Document:

exv10w28

 

Exhibit 10.28

Notarial Certificate

I, SASKIA-ANN PRICE of Sandton, in the Gauteng Province, Republic of South Africa, a duly
sworn and admitted Notary Public, certify that the copy of the SALE OF SHARES AGREEMENT between
Marthinus Johannes Crous and Thermadyne Industries Inc and Thermadyne South Africa (Proprietary)
Limited t/a Unique Welding Alloys and Unique Welding Alloys Rustenburg (Proprietary) Limited t/a
Thermadyne Plant Rental South Africa and Maxweld & Braze (Proprietary) Limited and Selrod Welding
(Proprietary) Limited attached hereto, has been signed and executed by the respective parties
thereto.

In
testimony whereof, l, the notary, have hereunto subscribed my name and set and fixed
my seal of office at SANDTON aforesaid.

	 	 	 	 	 
	SANDTON, 9 MARCH 2006
	 	 	 	 
	 
	 	 	 	 
	/s/ Saskia-Ann Price 

SASKIA-ANN PRICE

	 	 	 	 
	NOTARY PUBLIC
	 	 	 	 
	 
	BOWMAN GILFILLAN INC.
	 	 	 	 
	SANDTON
	 	 	 	 

[SEAL]

 

 

SHARE SALE AGREEMENT

between

MARTHINUS JOHANNES CROUS

(an individual with Identity Number: 520708 5121 081)

{“the Seller”)

and

THERMADYNE INDUSTRIES INC.

(a US Corporation incorporated in accordance with the laws of

the state of Delaware, United States of America)

(“Therm Inc”)

and

THERMADYNE SOUTH AFRICA (PROPRIETARY) LIMITED

trading as UNIQUE WELDING ALLOYS

(a company incorporated in accordance with the laws of the Republic of South Africa

under Registration Number: 2000/001361/07)

(“Unique”)

and

UNIQUE WELDING ALLOYS RUSTENBURG (PROPRIETARY) LIMITED

trading as THERMADYNE PLANT RENTAL SOUTH AFRICA

(a company incorporated in accordance with the laws of the Republic of South Africa

under Registration Number: 2000/0015417/07)

(“Plant Rental”)

and

MAXWELD & BRAZE (PROPRIETARY) LIMITED

(a company incorporated in accordance with the laws of the Republic of South Africa

under Registration Number: 2000/010018/07)

(“Maxweld”)

and

SELROD WELDING (PROPRIETARY) LIMITED

(a company registered in accordance with the laws of the Republic of South Africa

under registration number 2004/022946/07)

(“Selrod”)

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	1.    INTERPRETATION
	 	 	3	 
	2.    PURCHASE AND SALE
	 	 	10	 
	3.    THE INTERIM PERIOD
	 	 	10	 
	5.    PURCHASE PRICE, APPORTIONMENT AND PAYMENT
	 	 	13	 
	6.    DEED OF CESSION AND PLEDGE
	 	 	15	 
	7.    IMPLEMENTATION AND CLOSING
	 	 	16	 
	8.
   WARRANTIES
	 	 	18	 
	9    THIRD PARTY SALE
	 	 	19	 
	10. CANCELLATION OF PRIOR CONTRACTS
	 	 	20	 
	11. CONFIDENTIALITY
	 	 	20	 
	12. GOVERNING LAW
	 	 	20	 
	13. BREACH
	 	 	21	 
	14. DISPUTE RESOLUTION
	 	 	21	 
	15. DOMICILIUMCITANDIET EXECUTANDI
	 	 	24	 
	16 CONSENTS AND APPROVALS
	 	 	26	 
	17. COMPETING AND CONFLICTING INTERESTS
	 	 	27	 
	18. GENERAL
	 	 	28	 
	19. COSTS
	 	 	30	 

Appendix “1”       Warranties Schedule

Appendix “2”      Cession

Appendix “3”      Pro Forma Section 85 Resolutions to be Passed

Appendix “4”      Calculation of the Expected STC liability and letter of notice to SARS

Appendix “5”      Pro Forma Section 228 Resolution to be Passed

2

 

PREAMBLE

	 	 	It is recorded for purpose and application of this Agreement that:
	 
	A.	 	The Seller is the owner of the Sale Shares, which constitute a total of 10% (ten percent) of
the issued share capital of Unique and 10% (ten percent) of the issued share capital of
Maxweld respectively, and is also the owner of the Sale Claims. Therm Inc. is presently the
holder of the remaining 90% (ninety percent) of the issued share capital in both Maxweld and
Unique. Following the repurchase and cancellation of the Sale Shares from the Seller in terms
of this Agreement, Unique and Maxweld will both become wholly owned subsidiaries of Therm.
Inc. The Seller is also the owner of 1% (one percent) of the issued share capital of Selrod
with the remaining 99% (ninety nine percent) of the shares in that company being owned by
Unique. Unique also holds 90% (ninety percent) of the issued share capital of Plant Rental,
which shares are registered in the name of the Seller and are being held as agent for the
Purchaser and as security for all payments due to the Seller arising from this Agreement and
the Prior Contracts.
	 
	B.	 	Notwithstanding the provisions of the Prior Contracts or any of them, the Seller has agreed to
sell to the Purchaser, and the Purchaser has agreed to purchase from the Seller in reduction of
each of their respective share capital in terms of section 85 of the Companies Act, the Sale Shares
and also to settle the Sale Claims, and the Seller has agreed to transfer the Plant Rental Shares
to Unique in accordance with the provisions of this Agreement.

THE PARTIES ACCORDINGLY AGREE AS FOLLOWS:

1. INTERPRETATION

	 	1.1.	 	Definitions

	 	 	 	 	 	 	 	 	 
	 	 	 	 	In this Agreement and the Preamble above, unless the context requires otherwise:
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.1.
	 	“Act”
	 	means the Companies Act, 61 of 1973, as
amended from time to time;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.2.
	 	“this Agreement”
	 	means this Share Sale Agreement, together
with the schedules and Appendices;

3

 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.3.
	 	“Appendix”
	 	means an Appendix to this Agreement (and “Appendices” shall have a corresponding meaning);
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.4.
	 	“Audited Accounts”
	 	means the annual financial statements of each of Maxweld and Unique for the year ended 31 December 2004;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.5.
	 	“Business Day”
	 	means any day other than a Saturday, Sunday or official public holiday in South Africa;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.6.
	 	“Cession”
	 	means the cession of that part of the Plant Rental Proceeds comprising the Purchase Price payable
by Plant Rental to the Seller in the form of the cession annexed hereto as Appendix “2”;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.7.
	 	“Closing Date”
	 	means the date of payment or deemed payment to the Seller of the Purchase Price;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.8.
	 	“Companies”
	 	means collectively Unique, Selrod, Maxweld and Plant Rental, and “Company” means any one of them
as the context may require;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.9.
	 	“Company Business”
	 	means all of the business activities conducted by Unique, Plant Rental, Selrod and Maxweld as at
the Effective Date;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.10.
	 	“Effective Date”
	 	means 00h00 on 1 January 2006 (notwithstanding the Signature Date);
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.11.
	 	“Interim Period”
	 	means the period between the Effective Date and the Payment Date;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.12.
	 	“Maxweld Loan Claims”
	 	means all claims of whatsoever nature and howsoever arising (including, but not limited to,
claims on loan account, if any) which the Seller has against Maxweld as at 31 December 2004 was
the amount of Rl 870 000.00 (one million eight hundred and seventy thousand Rand);
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.13.
	 	“Maxweld Overdraft Facility”
	 	means the overdraft facility granted by Nedbank Limited to Maxweld;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.14.
	 	“Maxweld Purchase Price”
	 	means, subject to the provisions of
clause 5.4, the purchase consideration payable by Maxweld to
the Seller for the Maxweld Sale Shares and the Maxweld Loan Claims amounting to R8 047 275.00
(Eight Million and Forty Seven Thousand Two Hundred and Seventy Five Rand);

4

 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.15.
	 	“Maxweld Shares”
	 	means the ordinary shares in the share capital of
Maxweld of a par value of R1,00 (one rand) each;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.16.
	 	“Maxweld Sale Equity”
	 	means collectively the Maxweld Sale Shares and the
Maxweld Loan Claims;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.17.
	 	“Maxweld Sale Shares”
	 	means 10 (ten) ordinary par value fully paid shares of
R1,00 (one rand) each owned by the Seller in Maxweld
and which constitute 10% (ten percentum) of the issued
share capital of Maxweld;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.18.
	 	“Month”
	 	means one of the 12 (twelve) named Months of the
Gregorian calendar;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.19.
	 	“Nedbank”
	 	means the business banking east branch of Nedbank
Limited acting through its authorised representatives
being Johan Fourie, and, failing him, Donovan Bald;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.20.
	 	“Parties”
	 	means collectively Therm Inc, each of the Companies and
the Seller and the Purchaser, and “Party” means any one
of them as the context may require;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.21.
	 	“Payment Date”
	 	means the day on which the Purchase Price is paid to
the Seller, which shall be as soon as possible after
the Plant Rental Proceeds have been received, but
which shall in any event be no later than 28 April
2006;
	 
	 

	 	 	 	 1.1.22.
	 	“Plant Rental Proceeds”
	 	 means the total proceeds received by Plant Rental from the
Renttech Sale, which proceeds will be placed under the
control of Nedbank in providing for the payment provided for
in the Cession, and which shall not be paid out in whole or
in part until the Payment Date;
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.23.
	 	“Plant Rental Shares”
	 	means the shares constituting 90% (ninety percentum) of
the issued share capital in Plant Rental of a par value
of R1,00 (one rand) each, which shares are presently
registered in the name of the Seller in his capacity as
agent for the Purchaser, as described in the Preamble.
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 1.1.24.
	 	“Prior Contracts”
	 	means collectively the following agreements:
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 1.1.24.1
	 	                     the “Sale of Business Agreement”

5

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	concluded between the Companies,
the Seller, the Purchaser, Crous
Business Holdings (Pty) Limited
and Unique Welding Alloys Rustenburg
(Pty) Ltd, on 13 April 2000;
	 
	 	 	 	 	 	 
	 

	 	 	1.1.24.2	 	 	the “Option Agreement” concluded
between the Seller and the Purchaser
on 13 April 2000;
	 
	 	 	 	 	 	 
	 

	 	 	1.1.24.3	 	 	the “Amendment Agreement”
concluded between the Seller and the
Purchaser on 9 November 2000; and
	 
	 	 	 	 	 	 
	 

	 	 	1.1.24.4	 	 	the “Share Acquisition and Option
Agreement” means the agreement
concluded between the Purchaser and
the Seller on 9 November 2000;

	 	 	 
	1.1.25. “Purchase Price”

	 	means:

	 	 	 	 	 	 	 
	 

	 	 	1.1.25.1	 	 	subject to any early payment discount
provided for in clause 5.4, an amount
of R22 859 000,00 (Twenty Two
Million Eight Hundred and Fifty Nine
Thousand Rand), being the cash
amount which shall be paid in
accordance with the provisions of
clause 5, or
	 
	 	 	 	 	 	 
	 

	 	 	1.1.25.2	 	 	where the provisions of clause 6.1
apply, the deemed consideration of
retention by the Seller of the Plant
Rental Shares as referred to in that
clause;

	 	 	 
	1.1.26. “Purchaser”

	 	means, in the case of the purchase of the
Unique Sale Equity and the Selrod Sale
Share, Unique, and in the case of the purchase
of the Maxweld Sale Equity, Maxweld;
	 
	 	 
	1.1.27. “Renttech SA”

	 	means Renttech SA (Proprietary) Limited, a
company incorporated under the laws of
South Africa under registration number
2005/044428/07 the shareholders of which
company are Hendrik Gert Van Zyl and Pieter
Jacobus Malan;
	 
	 	 
	1.1.28. “Renttech Sale”

	 	means the sale of the Plant Rental Business to
Renttech SA as referred to in clause 4.1;
	 
	 	 
	1.1.29.
“Renttech Sale Agreement

	 	means the agreement giving effect
to the Renttech Sale;

6

 

	 	 	 
	      1.1.30. “Sale Claims”

	 	means collectively the Maxweld Loan Claims
and the Unique Loan Claims;
	 
	 	 
	      1.131. “Sale Equity”

	 	means collectively the Maxweld Sale Equity,
the Unique Sale Equity and the Selrod Sale
Share;
	 
	 	 
	      1.1.32. “Sale Shares”

	 	means collectively the Unique Sale Shares,
the Maxweld Sale Shares and the Selrod Sale
Share;
	 
	 	 
	      1.1.33. “Selrod Sale Share”

	 	means the 1 (one) ordinary par value share of
R1,00 (one rand) which constitutes 1% (one
percentum) of the issued share capital of
Selrod, held by the Seller;
	 
	 	 
	      1.1.34. “Signature Date”

	 	means the date on which this Agreement is
signed by the Party signing last in time;
	 
	 	 
	      1.1.35. “Suretyships”

	 	means the Suretyships signed by the Seller in
favour of Nedbank Limited, in security for the
obligations of the Companies in relation to the
banking facilities granted by Nedbank
Limited to the Companies;
	 
	 	 
	      1.1.36. “Unique Loan Claims”

	 	means all claims of whatsoever nature and
howsoever arising (including, but not limited
to, claims on loan account, if any) which the
Seller has against Unique which as at
31 December 2004 was the amount of
Rl 328 750.00 (one million three hundred and
twenty eight thousand seven hundred and fifty
Rand);
	 
	 	 
	      1.1.37. “Unique Purchase Price”

	 	means, subject to clause 5.4, the purchase
consideration payable by Unique to the Seller
for the Unique Sale Equity, including the Selrod Share, this purchase
consideration amounting to a total of R14 811 725,00 (fourteen million eight hundred
and eleven thousand seven hundred and twenty five Rand);
	 
	 	 
	      1.1.38. “Unique Sale Equity”

	 	means collectively the Unique Sale Shares and the Unique Loan Claims;
	 
	 	 
	      1.1.39 “Unique Sale Shares”

	 	means 10 (ten) ordinary par value fully paid
shares of Rl,00 (one rand) each owned by the
seller in Unique and which constitute 10% (ten percentum) of the issued share capital of

7

 

	 	 	 
	 

	 	Unique;
	 
	 	 
	      1.1.40. “Unique Shares”

	 	means the ordinary shares in the share capital
of Unique of a par value of R1,00 (one rand) each; and
	 
	 	 
	      1.1.41 “Van Zyl Trust”

	 	means the HG and A Van Zyl Familie Trust
(IT4045/00).

