Document:

exv10w42

Exhibit 10.42

Execution Copy

CONSULTING AGREEMENT

     
This CONSULTING AGREEMENT (this “Agreement”) is entered into as of December 3, 2010,
by  and among Razor Merger Sub Inc., a Delaware corporation (the “Company”), Michael McLain
(“McLain”), James Floyd (“Floyd”), Rahul Kapur (“Kapur”), Gary Warren
(“Warren”) and John Magliana (“Magliana”, together with McLain, Floyd, Kapur and
Warren, the “Consultants”).

RECITALS

     WHEREAS, the Consultants have been working with the Company on the due diligence related to a
potential investment in Thermadyne Holdings Corporation (“Thermadyne”);

     WHEREAS, Company is expected to consummate the acquisition of Thermadyne pursuant to the
Agreement and Plan of Merger, dated as of October 5, 2010 (as it may be amended, supplemented or
restated from time to time, the “Merger Agreement”), by and among Razor Holdco Inc., the
Company and Thermadyne, under which the Company will merge with and into Thermadyne, with
Thermadyne continuing as the surviving corporation, and immediately after the Effective Time (as
such term is defined in the Merger Agreement, the “Closing”), the rights and obligations of the
Company pursuant to this Agreement will become the rights and obligations of Thermadyne; and

     WHEREAS, the Consultants will work with the Company after the Closing of the acquisition of
Thermadyne to create and maximize the equity value of Thermadyne and its affiliates by providing
strategic advisory assistance to Thermadyne.

     NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, and
for other good and valuable consideration, the Company and Consultant hereby agree as follows:

TERMS AND CONDITIONS

SECTION 1

DUTIES

     1.1 Engagement. The Company engages Consultants, and Consultants accept such
engagement by the Company, to provide consulting services upon the terms and conditions contained
in this Agreement.

     1.2 Duties. Consultants shall provide strategic advisory assistance to the Company and
Thermadyne and its affiliates, including, without limitation:

	 	(a)	 	Developing a detailed multi-year growth-oriented business plan for Thermadyne and its
subsidiaries (the “Full Potential Plan”);
	 
	 	(b)	 	Developing, overseeing and managing the implementation of selected strategic initiatives
of Thermadyne and its subsidiaries including, without limitation, as set forth in the Full
Potential Plan;

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	 	(c)	 	Mentoring members of senior management of Thermadyne and its subsidiaries including,
without limitation, assisting with execution of major initiatives;
	 
	 	(d)	 	Assisting Thermadyne and its subsidiaries in the development and modification of
organizational and reporting structures;
	 
	 	(e)	 	Identifying management needs of Thermadyne and its subsidiaries and assisting Thermadyne
and its subsidiaries in recruiting senior personnel to fill such roles; and
	 
	 	(f)	 	Temporarily filling executive leadership roles of Thermadyne and its subsidiaries to the
extent requested.

After the completion of the Full Potential Plan, it is estimated that each Consultant will devote 3
days per week to providing the services described in this Section 1.2.

SECTION 2

COMPENSATION

     2.1 Compensation. As compensation for the services to be rendered under this
Agreement, Consultants shall be entitled to receive the following from the Company: (a) if the
acquisition of Thermadyne is consummated as contemplated by the Merger Agreement, (i) within 15
days of Closing, an amount to each Consultant as determined by McLain; provided,
however, that the aggregate payments pursuant to this clause (i) shall equal
$250,000, (ii) within 15 days of the Company’s acknowledgment that the development of the Full
Potential Plan has been completed (“Plan Completion”), an amount to each Consultant as
determined by McLain; provided, however, that the aggregate payments pursuant to
this clause (ii) shall equal $250,000 and (iii) after the Plan Completion, an amount per
month for a maximum of four months to each Consultant as designated by McLain; provided,
however, that the aggregate payments pursuant to this clause (iii) shall equal
$240,000 and (b) if the acquisition of Thermadyne is not consummated as contemplated by the Merger
Agreement, each of McLain, Floyd, Kapur and Warren will be entitled to a per diem work fee from
October 5, 2010 through the date of the termination of the Merger Agreement at a rate of $1,500 per
full day (or pro rata amount for any partial day) actually worked by such Consultant.

     2.2 Reimbursement of Expenses. The Company shall reimburse Consultants for reasonable
and necessary expenditures made in furtherance of Consultants’ duties hereunder in accordance with
the Company’s expense reimbursement policy. Consultants shall document and substantiate all such
expenditures, including an itemized list of all expenses incurred, the business purposes for which
such expenses were incurred, and all receipts related thereto, in accordance with such policy.

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     2.3 No Additional Compensation. Except as provided in (i) the Employment Agreement,
dated on or about the date hereof, between Merger Sub and McLain, (ii) the Non- Qualified Stock
Option Award, dated on or about the date hereof, between the
Company and McLain and (iii) the Amended and Restated Limited Liability Company Agreement of
IPC/Razor LLC, dated on or about the date hereof, among Irving Place Capital Partners III, L.P.,
Irving Place Capital III Feeder Fund, L.P., Irving Place Capital Partners III Coinvestors, L.P. and
the other parties thereto, the compensation set forth in Section 2.1 shall be the sole
compensation payable to Consultant for performing the Services and no additional compensation or
fee will be payable by the Company to Consultant by reason of any benefit gained by the Company
directly or indirectly through Consultant’s performing the Services, nor shall the Company be
liable in any way for any additional compensation or fee for performing the Services unless the
Company shall have expressly agreed thereto in writing.

