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exv4w3

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Exhibit 4.3

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of December 3, 2010

by and among

RAZOR MERGER SUB INC.,

THERMADYNE HOLDINGS CORPORATION,

THERMADYNE INDUSTRIES, INC.,

VICTOR EQUIPMENT COMPANY,

THERMADYNE INTERNATIONAL CORP.,

THERMAL DYNAMICS CORPORATION

and

STOODY COMPANY,

as the Borrowers,

THERMADYNE HOLDINGS CORPORATION,

as the Borrower Representative

THE OTHER PERSONS PARTY HERETO THAT ARE

DESIGNATED AS CREDIT PARTIES,

GENERAL ELECTRIC CAPITAL CORPORATION,

for itself, as a Lender and Swingline Lender and as Agent for all Lenders,

and

THE OTHER FINANCIAL INSTITUTIONS PARTY HERETO,

as Lenders

****************************************

GE CAPITAL MARKETS, INC.,

as Sole Lead Arranger and Bookrunner

 

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TABLE OF CONTENTS

	 	 	 	 	 

	ARTICLE I. THE CREDITS
	 	 	2	 
	 
	1.1 Amounts and Terms of Commitments
	 	 	2	 
	1.2 Notes
	 	 	9	 
	1.3 Interest
	 	 	9	 
	1.4 Loan Accounts
	 	 	10	 
	1.5 Procedure for Revolving Credit Borrowing and Release of Funds from Australian Blocked Account
	 	 	11	 
	1.6 Conversion and Continuation Elections
	 	 	12	 
	1.7 Optional Prepayments
	 	 	13	 
	1.8 [Reserved]
	 	 	13	 
	1.9 Fees
	 	 	13	 
	1.10 Payments by the Borrowers
	 	 	14	 
	1.11 Payments by the Lenders to Agent; Settlement
	 	 	16	 
	1.12 Borrower Representative
	 	 	19	 
	1.13 Eligible Accounts
	 	 	20	 
	1.14 Eligible Inventory
	 	 	22	 
	1.15 Incremental Facility
	 	 	24	 
	 
	ARTICLE II. CONDITIONS PRECEDENT
	 	 	25	 
	 
	2.1 Conditions of Initial Loans
	 	 	25	 
	2.2 Conditions to All Borrowings
	 	 	26	 
	 
	ARTICLE III. REPRESENTATIONS AND WARRANTIES
	 	 	28	 
	 
	3.1 Corporate Existence and Power
	 	 	28	 
	3.2 Corporate Authorization; No Contravention
	 	 	28	 
	3.3 Governmental Authorization
	 	 	29	 
	3.4 Binding Effect
	 	 	29	 
	3.5 Litigation
	 	 	29	 
	3.6 No Default
	 	 	30	 
	3.7 ERISA Compliance
	 	 	30	 
	3.8 Use of Proceeds; Margin Regulations
	 	 	30	 
	3.9 Ownership of Property; Liens
	 	 	30	 
	3.10 Taxes
	 	 	31	 
	3.11 Financial Condition
	 	 	31	 
	3.12 Environmental Matters
	 	 	32	 
	3.13 Regulated Entities
	 	 	32	 
	3.14 Solvency
	 	 	32	 
	3.15 Labor Relations
	 	 	33	 
	3.16 Intellectual Property
	 	 	33	 
	3.17 Brokers’ Fees; Transaction Fees
	 	 	33	 
	3.18 Insurance
	 	 	33	 

 

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	3.19 Ventures, Subsidiaries and Affiliates; Outstanding Stock
	 	 	34	 
	3.20 Jurisdiction of Organization; Chief Executive Office
	 	 	34	 
	3.21 Locations of Inventory, Equipment and Books and Records
	 	 	34	 
	3.22 Deposit Accounts and Other Accounts
	 	 	34	 
	3.23 Government Contracts
	 	 	34	 
	3.24 Customer and Trade Relations
	 	 	35	 
	3.25 Bonding; Licenses
	 	 	35	 
	3.26 Purchase Agreement
	 	 	35	 
	3.27 Status of Holdings
	 	 	35	 
	3.28 Status of Obligations; Senior Notes
	 	 	35	 
	3.29 Full Disclosure
	 	 	35	 
	3.30 Foreign Assets Control Regulations and Anti-Money Laundering
	 	 	36	 
	3.31 Patriot Act
	 	 	36	 
	3.32 Commercial Benefit
	 	 	36	 
	 
	ARTICLE IV. AFFIRMATIVE COVENANTS
	 	 	37	 
	 
	4.1 Financial Statements
	 	 	37	 
	4.2 Appraisals; Certificates; Other Information
	 	 	37	 
	4.3 Notices
	 	 	40	 
	4.4 Preservation of Corporate Existence, Etc.
	 	 	42	 
	4.5 Maintenance of Property
	 	 	42	 
	4.6 Insurance
	 	 	43	 
	4.7 Payment of Obligations
	 	 	44	 
	4.8 Compliance with Laws
	 	 	44	 
	4.9 Inspection of Property and Books and Records
	 	 	44	 
	4.10 Use of Proceeds
	 	 	45	 
	4.11 Cash Management Systems
	 	 	45	 
	4.12 Landlord Agreements
	 	 	45	 
	4.13 Further Assurances
	 	 	45	 
	4.14 Environmental Matters
	 	 	47	 
	 
	ARTICLE V. NEGATIVE COVENANTS
	 	 	47	 
	 
	5.1 Limitation on Liens
	 	 	47	 
	5.2 Disposition of Assets
	 	 	49	 
	5.3 Consolidations and Mergers
	 	 	50	 
	5.4 Acquisitions; Loans and Investments
	 	 	51	 
	5.5 Limitation on Indebtedness
	 	 	53	 
	5.6 Employee Loans and Transactions with Affiliates
	 	 	55	 
	5.7 Management Fees and Compensation
	 	 	56	 
	5.8 Margin Stock; Use of Proceeds
	 	 	57	 
	5.9 Rate Contracts
	 	 	57	 
	5.10 Compliance with ERISA
	 	 	57	 
	5.11 Restricted Payments
	 	 	57	 
	5.12 Change in Business
	 	 	59	 
	5.13 Change in Structure
	 	 	60	 

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	5.14 Changes in Accounting, Name or Jurisdiction of Organization
	 	 	60	 
	5.15 Amendments to Related Agreements and Other Agreements
	 	 	60	 
	5.16 No Further Negative Pledges
	 	 	61	 
	5.17 OFAC; Patriot Act
	 	 	62	 
	5.18 Sale-Leasebacks
	 	 	62	 
	5.19 Hazardous Materials
	 	 	62	 
	5.20 Prepayments of Other Indebtedness
	 	 	62	 
	 
	ARTICLE VI. FINANCIAL COVENANT
	 	 	63	 
	 
	6.1 Fixed Charge Coverage Ratio
	 	 	63	 
	 
	ARTICLE VII. EVENTS OF DEFAULT
	 	 	63	 
	 
	7.1 Events of Default
	 	 	63	 
	7.2 Remedies
	 	 	66	 
	7.3 Rights Not Exclusive
	 	 	66	 
	7.4 Cash Collateral for Letters of Credit
	 	 	66	 
	 
	ARTICLE VIII. THE AGENT
	 	 	67	 
	 
	8.1 Appointment and Duties
	 	 	67	 
	8.2 Binding Effect
	 	 	68	 
	8.3 Use of Discretion
	 	 	68	 
	8.4 Delegation of Rights and Duties
	 	 	69	 
	8.5 Reliance and Liability
	 	 	69	 
	8.6 Agent Individually
	 	 	71	 
	8.7 Lender Credit Decision
	 	 	71	 
	8.8 Expenses; Indemnities; Withholding
	 	 	72	 
	8.9 Resignation of Agent or L/C Issuer
	 	 	73	 
	8.10 Release of Collateral or Guarantors
	 	 	74	 
	8.11 Additional Secured Parties
	 	 	74	 
	 
	ARTICLE IX. MISCELLANEOUS
	 	 	75	 
	 
	9.1 Amendments and Waivers
	 	 	75	 
	9.2 Notices
	 	 	77	 
	9.3 Electronic Transmissions
	 	 	78	 
	9.4 No Waiver; Cumulative Remedies
	 	 	79	 
	9.5 Costs and Expenses
	 	 	79	 
	9.6 Indemnity
	 	 	80	 
	9.7 Marshaling; Payments Set Aside
	 	 	81	 
	9.8 Successors and Assigns
	 	 	81	 
	9.9 Assignments and Participations; Binding Effect
	 	 	81	 
	9.10 Non-Public Information; Confidentiality
	 	 	84	 
	9.11 Set-off; Sharing of Payments
	 	 	86	 
	9.12 Counterparts; Facsimile Signature
	 	 	87	 
	9.13 Severability
	 	 	87	 

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	9.14 Captions
	 	 	87	 
	9.15 Independence of Provisions
	 	 	87	 
	9.16 Interpretation
	 	 	88	 
	9.17 No Third Parties Benefited
	 	 	88	 
	9.18 Governing Law and Jurisdiction
	 	 	88	 
	9.19 Waiver of Jury Trial
	 	 	89	 
	9.20 Entire Agreement; Release; Survival
	 	 	89	 
	9.21 Patriot Act
	 	 	90	 
	9.22 Replacement of Lender
	 	 	90	 
	9.23 Joint and Several
	 	 	91	 
	9.24 Creditor-Debtor Relationship
	 	 	91	 
	9.25 Actions in Concert
	 	 	91	 
	 
	ARTICLE X. TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	91	 
	 
	10.1 Taxes
	 	 	91	 
	10.2 Illegality
	 	 	94	 
	10.3 Increased Costs and Reduction of Return
	 	 	94	 
	10.4 Funding Losses
	 	 	96	 
	10.5 Inability to Determine Rates
	 	 	96	 
	10.6 Reserves on LIBOR Rate Loans
	 	 	97	 
	10.7 Certificates of Lenders
	 	 	97	 
	10.8 PPSA Law (Australia)
	 	 	97	 
	 
	ARTICLE XI. DEFINITIONS
	 	 	98	 
	 
	11.1 Defined Terms
	 	 	98	 
	11.2 Other Interpretive Provisions
	 	 	126	 
	11.3 Accounting Terms and Principles
	 	 	127	 
	11.4 Payments
	 	 	128	 
	11.5 Restatement of Existing Credit Agreement
	 	 	128	 

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SCHEDULES

	 	 	 

	Schedule 1.1(a)

	 	Revolving Loan Commitments
	Schedule 1.1(b)

	 	Existing Letters of Credit
	Schedule 3.5

	 	Litigation
	Schedule 3.7

	 	ERISA
	Schedule 3.8

	 	Effective Date Sources and Uses; Funds Flow Memorandum
	Schedule 3.9

	 	Ownership of Property; Liens
	Schedule 3.10

	 	Taxes
	Schedule 3.11(a)

	 	Historical Financial Statements
	Schedule 3.11(b)

	 	Pro Forma Financial Statements
	Schedule 3.12

	 	Environmental
	Schedule 3.15

	 	Labor Relations
	Schedule 3.16

	 	Intellectual Property
	Schedule 3.18

	 	Insurance
	Schedule 3.19

	 	Ventures, Subsidiaries and Affiliates; Outstanding Stock
	Schedule 3.20

	 	Jurisdiction of Organization; Chief Executive Office
	Schedule 3.21

	 	Locations of Inventory, Equipment and Books and Records
	Schedule 3.22

	 	Deposit Accounts and Other Accounts
	Schedule 3.23

	 	Government Contracts
	Schedule 3.25

	 	Bonding; Licenses
	Schedule 4.13

	 	Further Assurances
	Schedule 5.1

	 	Liens
	Schedule 5.4

	 	Investments
	Schedule 5.5

	 	Indebtedness
	Schedule 5.6

	 	Transactions with Affiliates

EXHIBITS

	 	 	 

	Exhibit 1.1(b)

	 	Form of L/C Request
	Exhibit 1.1(c)

	 	Form of Swing Loan Request
	Exhibit 1.5(d)

	 	Notice of Cash Collateral Release
	Exhibit 1.6

	 	Form of Notice of Conversion/Continuation
	Exhibit 2.1

	 	Closing Checklist
	Exhibit 4.2(b)-1

	 	Form of Compliance Certificate
	Exhibit 4.2(b)-2

	 	Form of Covenant Certificate
	Exhibit 11.1(a)

	 	Form of Assignment
	Exhibit 11.1(b)

	 	Form of Borrowing Base Certificate
	Exhibit 11.1(c)

	 	Form of Notice of Borrowing
	Exhibit 11.1(d)

	 	Form of Revolving Note
	Exhibit 11.1(e)

	 	Form of Swingline Note

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FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

     This FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (including all exhibits and schedules
hereto, as the same may be amended, modified and/or restated from time to time, this
“Agreement”) is entered into as of December 3, 2010, by and among Razor Merger Sub Inc., a
Delaware corporation (“Razor”), Thermadyne Holdings Corporation, a Delaware corporation
(“Thermadyne Holdings”), Thermadyne Industries, Inc., a Delaware corporation (“Thermadyne
Industries”), Victor Equipment Company, a Delaware corporation (“Victor”), Thermadyne
International Corp., a Delaware corporation (“International”), Thermadyne Dynamics Corporation,
a Delaware corporation (“Dynamics”) and Stoody Company, a Delaware corporation (“Stoody”)
(Razor, Thermadyne Holdings, Thermadyne Industries, Victor, International, Dynamics and Stoody
are sometimes referred to herein collectively as the “Borrowers” and individually as a
“Borrower”), Thermadyne Holdings, as Borrower Representative, the other Persons party hereto
that are designated as a “Credit Party”, General Electric Capital Corporation, a Delaware
corporation (in its individual capacity, “GE Capital”), as Agent for the several financial
institutions from time to time party to this Agreement as lenders (collectively, the “Lenders”
and individually each a “Lender”) and for itself as a Lender (including as Swingline Lender),
and such Lenders.

W I T N E S S E T H:

     WHEREAS, the Credit Parties and Agent are party to that certain Third Amended and Restated
Credit Agreement (the “Existing Credit Agreement”) dated as of June 29, 2007, among the Credit
Parties (as defined therein) party thereto, the Lenders (as defined therein) party thereto, and
Agent;

     WHEREAS, Thermadyne Technologies Holdings, Inc. (formerly known as Razor Holdco Inc.), a
Delaware corporation (“Holdings”), will acquire all of the outstanding equity interests of
Thermadyne Holdings and its Subsidiaries through the merger of Razor, a newly formed direct
wholly-owned Subsidiary of Holdings, with and into Thermadyne Holdings, with Thermadyne Holdings
as the surviving corporation in such merger, as a result of which Thermadyne Holdings will
become a direct and wholly-owned Subsidiary of Holdings;

     WHEREAS, the Borrowers have requested, and the Lenders have agreed to enter into this
Fourth Amended and Restated Credit Agreement to continue to make available to the Borrowers, a
revolving credit facility (including a letter of credit subfacility) upon and subject to the
terms and conditions set forth in this Agreement to (a) fund a portion of the acquisition of
Thermadyne Holdings and its Subsidiaries (the “Effective Date Acquisition”) pursuant to the
terms of the Purchase Agreement, (b) refinance certain existing indebtedness, (c) provide for
working capital, including for capital expenditures and other general corporate purposes of the
Borrowers and their Subsidiaries and (d) fund certain fees and expenses associated with the
funding of the Loans and consummation of the Effective Date Acquisition;

 

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     WHEREAS, the Borrowers, the other Credit Parties, Agent and Lenders desire that the terms
of the Existing Credit Agreement be amended and restated in accordance herewith;

     WHEREAS, the Borrowers desire to secure all of their Obligations under the Loan Documents
by granting to Agent, for the benefit of the Secured Parties, a security interest in and lien
upon substantially all of their Property;

     WHEREAS, Holdings is willing to guaranty all of the Obligations and to pledge to Agent, for
the benefit of the Secured Parties, all of the Stock and Stock Equivalents of Razor and
substantially all of its other Property to secure the Obligations;

     WHEREAS, subject to the terms hereof, each Subsidiary of Holdings that is a Credit Party
and that is not a Borrower is willing to guarantee and/or reaffirm its prior guarantee of all of
the Obligations of the Borrowers and to grant to Agent, for the benefit of the Secured Parties,
a security interest in and lien upon substantially all of its Property;

     NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained herein, the parties hereto agree as follows:

ARTICLE I. 
THE
CREDITS

1.1 Amounts and Terms of Commitments.

     (a) The Revolving Credit.

               (i) Subject to the terms and conditions of this Agreement and
in reliance upon the representations and warranties of the Credit Parties contained
herein, each Revolving Lender severally and not jointly agrees to make Loans to the Borrowers
(each such Loan, a “Revolving Loan”) from time to time on any Business Day during the period
from the Effective Date through the Final Availability Date, in an aggregate amount not to
exceed at any time outstanding the amount set forth opposite such Lender’s name in Schedule
1.1(a) under the heading “Revolving Loan Commitments” (such amount as the same may be
reduced or increased from time to time in accordance with this Agreement, being referred to
herein as such Lender’s “Revolving Loan Commitment”); provided, however, that, after giving
effect to any Borrowing of Revolving Loans, the aggregate principal amount of all outstanding
Revolving Loans shall not exceed the Maximum Revolving Loan Balance. Subject to the other terms
and conditions hereof, amounts borrowed under this subsection 1.1(a) may be repaid and
reborrowed from time to time. The “Maximum Revolving Loan Balance” at any time of determination
will be the lesser of:

               (x) the Borrowing Base (as calculated pursuant to the Borrowing Base Certificate) in effect
at such time, or

               (y) the Aggregate Revolving Loan Commitment then in effect;

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less, in either case, the sum of (x) the aggregate amount of Letter of Credit Obligations
at such time plus (y) the principal amount outstanding of Swing Loans at such time.

If at any time the then outstanding principal balance of Revolving Loans exceeds the Maximum
Revolving Loan Balance, then the Borrowers shall immediately prepay outstanding Revolving Loans
and then cash collateralize outstanding Letters of Credit in an aggregate amount sufficient to
eliminate such excess in accordance herewith.

               (ii) The Borrowers shall repay to the Lenders in full on the date specified in
clause (a) of the definition of “Revolving Termination Date” the aggregate principal
amount of the Revolving Loans and Swing Loans outstanding on the Revolving Termination Date.

               (iii) If the Borrower Representative requests that Revolving Lenders make, or permit to
remain outstanding Revolving Loans in excess of the Borrowing Base (any such excess Revolving
Loan is herein referred to as an “Overadvance”), Agent may, in its sole discretion, elect to
make, or permit to remain outstanding such Overadvance; provided, however, that Agent may not
cause Revolving Lenders to make, or permit to remain outstanding, (A) aggregate Revolving Loans
in excess of the Aggregate Revolving Loan Commitment less the sum of (x) the aggregate principal
amount of outstanding Swing Loans plus (y) the aggregate amount of Letter of Credit Obligations
or (B) an Overadvance in an aggregate amount in excess of 10% of the Aggregate Revolving Loan
Commitment. If an Overadvance is made, or permitted to remain outstanding, pursuant to the
preceding sentence, then all Revolving Lenders shall be bound to make, or permit to remain
outstanding, such Overadvance based upon their Commitment Percentage of the Aggregate Revolving
Loan Commitment in accordance with the terms of this Agreement, regardless of whether the
conditions to lending set forth in Section 2.2 have been met. Furthermore, Required
Lenders may prospectively revoke Agent’s ability to make or permit Overadvances by written
notice to Agent and the Borrower Representative. All Overadvances shall constitute Base Rate
Loans and shall bear interest at the Base Rate plus the Applicable Margin for Revolving Loans
and the default rate under subsection 1.3(c).

(b) Letters of Credit.

               (i) Conditions. Schedule 1.1(b) sets forth existing Letters of Credit
outstanding under the Existing Credit Agreement, each of which shall, on the Effective Date, be
deemed to have been issued under this Agreement. On the terms and subject to the conditions
contained herein, Borrower Representative may request that one or more L/C Issuers Issue and
such L/C Issuers agree to Issue, in accordance with such L/C Issuers’ usual and customary
business practices and for the account of the Borrowers, Letters of Credit (denominated in
Dollars or such other currency acceptable to the applicable L/C Issuer and the Agent) from time
to time on any Business Day during the period from the Effective Date through the earlier of (x)
the Final Availability Date and (y) seven (7) days prior to the date specified in clause
(a) of the definition of Revolving Termination Date; provided, however, that no L/C Issuer
shall Issue any Letter

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of Credit upon the occurrence of any of the following or, if after giving effect to such
Issuance:

           (A) (i) Availability would be less than zero or (ii) the Letter of Credit
Obligations for all Letters of Credit would exceed $10,000,000 (the “L/C Sublimit”);

           (B) the expiration date of such Letter of Credit (i) is not a Business Day, (ii) is
more than one year after the date of issuance thereof or (iii) is later than seven (7)
days prior to the date specified in clause (a) of the definition of Revolving
Termination Date; provided, however, that any Letter of Credit with a term not exceeding
one year may provide for its renewal for additional periods not exceeding one year as
long as (x) each of each Borrower and the L/C Issuer of the applicable Letter of Credit
have the option to prevent such renewal before the expiration of such term or any such
period and (y) neither such L/C Issuer nor any Borrower shall permit any such renewal to
extend such expiration date beyond the date set forth in clause (iii) above; or

           (C) (i) any fee due in connection with, and on or prior to, such Issuance has not
been paid, (ii) such Letter of Credit is requested to be issued in a form that is not
reasonably acceptable to such L/C Issuer or (iii) such L/C Issuer shall not have
received, each in form and substance reasonably acceptable to it and duly executed by
the applicable Borrower or the Borrower Representative on its behalf, the documents that
such L/C Issuer generally uses in the Ordinary Course of Business for the Issuance of
letters of credit of the type of such Letter of Credit (collectively, the “L/C
Reimbursement Agreement”).

Furthermore, GE Capital as an L/C Issuer may elect only to issue Letters of Credit in its own
name and may only issue Letters of Credit to the extent permitted by Requirements of Law, and
such Letters of Credit may not be accepted by certain beneficiaries such as insurance companies.
For each Issuance, the applicable L/C Issuer may, but shall not be required to, determine that,
or take notice whether, the conditions precedent set forth in Section 2.2 have been
satisfied or waived in connection with the Issuance of any Letter of Credit; provided, however,
that no Letter of Credit shall be Issued during the period starting on the first Business Day
after the receipt by such L/C Issuer of notice from Agent or the Required Lenders that any
condition precedent contained in Section 2.2 is not satisfied and ending on the date all
such conditions are satisfied or duly waived.

Notwithstanding anything else to the contrary herein, if any Lender is a Non-Funding Lender or
Impacted Lender, no L/C Issuer shall be obligated to Issue any Letter of Credit unless (w) the
Non-Funding Lender or Impacted Lender has been replaced in accordance with Section 9.9
or 9.22, (x) the Letter of Credit Obligations of such Non-Funding Lender or Impacted
Lender have been cash collateralized, or (y) the Revolving Loan Commitments of the other Lenders
have been increased by an amount sufficient to satisfy Agent that all future Letter of Credit
Obligations will be covered by all Revolving Lenders that are not Non-Funding Lenders or
Impacted Lenders, or (z) the Letter of

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Credit Obligations of such Non-Funding Lender or Impacted Lender have been reallocated to other
Revolving Lenders in a manner consistent with subsection 1.11(e)(ii).