	1.2.	 	General Interpretation

For the purposes of this Agreement the following rules of construction shall apply, unless
the context requires otherwise:

	 	1.2.1.	 	the singular includes the plural and vice versa;
	 
	 	1.2.2.	 	a reference to any one gender, whether masculine, feminine or neuter, includes
the other two;
	 
	 	1.2.3.	 	any reference to a person includes, without being limited to, any individual, body
corporate, unincorporated association or other entity recognised under any law as
having a separate legal existence or personality;
	 
	 	1.2.4.	 	references to a statutory provision include any subordinate legislation made from
time to time under that provision and references to a statutory provision include
that provision as from time to time modified or re-enacted as far as such
modification or re-enactment applies, or is capable of applying, to this Agreement
or any transaction entered into in accordance with this Agreement;
	 
	 	1.2.5.	 	references in this Agreement to “clauses” are to clauses of this Agreement;
	 
	 	1.2.6.	 	any reference in this Agreement to “this Agreement” or any other agreement,
document or instrument shall be construed as a reference to this Agreement or that
other agreement, document or instrument as amended, varied, restated, novated or
substituted from time to time;

8

 

	 	1.2.7.	 	any word and expression defined in any clause shall, unless the
application of the word or expression is specifically limited to the clause in
question, bear the meaning ascribed to the word or expression throughout this
Agreement;
	 
	 	1.2.8.	 	unless otherwise provided, any number of days prescribed shall be determined by
excluding the first and including the last day or, where the last day falls on a day
that is not a Business Day, the next succeeding Business Day;
	 
	 	1.2.9.	 	where figures are referred to in numerals and in words, if there is any conflict
between the two, the words shall prevail; and
	 
	 	1.2.10.	 	in the event that the day for payment of any amount due in terms of this Agreement
should fall on a day which is not a Business Day, the relevant day for payment shall
be the next Business Day;
	 
	 	1.2.11.	 	in the event that the day for performance of any obligation to be performed in
terms of this Agreement should fall on a day which is not a Business Day, the
relevant day for performance shall be the next Business Day;
	 
	 	1.2.12.	 	a reference to a Party includes that Party’s successors-in-title and permitted
assigns.

	1.3.	 	Specific Rules of Interpretation

	 	1.3.1.	 	The use of the word “including” followed by a specific example/s shall not be
construed as limiting the meaning of the general wording preceding it and the eiusdem
generis rule shall not be applied in the interpretation of such general wording or
such specific example/s.
	 
	 	1.3.2.	 	The terms of this Agreement have been negotiated and shall not be interpreted or
construed to the disadvantage of a Party because that Party was responsible for or
participated in the preparation of this Agreement (or any part of it) and the contra
proferentem rule shall not be applied in the interpretation of this Agreement

9

 

	 	1.4.	 	Headings and Sub-headings
	 
	 	 	 	All the headings and sub-headings in this Agreement are for convenience only and
are not to be taken into account for the purposes of interpreting it.

	2.	 	PURCHASE AND SALE

	 	2.1.	 	With effect from the Effective Date, but subject to payment of the Purchase
Price being received by the Seller, the Seller hereby unconditionally and irrevocably
sells to the Purchaser and the Purchaser unconditionally and irrevocably purchases
from the Seller, the Sale Shares upon and subject to the terms and conditions of this
Agreement.
	 
	 	2.2.	 	In addition to the sale of the Sale Shares and subject to payment of the
Purchase Price being received by the Seller, the Seller hereby unconditionally and
irrevocably agrees to transfer to Unique the Plant Rental Shares in accordance with
the provisions of clause 5.1.4 below.
	 
	 	2.3.	 	With effect from the Effective Date, but subject to payment of the Purchase
Price being received by the Seller, the Purchaser shall be deemed to have settled the
Sale Claims at their stated values, which values are included in the Purchase Price.
	 
	 	2.4.	 	The sale and purchase of all of the Sale Shares and settlement of the Sale
Claims and the transfer of the Plant Rental Shares by the Seller to the Purchaser in
terms of this Agreement is one indivisible transaction, except as otherwise provided
for in terms of this Agreement.

	3.	 	THE INTERIM PERIOD

	 	3.1.	 	The Seller warrants and undertakes to the Purchaser that, during the Interim
Period, to the extent that it is within his power and control:

	 	3.1.1.	 	the Companies will continue to carry on business in the ordinary and
regular course;

10

 

	 	3.1.2.	 	the Companies will continue to trade in accordance with the trading style
presently adopted by it, unless otherwise agreed by the Parties;
	 
	 	3.1.3.	 	there will be no material adverse change in the Companies’ financial position;
	 
	 	3.1.4.	 	no person shall be granted any right, title, interest or option to acquire any shares in
the share capital of the Companies whether issued or unissued;
	 
	 	3.1.5.	 	the Companies will not enter into any transaction or bind themselves to any agreements or
arrangements save in the ordinary and regular course of conduct of the Company Business;
	 
	 	3.1.6.	 	the Companies will not incur or become committed to incur any capital expenditure in excess
of R60 000,00 (Sixty Thousand Rand), with specific permission granted for the acquisition of
three new delivery vehicles, to a maximum total price of 

R600 000,00 (Six Hundred Thousand
Rand), to be financed by Nedbank;
	 
	 	3.1.7.	 	none of the Companies binds itself as surety or co-principal debtor for the fulfilment of
the obligations of any person (natural or corporate), except as is required in this
Agreement;
	 
	 	3.1.8.	 	the Companies will not incur any debt in excess of the ordinary business requirements of
the Companies;
	 
	 	3.1.9.	 	subject at all times to the provisions of clause 4 and more particularly the payment to be
made by Unique to the Van Zyl Trust (or its nominee) for the shares held by the Van Zyl Trust
in Unique as referred to in clause 4.1, no amounts that are received by Unique and/or Maxweld
into their respective bank accounts from Plant Rental, whether resulting from declared
dividends or otherwise, shall be transferred out of such accounts for any reason unless so
authorized and instructed in writing by Therm Inc;
	 
	 	3.1.10.	 	no resolution will be passed by the members or directors of the Companies, save for such
resolutions as may be necessary to give effect to this
Agreement;

11

 

	 	3.1.11.	 	the Seller and the Purchaser will not do or omit to do anything which
will:

	 	3.1.11.1	 	materially prejudice the continued goodwill of the Companies;
	 
	 	3.1.11.2	 	reduce the scope of the Company Business; and/or
	 
	 	3.1.11.3	 	result in any business associate (including but not limited to
clients) of the Companies’ ceasing to transact business with the
Companies or to vary the terms upon which it transacts business with
the Companies.

	 	3.2.	 	Save as otherwise specifically provided for to the contrary in this
Agreement, the Seller and the Purchaser shall not, during the Interim Period, take
any steps to convert the shareholders’ loans to fixed share capital in the Companies
nor shall the Companies declare or pay any dividends to their shareholders or repay
any loan accounts to their shareholders.

	4.	 	SECURITY

	 	4.1.	 	Notwithstanding anything to the contrary set out in clauses 3.1 and 3.2 above
it is recorded that Plant Rental intends after the Signature Date (but with effect
from 1 January 2006) selling its business, assets and liabilities (collectively the
“Plant Rental Business”) as a going concern to Renttech SA upon the terms and
conditions set out in the Renttech Sale Agreement,. It is further recorded that as an
indivisible part of the Renttech Sale Unique will, prior to the sale of the Plant
Rental Business to Renttech SA, purchase from the Van Zyl Trust its shareholding in
Plant Rental, which shareholding currently constitutes 10% (ten percentum) of the
total issued share capital in Plant Rental.
	 
	 	4.2.	 	Plant Rental undertakes upon signature of this Agreement to furnish the
Seller with the Cession, in terms of which it shall, in accordance with the
provisions of the Cession, cede, assign and transfer an amount equal to the Purchase
Price as referred to in clause 1.1.25.1 from the Plant Rental Proceeds to the Seller
as security for
payment of that part of the Purchase Price payable collectively by the Purchasers
to the Seller.

12

 

	 	4.3.	 	Each of Plant Rental and Therm Inc, by their signatures at the foot of this
Agreement hereby binds themselves, under renunciation of the benefits of excussion and
division, as sureties for and co-principal debtors in solidum with the Purchaser to
pay the Seller for all amounts due to him and for the due fulfillment of all the
obligations of the Purchaser to the Seller as provided for in this Agreement. In
addition, Plant Rental undertakes to advance to Maxweld the Maxweld Purchase Price to
enable Maxweld to discharge its obligations to the Seller in respect thereof.
	 
	 	4.4.	 	Nedbank shall be irrevocably and unconditionally instructed and obliged,
unless otherwise agreed by Therm Inc. and the Seller in writing, to make payment to
the Seller of that part of the Purchase Price as referred to in clause 1.1.25.1 in
accordance with the provisions of the Cession by no later than 28 April 2006.
	 
	 	4.5.	 	Notwithstanding the provisions of clause 4.3 it is agreed that if, for
whatever reason, payment of the Purchase Price as referred to in clause 4.4 has not
been made to the Seller by 28 April 2006, then Nedbank shall be obliged, without the
consent of the Purchaser, to return the Plant Rental Shares and transfer forms in
respect thereof to the Seller, and such shares shall be retained by the Seller in
consideration for payment of the Purchase Price as provided for in clause 1.1.25.2
and as contemplated in clause 6.1.

	5.	 	PURCHASE PRICE, APPORTIONMENT AND PAYMENT

	 	5.1.	 	In consideration for the acquisition of the Sale Equity, the Purchaser
shall, subject to the provisions of clause 5.4, pay to the Seller the Purchase Price,
which amount shall be apportioned as follows:

	 	5.1.1.	 	the amount of R8 047 275.00 (Eight Million and Forty Seven Thousand Two
Hundred and Seventy Five Rand) to the Maxweld Sale Equity;
	 
	 	5.1.2.	 	the amount of R14 811 725.00 (Fourteen Million Eight Hundred and Eleven
Thousand Seven Hundred and Twenty Five Rand) to the Unique Sale Equity,
including all subsidiaries;

13

 

	 	5.1.3.	 	the par value of the Selrod Sale Share (which shall be paid by the
Purchaser in addition to the Purchase Price); and
	 
	 	5.1.4.	 	subject to the provisions of clauses 4.4 and 6.1, no amount of the Purchase Price
shall be attributed to the transfer of the Plant Rental Shares by the Seller to
Unique in the event of the transactions referred to herein being completed, it being
recorded, for the purpose of this Agreement, that the Seller holds such shares as
agent for and on behalf of Unique and as security for payment of all amounts due to
the Seller by both of the Purchasers in terms of this Agreement.

	 	5.2.	 	The Purchase Price as referred to in clause 1.1.25.1 shall be paid in RSA rand, free of
exchange or any other deduction by way of electronic funds transfer into a Nedbank account
nominated by the Seller in writing prior to the Signature Date, and which payment shall be
made either by Nedbank in terms of the Cession as provided for in clause 4, or by or on
behalf of the Purchaser, provided that it is no later than 28 April 2006, and if such payment
is not received by the Seller by 28 April 2006 then the Purchase Price shall be deemed to
have been discharged as provided for in clause 1.1.25.2 as read with clause 6.1 hereof.
	 
	 	5.3.	 	The Purchase Price shall be secured in the manner provided for in clauses 4 and 6.
	 
	 	5.4.	 	Early repayment
	 
	 	 	 	It is recorded that the Purchaser shall have the right, in its sole discretion, to
anticipate payment of the whole or any part of the cash part of the Purchase Price as
referred to in clause 1.1.25.1 prior to 28 April 2006. In the event that the Purchaser
elects to pay the aforementioned cash part of the Purchase Price on or earlier than 28
April 2006, it shall be entitled to a discount on such cash part of the Purchase Price as
follows:

	 	5.4.1.	 	a discount of R665 627.00 (Six hundred and sixty five thousand six hundred and
twenty seven rand) if payment is made on or before 28 February 2006;
	 
	 	5.4.2.	 	a discount of R555 790.00 (Five hundred and fifty five thousand seven

14

 

	 	 	 	hundred and ninety rand) if payment is made on or after 1 March 2006 but on
or before 15 March 2006;
	 
	 	5.4.3.	 	a discount of R445 955,00 (Four hundred and forty five thousand nine
hundred and fifty five rand) if payment is made on or after 16 March 2006 but
on or before 31 March 2006; and
	 
	 	5.4.4.	 	a discount of R335 021.00 (Three hundred and thirty five thousand and
twenty one rand) if payment is made on or after 1 April 2006 but on or before
15 April 2006;
	 
	 	5.4.5.	 	a discount of R224 087,00 (Two hundred and twenty four thousand and eighty
seven rand) if payment is made on or after 16 April 2006 but on or before the
latest Payment Date, which is 28 April 2006.

	 	5.5.	 	The discount referred to in clause 5.4 shall be apportioned between
each Purchaser on the basis set out in Appendix “4”.

	6.	 	DEED OF CESSION AND PLEDGE

	 	6.1.	 	It is recorded that the Seller shall deliver the Plant Rental Shares and the share
transfer forms which will have been signed by the Seller as provided for in clause 7.1.1 to Nedbank on the Signature Date. The Plant Rental Shares and the share
certificates in respect of the Sale Shares will be held by Nedbank in pledge as
and by way of security for payment of the Purchase Price as provided for in this
Agreement. Should the Purchaser fail to pay the Purchase Price to the Seller in
terms of clause 5.2 by no later than 28 April 2006, then Nedbank is hereby
irrevocably instructed and authorised to return to the Seller the Plant Rental
Shares and transfer forms relating thereto as provided for in clause 4.5. The
Seller shall thereupon retain those Plant Rental Shares as his own property in
lieu of full settlement and payment of the full Purchase Price due to him by the
Purchaser and of all amounts due in terms of this Agreement, irrespective of the
actual value of the Plant Rental Shares as at that date. In addition, the Section
228 resolution contemplated in clause 6.3 shall be cancelled in order to restore
the ownership of Plant Rental’s business, assets and liabilities to Plant Rental.
	 
	 	6.2.	 	Nedbank shall, against the return of the Plant Rental Shares to the Seller,

15

 

	 	 	 	immediately release the Sale Shares to the Purchaser which shall also be entitled
to retain the Sale Claims as full value for the Plant Rental Shares.
	 
	 	6.3.	 	Notwithstanding anything to the contrary, the Seller undertakes, on signature
of this Agreement and receipt of the Cession, and in his capacity as holder of the
Plant Rental Shares, to sign such resolutions, including resolutions in terms of
Section 228 of the Act (a pro forma copy of which resolution is attached to this
Agreement as Appendix “5”), as may be required by the Purchaser in order to give
effect to the Cession and the sale of the Plant Rental Business pursuant to the
Renttech Sale as referred to in this Agreement.
	 
	 	6.4.	 	It is recorded and acknowledged by the Parties that the Unique Loan Claims
and the Maxweld Loan Claims have all been subordinated in favour of Nedbank Limited
in terms of a Subordination Agreement.

	7.	 	IMPLEMENTATION AND CLOSING

	 	7.1.	 	On the Signature Date, the Seller shall deliver to Nedbank, on behalf of the
Purchaser (or the Seller as provided for in clauses 4.5 and 6.1 of this Agreement):

	 	7.1.1.	 	the share certificates in relation to the Sale Shares, (including the shares in Plant Rental), the Purchaser acknowledging that the share
certificates in respect of the Sale Shares shall, upon release to the
Purchaser, be marked with a “cancelled” endorsement on the face thereof,
together with the appropriate declarations for the transfer of the Plant
Rental shares, duly signed by the Seller on a date not being more than 14
(fourteen) days before the date of delivery and otherwise complying with the
provisions of the relevant Company’s articles of association;
	 
	 	7.1.2.	 	if so required by the Purchaser, the resignation of the Seller as a
director and employee of the Companies, including Plant Rental, which
resignation shall be signed but shall reflect that the effective date of such
resignation shall be at a date stipulated by the Purchaser at any time after
the Signature Date, provided that such resignation shall not take effect
earlier than the Payment Date;

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	 	7.1.3.	 	resolutions, which may be subject to the implementation of this clause 7
and payment being made, passed by the board of directors of each of the
Companies, including, in respect of clause 7.1.3.3, Plant Rental, approving of
the following matters:

	 	7.1.3.1	 	the transfer of the Plant Rental Shares from the Seller to Unique, and
accordingly the registration in Plant Rental’s register of members of Unique
as the holder of those shares.
	 
