-50435) filed with the Commission on April&nbsp;17, 1998 and all amendments and reports filed with the
Commission for the purpose of updating such description. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All documents filed by the Registrant with the Commission pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the effective date of this Registration Statement, and prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or that
deregisters all securities then remaining unsold, will be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents. Any statement contained in any document incorporated or
deemed to be incorporated by reference herein will be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed, except as modified or superseded, to constitute a part of this Registration Statement. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;4. Description of Securities. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The $10 million of securities being registered hereon (&#147;<B><I>Deferred Compensation Obligations</I></B>&#148;) represent deferred
compensation obligations to pay deferred compensation in the future according to the terms of the Plan. The Plan was executed by The Lincoln Electric Company, a wholly owned subsidiary of the Registrant, on December&nbsp;14, 2016 and will become
effective January&nbsp;1, 2017. The plan year for the Plan will be the 12-month period from January&nbsp;1 to December&nbsp;31 (&#147;<B><I>Plan Year</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Plan is an unfunded, nonqualified deferred compensation plan maintained primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees and is intended to comply with the requirements of Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (the &#147;<B><I>Code</I></B>&#148;). Employees eligible to participate
in the Plan are employees of The Lincoln Electric Company or other wholly owned subsidiaries of the Registrant (1)&nbsp;who have been designated for participation in the Plan by the Administrative Committee (the &#147;<B><I>Committee</I></B>&#148;)
for The Lincoln Electric Company Employee Savings Plan (the &#147;<B><I>Savings Plan</I></B>&#148;), (2)&nbsp;who have satisfied the eligibility conditions to receive employer contributions under the Savings Plan (or other comparable plan maintained
by a subsidiary of the Registrant (&#147;<B><I>Other 401(k) Plan</I></B>&#148;), and (3)&nbsp;whose compensation for a Plan Year exceeds the maximum dollar amount of compensation that may be taken into account under the Savings Plan pursuant to Code
Section&nbsp;401(a)(17) for such Plan Year (the &#147;<B><I>Compensation Limitation</I></B>&#148;). &#147;<B><I>Compensation</I></B>&#148; is defined under the Plan as an employee&#146;s total cash compensation plus deferrals of base salary and
bonus under the Registrant&#146;s 2005 Deferred Compensation Plan for Executives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A bookkeeping account is established for each
participant in the Plan. The account is credited each Plan Year with deferred amounts as follows: (1)&nbsp;a matching employer contribution equal to three percent (or such other percentage designated by the Committee) of the participant&#146;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 the maximum amount of matching employer contributions that could have been made to the
Savings Plan or Other 401(k) Plan on behalf of such participant; and (2)&nbsp;a nonelective employer contribution of three percent (or such other percentage designated by the Committee) of the participant&#146;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. In addition, for participants who are eligible to receive transitional employer
contributions under the Savings Plan, an amount will be credited to each such participant&#146;s account each Plan year equal to six percent of the participant&#146;s Compensation that was earned while eligible to receive transitional employer
contributions under the Savings Plan and that is in excess of the Compensation Limitation. Participants shall cease to be eligible to have transitional employer contributions credited under this Plan when they cease to be eligible to have
transitional employer contributions made on their behalf to the Savings Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The bookkeeping account of each participant in the Plan is
credited or debited with the participant&#146;s proportionate share of gains or losses under the investment vehicles elected by the participant in which the participant&#146;s account is deemed be to be invested. The available investment vehicles in
which participants&#146; accounts may be deemed to be invested shall be designated by The Lincoln Electric Company. The Lincoln Electric Company or any other employer of employees under the Plan will be under no obligation to acquire or invest in
any of the deemed investment vehicles and any acquisition of or investment in any deemed investment vehicle by The Lincoln Electric Company or other employer under the Plan shall be made in the name of The Lincoln Electric Company or other employer
and shall remain the sole property of The Lincoln Electric Company or other employer. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All amounts deferred under the Plan are fully vested at all times. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts credited to participants accounts under the Plan will be payable in cash in accordance with the distribution provisions of the
Plan. Upon a participant&#146;s separation from service prior to age 55, distribution of the amount credited to the participant&#146;s account will be made to the participant in a single lump sum payment on the first business day of the seventh
month immediately following the participant&#146;s separation from service. Upon a participant&#146;s separation from service on or after age 55, distribution of the amount credited to the participant&#146;s account will be made or commence on the
first business day of the seventh month immediately following the participant&#146;s separation from service in the form of (1)&nbsp;a single lump sum payment, or (2)&nbsp;substantially equal annual installments over a period of at least two but not
more than 15 years, as elected by the participant. If a participant&#146;s death occurs prior to the distribution of the entire amount credited to his or her account, distribution of the participant&#146;s account will be made to the
participant&#146;s beneficiary (as designated by the participant) in the form of a single lump sum payment. Distributions under the Plan may also be made on account of a participant&#146;s unforeseeable emergency. Finally, distributions under the