SECTION 3

TERM

This Agreement shall terminate four months after the completion of the Full Potential Plan, unless
extended by mutual agreement of the Company and the Consultants in writing (the
“Expiration”). The provisions of Sections 2 (to the extent compensation is earned
or expenses are incurred prior to Expiration), 4 and 5 shall continue in effect
beyond the Expiration.

SECTION 4

CERTAIN AGREEMENTS

     4.1 Confidentiality. Each Consultant acknowledges that the Company and its affiliates
own and shall own and have developed and shall develop proprietary information concerning their
businesses and their customers and clients (“Proprietary Information”). Such Proprietary
Information includes, among other things, trade secrets, financial information, product plans,
customer lists, marketing plans, systems, manuals, training materials, forecasts, inventions,
improvements, ideas, know-how and other intellectual property; provided, however,
that “Proprietary Information” does not include information which (a) becomes generally available
to the public other than as a result of a disclosure by Consultants contrary to the terms of this
Agreement, (b) was available on a non-confidential basis prior to its disclosure, or (c) becomes
available on a non-confidential basis from a source other than Consultants, provided that such
source is not contractually obligated to keep such information confidential. Each Consultant shall,
at all times, both before and after the Expiration, keep all Proprietary Information in confidence
and trust and shall not use or disclose any Proprietary Information without the written consent of
the Company, except as necessary in the ordinary course of such Consultant’s duties.

     4.2 Non-Compete. Each Consultant agrees that, during the term of this Agreement and
for a period of two (2) years following the termination or expiration of this Agreement, such
Consultant shall not, either in his own behalf or as a partner, officer, director, employee, agent
or shareholder (other than as the holder of less than 5% of the outstanding capital stock of any
corporation with a class of equity security registered under Section 12(b) or Section 12(g) of the
Securities Exchange Act of 1934,
as amended), engage in, invest in or render services to any person or entity engaged in the
business of designing, manufacturing, marketing, servicing,

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distributing or selling cutting and welding products (including equipment, accessories and
consumables). Nothing contained in this Section 4.2 shall be construed as restricting any
Consultant’s right to sell or otherwise dispose of any business or investments owned or operated by
any Consultant as of the date hereof.

     4.3 Non-Solicitation. Each Consultants agrees that, during the term of this Agreement
and for a period of two (2) years following the termination or expiration of this Agreement, he
shall not, directly or indirectly, on behalf of any business engaged in a business competitive with
Thermadyne or any subsidiary of Thermadyne (i) cause or attempt to cause any customer which was a
customer of Thermadyne or of any subsidiary of Thermadyne at any time during the course of
Consultants engagement under this Agreement or any active prospective customer of Thermadyne or any
subsidiary of Thermadyne to divert, terminate, limit, modify or fail to enter into any existing or
potential relationship with Thermadyne or any subsidiary of Thermadyne or (ii) solicit or induce,
or in any manner attempt to solicit or induce, any person currently or, within the prior six
months, employed by or any agent of, Thermadyne or any subsidiary of Thermadyne, to terminate his
or her employment or agency, as the case may be, with Thermadyne or such subsidiary; provided that
such limitations shall not apply if the contact with the employee or agent is initiated by a third
party, not engaged or hired, directly or indirectly, by such Consultant (or with the prior
knowledge of such Consultant), on a “blind basis” such as through a head hunter.

     4.4 Company Property. Each Consultant recognizes that all Proprietary Information,
however stored or memorialized, and all identification cards, keys, access codes, marketing
materials, documents, records and other equipment or property which the Company and Thermadyne
provides are the sole property of the Company and Thermadyne and their affiliates, as applicable.
Upon termination of this Agreement, each Consultant shall (a) refrain from taking any such property
from Thermadyne’s premises, and (b) return any such property in such Consultant’s possession.

SECTION 5

MISCELLANEOUS

     5.1 Notices. All notices and other communications hereunder shall be in writing and
shall be deemed given upon the earlier of delivery thereof if by hand or upon receipt if sent by
mail (registered or certified mail, postage prepaid, return receipt requested) or on the next day
(not including a Saturday, Sunday or other day on which banking institutions in the City of New
York, New York shall be permitted or required by law or executive order to be closed) after deposit
if sent by a recognized overnight delivery service or upon transmission if sent by telecopy or
facsimile transmission (with request of assurance of receipt in a manner customary for
communication of such type) as follows:

If to the Company:

Razor Holdco Inc.

c/o Irving Place Capital Management,L.P.