               (ii) Notice of Issuance. The Borrower
Representative shall give the relevant L/C Issuer and Agent a notice of any requested Issuance of
any Letter of Credit, which shall be effective only if received by such L/C Issuer and Agent not
later than 2:00 p.m. (New York time) on the third Business Day prior to the date of such requested
Issuance. Such notice shall be made in a writing or Electronic Transmission substantially in the
form of Exhibit 1.1(b) duly completed or in a writing in any other form acceptable to such
L/C Issuer (an “L/C Request”).

               (iii) Reporting Obligations of L/C Issuers. Each L/C
Issuer agrees to provide Agent, in form and substance satisfactory to Agent, each of the following
on the following dates: (A) (i) on or prior to any Issuance of any Letter of Credit by such L/C
Issuer, (ii) immediately after any drawing under any such Letter of Credit or (iii) immediately
after any payment (or failure to pay when due) by the Borrowers of any related L/C Reimbursement
Obligation, notice thereof, which shall contain a detailed description of such Issuance, drawing or
payment, and Agent shall provide copies of such notices to each Revolving Lender reasonably
promptly after receipt thereof; (B) upon the request of Agent (or any Revolving Lender through
Agent), copies of any Letter of Credit Issued by such L/C Issuer and any related L/C Reimbursement
Agreement and such other documents and information as may reasonably be requested by Agent; and (C)
on the first Business Day of each calendar week, a schedule of the Letters of Credit Issued by such
L/C Issuer, in form and substance reasonably satisfactory to Agent, setting forth the Letter of
Credit Obligations for such Letters of Credit outstanding on the last Business Day of the previous
calendar week.

               (iv) Acquisition of Participations. Upon any
Issuance of a Letter of Credit in accordance with the terms of this Agreement resulting in any
increase in the Letter of Credit Obligations, each Revolving Lender shall be deemed to have
acquired, without recourse or warranty, an undivided interest and participation in such Letter of
Credit and the related Letter of Credit Obligations in an amount equal to its Commitment Percentage
of such Letter of Credit Obligations.

               (v) Reimbursement Obligations of the Borrowers.
The Borrowers agree to pay to the L/C Issuer of any Letter of Credit, or to Agent for the benefit
of such L/C Issuer, each L/C Reimbursement Obligation owing with respect to such Letter of Credit
no later than the first Business Day after the Borrowers or the Borrower Representative receive
notice from such L/C Issuer or from Agent that payment has been made under such Letter of Credit or
that such L/C Reimbursement Obligation is otherwise due (the “L/C Reimbursement Date”) with
interest thereon computed as set forth in clause (A) below. In the event that any L/C
Reimbursement Obligation is not repaid by the Borrowers as provided in this clause (v) (or
any such payment by the Borrowers is rescinded or set aside for any reason), such L/C Issuer shall
promptly notify Agent of such failure (and, upon receipt of such notice, Agent shall notify each
Revolving Lender) and, irrespective of whether such notice is given, such L/C Reimbursement
Obligation shall be payable on demand by the Borrowers with interest

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thereon computed (A) from the date on which such L/C Reimbursement Obligation arose to the L/C
Reimbursement Date, at the interest rate applicable during such period to Revolving Loans that
are Base Rate Loans and (B) thereafter until payment in full, at the interest rate applicable
during such period to past due Revolving Loans that are Base Rate Loans.

               (vi) Reimbursement Obligations of the Revolving Credit
Lenders.

                    (1) Upon receipt of the notice described in clause (v) above from Agent, each Revolving
Lender shall pay to Agent for the account of such L/C Issuer its Commitment Percentage of such
Letter of Credit Obligations (as such amount may be increased pursuant to subsection
1.11(e)(ii)).

                    (2) By
making any payments described in clause (1) above (other than during the
continuation of an Event of Default under subsection 7.1(f) or 7.1(g)), such
Lender shall be deemed to have made a Revolving Loan to the Borrowers, which, upon receipt
thereof by the Agent for the benefit of such L/C Issuer, the Borrowers shall be deemed to have
used in whole to repay such L/C Reimbursement Obligation. Any such payment that is not deemed a
Revolving Loan shall be deemed a funding by such Lender of its participation in the applicable
Letter of Credit and the Letter of Credit Obligation in respect of the related L/C Reimbursement
Obligations. Such participation shall not otherwise be required to be funded. Following receipt
by any L/C Issuer of any payment from any Lender pursuant to this clause (vi) with
respect to any portion of any L/C Reimbursement Obligation, such L/C Issuer shall promptly pay
to the Agent, for the benefit of such Lender, all amounts received by such L/C Issuer (or to the
extent such amounts shall have been received by the Agent for the benefit of such L/C Issuer,
the Agent shall promptly pay to such Lender all amounts received by the Agent for the benefit of
such L/C Issuer) with respect to such portion.

               (vii) Obligations Absolute. The obligations of the Borrowers and the Revolving
Lenders pursuant to clauses (iv), (v) and (vi) above shall be absolute,
unconditional and irrevocable and performed strictly in accordance with the terms of this
Agreement irrespective of (A) (i) the invalidity or unenforceability of any term or provision in
any Letter of Credit, any document transferring or purporting to transfer a Letter of Credit,
any Loan Document (including the sufficiency of any such instrument), or any modification to any
provision of any of the foregoing, (ii) any document presented under a Letter of Credit being
forged, fraudulent, invalid, insufficient or inaccurate in any respect or failing to comply with
the terms of such Letter of Credit or (iii) any loss or delay, including in the transmission of
any document, (B) the existence of any setoff, claim, abatement, recoupment, defense or other
right that any Person (including any Credit Party) may have against the beneficiary of any
Letter of Credit or any other Person, whether in connection with any Loan Document or any other
Contractual Obligation or transaction, or the existence of any other withholding, abatement or
reduction, (C) in the case of the obligations of any Revolving Lender, (i) the failure of any
condition precedent set forth in Section 2.2 to be satisfied (each of which conditions

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precedent the Revolving Lenders hereby irrevocably waive) or (ii) any adverse change in the
condition (financial or otherwise) of any Credit Party and (D) any other act or omission to act
or delay of any kind of Agent, any Lender or any other Person or any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions
of this clause (vii), constitute a legal or equitable discharge of any obligation of the
Borrowers or any Revolving Lender hereunder. No provision hereof shall be deemed to waive or
limit the Borrowers’ right to seek repayment of any payment of any L/C Reimbursement Obligations
from the L/C Issuer under the terms of the applicable L/C Reimbursement Agreement or applicable
law.

     (c) Swing Loans.

               (i) Availability. Subject to the terms and conditions of this
Agreement and in reliance upon the representations and warranties of the Credit Parties contained
herein, the Swingline Lender may, in its sole discretion, make Loans (each a “Swing Loan”)
available to the Borrowers under the Revolving Loan Commitments from time to time on any Business
Day during the period from the Effective Date through the Final Availability Date in an aggregate
principal amount at any time outstanding not to exceed its Swingline Commitment; provided, however,
that the Swingline Lender may not make any Swing Loan (x) to the extent that after giving effect to
such Swing Loan, the aggregate principal amount of all outstanding Revolving Loans would exceed the
Maximum Revolving Loan Balance and (y) during the period commencing on the first Business Day after
it receives notice from Agent or the Required Lenders that one or more of the conditions precedent
contained in Section 2.2 are not satisfied and ending when such conditions are satisfied or
duly waived. In connection with the making of any Swing Loan, the Swingline Lender may but shall
not be required to determine that, or take notice whether, the conditions precedent set forth in
Section 2.2 have been satisfied or waived. Each Swing Loan shall be a Base Rate Loan and
must be repaid as provided herein, but in any event must be repaid in full on the Revolving
Termination Date. Within the limits set forth in the first sentence of this clause (i),
amounts of Swing Loans repaid may be reborrowed under this clause (i).

               (ii) Borrowing Procedures. In order to request a Swing Loan, the Borrower
Representative shall give to Agent a notice to be received not later than 2:00 p.m. (New York
time) on the day of the proposed Borrowing, which shall be made in a writing or in an Electronic
Transmission substantially in the form of Exhibit 1.1(c) or in a writing in any other
form acceptable to Agent duly completed (a “Swingline Request”). In addition, if any Notice of
Borrowing of Revolving Loans requests a Borrowing of Base Rate Loans, the Swingline Lender may,
notwithstanding anything else to the contrary herein, make a Swing Loan to the Borrowers in an
aggregate amount not to exceed such proposed Borrowing, and the aggregate amount of the
corresponding proposed Borrowing shall be reduced accordingly by the principal amount of such
Swing Loan. Agent shall promptly notify the Swingline Lender of the details of the requested
Swing Loan. Upon receipt of such notice and subject to the terms of this Agreement, the
Swingline Lender may make a Swing Loan available to the Borrowers by making the proceeds thereof
available to Agent and, in turn, Agent shall make such proceeds

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available to the applicable Borrowers on the date set forth in the relevant Swingline Request or
Notice of Borrowing.

               (iii) Refinancing Swing Loans.

                    (1) The Swingline Lender may at any time (and shall,
no less frequently than once each week) forward a demand to Agent (which Agent shall, upon
receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the
account of the Swingline Lender, such Revolving Lender’s Commitment Percentage of the
outstanding Swing Loans (as such amount may be increased pursuant to subsection
1.11(e)(ii)).

                    (2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of
the Swingline Lender on the Business Day following receipt of the notice or demand therefor.
Payments received by Agent after 1:00 p.m. (New York time) may, in the Agent’s discretion, be
deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other
than during the continuation of any Event of Default under subsection 7.1(f) or
7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the
Borrowers, which, upon receipt of such payment by the Swingline Lender from Agent, the Borrowers
shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of
whether any such demand is made, upon the occurrence of any Event of Default under
subsection 7.1(f) or 7.1(g), each Revolving Lender shall be deemed to have
acquired, without recourse or warranty, an undivided interest and participation in each
outstanding Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing
Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a
Revolving Loan, such payment shall be deemed a funding by such Lender of such participation.
Such participation shall not be otherwise required to be funded. Upon receipt by the Swingline
Lender of any payment from any Revolving Lender pursuant to this clause (iii) with
respect to any portion of any Swing Loan, the Swingline Lender shall promptly pay over to such
Revolving Lender all payments of principal (to the extent received after such payment by such
Lender) and interest (to the extent accrued with respect to periods after such payment) on
account of such Swing Loan received by the Swingline Lender with respect to such portion.

               (iv) Obligation to Fund Absolute. Each Revolving Lender’s obligations
pursuant to clause (iii) above shall be absolute, unconditional and irrevocable and
shall be performed strictly in accordance with the terms of this Agreement under any and all
circumstances whatsoever, including (A) the existence of any setoff, claim, abatement,
recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person
may have against the Swingline Lender, Agent, any other Lender or L/C Issuer or any other
Person, (B) the failure of any condition precedent set forth in Section 2.2 to be
satisfied or the failure of the Borrower Representative to deliver a Notice of Borrowing (each
of which requirements the Revolving Lenders hereby irrevocably waive) and (C) any adverse
change in the condition (financial or otherwise) of any Credit Party.

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1.2
Notes.

          (a) The Revolving Loans made by each Revolving Lender shall be evidenced by this
Agreement and, if requested by such Lender, a Revolving Note payable to such Lender in an amount
up to such Lender’s Revolving Loan Commitment.

          (b) Swing Loans made by the Swingline Lender shall be evidenced by this Agreement and,
if requested by such Lender, a Swingline Note in an amount up to the Swingline Commitment.

1.3 Interest.

          (a) Subject to subsections 1.3(c) and 1.3(d), each Loan shall bear
interest on the outstanding principal amount thereof from the date when made at a rate per annum
equal to the LIBOR or the Base Rate, as the case may be, plus the Applicable Margin;
provided that Swing Loans may not be LIBOR Rate Loans. Commencing on the first day of the
calendar month immediately following the sixth full calendar month after the Effective Date, and
continuing thereafter, the Applicable Margin for Loans shall be subject to adjustment as set
forth in the definition of Applicable Margin. Agent will with reasonable promptness notify the
Borrower Representative and the Lenders of the effective date and the amount of each such
change, provided that any failure to do so shall not relieve the Borrowers of any liability
hereunder or provide the basis for any claim against Agent. Each determination of an interest
rate by Agent shall be conclusive and binding on each Borrower and the Lenders in the absence of
manifest error. All computations of fees and interest payable under this Agreement with respect
to LIBOR Rate Loans shall be made on the basis of a 360-day year and actual days elapsed. All
computations of fees and interest payable under this Agreement with respect to Base Rate Loans
shall be made on the basis of a 365/366-day year and actual days elapsed. Interest and fees
shall accrue during each period during which interest or such fees are computed from the first
day thereof to the last day thereof.

          (b) Interest on each Loan shall be paid in arrears on each Interest Payment Date.
Interest shall also be paid on the date of any payment of Revolving Loans on the Revolving
Termination Date.

          (c) At the election of the Required Lenders while any Event of Default exists (or
automatically while any Event of Default under subsection 7.1(a), 7.1(f) or
7.1(g) exists), the Borrowers shall pay interest (after as well as before entry of
judgment thereon to the extent permitted by law) on the outstanding Loans under the Loan
Documents from and after the date of occurrence of such Event of Default, at a rate per annum
which is determined by adding two percent (2.0%) per annum to the Applicable Margin then in
effect for such Loans (plus the LIBOR or Base Rate, as the case may be). All such interest shall
be payable on demand of Agent or the Required Lenders.

          (d) Anything herein to the contrary notwithstanding, the obligations of the Borrowers
hereunder shall be subject to the limitation that payments of interest shall not be required,
for any period for which interest is computed hereunder, to the extent

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(but only to the extent) that contracting for or receiving such payment by the respective Lender
would be contrary to the provisions of any law applicable to such Lender limiting the highest
rate of interest which may be lawfully contracted for, charged or received by such Lender, and
in such event the Borrowers shall pay such Lender interest at the highest rate permitted by
applicable law (“Maximum Lawful Rate”); provided, however, that if at any time thereafter the
rate of interest payable hereunder is less than the Maximum Lawful Rate, the Borrowers shall
continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total
interest received by Agent, on behalf of Lenders, is equal to the total interest that would have
been received had the interest payable hereunder been (but for the operation of this paragraph)
the interest rate payable since the Effective Date as otherwise provided in this Agreement.

1.4 Loan Accounts.

          (a) Agent, on behalf of the Lenders, shall record on its books and records the amount
of each Loan made, the interest rate applicable, all payments of principal and interest thereon
and the principal balance thereof from time to time outstanding. Agent shall deliver to the
Borrower Representative on a monthly basis, or at any other time as reasonably requested by the
Borrower Representative, a loan statement setting forth such record for the immediately
preceding calendar month or a portion thereof, if applicable. Such record shall, absent manifest
error, be conclusive evidence of the amount of the Loans made by the Lenders to the Borrowers
and the interest and payments thereon. Any failure to so record or any error in doing so, or any
failure to deliver such loan statement shall not, however, limit or otherwise affect the
obligation of the Borrowers hereunder (and under any Note) to pay any amount owing with respect
to the Loans or provide the basis for any claim against Agent.

          (b) Agent, acting as a non-fiduciary agent of the Borrowers solely for tax purposes and
solely with respect to the actions described in this subsection 1.4(b), shall establish
and maintain at its address referred to in Section 9.2 (or at such other address as
Agent may notify the Borrower Representative) (A) a record of ownership (the “Register”) in
which Agent agrees to register by book entry the interests (including any rights to receive
payment hereunder) of Agent, each Lender and each L/C Issuer in the Revolving Loans, Swing
Loans, L/C Reimbursement Obligations, and Letter of Credit Obligations, each of their
obligations under this Agreement to participate in each Loan, Letter of Credit, Letter of Credit
Obligations, and L/C Reimbursement Obligations, and any assignment of any such interest,
obligation or right and (B) accounts in the Register in accordance with its usual practice in
which it shall record (1) the names and addresses of the Lenders and the L/C Issuers (and each
change thereto pursuant to Sections 9.9 and 9.22), (2) the Commitments of each
Lender, (3) the amount of each Loan and each funding of any participation described in
clause (A) above, and for LIBOR Rate Loans, the Interest Period applicable thereto, (4)
the amount of any principal or interest due and payable or paid, (5) the amount of the L/C
Reimbursement Obligations due and payable or paid in respect of Letters of Credit and (6) any
other payment received by Agent from a Borrower and its application to the Obligations.

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          (c) Notwithstanding anything to the contrary contained in
this Agreement, the Loans (including any Notes evidencing such Loans and, in the case of Revolving
Loans, the corresponding obligations to participate in Letter of Credit Obligations and Swing
Loans) and the L/C Reimbursement Obligations are registered obligations, the right, title and
interest of the Lenders and the L/C Issuers and their assignees in and to such Loans or L/C
Reimbursement Obligations, as the case may be, shall be transferable only upon notation of such
transfer in the Register and no assignment thereof shall be effective until recorded therein. This
Section 1.4 and Section 9.9 shall be construed so that the Loans and L/C
Reimbursement Obligations are at all times maintained in “registered form” within the meaning of
Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

          (d) The Credit Parties, Agent, the Lenders and the L/C
Issuers shall treat each Person whose name is recorded in the Register as a Lender or L/C Issuer,
as applicable, for all purposes of this Agreement. Information contained in the Register with
respect to any Lender or any L/C Issuer shall be available for access by the Borrowers, the
Borrower Representative, Agent, such Lender or such L/C Issuer during normal business hours and
from time to time upon at least one Business Day’s prior notice. No Lender or L/C Issuer shall, in
such capacity, have access to or be otherwise permitted to review any information in the Register
other than information with respect to such Lender or L/C Issuer unless otherwise agreed by Agent.

     1.5 Procedure for Revolving Credit Borrowing
and Release of Funds from Australian Blocked Account.

          (a) Each Borrowing of a Revolving Loan shall be made
upon the Borrower Representative’s irrevocable (subject to Section 10.5) written notice
delivered to Agent substantially in the form of a Notice of Borrowing or in a writing in any other
form acceptable to Agent, which notice must be received by Agent prior to 2:00 p.m. (New York time)
(i) on the date which is one (1) Business Day prior to the requested Borrowing date of each Base
Rate Loan equal to or less than $20,000,000, (ii) on the date which is three (3) Business Days
prior to the requested Borrowing date of each Base Rate Loan in excess of $20,000,000 and (iii) on
the day which is three (3) Business Days prior to the requested Borrowing date in the case of each
LIBOR Rate Loan. Such Notice of Borrowing shall specify:

               (i) the amount of the Borrowing (which shall be in an aggregate minimum principal amount of $100,000);

               (ii) the requested Borrowing date, which shall be a Business Day;

               (iii) whether the Borrowing is to be comprised of LIBOR Rate Loans or Base Rate Loans; and

               (iv) if the Borrowing is to be LIBOR Rate Loans, the Interest Period applicable to such Loans.

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          (b) Upon receipt of a Notice of Borrowing, Agent will
promptly notify each Revolving Lender of such Notice of Borrowing and of the amount of such
Lender’s Commitment Percentage of the Borrowing.

          (c) Unless Agent is otherwise directed in writing by the
Borrower Representative, the proceeds of each requested Borrowing after the Effective Date will be
made available to the Borrowers by Agent by wire transfer of such amount to the Borrowers pursuant
to the wire transfer instructions specified on the signature page hereto unless otherwise set forth
on the applicable Notice of Borrowing and confirmed by the Agent.

          (d) Australian Credit Parties may request, in accordance
with the terms hereof, that funds be released from an Australian Blocked Account. Each request for
release of funds from an Australian Blocked Account shall be made pursuant to a Notice of Cash
Collateral Release delivered to Agent or Agent’s designee by an Australian Credit Party and agreed
to and acknowledged by Borrower Representative, substantially in the form of Exhibit
1.5(d). Any such notice by an Australian Credit Party must be given no later than 12:00 p.m.
(Sydney, Australia time) on the Business Day of the proposed release of funds.

     1.6 Conversion and Continuation Elections.

          (a) The Borrowers shall have the option to (i) request that
any Revolving Loan be made as a LIBOR Rate Loan, (ii) convert at any time all or any part of
outstanding Loans (other than Swing Loans) from Base Rate Loans to LIBOR Rate Loans, (iii) convert
any LIBOR Rate Loan to a Base Rate Loan, subject to Section 10.4 if such conversion is made
prior to the expiration of the Interest Period applicable thereto, or (iv) continue all or any
portion of any Loan as a LIBOR Rate Loan upon the expiration of the applicable Interest Period. Any
Loan or group of Loans having the same proposed Interest Period to be made or continued as, or
converted into, a LIBOR Rate Loan must be in a minimum amount of $1,000,000. Any such election must
be made by Borrower Representative by 2:00 p.m. (New York time) on the 3rd Business Day prior to
(1) the date of any proposed Revolving Loan which is to bear interest at LIBOR, (2) the end of each
Interest Period with respect to any LIBOR Rate Loans to be continued as such, or (3) the date on
which the Borrowers wish to convert any Base Rate Loan to a LIBOR Rate Loan for an Interest Period
designated by Borrower Representative in such election. If no election is received with respect to
a LIBOR Rate Loan by 2:00 p.m. (New York time) on the 3rd Business Day prior to the end of the
Interest Period with respect thereto, that LIBOR Rate Loan shall be converted to a Base Rate Loan
at the end of its Interest Period. Borrower Representative must make such election by notice to
Agent in writing, including by Electronic Transmission. In the case of any conversion or
continuation, such election must be made pursuant to a written notice (a “Notice of
Conversion/Continuation”) substantially in the form of Exhibit 1.6 or in a writing in any
other form acceptable to Agent. No Loan shall be made, converted into or continued at the end of
the applicable Interest Period as a LIBOR Rate Loan, if the conditions to Loans and Letters of
Credit in Section 2.2 are not met at the time of such proposed

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conversion or continuation and Agent or Required Lenders have determined not to make or continue
any Loan as a LIBOR Rate Loan as a result thereof.

          (b) Upon receipt of a Notice of Conversion/Continuation,
Agent will promptly notify each Lender thereof. In addition, Agent will, with reasonable
promptness, notify the Borrower Representative and the Lenders of each determination of LIBOR;
provided that any failure to do so shall not relieve any Borrower of any liability hereunder or
provide the basis for any claim against Agent. All conversions and continuations shall be made pro
rata according to the respective outstanding principal amounts of the Loans held by each Lender
with respect to which the notice was given.

          (c) Notwithstanding any other provision contained in this
Agreement, after giving effect to any Borrowing, or to any continuation or conversion of any Loans,
there shall not be more than seven (7) different Interest Periods in effect.

     1.7 Optional Prepayments. The Borrowers may, at any time and
from time to time, prepay the Loans in whole or in part, in each instance, without penalty or
premium except as provided in Section 10.4 and without a corresponding reduction in the
Aggregate Revolving Loan Commitment.

     1.8 [Reserved].

     1.9 Fees.

          (a) Fees. The Borrowers shall pay to Agent, for Agent’s
own account, fees in the amounts and at the times set forth in a letter agreement between the
Borrowers and Agent dated of even date herewith (as amended from time to time, the “Fee Letter”).

          (b) Unused Commitment Fee. The Borrowers shall pay to
Agent a fee (the “Unused Commitment Fee”) for the account of each Revolving Lender other than any
Non-Funding Lender in an amount equal to:

               (i) the average
daily balances of the Revolving
Loan Commitment of such Revolving Lender during the preceding calendar month, less

               (ii) the sum of (x) the average daily balance of all
Revolving Loans held by such Revolving Lender plus (y) such Lender’s Commitment Percentage of the
average daily amount of Letter of Credit Obligations, plus (z) in the case of the Swing Line
Lender, the average daily balance of all outstanding Swing Loans held by such Swing Line Lender, in
each case, during the preceding calendar month; provided, in no event shall the amount computed
pursuant to clauses (i) and (ii) be less than zero,

               (iii) multiplied by (x) three-quarters of one percent
(0.75%) per annum if the sum of clauses (ii)(x), (y) and (z) above is less than or equal to fifty
percent (50%) of the Revolving Loan Commitment of such Revolving Lender as of the last day of such
month, or (y) one-half of one percent (0.50%), per annum if the sum of clauses (ii)(x), (y) and (z)
above is greater than fifty percent (50%) of the Revolving Loan Commitment as of the last day of
such month.