Plan will be made upon a change in control event within the meaning of Code Section&nbsp;409A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Deferred Compensation Obligations are
general unsecured obligations to pay the deferred amounts described in the preceding paragraphs of this Item&nbsp;4 to the Plan participants in accordance with the terms of the Plan. The Deferred Compensation Obligations are subject to the claims of
the general creditors and rank equally with other unsecured indebtedness from time to time outstanding. The Deferred Compensation Obligations are not convertible into any other security and there is no trading market for the Deferred Compensation
Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Plan will be administered by The Lincoln Electric Company. The Plan administrator will have full power to interpret the
Plan and determine all questions that arise under it. The Lincoln Electric Company with the approval of the Compensation and Executive Development Committee of the Registrant, reserves the right to amend or terminate the Plan at any time; provided,
however, that no such action shall affect a participant&#146;s right to receive the deferred amounts credited to his or her account at the time of such amendment or termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This summary of the terms of the Plan and the Deferred Compensation Obligations thereunder is not intended to be complete and is qualified in
its entirety by reference to the Plan, which is attached hereto as Exhibit 4.3 and incorporated herein by this reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5. Interests of
Named Experts and Counsel. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;6. Indemnification of Directors and Officers. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1701.13(E) of the Ohio Revised Code empowers a corporation to indemnify persons serving as its directors and officers (or serving
at the request of the corporation in such capacity for another corporation) against expenses incurred in connection with actions, suits or proceedings relating to the fact that such persons were serving as directors or officers of such corporation.
Article IV of the Registrant&#146;s Amended and Restated Code of Regulations provides for indemnification of directors, officers and others and the purchase and maintenance of liability insurance by the Registrant, as follows (for purposes of the
following provisions, &#147;<B><I>Corporation</I></B>&#148; refers to the Registrant): </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IV </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INDEMNIFICATION AND INSURANCE </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.
Indemnification of Directors and Officers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Corporation shall indemnify any Director or officer of the Corporation, and any former
Director or officer of the Corporation, who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact
that he or she is or was a Director or an officer of the Corporation, or he or she is or was serving at the request of the Corporation as a director, trustee, officer, employee, member, manager or agent of another corporation, domestic or foreign,
nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust or other enterprise, to the full extent permitted from time to time by the laws of the State of Ohio, against expenses, including attorneys&#146; fees,
judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed
to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The indemnification authorized by this Section&nbsp;1(a) of this Article IV shall not be exclusive of, and shall be in addition to, any
other rights granted to those seeking indemnification under Section&nbsp;1(a) of this Article IV or under the Articles or any agreement, vote of shareholders or disinterested Directors, or otherwise, both as to action in his or her official capacity
and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a Director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) No amendment, termination or repeal of this Article IV shall affect or impair in any way the rights of any Director or officer of the
Corporation to indemnification under the provisions hereof with respect to any action, suit or proceeding arising out of, or relating to, any actions, transactions or facts occurring prior to the final adoption of such amendment, termination or
repeal. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Indemnification of Others. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was an employee or agent of the Corporation, or he or she is or was serving at the request of the Corporation as a
director, trustee, officer, employee, member, manager or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust or other enterprise, to the full extent
permitted from time to time by the laws of the State of Ohio, against expenses, including attorneys&#146; fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or
proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe
his or her conduct was unlawful. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Liability Insurance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Corporation may purchase and maintain insurance or furnish similar protection, including but not limited to trust funds, letters of credit
or self-insurance, on behalf of or for any person who is or was a Director, officer, employee or agent of the Corporation, or he or she is or was serving at the request of the Corporation as a director, trustee, officer, employee, member, manager or
agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust or other enterprise, against any liability asserted against him or her and incurred by him or her in any
such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him or her against such liability under this Article IV. Insurance may be purchased from or maintained with a person in
which the Corporation has a financial interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrant has purchased directors and officers liability insurance that provides for
indemnification of directors and officers against certain liabilities. The Registrant also has entered into indemnification agreements with its directors and officers that would require the Registrant, subject to any limitations on the maximum
permissible indemnification that may exist at law, to indemnify a director or officer for claims that arise because of his capacity as a director or officer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7. Exemption from Registration Claimed. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8. Exhibits.
