Document:

Exhibit 4.2

 

EXECUTION COPY

 

AMENDMENT NO. 4 (this “Amendment”)
dated as of March 16, 2005, to the Second Lien Credit Agreement dated as of
July 29, 2004, among THERMADYNE INDUSTRIES, INC., a Delaware corporation (“Industries”), THERMAL DYNAMICS
CORPORATION, a Delaware corporation (“Dynamics”),
TWECO PRODUCTS, INC., a Delaware corporation (“Tweco”),
VICTOR EQUIPMENT COMPANY, a Delaware corporation (“Victor”),
C & G SYSTEMS, INC., an Illinois corporation (“C
& G”), STOODY COMPANY, a Delaware corporation (“Stoody”), THERMAL ARC, INC., a
Delaware corporation (“Thermal Arc”),
PROTIP CORPORATION, a Missouri corporation (“ProTip”),
and THERMADYNE INTERNATIONAL CORP., a Delaware corporation  (“International”
and, together with ProTip, Thermal Arc, Stoody, C & G, Victor, Tweco,
Dynamics and Industries, the “Borrowers”),
the Guarantors party thereto, the Lenders from time to time party thereto and
CREDIT SUISSE FIRST BOSTON, as administrative agent (in such capacity, the “Administrative Agent”) and
collateral agent (in such capacity, the “Collateral Agent”)
(as amended by Amendment No. 1 and Agreement effective as of September 30,
2004, by Amendment No. 2 and Joinder Agreement dated as of November 22, 2004,
and by Amendment No. 3 and Consent dated as of January 3, 2005, and as further
amended, supplemented or modified, the “Credit Agreement”).

 

A.                                   Pursuant to the Credit Agreement, the Lenders
have extended credit to the Borrowers.

 

B.                                     The
Borrowers have requested that the Required Lenders amend the Credit Agreement
to amend and restate the terms of Section 6.10 thereof as set forth herein.

 

C.                                     Capitalized terms used but not defined herein
shall have the meanings assigned to them in the Credit Agreement.

 

Accordingly, in consideration of the mutual
agreements herein contained and other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged, the parties hereto
agree as follows:

 

SECTION 1.  Amendment.  The
table appearing in Section 6.10 (Maximum Leverage Ratio)
of the Credit Agreement is hereby amended and restated in its entirety to read
as follows:

 

	
  Date or Period

  	
   

  	
  Ratio

  
	
  Closing Date through
  September 30, 2004

  	
   

  	
  6.00 to 1.00

  
	
  October 1, 2004 through
  December 31, 2004

  	
   

  	
  6.15 to 1.00

  
	
  January 1, 2005 through
  March 31, 2005

  	
   

  	
  5.75 to 1.00

  
	
  April 1, 2005 through
  June 30, 2005

  	
   

  	
  5.25 to 1.00

  
	
  July 1, 2005 through
  September 30, 2005

  	
   

  	
  4.75 to 1.00

  

 

 

SECTION 2.  Representations
and Warranties.  To induce the
other parties hereto to enter into this Amendment, the Credit Parties represent
and warrant to each of the Lenders, the Administrative Agent and the Collateral
Agent, that, after giving effect to this Amendment, (a) the
representations and warranties set forth in Article III of the Credit
Agreement are true and correct in all material respects on and as of the date
hereof, except to the extent such representations and warranties expressly
relate to an earlier date, and (b) no Default or Event of Default has
occurred and is continuing.

 

SECTION 3.  Effectiveness.  This Amendment shall become effective as of
the date set forth above on the date that the Administrative Agent (or its
counsel) shall have received:

 

(a)                                  counterparts of this Amendment that, when
taken together, bear the signatures of the Credit Parties and the Required
Lenders;

 

(b)                                 an amendment fee in an amount equal to
$30,000; and

 

(c)                                  a copy of a fully executed and delivered
amendment, in form and substance reasonably satisfactory to the Administrative
Agent, to the First Lien Credit Agreement.

 

SECTION 4.  Effect of
Amendment.  Except as
expressly set forth herein, this Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights
and remedies of the Lenders, the Administrative Agent or the Collateral Agent
under the Credit Agreement or any other Loan Document, and shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan
Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. 
Nothing herein shall be deemed to entitle any Credit Party to a consent
to, or a waiver, amendment, modification or other change of, any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any
other Loan Document in similar or different circumstances.  This Amendment shall apply and be effective
only with respect to the provisions of the Credit Agreement specifically
referred to herein.  After the date
hereof, any reference to the Credit Agreement shall mean the Credit Agreement,
as modified hereby.  This Amendment shall
constitute a “Loan Document” for all purposes of the Credit Agreement and the
other Loan Documents.

 

SECTION 5.  Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same contract.  Delivery of an executed counterpart of a
signature page of this Amendment by facsimile transmission shall be as
effective as delivery of a manually executed counterpart hereof.

