EX-10.2 Retirement Letter

EX-10.2 3 l10062aexv10w2.txt EX-10.2 RETIREMENT LETTER Exhibit 10.2 PERSONAL & CONFIDENTIAL October 13, 2004 Anthony A. Massaro Chairman Hellene S. Runtagh Harold L. Adams Chair, Compensation & Executive Chair, Nominating & Corporate Development Committee Governance Committee Board of Directors Board of Directors Lincoln Electric Holdings, Inc. Lincoln Electric Holdings, Inc. 22801 St. Clair Avenue 22801 St. Clair Avenue Cleveland, Ohio 44117 Cleveland, Ohio 44117 RE: TERMINATION FOR GOOD REASON Dear Hellene and Harold: With the Board's election of John M. Stropki as Chairman of the Board of Directors of Lincoln Electric Holdings, Inc. (the "Company") on October 13, 2004, I hereby provide notice that I am resigning from the Board of Directors, effective immediately. This resignation is consistent with Board's policy that "individual employee Directors who change the responsibility they held when they were elected to the Board should volunteer to resign from the Board." In addition, as a result of the election of Mr. Stropki as Chairman, I hereby provide notice that I will be terminating my employment with the Company for Good Reason, as that term is defined in my Employment and Benefits letter agreement, dated June 23, 2003, between the Company and myself (my "Agreement"). All of the terms of my Agreement, relative to a termination for Good Reason, shall apply. The effective date of my termination will be October 30, 2004 and my retirement date, under normal Company policy, will be October 31, 2004. Very truly yours, /s/ Anthony A. Massaro ----------------------- Anthony A. Massaro ACCEPTED: /s/ H. S. Runtagh /s/ Harold L. Adams ------------------------ ------------------------ Hellene S. Runtagh Harold L. Adams October 13, 2004 October 13, 2004