</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;4.1</TD>
<TD ALIGN="left" VALIGN="top">Amended and Restated Articles of Incorporation of the Registrant (filed as Exhibit 3.1 to the Registrant&#146;s Current Report on Form 8-K, filed on September&nbsp;27, 2011, Commission File No. 000-01402, and
incorporated herein by reference and made a part hereof) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;4.2</TD>
<TD ALIGN="left" VALIGN="top">Amended and Restated Code of Regulations of the Registrant (filed as Exhibit 3.1 to the Registrant&#146;s Current Report on Form 8-K, filed on April&nbsp;29, 2014, Commission File No. 000-01402, and incorporated herein
by reference and made a part hereof) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;4.3</TD>
<TD ALIGN="left" VALIGN="top">The Lincoln Electric Company Restoration Plan </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;5.1</TD>
<TD ALIGN="left" VALIGN="top">Opinion of Counsel </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">23.1</TD>
<TD ALIGN="left" VALIGN="top">Consent of Independent Registered Public Accounting Firm </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">23.2</TD>
<TD ALIGN="left" VALIGN="top">Consent of Counsel (included in Exhibit 5.1) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">24.1</TD>
<TD ALIGN="left" VALIGN="top">Powers of Attorney </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9. Undertakings. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The undersigned Registrant hereby undertakes: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the
effective Registration Statement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) To include any material information with respect to the plan of distribution not previously
disclosed in the Registration Statement or any material change to such information in the Registration Statement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>provided,
however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the
Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference in the Registration Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) To remove from registration by means of a post-effective amendment any of the securities being registered that remain unsold at the
termination of the offering. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be in the initial bona fide offering thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form&nbsp;S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Cleveland, State of Ohio, on December&nbsp;19, 2016. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>LINCOLN ELECTRIC HOLDINGS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Frederick G. Stueber</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frederick G. Stueber, Executive Vice President,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">General Counsel&nbsp;&amp; Secretary</P></TD></TR>
</TABLE></DIV>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed
by the following persons and in the capacities indicated on December&nbsp;19, 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:30.60pt; font-size:8pt; font-family:Times New Roman">Signature</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:15.05pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Title</P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">Christopher L. Mapes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chairman, President and Chief Executive Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(principal executive officer)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">Vincent K. Petrella</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President, Chief Financial Officer and Treasurer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(principal financial officer)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">Geoffrey P. Allman</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Vice President, Corporate Controller</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(principal accounting officer)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">Curtis E. Espeland</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">David H. Gunning</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">Stephen G. Hanks</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">Michael F. Hilton</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">G. Russell Lincoln</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">Kathryn Jo Lincoln</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">William E. MacDonald, III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">Phillip J. Mason</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">Hellene S. Runtagh</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" align="left">George H. Walls, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Frederick G. Stueber, the undersigned attorney-in-fact, by signing his name hereto, does hereby sign and execute this Registration Statement on behalf of the above indicated officers and directors thereof (constituting
a majority of the directors) pursuant to a power of attorney filed with the Securities and Exchange Commission. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">December&nbsp;19, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Frederick G. Stueber</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Frederick G. Stueber, Attorney-in-Fact</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT INDEX </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amended and Restated Articles of Incorporation of the Registrant (filed as Exhibit 3.1 to the Registrant&#146;s Current Report on Form 8-K, filed on September&nbsp;27, 2011, Commission File No. 000-01402, and incorporated herein by
reference and made a part hereof)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amended and Restated Code of Regulations of the Registrant (filed as Exhibit 3.1 to the Registrant&#146;s Current Report on Form 8-K, filed on April&nbsp;29, 2014, Commission File No. 000-01402, and incorporated herein by reference
and made a part hereof)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Lincoln Electric Company Restoration Plan</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Counsel</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Independent Registered Public Accounting Firm</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Counsel (included in Exhibit 5.1)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Powers of Attorney</TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>d309605dex43.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 4.3</U> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE LINCOLN ELECTRIC COMPANY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESTORATION PLAN </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>(Effective January&nbsp;1, 2017) </U></B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE LINCOLN ELECTRIC COMPANY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESTORATION PLAN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Lincoln Electric Company (the &#147;Company&#148;) hereby adopts The Lincoln Electric Company Restoration Plan (the &#147;Plan&#148;) to read as set forth herein. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PREFACE
