Document:

exv10w1

 

Exhibit 10.1

INDEMNIFICATION AGREEMENT

     This INDEMNIFICATION AGREEMENT (the “Agreement”), is effective as of                           , 2007,
between Thermadyne Holdings Corporation, a Delaware corporation (the “Company”), and
                     (“Indemnitee”).

     WHEREAS, the Board of Directors of the Company has determined that it is in the best interests
of the Company and the Company’s stockholders to attract and retain the most capable persons as
directors and officers of the Company; and

     WHEREAS, the Board of Directors, after reasonable investigation, has determined that the
liability insurance coverage presently available to the Company may be inadequate in certain
circumstances to cover all possible exposure for which Indemnitee should be protected and that the
Company should act to assure such persons that there will be adequate certainty of protection
through a combination of insurance and indemnification against risks of claims and actions against
them arising out of their service to and activities on behalf of the Company; and

     WHEREAS, the Amended and Restated Certificate of Incorporation of the Company (together with
the Company’s Amended and Restated Bylaws, as amended to date, the “Charter Documents”) provides
for indemnification of its officers and directors to the fullest extent permitted by Section 145 of
the General Corporation Law of the State of Delaware (the “DGCL”), and the Company wishes to
clarify and enhance the rights and obligations of the Company and Indemnitee with respect to
indemnification; and

     WHEREAS, Section 145 of the DGCL, under which the Company is organized, empowers the Company
to indemnify its directors, officers, employees and agents by agreement and to indemnify persons
who serve, at the request of the Company, as the directors, officers, employees or agents of other
corporations or enterprises, and expressly provides that the indemnification provided by Section
145 is not exclusive;

     WHEREAS, in order to induce and encourage highly experienced and capable persons such as
Indemnitee to serve and continue to serve as directors and officers of the Company and in any other
capacity with respect to the Company, and to otherwise promote the desirable end that such persons
will resist what they consider unjustified lawsuits and claims made against them in connection with
the good faith performance of their duties to the Company, with the knowledge that certain costs,
judgments, penalties, fines, liabilities and expenses incurred by them in their defense of such
litigation are to be borne by the Company and they will receive the maximum protection against such
risks and liabilities as may be afforded by law, the Board of Directors of the Company has
determined that the contractual indemnification as set forth herein is not only reasonable and
prudent but also promotes the best interests of the Company and its stockholders; and

     WHEREAS, the Company desires to have Indemnitee serve or continue to serve as a director or
officer of the Company and in such other capacity with respect to the Company as the Company may
request, as the case may be, free from undue concern for unpredictable, inappropriate or
unreasonable legal risks and personal liabilities by reason of Indemnitee acting

 

 

in good faith in the performance of Indemnitee’s duty to the Company; and Indemnitee desires
to continue so to serve the Company, provided, and on the express condition, that he or she is
furnished with the indemnity set forth hereinafter;

     Now, therefore, in consideration of Indemnitee’s willingness to serve or continue to serve as
a director or officer of the Company, the parties hereto agree as follows:

     1. Service by Indemnitee. Indemnitee will serve and/or continue to serve as a
director or officer of the Company or, at the Company’s request and the agreement of the
Indemnitee, another enterprise, faithfully and to the best of Indemnitee’s ability so long as
Indemnitee is duly elected or appointed and until such time as Indemnitee is removed as permitted
by law or tenders a resignation in writing.

     2. Indemnification. The Company shall indemnify Indemnitee to the fullest extent
permitted by the DGCL in effect on the date hereof or as such law may from time to time be amended
(but, in the case of any such amendment, only to the extent that such amendment permits the Company
to provide broader indemnification rights than said law permitted the Company to provide prior to
such amendment). Without diminishing the scope of the indemnification provided by this Section, the
rights of indemnification of Indemnitee provided hereunder shall include but shall not be limited
to those rights hereinafter set forth, except that no indemnification shall be paid to Indemnitee:

     (a) to the extent expressly prohibited by the DGCL;

     (b) for which payment is actually made to Indemnitee under a valid and collectible
insurance policy or under a valid and enforceable indemnity clause, by-law or agreement of
the Company or any other company or organization on whose board Indemnitee serves at the
request of the Company, except in respect of any indemnity exceeding the payment under such
insurance policy, indemnity clause, by-law or agreement;

     (c) for prosecution of a claim brought by Indemnitee in an action, suit or proceeding,
or part thereof, initiated by Indemnitee, except a judicial proceeding or arbitration
pursuant to Section 10 below to enforce rights under this Agreement, unless the action, suit
or proceeding (or part thereof) was authorized by the Board of Directors of the Company;

     (d) with respect to any action, suit or proceeding brought by or on behalf of the
Company against Indemnitee that is authorized by the Board of Directors of the Company,
except as provided in Sections 4, 5, 6 and 10 below;

     (e) to indemnify Indemnitee on account of any proceeding if and to the extent that
final judgment is rendered against Indemnitee for payment or an accounting of profits
arising from the purchase or sale by Indemnitee of securities in violation of Section 16(b)
of the Securities Exchange Act of 1934, as amended, or any similar successor statute; or

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     (f) to indemnify Indemnitee in connection with proceedings or claims involving the
enforcement of non-compete and/or non-disclosure agreements or the non-compete and/or
non-disclosure provisions of employment, consulting or similar agreements the Indemnitee may
be a party to with the Company, or any subsidiary of the Company or any other applicable
foreign or domestic corporation, partnership, joint venture, trust or other enterprise, if
any.

