LINCOLN ELECTRIC HOLDINGS INC
EX-10.1
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.1</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT NO. 2<BR>
TO<BR>
LINCOLN ELECTRIC HOLDINGS, INC.<BR>
2006 STOCK PLAN FOR NON-EMPLOYEE DIRECTORS</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Recitals</B></U>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Lincoln Electric Holdings, Inc. (the &#147;Company&#148;) has adopted the 2006 Stock Plan for
Non-Employee Directors, as amended by Amendment No.&nbsp;1 (the &#147;Plan&#148;);
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company now desires to amend the Plan to change the definition of Retirement; and
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Nominating and Corporate Governance Committee has approved this Amendment No.&nbsp;2
to the Plan (&#147;Amendment No.&nbsp;2&#148;).
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Amendment</B></U>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, the Plan is hereby amended by this Amendment No.&nbsp;2, effective as of July&nbsp;26,
2007, as follows:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The definition of &#147;Retirement&#148; in Section&nbsp;2 of the Plan is amended to read as follows:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Retirement&#148; means, unless otherwise determined by the Committee, a Termination of
Service as a Director at the end of the Director&#146;s term occurring as a result of the Director&#146;s
being unable to stand for reelection under the Company&#146;s policy relating to Director retirement.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Except as amended by Amendment No.&nbsp;2, the Plan shall remain unchanged and in full force and
effect.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed this Amendment No.&nbsp;2 effective as of the date
first written above.
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    <TD colspan="3" align="left">LINCOLN ELECTRIC HOLDINGS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Frederick G. Stueber
&nbsp;</TD>
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    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Frederick G. Stueber&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President, General<BR>
Counsel &#038; Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
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