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>1.1</U> <U>Effective Date</U>. The effective date of this Plan is January&nbsp;1, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>1.2</U> <U>Purpose of the Plan</U>. 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&nbsp;401(a)(17) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>1.3</U> <U>Intentions</U>. 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&nbsp;409A of the Code and regulations thereunder and other applicable laws. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.1</U> <U>Account</U> shall mean the bookkeeping record maintained by the Employer in accordance with Section&nbsp;4.6
showing a Participant&#146;s interest under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.2</U> <U>Beneficiary</U> 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&nbsp;VI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.3</U> <U>Company</U> shall mean The Lincoln Electric Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.4</U> <U>Compensation</U> shall mean an Employee&#146;s &#147;Compensation&#148; as defined in the Savings Plan without
regard to the Compensation Limitation, plus the Employee&#146;s deferrals, if any, of &#147;Base Salary&#148; and &#147;Bonuses&#148; under the Lincoln Electric Holdings, Inc. 2005 Deferred Compensation Plan for Executives, as the terms &#147;Base
Salary&#148; and &#147;Bonuses&#148; are defined in such 2005 Deferred Compensation Plan for Executives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.5</U>
<U>Compensation Limitation</U> shall mean the maximum dollar amount of compensation that may be taken into account under the Savings Plan pursuant to Section&nbsp;401(a)(17) of the Code for a particular Plan Year. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.6</U> <U>Change in Control Event</U> shall mean an event described in
Section&nbsp;6.7 of the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.7</U> <U>Employer</U> 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.8</U> <U>Excess Matching Contribution Benefit</U> shall mean the benefit described in Section&nbsp;4.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.9</U> <U>Excess Matching Contribution Eligible Employee</U> shall mean an Employee described in Section&nbsp;3.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.10</U> <U>Excess Matching Contribution Sub-Account</U> shall mean the Sub-Account described in Section&nbsp;4.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.11</U> <U>Excess Nonelective Contribution Benefit</U> shall mean the benefit described in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.12</U> <U>Excess Nonelective Contribution Eligible Employee</U> shall mean an Employee described in Section&nbsp;3.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.13</U> <U>Excess Nonelective Contribution Sub-Account</U> shall mean the Sub-Account described in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.14</U> <U>Excess Retirement Benefit or Benefits</U> shall mean individually or collectively the Excess Matching
Contribution Benefit, the Excess Nonelective Contribution Benefit and the Excess Transitional Contribution Benefit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U>
<U>2.15</U> <U>Excess Retirement Benefit Eligible Employee</U> 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.16</U> <U>Excess Transitional Contribution Benefit</U> shall mean the benefit
described in Section&nbsp;4.3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.17</U> <U>Excess Transitional Contribution Eligible Employee</U> shall mean an
Employee described in Section&nbsp;3.3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.18</U> <U>Excess Transitional Contribution Sub-Account</U> shall mean the
Sub-Account described in Section&nbsp;4.3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.19</U> <U>Holdings</U> shall mean Lincoln Electric Holdings, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.20</U> <U>Other 401(k) Plan</U> shall mean a defined contribution plan, other than the Savings Plan, maintained by an
Employer that is qualified under Section&nbsp;401(a) of the Code and includes a qualified cash or deferred arrangement within the meaning of Section&nbsp;401(k) of the Code. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.21</U> <U>Participant</U> shall mean an Excess Retirement Benefit Eligible
Employee or former Excess Retirement Benefit Eligible Employee who has an Account under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.22</U> <U>Plan</U>
shall mean The Lincoln Electric Company Restoration Plan, as herein set forth, and as amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U>
<U>2.23</U> <U>Plan</U><U> Administrator</U> shall mean the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.24</U> <U>Plan Year</U> shall mean the calendar
year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.25</U> <U>Retirement</U> shall mean a Separation From Service that occurs on or after the date the Participant
attains age 55. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.26</U> <U>Savings Plan</U> shall mean The Lincoln Electric Company Employee Savings Plan, as amended
and restated effective January&nbsp;1, 2017, and as the same may be amended from time to time, or any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U>
<U>2.27</U> <U>Separation from Service</U> shall mean a separation from service, as defined in the 409A Guidance, with the Employer and all Controlled Group Members.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.28</U> <U>Unforeseeable Emergency</U> shall mean a severe financial hardship of the Participant resulting from an illness
or accident of the Participant, the Participant&#146;s spouse, the Participant&#146;s Beneficiary, or the Participant&#146;s dependent (as defined in Section&nbsp;152 of the Code, without regard to Section&nbsp;152(b)(1), (b)(2) and (d)(1)(B) of the