     3. Indemnity in Proceedings Other than an Action by or in the Right of the Company.
Except as limited by Section 2 above, Indemnitee shall be entitled to the indemnification rights
provided in this Section if Indemnitee is a party or is threatened to be made a party to any
Proceeding (other than an action by or in the right of the Company) by reason of the fact that
Indemnitee is or was a director, officer, employee or agent of the Company, or is or was serving at
the request of the Company as a director, officer, employee or agent (which, for purposes of this
Agreement, shall include a trustee, fiduciary, partner or manager or similar capacity ) of any
other entity (which, for purposes of this Agreement, shall include another corporation,
partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise),
or by reason of anything done or not done by Indemnitee in any such capacity. Pursuant to this
Section, Indemnitee shall be indemnified against all costs, judgments, penalties, fines,
liabilities, amounts paid in settlement by or on behalf of Indemnitee, and Expenses actually and
reasonably incurred by Indemnitee in connection with such Proceeding, if Indemnitee acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his or her
conduct was unlawful. If Indemnitee is serving as a director, officer, employee or agent of
another entity affiliated with the Company, then there shall be a rebuttable presumption that
Indemnitee is doing so at the request of the Company.

     4. Indemnity in Proceedings by or in the Right of the Company. Except as limited by
Section 2 above, Indemnitee shall be entitled to the indemnification rights provided in this
Section if Indemnitee was or is a party or is threatened to be made a party to any Proceeding
brought by or in the right of the Company to procure a judgment in its favor by reason of the fact
that Indemnitee is or was a director, officer, employee or agent of the Company, or is or was
serving at the request of the Company as a director, officer, employee or agent of any other
entity, or by reason of anything done or not done by Indemnitee in any such capacity. Pursuant to
this Section, Indemnitee shall be indemnified against all costs, judgments, penalties, fines,
liabilities, amounts paid in settlement by or on behalf of Indemnitee, and Expenses actually and
reasonably incurred by Indemnitee in connection with such Proceeding if Indemnitee acted in good
faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company; provided, however, that no such indemnification shall be made in respect of any
claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of
any adjudication of liability of Indemnitee to the Company, unless and only to the extent that the
Court of Chancery of the State of Delaware or the court in which such action or suit was brought
shall determine upon application that, despite the adjudication of liability but in view of all the
circumstances of the case, Indemnitee is entitled to indemnification for such costs, judgments,
penalties, fines, liabilities, amounts paid in settlement and Expenses as such court shall deem
proper.

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     5. Indemnification for Costs, Charges and Expenses of Successful Party.
Notwithstanding the limitations of Section 2(d), 3 and 4 above, to the extent that Indemnitee has
been successful, on the merits or otherwise, in whole or in part, in defense of any action, suit or
proceeding (including an action, suit or proceeding brought by or in the right of the Company) or
in defense of any claim, issue or matter therein, Indemnitee shall be indemnified against all
Expenses actually and reasonably incurred in connection therewith. For purposes of this Agreement
and without limiting the foregoing, if any action, suit or proceeding is disposed of, on the merits
or otherwise (including a disposition without prejudice), without (i) the disposition being adverse
to Indemnitee, (ii) an adjudication that Indemnitee was liable to the Company, (iii) a plea of
guilty or nolo contendere by Indemnitee, (iv) an adjudication that Indemnitee did not act in good
faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company, and (v) with respect to any criminal proceeding, an adjudication that Indemnitee
had reasonable cause to believe Indemnitee’s conduct was unlawful, Indemnitee shall be considered
for the purposes hereof to have been wholly successful with respect thereto.

     6. Partial Indemnification. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the costs, judgments,
penalties, fines, liabilities, amounts paid in settlement or Expenses actually and reasonably
incurred in connection with any action, suit or proceeding (including an action, suit or proceeding
brought by or in the right of the Company), but not, however, for all of the total amount thereof,
the Company shall nevertheless indemnify Indemnitee for the portion of such costs, judgments,
penalties, fines, liabilities, amounts paid in settlement and Expenses actually and reasonably
incurred to which Indemnitee is entitled.