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The total fee paid by the Borrowers will be equal to the sum of all of the fees due to the Lenders,
subject to subsection 1.11(e)(vi). Such fee shall be payable monthly in arrears on the
first day of the calendar month following the date hereof and the first day of each calendar month
thereafter. The Unused Commitment Fee provided in this subsection 1.9(b) shall accrue at
all times from and after the execution and delivery of this Agreement until the Final Availability
Date. For purposes of this subsection 1.9(b), the Revolving Loan Commitment of any
Non-Funding Lender shall be deemed to be zero.

          (c) Letter of Credit Fee. The Borrowers agree to pay to
Agent for the ratable benefit of the Revolving Lenders, as compensation to such Lenders for Letter
of Credit Obligations incurred hereunder, (i) without duplication of costs and expenses otherwise
payable to Agent or Lenders hereunder or fees otherwise paid by the Borrowers, all customary costs
and expenses incurred by Agent or any L/C Issuer on account of such Letter of Credit Obligations,
and (ii) for each calendar month during which any Letter of Credit Obligation shall remain
outstanding, a fee (the “Letter of Credit Fee”) in an amount equal to the product of the average
daily undrawn face amount of all Letters of Credit issued, guaranteed or supported by risk
participation agreements under this Agreement multiplied by a per annum rate equal to the then
effective Applicable Margin with respect to Revolving Loans which are LIBOR Rate Loans; provided,
however, at Agent’s or Required Lenders’ option, while an Event of Default exists (or automatically
while an Event of Default under subsection 7.1(a), 7.1(f) or 7.1(g)
exists), such rate shall be increased by two percent (2.00%) per annum. Such fee shall be paid to
Agent for the benefit of the Revolving Lenders in arrears, on the first day of each calendar month
and on the date on which all L/C Reimbursement Obligations have been discharged. In addition, the
Borrowers shall pay to Agent, any L/C Issuer or any prospective L/C Issuer, as appropriate, on
demand, such L/C Issuer’s or prospective L/C Issuer’s fees in an amount from time to time agreed
between the applicable Borrower and such L/C Issuer, without duplication of fees otherwise payable
hereunder (including all per annum fees), plus customary charges and expenses of such L/C Issuer or
prospective L/C Issuer in respect of the application for, and the issuance, negotiation,
acceptance, amendment, transfer and payment of, each Letter of Credit or otherwise payable pursuant
to the application and related documentation under which such Letter of Credit is issued.

     1.10 Payments by the Borrowers.

          (a) Except as otherwise provided in Section 10.1, all
payments (including prepayments) to be made by each Credit Party on account of principal, interest,
fees and other amounts required hereunder shall be made without set-off, recoupment, counterclaim
or deduction of any kind, shall, except as otherwise expressly provided herein, be made to Agent
(for the ratable account of the Persons entitled thereto) at the address for payment specified in
the signature page hereof in relation to Agent (or such other address as Agent may from time to
time specify in accordance with Section 9.2), including payments utilizing the ACH system,
and shall be made in Dollars and by wire transfer or ACH transfer in immediately available funds
(which shall be the exclusive means of payment hereunder), no later than 1:00 p.m. (New York time)
on the date due. Any payment which is received by Agent later than 1:00 p.m. (New York time)

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may in Agent’s discretion be deemed to have been received on the immediately succeeding Business
Day and any applicable interest or fee shall continue to accrue. Each Borrower and each other
Credit Party hereby irrevocably waives the right to direct the application during the continuance
of an Event of Default of any and all payments in respect of any Obligation and any proceeds of
Collateral. Each Borrower hereby authorizes Agent and each Lender to make a Revolving Loan (which
shall be a Base Rate Loan and which may be a Swing Loan) to pay (i) interest, principal (including
Swing Loans), L/C Reimbursement Obligations, agent fees, Unused Commitment Fees and Letter of
Credit Fees, in each instance, on the date due, or (ii) after five (5) days’ prior notice to the
Borrower Representative, other fees, costs or expenses payable by a Borrower or any of its
Subsidiaries hereunder or under the other Loan Documents.

          (b) Subject to the provisions set forth in the definition of
“Interest Period” herein, if any payment hereunder shall be stated to be due on a day other than a
Business Day, such payment shall be made on the next succeeding Business Day, and such extension of
time shall in such case be included in the computation of interest or fees, as the case may be.

          (c) During the continuance of
an Event of Default, Agent
may, and shall upon the direction of Required Lenders apply any and all payments received by Agent
in respect of any Obligation in accordance with clauses first through sixth below. Notwithstanding
any provision herein to the contrary, all payments made by Credit Parties to Agent after any or all
of the Obligations have been accelerated (so long as such acceleration has not been rescinded),
including proceeds of Collateral, shall be applied as follows:

     first, to payment of costs and expenses, including Attorney
Costs, of Agent payable or reimbursable by the Credit Parties under the Loan
Documents;

     second, to payment of Attorney Costs of Lenders payable or
reimbursable by the Borrowers under this Agreement;

     third, to payment of all accrued unpaid interest on the
Obligations and fees owed to Agent, Lenders and L/C Issuers;

     fourth, to payment of principal of the Obligations including,
without limitation, L/C Reimbursement Obligations then due and payable, and
cash collateralization of unmatured L/C Reimbursement Obligations to the
extent not then due and payable);

     fifth, to payment of any other amounts owing constituting
Obligations; and

     sixth, any remainder shall be for the account of and paid to
whoever may be lawfully entitled thereto.

     In carrying out the foregoing, (i) amounts received shall be applied in
the numerical order provided until exhausted prior to the application to the next succeeding

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category and (ii) each of the Lenders or other Persons entitled to payment shall receive an amount
equal to its pro rata share of amounts available to be applied pursuant to clauses third, fourth
and fifth above.

     1.11 Payments by the Lenders to Agent; Settlement.

          (a) Agent may, on behalf of Lenders, disburse funds to the
Borrowers for Loans requested. Each Lender shall reimburse Agent on demand for all funds disbursed
on its behalf by Agent, or if Agent so requests, each Lender will remit to Agent its Commitment
Percentage of any Loan before Agent disburses same to the Borrowers. If Agent elects to require
that each Lender make funds available to Agent prior to disbursement by Agent to the Borrowers,
Agent shall advise each Lender by telephone, fax, email or other readable electronic transmission
of the amount of such Lender’s Commitment Percentage of the Loan requested by the Borrower
Representative no later than the Business Day prior to the scheduled Borrowing date applicable
thereto, and each such Lender shall pay Agent such Lender’s Commitment Percentage of such requested
Loan, in same day funds, by wire transfer to Agent’s account, as set forth on Agent’s signature
page hereto, no later than 1:00 p.m. (New York time) on such scheduled Borrowing date. Nothing in
this subsection 1.11(a)or elsewhere in this Agreement or the other Loan Documents,
including the remaining provisions of Section 1.11, shall be deemed to require Agent to
advance funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill its
Commitments hereunder or to prejudice any rights that Agent, any Lender or the Borrowers may have
against any Lender as a result of any default by such Lender hereunder.

          (b) At least once each calendar week or more frequently at
Agent’s election (each, a “Settlement Date”), Agent shall advise each Lender by telephone, fax,
email or other readable electronic transmission of the amount of such Lender’s Commitment
Percentage of principal, interest and Fees paid for the benefit of Lenders with respect to each
applicable Loan. Agent shall pay to each Lender such Lender’s Commitment Percentage (except as
otherwise provided in subsection 1.1(b)(vi) and subsection 1.11(e)) of principal,
interest and fees paid by the Borrowers since the previous Settlement Date for the benefit of such
Lender on the Loans held by it. Such payments shall be made by wire transfer to such Lender to its
Lending Office not later than 2:00 p.m. (New York time) on the next Business Day following each
Settlement Date.

          (c) Availability of Lender’s Commitment Percentage.
Agent may assume that each Revolving Lender will make its Commitment Percentage of each Revolving
Loan available to Agent on each Borrowing date. If such Commitment Percentage is not, in fact,
paid to Agent by such Revolving Lender when due, Agent will be entitled to recover such amount on
demand from such Revolving Lender without setoff, counterclaim or deduction of any kind. If any
Revolving Lender fails to pay the amount of its Commitment Percentage forthwith upon Agent’s
demand, Agent shall promptly notify the Borrower Representative and the Borrowers shall immediately
repay such amount to Agent. Nothing in this subsection 1.11(c) shall be deemed to require
Agent to advance funds on behalf of any Revolving Lender or to relieve any Revolving

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Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that
the Borrowers may have against any Revolving Lender as a result of any default by such Revolving
Lender hereunder. Without limiting the provisions of subsection 1.11(b), to the extent
that Agent advances funds to the Borrowers on behalf of any Revolving Lender and is not
reimbursed therefor on the same Business Day as such advance is made, Agent shall be entitled to
retain for its account all interest accrued on such advance from the date such advance was made
until reimbursed by the applicable Revolving Lender or repaid by the Borrowers.

          (d) Return of Payments.

               (i) If Agent pays an amount to a Lender under this Agreement
in the belief or expectation that a related payment has been or will be received by Agent from
the Borrowers and such related payment is not received by Agent, then Agent will be entitled to
recover such amount from such Lender on demand without setoff, counterclaim or deduction of any
kind.

               (ii) If Agent determines at any time that any amount received by Agent under this
Agreement or any other Loan Document must be returned to any Credit Party or paid to any other
Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or
condition of this Agreement or any other Loan Document, Agent will not be required to distribute
any portion thereof to any Lender. In addition, each Lender will repay to Agent on demand any
portion of such amount that Agent has distributed to such Lender, together with interest at such
rate, if any, as Agent is required to pay to any Borrower or such other Person, without setoff,
counterclaim or deduction of any kind, and Agent will be entitled to set-off against future
distributions to such Lender any such amounts (with interest) that are not repaid on demand.

          (e) Non-Funding Lenders; Procedures.

               (i) Responsibility. The failure of any Non-Funding Lender to
make any Revolving Loan, Letter of Credit Obligation or any payment required by it, or to make any
payment required by it hereunder, or to fund any purchase of any participation to be made or funded
by it on the date specified therefor shall not relieve any other Lender (each such other Revolving
Lender, an “Other Lender”) of its obligations to make such loan, fund the purchase of any such
participation, or make any other payment required hereunder on such date, and neither Agent nor,
other than as expressly set forth herein, any Other Lender shall be responsible for the failure of
any Non-Funding Lender to make a loan, fund the purchase of a participation or make any other
payment required hereunder.

               (ii) Reallocation. If any Revolving Lender is a
Non-Funding Lender, all or a portion of such Non-Funding Lender’s Letter of Credit Obligations
(unless such Lender is the L/C Issuer that issued such Letter of Credit) and reimbursement
obligations with respect to Swing Loans shall automatically be reallocated to and assumed by the
Revolving Lenders that are not Non-Funding Lenders or Impacted Lenders (each such Lender, a
“Funding Lender”) pro rata in accordance with their

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respective Commitment Percentages of the Aggregate Revolving Loan Commitment (calculated as if the
Non-Funding Lender’s Commitment Percentage was reduced to zero and each Funding Lender’s Commitment
Percentage had been increased proportionately), provided that no Funding Lender shall be
reallocated any such amounts or be required to fund any amounts that would cause the sum of its
outstanding Revolving Loans, amounts of its participations of Letter of Credit Obligations, amounts
of its participations in Swing Loans and its pro rata share of unparticipated amounts in Swing
Loans to exceed its Revolving Loan Commitment.

               (iii) Voting Rights. Notwithstanding anything set
forth herein to the contrary, including Section 9.1, a Non-Funding Lender shall not have
any voting or consent rights under or with respect to any Loan Document or constitute a “Lender” or
a “Revolving Lender” (or be, or have its Loans and Commitments, included in the determination of
“Required Lenders” or “Lenders directly affected”
pursuant to Section 9.1) for any voting or
consent rights under or with respect to any Loan Document, provided that (A) the Commitment of a
Non-Funding Lender may not be increased, (B) the principal of a Non-Funding Lender’s Loans may not
be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a Non-Funding
Lender may not be reduced in such a manner that by its terms affects such Non-Funding Lender more
adversely than other Lenders, in each case without the consent of such Non-Funding Lender.
Moreover, for the purposes of determining Required Lenders and Required Lenders, the Loans, Letter
of Credit Obligations, and Commitments held by Non-Funding Lenders shall be excluded from the total
Loans and Commitments outstanding.

               (iv) Borrower Payments to a Non-Funding Lender.
Agent shall be authorized to use all payments received by Agent for the benefit of any Non-Funding
Lender pursuant to this Agreement to pay in full the Aggregate Excess Funding Amount to the
appropriate Secured Parties. Following such payment in full of the Aggregate Excess Funding
Amount, Agent shall be entitled to hold such funds as cash collateral in a non-interest bearing
account up to an amount equal to such Non-Funding Lender’s unfunded Revolving Loan Commitment and
to use such amount to pay such Non-Funding Lender’s funding obligations hereunder until the
Obligations are paid in full in cash, all Letter of Credit Obligations have been discharged or cash
collateralized and all Commitments have been terminated. Upon any such unfunded obligations owing
by a Non-Funding Lender becoming due and payable, Agent shall be authorized to use such cash
collateral to make such payment on behalf of such Non-Funding Lender. With respect to such
Non-Funding Lender’s failure to fund Revolving Loans or purchase participations in Letters of
Credit, Swing Loans or Letter of Credit Obligations, any amounts applied by Agent to satisfy such
funding shortfalls shall be deemed to constitute a Revolving Loan or amount of the participation
required to be funded and, if necessary to effectuate the foregoing, the other Revolving Lenders
shall be deemed to have sold, and such Non-Funding Lender shall be deemed to have purchased,
Revolving Loans or Letter of Credit participation interests from the other Revolving Lenders until
such time as the aggregate amount of the Revolving Loans and participations in Letters of Credit,
Swing Loans and Letter of Credit Obligations are held by the Revolving Lenders in accordance with
their Commitment Percentages of the Aggregate Revolving Loan Commitment. Any amounts owing by a
Non-Funding Lender to Agent that are not paid

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when due shall accrue interest at the interest rate applicable during such period to Revolving
Loans that are Base Rate Loans. In the event that Agent is holding cash collateral of a
Non-Funding Lender that cures pursuant to clause (v) below or ceases to be a Non-Funding
Lender pursuant to the definition of Non-Funding Lender, Agent shall return the unused portion of
such cash collateral to such Lender. The “Aggregate Excess Funding Amount” of a Non-Funding Lender
shall be the aggregate amount of (A) all unfunded Revolving Loans, other unpaid obligations owing
by such Lender to the Agent, L/C Issuers, Swing Line Lender, and other Lenders under the Loan
Documents, including such Lender’s pro rata share of all Revolving Loans, Letter of Credit
Obligations, Swing Line Loans, plus, without duplication, (B) all amounts of such Non-Funding
Lender’s Commitment reallocated to other Lenders pursuant to subsection 1.11(e)(ii).

               (v) Cure. A Lender may cure its status as a Non-
Funding Lender under clause (a) of the definition of Non-Funding Lender if such Lender (A) fully
pays to Agent, on behalf of the applicable Secured Parties, the Aggregate Excess Funding Amount,
plus all interest due thereon and (B) timely funds the next Revolving Loan required to be funded by
such Lender or makes the next reimbursement required to be made by such Lender. Any such cure
shall not relieve any Lender from liability for breaching its contractual obligations hereunder.

               (vi) Fees. A Lender that is a Non-Funding Lender
pursuant to clause (a) of the definition of Non-Funding Lender shall not earn and shall not be
entitled to receive, and the Borrowers shall not be required to pay, such Lender’s portion of the
Unused Commitment Fee during the time such Lender is a Non-Funding Lender pursuant to clause (a)
thereof. In the event that any reallocation of Letter of Credit Obligations occurs pursuant to
subsection 1.11(e)(ii), during the period of time that such reallocation remains in effect,
the Letter of Credit Fee payable with respect to such reallocated portion shall be payable to (A)
all Funding Lenders based on their pro rata share of such reallocation or (B) to the L/C Issuer for
any remaining portion not reallocated to any other Revolving Lenders.

          (f) Procedures. Agent is hereby authorized by each Credit
Party and each other Secured Party to establish procedures (and to amend such procedures from time
to time) to facilitate administration and servicing of the Loans and other matters incidental
thereto. Without limiting the generality of the foregoing, Agent is hereby authorized to establish
procedures to make available or deliver, or to accept, notices, documents and similar items on, by
posting to or submitting and/or completion on, E-Systems.

     1.12 Borrower Representative. Each Borrower hereby designates and
appoints Thermadyne Holdings as its representative and agent on its behalf (the “Borrower
Representative”) for the purposes of issuing Notices of Borrowings, Notices of
Conversion/Continuation, L/C Requests and Swingline Requests, delivering certificates including
Compliance Certificates and Borrowing Base Certificates, giving instructions with respect to the
disbursement of the proceeds of the Loans, selecting interest rate options, giving and receiving
all other notices and consents hereunder or under any of the other Loan Documents and taking all
other actions (including in respect of compliance

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with covenants) on behalf of any Borrower or the Borrowers under the Loan Documents. Borrower
Representative hereby accepts such appointment. Agent and each Lender may regard any notice or
other communication pursuant to any Loan Document from Borrower Representative as a notice or
communication from all Borrowers. Each warranty, covenant, agreement and undertaking made on
behalf of a Borrower by Borrower Representative shall be deemed for all purposes to have been
made by such Borrower and shall be binding upon and enforceable against such Borrower to the
same extent as if the same had been made directly by such Borrower.

     1.13 Eligible Accounts. All of the Accounts owned by each Credit Party and
properly reflected as “Eligible Accounts” in the most recent Borrowing Base Certificate
delivered by Borrower Representative to Agent shall be “Eligible Accounts” for purposes of this
Agreement, except any Account to which any of the exclusionary criteria set forth below applies.
Agent shall have the right to establish, modify or eliminate Reserves against Eligible Accounts
from time to time in its Permitted Discretion. In addition, Agent reserves the right, at any
time and from time to time after the Effective Date, to adjust any of the applicable criteria
and to establish new criteria with respect to Eligible Accounts, in each case in its Permitted
Discretion, subject to the approval of Required Lenders in the case of adjustments or new
criteria that have the effect of increasing the Borrowing Base. Eligible Accounts shall not
include any Account of any Credit Party:

          (a) that does not arise from the actual and bona fide sale of goods by such Credit
Party or the performance of services by such Credit Party in the ordinary course of its business
transactions;

          (b) (i) upon which such Credit Party’s right to receive payment is not absolute or is
contingent upon the fulfillment of any condition whatsoever or; (ii) as to which such Credit
Party is not able to bring suit or otherwise enforce its remedies against the Account Debtor
through judicial process or (iii) if the Account represents a progress billing consisting of an
invoice for goods sold or used or services rendered pursuant to a contract under which the
Account Debtor’s obligation to pay that invoice is subject to such Credit Party’s satisfactory
completion of any further performance under such contract or is subject to the equitable lien of
a surety bond issuer;

          (c) to the extent that any defense, counterclaim, setoff, recoupment or dispute is
asserted or arises from time to time in respect of such Account, only to the extent of the
amount of such asserted defense, counterclaim, setoff, recoupment or dispute, as the case may
be;

          (d) that is not a true and correct statement of bona fide indebtedness incurred in the
amount of the Account for merchandise sold to or services rendered and accepted by the
applicable Account Debtor;

          (e) with respect to which an invoice has not been sent to the applicable Account
Debtor;

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          (f) that (i) is not owned by such Credit Party or (ii) is
subject to any Lien of any other Person, other than Qualified Liens;

          (g) that arises from a sale to any director, officer, other
employee or Affiliate of any Credit Party (other than another portfolio company of Sponsor or an
Affiliate thereof), or to any entity that has any common officer or director with any Credit Party;

          (h) that is the obligation of an Account Debtor that is a
foreign government, the United States government or a political subdivision thereof, or any state,
county or municipality or department, agency or instrumentality thereof unless such Credit Party,
if necessary or desirable, has complied with respect to such obligation with the Federal Assignment
of Claims Act of 1940, the Financial Administration Act (Canada), or any similar law or applicable
state, county or municipal law restricting assignment thereof or any equivalent law, rule or
regulation in any other jurisdiction as determined by Agent in its Permitted Discretion;

          (i) that
is the obligation of an Account Debtor located outside of the United States, Puerto Rico, Australia or Canada (unless payment thereof is assured
by a letter of credit assigned and delivered to Agent, reasonably satisfactory to Agent as to form,
amount and issuer) other than Accounts owing to (i) any Australian Credit Party by Account Debtors
located in Australia or New Zealand, (ii) Thermadyne International Corp. by Account Debtors located
in the United Kingdom and (iii) Thermadyne International Corp. by European Account Debtors in an
aggregate maximum amount not exceeding $1,500,000;

          (j) to the extent such Credit Party or any Subsidiary
thereof is liable for goods sold or services rendered by the applicable Account Debtor to such
Credit Party or any Subsidiary thereof but only to the extent of such liability;

          (k) that arises with respect to goods that are delivered on a
bill-and-hold, cash-on-delivery, repurchase or return basis or placed on consignment, sale and
return, approval, repurchase or return, guaranteed or installment sale or other terms by reason of
which the payment by the Account Debtor is or may be conditional or contingent;

          (l) that is deemed in default upon the occurrence of any of
the following:

               (i) the Account is not paid within the earlier of:
sixty (60) days following its due date or ninety (90) days following its original invoice date;

               (ii) the Account Debtor obligated upon such
Account suspends business, makes a general assignment for the benefit of creditors or is unable or
admits its inability to pay its debts as they fall due or fails to pay its debts generally as they
come due or by reason of actual or anticipated financial difficulties, commences negotiations with
one or more of its creditors with a view to rescheduling or restructuring any of its indebtedness;

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               (iii) the Account Debtor becomes an insolvent under administration or insolvent (each as
defined in the Corporations Act 2001 (Cwlth)), or has a controller appointed, or is in
receivership, in receivership and management, liquidation, in provisional liquidation, under
administration, wound up, subject to any arrangement, deed of company arrangement, assignment or
composition, protected from creditors under any statute, dissolved (other than to carry out a
reconstruction while solvent) or is otherwise unable to pay debts when they fall due or has
something similar happens;

               (iv) a petition is filed by or against any Account Debtor obligated upon such Account
under any bankruptcy law or any other federal, state or foreign (including any provincial)
receivership, insolvency relief or other law or laws for the relief of debtors (including
without limitation, any bankruptcy, dissolution, liquidation, administration, receivership,
winding-up, reorganization or similar proceedings in any jurisdiction); or

               (v) there are proceedings or actions which are threatened or pending against such
Account Debtor which result in, or could reasonably be expected to result in, any material
adverse change in such Account Debtor’s financial condition (including, without limitation,
receivership, any bankruptcy, dissolution, liquidation, administration, winding-up,
reorganization or similar proceedings in any jurisdiction).