Code; loss of the Participant&#146;s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>2.29</U> <U>409A Guidance</U> shall have the meaning set forth in Section&nbsp;8.11(a). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PARTICIPATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>3.1</U> <U>Excess Matching Contribution Eligible Employees</U>. 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) his or her Compensation for the Plan Year exceeds the Compensation Limitation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>3.2</U> <U>Excess Nonelective Contribution Eligible Employees</U>. 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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) his or her Compensation for the Plan Year exceeds the Compensation Limitation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>3.3</U> <U>Excess Transitional Contribution Eligible Employees</U>. An Employee of an Employer
shall become an Excess Transitional Contribution Eligible Employee on January&nbsp;1, 2017 if he or she satisfies the following conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) he or she is a Transitional Contribution Participant under the Savings Plan, and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) his or her Compensation for the Plan Year exceeds the Compensation Limitation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;1, 2017 that he or she satisfies the preceding conditions. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXCESS RETIREMENT BENEFITS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>4.1</U> <U>Excess Matching Contribution Benefit</U>. The Employer shall establish and maintain on its books a Sub-Account
(the &#147;Excess Matching Contribution Sub-Account&#148;) 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)&nbsp;three (3)&nbsp;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&#146;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)&nbsp;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 &#147;Excess Matching Contribution Benefit&#148;). 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. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>4.2</U> <U>Excess Nonelective Contribution Benefit</U>. The Employer shall
establish and maintain on its books a Sub-Account (the &#147;Excess Nonelective Contribution Sub-Account&#148;) 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)&nbsp;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&#146;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 &#147;Excess Nonelective Contribution Benefit&#148;). 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>4.3</U> <U>Excess Transitional Contribution Benefit</U>. The Employer shall establish and maintain on its books a
Sub-Account (the &#147;Excess Transitional Contribution Sub-Account&#148;) 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)&nbsp;percent of the Participant&#146;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 &#147;Excess Transitional Contribution Benefit&#148;). 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.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>4.4</U> <U>Payroll Taxes</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>4.5</U> <U>Annual Determination</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>4.6</U> <U>Participant&#146;s Account</U>. 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&#146;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. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>4.7</U> <U>Deemed Investments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Deemed Investment of Accounts</U>. 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&nbsp;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&#146;s Account shall be deemed to be invested if the Participant fails to provide investment instructions pursuant to this Section&nbsp;4.7(a). Until
otherwise changed, such default fund shall be the applicable investment vehicle determined pursuant to the terms of the Savings Plan&#146;s default investment provisions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Changes in Elections; Transfers Among Funds</U>. 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&nbsp;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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Periodic Account Adjustments</U>. 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&#146;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. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VESTING
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>5.1</U> <U>Vesting</U>. 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. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DISTRIBUTION
OF BENEFITS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>6.1</U> <U>Separation from Service Prior to Age 55</U>. Amounts credited to a Participant&#146;s
Account at the time of the Participant&#146;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. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>6.2</U> <U>Separation from Service upon Retirement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(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)&nbsp;a lump sum payment on the first business day of the seventh month immediately following the date of his or her Retirement, or (ii)&nbsp;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&nbsp;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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Any election made or deemed made pursuant to Section&nbsp;6.2(a) with respect to Excess Retirement Benefits credited to a
Participant&#146;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&nbsp;6.2(a) with respect to Excess Retirement Benefits credited to the Participant&#146;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&#146;s Account for a Plan Year and payable on Retirement shall not be effective unless the change election satisfies the following requirements: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the change must be made at least
twelve (12)&nbsp;months prior to the due date for the payment as provided in Section&nbsp;6.2(a); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;6.2(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>6.3</U> <U>Beneficiary Designations</U>. 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&#146;s death. A Participant </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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&#146;s Beneficiary unless the Participant&#146;s designation specifically provided to the contrary. If two or more persons designated as a Participant&#146;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&#146;s designation specifically provides for a different
allocation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>6.4</U> <U>Change in Beneficiary</U>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U>