     7. Indemnification for Expenses of a Witness. Notwithstanding any other provision of
this Agreement, to the maximum extent permitted by applicable law, Indemnitee shall be entitled to
indemnification against all Expenses actually and reasonably incurred or suffered by Indemnitee or
on Indemnitee’s behalf if Indemnitee appears as a witness or otherwise incurs legal or other
Expenses as a result of or related to Indemnitee’s service as a director, officer, employee or
agent of the Company, or Indemnitee’s service at the request of the Company as a director, officer,
employee or agent of any other entity, in any threatened, pending or completed legal,
administrative, investigative or other proceeding or matter to which Indemnitee neither is, nor is
threatened to be made, a party.

     8. Determination of Entitlement to Indemnification. Upon written request by Indemnitee
for indemnification pursuant to Sections 3, 4, 5, 6 or 7, the entitlement of Indemnitee to
indemnification, to the extent not provided pursuant to the terms of this Agreement, shall, other
than in case of a Change of Control (other than a Change in Control which has been approved by a
majority of the Company’s Board of Directors who were directors immediately prior to such Change in
Control), be determined by the following person or persons who shall be empowered to make such
determination: (a) the Board of Directors of the Company by a majority vote of Disinterested
Directors, whether or not such majority constitutes a quorum; (b) a committee of Disinterested
Directors designated by a majority vote of such directors, whether or not such majority constitutes
a quorum; (c) if there are no Disinterested Directors, or if the Disinterested Directors so direct,
by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be
delivered to Indemnitee; or (d) by a majority vote of a quorum of the

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outstanding shares of stock of all classes entitled to vote on the matter, voting as a single
class, which quorum shall consist of stockholders who are not at that time parties to the action,
suit or proceeding in question. Other than in case of a Change of Control (other than a Change in
Control which has been approved by a majority of the Company’s Board of Directors who were
directors immediately prior to such Change in Control), such Independent Counsel shall be selected
by the Board of Directors and approved by Indemnitee. Upon failure of the Board so to select such
Independent Counsel or upon failure of Indemnitee so to approve, such Independent Counsel shall be
selected by lot from among the ten (10) law firms which, according to publicly available sources,
have the most lawyers practicing in offices located in St. Louis, Missouri (excluding firms that,
in any of their offices, have acted as counsel for the Company or Indemnitee or any other party to
the action, suit or proceeding or any affiliate of such person). Such determination of entitlement
to indemnification shall be made not later than 30 calendar days after receipt by the Company of a
written request for indemnification. Such request shall include documentation or information which
is necessary for such determination and which is reasonably available to Indemnitee. Any Expenses
incurred by Indemnitee in connection with a request for indemnification or payment of Expenses
hereunder, under any other agreement, any provision of the Charter Documents or any directors’ and
officers’ liability insurance, shall be borne by the Company. The Company hereby indemnifies
Indemnitee for any such Expense and agrees to hold Indemnitee harmless therefrom irrespective of
the outcome of the determination of Indemnitee’s entitlement to indemnification. If the person
making such determination shall determine that Indemnitee is entitled to indemnification as to part
(but not all) of the application for indemnification, such person shall reasonably prorate such
partial indemnification among the claims, issues or matters at issue at the time of the
determination.

     The Company agrees that if there is a Change in Control of the Company (other than a Change in
Control which has been approved by a majority of the Company’s Board of Directors who were
directors immediately prior to such Change in Control) then the entitlement of Indemnitee with
respect to all matters thereafter arising concerning the rights of Indemnitee to indemnity payments
under this Agreement or any other agreement or Charter Document now or hereafter in effect relating
to events indemnifiable under this Agreement, shall be determined by Independent Counsel in a
written opinion. In case of a Change of Control (other than a Change in Control which has been
approved by a majority of the Company’s Board of Directors who were directors immediately prior to
such Change in Control), Independent Counsel shall be selected by Indemnitee and approved by the
Company (which approval shall not be unreasonably withheld). If Indemnitee and the Company are
unable to agree on the selection of Independent Counsel, such Independent Counsel shall be selected
by lot from among the ten (10) law firms which, according to publicly available sources, have the
most lawyers practicing in offices located in St. Louis, Missouri (excluding firms that, in any of
their offices, have acted as counsel for the Company or Indemnitee or any other party to the
action, suit or proceeding or any affiliate of such person). Independent Counsel, among other
things, shall render its written opinion to the Company and Indemnitee as to whether and to what
extent the Indemnitee would be permitted to be indemnified. The Company agrees to pay the
reasonable fees of the Independent Counsel referred to above and to indemnify fully such counsel
against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising
out of or relating to this Agreement or its engagement pursuant hereto.