	 	7.1.3.2	 	in relation to Unique, Selrod and Maxweld, to buy back, and accordingly
reverse, the Sale Shares as available authorised share capital and notation
in the Company’s register of the cancellation of the Sale Shares as well as
settlement of the Sale Claims as provided for in clause 2.4;
	 
	 	7.1.3.3	 	accepting the resignation of the Seller as a director and employee of the
Companies, including Plant Rental, and approving the appointment of any other
person/s as directors of the Companies, provided that the resolution shall
stipulate that the resignation of the Seller as director and employee of
Plant Rental shall only be accepted if the provisions of clauses 6.1 and 6.2
have not been invoked (which for the sake of clarity will mean that payment
of the Purchase Price as referred to in clause 1.1.25.1 has not been made by
the Purchaser and the Seller shall retain the Plant Rental Shares in lieu of
payment of the Purchase Price as provided for in clause 1.1.25.2).

	 	7.2.	 	On the Signature Date, the Purchaser shall deliver to the Seller duly signed special
resolutions (“Special Resolutions”) of each of the Purchasers as required in terms of Section
85 of the Act, pro forma copies of which are annexed to this Agreement as Appendix “3” and a
letter from Nedbank confirming that they will recognise the Cession and accept and be bound
by their obligations as provided for in this Agreement.
	 
	 	7.3.	 	As soon as practically possible after the Signature Date, the Purchaser undertakes to
procure registration of the Special Resolutions and furnish proof to the Seller of

17

 

	 	 	 	it having done so. In addition, the Purchaser undertakes to make payment of any
secondary tax on companies (“STC”) payable in connection with the reduction of the
share capital of the Purchasers pursuant to the repurchase of the Sale Shares by
the Purchaser, and the Purchaser hereby indemnifies and holds the Seller harmless
against its failure to do so within the prescribed period. The Purchaser shall
provide to the Seller copies of the relevant completed STC returns together with a
cheque for payment of the amount payable in terms thereof, and the Seller shall
forthwith timeously submit such returns and payment to the South African Revenue
Services on the Purchaser’s behalf. It is recorded that the STC liability of the
Purchaser is expected to be the amounts as detailed on the attached Appendix “4”,
which Appendix represents a copy of the requisite letter which each of Unique and
Maxweld intend to submit to SARS advising of the Section 85 repurchase of the
Unique Shares and the Maxweld Shares respectively, provided that if the amount that
is ultimately payable to SARS is determined by SARS to be higher or lower than the
amount reflected in Appendix “4”, the Purchaser shall pay such amended amount.

	8.	 	WARRANTIES

	 	8.1.	 	The Seller gives the Purchaser the Warranties set out in Appendix “1”.
	 
	 	8.2.	 	The Seller acknowledges that the Purchaser is entering into this Agreement
in sole reliance upon the Warranties given by the Seller on the basis that such
Warranties will be correct as at the Closing Date and as at the Signature Date, and
the various dates specified in Appendix “1”. All the Warranties given in terms of
this Agreement shall be deemed to be material.
	 
	 	8.3.	 	Each Warranty given by the Seller in terms of this Agreement:

	 	8.3.1.	 	shall be a separate Warranty and shall in no way be restricted or limited
by the provisions of any other Warranty; and
	 
	 	8.3.2.	 	shall, unless otherwise expressly stated, be a continuing warranty applying
as at the Effective Date, the Signature Date and the Payment Date and shall
continue and remain in force notwithstanding the completion of the matters
provided for in this Agreement.

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	 	8.4.	 	Save for the warranties set out in Appendix “1”, the Purchaser acknowledges
that no further warranties are given or are required to be given by the Seller to
the Purchaser with regards to the Companies or any of their businesses and the sale
of the Sale Equity by the Seller to the Purchaser shall be “voetstoots”, in all
respects. Each Purchaser acknowledges that it is fully acquainted with all the
affairs of their respective Companies’ businesses.
	 
	 	8.5.	 	Notwithstanding anything to the contrary contained herein, the Seller
warrants that as at the Effective Date, the assets of each of the Purchasers exceeded
that Purchaser’s liabilities. The Purchaser accordingly warrants that the passing of
the Special Resolutions referred to in clause 7.3 does not constitute a breach of the
provisions of Section 85 of the Act, and hereby indemnifies and holds the Seller
harmless in respect of any loss arising in respect thereof.

	9.	 	THIRD PARTY SALE

	 	9.1.	 	The Parties acknowledge that the Purchaser is in the process of
procuring a sale of the Shares in the Companies alternatively the business of the
Companies to a Third Party/ies (“the Third Party Purchase and Sale”).
	 
	 	9.2.	 	The Seller and each of the other Parties undertakes and agree to
co-operate with each other and execute and deliver to the other Parties such other
instruments and documents and take such other actions as may be reasonably
requested from time to time in order to enable the Third Party Purchase and Sale to
be finalised and implemented without delay after the Closing Date.
	 
	 	9.3.	 	Notwithstanding the provisions of this clause 9, the Purchaser
undertakes not to transfer any of the Plant Rental Shares other than the transfer
of the shares from the Van Zyl Trust to Unique as referred to in clause 4.1, or to
transfer any shares or any part of the business operations of the Companies (other
than the sale of the Plant Rental Business in terms of the Renttech Sale as
referred to in clause 4), or cede any rights to the Purchaser’s Maxweld Loan Claims
or the Purchaser’s Unique Loan Claims to a Third Party Purchaser until the full
Purchase Price and all outstanding obligations to the Seller.as provided for in
this Agreement have been fulfilled.

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	 	9.4.	 	The Parties furthermore undertake at all times to do all such things,
perform all such actions and take all such steps and to procure the doing of all
such things, the performance of all such actions and the taking of all such steps
as may be open to them and necessary for or incidental to the putting into effect
or maintenance of the terms, conditions or import of this Agreement, as from the
Signature Date, and for any Third Party Purchase or Sale Agreement after the
Closing Date.

	10.	 	CANCELLATION OF PRIOR CONTRACTS

	 	10.1.	 	Upon signature of this Agreement by the Parties, all the Prior
Contracts, including all rights, obligations and restrictions set out therein, are
hereby unconditionally and irrevocably cancelled ab initio, and shall cease to be
of any force or effect.
	 
	 	10.2.	 	This Agreement constitutes a full and final settlement between the
Parties of all claims that any of the Parties may have against any other Party
arising out of the Prior Contracts, and each Party hereby indemnifies the others
and holds the other Parties harmless in respect of any claim by that Party to or
arising out of or in connection with any of the Prior Contracts.

	11.	 	CONFIDENTIALITY
	 
	 	 	Save as may be required in terms of any law or regulation, none of the Parties shall make
any public announcement or statement about this Agreement or its contents without first
having obtained the other Parties prior written consent to the public announcement or
statement and to its contents, provided that such consent may not be unreasonably withheld
or delayed.
	 
	12.	 	GOVERNING LAW
	 
	 	 	The validity of this Agreement, its interpretation, the respective rights and obligations
of the Parties and all other matters arising in any way out of it or its expiration or
earlier termination for any reason shall be determined in accordance with the laws of South
Africa.

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	13.	 	BREACH

	 	13.1.	 	If any Party breaches any material provision or term of this Agreement
and fails to remedy such breach within 10 (ten) days of receipt of written notice
requiring it to do so (or if it is not reasonably possible to remedy the breach
within 10 (ten) days, within such further period of time as may be reasonable in the
circumstances), provided that no notice shall be required to be given by the Seller
to the Purchaser if the full Purchase Price is not paid by 28 April 2006, then the
aggrieved Party shall be entitled without notice, in addition to any other remedy
available to it at law or under this Agreement, including obtaining an interdict, to
cancel this Agreement or to claim specific performance of any obligation whether or
not the due date for performance has arrived, in either event without prejudice to
the aggrieved Party’s right to claim damages.
	 
	 	13.2.	 	Notwithstanding anything to the contrary contained in this Agreement,
no Party shall be entitled to cancel this Agreement on the grounds of a breach of a
term of this Agreement or on the grounds of a breach of a Warranty, unless it is a
material breach of such term / Warranty going to the root of this Agreement, and:

	 	13.2.1.	 	an award of damages shall not serve to compensate the aggrieved Party; or
	 
	 	13.2.2.	 	such damages are not paid to the aggrieved Party within 14 (fourteen) days
of the final determination thereof (whether such determination is by way of
written agreement between the Parties or by way of an order by a court of
competent jurisdiction or an award pursuant to the arbitration provisions
provided for in clause 14.

	14.	 	DISPUTE RESOLUTION

	 	14.1.	 	Any dispute (“a dispute”) between any of the Parties arising in
connection with this Agreement or the subject matter hereof shall be submitted to
and determined by arbitration in accordance with this clause 14 . For the purpose
hereof the term “dispute” shall be interpreted in the widest sense and shall
include any dispute or difference in connection with or in respect of the
conclusion or existence of this Agreement, the carrying into effect of this
Agreement, the interpretation or

21

 

	 	 	 	application of the provisions of this Agreement, the Parties’ respective rights and/or
obligations in terms of and/or arising out of this Agreement and/or the validity,
enforceability, rectification, termination or cancellation, whether in whole or in part,
of this Agreement.
	 
	 	14.2.	 	Any Party:

	 	14.2.1.	 	may declare a dispute by delivering the details of the dispute to the other Parties;
and
	 
	 	14.2.2.	 	request that the dispute be referred to the Seller and the Chief Executive Officer of
the Purchaser for a decision within 7 (seven) days of delivery of the details of the
dispute.

	 	14.3.	 	If the Seller and the Chief Executive Officer of the Purchaser fail to reach a written
agreement resolving the dispute within 3 (three) days of referral thereof, then any Party
(“the Referring Party”) shall be entitled to refer that dispute to arbitration in terms of
this clause 14 by notifying the other Parties in writing of its intention to do so (“the
Arbitration Notice”). The Arbitration Notice shall include the names of not less then 3
(three) natural persons whom the Referring Party proposes for appointment as arbitrator.
	 
	 	14.4.	 	Should the Parties fail to agree to an Arbitrator within 5 (five) Business Days of the
Arbitration Notice, the arbitrator shall be appointed, at the written request of any Party
(which request shall be copied to the other Parties), by the Chairman for the time being of
the Johannesburg Bar Council (or its successor); subject to the proviso that the Arbitrator
so appointed by the said Chairman shall be a practising Senior Counsel or a retired judge.
	 
	 	14.5.	 	Unless otherwise expressly agreed by the Parties in writing:

	 	14.5.1.	 	the arbitration proceedings shall be held at Sandton, Republic of South Africa and
shall be conducted under the Standard Rules of the Association of Arbitrators (“the
Arbitration Rules”);
	 
	 	14.5.2.	 	the Arbitrator shall be entitled, on the written application of any Party at any
time (provided only that such Party is then a party to the proceedings),

22

 

	 	 	 	to be made in a manner acceptable to the Arbitrator, to amend the Arbitration Rules
and/or any time period provided for therein or to supplement the Arbitration Rules
in the interests of resolving the dispute effectively, efficiently and economically
(but provided that no such amendment or supplemental rule shall operate
retrospectively);
	 
	 	14.5.3.	 	the arbitration proceedings shall be conducted as expeditiously as possible but the
time periods provided for in Section 23(a) of the Arbitration Act 42 of 1965 (as
amended) (“the Arbitration Act”) shall not apply thereto;
	 
	 	14.5.4.	 	the decision of the Arbitrator shall be final and binding and there shall be no
right of appeal (notwithstanding the provisions of the Arbitration Rules);
	 
	 	14.5.5.	 	the Arbitrator shall be entitled to determine his own jurisdiction and shall be
entitled, mero motu, to raise matters mutatis mutandis as if the dispute was being
heard before a Judge in the High Court of South Africa (Transvaal Provincial
Division).

	 	14.6.	 	The provisions of this clause 14 shall prevail to the extent of there being any conflict
between the Arbitration Rules and this clause 14.
	 
	 	14.7.	 	Subject to the other Provisions of this clause 14, the arbitration proceedings contemplated
herein shall be held in accordance with the provisions of the Arbitration Act.
	 
	 	14.8.	 	Without detracting from the effect (if any) of any other act taken by any Party which may
affect the issue of prescription, the Parties irrevocably agree and acknowledge that the
Arbitration Notice shall interrupt prescription and shall be deemed to constitute the service
of a process for the purpose of interrupting prescription in terms of Section 13 of the
Prescription Act No. 68 of 1969 (or, as the case may be, the corresponding provision in any
amendment thereto or in any replacement legislation).
	 
	 	14.9.	 	The provisions of this clause 14:-

23

 

	 	14.9.1.	 	constitute an irrevocable consent by the Parties to the arbitration
proceedings provided for herein and none of the Parties shall be entitled
to withdraw from the provisions of this clause or claim at any such
proceedings that it is not bound by this clause or such proceedings;
	 
	 	14.9.2.	 	are severable from the rest of this Agreement and shall remain in effect
despite the termination, cancellation, invalidity or alleged invalidity of
this Agreement for any reason whatsoever.

	15.	 	DOMICILIUM CITANDI ET EXECUTANDI

	 	15.1.	 	The Parties choose as their domicilia citandi et executandi for all
purposes under this Agreement, whether in respect of court process, notices or
other documents or communications of whatsoever nature, the following addresses:

	 	15.1.1.	 	The Purchaser and Therm Inc:

Suite 300,

16052 Swingley Ridge Road,

St Louis,

Missouri

63017

United States of America

Attention: the CEO and the General Counsel

Telefax No: (091)728 3010

	 	15.1.2.	 	The Seller:

16 Linneceon Villa

De Rouwe Street

Beyerspark 

Boksburg
1459

	 	15.1.3	 	Maxweld:

Cnr Luton & Bristol Streets

Benoni Industial Sites

24

 

Benoni

1502

Telefax Number: (011)8453892

and shall be marked for the attention of MJ Crous

	 	15.1.4	 	Unique and Plant Rental:

9 First Street

Boksburg North

Boksburg

1459

Telefax Number: (011)9178580

and shall be marked for the attention of MJ Crous

	 	15.1.5	 	Selrod:

9 First Street

Boksburg North

Boksburg

1459

Telefax Number: (011)9178580

and shall be marked for the attention of MJ Crous

	 	15.2.	 	Any notice or communication required or permitted to be given in terms of this Agreement
shall be valid and effective only if in writing but it shall be competent to give notice by
telefax.
	 
	 	15.3.	 	Any Party may by notice to the other Parties change the physical address chosen as its
domicilium citandi et executandi to another physical address in South Africa or its telefax
number, provided that the change shall become effective vis-à-vis that addressee on the
7th (seventh) Business Day from the deemed receipt of the notice by the addressee.
	 
	 	15.4.	 	Any notice to a Party:

	 	15.4.1	 	sent by prepaid registered post (by airmail if appropriate) in a correctly addressed
envelope to it at its domicilium citandi et executandi shall be

25

 

	 	 	 	deemed to have been received on the 7th (seventh) Business Day
after posting (unless the contrary is proved);
	 
	 	15.4.2	 	delivered by hand to a responsible person during ordinary business hours at
its domicilium citandi et executandi shall be deemed to have been received
on the day of delivery; or
	 
	 	15.4.3	 	sent by telefax to its chosen telefax number stipulated in clause 15.1,
shall
be deemed to have been received on the date following the date of despatch
and confirmed transmission (unless the contrary is proved).