          (m) that is the obligation of an Account Debtor if fifty percent (50%) or more of the
Dollar amount of all Accounts owing by that Account Debtor are ineligible under the other
criteria set forth in this Section 1.13;

          (n) as to which Agent’s Lien thereon, on behalf of itself and Secured Parties, is not a
first priority perfected Lien, subject to Qualified Liens;

          (o) to the extent such Account is evidenced by a judgment;

          (p) to the extent that such Account, together with all other Accounts
owing by such Account Debtor and its Affiliates as of any date of determination exceed ten percent
(10%) of all Eligible Accounts as of such date; provided, however, that with respect to Accounts
owing from Airgas, Inc., Praxair, Inc., The BOC Group, J. Blackwood & Son Pty Limited and any other
Account Debtor agreed to by Agent in its Permitted Discretion, or their respective subsidiaries,
successors and assigns, such percentage shall be fifteen percent (15%);

          (q) that is payable in any currency other than British
Pounds Sterling, Dollars, Canadian Dollars, Australian Dollars, Euros or any other currency agreed
to by Agent in its Permitted Discretion; or

          (r) that represents interest payments or service charges.

     1.14 Eligible Inventory. All of the Inventory owned by each Credit
Party and properly reflected as “Eligible Inventory”, or “Eligible In-Transit Inventory” in the
most recent Borrowing Base Certificate delivered by Borrower Representative to Agent shall

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be “Eligible Inventory” or “Eligible In-Transit Inventory”, as applicable for purposes of this
Agreement, except any Inventory to which any of the exclusionary criteria set forth below or in the
component definitions herein applies. Agent shall have the right to establish, modify, or
eliminate Reserves against Eligible Inventory from time to time in its Permitted Discretion. In
addition, Agent reserves the right, at any time and from time to time after the Effective Date, to
adjust any of the applicable criteria and to establish new criteria with respect to Eligible
Inventory, and/or Eligible In-Transit Inventory in each case in its Permitted Discretion, subject
to the approval of Required Lenders in the case of adjustments or new criteria that have the effect
of increasing the Borrowing Base. Eligible Inventory shall not include the following Inventory of a
Credit Party that:

          (a) is
not owned by such Credit Party free and clear of all Liens and rights of any other Person (including the rights of a purchaser that has made progress
payments and the rights of a surety that has issued a bond to assure such Credit Party’s
performance with respect to that Inventory), except (i) Qualified Liens described in clause (iv) of
the definition thereof (provided that Reserves may be established with respect thereto in
accordance with this Agreement) and (ii) Permitted Liens in favor of landlords and bailees
(provided that Reserves may be established with respect thereto in accordance with this Agreement);

          (b) (i) is not located on premises owned, leased or rented
by such Credit Party and set forth in Schedule 3.21, such schedule to be updated from time
to time, or (ii) is stored at a leased location either (x) with respect to which a reasonably
satisfactory collateral access agreement has been delivered to Agent, or (y) Reserves may be
established with respect thereto in accordance with this Agreement or (iii) is stored with a bailee
or warehouseman unless a reasonably satisfactory, acknowledged bailee letter has been received by
Agent and Reserves may be established with respect thereto in accordance with this Agreement, or
(iv) is located at an owned location subject to a mortgage in favor of a lender other than Agent
unless a reasonably satisfactory mortgagee waiver has been delivered to Agent, or (v) is located at
any site if the aggregate book value of Inventory at any such location is less than $100,000;

          (c) is placed, purchased or sold on consignment (other than
Eligible Consigned Inventory up to an aggregate maximum amount of $2,000,000) or is in transit,
except for Inventory in transit between locations of Credit Parties as to which Agent’s Liens have
been perfected at origin and destination, and except for Eligible In-Transit Inventory up to an
aggregate maximum amount of $5,000,000;

          (d) is covered by a negotiable document of title, unless
such document has been delivered to Agent with all necessary endorsements, free and clear of all
Liens except Qualified Liens described in clause (iv) of the definition thereof (provided that
Reserves may be established with respect thereto in accordance with this Agreement);

          (e) is obsolete, slow moving (in excess of two year’s
supply), unsalable, unrentable, shopworn, seconds, damaged, defective, unfit for sale, is being
repaired, is not of good or merchantable quality or does not meet all standards imposed

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by any Governmental Authority having regulatory authority over such goods, their use, lease or
sale;

          (f) consists of display items or packing or shipping materials, parts, manufacturing
supplies, work-in-process Inventory, replacement parts, prototypes or consists of unfinished
goods;

          (g) consists of goods which have been returned by the buyer;

          (h) is not of a type held for sale in the ordinary course of such Credit
Party’s business;

          (i) is not subject to a first priority lien in favor of Agent on behalf of itself and
Secured Party, subject to (i) Qualified Liens described in clause (iv) of the definition thereof
(provided that Reserves may be established with respect thereto in accordance with this
Agreement) and (ii) Permitted Liens as set forth in clause (d) of subsection 5.1
(provided that Reserves may be established with respect thereto in accordance with this
Agreement);

          (j) does not conform to any of the representations or warranties pertaining to
Inventory set forth in the Loan Documents;

          (k) consists of Hazardous Materials or goods that can be transported or sold only with
licenses that are not readily available;

          (l) is not covered by insurance as required by the Loan Documents;

          (m) is subject to any Patent or Trademark IP License requiring the
payment of royalties or fees or requiring the consent of the licensor for a sale thereof by Agent;
or

          (n) in the case of an Australian Credit Party, which does
not meet all standards imposed by any Australian federal or state government authority, including
relating to its production, acquisition or importation for inventory located in Australia or which
does not consist of raw materials or finished goods for inventory located in Australia.

     1.15 Incremental Facility.

          (a) Borrower Representative Request. Subject to Section
4.09(b)(1) of the Indenture, the Borrower Representative may at any time after the
Effective Date by written notice to the Agent elect to obtain prior to the Revolving Termination
Date, an increase to the then existing Revolving Loan Commitment (each, a “Revolving Commitment
Increase”) in a minimum amount of at least $10,000,000 and in integral multiples of $1,000,000 in
excess thereof, and up to a maximum aggregate principal amount of $25,000,000. Each such notice
shall specify (i) the date (each, an “Increase Effective Date”) on which Borrower Representative
proposes that such Revolving Commitment Increase shall be effective, which shall be a date not less
than ten (10)

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Business Days after the date on which such notice is delivered to the Agent and (ii) the
identity of each Person (which shall be a bank, financial institution or other institutional
lender or institutional investor) to whom Borrower Representative proposes any portion of such
Revolving Commitment Increase be allocated and the amounts of such allocations;
provided, that none of the existing Lenders will be required to provide any Revolving
Commitment Increase, and any decision whether or not to do so by any such Lender shall be made
at the sole discretion of such Lender.

          (b) Conditions. Each Revolving Commitment Increase shall become effective, as
of such Increase Effective Date; provided, that:

               (i) each of the conditions in Section 2.2 shall have been satisfied or waived
on such date;

               (ii) the terms of the Revolving Commitment Increase (including the maturity date
thereof) shall be substantially the same as those governing the Revolving Loan Commitment and
shall otherwise be on terms and conditions and subject to documentation, in each case,
reasonably satisfactory to Agent; and

               (iii) in the event that the fees and interest rate margins applicable to Revolving
Commitment Increase exceed the fees and interest rate margins applicable to the Commitments, the
fees and interest rate margins applicable to the Commitments shall be increased by an amount
equal to such difference.

ARTICLE II. 
CONDITIONS
PRECEDENT

     2.1 Conditions of Initial Loans. The effectiveness of this
Agreement, the amendment and restatement of the Existing Credit Agreement and the obligation of
each Lender to make its initial Loans and of each L/C Issuer to Issue, or cause to be Issued, the
initial Letters of Credit hereunder is subject to satisfaction or waiver by the Required Lenders of
the following conditions in a manner satisfactory to Agent:

          (a) Loan Documents. Agent shall have received on or
before the Effective Date all of the agreements, documents, instruments and other items set forth
on the closing checklist attached hereto as Exhibit 2.1, each in form and substance
reasonably satisfactory to Agent;

          (b) Related Transactions. The Related Transactions shall
have closed in the manner contemplated by the Related Agreements (which shall not have been amended
or waived in any material respect by the Borrowers in a manner materially adverse to Agent or
Lenders unless consented to by Agent (which consent shall not have been unreasonably withheld)).
Agent shall have received evidence that (i) Holdings shall have received not less than $173,500,000
in cash proceeds from the issuance of Stock and Stock Equivalents to Sponsor and other Persons,
(ii) Holdings shall have contributed not less than $173,500,000 in cash to the capital of the
Borrowers and (iii) the Borrowers shall have received at least $260,000,000 of proceeds from the
issuance of Senior Notes under the Indenture (less any original issue discount in connection
therewith);

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          (c) Discharge of Existing Notes. Agent shall have received evidence reasonably
satisfactory to Agent that Thermadyne Holdings shall have (i) issued an irrevocable notice of
redemption under that certain indenture, dated as of February 5, 2004 (as amended, supplemented
or otherwise modified through the date hereof, the “Existing Indenture”), among Thermadyne
Holdings, each of the guarantors party thereto and U.S. Bank National Association, as trustee
(the “Existing Indenture Trustee”), governing Thermadyne Holdings’ 9-1/4% senior subordinated
notes (the “Existing Senior Subordinated Notes”) to redeem all outstanding Existing Senior
Subordinated Notes and (ii) irrevocably deposited with the Existing Indenture Trustee funds in
trust in an amount sufficient to pay and discharge the entire indebtedness on the outstanding
Existing Senior Subordinated Notes.

          (d) Approvals. Agent shall have received (i) satisfactory evidence that the
Credit Parties have obtained all required consents and approvals of all Persons including all
requisite Governmental Authorities, to the execution, delivery and performance of this Agreement
and the other Loan Documents or (ii) an officer’s certificate in form and substance reasonably
satisfactory to Agent affirming that no such consents or approvals other than those that have
been obtained are required;

          (e) Payment of Fees. The Borrowers shall have paid the fees required to be paid
on the Effective Date in the respective amounts specified in Section 1.9 (including the
fees specified in the Fee Letter), and shall have reimbursed Agent for all fees, costs and
expenses of closing presented at least one Business Day prior to the Effective Date; and

          (f) Material Adverse Effect. A Material Adverse Effect (as defined in the
Purchase Agreement and interpreted in accordance with its terms) with respect to Thermadyne
Holdings and its Subsidiaries on a consolidated basis shall not have occurred.

          (g) Revolving Loans on the Effective Date. The aggregate amount of Revolving
Loans borrowed on the Effective Date shall not exceed the lesser of (a) $10,000,000 and (b) the
sum of (x) Borrowing Availability (as defined in the Existing Credit Agreement), based on the
Borrowing Base Certificate (as defined in the Existing Credit Agreement, but excluding the
Eligible Equipment component thereof) most recently delivered by the Borrower Representative
under the Existing Credit Agreement prior to the Effective Date minus (y) the aggregate
amount of Letters of Credit (as defined in the Existing Credit Agreement) issued under the
Existing Credit Agreement minus (z) $25,000,000; and

          (h) USA Patriot Act. The Agent shall have received, at least five (5) days
prior to the Effective Date, all customary documentation and other information required by
regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including without limitation the PATRIOT Act.

     2.2 Conditions to All Borrowings. Except as otherwise expressly
provided herein, no Lender or L/C Issuer shall be obligated to fund any Loan or incur any Letter of

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Credit Obligation or release funds from the Australian Blocked Account, if, as of the date thereof:

          (a) any representation or warranty by any Credit Party
contained herein or in any other Loan Document is untrue or incorrect in any material respect
(without duplication of any materiality qualifier contained therein) as of such date, except to the
extent that such representation or warranty expressly relates to an earlier date (in which event
such representations and warranties were untrue or incorrect in any material respect (without
duplication of any materiality qualifier contained therein) as of such earlier date), and Agent or
Required Lenders have determined not to make such Loan or incur such Letter of Credit Obligation as
a result of the fact that such warranty or representation is untrue or incorrect;

          (b) with respect to any Loan funded or Letter of Credit
Obligation incurred after the Effective Date, any Default or Event of Default has occurred and is
continuing or would result after giving effect to any Loan (or the incurrence of any Letter of
Credit Obligation), and Agent or Required Lenders shall have determined not to make any Loan or
incur any Letter of Credit Obligation as a result of that Default or Event of Default;

          (c) after giving effect to any Loan (or the incurrence of any
Letter of Credit Obligations), the aggregate outstanding amount of the Revolving Loans would exceed
the Maximum Revolving Loan Balance (except as provided in subsection
1.1(a); or

          (d) after giving effect to such Loan (or the incurrence of
such Letter of Credit Obligations), Availability is less than the Availability Threshold and the
Borrower Representative has not delivered a Compliance Certificate with respect to the most recent
Fiscal Quarter for which financial statements have been delivered pursuant to subsection
4.1(b) hereof demonstrating that Fixed Charge Coverage Ratio for the four-Fiscal Quarter period
ending on the last day of the most recently ended Fiscal Quarter is not less than 1.10 to 1.00.

The request by Borrower Representative and acceptance by the Borrowers of the proceeds of any Loan
or the incurrence of any Letter of Credit Obligations or the release of funds from the Australian
Blocked Account shall be deemed to constitute, as of the date thereof, (i) a representation and
warranty by the Borrowers that the conditions in this Section 2.2 have been satisfied or
waived and (ii) a reaffirmation by each Credit Party of the granting and continuance of Agent’s
Liens, on behalf of itself and the Secured Parties, pursuant to the Collateral Documents.

Notwithstanding the provisions of subsection 2.2(a) to the contrary, the only
representations and warranties the accuracy of which shall be a condition to the initial funding of
the Loans on the Effective Date shall be (i) such of the representations and warranties made by or
on behalf of Thermadyne Holdings or its Subsidiaries in the Purchase Agreement as are material to
the interests of the Agent or Lenders, but only to the extent that a Credit Party (or its
applicable Affiliate) has the right to terminate its

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obligations under the Purchase Agreement as a result of a breach of such representations in the
Purchase Agreement and (ii) the representations and warranties set forth in Sections
3.1, 3.2, 3.3, 3.4, 3.8, 3.13(a),
3.28(b)(ii) and 3.31 of this Agreement and Section 4.2 of the Guaranty
and Security Agreement.

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

     The Credit Parties, jointly and severally, represent and warrant to Agent and each Lender
that the following are, and after giving effect to the Related Transactions will be, true,
correct and complete:

3.1 Corporate Existence and Power. Each Credit Party:

          (a) is a corporation, limited liability company or limited partnership, as applicable,
duly organized, validly existing and in good standing under the laws of the jurisdiction of its
incorporation, organization or formation, as applicable;

          (b) has the power and authority and all (i) governmental licenses, authorizations,
Permits, consents and approvals to own its assets, carry on its business and (ii) execute,
deliver, and perform its obligations under, the Loan Documents and the Related Agreements to
which it is a party;

          (c) is duly qualified as a foreign corporation, limited liability company or limited
partnership, as applicable, and licensed and in good standing, under the laws of each
jurisdiction where its ownership, lease or operation of Property or the conduct of its business
requires such qualification or license; and

          (d) is in compliance with all Requirements of Law;

except, in each case referred to in clause(b)(i), clause (c) or clause
(d), to the extent that the failure to do so would not reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Effect; and

          (e) in respect of an Australian Credit Party only, is not a trustee of any trust or
settlement and it is not entering into any Loan Document or Related Agreement in its capacity as
trustee of any trust or settlement other than as disclosed to the Agent in writing prior to the
date on which it became a Credit Party.

     3.2 Corporate Authorization; No Contravention. The execution, delivery and
performance by each of the Credit Parties of this Agreement, and by each Credit Party of any
other Loan Document and Related Agreement to which such Person is party, have been duly
authorized by all necessary action, and do not and will not:

               (i) contravene the terms of any of that Person’s Organization Documents;

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               (ii) conflict with or result in any material breach or contravention of, or result in
the creation of any Lien (other than Liens securing the Obligations and Liens securing the
Senior Notes and any Additional Senior Notes) under, any document evidencing any material
Contractual Obligation to which such Person is a party or any order, injunction, writ or decree
of any Governmental Authority to which such Person or its Property is subject; or

	 	(iii)	 	violate any Requirement of Law in any material respect.

     3.3 Governmental Authorization. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority is
necessary or required in connection with the execution, delivery or performance by, or
enforcement against, any Credit Party of this Agreement, any other Loan Document or Related
Agreement except (a) for recordings and filings in connection with the Liens granted to Agent
under the Collateral Documents, (b) those obtained or made on or prior to the Effective Date and
(c) in the case of any Related Agreement, those which, if not obtained or made, would not
reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect.

     3.4 Binding Effect. This Agreement and each other Loan Document and Related
Agreement to which any Credit Party is a party constitute the legal, valid and binding
obligations of each such Person that is a party thereto, enforceable against such Person in
accordance with their respective terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally
or by equitable principles relating to enforceability.

     3.5 Litigation. Except as specifically disclosed in Schedule 3.5, as
of the Effective Date, there are no actions, suits, proceedings, claims or disputes pending, or
to the best knowledge of each Credit Party, threatened or contemplated, at law, in equity, in
arbitration or before any Governmental Authority, against any Credit Party or any of their
respective Properties which:

          (a) purport to affect or pertain to this Agreement, any other Loan Document or Related
Agreement, or any of the transactions contemplated hereby or thereby; or

          (b) would reasonably be expected to result in equitable relief or monetary judgment(s),
individually or in the aggregate, in excess of $1,000,000.

As of the Effective Date, no injunction, writ, temporary restraining order or any order of any
nature has been issued by any court or other Governmental Authority purporting to enjoin or
restrain the execution, delivery or performance of this Agreement, any other Loan Document or
any Related Agreement, or directing that the transactions provided for herein or therein not be
consummated as herein or therein provided. Except as specifically disclosed on Schedule
3.5, as of the Effective Date, no Credit Party is the subject of an audit or, to each Credit
Party’s knowledge, any review or investigation by

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any Governmental Authority (excluding the IRS and other taxing authorities) concerning the
violation or possible violation of any Requirement of Law.

     3.6 No Default. As of the Effective Date, no Default or Event of Default
exists or would result from the incurring of any Obligations by any Credit Party or the grant or
perfection of Agent’s Liens on the Collateral or the consummation of the Related Transactions.
No Credit Party and no Subsidiary of any Credit Party is in default under or with respect to any
Contractual Obligation in any respect which, individually or together with all such defaults,
would reasonably be expected to have a Material Adverse Effect.

     3.7 ERISA Compliance. Schedule 3.7 sets forth, as of the Effective
Date, a complete and correct list of, and that separately identifies, (a) all Title IV Plans,
(b) all Multiemployer Plans and (c) all material Benefit Plans. Except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (x)
each Title IV Plan and each material Benefit Plan listed on Schedule 3.7 is in compliance with
applicable provisions of ERISA, the Code and other Requirements of Law, (y) there are no
existing or pending (or to the knowledge of any Credit Party, threatened) claims (other than
routine claims for benefits in the normal course), sanctions, actions, lawsuits or other
proceedings or investigation involving any Title IV Plan to which any Credit Party incurs or
otherwise has or could have an obligation or any Liability and (z) no ERISA Event has occurred
with respect to any Title IV Plan and, to the knowledge of any Credit Party, there does not
exist any fact, event or circumstance that could reasonably be expected to constitute or result
in an ERISA Event with respect to any Title IV Plan.

     3.8 Use of Proceeds; Margin Regulations. No Credit Party and no Subsidiary of a
Credit Party is engaged in the business of purchasing or selling Margin Stock or extending
credit for the purpose of purchasing or carrying Margin Stock. Schedule 3.8 contains a
description of the Credit Parties’ sources and uses of funds on the Effective Date, including
Loans and Letters of Credit made or issued on the Effective Date and a funds flow memorandum
detailing how funds from each source are to be transferred to particular uses.

     3.9 Ownership of Property; Liens. As of the Effective Date, the
Real Estate listed in Schedule 3.9 constitutes all of the Real Estate of each Credit Party.
Each of the Credit Parties has good record and marketable title in fee simple to, or valid
leasehold interests in, all material Real Estate, and good and valid title to all material owned
personal property and valid leasehold interests in all leased personal property, in each instance,
necessary or used in the ordinary conduct of their respective businesses. As of the Effective Date,
none of the Real Estate or personal property of any Credit Party is subject to any Liens other than
Permitted Liens. As of the Effective Date, Schedule 3.9 also describes any material
outstanding purchase options or rights of first refusal pertaining to any Real Estate. As of the
Effective Date, all material permits required to have been issued or appropriate to enable the Real
Estate to be lawfully occupied and used for all of the purposes for which it is currently occupied
and used have been lawfully issued and are in full force and effect.

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     3.10 Taxes. All federal, and material state, local and foreign income
and other material tax returns, reports and statements (collectively, the “Tax Returns”) required
to be filed by any Tax Affiliate have been filed with the appropriate Governmental Authorities, all
such Tax Returns are true and correct in all material respects, and all material taxes, assessments
and other governmental charges and impositions reflected therein or otherwise due and payable have
been paid prior to the date on which any Liability may be added thereto for non-payment thereof
except for those contested in good faith by appropriate proceedings diligently conducted and for
which adequate reserves are maintained on the books of the appropriate Tax Affiliate in accordance
with GAAP. Except as listed in Schedule 3.10, as of the Effective Date, no material Tax Return is
under audit or examination by any Governmental Authority, and no written notice of any audit or
examination or any assertion of any claim for Taxes has been given or made by any Governmental
Authority. Proper and accurate amounts have been withheld by each Tax Affiliate from their
respective employees for all periods in material compliance with the tax, social security and
unemployment withholding provisions of applicable Requirements of Law and such withholdings have
been timely paid to the respective Governmental Authorities. No Tax Affiliate has participated in
a “listed transaction” within the meaning of Treasury Regulation Section 1.6011-4(b)(2).

     3.11 Financial Condition.

          (a) Each of (i) the audited consolidated balance sheet of the
Borrowers and their Subsidiaries for the three (3) Fiscal Years ended December 31, 2007, December
31, 2008, and December 31, 2009, and the related audited consolidated statements of income or
operations, shareholders’ equity and cash flows for such Fiscal Years and (ii) the unaudited
interim consolidated balance sheet of the Borrowers and their Subsidiaries for the Fiscal Quarters
ending March 31, 2010, June 30, 2010 and September 30, 2010 and the related unaudited consolidated
statements of income, shareholders’ equity and cash flows for such Fiscal Quarters, in each case,
as attached hereto as Schedule 3.11(a):

          (x) were prepared in accordance with GAAP consistently applied
throughout the respective periods covered thereby, except as otherwise
expressly noted therein, subject to, in the case of the unaudited interim
financial statements, normal year-end adjustments and the lack of footnote
disclosures; and

          (y) present fairly in all material respects the consolidated financial
condition of the Borrowers and their Subsidiaries as of the dates thereof
and results of operations for the periods covered thereby.

          (b) The pro forma unaudited consolidated balance sheet of
the Borrowers and their Subsidiaries for the four-Fiscal Quarter period ending September 30, 2010,
delivered on the Effective Date and attached hereto as Schedule 3.11(b) was prepared by the
Borrowers giving pro forma effect to the Related Transactions, was based on the unaudited
consolidated and consolidating balance sheets of the Borrowers and their Subsidiaries for such
four-Fiscal Quarter period, and was prepared in accordance with GAAP, with only such adjustments
thereto as would be required in a manner consistent with GAAP.

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          (c) Since December 31, 2009 there has been no Material
Adverse Effect.