277 Park Avenue, 39th Floor

New York, New York 10172

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Attention: Joshua Neuman

Facsimile: (212) 551-4541

with a courtesy copy to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention: David Zeltner and Jane McDonald

Facsimile: (212) 310-8007

If to Consultants:

Michael McLain

1380 West Paces Ferry Road

Suite 2180

Atlanta, Georgia 30327

Facsimile: (404) 968-8101

     With a copy to:

Womble Carlyle Sandridge & Rice PLLC

271 17th Street NW, Suite 2400

Atlanta: Georgia 30363-1017

Attention: Clinton Richardson

Facsimile: (404) 888-7490

     5.2 Governing Law. This Agreement, the rights and obligations of the parties under
this Agreement, and any claim or controversy directly or indirectly based upon or arising out of
this Agreement (whether based upon contract, tort or any other theory), including all matters of
construction, validity and performance, shall be governed by and construed in accordance with the
laws of the State of Delaware, without regard to any conflict of laws provision that would require
the application of the law of any other jurisdiction.

     5.3 Assignment; Binding Effect. Consultants are not permitted to assign his rights
under this Agreement. This Agreement shall be binding upon the Company, Consultants and each of
their respective successors and permitted assigns.

     5.4 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
agreement.

     5.5 Headings. The article and section headings contained in this Agreement are solely
for the purpose of reference, are not part of the agreement of the parties and shall not affect in
any way the meaning or interpretation of this Agreement.

     5.6 Severability. In case any provision in this Agreement shall be held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality and enforceability
of

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any such provision in every other respect and the remaining provisions shall not in any way be
affected or impaired thereby.

     5.7 Amendment and Modification. This Agreement may only be amended by a written
instrument signed by the Company and Consultants.

     5.8 
Waiver of Compliance; Consents. Any failure of the Company, on the one hand, or
Consultants, on the other hand, to comply with any obligation, covenant, agreement or condition
contained herein may be waived in writing by the Company and Consultants, respectively, but such
waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or
condition shall not operate as a waiver of, or estoppel with respect to, any other failure.

     5.9 Specific Performance. The Consultants agree that irreparable damage would occur in
the event that Consultants do not perform their obligations under Section 4 of this Agreement. It
is accordingly agreed that the Company shall be entitled to specific performance and injunctive or
other equitable relief of the terms hereof. Consultants agree not to raise any objections to the
availability of the equitable remedy of specific performance or other equitable relief to prevent
or restrain breaches or threatened breaches of, or to enforce compliance with, the covenants and
obligations of Consultants.

     5.10 Entire Agreement. This Agreement constitutes the entire agreement among the
parties hereto with respect to the subject matter hereof and supersedes any prior agreement or
understanding among or between them with respect to such subject matter including, without
limitation, the Subscription Agreement, dated October 4, 2010, among Irving Place Capital Partners
III, L.P. and its affiliates and Consultants.

     5.11 No Recourse Against Non-Parties. Notwithstanding anything that may be expressed
or implied in this Agreement, the Company and Consultants covenant, agree and acknowledge that this
Agreement may only be enforced against the parties hereto. All claims or causes of action (whether
in contract, tort or otherwise) arising out of or relating to this Agreement (including the
negotiation, execution or performance of this Agreement and any representation or warranty made in
or in connection with this Agreement or as an inducement to enter into this Agreement) may be made
only against the parties hereto. No past, present or future officer, director, shareholder,
employee, incorporator, member, partner, agent, attorney, representative or Affiliate of any party
hereto (including any person negotiating or executing this Agreement on behalf of a party hereto)
shall have any liability or obligation with respect to this Agreement or with respect to any claim
or cause of action (whether in contract, tort or otherwise) arising out of or relating to this
Agreement (including the negotiation, execution or performance of this Agreement and any
representation or warranty made in or in connection with this Agreement or as an inducement to
enter into this Agreement).

     5.12 Consent to Jurisdiction; Service of Process and Venue. The parties to this
Agreement agree that jurisdiction and venue in any action brought by any party hereto pursuant to
this Agreement shall exclusively lie in any federal or state court located in the
State of Delaware. By execution and delivery of this Agreement, the parties hereto irrevocably
submit to the jurisdiction of such courts for himself and in respect of his property with respect
to such

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action. The parties hereto irrevocably agree that venue would be proper in such court, and hereby
waive any objection that such court is an improper or inconvenient forum for the resolution of such
action. The parties further agree that the mailing by certified or registered mail, return receipt
requested, of any process required by any such court shall constitute valid and lawful service of
process against them, without necessity for service by any other means provided by statute or rule
of court.

     5.13 Waiver of Jury Trial. BECAUSE DISPUTES ARISING IN CONNECTION
WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND
ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND
THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER
THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE
RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO
ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM,
THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHT OR
REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS RELATED HERETO.

     5.14 No Third Party Beneficiaries. It is understood and agreed among the parties that
this Agreement and the covenants made herein are made expressly and solely for the benefit of the
parties hereto, and that no other person, other than Thermadyne, shall be entitled or be deemed to
be entitled to any benefits or rights hereunder, nor be authorized or entitled to enforce any
rights, claims or remedies hereunder or by reason hereof.

     5.15 Independent Contractor Status. The relationship of Consultants to the Company is
that of independent contractor and Consultants shall in no way be considered to be an agent or
employee of the Company.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF the parties have executed this Agreement as of the date first written above.

	 	 	 	 	 
	 	COMPANY:

RAZOR MERGER SUB INC.