	 	15.5.	 	Notwithstanding anything to the contrary herein contained a written
notice or communication actually received by a Party shall be an adequate written
notice or communication to it notwithstanding that it was not sent to or delivered
at its chosen domicilium citandi et executandi.

	16.	 	CONSENTS AND APPROVALS

	 	16.1.	 	It is recorded that the following approvals and/or consents have been
obtained by the Purchaser prior to the signature of this Agreement, and that such
approvals and/or consents have been disclosed to all Parties:

	 	16.1.1	 	the approval of this Agreement by the Board of Directors of Therm Inc;
	 
	 	16.1.2	 	the approval of this Agreement by the Board of Directors of
Maxweld, Unique, Plant Rental and Selrod;
	 
	 	16.1.3	 	GE Capital’s approval of the Purchaser entering into this Agreement and
Therm Inc signing the special resolution in permitting this Agreement;
	 
	 	16.1.4	 	A resolution signed by the relevant Parties authorising the
Seller to obtain and sign on behalf of the Companies all documents required by Nedbank in
order to obtain, by no later than the Payment Date, written confirmation
from Nedbank Limited that the Seller has been released by Nedbank Limited
from the Suretyships.

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	17.	 	COMPETING AND CONFLICTING INTERESTS

	 	17.1.	 	The Seller hereby undertakes and agrees that he will not:

	 	17.1.1	 	for a period of 3 (three) years from the Payment Date (“the Restraint Period”) and within
the Republic of South Africa, either jointly or alone or together with, or as agent for any person,
firm, company or association whatsoever, directly or indirectly, be interested in any way (and
whether as proprietor, partner, shareholder, financier, adviser, consultant, service
provider, contractor or otherwise) in any business which competes to a material extent with the
Company Business and each of the respective businesses carried on by each of the Companies as at
the Effective Date;
	 
	 	17.1.2	 	at any time during the Restraint Period, either for his own account or for
any other person, firm or corporation, directly or indirectly, canvas or solicit business, in
competition with the Company Business from any person, firm or corporation, which is, at any time
during the Restraint Period, or shall have been during the period of twelve Months preceding the
Payment Date, a client of or customer of or in the habit of dealing with the Companies or any one
or more members thereof.

	 	17.2.	 	Any act or omission which, if it were an act or omission of the Seller would constitute
a breach of the undertakings in this clause 17 on the part of the Seller, shall be deemed to be
such an act or omission for which the Seller is responsible if done or omitted by any body
corporate or unincorporated (whether constituted at the date of this Agreement or not) which is
controlled wholly or mainly or directly or indirectly in any manner by the Seller, or by any person
or persons who controls or control the Seller, or by any such body which itself controls the Seller
wholly or mainly or directly or indirectly in any manner, or which is controlled wholly or mainly
or directly or indirectly by a person or persons and/or a body or bodies corporate or
unincorporated who or which controls or control the Seller wholly or mainly or directly or
indirectly.
	 
	 	17.3.	 	The Seller acknowledges that the undertaking and restraints in this clause 17 are fair
and reasonable and necessary to protect the direct and indirect proprietary rights and interests of
the Companies and their respective businesses.

27

 

	 	17.4.	 	The Seller undertakes that he will not, for the Restraint Period, either for his own
account or for any other person, firm or corporation, directly or indirectly, entice away or
endeavour to entice away or offer employment to any permanent employee (as at the Payment Date), or
any person who was, at the Effective Date, a permanent employee, of the Companies or any of them.
	 
	 	17.5.	 	The restraint undertakings set out in this clause 17 are in addition to and not in
substitution for any other restraint undertaking given by the Seller to the Purchaser in terms of
the Sellers employment or service contract previously entered into with the Company. The
Purchaser agrees that no amount of the Purchase Price shall be attributed to the restraint
undertaking given to it by the Seller as provided for in this clause and accordingly the Purchaser
shall not seek to claim any deduction for tax purposes in respect
thereof.
	 
	 	17.6.	 	The provisions of this clause 17 shall not be applicable to any contract of employment
concluded between the Seller and any third party purchaser of the business and assets or shares in
the Companies as contemplated in clause 9, if so required by such
Purchaser thereof.
	 
	 	17.7.	 	The provisions of this clause 17 shall not be applicable in the event that the Seller
retains the Plant Rental Shares as provided for in clause 6.1 instead of receiving the Purchase
Price in cash.

	18.	 	GENERAL

	 	 	 	18.1. Remedies
	 
	 	 	 	No remedy conferred by this Agreement is intended to be exclusive of any other remedy which
is otherwise available under South African law. Each remedy shall be cumulative and in addition to
every other remedy given under this Agreement or under any existing or future law. The election of
any one or more remedy by any of the Parties shall not constitute a waiver by such Party of the
right to pursue any other remedy.

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	 	18.2.	 	Severance
	 
	 	 	 	If any provision of this Agreement, which is not material to its efficacy as a whole, is rendered
void, illegal or unenforceable in any respect under any law, the validity, legality and
enforceability of the remaining provisions shall not in any way be
affected or impaired thereby and
the Parties shall endeavour in good faith to agree an alternative provision to the void, illegal or
unenforceable provision.
	 
	 	18.3.	 	Survival of Rights, Duties and Obligations
	 
	 	 	 	Termination of this Agreement for any cause shall not release a Party from any liability which at
the time of termination has already accrued to such Party or which thereafter may accrue in respect
of any act or omission prior to such termination.
	 
	 	18.4.	 	Entire Agreement
	 
	 	 	 	This Agreement (including its appendices) contains the entire agreement between the Parties and
supersedes any prior written or oral agreement between them in relation to the subject matter
hereof. Save as expressly provided for in this Agreement, no Party shall have any claim or right
arising from any undertaking, representation or warranty not included in this Agreement.
	 
	 	18.5.	 	Non-variation
	 
	 	 	 	Save as otherwise expressly provided, no agreement to amend, add to or otherwise vary or waive any
of the provisions of this Agreement or to cancel or terminate it shall be effective unless made in
writing and duly signed by the Parties or on their behalf by their duly authorised agents.
	 
	 	18.6.	 	No waiver
	 
	 	 	 	No extension of time or waiver or relaxation of any of the provisions or terms of this Agreement or
any agreement, bill of exchange or other document issued or executed pursuant to or in terms of
this Agreement, shall operate as an estoppel

29

 

	 	 	 	against any Party in respect of its rights under this Agreement, nor shall it operate so as to
preclude such Party thereafter from exercising its rights strictly in accordance with this
Agreement.
	 
	 	18.7.	 	Assignment
	 
	 	 	 	Save as otherwise expressly provided in this Agreement, no Party may cede or delegate this
Agreement or any of its rights and obligations under it without the prior written consent of the
others.
	 
	 	18.8.	 	Further Assurance
	 
	 	 	 	Each Party shall co-operate with the other Parties and execute and deliver to the other Parties
such other instruments and documents and take such other actions as may be reasonably requested
from time to time in order to carry out, evidence and confirm their rights and the intended purpose
of this Agreement.
	 
	 	18.9.	 	Successors Bound
	 
	 	 	 	This Agreement shall be binding on and shall inure for the benefit of the successors and permitted
assigns and personal representatives (as the case may be) of each of the Parties.
	 
	 	18.10.	 	Counterparts
	 
	 	 	 	This Agreement may be signed in any number of counterparts, all of which taken together shall
constitute one and the same instrument. Any Party may enter into this Agreement by signing any such
counterpart.

	19.	 	COSTS

	 	19.1.	 	The Purchaser shall bear the costs of any stamp duty payable on, or in connection with,
the transfer of all shares that are transferred in execution of this Agreement.
	 
	 	19.2.	 	The Purchaser, or Therm. Inc shall, to the extent that it has not already done so, bear
all invoiced legal costs of and incidental to the drafting and execution of this Agreement.

30

 

	 	 	 	 	 	 	 	 	 
	SIGNED at SANDTON on this the 9th day of MARCH 2006.	 	 
	 
	 	 	 	 	 	 	 	 
	AS WITNESSES:	 	 
	1.
2.

	 	/s/ [ILLEGIBLE]
 

/s/ [ILLEGIBLE]
 

 [ILLEGIBLE]
	 	  
	 	
/s/ [ILLEGIBLE]
 

MARTHINUS JOHANNES CROUS
	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED at
SANDTON on this the 9th day of MARCH 2006.	 	 
	 
	 	 	 	 	 	 	 	 
	AS WITNESSES:	 	 
	1.

	 	/s/ [ILLEGIBLE]
 

	 	 
	 	For: THERMADYNE INDUSTRIES INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signatory:	 	 
	2.

	 	/s/ [ILLEGIBLE]
 

	 	 
	 	/s/ [ILLEGIBLE]
 

	 	 
	 

	 	[ILLEGIBLE]
	 	 	 	Who warrants that he is duly
authorised thereto	 	 
	 

	 	 	 	 	 	Capacity: /s/ [ILLEGIBLE]	 	 
	 

	 	 	 	 	 	Authority: [ILLEGIBLE]	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED at
SANDTON on this the 9th day of MARCH 2006.	 	 
	 
	 	 	 	 	 	 	 	 
	AS WITNESSES :	 	 
	
1.

	 	
/s/ [ILLEGIBLE]
 

	 	 
	 	For: MAXWELD & BRAZE 
(PROPRIETARY)
LIMITED	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signatory: M J CROUS	 	 
	 
	 	 	 	 	 	 	 	 
	2.

	 	/s/ [ILLEGIBLE]
 

[ILLEGIBLE]
	 	 
	 	/s/ M J CROUS
 

Who warrants that he is duly
authorised thereto in his capacity as
Managing Director
	 	 

31

 

	 	 	 	 	 	 	 	 	 
	SIGNED at SANDTON on this the 9th day of MARCH 2006.	 	 
	AS WITNESSES:	 	 
	
1.

	 	
/s/ [ILLEGIBLE]
 

	 	 
	 	For: THERMADYNE SOUTH

 AFRICA (PROPRIETARY)

LIMITED	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signatory: M J CROUS	 	 
	 
	 	 	 	 	 	 	 	 
	2.

	 	/s/ [ILLEGIBLE]
 

	 	 
	 	/s/ M J CROUS
 

	 	 
	 

	 	[ILLEGIBLE]
	 	 	 	Who warrants that he is duly
authorised thereto in his capacity as
Managing Director	 	 
	SIGNED at SANDTON on this the 9th day of MARCH 2006.	 	 
	AS WITNESSES:	 	 
	
1.

	 	
/s/ [ILLEGIBLE]
 

	 	 
	 	For: SELROD WELDING 
(PROPRIETARY)
LIMITED	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signatory: M J CROUS	 	 
	 
	 	 	 	 	 	 	 	 
	2.

	 	/s/ [ILLEGIBLE]
 

	 	 
	 	/s/ M J CROUS
 

	 	 
	 

	 	[ILLEGIBLE]
	 	 	 	Who warrants that he is duly
authorised thereto in his capacity as
Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED at SANDTON on this the 9th day of MARCH 2006.	 	 
	 
	 	 	 	 	 	 	 	 
	AS WITNESSES:	 	 
	
1.

	 	
/s/ [ILLEGIBLE]
 

	 	 
	 	For: UNIQUE WELDING ALLOYS RUSTENBURG
(PROPRIETARY) 
LIMITED	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Signatory: M J CROUS	 	 
	 
	 	 	 	 	 	 	 	 
	2.

	 	/s/ [ILLEGIBLE]
 

	 	 
	 	/s/ M J CROUS
 

	 	 
	 

	 	[ILLEGIBLE]
	 	 	 	Who warrants that he is duly
authorised thereto in his capacity as
Managing Director	 	 

32

 

APPENDIX “1”

WARRANTY SCHEDULE

The Seller hereby warrants and represents to the Purchaser on the basis set out in clause 8
of the Agreement, as follows:

	1.	 	Regulatory Matters, Shares, Sale Claims and Shareholding

	 	1.1.	 	The Seller was at the Effective Date, and will, as at the Signature Date and the Closing
Date, be entitled to give free and unencumbered title in and to the Sale Shares and the Sale Claims
to the Purchaser.
	 
	 	1.2.	 	No person (other than Therm Inc) will have any existing right, option or right of first
refusal to acquire any of the Sale Shares in the capital of any of the Companies.
	 
	 	1.3.	 	As at the Effective Date and at the Signature Date and Closing Date, the Seller was and
will be the owner of the Sale Shares.
	 
	 	1.4.	 	The seller has given no person any right, including right of pre-emption or other
preferential right in respect of the Sale Shares, including without limitation any right to acquire
any of the issued shares in such Company or to subscribe for, take up or acquire any of the
un-issued share capital of such Company,
	 
	 	1.5.	 	None of the Sale Shares nor the Sale Claims shall be subject to any cession, pledge or
other encumbrances save for as noted in clause 6.4 of this Agreement.

	2.	 	Loan Accounts
	 
	 	 	Save as provided for in clause 2, none of the Maxweld Loan Claims nor the Unique Loan Claims shall
have been repaid to the Seller.
	 
	3.	 	Accounts

	 	3.1.	 	The Purchaser and Therm Inc. acknowledge having received and reviewed the Audited Accounts and
accept such accounts as being true and correct in all respects. In respect of the Audited
Accounts, the Seller, in his capacity as
managing director of both Maxweld and Unique, warrants that they shall have been:-

33

 

	 	3.1.1.	 	prepared as a full scope audit of each respective Company, as at 31 December 2004 on the
same basis and applying the same accounting and management policies, principles, practices,
procedures and conventions as in prior years;
	 
	 	3.1.2.	 	prepared in accordance with the Companies Act, and with the statements of generally
accepted accounting practice, as contemplated in Section 286(3) of the Act and as prescribed, as at
28 February 2005, by the Accounting Practices Board of the Republic of South Africa;
	 
	 	3.1.3.	 	in all material respects, fairly present the assets and liabilities, financial position
and state of affairs of the respective Companies as at 31 December 2004; and
	 
	 	3.1.4.	 	in all material respects, fairly present the income and expenditure of the Companies and
the results of their operations and cash flows for the period commencing 1 January 2004 and ended
31 December 2004.

Page 34

 

APPENDIX “2”

THE CESSION

CESSION AGREEMENT

entered into by and between:

MARTHINUS JOHANNES CROUS

(an individual with Identity Number: 5207085121081)

(“the Cessionary”)

and

UNIQUE WELDING ALLOYS RUSTENBURG (PROPRIETARY) LIMITED trading as THERMADYNE PLANT RENTAL SOUTH
AFRICA

(a company incorporated in accordance with the laws of the Republic of South Africa under
Registration Number: 2000/0015417/07)  
(“the Cedent”)

(together “the Parties”)

IT IS AGREED AS FOLLOWS:

	1.	 	The Parties have simultaneous with the signature hereof entered into a Share Sale
Agreement (“the Share Sale Agreement”) with Thermadyne South Africa (Proprietary) Limited trading
as Unique Welding Alloys, Maxweld and Braze (Proprietary) Limited, Selrod Welding (Proprietary)
Limited and Thermadyne Industries Inc., in terms of which the Purchaser will purchase the Sale
Shares from the Seller and also settle the Sale Claims for the Purchase Price which shall be
payable on the terms and conditions set out in the Share Sale Agreement.
	 