 

SECTION 6.  Applicable Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

2

 

SECTION 7.  Headings.  The headings of this Amendment are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

 

SECTION 8.  Expenses.  The Borrowers agree to reimburse the
Administrative Agent for all out-of-pocket expenses in connection with this
Amendment, including the reasonable fees, charges and disbursements of Cravath,
Swaine & Moore LLP, counsel for the Administrative Agent.

 

SECTION 9.  Reaffirmation.  Each of the Guarantors hereby acknowledges
receipt and notice of, and consents to the terms of, this Amendment, and
affirms and confirms its guarantee of the Obligations and, if applicable, the
pledge of and/or grant of a security interest in its assets as Collateral to
secure the Obligations, all as provided in the Collateral Documents as
originally executed, and acknowledges and agrees that such guarantee, pledge
and/or grant of security interest continue in full force and effect in respect
of, and to secure, the Obligations under the Credit Agreement, as amended
hereby, and the other Loan Documents.

 

[Remainder of this page intentionally left blank]

 

3

 

IN WITNESS WHEREOF, each of the parties hereto has
caused this Amendment to be executed and delivered by its duly authorized
officer as of the date first set forth above.

 

	
   

  	
  THERMADYNE INDUSTRIES, INC.,

  
	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  THERMAL DYNAMICS

  CORPORATION,

  
	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  TWECO PRODUCTS, INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  VICTOR EQUIPMENT COMPANY,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  C & G SYSTEMS, INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  

 

 

	
   

  	
  STOODY COMPANY,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  THERMAL ARC, INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  PROTIP CORPORATION,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  THERMADYNE INTERNATIONAL

  CORP.,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  THERMADYNE HOLDINGS

  CORPORATION,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  MECO HOLDING COMPANY,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  

 

 

	
   

  	
  C&G SYSTEMS HOLDING, INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  CIGWELD PTY LTD.,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  DUXTECH PTY LTD.,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  QUETACK PTY, LTD.,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  QUETALA PTY, LTD.,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  THERMADYNE AUSTRALIA PTY LTD.,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  

 

 

	
   

  	
  THERMADYNE INDUSTRIES LIMITED,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THERMADYNE WELDING PRODUCTS

  CANADA LIMITED,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Patricia S. Williams

  
	
   

  	
   

  	
    Name: Patricia S. Williams

  
	
   

  	
   

  	
    Title: Vice President Secretary
  &

    General Counsel

  

 

 

	
   

  	
  CREDIT SUISSE FIRST BOSTON, acting

  through its Cayman Islands Branch,

  individually and as Administrative Agent

  and Collateral Agent,

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Phillip Ho

  
	
   

  	
   

  	
    Name: Phillip Ho

  
	
   

  	
   

  	
    Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    By

  	
   

  
	
   

  	
   

  	
  \s\ Rianka Mohan

  
	
   

  	
   

  	
    Name: Rianka Mohan

  
	
   

  	
   

  	
    Title: Associate

  

 

 

	
   

  	
  SIGNATURE PAGE TO AMENDMENT NO. 4

  TO THE THERMADYNE SECOND LIEN

  CREDIT AGREEMENT DATED AS OF

  MARCH 16, 2005

  
	
   

  	
   

  
	
  Name of Financial Institution:

  	
  CSFB Credit Opportunities Fund (Employee), LP

  
	
   

  	
  CSFB Credit Opportunities Fund (Helios), LP

  
	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  	
  \s\
  Joseph Russell

  	
   

  
	
   

  	
   

  	
  Name: Joseph Russell

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
  by

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:Exhibit 10.1

 

RESTRICTED STOCK AWARD AGREEMENT

 

UNDER THE ALBANY MOLECULAR RESEARCH, INC.

1998 STOCK OPTION AND INCENTIVE PLAN

 

Name
of Grantee: 

No. of
Shares: 

Purchase
Price per Share:                       (e.g.,
par value)

Grant Date:
                  ,
200   

Final
Acceptance Date:                      ,
200   

 

Pursuant to the Albany Molecular Research, Inc. 1998
Stock Option and Incentive Plan (the “Plan”) as amended through the date
hereof, Albany Molecular Research, Inc. (the “Company”) hereby grants a
Restricted Stock Award (an “Award”) to the Grantee named above.  Upon acceptance of this Award, the Grantee
shall receive the number of shares of Common Stock, par value $0.01 per share
(the “Stock”) of the Company specified above, subject to the restrictions and
conditions set forth herein and in the Plan.