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     9. Presumptions and Effect of Certain Proceedings. The Secretary of the Company shall,
promptly upon receipt of Indemnitee’s request for indemnification, advise in writing the Board of
Directors or such other person or persons empowered to make the determination as provided in
Section 8 above that Indemnitee has made such request for indemnification. Upon making such request
for indemnification, Indemnitee shall be presumed to be entitled to indemnification hereunder and
the Company shall have the burden of proof by clear and convincing evidence in making any
determination contrary to such presumption. If the person or persons so empowered to make such
determination shall have failed to make the requested determination with respect to indemnification
within 30 calendar days after receipt by the Company of such request, a requisite determination of
entitlement to indemnification shall be deemed to have been made and Indemnitee shall be absolutely
entitled to such indemnification, absent actual and material fraud in the request for
indemnification. The termination of any Proceeding described in Sections 3 or 4 above by judgment,
order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself: (a) create a presumption that Indemnitee did not act in good faith and in a manner which
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or,
with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that
Indemnitee’s conduct was unlawful; or (b) otherwise adversely affect the rights of Indemnitee to
indemnification except as may be provided herein.

     10. Remedies of Indemnitee in Cases of Determination not to Indemnify or not to Pay
Expenses or Other Failure to Indemnify or Pay Expenses. In the event that a determination is
made that Indemnitee is not entitled to indemnification hereunder or if payment has not been timely
made following a determination of entitlement to indemnification pursuant to Sections 8 and 9
above, or if Expenses are not paid pursuant to Section 15 below, Indemnitee shall be entitled to
final adjudication in a court of competent jurisdiction of entitlement to such indemnification or
payment. Alternatively, Indemnitee at Indemnitee’s option may seek an award in an arbitration to be
conducted by a single arbitrator pursuant to the rules of the American Arbitration Association,
such award to be made within sixty days following the filing of the demand for arbitration. The
Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration
or any other claim. The determination in any such judicial proceeding or arbitration shall be made
de novo and Indemnitee shall not be prejudiced by reason of a determination (if so made) pursuant
to Sections 8 or 9 that Indemnitee is not entitled to indemnification. If a determination is made
or deemed to have been made pursuant to the terms of Section 8 or 9 above that Indemnitee is
entitled to indemnification, the Company shall be bound by such determination and is precluded from
asserting that such determination has not been made or that the procedure by which such
determination was made is not valid, binding and enforceable. The Company further agrees to
stipulate in any such court or before any such arbitrator that the Company is bound by all the
provisions of this Agreement and is precluded from making any assertions to the contrary. If the
court or arbitrator shall determine that Indemnitee is entitled to any indemnification or any
payment of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred
by Indemnitee in connection with such adjudication or award in arbitration (including, but not
limited to, any appellate Proceedings).

     11. Other Rights to Indemnification. Indemnification and payment of Expenses provided
by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may

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now or in the future be entitled under any provision of the Charter Documents or other
organizational documents of the Company, vote of stockholders or Disinterested Directors, provision
of law, agreement or otherwise. To the extent that a change in the DGCL (whether by statute or
judicial decision) permits greater indemnification by agreement than would be afforded currently
under the Charter Documents and this Agreement, it is the intent of the parties hereto that
Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.

     12. Expenses to Enforce Agreement. In the event that Indemnitee is subject to or
intervenes in any Proceeding in which the validity or enforceability of this Agreement is at issue
or seeks an adjudication or award in arbitration to enforce Indemnitee’s rights under, or to
recover damages for breach of, this Agreement, Indemnitee, if Indemnitee prevails in whole or in
part in such action, shall be entitled to recover from the Company and shall be indemnified by the
Company against any actual Expenses incurred by Indemnitee.

     13. Continuation of Indemnity. All agreements and obligations of the Company contained
herein shall continue during the period Indemnitee is a director, officer, employee or agent of the
Company or is serving at the request of the Company as a director, officer, employee or agent of
any other entity and shall continue thereafter with respect to any possible claims based on the
fact that Indemnitee was a director, officer, employee or agent of the Company or was serving at
the request of the Company as a director, officer, employee or agent of any other entity. This
Agreement shall be binding upon all successors and assigns of the Company (including any transferee
of all or substantially all of its assets and any successor by merger or operation of law) and
shall inure to the benefit of the heirs, personal representatives and estate of Indemnitee. The
Company shall require and cause any direct or indirect successor (whether by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Company,
by written agreement in form and substance reasonably satisfactory to Indemnitee, expressly to
assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place.

     14. Notification and Defense of Claim. Promptly after receipt by Indemnitee of notice
of any Proceeding, Indemnitee will, if a claim in respect thereof is to be made against the Company
under this Agreement, notify the Company in writing of the commencement thereof; but the failure so
to notify the Company will not relieve it from any liability that it may have to Indemnitee, except
to the extent but only to the extent the Company is actually and materially prejudiced in its
defense of such Proceeding as a result of such failure. Notwithstanding any other provision of this
Agreement, with respect to any such Proceeding of which Indemnitee notifies the Company:

     (a) The Company shall be entitled to participate therein at its own expense; and

     (b) Except as otherwise provided in this Section 14(b), to the extent that it may wish,
the Company, jointly with any other indemnifying party similarly notified, shall be entitled
to assume the defense thereof, with counsel satisfactory to Indemnitee. After notice from
the Company to Indemnitee of its election so to assume the defense thereof, the Company
shall not be liable to Indemnitee under this Agreement for any expenses of counsel
subsequently incurred by Indemnitee in connection with the defense thereof