	2.	 	The Cedent has also entered into the Renttech Sale Agreement in terms of which the Plant Rental
Business will be sold to Renttech SA for the Plant Rental Proceeds.
	 
	3.	 	As security for the payment of the Purchase Price by the Purchaser to the Seller in
terms of the Share Sale Agreement, the Cedent has agreed to cede to the Cessionary part of
the Plant Rental Proceeds in an amount not exceeding R 22 859 000,00.

35

 

	4.	 	The Cedent accordingly hereby irrevocably and unconditionally cedes to the Cessionary
all of its rights in and to an amount of R 22 303 210), and the Cessionary hereby accepts such
cession.
	 
	5.	 	Expressions used in this agreement which bear capital letters but are not defined
herein, shall have the meanings ascribed thereto in the Share Sale
Agreement.

SIGNED at SANDTON on this the 9th day of MARCH 2006.

	 	 	 	 	 	 	 
	 
	 	 	 	/s/ [ILLEGIBLE]	 	 
	 
	 

	 	For:
	 	 

MARTHINUS JOHANNES CROUS
	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	/s/ [ILLEGIBLE]	 	 
	 

	 	 	 	 

	 	 
	 

	 	For:
	 	UNIQUE WELDING ALLOYS RUSTENBURG 
(PROPRIETARY)
LIMITED trading as 
THERMADYNE PLANT RENTAL SOUTH AFRICA	 	 

36

 

APPENDIX “3”

PRO FORMA SECTION 85 RESOLUTIONS

RESOLUTION OF THE SHAREHOLDERS OF MAXWELD AND BRAZE (PROPRIETARY) LIMITED (REGISTRATION NUMBER
2000/010018/07) (“the Company”), PASSED IN GENERAL MEETING

PRESENT

The shareholders of the Company, all of whom have waived notice of the meeting, by round robin.

SPECIAL RESOLUTION

RESOLVED AS A SPECIAL RESOLUTION, that the Company be and is hereby specifically authorized to
acquire, with effect from 1 January 2006, (“the Effective
Date”) 10 ordinary shares of [R1.00] each
in the issued ordinary share capital of the company from Marthinus Johannes Crous (“Crous”) as a
specific repurchase of shares in terms of section 85 of the Companies Act, 1973 (Act 61 of 1973),
as amended, for a repurchase consideration of R14 451 595,00 per ordinary share and otherwise on
the terms of and subject to the conditions contained in the Share Sale Agreement entered into
between the Company and Crous on 9 March 2006, a copy of which agreement was tabled at the meeting
convened to consider this special resolution and initialled by the directors of the company for the
purposes of identification. It is further recorded insofar as may be necessary that the Company
shall also be deemed to have discharged and settled any Claims held by Crous against the Company as
at the Effective Date.

The reason for special resolution number 1 is, and the effect thereof, will be to grant, in terms
of section 85 of the Companies Act, 1973, (Act 61 of 1973), as amended, a specific authority for
the acquisition by the Company of its own shares and the repayment of the claims held by Crous.

All of the shareholders are satisfied that there are sufficient asset reserves in the Company in
order for this transaction to take effect in accordance with the provisions of Section 85 of the
Companies Act, 1973, and have unanimously accepted this resolution with the specific selection of
MJ Crous as the shareholder from whom the 10% shareholding will be acquired (and payment of the
claims made) by the company in terms of that Section.

37

 

	 	 	 
	Dated this 09 day of March 2006.
	 	 
	 
	 	 
	/s/ [ILLEGIBLE]
 

THERMADYNE INDUSTRIES INC.

	 	 
	 
	 	 
	/s/ [ILLEGIBLE]
 

MARTHINUS JOHANNES CROUS

	 	 

Page 38

 

RESOLUTION OF THE SHAREHOLDERS OF THERMADYNE SOUTH AFRICA (PROPRIETARY) LIMITED
(REGISTRATION NUMBER 2000/001361/07) (“the Company”), PASSED IN GENERAL MEETING

PRESENT

The shareholders of the Company, all of whom have waived notice of the meeting, by round robin.

SPECIAL RESOLUTION

RESOLVED AS A SPECIAL RESOLUTION, that the Company be and is hereby specifically authorized to
acquire, with effect from 1 January 2006 (“the Effective
Date”) 10 ordinary shares of [R1.00] each
in the issued ordinary share capital of the company from Marthinus Johannes Crous (“Crous”) as a
specific repurchase of shares in terms of section 85 of the Companies Act, 1973 (Act 61 of 1973),
as amended, for a repurchase consideration of R7 851 615,00 per ordinary share and otherwise on the
terms of and subject to the conditions contained in the Share Sale Agreement entered into between
the Company and Crous on 9 March 2006, a copy of which agreement was tabled at the meeting convened
to consider this special resolution and initialled by the directors of the company for the purposes
of identification. . It is further recorded insofar as may be necessary that the Company shall be
deemed to have discharged and settled any Claims held by Crous against the Company with effect from
the Effective Date.

The reason for special resolution number 1 is, and the effect thereof, will be to grant, in terms
of section 85 of the Companies Act, 1973, (Act 61 of 1973), as amended, a specific authority for
the acquisition by the Company of its own shares and the repayment of the claim held to Crous

All of the shareholders are satisfied that there are sufficient asset reserves in the Company in
order for this transaction to take effect in accordance with the provisions of Section 85 of the
Companies Act, 1973, and have unanimously accepted this resolution with the specific selection of
MJ Crous as the shareholder from whom the 10% shareholding will be acquired by the company (and
payment of the claims made) in terms of that Section.

Page 39

 

	 	 	 
	Dated this 09 day of March 2006.
	 	 
	 
	 	 
	/s/ [ILLEGIBLE]
 

THERMADYNE INDUSTRIES INC.

	 	 
	 
	 	 
	/s/ [ILLEGIBLE]
 

MARTHINUS JOHANNES CROUS

	 	 

Page 40

 

APPENDIX
“4”

CALCULATION OF STC LIABILITY AND NOTIFICATION TO SARS

SARS

By hand

	 	 	 	 	 
	Your reference:

	 	Maxweld & Braze (Pry) Ltd -
	 	9001/244/14/5
	 

	 	Thermadyne SA (Pty) Ltd -
	 	9669/039/14/2

In accordance with the income tax act we notify you prior to payment to the
shareholder that the companies are in the process of repurchasing a portion of the
issued shares from a shareholder. This will be regarded as a dividend in the hands
of the shareholder and accordingly comprises a dividend paid by the companies. This
schedule calculates the STC liability and the STC returns with the payment will be
submitted by the companies as soon as the payment amount is finalised.

The companies qualify for a discount on the payment depending on the date of the
payment. This is detailed in the schedule and the STC calculation is based on
this agreement.

10% of the issued share capital is to be repurchased from MJ Crous (0086/030/62/4) and he will be
receiving the dividend.

Calculation of the STC attributable to the transaction on the share repurchase in terms of
section 85.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne SA	 	Maxweld & Braze	 	 
	 	 	(Pty) Ltd	 	(Pty)Ltd	 	 
	 	 	9669/039/14/2	 	9001/244/14/5	 	Total
	If Paid after 15 April but on or before 28 April 2006 or if the Plant Rental shares are taken in payment	 	 	 	 
	Full purchase price
	 	 	14,811,725	 	 	 	8,047,275	 	 	 	22,859,000	 
	Qualifies for total
discount of R224087  — apportioned between the two companies
	 	 	–145,200	 	 	 	–78,887	 	 	 	–224,087	 
	 	 	 
	Payment to MJ Crous
	 	 	14,666,525	 	 	 	7,968,388	 	 	 	22,634,913	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne SA	 	Maxweld & Braze	 	 
	 	 	(Pty) Ltd	 	(Pty)Ltd	 	 
	 	 	9669/039/14/2	 	9001/244/14/5	 	Total
	Repayment of Loan account
	 	 	–1,328,750	 	 	 	–1,870,000	 	 	 	–3,198,750	 
	 	 	 
	Proceeds attributed to the share capital
	 	 	13,337,775	 	 	 	6,098,388	 	 	 	19,436,163	 
	Par Value of the shares
	 	 	10	 	 	 	10	 	 	 	20	 
	 	 	 
	Deemed net dividend
	 	 	13,337,765	 	 	 	6,098,378	 	 	 	19,436,143	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	STC payable on this dividend @ 12,5%
	 	 	1,667,220.63	 	 	 	762,297.25	 	 	 	2,429,517.88	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	If Paid after 1 April but on or before 15 April 2006
	 	 	 	 	 	 	 	 	 	 	 	 
	Full purchase price
	 	 	14,811,725	 	 	 	8,047,275	 	 	 	22,859,000	 
	Qualifies for total discount of R335021 - apportioned between the two companies
	 	 	–217,080	 	 	 	–117,941	 	 	 	–335,021	 
	 	 	 
	Payment to MJ Crous
	 	 	14,594,645	 	 	 	7,929,334	 	 	 	22,523,979	 
	Repayment of Loan account
	 	 	–1,328,750	 	 	 	–1,870,000	 	 	 	–3,198,750	 
	 	 	 
	Proceeds attributed to the share capital
	 	 	13,265,895	 	 	 	6,059,334	 	 	 	19,325,229	 
	Par Value of the shares
	 	 	10	 	 	 	10	 	 	 	20	 
	 	 	 
	Deemed net dividend
	 	 	13,265,885	 	 	 	6,059,324	 	 	 	19,325,209	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	STC payable on this dividend @ 12,5%
	 	 	1,658,235.63	 	 	 	757,415.50	 	 	 	2,415,651.13	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	If Paid after 15 March but on or before 30 March 2006
	 	 	 	 	 	 	 	 	 	 	 	 
	Full purchase price
	 	 	14,811,725	 	 	 	8,047,275	 	 	 	22,859,000	 
	Qualifies for total discount of R445955 - apportioned between the two companies
	 	 	–288,961	 	 	 	–156,994	 	 	 	– 445,955	 
	 	 	 
	Payment to MJ Crous
	 	 	14,522,764	 	 	 	7,890,281	 	 	 	22,413,045	 
	Repayment of Loan account
	 	 	–1,328,750	 	 	 	–1,870,000	 	 	 	–3,198,750	 
	 	 	 
	Proceeds
attributed to the share capital
	 	 	13,194,014	 	 	 	6,020,281	 	 	 	19,214,295	 
	Par Value of the shares
	 	 	10	 	 	 	10	 	 	 	20	 
	 	 	 
	Deemed net dividend
	 	 	13,194,004	 	 	 	6,020,271	 	 	 	19,214,275	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	STC payable on this dividend @ 12,5%
	 	 	1,649,250.50	 	 	 	752,533.88	 	 	 	2,401,784.38	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	If Paid after 1 March but on or before 15 March
	 	 	 	 	 	 	 	 	 	 	 	 
	Full purchase price
	 	 	14,811,725	 	 	 	8,047,275	 	 	 	22,859,000	 
	Qualifies for total discount of R555790 - apportioned between the two companies
	 	 	–360,130	 	 	 	–195,660	 	 	 	–555,790	 
	 	 	 
	Payment to MJ Crous
	 	 	14,451,595	 	 	 	7,851,615	 	 	 	22,303,210	 
	Repayment of Loan account
	 	 	–1,328,750	 	 	 	–1,870,000	 	 	 	–3,198,750	 
	 	 	 
	Proceeds attributed to the share capital
	 	 	13,122,845	 	 	 	5,981,615	 	 	 	19,104,460	 

Page 42

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne SA	 	Maxweld & Braze	 	 
	 	 	(Pty) Ltd	 	(Pty)Ltd	 	 
	 	 	9669/039/14/2	 	9001/244/14/5	 	Total
	Par Value of the shares
	 	 	10	 	 	 	10	 	 	 	20	 
	 	 	 
	Deemed net dividend
	 	 	13,122,835	 	 	 	5,981,605	 	 	 	19,104,440	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	STC payable on this dividend @ 12,5%
	 	 	1,640,354.38	 	 	 	747,700.63	 	 	 	2,388,055.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	If Paid on or before 28 February 2006
	 	 	 	 	 	 	 	 	 	 	 	 
	STC payable on this dividend @ 12,5%
	 	 	205,044.30	 	 	 	93,462.58	 	 	 	298,506.88	 
	Full purchase price
	 	 	14,811,725	 	 	 	8,047,275	 	 	 	22,859,000	 
	Qualifies for total discount of R665627 - apportioned between the two companies
	 	 	– 431,299	 	 	 	–234,328	 	 	 	–665,627	 
	 	 	 
	Payment to MJ Crous
	 	 	14,380,426	 	 	 	7,812,947	 	 	 	22,193,373	 
	Repayment of Loan account
	 	 	–1,328,750	 	 	 	–1,870,000	 	 	 	–3,198,750	 
	 	 	 
	Proceeds attributed to the share capital
	 	 	13,051,676	 	 	 	5,942,947	 	 	 	18,994,623	 
	Par Value of the shares
	 	 	10	 	 	 	10	 	 	 	20	 
	 	 	 
	Deemed net dividend
	 	 	13,051,666	 	 	 	5,942,937	 	 	 	18,994,603	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	STC payable on this dividend @ 12,5%
	 	 	1,631,458.25	 	 	 	742,867.13	 	 	 	2,374,325.38	 

Kindly record this transaction in the records
of the companies as required.

Yours faithfully

J

Lourens

Financial manager

Page 43

 

APPENDIX “5”

PRO FORMA SECTION 228 RESOLUTION

RESOLUTION OF THE SHAREHOLDERS OF UNIQUE WELDING ALLOYS RUSTENBURG (PROPRIETARY) LIMITED t/a
THERMADYNE PLANT RENTAL SOUTH AFRICA (REGISTRATION NUMBER 2000/005417/07) (“the Company”), PASSED
IN GENERAL MEETING

PRESENT

The shareholders of the Company, all of whom have waived notice of the meeting, by round robin.

RESOLUTION

RESOLVED in accordance with the provisions of Section 228 of the Companies Act 61 of 1973 that the
Company be and is hereby specifically authorized to dispose of its business as a going concern in
accordance with the provisions of the “Sale Agreement” to be entered into between the Company, the
HG and A Van Zyl Familie Trust (“the Trust”), Hendrik Gert Van Zyl, Thermadyne South Africa
(Proprietary) Limited (“Unique”), Renttech S.A. (Proprietary) Limited, Thermadyne Industries Inc,
(“Therm Inc.”)and Pieter Malan, a copy of which agreement is attached hereto and initialled for
identification purposes.

RESOLVED FURTHER that the Company hereby specifically authorises Nedbank to pay the amount of R22
303 210,00 due in terms of the “Cession” attached as Appendix “2” to the Sale of Shares Agreement
between the Company and Marthinus Johannes Crous, Therm Inc, Unique, Maxweld and Braze
(Proprietary) Limited and Selrod Welding (Proprietary) Limited, and to utilise an amount of R2 500
000,00 of the proceeds so received from the Company to pay the Trust the Equity Purchase Price (as
defined in that agreement) on Unique’s behalf.

RESOLVED FURTHER that if the payment is not made to the Company as provided for in the Sale
Agreement referred to in resolution 1 above, then this resolution shall be of no force or effect.

 

Dated this 09 day of March 2006.