          (d) All financial performance projections delivered to
Agent, including the financial performance projections delivered on the Effective Date
(collectively, the “Projections”) have been prepared in good faith and based upon assumptions
believed to be reasonable, as of the date such Projections and such other forward looking
statements were furnished to the Lenders, it being acknowledged and agreed by Agent and Lenders
that projections as to future events are not to be viewed as facts and that the actual results
during the period or periods covered by such projections may differ from the projected results
which difference may be material.

     3.12 Environmental Matters. Except as set forth in Schedule 3.12, and
except where any failures to comply would not reasonably be expected to result in, either
individually or in the aggregate, Material Environmental Liabilities, (a) the operations of each
Credit Party and each Subsidiary of each Credit Party are and have been in compliance with all
applicable Environmental Laws, including obtaining, maintaining and complying with all Permits
required by any applicable Environmental Law, (b) no Credit Party is party to, and no Credit Party
and to the knowledge of any Credit Party, no Real Estate currently or previously owned, leased,
subleased, operated or otherwise occupied by or for any such Person is subject to or the subject
of, any Contractual Obligation or any pending (or, to the knowledge of any Credit Party,
threatened) order, action, investigation, suit, proceeding, audit, claim, demand, dispute or notice
of violation or of potential liability or similar notice relating in any manner to any
Environmental Laws, (c) no Lien in favor of any Governmental Authority securing, in whole or in
part, Environmental Liabilities has attached to any property of any Credit Party and, to the
knowledge of any Credit Party, no facts, circumstances or conditions exist that could reasonably be
expected to result in any such Lien attaching to any such property, (d) no Credit Party has caused
or suffered to occur a Release of Hazardous Materials at, to or from any Real Estate and (e) to the
knowledge of any Credit Party, all Real Estate currently or previously owned, leased, subleased,
operated or otherwise occupied by or for any such Credit Party is free of contamination by any
Hazardous Materials. Each Credit Party has made available to Agent copies of all existing
non-privileged environmental reports, reviews and assessments and all documents pertaining to
actual or potential Environmental Liabilities, in each case to the extent such reports, reviews,
assessments and documents are in their possession, custody, control or otherwise available to the
Credit Parties.

     3.13 Regulated Entities. None of any Credit Party, any Person
controlling any Credit Party, or any Subsidiary of any Credit Party, is (a) an “investment company”
within the meaning of the Investment Company Act of 1940 or (b) subject to regulation under the
Federal Power Act, the Interstate Commerce Act, any state public utilities code, or any other
Federal or state statute, rule or regulation limiting its ability to incur Indebtedness, pledge its
assets or perform its Obligations under the Loan Documents.

     3.14 Solvency. Both before and after giving immediately effect to (a)
the Loans made and Letters of Credit Issued on or prior to the date this representation and

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warranty is made or remade, (b) the disbursement of the proceeds of such Loans to or as directed
by Borrower Representative, (c) the consummation of the Related Transactions and (d) the payment
and accrual of all transaction costs in connection with the foregoing, both the Credit Parties
taken as a whole are Solvent.

     3.15 Labor Relations. As of the Effective Date, there are no strikes, work
stoppages, slowdowns or lockouts existing, pending (or, to the knowledge of any Credit Party,
threatened) against or involving any Credit Party, except for those that would not, in the
aggregate, reasonably be expected to have a Material Adverse Effect. Except as set forth in
Schedule 3.15, as of the Effective Date, (a) there is no collective bargaining or similar
agreement with any union, labor organization, works council or similar representative covering
any employee of any Credit Party, (b) no petition for certification or election of any such
representative is existing or pending with respect to any employee of any Credit Party and (c)
no such representative has sought certification or recognition with respect to any employee of
any Credit Party.

     3.16 Intellectual Property. Schedule 3.16 sets forth a true and complete
list of the following Intellectual Property or other rights each Credit Party owns: (i) material
Intellectual Property that is registered or subject to applications for registration and (ii)
material unregistered Intellectual Property and material Software program names, including for
each of the foregoing items (1) the owner, (2) the title, (3) the jurisdiction in which such
item has been registered or otherwise arises or in which an application for registration has
been filed, (4) as applicable, the registration or application number and registration or
application date and (5) any IP Licenses or other rights (including franchises) granted by such
Credit Party with respect thereto. Schedule 3.16 sets forth a true and complete list of
each IP License that is material to the businesses of Credit Parties, taken as a whole,
excluding IP Licenses for generally commercially available mass market Software or other
technology that is licensed pursuant to a “shrink-wrap” or “click-through” IP License. Each
Credit Party owns, or is licensed to use, all Intellectual Property necessary to conduct its
business as currently conducted except for such Intellectual Property the failure of which to
own or license would not reasonably be expected to have, either individually or in the
aggregate, a Material Adverse Effect. To the knowledge of each Credit Party, (a) the conduct and
operations of the businesses of each Credit Party does not infringe, misappropriate, dilute,
violate or otherwise impair any Intellectual Property owned by any other Person and (b) no other
Person has contested any right, title or interest of any Credit Party in, or relating to, any
Intellectual Property, other than, in each case, as cannot reasonably be expected to affect the
Loan Documents and the transactions contemplated therein and would not, in the aggregate,
reasonably be expected to have a Material Adverse Effect.

     3.17 Brokers’ Fees; Transaction Fees. Except for fees payable to
Agent and Lenders, none of the Credit Parties has any obligation to any Person in respect of any
finder’s, broker’s or investment banker’s fee in connection with this Agreement and obtaining the
extensions of credit thereunder.

     3.18 Insurance. Schedule 3.18 lists all insurance policies of any nature
maintained, as of the Effective Date, for current occurrences by each Credit Party,

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including issuers, coverages and deductibles. Each of the Credit Parties and their respective
Properties are insured with financially sound and reputable insurance companies that are not
Affiliates of the Borrowers, in such amounts, with such deductibles and covering such risks as
are customarily carried by companies engaged in similar businesses and owning similar Properties
in localities where such Person operates.

     3.19 Ventures, Subsidiaries and Affiliates; Outstanding Stock. Except as set
forth in Schedule 3.19, as of the Effective Date, no Credit Party is engaged in any
joint venture or partnership with any other Person. All issued and outstanding Stock and Stock
Equivalents of each of the Credit Parties are duly authorized and validly issued, fully paid,
non-assessable, and free and clear of all Liens other than, with respect to the Stock and Stock
Equivalents of the Borrowers and Subsidiaries of the Borrowers, those in favor of Agent, for the
benefit of the Secured Parties and other Liens permitted or not prohibited by this Agreement.
All of the issued and outstanding Stock of each Credit Party (other than Holdings) and, as of
the Effective Date, Holdings is owned by each of the Persons and in the amounts set forth in
Schedule 3.19. Except as set forth in Schedule 3.19, there are no pre-emptive
or other outstanding rights to purchase, options, warrants or similar rights or agreements
pursuant to which any Credit Party (other than Holdings) may be required to issue, sell,
repurchase or redeem any of its Stock or Stock Equivalents or any Stock or Stock Equivalents of
its Subsidiaries. Set forth in Schedule 3.19 is a true and complete organizational chart
of Holdings and all of its Subsidiaries, which the Credit Parties shall update upon notice to
Agent promptly following the incorporation, organization or formation of any Subsidiary and
promptly following the completion of any Permitted Acquisition.

     3.20 Jurisdiction of Organization; Chief Executive Office. Schedule 3.20 lists each
Credit Party’s jurisdiction of organization, legal name and organizational identification
number, if any, and the location of such Credit Party’s chief executive office or sole place of
business, in each case as of the date hereof, and such Schedule 3.20 also lists all
jurisdictions of organization and legal names of such Credit Party for the five years preceding
the Effective Date.

     3.21 Locations of Inventory, Equipment and Books and Records. Each Credit Party’s
inventory and equipment (other than inventory or equipment in transit) and books and records
concerning the Collateral are kept at the locations listed in Schedule 3.21 (which Schedule 3.21
shall be promptly updated by the Credit Parties upon notice to Agent as permanent Collateral
locations change).

     3.22 Deposit Accounts and Other Accounts. Schedule 3.22 lists all banks
and other financial institutions at which any Credit Party maintains deposit or other accounts
as of the Effective Date, and such Schedule correctly identifies the name, address and telephone
number of each depository, the name in which the account is held, a description of the purpose
of the account, and the complete account number therefor.

     3.23 Government Contracts. Except as set forth in Schedule 3.23, as of the
Effective Date, no Credit Party is a party to any contract or agreement with any

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Governmental Authority and no Credit Party’s Accounts are subject to the Federal Assignment of
Claims Act (31 U.S.C. Section 3727) or any similar state or local law.

     3.24 Customer and Trade Relations. As of the Effective Date, there exists no actual
or, to the knowledge of any Credit Party, threatened termination or cancellation of, or any
material adverse modification or change in (a) the business relationship of any Credit Party
with any customer or group of customers whose purchases during the preceding 12 calendar months
caused them to be ranked among the ten largest customers of such Credit Party or (b) the
business relationship of any Credit Party with any supplier essential to its operations.

     3.25 Bonding; Licenses. Except as set forth in Schedule 3.25, as of the
Effective Date, no Credit Party is a party to or bound by any surety bond agreement,
indemnification agreement therefor or bonding requirement with respect to products or services
sold by it.

     3.26 Purchase Agreement. As of the Effective Date, the Borrowers have delivered
to Agent a complete and correct copy of the Purchase Agreement (including all schedules,
exhibits, amendments, supplements, modifications, assignments and all other documents delivered
pursuant thereto or in connection therewith). No Credit Party and, to the Credit Parties’
knowledge, no other Person party thereto is in default in the performance or compliance with any
provisions thereof. The Purchase Agreement is in full force and effect as of the Effective Date
and has not been terminated, rescinded or withdrawn.

     3.27 Status of Holdings. Holdings has not engaged in any business activities and
does not own any Property other than (i) ownership of the Stock and Stock Equivalents of Razor,
(ii) activities and contractual rights and obligations incidental to maintenance of its
corporate existence and (iii) performance of its obligations under the Loan Documents, the
Purchase Agreement and Related Agreements to which it is a party.

     3.28 Status of Obligations; Senior Notes.

          (a) As of the Effective Date, the Borrowers have delivered to Agent a
complete and correct copy of the Senior Note Documents entered into prior to or on the
Effective Date (including all schedules, exhibits, amendments, supplements, modifications,
assignments and all other documents delivered pursuant thereto or in connection therewith).

          (b) (i) As of the Effective Date, after giving effect to the transactions contemplated
hereby, all Obligations, including the L/C Reimbursement Obligations, constitute Indebtedness
entitled to the benefits of the provisions contained in the Intercreditor Agreement and (ii) the
Obligations constitute senior debt.

     3.29 Full Disclosure. None of the representations or warranties made by any Credit
Party in the Loan Documents as of the date such representations and warranties are made or
deemed made, and none of the statements contained in each exhibit, report, statement or
certificate furnished by or on behalf of any Credit Party in connection with

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the Loan Documents (including the offering and disclosure materials, if any, delivered by
or on behalf of any Credit Party to Agent or the Lenders prior to the Effective Date), contains
any untrue statement of a material fact or omits any material fact required to be stated therein
or necessary to make the statements made therein, in light of the circumstances under which they
are made, not materially misleading as of the time when made or delivered.

     3.30 Foreign Assets Control Regulations and Anti-Money Laundering. Each Credit
Party and each Subsidiary of each Credit Party is and will remain in compliance in all material
respects with all U.S. and Australian economic sanctions laws, Executive Orders and implementing
regulations as promulgated by the U.S. Treasury Department’s Office of Foreign Assets Control
(“OFAC”), and all applicable anti-money laundering and counter-terrorism financing
provisions of the Bank Secrecy Act and Part 4 of the Australian Charter of the United Nations
Act 1945 (Cth) and all regulations issued pursuant to it. No Credit Party and no Subsidiary or,
to each Credit Party’s knowledge, Affiliate of a Credit Party, (i) is a Person designated by the
U.S. government on the list of the Specially Designated Nationals and Blocked Persons (the
“SDN List”) with which a U.S. Person cannot deal with or otherwise engage in business
transactions, (ii) is a Person who is otherwise the target of U.S. or Australian economic
sanctions laws such that a U.S. Person or Australian Person cannot deal or otherwise engage in
business transactions with such Person or (iii) is controlled by (including without limitation
by virtue of such person being a director or owning voting shares or interests), or acts,
directly or indirectly, for or on behalf of, any person or entity on the SDN List or a foreign
government that is the target of U.S. or Australian economic sanctions prohibitions such that
the entry into, or performance under, this Agreement or any other Loan Document would be
prohibited under U.S. or Australian law.

     3.31 Patriot Act. The Credit Parties, each of their Subsidiaries and, to the
Credit Parties’ knowledge, each of their Affiliates are in compliance with (a) the Trading with
the Enemy Act, and each of the foreign assets control regulations of the United States Treasury
Department (31 CFR, Subtitle B Chapter V, as amended) and any other enabling legislation or
executive order relating thereto, (b) the Patriot Act and (c) other federal or state laws or
laws of any other applicable jurisdiction relating to “know your customer” and anti-money
laundering rules and regulations. No part of the proceeds of any Loan will be used directly or
indirectly for any payments to any government official or employee, political party, official of
a political party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in
violation of the United States Foreign Corrupt Practices Act of 1977.

     3.32 Commercial Benefit. The entering into and performance by each Credit Party of
its obligations under the Loan Documents to which it is expressed to be a party is for its
commercial benefit.

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ARTICLE IV.

AFFIRMATIVE COVENANTS

     Each Credit Party covenants and agrees that, so long as any Lender shall have any
Commitment hereunder, or any Loan or other Obligation (other than contingent indemnification
Obligations to the extent no claim giving rise thereto has been asserted) shall remain unpaid or
unsatisfied:

     4.1 Financial Statements. Each Credit Party shall maintain, and shall cause
each of its Subsidiaries to maintain, a system of accounting established and administered in
accordance with sound business practices to permit the preparation of financial statements in
conformity with GAAP (provided that monthly financial statements shall not be required to have
footnote disclosures and are subject to normal year-end adjustments). The Borrowers shall
deliver to Agent and each Lender by Electronic Transmission and in detail reasonably
satisfactory to Agent and the Required Lenders:

          (a) as soon as available, but not later than ninety (90) days after the end of each
Fiscal Year, a copy of the audited consolidated balance sheets of Thermadyne Holdings and its
consolidated Subsidiaries as at the end of such year and the related consolidated statements of
income or operations, shareholders’ equity and cash flows for such Fiscal Year, setting forth in
each case in comparative form the figures for the previous Fiscal Year, and accompanied by the
report of any “Big Four” or other nationally-recognized independent public accounting firm
reasonably acceptable to Agent which report shall (i) contain an unqualified opinion, stating
that such consolidated financial statements present fairly in all material respects the
financial position for the periods indicated in conformity with GAAP applied on a basis
consistent with prior years and (ii) not include any explanatory paragraph expressing
substantial doubt as to going concern status; and

          (b) as soon as available, but not later than thirty (30) days after the end of each of
the first two fiscal months of each Fiscal Quarter (and forty-five (45) days after the end of
the last fiscal month of each Fiscal Quarter) of each year, a copy of the unaudited consolidated
balance sheets of Thermadyne Holdings and each of its Subsidiaries, and the related consolidated
statements of income and cash flows as of the end of such fiscal month and for the portion of
the Fiscal Year then ended, all certified on behalf of the Borrowers by an appropriate
Responsible Officer of the Borrower Representative as being complete and correct and fairly
presenting, in all material respects, in accordance with GAAP, the financial position and the
results of operations of Thermadyne Holdings and its Subsidiaries, subject to normal year-end
adjustments and absence of footnote disclosures.

     4.2 Appraisals; Certificates; Other Information. The Borrowers shall furnish to
Agent and each Lender by Electronic Transmission:

          (a) together (i) with each delivery of financial statements pursuant to subsection
4.1(a) and, with respect to only those financial statements required to be delivered after the
end of each Fiscal Quarter, subsection 4.1(b), a management

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discussion and analysis report, in reasonable detail, signed by the chief financial officer of
the Borrower Representative, describing the operations and financial condition of the Credit
Parties and their Subsidiaries for such Fiscal Quarter and the portion of the Fiscal Year then
ended (or for the Fiscal Year then ended in the case of annual financial statements), and (ii)
with each delivery of financial statements pursuant to subsections 4.1(a) and 4.1(b), a report
setting forth in comparative form the corresponding figures for the corresponding periods of the
previous Fiscal Year and the corresponding figures from the operating plan for the current
Fiscal Year delivered pursuant to subsection 4.2(k) and discussing the reasons for any
significant variations;

          (b) concurrently with the delivery of the financial statements referred to in
subsections 4.1(a) and 4.1(b) above, a fully and properly completed Compliance
Certificate in the form of Exhibit 4.2(b), certified on behalf of the Borrowers by a
Responsible Officer of the Borrower Representative;

          (c) promptly after the same are sent, copies of all financial statements and reports
which any Credit Party sends to its shareholders or other equity holders, as applicable,
generally and promptly after the same are filed, copies of all financial statements and regular,
periodic or special reports which such Person may make to, or file with, the Securities and
Exchange Commission or any successor or similar Governmental Authority;

          (d) as soon as available and in any event within ten (10) Business Days after the end
of each calendar month, and at any time when an Event of Default has occurred and is continuing
or Availability is less than the greater of (x) $12,000,000 and (y) twenty percent (20%) of the
Aggregate Revolving Loan Commitment at such time, at such other times as Agent may reasonably
require, Borrowing Base Certificate, certified on behalf of the Borrowers by a Responsible
Officer of the Borrower Representative, setting forth the Borrowing Base as at the end of the
most-recently ended fiscal month or as at such other date as Agent may reasonably require;

          (e) concurrently with the delivery of the Borrowing Base Certificate, a summary of
Inventory by location and type with a supporting perpetual Inventory report, in each case
accompanied by such supporting detail and documentation as shall be requested by Agent in its
reasonable discretion;

          (f) concurrently with the delivery of the Borrowing Base Certificate, a monthly trial
balance showing Accounts outstanding aged from invoice date as follows: 1 to 30 days, 31 to 60
days, 61 to 90 days and 91 days or more, accompanied by such supporting detail and documentation
as shall be requested by Agent in its reasonable discretion;

          (g) concurrently with the delivery of the Borrowing Base Certificate, an aging of
accounts payable accompanied by such supporting detail and documentation as shall be requested
by Agent in its reasonable discretion;

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          (h) concurrently with the delivery of the Borrowing Base Certificate or
when an Event of Default shall have occurred and be continuing or Availability is
less than the greater of (x) $12,000,000 and (y) twenty percent (20%) of the
Aggregate Revolving Loan Commitment at such time, at such more frequent intervals as
Agent may request from time to time (together with a copy of all or any part of such
delivery requested by any Lender in writing after the Effective Date), collateral
reports, including all additions and reductions (cash and non-cash) with respect to
Accounts of the Credit Parties in each case accompanied by such supporting detail
and documentation as shall be requested by Agent in its reasonable discretion each
of which shall be prepared by the Borrower Representative as of the last day of the
immediately preceding week;

          (i) to Agent, at the time of delivery of each of the monthly financial
statements delivered pursuant to subsection 4.1(b);

     (i) a reconciliation of the most recent Borrowing Base
Certificate, general ledger and month-end accounts receivable aging
of each Borrower to such Borrower’s general ledger and monthly
financial statements delivered pursuant to subsection
4.1(b), in each case, accompanied by such supporting detail and
documentation as shall be requested by Agent in its reasonable
discretion;

     (ii) a reconciliation of the perpetual inventory by
location to each Borrower’s most recent Borrowing Base Certificate,
general ledger and monthly Financial Statements delivered pursuant
to subsection 4.1(b), in each case, accompanied by such
supporting detail and documentation as shall be requested by Agent
in its reasonable discretion; and

     (iii) a reconciliation of the outstanding Loans as set forth in
the monthly loan account statement provided by Agent to each
Borrower’s general ledger and monthly Financial Statements delivered
pursuant to subsection 4.1(b), in each case, accompanied by
such supporting detail and documentation as shall be requested by
Agent in its reasonable discretion;

          (j) at the time of delivery of each of the financial statements
delivered pursuant to Section 4.1, (i) a listing of government contracts of
each Borrower subject to the Federal Assignment of Claims Act of 1940 or any similar
state or municipal law; and (ii) a list of any applications for the registration of
any Patent, Trademark or Copyright filed by any Credit Party with the United States
Patent and Trademark Office, the United States Copyright Office or any similar
office or agency, in each case in the foregoing clauses (i) and (ii), entered into
or filed in the prior Fiscal Quarter;

          (k) as soon as available after the end of each Fiscal Year, a preliminary
annual operating plan for Thermadyne Holdings and its Subsidiaries, on a
consolidated basis, and within twenty (20) Business Days after the end of each
Fiscal Year, a final operating plan approved by the board of directors of Thermadyne
Holdings, for the following Fiscal Year, which (i) includes a statement of all of
the material

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assumptions on which such plan is based, (ii) includes monthly balance sheets,
income statements and statements of cash flows for the following year and (iii)
integrates sales, gross profits, operating expenses, operating profit, cash flow
projections and Availability projections, all prepared on the same basis and in
similar detail as that on which operating results are reported (and in the case of
cash flow projections, representing management’s good faith estimates of future
financial performance based on historical performance), and including plans for
personnel, capital expenditures and facilities;

          (l) promptly upon receipt thereof, copies of any reports submitted by the
certified public accountants in connection with each annual, interim or special
audit or review of any type of the financial statements or internal control systems
of any Credit Party made by such accountants, including any comment letters
submitted by such accountants to management of any Credit Party in connection with
their services;

          (m) upon Agent’s request from time to time, the Credit Parties shall
permit and enable Agent to obtain appraisals in form and substance and from
appraisers reasonably satisfactory to Agent stating the then Net Orderly Liquidation
Value, or such other value as determined by Agent, of all or any portion of the
Inventory of any Credit Party or any Subsidiary of any Credit Party; provided, that
unless an Event of Default has occurred and is continuing, Agent may only obtain two
such appraisals during any Fiscal Year; provided, further, that notwithstanding any
provision herein to the contrary, the Credit Parties shall only be obligated to
reimburse Agent for the expenses of such appraisals occurring twice per year or more
frequently so long as an Event of Default has occurred and is continuing;

          (n) to Agent, at the time of delivery of each of the monthly financial
statements delivered pursuant to subsection 4.1(b), a report describing any
foreign investment or advances made by any Credit Party and their Subsidiaries
(including, without limitation, a summary of foreign investments in Foreign
Subsidiaries and other Persons, net of repatriations);

          (o) to Agent, within two (2) Business Days after entering in such
agreement or amendment, copies of all Rate Contracts or amendments thereto;

          (p) to Agent, at the time of delivery of each of the monthly financial
statements delivered pursuant to subsection 4.1(b), a report describing the
year to date changes in accounts payable, notes payable and other investments among
the Credit Parties and their Subsidiaries; and

          (q) promptly, such additional business, financial, corporate affairs,
perfection certificates and other information as Agent may from time to time
reasonably request.

