Exhibit 10.1

AMENDMENT NO. 1

TO THE

LINCOLN ELECTRIC HOLDINGS, INC.

2005 DEFERRED COMPENSATION PLAN FOR EXECUTIVES

(SECOND AMENDMENT and RESTATEMENT EFFECTIVE AS OF JANUARY 1, 2018)

    Lincoln Electric Holdings, Inc. hereby adopts this Amendment No. 1 to the Lincoln Electric Holdings, Inc. 2005 Deferred Compensation Plan for Executives (Second Amendment and Restatement Effective as of January 1, 2018) (the “Plan”), effective as of August 1, 2020.

    Section 5.2 of the Plan is hereby amended in its entirety to read as follows:

“Section 5.2. Security For Benefits. Notwithstanding the provisions of Section 5.1, nothing in this Plan shall preclude the Corporation from setting aside amounts in trust (the “Trust”) pursuant to one (1) or more trust agreements between a trustee and the Corporation. However, no Participant or Beneficiary shall have any secured interest or claim in any assets or property of the Corporation or the Trust and all funds contained in the Trust shall remain subject to the claims of the Corporation’s general creditors. In furtherance of the foregoing, in the event of a Potential Change in Control or a Change in Control (as such terms are defined in the Lincoln Electric Holdings, Inc. Rabbi Trust Agreement by and between the Corporation and Wells Fargo Bank, National Association (or its successor trustee) effective as of August 1, 2020 (or any successor trust agreement to the foregoing agreement) (the “Trust Agreement”)) or upon any other event specified in the Trust Agreement, the Corporation shall contribute (or cause to be contributed) to the Trust established thereunder assets in the amounts, and in accordance with the terms and conditions, as set forth in the Trust Agreement, provided that any such contribution would not result in a transfer of property within the meaning of Section 83 of the Code as contemplated by Sections 409A(b)(2) or (3) of the Code.”

        IN WITNESS WHEREOF, Lincoln Electric Holdings, Inc. has caused this Amendment No. 1 to be executed on this 21^st day of July, 2020.

LINCOLN ELECTRIC HOLDINGS, INC.

By: /s/ Michele R. Kuhrt    

Name: Michele R. Kuhrt

Title:     Executive Vice President, Chief Human Resources Officer

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