	 	 	 
	/s/ [ILLEGIBLE]
 

	 	  
	MARTHINUS
JOHANNES CROUS as registered shareholder
	 	 
	 
	 	 
	/s/ [ILLEGIBLE]

	 	 
	 

	 	 
	THERMADYNE INDUSTRIES INC. as beneficial shareholder
	 	 
	 
	 	 
	/s/ [ILLEGIBLE]
 

	 	  
	HENDRIK GERT VAN ZYL
	 	 

Page 45exv10w29

 

Exhibit 10.29

ACQUISITION AGREEMENT

6 aprile 2006

Thermadyne Italia S.r.l.

(“Seller”)

SIGEFI
Société par Actions Simplifiée,

acting on behalf of Siparex Italia, Fonds

Commun de Placement a Risque

and Giorgio Bassi

(“Buyer”),

 

 

ACQUISITION AGREEMENT

6 aprile 2006

Thermadyne Italia S.r.l.

(“Seller”)

SIGEFI Société par Actions Simplifiée, acting on behalf of Siparex Italia,

Fonds Commun de Placement a Risque and Giorgio Bassi (“Buyer”),

EXHIBIT

	 	 	 
	Exhibit 1.01

	 	Definitions
	Exhibit 2.02

	 	Deed of Transfer
	Exhibit 2.04(c)

	 	Release letters (directors and statutory auditors)
	Exhibit 2.04(d)

	 	Directors and statutory auditors
	Exhibit 2.04(f)

	 	Resignation Bassi
	Exhibit 4.01

	 	Bank guarantee
	Exhibit 5.01

	 	Representations
	Exhibit 7.01

	 	Escrow agreement “tax credit”
	Exhibit 10.01

	 	Seller’s Intellectual Property
	Exhibit 10.02

	 	Exceptions
	Exhibit 10.03

	 	Intellectual property rights agreement

 

 

SIGEFI
Société par Actions Simplifiée,

Lyon, rue Vendome,139 — 69006,

acting on behalf of Siparex Italia, Fonds Commun de Placement a Risque

To the
kind attention of Stéphane Delplancq

Mr, Giorgio Bassi,

via del Parco 15/2,

Pianoro (Bologna)

Dear Sirs,

Following our discussions regarding the above matter we propose the following Acquisition
Agreement:

ACQUISITION AGREEMENT

     THIS
AGREEMENT, made as of this 6th day of April, 2006, by and between
Thermadyne Italia S.r.l., an Italian corporation having its principal place of business at Caronno
Pertusella, Via Trieste 1169 (hereafter referred to as “Seller”) and SIGEFI Société:
par Actions Simplifiée, a French corporation having its principal place of business at
Lyon, rue Vendome, 139 — 69006 acting on behalf of Siparex Italia, Fonds Commun de
Placement a Risque (hereafter referred to as “Siparex”) and Giorgio Bassi an Italian
citizen residing at Pianoro (Bologna) via del Parco 15/2 (hereafter referred to as
“Bassi”) (Siparex and Bassi hereafter referred to as “Buyer”),

WITNESSETH:

     WHEREAS,
Tec.mo S.r.l., an Italian corporation (società a responsabilità
limitata)having its principal place of business at Rastignano, (Pianoro), Via Rio Fabbiani n°
8 and 8/A,which is wholly-owned by Seller (the “Company”), is engaged in the business of
fabricating, distributing and selling torches, consumables and spare parts of plasma and
laser cutting equipment (the “Business”); and

     WHEREAS, the Company wholly owns the following subsidiaries: Tec. mo Controls S.r.l.
an Italian corporation (società a responsabilità limitata) having its principal place of
business at Pianoro (BO), Via Bellini 15 and Thermal Dynamics Europe S.r.l. an Italian
corporation (società a responsabilità limitata) having its principal place of business at
Rastignano, (Pianoro), Via Rio Fabbiani 8/A; and

     WHEREAS, in light of his longstanding position at the Company as Managing Director
(Amministratore Delegato), Bassi has a thorough knowledge of the Company in all of its

 

 

aspects and of the Business, and has decided to team up with Siparex in order to purchase the
Company from Seller; and

     WHEREAS, the Seller desires to sell, and Buyer desires to purchase, all of the issued and
outstanding capital of the Company, upon the terms and conditions set forth in this Agreement.

     NOW, THEREFORE, in consideration of the premises and of the mutual agreements set forth
herein, the parties hereto, intending to be legally bound, hereby act and agree as follows:

ARTICLE
I — DEFINITIONS

     Section 1.01
Definitions. Capitalized terms used in this Agreement shall have the
meanings specified in this Agreement or in Exhibit 1.01 attached hereto.

ARTICLE II — PURCHASE AND SALE OF THE QUOTAS

     Section 2.01
Right of Substitution. In accordance with Article 1401 of the
Italian Civil Code, Siparex and Bassi have the right to designate, at the latest 5 days before
Closing (as hereinafter defined) a controlled affiliate, 50% by Siparex and 50% by Bassi
(hereafter referred to as “Newco”), to take ownership of the Quotas (as hereinafter defined) at
Closing (as hereinafter defined) and for the performance of all duties and obligations of the
Buyer under this Agreement. The designation of such affiliate shall not affect any of Buyer’s
obligations under this Agreement, including but not limited to payment obligations. Therefore, in
the Agreement the term Buyer shall mean Newco, should Newco be designated by Siparex and Bassi to
take ownership of the Quotas at Closing pursuant to this Section 2.01.

     Section 2.02 The Closing. The closing of the transaction contemplated by this
Agreement (the “Closing”) shall take place at 3:00 p.m., Italian time, on April 11, 2006 following
completion or waiver of all conditions to Closing specified herein, at the offices of Banca Intesa
S.p.A. in Bologna, Italy, or at such other time or place as shall be agreed upon in writing by the
parties hereto (the date on which the Closing shall occur shall be referred to herein as the
“Closing Date”). The transfer of the Quotas to the Buyer will be perfected at Closing with the
execution by duly authorized representatives of the Seller and of the Buyer of a deed of transfer
(the “Deed of Transfer”), substantially in the form attached hereto as Exhibit 2.02, before a
Notary Public pursuant to Article 2470, Second Paragraph, of the Italian Civil Code. The Parties
hereby acknowledge and agree that the Deed of Transfer will be executed only for purposes of
transferring title to the Quotas to the Buyer pursuant to Article 2470, Second Paragraph, of the
Italian Civil Code, without novation, modification or amendment to this Agreement, which sets forth
the entire understanding and agreement between the Parties as to the matters covered herein. Title
to the Quota will be transferred to the Buyer effective as of the Closing Date with all rights
pertaining thereto, free and clear of any Lien starting from the Closing Date.

     Section 2.03 The Purchase Price. Subject to the terms and conditions hereof, at the
Closing, the Seller hereby agrees to sell and transfer and the Buyer agree to buy and receive

2

 

from the Seller, all of the issued and outstanding quotas of the capital of the Company
(the “Quotas”) owned by the Seller, for an aggregate amount of Seven Million Euros (€7,000,000.00)
(the “Purchase Price”), minus the Financial Debt should the Company be in a net debt position as of
March 31, 2006 (“Financial Debt Reference Date”); provided that, no adjustments will be made to the
Purchase Price should the Company be in a cash position on the Financial Debt Reference Date; and
provided, further, that the parties hereto hereby acknowledge and agree that for purposes of this
Agreement the Financial Debt of the Company shall be calculated only up and until the Financial
Debt Reference Date and no other future changes in the Financial Debt will be taken into account
for purposes of this Agreement for any reason whatsoever.

     Section 2.04
Actions at Closing. At the Closing, each of the Parties shall take
or cause to be taken the following actions:

     (a) Seller shall (A) cause ail directors of the Company and its Subsidiaries and all
the members of the board of statutory auditors of the Company and its Subsidiaries to submit
their respective resignations effective as of the Closing Date on terms that all claims (if
any) which they may have against, respectively, the Company or the Subsidiaries are
unconditionally released or waived and substantially in the form attached hereto as Exhibit
2.04 (a) hereto; and (B) cause the Company and its Subsidiaries to pay promptly after the
Closing to the resigning directors and statutory auditors any and all amounts due to them as
directors’ and statutory auditors’ compensation accrued through the Closing Date;

     (b) Each of the Seller and Buyer shall execute the Deed of Transfer before the Notary and
Buyer shall pay (i) to the Seller the Purchase Price in accordance with Section 4.01 hereof;

     (c) Buyer shall deliver to Seller a copy of the release letters in favor of the current
directors and statutory auditors of the Company and the Subsidiaries in the form attached as
Exhibit 2.04 (c) hereto, duly executed by it;

     (d) Each of the Seller and Buyer shall cause a quotaholders’ meeting of the Company to be
held to resolve upon (A) the appointment of the new directors and statutory auditors of the
Company listed in Exhibit 2.04 (d) hereto as replacements of the directors and statutory
auditors resigned effective upon Closing; (B) the release and discharge from any and all
actions, claims or liabilities that the Company may have against the resigning directors or
statutory auditors in connection with any activities carried out by such directors or
statutory auditors on behalf of the Company and its Subsidiaries to the extent permitted by
Law;

     (e) Each of the Parties shall execute and deliver, or cause to be executed and delivered,
all other documents, certificates, instruments or writings required to be delivered or
executed by such Party, including but not limited to the Transaction Documents;

     (f) Bassi shall deliver a letter of resignation from his employment with the Seller and
all of its affiliates in the form attached hereto as Exhibit 2.0.4 (f).

3

 

ARTICLE
III — LIABILITIES

     Section 3.01 Liabilities of the Business. From and after the Closing, the Buyer shall
be responsible for, and shall honor and discharge when due all of the obligations and liabilities
of the Business, provided that Buyer, the Company and Subsidiaries, as the case may be, shall be
entitled to indemnification pursuant to the terms and conditions set forth under Article VIII
hereunder.

ARTICLE
IV — PAYMENT OF THE PURCHASE PRICE

     Section 4.01 Purchase Price. At the Closing Date, the Seller shall transfer all of
the issued and outstanding quotas representing the capital of the Company to the Buyer, and the
Buyer (i) shall pay the Purchase Price by transferring immediately available funds (valuta fissa a
favore del beneficiario) to the bank account to be indicated by the Seller in writing at least five
(5) days before to the Closing Date and (ii) the Seller shall deliver to the Buyer a bank
guarantee in the amount of Three Hundred and Fifty Thousand Euros (€ 350.000,00), naming Siparex
as sole beneficiary, having a face validity until Thirty (30) months after the Closing Date
(“Expiration Date”) and substantially in the form hereto attached as Exhibit 4.01 (“Bank
Guarantee”); provided that Siparex shall make recourse to the Bank Guarantee only if Seller will
default in satisfying cash monetary judgements within twenty (20) business days from the date of
an arbitration award concerning such judgements and issued by an arbitration panel of competent
jurisdiction pursuant to this Agreement; and provided, further, that after the expiration of
Eighteen (18) months from the Closing Date (“Early Expiration”) with no claims still unresolved
and awaiting for the decree of enforcement (exequatur) issued by a Court of competent
jurisdiction, Siparex and the Seller shall instruct the Bank to terminate the Bank Guarantee
effective immediately after the Early Expiration.

ARTICLE
V — REPRESENTATIONS AND WARRANTIES

     Section 5.01 Representations and Warranties of the Seller. The Seller represents and
warrants to Buyer as set forth in Exhibit 5.01 attached hereto (the “Representations Exhibit”),
which is hereby incorporated into this Agreement and constitutes an integral part of the same.

     Section 5.02 Representations and Warranties of the Buyer. The Buyer represents and
warrants to the Seller as set forth in Section 3 of the Representations Exhibit.

     Section 5.03 Bank Guarantee. In consideration of Bassi’s top managerial role in the
Company since the constitution of the Company, Bassi hereby acknowledges and accepts that the Bank
Guarantee is open and maintained exclusively to the benefit of Siparex.

ARTICLE VI — CONDITIONS PRECEDENT TO CLOSING

     Section 6.01 Conditions Precedent to Closing by the Buyer. The obligation of the Buyer
to purchase the Quotas is subject to the fulfillment, in all material respects, or waiver by the
Buyer, in its sole discretion, of the conditions set forth in this Section 6.01 at or prior to the

4

 

Closing. Subject to the provisions of Section 9.03 hereof, if the Buyer shall decline to
consummate this Agreement in reliance upon the immediately preceding sentence, it shall notify the
Seller of the specific grounds therefor, and (i) the Seller shall be entitled to fulfill the
unfulfilled conditions or to propose other remedies in order to induce the Buyer to agree to
proceed with the Closing, and (ii) if such conditions are fulfilled or another remedy is agreed
to, the parties shall proceed with the Closing.

	 	(a)	 	All of the agreements and covenants contained in this Agreement that are to be
complied with, satisfied and performed by Seller on or before the Closing Date shall,
in all material respects, have been complied with, satisfied and performed.
	 
	 	(b)	 	All of the representations and warranties made by Seller in this Agreement
shall be true and correct in all material respects both on and as of the date of this
Agreement and on and as of the Closing Date.
	 
	 	(c)	 	The Seller shall have duly executed and delivered to the Buyer the Transaction
Documents.
	 
	 	(d)	 	The Buyer shall have received a certificate of Chairman of the Board of
Directors of the Seller, dated as of the Closing Date, certifying as to the due
authorization by the Seller of the execution and delivery of this Agreement and any
Transaction Documents to which it shall be a party and the consummation of the
transactions contemplated hereby and thereby.
	 
	 	(e)	 	All necessary Regulatory Approvals, and any other material consents, approvals
or agreements of any Person, if necessary or required under the Applicable Law,
necessary for the Closing shall have been obtained.
	 
	 	(f)	 	No action or proceeding shall have been instituted, or threatened to be
instituted, by or before any Governmental Authority, or by any other third party, to
restrain or prohibit the consummation of the transaction contemplated hereby (other
than actions or proceedings affecting only general economic conditions).
	 
	 	(g)	 	The Buyer shall have received a certificate of an officer of the Seller, dated
as of the Closing Date, certifying as to the fulfillment of the conditions set forth in
paragraphs (a) and (b) and, with respect to actions or proceedings against such party,
paragraph (f), of this Section 6.01.
	 
	 	(h)	 	Newco shall have received at least Seven Million Four Hundred Thousand Euros
(€
7.400.000,00) from financing sources to apply to the consummation of the Closing id est Four Million Nine Hundred Thousand Euros (€
4.900.000,00) as bank loan and Euro
2.500.000,00 (two million five hundreds thousands) as capital contribution by Siparex
and Bassi.
	 
	 	(i)	 	The Financial Statements for fiscal year 2005 of the Company shall have been
duly approved by the general meeting of the Company and deposited with the competent
Register of Companies

5

 

     Section 6.02 Conditions Precedent to Closing by the Seller. The obligation of the
Seller to sell and transfer the Quotas owned by the Seller is subject to the fulfillment, in all
material respects, or waiver by the Seller, in its sole discretion, of the conditions set forth in
this Section 6.02 at or prior to the Closing. Subject to the provisions of Section 9.03 hereof, if
the Seller shall decline to consummate this Agreement in reliance upon the immediately preceding
sentence, it shall notify the Buyer of the specific grounds therefor, and (i) the Buyer shall be
entitled to fulfill the unfulfilled conditions or to propose other remedies in order to induce the
Buyer to agree to proceed with the Closing and, (ii) if such conditions are fulfilled or another
remedy is agreed to, the parties shall proceed with the Closing.