     4.3 Notices. The Borrowers shall notify promptly Agent of each of
the following (and in no event later than three (3) Business Days after a
Responsible Officer becoming aware thereof):

          (a) the occurrence or existence of any Default or Event of
Default;

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          (b) any breach or non-performance of, or any default under, any Contractual
Obligation of any Credit Party or any Subsidiary of any Credit Party, or any
violation of, or non-compliance with, any Requirement of Law, which would reasonably
be expected to result, either individually or in the aggregate, in a Material
Adverse Effect, including a description of such breach, non-performance, default,
violation or non-compliance and the steps, if any, such Person has taken, is taking
or proposes to take in respect thereof;

          (c) any dispute, litigation, investigation, proceeding or suspension which
may exist at any time between any Credit Party or any Subsidiary of any Credit Party
and any Governmental Authority which would reasonably be expected to result, either
individually or in the aggregate, in Liabilities (excluding damages relating to
products liability claims other than claims for actual damages) in excess of
$500,000;

          (d) the commencement of any litigation or proceeding affecting any Credit
Party or any Subsidiary of any Credit Party (i) in which the amount of damages
claimed or in which injunctive or similar relief is sought and which, in each case,
if adversely determined, would reasonably be expected to have a Material Adverse
Effect, or (ii) in which the relief sought is an injunction or other stay of the
performance of this Agreement, any other Loan Document or any Related Agreement;

          (e) (i) the receipt by any Credit Party of any notice of material
violation of or potential material liability or similar notice under Environmental
Law, (ii)(A) unpermitted Releases, (B) the existence of any condition that could
reasonably be expected to result in violations of or Liabilities under, any
Environmental Law or (C) the commencement of, or any material change to, any action,
investigation, suit, proceeding, audit, claim, demand, dispute alleging a violation
of or Liability under any Environmental Law which in the case of clauses (A), (B)
and (C) above, in the aggregate for all such clauses, would reasonably be expected
to result in Material Environmental Liabilities, (iii) the receipt by any Credit
Party of notification that any property of any Credit Party is subject to any Lien
in favor of any Governmental Authority securing, in whole or in part, Environmental
Liabilities and (iv) any proposed acquisition or lease of Real Estate, if such
acquisition or lease would have a reasonable likelihood of resulting in Material
Environmental Liabilities;

          (f) (i) promptly, and in any event within ten (10) days, after any
officer of any ERISA Affiliate knows or has reason to know that a request for a
minimum funding waiver under Section 412 of the Code has been filed with respect to
any Title IV Plan or Multiemployer Plan, a notice describing such waiver request and
any action that any ERISA Affiliate proposes to take with respect thereto, together
with a copy of any notice filed with the PBGC or the IRS pertaining thereto, and
(ii) promptly, and in any event within ten (10) days after any officer of any ERISA
Affiliate knows or has reason to know that an ERISA Event will or has occurred that
would, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, a notice describing such ERISA Event, and any action that any ERISA
Affiliate proposes to take with respect thereto, together with a copy of any notices
received from or filed with the PBGC, IRS, Multiemployer Plan or other Title IV Plan
pertaining thereto;

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          (g) any Material Adverse Effect subsequent to the date of the most recent audited
financial statements delivered to Agent and Lenders pursuant to this Agreement;

          (h) any labor controversy resulting in or threatening to result in any strike, work
stoppage, boycott, shutdown or other labor disruption against or involving any Credit Party if
the same would reasonably be expected to have, either individually or in the aggregate, a
Material Adverse Effect; and

          (i) the creation, establishment or acquisition of any Subsidiary or the issuance by or
to any Credit Party of any Stock or Stock Equivalent (other than issuances by Holdings of Stock
or Stock Equivalents not requiring a mandatory prepayment hereunder).

Each notice pursuant to this Section 4.3 shall be in electronic form accompanied by a
statement by a Responsible Officer of the Borrower Representative, on behalf of the Borrowers,
setting forth reasonable details of the occurrence referred to therein, and, if applicable,
stating what action the Borrowers or other Person proposes to take with respect thereto and at
what time. Each notice under subsection 4.3(a) shall describe with particularity any and
all clauses or provisions of this Agreement or other Loan Document that have been breached or
violated.

     4.4 Preservation of Corporate Existence, Etc. Each Credit Party shall, and
shall cause each of its Subsidiaries to:

          (a) preserve and maintain in full force and effect its organizational
existence and good standing under the laws of its jurisdiction of incorporation,
organization or formation, as applicable, except, with respect to the Borrowers’
Subsidiaries, in connection with transactions permitted by Section 5.3;

          (b) preserve and maintain in full force and effect all rights, privileges,
qualifications, permits, licenses and franchises necessary in the normal conduct of
its business except in connection with transactions permitted by Section 5.3
and sales of assets permitted by Section 5.2 and except as would not
reasonably be expected to have, either individually or in the aggregate, a Material
Adverse Effect;

          (c) preserve or renew all of its registered Trademarks, the
non-preservation of which would reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect; and

          (d) conduct its business and affairs without knowing infringement of or
interference with any Intellectual Property of any other Person in any material
respect and shall comply in all material respects with the material terms of its IP
Licenses.

          4.5 Maintenance of Property. Each Credit Party shall maintain, and
shall cause each of its Subsidiaries to maintain, and preserve all its material Real
Property and personal property which is used or useful in its business in good
working order and condition, ordinary wear and tear excepted and shall make all
necessary repairs thereto

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and renewals and replacements thereof except where the failure to do so would
not reasonably be expected to have, either individually or in the aggregate, a
Material Adverse Effect.

     4.6 Insurance.

          (a) Each Credit Party shall (i) maintain or cause to be maintained in
full force and effect all policies of insurance of any kind with respect to the
property and businesses of the Credit Parties (including policies of life, fire,
theft, product liability, public liability, Flood Insurance (solely with respect to
Real Property for which a Mortgage is delivered to Agent in accordance herewith),
property damage, other casualty, employee fidelity, workers’ compensation, business
interruption and employee health and welfare insurance) with financially sound and
reputable insurance companies or associations (in each case that are not Affiliates
of the Borrowers) of a nature and providing such coverage as is sufficient and as is
customarily carried by businesses of the size and character of the business of the
Credit Parties and (ii) cause all such insurance relating to any property or
business of any Credit Party to name Agent as additional insured or loss payee, as
appropriate. All policies of insurance on real and personal property of the Credit
Parties will contain an endorsement, in form and substance acceptable to Agent,
showing loss payable to Agent (Form CP 1218 or equivalent) and extra expense and
business interruption endorsements. Such endorsement, or an independent instrument
furnished to Agent, will provide that the insurance companies will give Agent at
least 30 days’ prior written notice before any such policy or policies of insurance
shall be altered or canceled and that no act or default of the Credit Parties or any
other Person shall affect the right of Agent to recover under such policy or
policies of insurance in case of loss or damage. Subject to the Intercreditor
Agreement, each Credit Party shall direct all present and future insurers under its
“All Risk” policies of property insurance to pay all proceeds payable thereunder
directly to Agent. If any such insurance proceeds are paid by check, draft or other
instrument payable to any Credit Party and Agent jointly, Agent may endorse such
Credit Party’s name thereon and do such other things as Agent may deem advisable to
reduce the same to cash. Agent reserves the right at any time, upon review of each
Credit Party’s risk profile, to require additional forms and limits of insurance.
Notwithstanding the requirement in subsection (i) above, Federal Flood Insurance
shall not be required for (x) Real Estate not located in a Special Flood Hazard
Area, or (y) owned Real Estate located in a Special Flood Hazard Area in a community
that does not participate in the National Flood Insurance Program.

          (b) If the Credit Parties fail to maintain the insurance coverage
required by Section 4.6(a) above, Agent may purchase insurance at the Credit
Parties’ expense to protect Agent’s and Lenders’ interests in the Credit Parties’
and their Subsidiaries’ properties. This insurance may, but need not, protect the
Credit Parties’ and their Subsidiaries’ interests. The coverage that Agent purchases
may not pay any claim that any Credit Party or any Subsidiary of any Credit Party
makes or any claim that is made against such Credit Party or any Subsidiary in
connection with said Property. The Borrowers may later cancel any insurance
purchased by Agent, but only after providing Agent with evidence that there has been
obtained insurance as required by this Agreement. If Agent purchases insurance, the
Credit Parties will be responsible for the

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costs of that insurance, including interest and any other charges Agent may impose in
connection with the placement of insurance, until the effective date of the cancellation or
expiration of the insurance. The costs of the insurance shall be added to the Obligations. The
costs of the insurance may be more than the cost of insurance the Borrowers may be able to
obtain on their own.

     4.7 Payment of Obligations. Such Credit Party shall pay, discharge and perform
as the same shall become due and payable:

          (a) all tax liabilities, assessments and governmental charges or levies upon it or its
Property, unless (i) the same are being contested in good faith by appropriate proceedings
diligently prosecuted which (other than in the case of an Australian Credit Party) stay the
filing or enforcement of any Lien and for which adequate reserves in accordance with GAAP are
being maintained by such Person; and (ii) the aggregate Liabilities secured by such Lien do not
exceed $1,000,000; and

          (b) payments to the extent necessary to avoid the imposition of a Lien with respect to,
or the involuntary termination of any underfunded Benefit Plan.

     4.8 Compliance with Laws. Each Credit Party shall, and shall cause each of its
Subsidiaries to, comply with all Requirements of Law of any Governmental Authority having
jurisdiction over it or its business, except where the failure to comply would not reasonably be
expected to have, either individually or in the aggregate, a Material Adverse Effect.

     4.9 Inspection of Property and Books and Records. Each Credit Party shall
maintain books of record and account, in which full, true and correct entries in conformity with
GAAP consistently applied shall be made. Each Credit Party shall with respect to each owned,
leased, or controlled property, during normal business hours and upon reasonable advance notice
(unless an Event of Default shall have occurred and be continuing, in which event no notice
shall be required and Agent shall have access at any and all times during the continuance
thereof): (a) provide access to such property to Agent and any of its Related Persons, from time
to time, but no more frequently than twice in any Fiscal Year, and in all cases accompanied by a
representative of a Credit Party, (unless an Event of Default shall have occurred and be
continuing, in which event as frequently as Agent determines to be appropriate); and (b) permit
Agent and any of its Related Persons to conduct field examinations, audit, inspect and make
extracts and copies (or take originals if reasonably necessary) from all of such Credit Party’s
books and records, and evaluate and make physical verifications of the Inventory and other
Collateral in any reasonable manner, in each instance, at the Credit Parties’ expense; provided
the Credit Parties shall only be obligated to reimburse Agent for the expenses for two such
visits, field examinations, audits and inspections per Fiscal Year or more frequently if an
Event of Default has occurred and is continuing. Any Lender may accompany Agent or its Related
Persons in connection with any inspection at such Lender’s expense.

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     4.10 Use of Proceeds. The Borrowers shall use the proceeds of the Loans solely as
follows: (a) to pay on the Effective Date the purchase price for the Effective Date
Acquisition, (b) to pay costs and expenses of the Related Transactions and costs and expenses
required to be paid pursuant to Section 2.1, and (c) for working capital, capital
expenditures and other general corporate purposes not in contravention of any Requirement of Law
and not in violation of this Agreement.

     4.11 Cash Management Systems. Each Credit Party (other than an Australian Credit
Party) shall enter into, and cause each depository, securities intermediary or commodities
intermediary to enter into, Control Agreements providing for “springing” cash dominion with
respect to each deposit, securities, commodity or similar account maintained by such Person
(other than (x) any payroll account so long as such payroll account is a zero balance account
and withholding tax and fiduciary accounts or (y) other deposit, securities, commodity or
similar accounts holding, in the aggregate, not more than $500,000 at any one time) as of or
after the Effective Date. With respect to accounts subject to “springing” Control Agreements,
unless and until an Event of Default has occurred and is continuing or Availability falls below
the Availability Threshold, Agent shall not deliver to the relevant depository, securities
intermediary or commodities intermediary a notice or other instruction which provides for
exclusive control over such account by Agent. The Credit Parties shall not maintain cash on
deposit in disbursement accounts in excess of outstanding checks and wire transfers payable from
such accounts and amounts necessary to meet minimum balance requirements. Each Australian Credit
Party shall cause each deposit, securities, commodity or similar account maintained by such
Person (other than (x) any payroll account so long as such payroll account is a zero balance
account and withholding tax and fiduciary accounts or (y) other deposit, securities, commodity
or similar accounts holding, in the aggregate, not more than $500,000 at any one time) to
constitute an Australian Blocked Account.

     4.12 Landlord Agreements. Each Credit Party shall use commercially reasonable
efforts to obtain a landlord agreement or bailee, as applicable, from the lessor of each leased
property, or bailee in possession of any Collateral with respect to each location where any
Collateral is stored or located, which agreement shall be reasonably satisfactory in form and
substance to Agent.

     4.13 Further Assurances. Promptly upon request by Agent, the Credit Parties shall
take such additional actions and execute such documents as Agent may reasonably require from
time to time in order (i) to carry out more effectively the purposes of this Agreement or any
other Loan Document, (ii) to subject to the Liens created by any of the Collateral Documents any
of the Properties, rights or interests of the Credit Parties covered by any of the Collateral
Documents and (iii) to perfect and maintain the validity, effectiveness and priority of any of
the Collateral Documents and the Liens intended to be created thereby. Without limiting the
generality of the foregoing and except as otherwise approved in writing by Required Lenders, as
listed on Schedule 4.13 the Credit Parties shall cause each of their Domestic
Subsidiaries (other than Domestic Subsidiaries owned indirectly through a Foreign Subsidiary or
a Domestic Subsidiary substantially all of whose assets constitute Stock or Stock Equivalents of
Foreign Subsidiaries) and certain Foreign Subsidiaries and Domestic Subsidiaries owned
indirectly through a

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Foreign Subsidiary, to guaranty the Obligations and to cause each such
Subsidiary to grant to Agent, for the benefit of the Secured Parties, a security
interest in, subject to the Intercreditor Agreement and the limitations hereinafter set forth, substantially all
of such Subsidiary’s Property to secure such guaranty. Furthermore and except as
otherwise approved in writing by Required Lenders, each Credit Party shall pledge
all of the Stock and Stock Equivalents of each of its Domestic Subsidiaries (other
than Domestic Subsidiaries owned indirectly through a Foreign Subsidiary) and First
Tier Foreign Subsidiaries (provided that with respect to any First Tier Foreign
Subsidiary such pledge shall be limited to sixty-five percent (65%) of such Foreign
Subsidiary’s outstanding voting Stock and Stock Equivalents and one hundred percent
(100%) of such Foreign Subsidiary’s outstanding non-voting Stock and Stock
Equivalents), in each instance, to Agent, for the benefit of the Secured Parties, to
secure the Obligations. For the avoidance of doubt, unless otherwise agreed to by
Borrower Representative, only those Domestic Subsidiaries or Foreign Subsidiaries
listed on Schedule 4.13 shall, on the Effective Date, grant a security
interest in such Subsidiary’s Property, pledge the Stock or Stock Equivalent of a
Subsidiary or have their Stock or Stock Equivalent pledged by any Credit Party;
provided, that (x) none of C&G Merger Co., Thermadyne Cylinder Co.
and C&G Systems Holding, Inc. shall be required to guaranty the Obligations, grant a
security interest in their Property or pledge the Stock or Stock Equivalent of a
Subsidiary and (y) C&G Merger Co. shall not be required to have its Stock or Stock
Equivalent pledged by any Credit Party. In connection with each pledge of Stock and
Stock Equivalents evidenced by a certificate, the Credit Parties shall deliver, or
cause to be delivered, to Agent, stock powers with respect thereto, as applicable,
duly executed in blank. In the event any Credit Party acquires any Real Estate with
a fair market value in excess of $500,000, such Person shall execute and/or deliver,
or cause to be executed and/or delivered, to Agent (with regard to such Real Estate
located in the United States and only to the extent customary in any other
jurisdiction), (v) in the case of Real Estate owned by a Credit Party within 45 days
of such Acquisition, an appraisal complying with FIRREA if required thereunder, (w)
within forty-five days of receipt of notice from Agent that Real Estate is located
in a Special Flood Hazard Area, Federal Flood Insurance as required by Section
4.6, (x) a fully executed Mortgage, in form and substance reasonably
satisfactory to Agent together with an A.L.T.A. lender’s title insurance policy
issued by a title insurer reasonably satisfactory to Agent, in form and substance
and in an amount reasonably satisfactory to Agent insuring that the Mortgage is a
valid and enforceable first priority Lien on the respective property, free and clear
of all defects, encumbrances and Liens other than Permitted Liens and liens in
existence at the time of the acquisition, (y) in the case of Real Estate owned by a
Credit Party within forty-five days of such Acquisition, then current A.L.T.A.
surveys, certified to Agent by a licensed surveyor only if required to allow the
issuer of the lender’s title insurance policy to issue such policy without a survey
exception and (z) an environmental site assessment prepared by a qualified firm
reasonably acceptable to Agent, in form and substance satisfactory to Agent. In
addition to the obligations set forth in Sections 4.6 and 4.13(w),
within forty-five days after written notice from Agent to Credit Parties that any
Real Estate is located in a Special Flood Hazard Area, Credit Parties shall satisfy
the Federal Flood Insurance requirements of Section 4.6. As to any
leasehold or occupancy interest acquired by a Credit Party, the requirements of this
Section 4.13 shall be waived if the applicable lease

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or occupancy agreement does not permit the same and the landlord fails to permit the same
after reasonable efforts by the Credit Parties.

     4.14 Environmental Matters. Each Credit Party shall comply with, and maintain its
Real Estate, whether owned, leased, subleased or otherwise operated or occupied, in compliance
with, all applicable Environmental Laws (including by implementing any Remedial Action necessary
to achieve such compliance) or that is required by orders and directives of any Governmental
Authority except where the failure to comply would not reasonably be expected to, individually
or in the aggregate, result in a Material Environmental Liability. Without limiting the
foregoing, if an Event of Default is continuing or if Agent at any time has a reasonable basis
to believe that there exist violations of Environmental Laws by any Credit Party or that there
exist any Environmental Liabilities that in each case could be reasonably be expected to result
in Material Environmental Liabilities, then each Credit Party shall, promptly upon receipt of
request from Agent, cause the performance of, and allow Agent and its Related Persons access to
such Real Estate for the purpose of conducting, such environmental audits and assessments,
including subsurface sampling of soil and groundwater, and cause the preparation of such
reports, in each case as Agent may from time to time reasonably request. Such audits,
assessments and reports, to the extent not conducted by Agent or any of its Related Persons,
shall be conducted and prepared by reputable environmental consulting firms reasonably
acceptable to Agent and shall be in form and substance reasonably acceptable to Agent.

ARTICLE V.

NEGATIVE COVENANTS

     Each Credit Party covenants and agrees that, so long as any Lender shall have any
Commitment hereunder, or any Loan or other Obligation (other than contingent indemnification
Obligations to the extent no claim giving rise thereto has been asserted) shall remain unpaid or
unsatisfied:

     5.1 Limitation on Liens. No Credit Party shall directly or indirectly, make,
create, incur, assume or suffer to exist any Lien upon or with respect to any part of its
Property, whether now owned or hereafter acquired, other than the following (“Permitted Liens”):

          (a) any Lien existing on the Property of a Credit Party on the Effective Date and set
forth in Schedule 5.1 securing Indebtedness permitted by subsection 5.5(c), including
replacement Liens on the Property currently subject to such Liens securing Indebtedness
permitted by subsection 5.5(c);

(b) any Lien created under any Loan Document;

          (c) Liens for taxes, fees, assessments or other governmental charges (i) that are not
more than 30 days past due or remain payable without penalty, or (ii) the non-payment of which
is permitted by Section 4.7 or which are otherwise bonded, insured over or guaranteed
and being disputed in good faith and by appropriate

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proceedings diligently prosecuted, which proceedings (other than in the case
of an Australian Credit Party) have the effect of preventing the forfeiture or sale
of the Property subject thereto and for which adequate reserves in accordance with
GAAP are being maintained;

          (d) Liens imposed by law (including, without limitation, Liens in favor of
customers for equipment under order or in respect of advances paid in connection
therewith) such as carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s,
repairmen’s or other similar Liens arising in the Ordinary Course of Business which
are not past due by more than 60 days or remain payable without penalty or which are
being contested in good faith and by appropriate proceedings diligently prosecuted,
which proceedings have the effect of preventing the forfeiture or sale of the
Property subject thereto and for which adequate reserves in accordance with GAAP are
being maintained;

          (e) Liens (other than any Lien imposed by ERISA) consisting of pledges
or deposits required in the Ordinary Course of Business in connection with workers’
compensation, unemployment insurance and other social security legislation or to
secure the performance of tenders, statutory obligations, surety, stay, customs and
appeals bonds, bids, leases, governmental contract, trade contracts, performance and
return of money bonds and other similar obligations (exclusive of obligations for
the payment of borrowed money) or to secure liability to insurance carriers;

          (f) Liens consisting of judgment or judicial attachment liens (other than
for payment of taxes, assessments or other governmental charges permitted by clause
(c) above), that do not constitute an Event of Default under Section 7.1(h);

          (g) easements, rights-of-way, zoning and other restrictions, encroachments,
minor defects or other irregularities in title, and other similar encumbrances
incurred in the Ordinary Course of Business which, in the aggregate, do not
interfere in any material respect with the conduct of the businesses of any Credit
Party or any Subsidiary of the Credit Parties or could not reasonably be expected to
have a Material Adverse Effect;

          (h) Liens on any Property acquired or improved or held by any Credit
Party or any Subsidiary of any Credit Party securing Indebtedness incurred or
assumed (including any Permitted Refinancing thereof) for the purpose of financing
(or refinancing) all or any part of the cost of acquiring or improving such Property
and permitted under subsection 5.5(d); provided that (i) any such Lien
attaches to such Property concurrently with or within 90 days after the acquisition
thereof, (ii) such Lien attaches solely to the Property so acquired in such
transaction and the proceeds thereof, and (iii) the principal amount of the
Indebtedness secured thereby does not exceed 100% of the cost of such Property;
provided, further, that individual financing of equipment provided by a single
lender may be cross-collateralized to other financings of equipment provided solely
by such lender;

          (i) Liens securing Capital Lease Obligations permitted under subsection
5.5(d);

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          (j) any interest or title of a lessee, a mortgage on the
leasehold interest of any lessee, lessor or sublessor under any lease permitted
or not prohibited by this Agreement;

          (k) non-exclusive IP Licenses granted by a Credit Party and leases or
subleases (by a Credit Party as lessor or sublessor) to third parties in the not
materially interfering with the business of the Credit Parties or any of their
Subsidiaries in the aggregate;

          (l) Liens in favor of collecting banks arising by operation of law under
Section 4-210 of the Uniform Commercial Code or, with respect to collecting banks
located in the State of New York, under 4-208 of the Uniform Commercial Code;

          (m) Liens (including the right of set-off) in favor of a bank or other
depository institution arising as a matter of law encumbering deposits;

          (n) (i) Liens in favor of customs and revenue authorities arising as a
matter of law that secure payment of customs duties in connection with the
importation of goods in the Ordinary Course of Business and (ii) pledges and
deposits to secure reimbursement or indemnification obligations in respect of
letters of credit (other than Letters of Credit) or bank guarantees issued to secure
payment of custom duties in connection with the importation of goods;

          (o) Liens securing Indebtedness permitted under Section 5.5(f) and any
Permitted Refinancing thereof;

          (p) Liens that are contractual rights of set-off relating to any bankers
automated payment facilities; and

          (q) Liens arising solely by virtue of any statutory or common law
provisions relating to banker’s liens, rights of set-off or similar rights.

