Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
LECO > SEC Filings for LECO > Form 8-K on 20-Dec-2013All Recent SEC Filings

Show all filings for LINCOLN ELECTRIC HOLDINGS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for LINCOLN ELECTRIC HOLDINGS INC


20-Dec-2013

Change in Directors or Principal Officers, Financial Statements and


Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 20, 2013, John M. Stropki retired as Executive Chairman of Lincoln Electric Holdings, Inc. (the "Company").

Effective December 21, 2013, Christopher L. Mapes, the Company's President and Chief Executive Officer, was appointed Chairman of the Board in addition to his current responsibilities.

On December 16, 2013, the Compensation and Executive Development Committee (the "Committee") of the Board of Directors of the Company approved amendments applicable to all outstanding restricted stock ("RS") and restricted stock unit ("RSU") agreements that provide for potential accelerated vesting under the Company's Cash Long-Term Incentive Plan (the "Cash LTIP"). This included amendments to RS and RSUs agreements for the Company's principal executive officer, principal accounting officer and the other named executive officers. The amendments provide for the potential full accelerated vesting of the one award that is tied to achievement of performance objectives under the Cash LTIP falling closest after the awardee's retirement date. The awardee will now vest in the entire RS or RSU award if it is later determined by the Committee that the performance objectives have been met, which determination normally occurs at the first regularly-scheduled Committee meeting after the prior year's calendar year-end. Prior to the amendments, if an awardee retired before the date on which the determination was made by the Committee that the Cash LTIP performance objectives had been met, the awardee would have been entitled to receive only a pro-rata portion of the award based on the normal time-elapsed five-year vesting schedule and would have forfeited the remainder of the award.

Under the terms of the amendments, in order to be eligible for full accelerated vesting for the one award that is tied to achievement of performance objectives under the Cash LTIP falling closest after the awardee's retirement date, the awardee's retirement must occur on or after July 1st of the third year of the Cash LTIP performance period. Specifically, under the terms of the amendments, if an awardee retires on or after July 1st of the third year of the applicable performance period, the awardee would receive a pro-rata portion of the award at the time of retirement (based on the normal time-elapsed five-year vesting period), but the remaining portion of the award would be pended until a determination is made by the Committee that the Cash LTIP performance objectives either have or have not been met. If the Committee determines that the performance objectives have been met, then the retired awardee would receive the pended portion of the award (which together with the pro-rata portion of the award received at retirement would provide for full accelerated vesting of the award). If the Committee determines that the Cash LTIP performance objectives have not been met, then the pended portion of the award would be forfeited and the retired awardee would have received only a pro-rata portion of the award over the normal time-elapsed five-year vesting period.

The foregoing is merely a summary of the terms of the amendments and not a complete discussion thereof. Accordingly, the foregoing is qualified in its entirety by reference to the full text of the amendments, which are attached to this Form 8-K as Exhibits 10.1 and 10.2 and incorporated herein by reference.




Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1    Form of Amendment to Restricted Shares Agreement for Executive Officers
        (for awards granted prior to December 2013).

10.2    Form of Amendment to Restricted Stock Unit Agreement for Executive
        Officers (for awards granted prior to December 2013).


  Add LECO to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for LECO - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.