<U>6.5</U> <U>Distribution to Beneficiaries</U>. If a Participant&#146;s death occurs prior to the payment of his or her entire Account under Section&nbsp;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&#146;s Account at the time of the Participant&#146;s death shall be paid in full to the Participant&#146;s Beneficiary in the form of a lump sum payment as soon as practicable following the
Participant&#146;s death. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>6.6</U> <U>Distributions on Account of an Unforeseeable Emergency</U>: 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&#146;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&#146;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&#146;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&nbsp;6.6, such distribution shall be made within 30 days after the Plan Administrator&#146;s determination of the existence of
such Unforeseeable Emergency and the amount of distribution so needed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>6.7</U> <U>Distribution upon a Change in Control
Event under Section&nbsp;409A of the Code</U>. Notwithstanding any other provisions of the Plan to the contrary, as soon as possible following a &#147;change in the ownership&#148; or &#147;change in the effective control&#148; of Holdings or an
Employer or a &#147;change in the ownership of a substantial portion of the assets&#148; of Holdings or an Employer, each within the meaning of the 409A Guidance (a &#147;Change in Control Event&#148;), 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)&nbsp;in the case of a Change in Control Event with respect to Holdings, each Participant under the Plan and (b)&nbsp;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. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>6.8</U> <U>Acceleration of Distributions.</U> Notwithstanding any provisions of
the Plan to the contrary, the time for payment or the schedule of any payment with respect to a Participant&#146;s Account as provided under the Plan shall not be accelerated (within the meaning of the Section&nbsp;409A Guidance) except as follows:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(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&#146;s Account; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Plan may permit acceleration of the
time for payment or schedule of a payment with respect to a Participant&#146;s Account in order to (i)&nbsp;pay the Federal Insurance Contributions Act (&#147;<U>FICA</U>&#148;) tax imposed under sections 3101 and 3121(v)(2) of the Code on
compensation deferred under the plan (the &#147;<U>FICA Amount</U>&#148;), (ii)&nbsp;pay the income tax at source on wages imposed under section 3401 of the Code on the FICA Amount, and (iii)&nbsp;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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Plan may permit acceleration of the time for payment or schedule of a payment with respect to a Participant&#146;s
Account in such other circumstances as prescribed in the 409A Guidance and in accordance with such 409A Guidance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U>
<U>6.9</U> <U>Distributions of Amounts Not Deductible Under Section&nbsp;162(m) of the Code</U>. 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&nbsp;l62(m) of the Code, as determined by the Plan Administrator in its sole discretion, and in accordance with the 409A Guidance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>6.10</U> <U>Distributions of Amounts Deemed Includable in Gross Income</U>. 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&#146;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&#146;s gross income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>6.11</U> <U>Distributions of Amounts in Violation of Securities Laws</U>. 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&#146;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. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADMINISTRATION OF PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>7.1</U> <U>Administration</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>In general</U>. The Plan shall be administered by the Plan Administrator. The Plan Administrator shall have discretion to interpret
where necessary all provisions of the </P>

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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)&nbsp;to determine whether a particular Employee is an Excess Retirement Benefit Eligible Employee, and (ii)&nbsp;to determine if a person is entitled to Excess Retirement Benefits hereunder and, if
so, the amount of such Benefits. The Plan Administrator&#146;s determination of the rights of any person hereunder shall be final and binding on all persons, subject only to the provisions of Sections&nbsp;7.3 and 7.4 hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Delegation of Duties</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>7.2</U> <U>Regulations</U>. 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&nbsp;7.3 and 7.4 hereof, be final and binding on all persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>7.3</U> <U>Claims Procedures</U>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the specific reasons for the denial; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) specific references to pertinent Plan provisions on which the denial is based; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) an explanation of the claim review procedure and the time limits applicable thereto
(including a statement of the claimant&#146;s right to bring a civil action under Section&nbsp;502(a) of ERISA following an adverse benefit determination on review). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;7.1(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&#146;s claim for benefits and a statement of the claimant&#146;s right to bring a civil action under
Section&nbsp;502(a) of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>7.4</U> <U>Revocability of Action/Recovery</U>. 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&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>7.5</U> <U>Amendment</U>. 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&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>7.6</U> <U>Termination</U>. 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&#146;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&nbsp;1.409A-3(j)(4)(ix) or any successor provision. Any termination shall be expressed in the form of a
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.1</U> <U>Liability of Company</U>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.2</U>
<U>Limitation on Rights of Participants and Beneficiaries</U> <FONT STYLE="white-space:nowrap">-</FONT> <U>No Lien</U>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.3</U> <U>No Guarantee of