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except as otherwise provided below. Indemnitee shall have the right to employ
Indemnitee’s own counsel in such Proceeding, but the fees and expenses of such counsel
incurred after notice from the Company of its assumption of the defense thereof and
engagement of counsel with respect thereto shall be at the expense of Indemnitee, unless (i)
the employment of counsel by Indemnitee has been authorized by the Company, (ii) Indemnitee
or Indemnitee’s counsel shall have reasonably concluded that there may be a conflict of
interest between the Company and Indemnitee in the conduct of the defense of such action or
(iii) the Company shall not have delivered to Indemnitee, within a reasonable time before
the expiration of the time period allotted by law to Indemnitee to move, answer or otherwise
plead in response to the notice of the commencement of such Proceeding, notice of its
assumption of the defense thereof and engagement of counsel with respect thereto, in each of
which cases the fees and expenses of Indemnitee’s counsel shall be at the expense of the
Company. The Company shall not be entitled to assume the defense of any Proceeding brought
by or in the right of the Company or as to which Indemnitee shall have made the conclusion
provided for in (ii) above; and

     (c) If the Company has assumed the defense of a Proceeding, the Company shall not be
liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of
any Proceeding effected without the Company’s written consent. The Company shall not settle
any Proceeding in any manner that would impose any penalty or limitation on or disclosure
obligation with respect to Indemnitee without Indemnitee’s written consent. Neither the
Company nor Indemnitee will unreasonably withhold its consent to any proposed settlement.

     15. Payment of Expenses. All Expenses incurred by Indemnitee in advance of the final
disposition of any Proceeding or in connection with a determination of entitlement to
indemnification pursuant to Section 10 above, including the enforcement of this provision, shall be
paid by the Company at the request of Indemnitee, each such payment to be made within 20 calendar
days after the receipt by the Company of a statement or statements from Indemnitee requesting such
payment or payments from time to time. Indemnitee’s entitlement to such Expenses shall include
those incurred in connection with any action, suit or proceeding by Indemnitee seeking a judgment
in court or an adjudication or award in arbitration pursuant to this Agreement (including the
enforcement of this provision). Such statement or statements shall reasonably evidence the expenses
and costs incurred by Indemnitee in connection therewith and shall include or be accompanied by an
undertaking by or on behalf of Indemnitee to reimburse such amount if it is finally determined,
after all appeals by a court of competent jurisdiction that Indemnitee is not entitled to be
indemnified against such Expenses by the Company as provided by this Agreement or otherwise.
Indemnitee’s undertaking to reimburse any such amounts is not required to be secured and shall be
interest-free.

     16. Separability; Prior Indemnification Agreements. If any provision or provisions of
this Agreement (including any provision within a single section, paragraph or sentence) shall be
held to be invalid, illegal or unenforceable for any reason whatsoever (a) the validity, legality
and enforceability of the remaining provisions of this Agreement (including without limitation, all
portions of any paragraphs of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that are not by themselves invalid, illegal or unenforceable) shall not
in

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any way be affected or impaired thereby, and (b) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, all portions of any paragraph of this
Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not
themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
of the parties that the Company provide protection to Indemnitee to the fullest enforceable extent.
This Agreement shall supersede and replace any prior indemnification agreements entered into by and
between the Company and Indemnitee and any such prior agreements shall be terminated upon execution
of this Agreement.

     17. Contribution. In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for herein is held by a court of competent
jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event,
the Company shall, to the fullest extent permitted by law, contribute to the payment of
Indemnitee’s Expenses, judgments, fines, or penalties actually levied against Indemnitee or amounts
paid in settlement by or on behalf of Indemnitee, in an amount that is just and equitable in the
circumstances, taking into account, among other things, contributions by other directors and
officers of the Company or others pursuant to indemnification agreements or otherwise; provided,
that, without limiting the generality of the foregoing, such contribution shall not be required
where such holding by the court is due to (i) the failure of Indemnitee to meet the standard of
conduct set forth in Section 3 or Section 4, as applicable, of this Agreement or (ii) any
limitation on indemnification set forth in Section 2 or 14(c) hereof.

     18. Insurance and Subrogation.

     (a) The Company covenants and agrees that, as long as Indemnitee shall be entitled to
indemnification under the terms of this Agreement, including Section 11 hereof, the Company,
subject only to paragraph (b) of this Section 18, shall obtain and maintain in full force and
effect directors’ and officers’ liability insurance (“D&O Insurance”) in reasonable amounts from
established and reputable insurers covering Indemnitee against any liability asserted against or
incurred by Indemnitee or on Indemnitee’s behalf in any indemnified capacity whether or not the
Company would have the power to indemnify Indemnitee against such liability under this Agreement.
In all such D&O Insurance policies, Indemnitee shall be named as an insured in a manner that grants
Indemnitee the same rights and benefits as are granted to the most favorably insured of the
Company’s officers or directors.