	 	(a)	 	All of the agreements and covenants contained in this Agreement that are to be
complied with, satisfied and performed by Buyer on or before the Closing Date shall, in
all material respects, have been complied with, satisfied and performed, including, but
not limited to, the payment of the Purchase Price at the Closing Date.
	 
	 	(b)	 	All of the representations and warranties made by the Buyer in this Agreement
shall be true and correct in all material respects both on and as of the date of this
Agreement and on and as of the Closing Date.
	 
	 	(c)	 	Newco, or Siparex and Bassi if Newco is not designated to take ownership of the
Quotas at Closing pursuant to Section 2.01 herein, shall have duly executed and
delivered to the Seller the Transaction Documents to which it is (or they are, as the
case may be) a party;
	 
	 	(d)	 	The Seller shall have received (i) a certificate of the Chairman of the Board
of Directors of Newco (if applicable) and Siparex, dated as of the Closing Date,
certifying as to the due authorization by the Buyer of the execution and delivery of
this Agreement and any Transaction Documents to which it shall be a party and the
consummation of the transactions contemplated hereby and thereby; and (ii) a
certificate from Bassi confirming that there is no legal impediment to the execution
and delivery of this Agreement or the other Transaction Documents by Bassi or to the
consummation of the transactions contemplated hereby or thereby.
	 
	 	(e)	 	The Seller shall have received a certificate of an officer of Newco, or of
Siparex and Bassi if Newco is not designated to take ownership of the Quotas at Closing
pursuant to Section 2.01 herein, dated as of the Closing Date, certifying as to the
fulfillment of the conditions set forth in paragraphs (a) and (b) of this Section
6.0.2.

ARTICLE VII — COVENANTS

     Section 7.01
Covenants of the Seller. (a) The Seller covenants and agrees with the
Buyer that:

	 	(i)	 	between the date of this Agreement and the Closing, it will cooperate with the
Buyer and any Governmental Authority having jurisdiction in taking all actions
reasonably necessary to obtain any Regulatory Approvals, if necessary under the
Applicable Law, required in connection with the transaction contemplated by this

6

 

	 	 	 	Agreement and any Transaction Document, and will comply timely with all legal requirements
which may be imposed on it with respect to the Closing and will promptly cooperate with and
furnish information to the Buyer in connection with any such legal requirements.
Notwithstanding anything to the contrary contained in this Agreement or any
Transaction Document, without Buyer’s prior written consent, neither the Seller nor any of its
Affiliates shall divest, demerger, spin off or otherwise take or commit to take any step that
limits its freedom of action with respect to, or its ability to retain, any business unit
(including its existing business units and the business units of the GROUP to be acquired
hereunder), or any of the activities, product lines or assets thereof, or (b) alter or
restrict its business or commercial practices, or the business or commercial practices of any
company of the GROUP, in any way.
	 
	 	(ii)	 	between the date of this Agreement and the Closing, it will not take any action, or
omit to take any action, which action or omission would make any of the
representations or warranties of the Seller untrue or incorrect, in any material
respect, at the Closing Date, and will not undertake any course of action inconsistent
with this Agreement, or which would render any of the conditions to Closing by the
Buyer unable to be satisfied at or prior to the Closing.
	 
	 	(iii)	 	between the date of this Agreement and the Closing, it shall carry on the Business
diligently and in the ordinary course, consistent with past practice and shall
exercise reasonable best efforts to (a) prevent the loss or material modification of
any material contract with customers or suppliers, (b) preserve the Business’s
relations with customers, suppliers and employees, and (c) otherwise prevent the
impairment of its goodwill. Except as contemplated by this Agreement or with Buyer’s
prior written consent, which shall not be unreasonably withheld, neither the Company
nor any Subsidiary shall, and the Seller shall ensure that none of the Company or the
Subsidiaries, (aa) make any material change in its business, accounting practices,
methods of operation, or management of the Business and its properties, (bb) enter
into any new lease for use of office or warehouse space or other real property, or any
modification, extension or cancellation of any Contract, Real Property Lease or
Intellectual Property License (except the Intellectual Property Rights Agreement),
(cc) make any capital expenditure, (dd) give, issue or enter into any product warranty
other than the standard warranty currently given by the Business on sales made in the
ordinary course of business, (ee) declare any dividend, make any payment, or render
any benefit, to or on behalf of any Related Party, except for (A) salaries and
customary directors fees paid to individuals in their capacities as directors,
officers or employees of the Seller consistent with past practice, or (B) give or
enter into any commitment on behalf of the Business to do any of the foregoing. Except
for the sale of product from inventory or as otherwise contemplated hereby, neither
the Company nor any Subsidiary shall sell, transfer, give, voluntarily encumber,
pledge or otherwise dispose of or impair in any way its right, title and interest in
and to any material asset of the Business, including, without limitation, claims,
causes of action and other intangible assets.

(b) The Seller undertakes to indemnify and hold harmless the Buyer and its Subsidiaries
against any Mahoney’s claims demands actions of suits deriving from, or

7

 

connecting to the pending litigation concerning the Amended and Restated Executive
Employment Agreement among Thermadyne Holdings Corporation and its subsidiaries, dated June
13, 2002. This covenant by Seller is without limitation and does not fall under the
provision of Section 8.08.

(c) For fiscal year 2005 Seller has elected to file the consolidated tax return in accordance with
Section II of Decree n. 917 December 22, 1986 (as emended
the “Decree”). As a result of an excess
anticipated payment to the Seller made in connection with the consolidated tax return, the Company
and the Subsidiaries have a credit to Seller of Euro Two Hundred Fifty-Four Thousand and 949 (€
254,949) in the aggregate (the “Tax Credit”). Seller undertakes to repay in cash to Company the
Tax Credit not later than 10 days after either (i) the last day available to Seller for filing its
2005 tax return (October 31, 2006); or (ii) such earlier
date (“Filing Date”) chosen by the
Company to file their 2005 tax return; provided that at Closing the Seller will deliver to a
notary public mutually agreed upon by the parties hereto a sum in the form of a certificate of
deposit (Libretto di Deposito a Risparmio Nominativo) equal to the Tax Credit,. Copy of such
escrow agreement is attached hereto as Exhibit 7.01 (c).

Section 7.02 Covenants of the Buyer and Bassi. (a) The Buyer covenants and agrees
with the Seller that, between the date of this Agreement and the Closing it will not take
any action, or omit to take any action, which action or omission would make any of the
representations and warranties of the Buyer untrue or incorrect, in any material respect,
at the Closing Date, and will not undertake any course of action inconsistent with this
Agreement, or which would render any of the conditions to Closing by the Seller unable to
be satisfied at or prior to the Closing.

(b) Bassi hereby agrees to hold and maintain confidential all confidential and
proprietary information of Thermadyne Holdings Corporation or any of its affiliates
acquired during the course of his employment with Thermdadyne Holdings Corporation or its
affiliates and not to use it in any manner whatsoever or disclose any such information to
any third party except with the prior written consent of Thermdadyne Holdings Corporation
or any of its affiliates, as appropriate. Proprietary and confidential information
includes, but it is not limited to, Thermdadyne Holdings Corporation or its affiliates’
unique plans and strategies, including its business strategies; potential acquisition,
merger or investment candidates; operating procedures and programs; manuals and training
materials; lists of or information regarding customers or prospects. These restrictions
apply whether the information was written, electronic, or simply personal knowledge. For
purpose of this Section 7.02, proprietary and confidential information does not include
information which is or becomes already known to the person(s) to whom Bassi would
discuss it or to information which is in the public domain. Bassi hereby also agrees to
furnish written notice to Thermdadyne Holdings Corporation or any of its affiliates, as
appropriate, prior to disclosing information as the law may require him to do.

     Section 7.03 Mutual Covenants.

8

 

	 
	 	(a)	 	None of the parties hereto shall make, or permit any of their Affiliates or their
respective directors, officers, employees, agents, advisors, or representatives to make,
any press release, public announcement or other third-party disclosure  (collectively,
“Announcement”) with respect to the existence of this Agreement or
 any Transaction Documents or the transactions contemplated hereby or thereby
without the prior written consent of the other parties hereto, except as otherwise
previously agreed in writing or required by applicable law. In any event, prior to any
such Announcement, each party shall submit the text of any proposed
Announcement to the other party for approval.
	 
	 	(b)	 	Each Party shall give prompt written notice to the other in the event its
own representations and warranties or the representations and warranties of the
other Party are discovered to be materially untrue as of the time made. Nothing in
this Agreement shall be construed to imply that Seller is making any
representation or warranty as of any date other than as expressly set forth
herein.

ARTICLE VIII — INDEMNIFICATION

     Section 8.01 Survival of Representations and Warranties. The parties shall be
entitled to rely upon the representations and warranties of the other party set forth in this
Agreement, and the obligations of the party with respect thereto shall survive the Closing
whether or not any party relied on such representations and warranties or had knowledge,
acquired either before or after the date hereof, from its own investigation or otherwise, of
any fact at variance with of any of such representations and warranties, or any breach
thereof. Such representations and warranties shall be effective from and after the date of
this Agreement and shall survive for a period of eighteen (18) months after the Closing Date;
provided, however, that (i) all representations and warranties relating to the
capacity or authority of the parties, title to the Shares shall survive the Closing Date for
the period of the statute of limitations applicable to the subject matter thereof; (ii) all
representations and warranties relating to Taxes and Labor matters shall survive until the
sixth anniversary of the Closing Date. No party providing indemnification pursuant to this
Article (an “Indemnitor”) for any misrepresentation in, or breach of, any representation or
warranty shall be obligated to provide such indemnification unless the party seeking
indemnification hereunder (the “Claimant”) has delivered written notice of its claim for
indemnification (a “Claim”) prior to the expiration date of the relevant representation or
warranty, provided, however, that any Claim for which a notice has been given on or
before the relevant expiration date may continue to be asserted and indemnified against until
finally resolved.

     Section 8.02 Indemnification by the Seller to Buyer. The Seller agrees to
indemnify Buyer the Company, the Subsidiaries, their respective officers, directors,
employees, shareholders, agents and representatives against, and agrees to hold them harmless
from, any Loss suffered or incurred by any such indemnified party based upon, arising out of
or resulting from (i) any failure of the Seller to transfer to Buyer full record and
beneficial ownership of, legal title to, and possession of, the Quotas, free and clear of all
liens, (ii) any material misrepresentation in, or breach of, any representation or warranty
of the Seller

9

 

contained in the Representations Exhibit, (iii) any material breach of any covenant of the
Seller contained in this Agreement or the Transaction Documents requiring performance after the
Closing Date, (iv) any unrecorded liability or obligation of the Company, the Subsidiaries or the
Business arising from any fact or circumstance in existence at or prior to the Closing Date which
pursuant to Applicable Law would have been required to be recorded in the books of the GROUP (the
“Excluded Liabilities”).

     Section 8.03 Indemnification. If the Indemnitor shall agree in writing that it would
have responsibility to indemnify the Claimant for a Claim, the Claimant will give the Indemnitor
full authority to defend, adjust, compromise, or settle such Claim, and any litigation arising
therefrom, in the name of the Claimant, provided that the Indemnitor or its counsel shall keep the
Claimant fully informed of all developments and shall expeditiously defend such Claim. The
Indemnitor shall not, without the prior written consent of the Claimant, consent to the entry of
any judgment or agree to any settlement, unless (i) such judgment or settlement constitutes an
effective release from all liability in respect of such Claim, (ii) does not impose or create any
obligation or any financial or other liability affecting the Claimant, unless the Indemnitor is
bound to pay or discharge such obligation or liability as part of the indemnification provided to
the Claimant under this Agreement. If the Indemnitor does not undertake the defense of any claim
presented by the Claimant in accordance with this Article within thirty (30) Business Days after
receiving the Claimant’s written notice thereof, then the Claimant shall have the right to control
the defense, compromise or settlement of such Claim with counsel of their choice, at the expense
of the Indemnitor; provided that counsel chosen by the Claimant shall be only entitled to actual
and reasonable attorney’s fees and expenses; and provided, further, that such attorney’s fees and
expenses shall be reimbursed by the Indemnitor to the Claimant only if the Claimant is finally
adjudicated responsible for such Claim.

     Section 8.04 Indemnification by the Buyer. The Buyer agrees to indemnify the Seller
and its respective officers, directors, employees, shareholders, agents and representatives
against, and agrees to hold them harmless from, any Loss suffered or incurred by any such
indemnified party based upon, arising out of or resulting from any misrepresentation in, or breach
of, any representation or warranty of the Buyer contained in this Agreement.

     Section 8.05 Effect of Tax Benefits or Detriments on Indemnification. If any Loss
subject to indemnification hereunder gives rise to a deduction against taxable income of the party
seeking indemnification, any Claim for any such Loss shall be reduced by the Tax benefit
attributable thereto. In addition, if any indemnity paid hereunder shall be taxable to the
receiving party, the amount of such indemnification shall be increased to the extent necessary
such that the amount received by the indemnified party, net of all Taxes, is equal to the amount
of its indemnified Loss.

     Section 8.06
Claims; Payment of Claims. (a) A Claimant shall promptly, but in no event
later than thirty (30) days after becoming aware of any circumstances giving rise to a Claim,
notify an Indemnitor in writing of its Claim (“Claim Notice”), specifying in reasonable detail the
nature of the misrepresentation, breach or non-performance upon which such Claim for
indemnification is based and the amount and nature of the Loss expected to be incurred in
connection therewith. Upon receipt of the Claim Notice, the Indemnitor shall have thirty (30) days
to submit its written objections (“Indemnitor’s Objections”), if any. Should the parties be

10

 

unable to find an agreement over the Indemnitor’s Objections within thirty (30) days from
their receipt, either party shall be entitled to make recourse to arbitration, as provided for
herein.

     (b) The Company shall be entitled to receive, and to execute any receipt and releases
thereof, on behalf of the Buyer, Siparex or Bassi, as the case may be, any payments from Seller to
which the Buyer, Siparex or Bassi may be entitled to in connection with a Claim hereunder.

     Section 8.07 Mitigation. Any Claimant shall, in relation to any claims, actions,
proceedings, demands, losses, costs, expenses or other liabilities which might give rise to a
claim under this Agreement against an Indemnitor, use its reasonable efforts to avoid or mitigate
such claims, actions, proceedings, demands, losses, costs, expenses or other liabilities. If a
Claimant is or may be entitled to recover under any insurance policy then in effect, then such
Claimant shall diligently exhaust all rights that is has under such insurance policy; provided
that any amounts recovered under such insurance policies shall be deducted from the amount
recoverable pursuant to Article VIII hereto.

     Section 8.08 Limitation. Notwithstanding anything to the contrary contained in this
Agreement or any of the Transaction Documents, any Indemnitor, under
this Article VIII, shall not
be indemnified unless and until the total of all such Losses shall exceed the threshold amount of
Twenty Thousand Euros (€ 20.000,00) in the aggregate, in which case Indemintor shall indemnify
such Claimants for all of such Losses, including the threshold amount. Except as otherwise
specified in this Agreement, in the Exhibits or in any of the Transaction Documents, an Indemnitor
will not be obligated to indemnify any Claimant for any Losses under this Article VIII to the
extent that the aggregate amount of all such payments for Losses would exceed ten percent (10%) of
the Purchase Price paid to Seller.

     Section 8.09 Remedy Exclusive. The indemnification provisions of this Article VIII
shall be the exclusive remedy available to the parties following the Closing for any and all
claims for Losses arising under this Agreement.