Employment</U>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.4</U> <U>Facility of Payment</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.5</U> <U>Assignment</U>. 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&#146;s or Beneficiary&#146;s interest under this Plan to an &#147;alternate
payee&#148; as defined in Section&nbsp;414(p) of the Code. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.6</U> <U>Severability</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.7</U> <U>Effect on other Benefits</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.8</U> <U>Liability for Payment/Expenses</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.9</U> <U>Unclaimed Benefit</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.10</U> <U>Limitations on Liability</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.11</U> <U>Section&nbsp;409A of the Code</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) It is intended that the Plan (including all amendments thereto) comply with the provisions of Section&nbsp;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&nbsp;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 &#147;<U>409A Guidance</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as permitted under Section&nbsp;409A of the Code, any
amounts payable to a Participant or Beneficiary or for a Participant&#146;s or Beneficiary&#146;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. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(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&nbsp;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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(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&nbsp;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&#146;s or Beneficiary&#146;s account in connection with this Plan (including any taxes and penalties under Section&nbsp;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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) For purposes of the Plan, the phrase &#147;permitted by Section&nbsp;409A of the Code,&#148; &#147;permitted by the 409A Guidance,&#148; or
words or phrases of similar import, shall mean that the event or circumstance that may occur or exist only if permitted by Section&nbsp;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&nbsp;409A(a)(1) of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.12</U> <U>Withholding of Taxes</U>.
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)&nbsp;days prior to the Participant&#146;s Separation from Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.13</U> <U>Accounts Subject to the Holdings&#146; Recovery of Funds Policy</U>. Notwithstanding anything in this Plan to
the contrary, the Participants&#146; 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&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.14</U> <U>Successors and Assigns</U> 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>SECTION</U> <U>8.15</U> <U>Governing Law</U>. This Plan shall be regulated, construed and administered under the laws of the State of Ohio,
except where preempted by federal law. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">EXECUTED this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of December, 2016. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">THE LINCOLN ELECTRIC COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>d309605dex51.htm
<DESCRIPTION>EX-5.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 5.1 </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Lincoln Electric Holdings, Inc. letterhead] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;19, 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lincoln Electric
Holdings, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">22801 St. Clair Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cleveland, Ohio 44117
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><U>Registration Statement on Form S-8 Filed by Lincoln Electric Holdings, Inc.</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I have acted as counsel for Lincoln Electric Holdings, Inc., an Ohio corporation (the &#147;<B><I>Company</I></B>&#148;), in connection with
The Lincoln Electric Company Restoration Plan (the &#147;<B><I>Plan</I></B>&#148;). In connection with the opinions expressed herein, I have examined such documents, records and matters of law as I have deemed relevant or necessary for purposes of
this opinion. Based on the foregoing, and subject to the further limitations, qualifications and assumptions set forth herein, I am of the opinion that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The $10 million of Deferred Compensation Obligations registered on the Registration Statement on Form S-8 filed by the Company on
December&nbsp;16, 2016 (the &#147;<B><I>Deferred Compensation Obligations</I></B>&#148;), which represent general unsecured obligations to pay deferred compensation in the future in accordance with the Plan, when issued in accordance with the
provisions of the Plan, will constitute valid and binding obligations of the Company; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The provisions of the written Plan document
comply with the applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (&#147;<B><I>ERISA</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The opinion set forth in paragraph 1 is qualified to the extent that enforceability of the obligations with respect to any Deferred
Compensation Obligation or any related document or instrument may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer and fraudulent conveyance, voidable preference, moratorium or other similar laws and related regulations or
judicial opinions or doctrines of general applicability from time to time in effect, including those relating to or affecting creditors&#146; rights generally, and by general equitable principles or fiduciary considerations and public policy
considerations, whether such principles and considerations are considered in a proceeding at law or at equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The opinion set forth in
paragraph 2 applies only as to the form of the written Plan document, and for purposes of such opinion I have assumed that the employees and other persons who are eligible to participate in the Plan constitute a select group of management or highly
compensated employees for purposes of ERISA. Accordingly, but without limitation of the previous sentence, I express no opinion as to whether the employees and other persons who are eligible to participate in the Plan constitute a select group of