     5.2 Disposition of Assets. No Credit Party shall directly
or indirectly, sell, assign, lease, convey, transfer or otherwise dispose of
(whether in one or a series of transactions) any Property (including the Stock of
any Subsidiary of any Credit Party, whether in a public or a private offering or
otherwise, and accounts and notes receivable, with or without recourse) or enter
into any agreement to do any of the foregoing, except:

          (a) dispositions of inventory, supplies, materials and worn-out or surplus
equipment (including Intellectual Property contained therein), no longer useful in
the business of Holdings or any of its Subsidiaries, all in the Ordinary Course of
Business;

          (b) dispositions (other than of (i) the Stock of any Subsidiary of any
Credit Party to a Person other than another Credit Party or (ii) any Accounts of any
Credit Party) not otherwise permitted hereunder which are made for fair market
value; provided,

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that (i) at the time of any such disposition, no Event of Default shall exist or
shall result from such disposition, (ii) not less than seventy-five percent (75%) of
the aggregate sales price from such disposition shall be paid in cash; provided that
the amount of any Indebtedness that is assumed by the transferee shall be deemed
cash, (iii) the aggregate fair market value of all assets so sold by the Credit
Parties, together, shall not exceed in any Fiscal Year $2,500,000 and (iv) after
giving effect to such disposition, the Credit Parties are in compliance on a pro
forma basis with the covenants set forth in Article VI if then tested,
recomputed for the most recent Fiscal Quarter for which financial statements have
been delivered;

          (c) dispositions of Cash Equivalents;

          (d) transactions permitted under Section 5.1(k) and
Section 5.3;

          (e) (i) sales, transfer, leases or other dispositions of assets to a Credit
Party or (ii) sales, transfer, leases or other dispositions of assets to
Subsidiaries that are not Credit Parties (it being understood that any such sale,
transfer, lease or other disposition shall constitute an Investment subject to the
restrictions set forth in Section 5.4(g) hereof);

          (f) sale and leaseback transactions permitted under Section
5.18;

          (g) Investments permitted under Section 5.4;

          (h) the sale or disposition on a non-recourse basis of past due Accounts as
to which the Account Debtor (x) is not a Credit Party and (y) has become (or, in the
reasonable judgment of the Borrowers, is likely to become) subject to the operation
of any law relating to insolvency, bankruptcy or liquidation in any country or
territory in which it carries on business or the jurisdiction of whose courts any
part of its assets is subject; provided that such Accounts were not included as
Eligible Accounts in the Borrowing Base Certificate most recently delivered; and

          (i) dispositions of any Property listed on Schedule
5.2.

     5.3 Consolidations and Mergers. No Credit Party shall consolidate
with or into, or convey, transfer, lease or otherwise dispose of (whether in one
transaction or in a series of transactions) all or substantially all of its assets
(whether now owned or hereafter acquired) to or in favor of any Person, except upon
not less than five (5) Business Days prior written notice to Agent, (a) any
Subsidiary of a Borrower may merge with, or dissolve or liquidate into, a Borrower
or a Wholly-Owned Subsidiary of a Borrower which is both a Domestic Subsidiary and a
Credit Party, provided that such Borrower or such Wholly-Owned Subsidiary which is a
Domestic Subsidiary shall be the continuing or surviving entity and all actions
required to maintain perfected Liens on the Stock of the surviving entity and other
Collateral in favor of Agent to secure the Obligations shall have been completed and
(b) any Credit Party may merge with, or dissolve or liquidate into or convey,
transfer or lease or otherwise dispose of all or substantially all of its assets, in
each case, to another Credit Party; provided that both Credit Parties are organized
under the laws of the same country and all actions required

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to maintain perfected Liens on the Stock of the surviving entity and other
Collateral in favor of Agent to secure the Obligations shall have been
completed.

     5.4 Acquisitions; Loans and Investments. No Credit Party shall (i)
purchase or acquire, or make any commitment to purchase or acquire any Stock or
Stock Equivalents, or any obligations or other securities of, or any interest in,
any Person, including the establishment or creation of a Subsidiary, or (ii) make or
commit to make any Acquisitions, or any other acquisition of all or substantially
all of the assets of another Person, or of any business or division of any Person,
including without limitation, by way of merger, consolidation or other combination
or (iii) make or purchase, or commit to make or purchase, any advance, loan,
extension of credit or capital contribution to or any other investment in, any
Person including a Borrower, any Affiliate of a Borrower or any Subsidiary of a
Borrower (the items described in clauses (i), (ii) and
(iii) are referred to as
“Investments”), except for:

          (a) Investments in cash and Cash Equivalents;

          (b) (x) Investments by any Credit Party in or to any other Credit Party
(other than Holdings or any Australian Credit Party), (y) Investments by any Credit
Party which is a Foreign Subsidiary in or to any other Credit Party which is a
Foreign Subsidiary (provided that both such Foreign Subsidiaries are organized under
the laws of the same country) and (z) Investments in an aggregate principal amount
not to exceed Aus$25,000,000 consisting of intercompany loans made by Holdings
and/or Thermadyne Industries to Thermadyne Australia Pty Ltd. (“Thermadyne
Australia”), as applicable, in connection with the recapitalization of Thermadyne
Australia occurring during the Fiscal Year ending on December 31, 2010; provided,
that, in connection with any such Investment by a Credit Party in the form of any
extension of credit: (i) if any Credit Party executes and delivers to any Borrower
or Credit Party a note (collectively, the “Intercompany Notes”) to evidence any such
intercompany Indebtedness owing by such Credit Party, subject to the Intercreditor
Agreement, that Intercompany Note shall be pledged and delivered to Agent pursuant
to the Guaranty and Security Agreement as additional collateral security for the
Obligations; (ii) each Credit Party shall accurately record all intercompany
transactions on its books and records as required by GAAP; and (iii) at the time any
such intercompany loan or advance is made by any Borrower to any other Credit Party
and after giving effect thereto, each such Borrower shall be Solvent;

          (c) Investments received as the non-cash portion of consideration
received in connection with transactions permitted pursuant to subsection
5.2(b) and Section 5.3;

          (d) Investments acquired in connection with the settlement of delinquent
Accounts in the Ordinary Course of Business or in connection with the bankruptcy or
reorganization of suppliers or customers;

          (e) Investments existing on the Effective Date and set forth in
Schedule 5.4;

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          (f) loans
or advances to employees permitted under Section 5.6;

          (g) any Credit Party may (x) make Investments in any non wholly-owned
Domestic Subsidiary or any other Person organized under the laws of a state of the
United States which, in each case, is not a Credit Party in an amount not to exceed
$2,500,000 outstanding at any time, (y) make Investments in, or create, any
wholly-owned Foreign Subsidiary and (z) make Investments in any joint venture;
provided that, in the case of (y) and (z) above:

               (i) the aggregate amount of such Investments funded after the
Effective Date permitted by clauses (y) and (z) of subsection 5.4(g) outstanding
from time to time, (the “Outstanding Investment Amount”) shall not exceed
$20,000,000; provided that when calculating the Outstanding Investment Amount at any
point in time, the amount of such investments shall be reduced by the total of the
amounts distributed on and after the after the Effective Date to any Credit Party on
account of such Investments made in such wholly-owned Foreign Subsidiaries or joint
ventures, even if such reduction reduces the Outstanding Investment Amount to less
than $0; and

               (ii) 65% of the stock of any such direct wholly-owned Foreign Subsidiary
(except in that in the case of an Australian Credit Party, 100% of such stock) shall
be pledged to secure the Obligations;

          (h) Permitted Acquisitions;

          (i) Rate
Contracts permitted under Section 5.9;

          (j) Investments resulting from pledges or deposits consisting of Permitted
Liens;

          (k) Investments resulting from pledges and deposits referred to in
Sections 5.3 and 5.4(b); and

          (l) other Investments by the Credit Parties in an aggregate amount
outstanding at any time (valued at the time of the making thereof, and without
giving effect to any write-downs or write-offs thereof) not to exceed $5,000,000
(plus any interest, dividends, distributions and returns of capital actually
received by the Credit Parties in respect of Investments made pursuant to this
clause (l) after the Effective Date); provided, that if (i) the aggregate principal
amount of Revolving Loans outstanding after giving pro forma effect to such
Investments is less than $10,000,000, (ii) no Event of Default has occurred and is
continuing, (iii) (x) average daily Availability for the consecutive ninety (90)-day
period ending on the date such Investment is made, (y) projected average daily
Availability for the consecutive ninety (90) day-period commencing on the date such
Investment is made, and (z) Availability at the time such Investment is made, in
each case, after giving pro forma effect thereto, is not less than the greater of
(1) $24,000,000 and (2) forty percent (40%) of the Aggregate Revolving Loan
Commitment at such time, and (iv) Agent shall have received a Covenant Certificate
demonstrating that Fixed Charge Coverage Ratio as of the last day of the consecutive
twelve-fiscal month period most recently ended prior to the date such Investment is
made

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for which financial statements have been delivered pursuant to Section 4.1(b)
is not less than 1.20 to 1.00, then the amount of such Investment shall not be
limited and may exceed the $5,000,000 limitation set forth above.

Notwithstanding the foregoing, at any time when the outstanding aggregate
amount of all Investments made under clauses (g) and (l) above exceeds $10,000,000,
the following conditions shall apply to any additional Investments to be made under
such clauses (g) and (l) above: (i) no Event of Default shall have occurred and be
continuing and (ii) (x) average daily Availability for the consecutive ninety
(90)-day period ending on the date such Investment is made, (y) projected average
daily Availability for the consecutive ninety (90) day-period commencing on the date
such Investment is made, and (z) Availability at the time such Investment is made,
in each case, after giving pro forma effect thereto, shall not be less than the
greater of (1) $9,000,000 and (2) fifteen percent (15%) of the Aggregate Revolving
Loan Commitment at such time.

     5.5 Limitation on Indebtedness. No Credit Party shall create,
incur, assume, permit to exist, or otherwise become or remain directly or indirectly
liable with respect to, any Indebtedness, except:

          (a) the Obligations;

          (b) Contingent Obligations with respect to (i) any Indebtedness permitted
to be incurred under this Agreement, (ii) operating leases and other obligations of
any Credit Party or any Subsidiary of a Credit Party not constituting Indebtedness
enters into in the Ordinary Course of Business, and (iii) guarantees (other than
guarantees of Indebtedness) entered into in the Ordinary Course of Business;

          (c) Indebtedness existing on the Effective Date and set
forth in Schedule 5.5;

          (d) Indebtedness not to exceed the principal amount $30,000,000 in the
aggregate at any time outstanding, consisting of Capital Lease Obligations, mortgage
financing for purchase money Indebtedness or secured by Liens permitted by
subsection 5.1(h) and Permitted Refinancings thereof;

          (e) unsecured intercompany Indebtedness permitted pursuant to
subsection 5.4(b) or (g);

          (f) (i) Indebtedness under the Indenture not to exceed $260,000,000 in
the aggregate principal amount at any time outstanding; provided, that
additional Indebtedness (“Additional Senior Notes Indebtedness”) in an aggregate
principal amount outstanding not to exceed $100,000,000 shall be permitted under
this clause (f) if the following conditions are satisfied: (1) no Event of Default
shall have occurred and be continuing, (2) such Additional Senior Notes Indebtedness
shall be on terms and conditions substantially similar to those governing the Senior
Notes, (3) 100% of the Net Issuance Proceeds of such Additional Senior Notes
Indebtedness shall be used as consideration paid or payable in connection with
Permitted Acquisitions, and (4) Agent shall have received a Covenant Certificate
demonstrating that after giving pro forma

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effect to the incurrence of any such Additional Senior Notes Indebtedness,
(x) Fixed Charge Coverage Ratio is not less than 1.20 to 1.00 and (y) Leverage Ratio
is not greater than 4.75 to 1.00, in each case, as of the last day of the
consecutive twelve-fiscal month period most recently ended prior to the date such
Additional Senior Notes Indebtedness is incurred for which financial statements have
been delivered pursuant to Section 4.1(b), and (ii) any Permitted Refinancing of any
Indebtedness permitted by clause (i) above;

          (g) Indebtedness of Credit Parties that are Foreign Subsidiaries (excluding
Capital Lease Obligations) in an aggregate outstanding principal amount not to
exceed $5,000,000 and any Permitted Refinancing thereof;

          (h) (i) other unsecured Indebtedness not exceeding $100,000,000 in an
aggregate principal amount at any time outstanding so long (i) as 100% of the Net
Issuance Proceeds of such Indebtedness are used (x) to refinance or repay
Indebtedness under the Senior Note Documents or Additional Senior Notes
Indebtedness, (y) as consideration paid or payable in connection with Permitted
Acquisitions or (z) to fund any Investments permitted under Section 5.4,
(ii) Agent shall have received a Covenant Certificate demonstrating that after
giving pro forma effect to the incurrence of any such Indebtedness, (x) Fixed Charge
Coverage Ratio is not less than 1.20 to 1.00 and (y) Leverage Ratio is not greater
than 4.75 to 1.00, in each case, as of the last day of the consecutive twelve-fiscal
month period most recently ended prior to the date such Indebtedness is incurred for
which financial statements have been delivered pursuant to Section 4.1(b), and (ii)
any Permitted Refinancing of any Indebtedness permitted by clause (i) above;

          (i) Indebtedness pursuant to Rate Contract permitted pursuant to
Section 5.8;

          (j) Indebtedness owed to (including obligations in respect of letters of
credit or bank guarantees or similar instruments for the benefit of) any Person
providing workers’ compensation, health, disability or other employee benefits or
property, casualty or liability insurance to any Credit Party or Subsidiary of any
Credit Party, pursuant to reimbursement or indemnification obligations to such
Person, and incurred in the Ordinary Course of Business;

          (k) Indebtedness owed to any other Credit Party, to the extent
permitted by Section 5.4; provided that Indebtedness of any Credit Party to
any Credit Party or Subsidiary of a Credit Party shall be subordinated to the
Obligations ;

          (l) (i) Indebtedness thereof in respect of (x) financing of insurance
premiums, performance bonds, warranty bonds, bid bonds, appeal bonds, surety bonds
and completion or performance guarantees and similar obligations, and (y) letters of
credit, bank guarantees, banker’s acceptances and similar instruments issued as
security for or in lieu of Indebtedness described in clause (x), in each case
provided in the Ordinary Course of Business, including Indebtedness arising out of
advances on exports, advances on imports, advances on trade receivables, customer
prepayments and similar

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transactions in the Ordinary Course of Business and (ii) any Permitted Refinancing
of any Indebtedness permitted by clause (i) above;

          (m) Indebtedness arising from (i) the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn, or any other payment
request or instruction made by any other means, against insufficient funds in the
Ordinary Course of Business and (ii) corporate credit card programs, netting
services or other cash management services in the Ordinary Course of Business;

          (n) assumed Indebtedness in connection with a Permitted Acquisition and any
Permitted Refinancing thereof not exceeding $5,000,000;

          (o) Indebtedness arising from agreements of any Credit Party providing for
indemnification, adjustment of purchase price, or similar obligations, in each case,
incurred in connection with the disposition of any business, assets or a Subsidiary,
other than guarantees of Indebtedness incurred by any Person acquiring all or any
portion of such business, assets or a Subsidiary for the purpose of financing such
acquisition; and

          (p) all premiums (if any), interest (including post-petition interest),
fees, expenses, charges and additional or contingent interest on obligations
described in paragraphs (a) through (o) above.

     5.6 Employee Loans and Transactions with Affiliates. No Credit
Party shall enter into any transaction with any Affiliate of a Borrower or of any
such Subsidiary, except:

          (a) as expressly permitted by this Agreement;

          (b) in the Ordinary Course of Business and pursuant to the reasonable
requirements of the business of such Credit Party or such Subsidiary upon fair and
reasonable terms no less favorable to such Credit Party or such Subsidiary than
would be obtained in a comparable arm’s length transaction with a Person not an
Affiliate of a Borrower or such Subsidiary;

          (c) loans or advances to employees of Credit Parties for travel,
entertainment and relocation expenses and other ordinary business purposes in the
Ordinary Course of Business not to exceed $1,000,000 in the aggregate outstanding at
any time;

          (d) non-cash loans or advances made by Holdings to employees of Credit
Parties that are simultaneously used by such Persons to purchase Stock or Stock
Equivalents of Holdings;

          (e) dividends permitted by Section 5.11;

          (f) Investments permitted by Sections 5.4(b),
(f), and (g);

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          (g) sales of Stock of Holdings to Affiliates of the Credit Parties not
otherwise prohibited by the Loan Documents and the granting of registration and
other customary rights in connection therewith;

          (h) any transaction with an Affiliate where the only consideration paid by any
Credit Party is Stock of Holdings;

          (i) (x) the transactions as contemplated by the Related Documents and (y) the
reimbursement of fees and expenses incurred by Sponsor and its Affiliates in
connection with the transactions on the Effective Date in an amount set forth in the
funds flow memorandum delivered by Credit Parties to Agent prior to the Effective
Date;

          (j) any transaction permitted by Section 5.7; and

          (k) transactions existing as of the Effective Date as described in
Schedule 5.6.

All such transactions in excess of $500,000 and existing as of the Effective Date
are described in Schedule 5.6.

     5.7 Management Fees and Compensation. No Credit Party shall, and no
Credit Party shall permit any of its Subsidiaries to, pay any management, consulting
or similar fees to any Affiliate of any Credit Party or to any officer, director or
employee of any Credit Party or any Affiliate of any Credit Party except:

          (a) payment of compensation to officers and employees for actual services
rendered to the Credit Parties and their Subsidiaries in the Ordinary Course of
Business;

          (b) payment of reasonable and customary directors’ fees and reimbursement of
actual out-of-pocket expenses incurred in connection with attending board of
director meetings;

          (c) payment of a management fee to Sponsor pursuant to the Management Agreement
not to exceed, for each Fiscal Year, the greater of (x) $1,500,000 and (y) 2.5% of
EBITDA for such Fiscal Year, payable in advance in quarterly installments on each
March 31, June 30, September 30 and December 31 (or if any such date is not a
Business Day, on the last Business Day preceding such date); provided, that in the
event the payments of such management fee are less than the greater of (x)
$1,500,000 and (y) 2.5% of EBITDA for any Fiscal Year, the Sponsor shall be paid an
additional amount equal to such discrepancy for such Fiscal Year; provided, however,
that the fees described in this clause (c) shall not be paid during any period while
an Event of Default has occurred and is continuing or would arise as a result of such payment; provided, further any fees not paid due to the
existence of an Event of Default shall be deferred and may be paid when no Event of
Default exists;

          (d) reimbursement of reasonable out-of-pocket costs and expenses required to be
paid pursuant to the Management Agreement;

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          (e) so long as no Event of Default has occurred and is continuing,
investment banking fees in connection with any Acquisition in accordance with the
terms of the Management Agreement as in affect on the Effective Date; and

          (f) any transaction permitted by Section 5.6.

     5.8 Margin Stock; Use of Proceeds. No Credit Party shall, and no
Credit Party shall suffer or permit any of its Subsidiaries to, use any portion of
the Loan proceeds, directly or indirectly, to purchase or carry Margin Stock or
repay or otherwise refinance Indebtedness of any Credit Party or others incurred to
purchase or carry Margin Stock, or otherwise in any manner which is in contravention
of any Requirement of Law or in violation of this Agreement.

     5.9 Rate Contracts. No Credit Party shall enter into a Rate Contract
other than Rate Contracts entered into in the Ordinary Course of Business for bona
fide hedging purposes and not for speculation.

     5.10 Compliance with ERISA. Except as would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect, no ERISA
Affiliate shall cause or suffer to exist (a) any event that could result in the
imposition of a Lien on any asset of a Credit Party with respect to any Title IV
Plan or Multiemployer Plan or (b) any other ERISA Event.

     5.11 Restricted Payments. No Credit Party shall (i) declare or make
any dividend payment or other distribution of assets, properties, cash, rights,
obligations or securities on account of any Stock or Stock Equivalent, (ii)
purchase, redeem or otherwise acquire for value any Stock or Stock Equivalent now or
hereafter outstanding or (iii) make any prepayment of principal of, payment of
premium, if any, or early redemption, exchange, purchase, retirement, defeasance,
sinking fund or similar payment with respect to, Subordinated Indebtedness (the
items described in clauses (i), (ii) and (iii) above are referred to as “Restricted
Payments”); except that a Borrower or any Wholly-Owned Subsidiary of a Borrower may
make Restricted Payments to a Borrower or any Wholly-Owned Subsidiary of a Borrower,
and except that:

          (a) Holdings may declare and make Restricted Payments payable solely in its
Stock or Stock Equivalents; and

          (b) payments to Holdings to permit Holdings, and the subsequent use of such
payments by Holdings (or its direct or indirect parent), to repurchase or redeem
Stock of Holdings or any direct or indirect parent thereof held by former officers,
directors or employees (or their transferees, estates or beneficiaries under their
estates) of any Credit Party, upon their death, disability, retirement, severance or
termination of employment or service; provided that the aggregate cash consideration
paid for all such redemptions and payments shall not exceed, in any Fiscal Year, the
sum of (x) $3,000,000, plus (y) the amount of any Net Issuance Proceeds received by
or contributed to any Credit Party from the issuance and sale since the Effective
Date of Stock of Holdings or any direct or indirect parent thereof to officers,
directors or employees of any

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Credit Party that have not been used to make any repurchases, redemptions or
payments under this clause (b) or utilized to make acquisitions under Section
5.6(h), plus (z) the net cash proceeds of any “key-man” life insurance policies of
any Credit Party that have not been used to make any repurchases, redemptions or
payments under this clause (b); provided all of the following conditions are
satisfied:

               (i) no Default or Event of Default has occurred and is continuing or would
arise as a result of such Restricted Payment;

               (ii) after giving effect to such Restricted Payment, the Credit Parties are in
compliance on a pro forma basis with the covenants set forth in Article VI,
recomputed for the most recent Fiscal Quarter for which financial statements have
been delivered; and

               (iii) after giving effect to such Restricted Payment, Availability is not less
than $15,000,000;

          (c) whether or not an Event of Default has occurred or is continuing, in the
event the Credit Parties file a consolidated, combined, unitary or similar type
income tax return with Holdings, the Credit Parties may make distributions to
Holdings to permit Holdings to pay federal and state income and franchise taxes then
due and payable and other similar licensing expenses incurred in the Ordinary Course
of Business provided, that the amount of such distribution shall not be greater than
the amount of such taxes or expenses that would have been due and payable by the
Credit Parties and their relevant Subsidiaries had the Credit Parties not filed a consolidated,
combined, unitary or similar type return with Holdings;

          (d) (i) to the extent actually used by Holdings to pay such taxes, costs and
expenses, payments by the Credit Parties to or on behalf of Holdings in an amount
sufficient to pay fees required to maintain the legal existence of Holdings and (ii)
payments by the Credit Parties to or on behalf of Holdings in an amount sufficient
to pay out-of-pocket legal, accounting and filing costs and other expenses in the
nature of overhead in the Ordinary Course of Business of Holdings, in the case of
clauses (i) and (ii) in an aggregate amount not to exceed $250,000 in any Fiscal
Year;

          (e) the payments contemplated by Sections 5.7(a), (b) and (c), subject to the
limitations set forth therein;

          (f) dividends to Holdings (or any direct or indirect parent thereof) the
proceeds of which are used to make cash payments in lieu of issuing fractional shares in connection
with the exercise of warrants, options, or other securities convertible into or exchangeable for Stock
in an amount not to exceed $10,000 in any Fiscal Year;

          (g) dividends constituting non-cash repurchases of Stock of Holdings (or any
direct or indirect parent thereof) deemed to occur upon exercise of stock options or
warrants (or equivalent) if such Stock represent a portion of the exercise price of
such options or warrants;

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          (h) any non-Wholly-Owned Subsidiary of a Credit Party may declare and
make dividend payments and other distributions so long as a Borrower or any
Wholly-Owned Subsidiary of Holdings receives its pro rata share of such dividend or
other distribution;

          (i) Restricted Payments with respect to Subordinated Indebtedness to the extent
permitted by the relevant subordination agreement; and

          (j) So long as no Event of Default has occurred and is continuing, Restricted
Payments to Holdings for distribution by Holdings to its direct or indirect parent
in an amount not to exceed $10,000,000 for any consecutive twelve-fiscal month
period; provided that: (i) (x) average daily Availability for the consecutive ninety
(90)-day period ending on the date such Restricted Payment is made, (y) projected
average daily Availability for the consecutive ninety (90) day-period commencing on
the date such Restricted Payment and (z) Availability at the time such Restricted
Payment is made, in each case, after giving pro forma effect thereto, is not less than the greater
of (1) $15,000,000 and (2) twenty-five percent (25%) of the Aggregate Revolving Loan
Commitment at such time, and (ii) Agent shall have received a Covenant Certificate
demonstrating that Fixed Charge Coverage Ratio as of the last day of the consecutive
twelve-fiscal month period most recently ended prior to the date such Restricted
Payment is made for which financial statements have been delivered pursuant to
Section 4.1(b), is not less than 1.20 to 1.00; provided, further, that that if (A)
the aggregate principal amount of Revolving Loans outstanding after giving pro forma
effect to such Restricted Payment is less than $10,000,000, (B) no Event of Default
has occurred and is continuing, (C) (x) average daily Availability for the
consecutive ninety (90)-day period ending on the date such Restricted Payment is
made, (y) projected average daily Availability for the consecutive ninety (90)
day-period commencing on the date such Restricted Payment is made, and (z)
Availability at the time such Restricted Payment is made, in each case, after giving
pro forma effect thereto, is not less than the greater of (1) $24,000,000 and (2)
forty percent (40%) of the Aggregate Revolving Loan Commitment at such time, and
(iv) Agent shall have received a Covenant Certificate demonstrating that Fixed
Charge Coverage Ratio as of the last day of the consecutive twelve-fiscal month
period most recently ended prior to the date such Restricted Payment is made for
which financial statements have been delivered pursuant to Section 4.1(b), is not
less 1.20 to 1.00, then the amount of such Restricted Payment shall not be limited
and may exceed the $10,000,000 limitation set forth above.