     (b) Notwithstanding paragraph (a) of this Section 18, if the Company gives reasonable prior
written notice to Indemnitee of the termination of D&O Insurance coverage, the Company shall be
relieved of its duty to obtain and maintain D&O Insurance in future periods, if the Company in good
faith determines that such insurance is not reasonably available in such future periods, or the
premium costs for such insurance are disproportionate to the amount of coverage available, or the
available coverage is so limited by exclusions that it provides an insufficient benefit, or
Indemnitee is covered by similar insurance maintained by a subsidiary of the Company.

     (c) If the Company has D&O Insurance in effect at the time it receives a notice pursuant to
Section 14 hereof, the Company shall give due and prompt notice of the commencement of

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such Proceeding to the insurer(s) in accordance with the procedures set forth in the
applicable policy. The Company shall thereafter take all necessary or desirable action to cause
each insurer to pay, on behalf of the Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of the applicable policy.

     (d) Anything herein or elsewhere to the contrary notwithstanding, the Company shall not be
liable to make any indemnity payment if and to the extent that Indemnitee has otherwise actually
received such payment under any insurance policy, contract or agreement.

     19. Form and Delivery of Communications. Any notice, request or other communication
required or permitted to be given to the parties under this Agreement shall be in writing and
either delivered in person or sent by telecopy, telex, telegram, overnight mail or courier service,
or certified or registered mail, return receipt requested, postage prepaid, to the parties at the
following addresses (or at such other addresses for a party as shall be specified by like notice):

If to the Company:

Thermadyne Holdings Corporation

16052 Swingley Ridge Rd., Suite 300

Chesterfield, MO 63017

Attn: General Counsel

Facsimile: 636-728-3011

If to Indemnitee:

     20. Headings; References; Pronouns. The headings of the sections of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this Agreement or to
affect the construction thereof. References herein to section numbers are to sections of this
Agreement. All pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, neuter, singular or plural as appropriate.

     21. Definitions. For purposes of this Agreement:

     (a) “Change in Control” shall be deemed to have occurred if: (a) any person or group
of persons (within the meaning of the Securities Exchange Act of 1934), other than Angelo,
Gordon & Co., shall have acquired beneficial ownership (within the meaning of Rule 13d-3
promulgated by the Securities and Exchange Commission under the Securities Exchange Act of
1934) of 30% or more of the issued and outstanding shares of capital Stock of the Company
having the right to vote for the election of directors of the Company under ordinary
circumstances; (b) during any period of twelve consecutive calendar months, individuals who
at the beginning of such period constituted the board of directors of the Company (together
with any new directors whose election by the board of directors of the Company or whose
nomination for election by the stockholders of the

- 10 -

 

Company was approved by a vote of at least two-thirds of the directors then still in
office who either were directors at the beginning of such period or whose election or
nomination for election was previously so approved) cease for any reason other than death or
disability to constitute a majority of the directors then in office; or (c) a “Change of
Control” as defined in the Indenture.

     (b) “Company” includes, without limitation and in addition to the resulting
corporation, any constituent corporation (including any constituent of a constituent)
absorbed in a consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify its directors, officers, employees or agents, so
that any person who is or was a director, officer, employee or agent of such constituent
corporation, or is or was serving at the request of such constituent corporation as a
director, officer, employee or agent of another corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise, shall stand in the same position under the
provisions of this Agreement with respect to the resulting or surviving corporation as he or
she would have with respect to such constituent corporation if its separate existence had
continued.

     (c) “Disinterested Director” means a director of the Company who is not or was not a
party to the Proceeding in respect of which indemnification is being sought by Indemnitee.

     (d) “Expenses” includes, without limitation, expenses (including, without limitation,
interest, assessments and other charges) incurred in connection with the defense or
settlement of any and all investigations, judicial or administrative proceedings or appeals,
attorneys’ fees and expenses, witness fees and expenses, fees and expenses of accountants
and other advisors, retainers and disbursements and advances thereon, the premium, security
for, and other costs relating to any bond (including cost bonds, appraisal bonds, appeal
bonds or their equivalents), other out-of-pocket costs and reasonable compensation for time
spent by Indemnitee in connection with any Proceeding for which Indemnitee is not otherwise
compensated by the Company or any third party and any expenses of establishing a right to
indemnification under Sections 8, 10 and 12 above but shall not include the amount of
judgments, fines, or penalties actually levied against Indemnitee or amounts paid in
settlement by or on behalf of Indemnitee.

     (e) “Indenture” means that certain Indenture dated as of February 5, 2004, as amended
by the Supplemental Indenture dated as of May 16, 2006 and the Second Supplemental Indenture
dated as of August 2, 2006, by and among the Company, as issuer of 9.25% Senior Subordinated
Notes due 2014 in an aggregate principal amount of $175,000,000 issued thereunder, the
subsidiary guarantors named therein and U.S. Bank National Association, as trustee.