 	 
	 	By:  	/s/ Douglas Korn
 	 
	 	 	Name:  	Douglas Korn 	 
	 	 	Title:  	President 	 
	 

Signature Page to Consulting Agreement

 

 

	 	 	 	 	 
	 	 	CONSULTANTS:

 	 
	 	 	/s/  Michael McLain
 	 
	 	 	Michael McLain 	 
	 	 	 
	 	  	/s/
James Floyd 	 
	 	 	James Floyd 	 
	 	 	 	 
	 	  	/s/ Rahul Kapur 	 
	 	 	Rahul Kapur 	 
	 	 	 	 
	 	  	/s/
Gary Warren 	 
	 	 	Gary Warren 	 
	 	 	 	 
	 	  	/s/John Magliana 	 
	 	 	John Magliana 	 
	 	 	 	 
	 

Signature Page to Consulting Agreementexv10w43

Exhibit 10.43

SEPARATION AGREEMENT AND GENERAL RELEASE

     This Separation Agreement and General Release is made and entered into as of the 10th day of
May, 2011 by and between Terry Downes (hereinafter “Executive”), and Thermadyne Holdings
Corporation (“Holdings”), Thermadyne Technologies Holdings Inc. (“Technologies”) and each of its
subsidiaries, divisions, and affiliates (together with Holdings and Technologies all collectively
referred to as “Employers” or “Releasees”). This Separation Agreement and General Release
(“Agreement”) is entered into pursuant to the terms of the Third Amended and Restated Executive
Employment Agreement entered into as of August 17, 2009, as amended as of December 3, 2010, by the
Amendment to Third Amended and Restated Executive Employment Agreement (as amended, the “Employment
Agreement”).

     WHEREAS, pursuant to Executive’s written notice to Employers dated April 7, 2011, Executive’s
employment with Employers terminated effective the 7th day of April, 2011 (the “Termination Date”);
and

     WHEREAS, the parties hereto are entering into this Agreement for the purposes of (i)
acknowledging that, as of the Termination Date, all further obligations of Employers, of whatever
kind and nature, including but not limited to those under the Employment Agreement and the other
agreements identified herein, except such compensation and benefits as are expressly provided for
and except as expressly provided otherwise in this Agreement, have been satisfied or terminated and
(ii) setting forth Executive’s continuing obligations and conditions to his right to receive such
compensation and benefits;

     NOW, THEREFORE, in consideration of the foregoing recitals, and in consideration of the mutual
covenants, agreements, understandings, undertakings, representations, warranties and

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promises hereinafter set forth, and intending to be legally bound thereby, Employers and
Executive do hereby covenant and agree as follows:

     1. (a) Holdings agrees to pay Executive Eight-Five Thousand One Hundred
Eighty-Four Dollars ($85,184.00) (“Separation Payment”), payable over a twelve (12)
month period beginning on the Effective Date in equal installments payable in
accordance with Employers’ normal payroll practices and less tax and other
withholdings required by law.

          (b) Until the first anniversary of the date of Termination, if Executive timely elects
continuation pursuant to the Consolidated Omnibus Budget Reconciliation Act, Executive shall be
entitled to continue to receive the benefits to which he would otherwise be entitled prior to the
Termination Date; provided that Executive shall continue to make the same contributions toward such
coverage as Executive was making on the Termination Date with adjustments to contributions towards
such coverage as are made generally for all of Holdings’ full time executive employees. Executive
assumes full responsibility for the payment of all federal, state and local taxes whatsoever
arising out of or relating to the benefits paid by Employers under this Paragraph 1(b).
Notwithstanding the foregoing, after the Effective Date (as defined below), Executive will not be
entitled to participate in any 401(k) plans, excess savings plans, tax qualified profit sharing
plans or any other retirement plans of Employers or to receive the Car Allowance (as such term is
defined in the Employment Agreement) or any other perquisites previously provided by Employers.

          (c) In the event that, during the period in which he is entitled to receive the Separation
Payment and benefits described in this Paragraph 1, Executive obtains employment elsewhere or
otherwise receives compensation for providing services of any kind, including as an advisor,
independent contractor or otherwise (except as contemplated in Paragraph 11 below)

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during the period in which he is entitled to the compensation and benefits described in this
Agreement, Employers’ payment obligations under this Paragraph 1 following the date on which such
employment commences or compensation is earned shall be reduced by the amounts Executive receives
from his new employment or services provided as compensation and benefits (“Offset Amount”). With
respect to health and other insurance coverage benefits that are made available to Executive by a
new employer, Employers’ obligations to continue such benefits under this Agreement shall be
reduced as contemplated above upon Executive’s becoming eligible to receive such benefits, whether
or not he opts for such coverage. Executive shall notify Employers of any such circumstance,
sufficiently prior to its commencement, so that Employers can reduce or terminate its payments
provided under this Paragraph 1 to Executive accordingly. Executive shall be liable to Employers
for double the Offset Amount if not timely and properly disclosed to Employers by Executive.

          (d) Executive acknowledges and agrees that the Retention Bonus Agreement dated November 10,
2010 by and between Holdings and Executive (the “Retention Bonus Agreement”) is hereby terminated.