 

1.                                       Acceptance of Award.  The
Grantee shall have no rights with respect to this Award unless he or she shall
have accepted this Award prior to the close of business on the Final Acceptance
Date specified above by (i) making payment to the Company by certified or
bank check or other instrument acceptable to the Administrator (as defined in
Section 2 of the Plan) of the Purchase Price per Share, if any, times the
number of shares to be accepted, and (ii) signing and delivering to the
Company a copy of this Award Agreement. 
Upon acceptance of this Award by the Grantee, the shares of Restricted
Stock so accepted shall be issued and held by the Company’s transfer agent in
book entry form or certificates
evidencing the shares of Restricted Stock so accepted shall be issued and
delivered to the Grantee, and the Grantee’s name shall be entered as the
stockholder of record on the books of the Company.  Thereupon, the Grantee shall have all the
rights of a shareholder with respect to such shares, including voting and
dividend rights, subject, however, to the restrictions and conditions specified
in Paragraph 2 below.

 

2.                                       Restrictions and Conditions.

 

(a)                                  Any book entries or certificates
evidencing the shares of Restricted Stock granted herein shall bear an
appropriate legend, as determined by the Administrator in its sole discretion,
to the effect that such shares are subject to restrictions as set forth herein
and in the Plan.

 

(b)                                 Shares
of Restricted Stock granted herein may not be sold, assigned, transferred,
pledged or otherwise encumbered or disposed of by the Grantee prior to vesting.

 

(c)                                  As
a condition of acceptance of this award, the grantee will execute and deliver
to the Company the attached stock power endorsed in blank.

 

(d)                                 If
the Grantee’s employment with the Company and its Subsidiaries is voluntarily
or involuntarily terminated for any reason (including death) prior to vesting
of shares 

 

 

of Restricted
Stock granted herein, the Company shall have the right, at the discretion of
the Administrator, to repurchase such shares from the Grantee or the Grantee’s
legal representative at their purchase price. 
The Company must exercise such right of repurchase or forfeiture by
written notice to the Grantee or the Grantee’s legal representative not later
than 60 days following such termination of employment.

 

3.                                       Vesting of Restricted Stock.  The
restrictions and conditions in Paragraph 2 of this Agreement shall lapse
on the Vesting Date or Dates specified in the following schedule.  If a series of Vesting Dates is specified,
then the restrictions and conditions in Paragraph 2 shall lapse only with
respect to the number of shares of Restricted Stock specified as vested on such
date.

 

	
  Number of Shares of 

  Restricted Stock Vested

  	
   

  	
  Vesting Date

  
	
  (    %)

  	
   

  	
   

  
	
  (    %)

  	
   

  	
   

  
	
  (    %)

  	
   

  	
   

  
	
  (    %)

  	
   

  	
   

  
	
  (    %)

  	
   

  	
   

  

 

Subsequent to such Vesting Date or Dates, the shares
of Stock on which all restrictions and conditions have lapsed shall no longer
be deemed Restricted Stock.  The
Administrator may at any time accelerate the vesting schedule specified in this
Paragraph 3.

 

4.                                       Dividends.  Dividends on Shares of Restricted
Stock shall be paid currently to the Grantee.

 

5.                                       Incorporation of Plan. 
Notwithstanding anything herein to the contrary, this Agreement shall be
subject to and governed by all the terms and conditions of the Plan, including
the powers of the Administrator set forth in Section 2(b) of the Plan.  Capitalized terms in this Agreement shall
have the meaning specified in the Plan, unless a different meaning is specified
herein.

 

6.                                       Transferability.  This Agreement is personal to the
Grantee, is non-assignable and is not transferable in any manner, by operation
of law or otherwise, other than by will or the laws of descent and
distribution.

 

7.                                       Tax Withholding.  The Grantee shall, not later than
the date as of which the receipt of this Award becomes a taxable event for
Federal income tax purposes, pay to the Company or make arrangements
satisfactory to the Administrator for payment of any Federal, state, and local
taxes required by law to be withheld on account of such taxable event.  The Grantee may elect to have the required
minimum tax withholding obligation satisfied, in whole 

 

2

 

or in part, by (i) authorizing the Company to withhold from shares of
Stock to be issued, or (ii) transferring to the Company, a number of shares of
Stock with an aggregate Fair Market Value that would satisfy the withholding
amount due.

 

8.                                       Miscellaneous.

 

(a)                                  Notice
hereunder shall be given to the Company at its principal place of business, and
shall be given to the Grantee at the address set forth below, or in either case
at such other address as one party may subsequently furnish to the other party
in writing.

 

(b)                                 This
Agreement does not confer upon the Grantee any rights with respect to
continuation of employment by the Company or any Subsidiary.

 

	
   

  	
  ALBANY
  MOLECULAR RESEARCH,

  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  

 

The
foregoing Agreement is hereby accepted and the terms and conditions thereof
hereby agreed to by the undersigned.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  Grantee’s
  Signature

  
	
   

  	
   

  
	
   

  	
  Grantee’s
  name and address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

3

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