management or highly compensated employees or whether the Plan will be considered &#147;funded&#148; for purposes of ERISA, which are factual issues depending upon the facts and circumstances in existence from time to time. </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The opinions expressed herein are limited to ERISA and the General Corporation Law of the State
of Ohio, and I express no opinion as to the effect of the laws of any other jurisdiction. In addition, we have assumed that the resolutions authorizing the Company to issue the Deferred Compensation Obligations in accordance with the Plan will be in
full force and effect at all times at which such Deferred Compensation Obligations are issued, and the Company will take no action inconsistent with such resolutions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement on Form S-8 filed by the Company to effect the
registration of the Deferred Compensation Obligations under the Securities Act of 1933 (the &#147;<B><I>Act</I></B>&#148;). In giving such consent, I do not thereby admit that I am included in the category of persons whose consent is required under
Section&nbsp;7 of the Act or the rules and regulations of the Securities and Exchange Commission promulgated thereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Frederick G. Stueber</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Frederick G. Stueber</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Executive Vice President, General Counsel&nbsp;&amp; Secretary</TD></TR>
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<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>d309605dex231.htm
<DESCRIPTION>EX-23.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 23.1 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to The Lincoln Electric Company Restoration Plan of Lincoln
Electric Holdings, Inc. and subsidiaries, of our reports dated February&nbsp;24, 2016, with respect to the consolidated financial statements and schedule of Lincoln Electric Holdings, Inc. and subsidiaries, and the effectiveness of internal control
over financial reporting of Lincoln Electric Holdings, Inc. and subsidiaries, included in its Annual Report (Form 10-K) for the year ended December&nbsp;31, 2015, filed with the Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Ernst&nbsp;&amp; Young LLP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cleveland, Ohio </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;19, 2016 </P>
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<TYPE>EX-24.1
<SEQUENCE>5
<FILENAME>d309605dex241.htm
<DESCRIPTION>EX-24.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 24.1 </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>POWER OF ATTORNEY </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">KNOW ALL BY THESE PRESENTS, that each of the undersigned officers and directors of Lincoln Electric Holdings, Inc., an Ohio corporation
(&#147;Registrant&#148;), hereby constitutes and appoints Vincent K. Petrella, Frederick G. Stueber and Jennifer I. Ansberry, and each of them, as true and lawful attorney or attorneys-in-fact for the undersigned, for him or her and in his or her
name, place and stead, to sign on his or her behalf as an officer or director of the Registrant a Registration Statement or Registration Statements on Form S 8 pursuant to the Securities Act of 1933 concerning Deferred Compensation Obligations of
the Company to be offered in connection with The Lincoln Electric Company Restoration Plan, and to sign any and all amendments or post-effective amendments to such Registration Statement(s), and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission or any state regulatory authority, granting unto said attorney or attorneys in fact, and each of them, full power and authority to do and perform each and every act and
thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as they might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them may lawfully do
or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an
original with respect to the person executing it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the 12th day of
December, 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Christopher L. Mapes</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christopher L. Mapes</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chairman, President and Chief Executive
Officer (principal executive officer)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ G. Russell Lincoln</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">G. Russell Lincoln</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Director</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Vincent K. Petrella</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vincent K. Petrella</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Executive Vice President, Chief Financial
Officer and Treasurer (principal financial officer)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kathryn Jo Lincoln</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kathryn Jo Lincoln</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Director</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Geoffrey P. Allman</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Geoffrey P. Allman</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Senior Vice President, Corporate Controller
(principal accounting officer)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William E. MacDonald III</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">William E. MacDonald III</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Director</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Curtis E. Espeland</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Curtis E. Espeland</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Phillip J. Mason</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Phillip J. Mason</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Director</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David H. Gunning</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David H. Gunning</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Hellene S. Runtagh</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hellene S. Runtagh</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Director</P></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stephen G. Hanks</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen G. Hanks</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ George H. Walls, Jr.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">George H. Walls, Jr.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Director</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael F. Hilton</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael F. Hilton</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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