          (e) Executive acknowledges and agrees that the options to purchase common stock of
Technologies evidenced by the Option Award Agreement dated December 3, 2010 by and between
Technologies and Executive (the “Option Award Agreement”) were forfeited as of the Termination Date
and that the Option Award Agreement is hereby terminated.

          (f) Executive acknowledges and agrees that this Agreement constitutes written notice of the
exercise by Technologies of its right to repurchase all of the shares of Series A Preferred Stock
and Common Stock of Technologies owned by Executive (the “Technologies Stock”) and subject to the
terms of the Stockholders Agreement dated December 3, 2010 by and

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among Technologies and the holders that are parties thereto (the “Stockholders Agreement”).
Executive also agrees to accept as payment for the repurchase of the Technologies Stock Two Hundred
Eighty-Five Thousand Dollars ($285,000) (the “Equity Consideration”) and that such amount
constitutes “Fair Market Value” of the Technologies Stock as contemplated under the Stockholders
Agreement and hereby waives his right to object to such determination of Fair Market Value.

     2. This Agreement constitutes full and final settlement of all claims asserted or which could
have been asserted between the parties prior to the Effective Date (as defined below). By the
execution of the terms hereof, Releasees are released from all claims for liability asserted or
which could have been asserted by Executive against them, known or unknown, suspected or not
suspected. The release under this Paragraph 2 includes any and all claims, demands and causes of
action of any kind whatever, including attorneys’ fees and costs actually incurred (collectively
referred to as “Claims”), whether known or unknown, which Executive now has or ever has had against
any of the Releasees up to the Effective Date (as defined below), including but not limited to
claims under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., Equal Pay Act, 29
U.S.C. §206 et seq., the Employee Retirement Income Security Act, 29 U.S.C. §§1001 et seq., Title
VII, 42 U.S.C. §§2000 et seq., 42 U.S.C. §1981, the Americans With Disabilities Act, 42 U.S.C.
§§12,101 et seq., claims under the Missouri military non-discrimination statute, MO.
REV. STAT. § 41.730, claims under the Missouri Human Rights Act,
MO. REV. STAT. § 213.010 et seq., claims under the Missouri Wage
Payment Act, MO. REV. STAT. § 290.110 et seq., claims for
retaliation under the Missouri Workers’ Compensation Act, MO. REV.
STAT. § 287.010 et. seq., claims under the Missouri Service Letter Statute,
MO. REV. STAT. § 290.140, and any and all other federal, state or
local statues and/or ordinances, and any

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and all other Claims arising under or pursuant to contract or common law, including, without
limitation, Claims arising under or pursuant to the Employment Agreement, the Retention Bonus
Agreement, the Stockholders Agreement (except with respect to provisions governing the form and
timing of repurchase of the Technologies Stock and Executive’s continuing rights under such
agreement subsequent to such repurchase) and the Option Award Agreement.

     3. Executive agrees and represents that it is within his contemplation that he may have Claims
against Releasees of which, at the time of the execution of this Agreement, he has no knowledge or
suspicion, but he agrees and represents that this Agreement extends to all Claims in any way based
upon, connected with or related to the matters described in Paragraph 2, above, whether or not
known, claimed or suspected by him.

     4. Releasees deny, and consideration given for this Agreement does not constitute an admission
of, any allegation of a violation of any applicable law, statute, rule, regulation or contract made
against them by Executive. This Agreement shall not be deemed an admission of liability or of a
violation of any applicable law, statute, rule, regulation or contract of any kind.

     5. Executive agrees that he will not disparage Releasees (including its current or former
officers, directors, agents, representatives and/or employees) or solicit or encourage others to do
so. Holdings agrees that its officers, directors and managerial employees of its Human Resources
department will not disparage Executive or solicit or encourage others to do so. Notwithstanding
the foregoing, nothing in this Paragraph 5 shall preclude any person from providing truthful
testimony or information as required by law.

     6. At all times following the Termination Date, Executive agrees to cooperate with and make
himself readily available to Employers (including, in particular, their General Counsel), as
Employers may reasonably request, to assist in any matter including but not limited

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to giving truthful statements, information and/or testimony in connection with any investigation,
action or proceeding with respect to which Executive may have knowledge, information or expertise.
Employers shall reimburse Executive for reasonable expenses incurred by Executive in providing such
cooperation (e.g., travel, lodging and meal expenses), provided that Executive provides Employers
with appropriate receipts for any such expenses. Executive shall not be reimbursed for any
attorneys’ fees, disbursements and/or costs incurred by Executive in connection with such
cooperation, nor shall Executive be paid for his time.

     7. Executive further agrees that, except as may be required by law or
regulation, Executive will not at any time discuss any matter concerning Employers
and/or any of the other Releasees with any person or entity adverse to or potentially
adverse to Employers and/or any of the other Releasees on any matter including but not
limited to any employment claims or customer or supplier claims, without the prior
written consent of Employers. However, if required by a court, a governmental
regulatory agency or self-regulatory agency to provide testimony or information
regarding Employers and/or any of the other Releasees, Executive will cooperate with
said court or regulatory agency. If compelled to testify by a court order, validly
served subpoena in any legal proceeding or by regulatory authority, Executive will
testify truthfully as to all matters concerning his employment at Employers. If a
regulatory agency or self-regulatory agency contacts Executive regarding Employers
and/or any of the other Releasees or if Executive receives a subpoena or other court
or legal process relating in any way to Employers, any of the other Releasees and/or
any present or former employee, customer or supplier of Employers, Executive
immediately will give Employers sufficient prior written notice (i.e, at least ten
(10) days’ notice or to the greatest extent possible) and shall make himself

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available to Employers to be interviewed concerning the subject of such contact, to the extent
permitted by applicable law.