     (f) “Independent Counsel” means a law firm or a member of a law firm neither of which
is presently nor in the past ten (10) years has been retained to represent: (i) the Company
or Indemnitee in any matter material to either such party, or (ii) any other party

- 11 -

 

to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of
interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s right to indemnification under this Agreement.

     (f) “Proceeding” includes any threatened, pending or completed investigation, action,
suit or other proceeding, whether brought in the name or right of the Company or otherwise,
against Indemnitee, and whether of a civil, criminal, administrative or investigative
nature, including, but not limited to, actions, suits or proceedings in which Indemnitee may
be or may have been involved as a party or otherwise, by reason of the fact that Indemnitee
is or was a director, officer, employee or agent of the Company, or is or was serving at the
request of the Company as a director, officer, employee or agent of any other entity, or by
reason of anything done or not done by Indemnitee in any such capacity, whether or not
Indemnitee is serving in such capacity at the time any liability or expense is incurred for
which indemnification or reimbursement can be provided under this Agreement.

     (g) “Stock” means all shares, options, warrants, general or limited partnership
interests, membership interests or other equivalents (regardless of how designated) of or in
a corporation, partnership, limited liability company or equivalent entity whether voting or
nonvoting, including common stock, preferred stock or any other “equity security” (as such
term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the
Securities and Exchange Commission under the Securities Exchange Act of 1934).

     22. Other Provisions.

     (a) This Agreement shall be interpreted and enforced in accordance with the laws of
Delaware, as applied to contracts between Delaware residents entered into and to be
performed entirely within Delaware.

     (b) For purposes of any claims or proceedings to enforce this Agreement, the Company
consents to the jurisdiction and venue of any federal or state court of competent
jurisdiction in the states of Delaware and Missouri, and waives and agrees not to raise any
defense that any such court is an inconvenient forum or any similar claim.

     (c) This Agreement may be executed in one or more counterparts, each of which shall for
all purposes be deemed to be an original but all of which together shall constitute one and
the same Agreement. Only one such counterpart signed by the party against whom
enforceability is sought needs to be produced as evidence of the existence of this
Agreement.

     (d) This agreement shall not be deemed an employment contract between the Company and
any Indemnitee who is an officer of the Company, and, if Indemnitee is an officer of the
Company, Indemnitee specifically acknowledges that Indemnitee may be

- 12 -

 

discharged at any time for any reason, with or without cause, and with or without
severance compensation, except as may be otherwise provided in a separate written contract
between Indemnitee and the Company.

     (e) Upon a payment to Indemnitee under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of Indemnitee to recover against any
person for such liability, and Indemnitee shall execute all documents and instruments
required and shall take such other actions as may be necessary to secure such rights,
including the execution of such documents as may be necessary for the Company to bring suit
to enforce such rights. The Company shall pay or reimburse all expenses actually and
reasonably incurred by Indemnitee in connection with such subrogation.

     (f) No supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by both parties hereto. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

SIGNATURE PAGE TO FOLLOW

 

- 13 -

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and
year first above written.

THERMADYNE HOLDINGS CORPORATION

	 	 	 	 
	 
	By:  	 	 
	 
	Name: 	 	 
	 
	Title: 	 	 

INDEMNITEE

	 	 	 	 
	 
	 	 
	[Name] 	 

- 14 -exv10w19

 

Exhibit 10.19

CONSULTING AGREEMENT

	 	 	 
	DATE:

	 	October 03, 2007
	 
	 	 
	PARTIES:

	 	Mr. Robert Chioini, Chairman/CEO/President
	 
	 	 
	 

	 	Rockwell Medical Technologies, Inc.
	 

	 	30142 Wixom Road
	 

	 	Wixom, MI 48393 USA

Lions Gate Capital          (the “Consultant”)

Jim Braseth

RECITALS:

     WHEREAS, the Company wishes to contract with the Consultant for the performance of certain
investor relations services.

     WHEREAS, the Consultant declares that it is engaged in an independent business or employed by
a party other than the Company and that the Company is not the Consultant’s sole and only client,
customer or employer.

     WHEREAS, the parties hereto wish to enter into a Client-Independent Consulting/ Contractor
relationship for their mutual benefit, and further wish to set forth the terms of such association
in writing.

AGREEMENTS:

     NOW, THEREFORE, in consideration of the foregoing representations and the mutual covenants set
forth herein, the Company and the Consultant agree as follows:

     1.     Services to be Performed. The Company hereby engages the Consultant to advise and
perform work for the Company with respect to matters associated with the Company’s investor
relations. The scope of such work will be determined from time to time by agreement of the
parties, however the initial scope of work will consist of exposing the Company to the equity
investment community which includes but is not limited to: analysts, money managers, institutional
investors, stock-brokers, mutual funds, broker-dealers, wire-houses, newspapers, television, and
trade publications.