ARTICLE IX — TERMINATION

     Section 9.01 Termination by Consent. This Agreement may be terminated and the
transactions contemplated hereby abandoned at any time prior to the Closing by the mutual written
consent of the parties hereto.

     Section 9.02 Termination Due to Illegality. This Agreement may be terminated and the
transactions contemplated hereby abandoned at any time prior to the Closing by any party if
Applicable Law makes consummation of the transactions contemplated hereby illegal or otherwise
prohibited.

     Section 9.03 Termination due to failure to satisfy the conditions precedent to the
Closing. If the conditions set forth in Sections 6.01 and 6.02 hereof have not been fulfilled
or waived, and the transactions contemplated hereby have not been consummated, within one hundred
twenty (120) days after the date hereof, this Agreement may be terminated, and the transactions
contemplated hereby abandoned, by either party at any time thereafter by giving written notice
thereof to the other party; provided, however, that a party may not terminate this

11

 

Agreement if such conditions have not been fulfilled due to any failure by the same
party to perform in all material respects any of its respective covenants or agreements
contained in this Agreement.

     Section 9.04 Effect of Termination. In the event of termination of this Agreement
pursuant to this Article IX, no party hereto, nor any of their respective directors, officers,
employees or agents, shall have any liability or further obligation to any other party to this
Agreement, except that nothing herein will relieve any party from liability for any breach of this
Agreement.

ARTICLE X — INTELLECTUAL PROPERTY

     Section 10.01 Seller’s intellectual property. The Seller owns certain
Intellectual Property necessary to conduct the Business as currently conducted and listed in
Exhibit 10.01 The Seller has the right to use all of such Intellectual Property free and
clear of all adverse claims (including, without limitation, royalty).

     Section 10.02 No infringement. To the Seller’s Knowledge, the Seller has not
received any notices of invalidity, infringement or misappropriation from any third party
with respect to any such Intellectual Property. Except as otherwise specified in Exhibit
10.02, no third party is infringing upon, misappropriating or otherwise violating any such
Intellectual Property owned by the Seller.

     Section 10.03 Intellectual Property Rights Agreement. On or before the Closing
Date, the Seller shall enter into an intellectual property rights agreement granting the
Company the world wide license to use the Intellectual Property listed in Exhibit 10.01 and
owned by the Seller or any of its affiliates (hereafter referred to as the “Intellectual
Property Rights Agreement”). Execution copy of Intellectual Property Rights Agreement is
attached hereto as Exhibit 10.03.

     Section 10.04 Use of Thermadyne’s Intellectual Property. Immediately after the
Closing, Buyer shall cause the Company or its Affiliates to cease the use in any form
whatsoever of any of the registered or unregistered trademarks, service marks, trade names,
designs or logos owned or otherwise used by the Thermadyne group (“Thermadyne Trademarks”)
unless (i) the products bearing the Thermadyne Trademarks are sold to a company of the
Thermadyne group and such company has specifically instructed the Company or any of its
Affiliates, as the case may be, to affix the Thermadyne Trademarks; or (ii) the use of the
Thermadyne Trademarks is expressly permitted by the Intellectual Property Rights Agreement,
should the product in question be protected by patent. Furthermore, for the avoidance of
doubt it is hereby specified that Buyer shall cause the Company or its Affiliates not to use
any portion of the Thermadyne Trademarks in any form whatsoever, including but not limited
to corporate names, letterhead, invoices, company or product literature or any other similar
documents.

ARTICLE XI — GUARANTEE

     Section 11.01 Guarantor. From the date hereof, Thermadyne Holding
Corporation (hereafter referred to as “Guarantor”) agrees to unconditionally, irrevocably
and absolutely

12

 

guarantee to Buyer the due and punctual performance and discharge of Seller’s obligations
under this Agreement, (collectively, the “Obligations”). The guarantee under this Section
11.01 is a guarantee of performance of the Obligations by Guarantor as primary obligor and
not merely of collection.

(a) To the fullest extent permitted by Applicable Law, the obligations of Guarantor under
this Section 11.01 shall remain in full force and effect without regard to, and shall not be
affected or impaired by (i) any change in the corporate structure or ownership of the Seller
and its Subsidiaries’ or the dissolution, liquidation, or other similar proceeding relating
to the Seller and its Subsidiaries’ or Guarantor or Buyer (ii) any neglect, delay, omission,
failure or refusal of the Seller to take or prosecute any action in connection with this
Agreement or any other agreement, delivered in connection herewith. In connection with this
Section 11.01, Guarantor unconditionally waives any right to require the Buyer to proceed
first against Seller or to pursue any other remedy (iii) any duty of the Buyer to advise
Guarantor of any information known to Buyer regarding Seller or its ability to perform under
this Agreement, and (iv) all suretyship and other defenses of every kind and nature.

(b) Notwithstanding anything herein to the contrary, this Section 11.01, and all obligations
of Guarantor under this Agreement, shall terminate, and be of no further force or effect,
upon expire of Representations and Warranties of the Seller under the Agreement.

ARTICLE XII — MISCELLANEOUS PROVISIONS

     Section 12.01
Expenses; Transfer Taxes. Whether or not the transactions
contemplated by this Agreement are consummated, each party will pay its respective expenses
(including all fees and expenses of counsel, accountants and other advisors) incurred in connection
with the origination, negotiation, execution and performance of this Agreement and the Transaction
Documents. Notwithstanding the foregoing, the Buyer shall pay all sales, use or transfer Taxes, and
any documentary, registration or stamp duties and similar Taxes or duties (not including net or
gross income Taxes or capital gains Taxes) arising from the sale and transfer of the Quotas. The
Buyer shall make payment to the proper Governmental Authority or reimburse the Seller, as
appropriate, in a timely manner, and in any case no later than fifteen (15) days after receipt of
written evidence that such payment was made. If Applicable law does not designate which party is
responsible for payment, payment shall be made by the Buyer. The parties shall take all actions
reasonably necessary or appropriate to avoid or minimize the imposition of such Taxes or duties.

     Section 12.02 Ongoing Business Relationships. Except as otherwise specified in
this Agreement, in its Exhibits or in any of the Transaction Documents, it is the intention
of the parties to maintain the current business between the Company, the Seller and its
Affiliates at terms and conditions similar to those currently in force, should such
business continue to be in the best interest of the respective parties.

     Section 12.03
Entire Agreement; No Third-Party Beneficiaries. This Agreement
and the Transaction Documents (including all attachments hereto and thereto) comprise the
entire agreement among the parties hereto as to the subject matter hereof and thereof, and

13

 

supersede all prior agreements, understandings and negotiations, both written and oral, between
the parties with respect to such subject matter. All annexes, schedules, exhibits or other
attachments to any document are, and shall be deemed to be, a part of such document. Neither this
Agreement, nor any of the Transaction Documents is intended to confer upon any Person other than
the parties thereto any rights or remedies thereunder.

     Section 12.04 Amendments and Waivers. This Agreement may not be amended or modified
except by a writing executed by the parties hereto. No extension of time for, or waiver of the
performance of, any obligation of any party hereto shall be effective unless it is made in a
writing signed by the party granting such extension or waiver. Unless it specifically states
otherwise, no waiver shall constitute or be construed as a waiver of any subsequent breach or
non-performance.

     Section 12.05 Notices. Any notice given pursuant to this Agreement shall be in writing
and shall be delivered (i) in person, (ii) by internationally-recognized express courier delivery
service, or (iii) by facsimile transmission confirmed by one of the foregoing methods, in each case
addressed as follows:

If to the Seller:

Thermadyne Italia s.r.l. c/o

Thermadyne Holdings Corporation

16052 Swingley Ridge Road, Suite 300

St. Louis, Missouri 63017

Attention:   Patricia S. Williams

                   Vice President General Counsel

                   Facsimile: +1-636.728.3011

If to the Buyer:

SIGEFI PRIVATE EQUITY

166, rue Fg St-Honorè

75008 Parigi — Francia

Attention:   Stèphane Delplancq

          
        Tel.: ++33 01 53 93 0220

          
        Facsimile: ++33 01 53 93 0230

and

SIGEFI Italia Private Equity SpA

Via Molino delle Armi 4

20123 Milano

Attention:   Maurizio Perroni

          
        Tel.: ++39 02 72 00 6701 

          
        Facsimile: ++39 02 80 55 252

14

 

and

Tec.Mo s.r.l.

Via Rio Fabbiani n. 8

Pianoro (Bologna)

Attention: Giorgio Bassi

Tel.: ++39 051 743123

Facsimile: ++ 051 74 3758

     In any case, any such address may be changed by any party by written notice to the other
parties given in accordance herewith. Any notice given in the manner described in clause (i) shall
be deemed given when delivered. Any notice given in the manner described in clause (ii) shall be
deemed given when deposited for delivery so addressed with courier fees and other charges prepaid.
Any notice given in the manner described in clause (iii) shall be deemed given when transmitted,
provided that the sender receives electronic confirmation of the satisfactory completion of such
facsimile transmission.

     Section 12.06 Assignment. Subject to and without prejudice to Section 2.01 above,
this Agreement may not be assigned by either party hereto without the prior written consent of the
other.

     Section 12.07 Joint Preparation of Documents. This Agreement has been, and the
Transaction Documents are being, prepared jointly by the parties hereto. The terms thereof shall
not be construed in favour of, or against, any party on account of its participation in such
preparation.

     Section 12.08 Captions. Article and Section headings, and Exhibit titles, are
supplied herein for convenience only and shall not be deemed a part of this Agreement for any
purpose.

     Section 12.09 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original for all purposes, and all of which
together shall constitute one agreement.

     Section 12.10 Governing Law. This Agreement and, unless they shall specifically state
otherwise, the Transaction Documents, shall be governed by the Italian laws without giving effect
to any conflict of law rules or other rules that might render such law inapplicable or
unavailable.

     Section 12.11 Agreement to Arbitrate. The Parties shall make reasonable efforts to
settle in an amicable way any dispute that might arise between them in connection with this
Agreement or the carrying out of the transactions contemplated herein. In particular, the Parties
may appoint a professional mediator and may meet in order to attempt an amicable solution of the
dispute. Notwithstanding the foregoing, should any Party consider, at any time and at its sole
discretion, it not possible to reach an amicable settlement, then the dispute shall be resolved
through arbitration in accordance with the Arbitration Rules
(Regolamento Arbitrale), of the
Chamber of National and International Arbitration of Milan (Camera
Arbitrale

15

 

Nazionale e Internazionale di Milano), hereafter the “ Arbitration Rules”, which are
incorporated herein by reference, by one arbitrator appointed by the Parties within 15 days after
receipt by the respondent of the notice of arbitration, provided that the value of the dispute
does not exceed Euro five hundred thousand (€ 500,000). Should the value of the dispute exceed
such amount or be undetermined, the controversy shall be resolved by a panel of three arbitrators,
the first one appointed by the Party initiating the arbitration proceedings simultaneously with
its demand for arbitration, the second one appointed by the other Party within 15 days of the date
on which it has received notice of the demand for arbitration. The third arbitrator (who shall act
as chairman of the arbitration panel) shall be jointly appointed by the two appointed arbitrates
within fifteen (15) days of the appointment of the second arbitrator. In the event of failure of
the Parties to appoint the sole arbitrator or the chairman of the panel, as the case may be,
within such term, he shall be appointed Rules by the Arbitration Council acting as Appointing
Authority for the purposes of the Arbitration Rules, upon request of either Party. Such Appointing
Authority shall also designate the arbitrator, if the party required to make such appointment has
not done so within the period specified above. The arbitration proceedings shall take place in
Milan and the sole arbitrator or the arbitration panel, as the case may be, shall decide pursuant
to Italian substantive law. All proceedings of the arbitration, including arguments and briefs
shall be conducted in the Italian language, it being understood that documents and testimonies may
be filed or heard in Italian. The arbitration proceeding shall be conducted in accordance with the
Italian Code of Civil Procedure. The sole arbitrator shall render the award within six (6) months
of the acceptance of his appointment and the arbitration panel shall render its award within six
(6) months from the date of constitution of the panel, unless a different term has been agreed
between the Parties. Any award shall include the reasons upon which it was based, shall be
rendered in writing, shall have jurisdictional nature and shall be final and binding on the
Parties. The costs of arbitration shall be borne by either or both of the Parties as the
arbitrator(s) shall determine. Application may be made to any court of competent jurisdiction for
a judicial acceptance of the award and an order of enforcement (exequatur), as the law of such
jurisdiction may require or allow.

     Section 12.12 Severabilitv. If any term or provision of this Agreement or any of the
Transaction Documents, or the application thereof to any Person or circumstance, shall to any
extent be overly broad, invalid or unenforceable, the remainder of this Agreement (or such
Transaction Document, as the case may be), or the application of such term or provision to Persons
or circumstances other than those as to which it is overly broad, invalid or unenforceable, shall
not be affected thereby and each term and provision of this Agreement (or such Transaction
Document, as the case may be) shall be valid and enforced to the fullest extent permitted by law.
In any such instance, the parties shall work together in good faith to make such alternative
arrangements as may be legally permissible to carry out as nearly as practicable the original terms
and intent of such document.

[Remainder of Page Intentionally Left Blank]

16

 

If you agree with the foregoing terms and conditions, please return to us a copy of this agreement
executed by you signifying your full and unconditional acceptance.

	 	 	 	 	 
	Yours faithfully,	 	 
	 
	 	 	 	 
	THERMADYNE ITALIA S.R.L.	 	 
	 
	 	 	 	 
	By:

	 	/s/ [ILLEGIBLE]	 	 
	 

	 	 

	 	 
	Name:

	 	[ILLEGIBLE]	 	 
	 

	 	 

	 	 
	Title:

	 	[ILLEGIBLE]	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	With exclusive reference to Article 11 (GUARANTEE):
	 
	 	 	 	 
	THERMADYNE HOLDINGS CORPORATION
	 
	 	 	 	 
	By:

	 		 	 
	 

	 	 

	 	 
	Name:

	 		 	 
	 

	 	 

	 	 
	Title:

	 		 	 
	 

	 	 

	 	 

17

 

	 	 	 	 	 
	GIORGIO BASSI	 	 
	 
	 	 	 	 
	By:

	 	/s/ [ILLEGIBLE]	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	SIGEFISOCIETE PAR ACTION SIMPLIFIEE
	 
	 	 	 	 
	By:

	 	/s/ [ILLEGIBLE]	 	 
	 

	 	 

	 	 
	Name:

	 	[ILLEGIBLE]	 	 
	 

	 	 

	 	 
	Title:

	 	[ILLEGIBLE]	 	 
	 

	 	 

	 	 

18

 

If you agree with the foregoing terras and conditions, please return to us a copy of this
agreement executed by you signifying your full and unconditional acceptance.

	 	 	 	 	 
	Yours faithfully,	 	 
	 
	 	 	 	 
	THERMADYNE ITALIA S.R.L,
	 
	 	 	 	 
	By:

	 		 	 
	 

	 	 

	 	 
	Name:

	 		 	 
	 

	 	 

	 	 
	Title:

	 		 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	With exclusive reference to Article 11 :(GUARANTEE):
	 
	 	 	 	 
	THERMADYNE HOLDINGS CORPORATION
	 
	 	 	 	 
	By:

	 	/s/ P. S. Williams	 	 
	 

	 	 

	 	 
	Name:

	 	P. S. Williams	 	 
	 

	 	 

	 	 
	Title:

	 	Vice President General Counsel	 	 
	 

	 	 

	 	 

19

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