     8. Executive further agrees that he will not disclose the existence of this Agreement or its
terms, directly or indirectly, to any other persons, except to his immediate family, legal counsel,
and tax advisor, or as required by law. Employers further agree that the amount of the settlement
payments made herein will not be disclosed by their officers, directors or Human Resources
department, directly or indirectly, to any other persons, except to their legal counsel, affiliated
corporate entities, investors, insurers, necessary internal personnel, and accountants and tax
advisors, or as required by law. However, nothing shall prohibit Executive or Employers from
informing any appropriate person or entity of Executive’s obligations set forth in Paragraphs 9 and
10 of this Agreement.

     9. Except as otherwise specified in this Paragraph 9, this Agreement is a complete and total
integration of the understanding of the parties and supersedes all prior or contemporaneous
negotiations, commitments, agreements, writings and discussions. Executive represents and warrants
that no promise or inducement has been offered or made except as set forth herein and that this
Agreement is executed without any reliance upon any other statement or representation by any of the
Releasees. Notwithstanding the foregoing, the terms of Sections 7 (“Confidential Information”), 9
(“Agreement Not to Solicit Employees or Customers”), 10 (“Inventions”), and 25 (“Indemnification”)
of the Employment Agreement are hereby restated and deemed fully enforceable as if fully stated
herein.

     10. (a) Notwithstanding the nature or circumstances of the termination of Executive’s
employment with Employers, Executive hereby agrees that for a period of eighteen (18) months
following the Effective Date (the “Non-Compete Period”), he shall not, directly or

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indirectly, either on his own behalf or as a partner, officer, director, employee, agent or
shareholder (other than as the holder of less than 5% of the outstanding capital stock of any
corporation with a class of equity security registered under Section 12(b) or Section 12(g) of the
Securities Exchange Act of 1934, as amended), engage in, invest in or render services to any person
or entity engaged in the business of designing, manufacturing, marketing, servicing, distributing
or selling cutting and welding products (including equipment, accessories and consumables),
including but not limited to businesses in which Employers or any subsidiaries of Employers are
then engaged and situated within any country. Nothing contained in this Paragraph 10 shall be
construed as restricting Executive’s right to sell or otherwise dispose of any business or
investments owned or operated by Executive as of the Effective Date.

          (b) In consideration for Executive’s agreement in Paragraph 10(a) and subject to Paragraph 12
of this Agreement, Holdings agrees to pay Executive an aggregate sum of One Hundred Eighty Thousand
Dollars ($180,000.00) (“Non-Compete Consideration”), payable in arrears in eighteen (18) equal
monthly installments over the term of the Non-Compete Period beginning on the last day of the month
following the Effective Date.

          (c) Executive has carefully read and considered the provisions of this Paragraph 10 and agrees
that the restrictions set forth in this Paragraph 10, including but not limited to the Non-Compete
Period and scope of geographic and business restrictions, are fair and reasonably required for the
protection of the interests of Employers and that the enforcement of the same will not create an
undue burden upon Executive’s ability to earn a living.

     11. (a) Holdings hereby engages Executive, and Executive accepts such engagement by Holdings,
to provide consulting services for a term of six (6) months beginning on the Effective Date (the
“Consulting Period”) and upon the terms and conditions set forth

8

 

herein. In connection with such engagement, Executive shall provide advice and counsel relating to
Employers’ operations, including the areas of new product development and engineering, and such
other matters as more particularly directed or requested by Holdings and its representatives during
the Consulting Period on an “as needed” basis and consistent with the scope of, and information
gained through, his prior employment with Employers (the “Consulting Services”); provided, however,
that nothing herein shall require that Executive spend more than twenty (20) hours per month or
travel to perform the Consulting Services.

          (b) As compensation for the Consulting Services and subject to Paragraph 12 of this Agreement,
Holdings agrees to pay Executive Eight Thousand Dollars ($8,000.00) per month for six months,
payable in arrears for each 30-day period following the Effective Date. Holdings shall reimburse
Executive for reasonable and necessary expenditures made in furtherance of Executive’s duties
hereunder in accordance with Holdings’ expense reimbursement policy. Executive shall document and
substantiate all such expenditures, including an itemized list of all expenses incurred, the
business purposes for which such expenses were incurred, and all receipts related thereto, in
accordance with such policy.

          (c) The relationship of Executive to Employers regarding the Consulting Services is that of
independent contractor and Executive shall in no way be considered an agent or employee of
Employers.