     2.     Fees, Terms of Payment and Warrant.

	 	a.	 	Cash compensation. The Company shall pay the Consultant $1,500
on the first of each month for one year.
	 
	 	b.	 	Warrant. The Company agrees as additional compensation to
issue to the Consultant 180,000 Common Stock Purchase Warrants (“Warrants”) for
monthly services rendered over a 12 month period commencing with the date of
this agreement. The terms and conditions of the Warrants will be set forth in
a separate agreement containing the terms and conditions set forth in this
paragraph and such other terms and conditions as are mutually acceptable to the
Company and the Consultant. The Warrants will become earned at the rate of
15,000 Warrants at the first of each month of service that is rendered by
Consultant under this agreement. The first 90,000 Warrants that are earned
will have an exercise price of $7.00 per share and the remaining 90,000
Warrants will have an exercise price of $7.50. The Warrants that are earned
will expire at the close of business on the fourth anniversary of the date of
this agreement. Warrants that are not earned prior to termination of this
agreement will expire

3

 

	 	 	 	upon termination of this agreement. Warrants will become exercisable on the
first anniversary of the date on which they are earned and may be exercised in
whole or in part at any time until their expiration by the submission of an
exercise notice in the form to be attached as an exhibit to the Warrant
agreement, accompanied by payment of the exercise price in cash or certified
check. The Company will use reasonable commercial efforts to register, under
the Securities Act of 1933, the shares to be issued upon exercise of the
Warrants, at its discretion, in one or more of the following ways: (i) for
resale by Consultant, following issuance of the shares to be registered, either
on a separate registration statement filed for that purpose or as part of
another registration statement that the Company may file, provided that the
Company shall not be required at any time to file a registration statement for
less than 30,000 shares issued upon exercise of Warrants; or (ii) prior to
exercise of the Warrants by Consultant if the Company determines, in its sole
discretion, that it is then eligible to use a Form S-3 registration statement
for such registration. Determination of compliance with registration
requirements under Federal and State securities laws will be at the sole
discretion of the Company. To the extent the shares issuable upon exercise are
not registered prior to issuance, they will bear a legend restricting transfer.
The warrants will be subject to customary restrictions on transfer.

     3.     Instrumentalities. The Consultant shall supply all equipment, tools, materials and
supplies to accomplish the designated jobs or services set forth in Paragraph 1, except if approved
by the Company.

     4.     Expenses. The Company shall not be responsible or liable for any expenses incurred
by the Consultant in performing any jobs or services under this Agreement, except accountable
out-of-pocket expenses of Consultant, except as approved by the company.

     5.     The Consultant’s Status. This Agreement is not intended to, does not constitute
and shall not be construed as a hiring by either party. The parties hereto are and shall remain
independent. The Consultant retains the sole and exclusive right to control or direct the manner
or means by which the jobs or services described herein are to be performed. The Company retains
only the right to control the results to insure their conformity with that specified herein.

     The Consultant shall comply with all federal, state and local laws, and rules and regulations
that are now or may in the future become applicable to the Consultant, its business, equipment and
personnel engaged in accomplishing the jobs or services provided under this Agreement or arising
out of the performance of this Agreement.

     6.     Payroll or Employment Taxes. The Consultant will not be treated as an employee for
federal, state or local tax purposes or for any other purpose. No payroll or employment taxes of
any kind shall be withheld or paid with respect to payments to the Consultant, including but not
limited to FICA, FUTA, federal personal income tax, state personal income tax, state disability
insurance tax, and state unemployment insurance tax. The Consultant agrees that it is responsible
for making all filings with and payments to the Internal Revenue Service and state and local taxing
authorities as are appropriate to its status as a Consultant.

     7.     Workers’ Compensation, Unemployment Compensation, Benefits. No workers’
compensation insurance has been or will be obtained by the Company for the Consultant. The
Consultant understands that he is not entitled to unemployment compensation benefits or any other
benefits normally afforded to any employee of the Company, due to his status as a Consultant.

     8.     Termination. The consulting arrangement provided herein may be terminated by
either party upon 30 days notice.

     9.     Law Governing Contract. This Agreement and all questions arising in
connection with it shall be governed by the laws of the State of Michigan.

10. Entire Agreement. This Agreement states the entire Agreement of the parties, and
merges all prior

4

 

negotiations, agreements and understandings, if any, except for any confidentiality
agreements between the parties. No modification, release, discharge or waiver of any
provision hereof shall be of any force or effect unless made in writing and signed by the
parties hereto. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their representative laws, personal representatives, successors and assigns.

IN WITNESS WHEREOF, the parties have executed this Agreement and caused it to be dated as of the
day and year first written above.

	 	 	 	 	 
	 	“COMPANY”

Rockwell Medical Technologies, Inc.

 	 
	 	By   /s/  Robert L. Chioini
 	 
	 	Mr. Robert Chioini, Chairman/CEO/President 	 
	 	 	 
	 
	 	“CONSULTANT”

 	 
	 	BY   /s/ James Braseth
 	 
	 	Mr. James Braseth 	 
	 	 	 
	 

5

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