     12. (a) Executive acknowledges and agrees that the covenants, obligations and agreements of
Executive contained or reaffirmed in Paragraph 5 through Paragraph 10 relate to special, unique and
extraordinary matters and that a violation of any of the terms of such covenants, obligations or
agreements will cause Employers irreparable injury for which adequate remedies are not available at
law. Therefore, Executive agrees that Employers shall be entitled

9

 

to obtain from a court of competent jurisdiction an injunction, restraining order and/or such other
equitable relief (without the requirement to post bond) as a court of competent jurisdiction may
deem necessary or appropriate to restrain Executive from committing any violation of such
covenants, obligations or agreements. Executive also agrees to pay, and Employers shall also be
entitled to, Employers’ attorney’s fees and costs incurred to address an actual or threatened (but
only to the extent such threat arises from the actions of Executive) breach of Executive’s
covenants, obligations and agreements in Paragraphs 5 through 10, in addition to all other monetary
damages as a result.

          (b) In the event of Executive’s violation of any of the provisions of this Agreement other
than Paragraphs 10 or 11, the right of Executive to receive any further payments pursuant to
Paragraphs 1(a) and 1(b) of this Agreement shall immediately terminate and the payments previously
made to Executive pursuant to Paragraphs 1(a) and 1(b) of this Agreement shall be returned to
Employers by Executive within thirty (30) days after receipt of written notice from Employers of
such violation. Executive agrees that any delay with respect to such written notice from Employers
shall not constitute a waiver of Employers’ rights or of Executive’s violation.

          (c) In the event of Executive’s violation of Paragraph 10 of this Agreement, the right of
Executive to receive any further payments pursuant to Paragraph 10 of this Agreement shall
immediately terminate, and Executive also shall be liable to Employers for all monetary damages as
a result of such violation.

          (d) In the event of Executive’s violation of Paragraph 11 of this Agreement, the right of
Executive to receive any further payments pursuant to Paragraph 11 of this Agreement shall
immediately terminate; provided, however, that if such violation is curable,

10

 

Executive shall be given written notice of such violation and shall have ten business days to
reasonably cure such violation.

          (e) The injunctive remedies and other remedies described in this Paragraph 12
are cumulative and in addition to any other rights and remedies Employers may have.

          (f) Executive assumes full responsibility for the payment of all federal, state and local
taxes whatsoever arising out of or relating to the Non-Compete Consideration and the Consulting
Services contemplated hereunder.

     13. Executive hereby represents and warrants to Employers that he has not taken any action
between the Termination Date and the Effective Date that would constitute, with or without the
giving of notice or the passage of time, or both, a violation or breach of any of his obligations
under this Agreement.

     14. All notices required or permitted to be given hereunder shall be in writing and shall be
deemed delivered, whether or not actually received, two (2) days after deposited in the United
States mail, postage prepaid, registered or certified mail, return receipt requested, addressed to
the party to whom notice is being given at the specified address or at such other address as such
party may designate by notice:

	 	 	 

	     Employers:

	 	Thermadyne Holdings Corporation
	 

	 	Attn: Chief Executive Officer
	 

	 	16052 Swingley Ridge Road, Suite 300
	 

	 	St. Louis, MO 63017
	 

	 	Fax: 636-728-3010
	 

	 	 
	 

	 	and
	 

	 	 
	 

	 	Thermadyne Holdings Corporation
	 

	 	Attn: General Counsel
	 

	 	16052 Swingley Ridge Road, Suite 300
	 

	 	St. Louis, MO 63017
	 

	 	Fax: 636-728-3011

11

 

	 	 	 

	     Executive:

	 	12049 Lakeside Place NE
	 

	 	Seattle, WA 98125
	 

	 	Fax:                     

     15. Executive agrees that nothing in this Agreement is an admission by Releasees of any
wrongdoing, either in violation of an applicable law or otherwise, and that nothing in this
Agreement is to be construed as such by any person.

     16. This Agreement, and the provisions herein, shall be construed and governed by the laws
of the State of Missouri, without regard for conflict of laws principles.

     17. The parties agree that this Agreement may not be modified, altered, or changed except
by a written agreement signed by the parties hereto.

     18. If any provision of this Agreement is held to be invalid, the remaining provisions shall
remain in full force and effect. However, if the release and waiver of all Claims contemplated in
this Agreement in any respect is determined to be invalid or unenforceable, then, at Employers’
option, Executive shall be required (and Executive promises and agrees) to repay to Employers on
demand, any amounts paid by Employers pursuant to Paragraphs 1(a) and 1(b) of this Agreement, and
the parties shall revert to the position held by each prior to the signing of this Agreement.

     19. Separate copies of this document shall constitute original documents which may be signed
separately but which together will constitute one single agreement. This Agreement shall become
effective and binding on the eighth day following Employee’s execution of this Agreement (such
eighth day being referred to herein as the “Effective Date”).

     20. The parties have not relied on any representations, promises, or agreements of any kind
made to them in connection with this Agreement, except for those set forth in this Agreement.

12

 

     21. Executive represents and warrants that he has no legal impediments (including
bankruptcies) to fully and completely settle all Claims and to sign this Agreement. Executive
further warrants that he is the sole owner of all the Claims he has released in this Agreement, and
that he has not assigned or transferred any such Claim (or any interest in any such Claim) to any
other person, and that he will indemnify, defend and hold Releasees harmless for any damages,
costs, fees or expenses which they may incur if these representations and warranties are incorrect
in any respect.

     22. Executive acknowledges that there is no suggestion or implication that his employment with
Employers or any of Releasees shall continue or be deemed to have continued beyond the Termination
Date. Executive further acknowledges that none of Releasees has any obligation to reinstate or
rehire Executive in the future.

     23. This Agreement shall be binding upon Executive and his heirs, executors, administrators,
assigns, successors, beneficiaries and agents, and shall inure to the benefit of Releasees and
their successors and assigns.

     24. This Paragraph 24 shall constitute notice to Executive, in writing, that he has been given
at least twenty-one (21) days within which to consider this Agreement before his signing the same.
By executing this Agreement, Executive acknowledges and agrees that he has, in fact, been given at
least twenty-one (21) days within which to consider this Agreement prior to signing the Agreement.

     25. This Paragraph 25 shall constitute notice to Executive, in writing, that this Agreement
shall not become effective until the eighth (8th) calendar day after the date of Executive’s
execution of this Agreement. During the seven (7) day period following Executive’s execution of
this Agreement, Executive may freely revoke his execution of this Agreement. Upon

13

 

expiration of the seven (7) day period, Executive acknowledges that this Agreement becomes final
and binding. If Executive revokes this Agreement within the seven (7) day period following his
execution of this Agreement, it shall not be effective or enforceable, and Executive will not
receive the consideration described in this Agreement. By executing this Agreement, Executive
acknowledges that he was advised, in writing, that this Agreement was freely revocable during the
seven (7) day period following Executive’s execution of this Agreement.

     26. This Paragraph 26 shall constitute a notice to Executive from Employers, in writing, that
prior to Executive executing this Agreement, Executive should consult with an attorney about this
Agreement, its meaning and effect, and the Claims he is releasing herein. By executing this
Agreement, Executive acknowledges that he was advised, in writing, to contact an attorney
concerning this Agreement before executing the Agreement.

     27. (a) The parties agree that in the event of any breach or alleged breach of this Agreement,
such breach or dispute shall be submitted to arbitration under the commercial rules of the American
Arbitration Association (“AAA”) for selection of a neutral arbitrator. Arbitration shall be the sole
and exclusive remedy with respect to any alleged breach or dispute (with the exception of an action
to enjoin a breach of Paragraphs 5 through 10 of this Agreement, which Executive agrees may be
brought in a court of competent jurisdiction, and that such court shall have authority to award
Employers monetary damages and reimbursement as set forth in Paragraph 12 of this Agreement), and
shall be handled pursuant to the commercial procedures and provisions of the AAA and the
proceedings shall be private and confidential.

          (b) The parties shall jointly request the AAA to designate a panel of arbitrators, and
either the parties mutually shall agree upon one of the arbitrators or, in the absence of mutual
agreement, each side shall alternatively strike a name from the list of

14

 

arbitrators commencing with the party seeking arbitration, and the name remaining on the list shall
be deemed chosen as the arbitrator.

          (c) The parties agree that the issue before the arbitrator shall be whether one of the parties
breached the terms of this Agreement, and, if so, what are the appropriate damages, if any, except
that the arbitrator will have no authority to award punitive damages or damages for non-economic
injuries. The finding of the arbitrator shall be final and binding on both parties. The arbitrator
shall have no power to add to, detract from, or alter this Agreement in any way, and,
notwithstanding any AAA rule to the contrary, the arbitrator shall have no power to award, and may
not award, punitive or non-economic damages. The arbitrator’s decision shall be subject to review
only as provided under the Federal Arbitration Act where the arbitrator has failed to base his or
her decision on the Agreement. Pending final decision by the arbitrator, there shall be no other
legal action taken by either party to the controversy, except as set forth in Paragraph 12 of this
Agreement.

          (d) The arbitration shall take place in the State of Missouri in the St. Louis metropolitan
area. All costs and expenses incidental to and arising out of the arbitration (e.g., arbitrator’s
fee) shall be borne by the losing party, but each side shall pay its own attorneys’ fees.

     IN WITNESS WHEREOF, the parties hereto have executed and delivered this Separation
Agreement and General Release as of the 10th day of May, 2011.

I HAVE READ THIS SEPARATION AGREEMENT AND GENERAL RELEASE AND, UNDERSTANDING ALL OF ITS TERMS, SIGN
IT OF MY FREE WILL. I
UNDERSTAND THAT THIS AGREEMENT HAS A BINDING ARBITRATION PROVISION WHICH CAN BE ENFORCED BY
THE PARTIES.

15

 

	 	 	 	 	 

	 

	 	/s/ Terry Downes
 

Terry Downes
	 	 
	 
	 	 	 	 
	 

	 	THERMADYNE HOLDINGS CORPORATION	 	 
	 
	 	 	 	 
	 

	 	/s/ Martin Quinn
 

By: Martin Quinn
	 	   

	 

	 	Title: President and Chief Executive Officer	 	 
	 
	 	 	 	 
	 

	 	THERMADYNE TECHNOLOGIES HOLDINGS

INC.	 	 
	 
	 	 	 	 
	 

	 	/s/ Martin Quinn
 

By: Martin Quinn
	 	   

	 

	 	Title: President and Chief Executive Officer	 	 

16

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