     5.12 Change in Business. No Credit Party shall, and no Credit Party
shall permit any of its Subsidiaries to, engage in any line of business different
from those lines of business carried on by it on the date hereof or which are
similar, reasonably related, ancillary or complimentary thereto or are reasonable
extensions thereof. Holdings shall not engage in any business activities or own any
Property other than (i) ownership of the Stock and Stock Equivalents of Thermadyne
Holdings, (ii) activities and contractual rights incidental to the foregoing and
maintenance of its corporate existence and legal, tax and accounting matters in
connection with any other activity permitted hereunder, (iii) performance of its
obligations under the Related Agreements to which it is a party and

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(iv) activities in connection with non-consensual obligations and Liens permitted hereunder.

     5.13 Change in Structure. Except as expressly permitted under Section 5.3, no
Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, make any
material changes in its equity capital structure, issue any Stock or Stock Equivalents or
amend any of its Organization Documents, in each case, in a manner adverse to Agent or
Lenders in any material respect.

     5.14 Changes in Accounting, Name or Jurisdiction of Organization. No Credit Party
shall, and no Credit Party shall suffer or permit any of its consolidated Subsidiaries to, (i)
make any significant change in accounting treatment or reporting practices, except as required
by GAAP, (ii) change the Fiscal Year or method for determining Fiscal Quarters of any Credit
Party or of any consolidated Subsidiary of any Credit Party, (iii) in the case of a Credit
Party, (x) change its name as it appears in official filings in its jurisdiction of
organization, (y) change its jurisdiction of organization, or (z) change the type of its
organization, in the case of clauses (iii)(x) and (z), without at least ten (10) Business Days’
(or such shorter period as Agent may agree in its sole discretion) prior written notice to Agent
and the Credit Parties shall have taken such actions as are reasonably required to maintain
Agent’s Lien in the Collateral.

     5.15 Amendments to Related Agreements and Other Agreements.

          (a) No Credit Party shall and no Credit Party shall permit any of its Subsidiaries party to
any such agreement, to (i) amend, supplement, waive or otherwise modify any provision of, any
Related Agreement (other than the Senior Note Documents) in a manner adverse in any material
respect to Agent or Lenders or which would reasonably be expected to have a Material Adverse
Effect, or (ii) take or fail to take any action under any Related Agreement that would
reasonably be expected to have a Material Adverse Effect.

          (b) No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries
directly or indirectly to, change or amend the terms of any Senior Note Documents or any
Subordinated Indebtedness not subject to a subordination agreement, if the effect of such change
or amendment is to: (i) increase the interest rate on such Indebtedness by more than 200 basis
points per annum; (ii) shorten the dates upon which payments of principal or interest are due on
such Indebtedness; (iii) add or change in a manner materially adverse to the Credit Parties any
event of default or add or make materially more restrictive any covenant with respect to such
Indebtedness; (iv) change in a manner adverse to the Credit Parties the prepayment provisions of
such Indebtedness; (v) change the subordination provisions thereof (or the subordination terms
of any guaranty thereof), if any; or (vi) change or amend any other term thereof if such change
or amendment would materially increase the obligations of the Credit Parties or confer
additional material rights on the holder of such Indebtedness in a manner adverse to the Credit
Parties, Agent or Lenders.

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     5.16 No Further Negative Pledges.

          (a) No Credit Party shall, and no Credit Party shall permit any of its
Subsidiaries to, (i) directly or indirectly, create or otherwise cause or suffer to exist
or become effective any consensual restriction or encumbrance of any kind on the ability of any
Credit Party or Subsidiary to pay dividends or make any other distribution on any of such Credit
Party’s or Subsidiary’s Stock or Stock Equivalents or to pay fees, including management fees, or
make other payments and distributions to a Borrower or any other Credit Party or (ii) directly
or indirectly, enter into, assume or become subject to any Contractual Obligation prohibiting or
otherwise restricting the existence of any Lien upon any of the Credit Parties’ assets in favor
of Agent to secure the Obligations, whether now owned or hereafter acquired except, in each case
of (i) and (ii) above, for such restrictions and encumbrances existing under or by reason of (1)
applicable Requirements of Law; (2) this Agreement, the other Loan Documents and any instrument
governing Indebtedness permitted under Section 5.5(f); (3) customary provisions
restricting subletting or assignment of any lease governing a leasehold interest of a Credit
Party; (4) customary provisions restricting assignment of any agreement entered into by a Credit
Party in the Ordinary Course of Business; (5) any holder of a Lien permitted by Sections
5.1(a), (c), (d), (e), (f), (g), (l),
(m), (n), (o) and (q) restricting the transfer of the property
subject thereto; (6) customary restrictions and conditions contained in any agreement relating
to the sale of any property permitted under Section 5.4 pending the consummation of such sale;
(7) any agreement in effect at the time such Credit Party becomes a Credit Party, so long as
such agreement was not entered into in connection with or in contemplation of such person
becoming a Credit Party and not pertaining to Accounts, Inventory or depository accounts; (8)
without affecting the Credit Parties’ obligations under Section 4.13, customary
provisions in partnership agreements, limited liability company organizational governance
documents, asset sale and stock sale agreements and other similar agreements entered into in the
Ordinary Course of Business that restrict the transfer of ownership interests in such
partnership, limited liability company or similar person; (9) restrictions on cash or other
deposits or net worth imposed by suppliers or landlords under contracts entered into in the
Ordinary Course of Business; (10) any instrument governing Indebtedness assumed in connection
with any Permitted Acquisition, which encumbrance or restriction is not applicable to any
Person, or the properties or assets of any Person, other than the Person or the properties or
assets of the Person so acquired and not pertaining to Accounts, Inventory or depository
accounts; (11) restrictions pursuant to any joint venture agreement or stockholders agreements
solely to the extent of the Stock of or property held in the subject joint venture; (12) any
instruments governing Indebtedness of any Subsidiary of Holdings that is not a Credit Party;
provided, that such instruments do not limit any Credit Party with respect to any action
described in clauses (i) and (ii) above by such Credit Party; or (13) any encumbrances or
restrictions imposed by any amendments or refinancings that are otherwise permitted by the Loan
Documents of the contracts, instruments or obligations referred to in clause (3), (8) or (12)
above; provided that such amendments or refinancings are no more materially restrictive with
respect to such encumbrances and restrictions than those prior to such amendment or refinancing.

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          (b) No Credit Party shall issue any Stock or Stock
Equivalents (i) if such issuance would result in an Event of Default under
subsection 7.1(k) and (ii) unless such Stock and Stock Equivalents (other than the
Stock and Stock Equivalents of Holdings) are pledged to Agent, for the benefit of
the Secured Parties, as security for the Obligations, on substantially the same
terms and conditions as the Stock and Stock Equivalents of the Credit Parties are
pledged to Agent as of the Effective Date.

     5.17 OFAC; Patriot Act. No Credit Party shall fail to comply in any
material respects with the laws, regulations and executive orders referred to in
Sections 3.30 and 3.31.

     5.18 Sale-Leasebacks. No Credit Party shall engage in a sale
leaseback, synthetic lease or similar transaction involving any of its assets (a
“Sale-Lease Back Transaction”) unless (i) the sale of such Property is permitted by
Section 5.2(b) and (ii) any Liens arising in connection with its use of such
Property are permitted by Section 5.1.

     5.19 Hazardous Materials. Except as could not reasonably be expected to
result in Material Environmental Liabilities, no Credit Party shall, and no Credit
Party shall permit any of its Subsidiaries to, cause or suffer to exist any Release
of any Hazardous Material at, to or from any Real Estate that would violate any
Environmental Law, form the basis for any Environmental Liabilities or otherwise
adversely affect the value or marketability of any Real Estate (whether or not owned
by any Credit Party or any Subsidiary of any Credit Party).

     5.20 Prepayments of Other Indebtedness. No Credit Party shall, directly
or indirectly, voluntarily purchase, redeem, defease or prepay any principal of,
premium, if any, interest or other amount payable in respect of any Indebtedness
prior to its scheduled due date or maturity, other than (a) the Obligations, (b)
Indebtedness secured by a Permitted Lien if the asset securing such Indebtedness has
been sold or otherwise disposed of in a transaction permitted hereunder, (c) with
proceeds of any Permitted Refinancing of Indebtedness permitted under Section
5.5, (d) prepayments of other Indebtedness (excluding Subordinated Indebtedness)
so long as (i) the principal amounts prepaid do not exceed $25,000,000 in the
aggregate for any consecutive twelve-fiscal month period, (ii) no Event of Default
has occurred and is continuing, (iii) (x) average daily Availability for the
consecutive ninety (90)-day period ending on the date such prepayment is made, (y)
projected average daily Availability for the consecutive ninety (90) day-period
commencing on the date such prepayment is made, and (z) Availability at the time
such prepayment is made, in each case, after giving pro forma effect to such
prepayment, is not less than the greater of (1) $15,000,000 and (2) twenty-five
percent (25%) of the Aggregate Revolving Loan Commitment at such time, and (iv)
Agent shall have received a Covenant Certificate demonstrating that Fixed Charge
Coverage Ratio as of the last day of the
consecutive twelve-fiscal month period most recently ended prior to the date
such repayment is made for which financial statements have been delivered pursuant
to Section 4.1(b) is not less than 1.20 to 1.00; provided, further, that if
(i) the aggregate principal amount of Revolving Loans outstanding after giving pro
forma effect to such prepayment is less than $10,000,000, (ii) no Event of Default
has occurred and is

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continuing, (iii) (x) average daily Availability for the consecutive ninety
(90)-day period ending on the date such prepayment is made, (y) projected average
daily Availability for the consecutive ninety (90) day-period commencing on the date
such prepayment is made, and (z) Availability at the time such prepayment is made,
in each case, after giving pro forma effect to such prepayment, is not less than the
greater of (1) $24,000,000 and (2) forty percent (40%) of the Aggregate Revolving
Loan Commitment at such time, and (iv) Agent shall have received a Covenant
Certificate demonstrating that Fixed Charge Coverage Ratio as of the last day of the
consecutive twelve-fiscal month period most recently ended prior to the date such
repayment is made for which financial statements have been delivered pursuant to
Section 4.1(b) is not less than 1.20 to 1.00, then the amount of any such prepayment
(including with respect to Subordinated Debt) shall not be limited and may exceed
the $25,000,000 limitation set forth above, and (e) prepayment of intercompany
Indebtedness to Credit Parties.

ARTICLE VI.

FINANCIAL COVENANT

     Each Credit Party covenants and agrees that, so long as any Lender shall have
any Commitment hereunder, or any Loan or other Obligation (other than contingent
indemnification Obligations to the extent no claim giving rise thereto has been
asserted) shall remain unpaid or unsatisfied:

     6.1 Fixed Charge Coverage Ratio. With respect to any date on which
Availability is less than the Availability Threshold, the Fixed Charge Coverage
Ratio for the four-Fiscal Quarter period ending on the last day of the most recently
ended Fiscal Quarter for which financial statements have been delivered pursuant to
subsection 4.1(b) shall not be less than 1.10 to 1.00. “Fixed Charge Coverage Ratio”
shall be calculated in the manner set forth in Exhibit 4.2(b).

ARTICLE VII.

EVENTS OF DEFAULT

     7.1 Events of Default. Any of the following shall constitute an
“Event of Default”:

          (a) Non-Payment. Any Credit Party fails (i) to pay when and as
required to be paid herein, any amount of principal of, or interest on, any Loan,
including after maturity of the Loans, or to pay any L/C Reimbursement Obligation or
(ii) to pay within five (5) Business Days after the same shall become due, any fee
or any other amount payable hereunder or pursuant to any other Loan Document;

          (b) Representation or Warranty. (i) Any representation, warranty or
certification by or on behalf of any Credit Party made or deemed made herein, in any
other Loan Document, or which is contained in any certificate, document or financial
or other statement by any such Person, or their respective Responsible Officers,
furnished at any time under this Agreement, or in or under any other Loan Document,
shall prove to have been incorrect in any material respect (without duplication of
other materiality

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qualifiers contained therein) on or as of the date made or deemed made or
(ii) any information contained in any Borrowing Base Certificate is untrue or
incorrect in any respect (other than (A) inadvertent errors not resulting in
overstating the Borrowing Base set forth therein by an amount in excess of $500,000
in the aggregate in any Borrowing Base Certificate, (B) errors understating the
Borrowing Base and (C) errors occurring when Availability continues to exceed the
Availability Threshold after giving effect to the correction of such errors);

          (c) Specific Defaults. Any Credit Party fails to perform or observe
any term, covenant or agreement contained in any of subsection 4.2(a),
4.2(b), 4.2(d), 4.3(a) or 9.10(d), Section
4.6, 4.9, 4.10 or 4.11 or Article V or
VI;

          (d) Other Defaults. Any Credit Party fails to perform or observe (i)
any term, covenant or agreement contained in Section 4.1 and such default
shall continue unremedied for a period of three (3) days after the occurrence
thereof or (ii) any other term, covenant or agreement contained in this Agreement or
any other Loan Document, and such default shall continue unremedied for a period of
thirty (30) days after the earlier to occur of (x) the date upon which a Responsible
Officer of any Credit Party becomes aware of such default and (y) the date upon
which written notice thereof is given to the Borrower Representative by Agent or
Required Lenders;

          (e) Cross-Default. Any Credit Party (i) fails to make any payment of
principal or interest in respect of any Indebtedness (other than the
Obligations and Indebtedness owing by any Credit Party to any other Credit
Party) having an aggregate principal amount (including amounts owing to all
creditors under any combined or syndicated credit arrangement) of more than $500,000
when due (whether by scheduled maturity, required prepayment, acceleration, demand,
or otherwise) and such failure continues after the applicable grace or notice
period, if any, specified in the document relating thereto; or (ii) fails to perform
or observe any other condition or covenant, or any other event shall occur or
condition exist, under any agreement or instrument relating to any such Indebtedness
(other than Indebtedness owing by one Credit Party to another Credit Party permitted
hereunder or earnouts permitted hereunder), if the effect of such failure, event or
condition is to cause, or to permit the holder or holders of such Indebtedness (or a
trustee or agent on behalf of such holder or holders of such Indebtedness) to cause
such Indebtedness to be declared to be due and payable prior to its stated maturity
(without regard to any subordination terms with respect thereto), or such Contingent
Obligation to become payable or cash collateral in respect thereof to be demanded;

          (f) Insolvency; Voluntary Proceedings. Any Credit Party: (i) generally
fails to pay, or admits in writing its inability to pay, its debts as they become
due, subject to applicable grace periods, if any, whether at stated maturity or
otherwise; (ii) makes an assignment for the benefit of creditors; (iii) commences
any Insolvency Proceeding with respect to itself; or (iv) takes any action to
effectuate or authorize any of the actions set forth in clause (iii) above;

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          (g) Involuntary Proceedings. (i) Any involuntary Insolvency
Proceeding is commenced or filed against any Credit Party, or any writ, judgment,
warrant of attachment, execution or similar process, is issued or levied against a
substantial part of such Person’s Property and any such proceeding or petition shall
not be dismissed, or such writ, judgment, warrant of attachment, execution or
similar process shall not be released, vacated or fully bonded within sixty (60)
days after commencement, filing or levy; (ii) any Credit Party admits the material
allegations of a petition against it in any Insolvency Proceeding, or an order for
relief (or similar order under non-U.S. law) is ordered in any Insolvency
Proceeding; or (iii) any Credit Party acquiesces in the appointment of a receiver,
trustee, custodian, controller, manager, conservator, liquidator, mortgagee in
possession (or agent therefor), administrator, administrative receiver, or other
similar Person for itself or a substantial portion of its Property or business;

          (h) Monetary Judgments. One or more judgments, non-interlocutory
orders, decrees or arbitration awards shall be entered against any
one or more of the Credit Parties involving in the aggregate a liability of
$5,000,000 or more (excluding amounts covered by insurance to the extent the
relevant independent third party insurer has not denied coverage therefor), and the
same shall remain unsatisfied, unvacated and unstayed pending appeal for a period of
thirty (30) consecutive days after the entry thereof;

          (i) Non-Monetary Judgments. One or more non-monetary judgments, orders
or decrees shall be rendered against any one or more of the Credit Parties or any of
their respective Subsidiaries which has or would reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Effect, and there shall
be any period of sixty (60) consecutive days during which a stay of enforcement of
such judgment or order, by reason of a pending appeal or otherwise, shall not be in
effect;

          (j) Collateral. Any material provision of any Loan Document shall for
any reason cease to be valid and binding on or enforceable against any Credit Party
party thereto or any Credit Party shall so state in writing or bring an action to
limit its obligations or liabilities thereunder; or other than with respect to any
non-material Collateral, any Collateral Document shall for any reason (other than
pursuant to the terms thereof) cease to create a valid security interest in the
Collateral purported to be covered thereby or such security interest shall for any
reason cease to be a perfected and first priority security interest subject only to
Permitted Liens; or

          (k) Ownership. (i) Sponsor at any time fails to own beneficially,
directly or indirectly, at least fifty-one percent (51%) of the issued and
outstanding voting Stock of Holdings or, in any event, Stock representing voting
control of the Borrowers; or (ii) Holdings ceases to own directly or indirectly one
hundred percent (100%) of the issued and outstanding Stock and Stock Equivalents of
the Credit Parties, in each instance in clauses (i), and (ii), free
and clear of all Liens, rights, options, warrants or other similar agreements or
understandings, other than Liens in favor of Agent, for the benefit of the Secured
Parties; or (iv) “Change of Control” (as defined in the Indenture shall occur.

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     7.2 Remedies. Upon the occurrence and during the continuance of any Event of
Default, Agent may, and shall at the request of the Required Lenders:

          (a) declare all or any portion of the Commitment of each Lender to make Loans or of the L/C
Issuer to issue Letters of Credit to be suspended or terminated, whereupon such Commitments
shall forthwith be suspended or terminated;

          (b) declare all or any portion of the unpaid principal amount of all
outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or
payable hereunder or under any other Loan Document to be immediately due and payable; without
presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived by each Credit Party; and/or

          (c) exercise on behalf of itself and the Lenders all rights and remedies available to it
and the Lenders under the Loan Documents or applicable law;

provided, however, that upon the occurrence of any event specified in subsection 7.1(f)
or 7.1(g) above (in the case of clause (i) of subsection 7.1(g) upon the
expiration of the sixty (60) day period mentioned therein), the obligation of each Lender to
make Loans and the obligation of the L/C Issuer to issue Letters of Credit shall automatically
terminate and the unpaid principal amount of all outstanding Loans and all interest and other
amounts as aforesaid shall automatically become due and payable without further act of Agent,
any Lender or the L/C Issuer.

     7.3 Rights Not Exclusive. The rights provided for in this Agreement and the other
Loan Documents are cumulative and are not exclusive of any other rights, powers, privileges or
remedies provided by law or in equity, or under any other instrument, document or agreement now
existing or hereafter arising.

     7.4 Cash Collateral for Letters of Credit. If an Event of Default has occurred and
is continuing, if this Agreement (or the Revolving Loan Commitment) shall be terminated in
accordance with the terms hereof or if otherwise required by the terms hereof, Agent may, and
upon request of Required Lenders, shall, demand (which demand shall be deemed to have been
delivered automatically upon any acceleration of the Loans and other obligations hereunder
pursuant to Section 7.2), and the Borrowers shall thereupon deliver to Agent, to be held
for the benefit of the L/C Issuer, Agent and the Lenders entitled thereto, an amount of cash
equal to 105% of the amount of L/C Reimbursement Obligations as additional collateral security
for Obligations. Agent may at any time apply any or all of such cash and cash collateral to the
payment of any or all of the Credit Parties’ Obligations. The remaining balance of the cash
collateral will be returned to the Borrowers when all Letters of Credit have been terminated or
discharged, all Commitments have been terminated and all Obligations have been paid in full in
cash.

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ARTICLE VIII.

THE AGENT

     8.1 Appointment and Duties.

          (a) Appointment of Agent. Each Lender and each L/C Issuer hereby
appoints GE Capital (together with any successor Agent pursuant to Section 8.9) as
Agent hereunder and authorizes Agent to (i)
execute and deliver the Loan Documents and accept delivery thereof on its
behalf from any Credit Party, (ii) take such action on its behalf and to exercise
all rights, powers and remedies and perform the duties as are expressly delegated to
Agent under such Loan Documents and (iii) exercise such powers as are incidental
thereto.

          (b) Duties as Collateral and Disbursing Agent. Without limiting the
generality of clause (a) above, Agent shall have the sole and exclusive
right and authority (to the exclusion of the Lenders and L/C Issuers), and is hereby
authorized, to (i) act as the disbursing and collecting agent for the Lenders and
the L/C Issuers with respect to all payments and collections arising in connection
with the Loan Documents (including in any proceeding described in subsection
7.1(g) or any other bankruptcy, insolvency or similar proceeding), and each
Person making any payment in connection with any Loan Document to any Secured Party
is hereby authorized to make such payment to Agent, (ii) file and prove claims and
file other documents necessary or desirable to allow the claims of the Secured
Parties with respect to any Obligation in any proceeding described in subsection
7.1(f) or (g) or any other bankruptcy, insolvency or similar proceeding (but not
to vote, consent or otherwise act on behalf of such Person), (iii) act as collateral
agent for each Secured Party for purposes of the perfection of all Liens created by
such agreements and all other purposes stated therein, (iv) manage, supervise and
otherwise deal with the Collateral, (v) take such other action as is necessary or
desirable to maintain the perfection and priority of the Liens created or purported
to be created by the Loan Documents, (vi) except as may be otherwise specified in
any Loan Document, exercise all remedies given to Agent and the other Secured
Parties with respect to the Collateral, whether under the Loan Documents, applicable
Requirements of Law or otherwise and (vii) execute any amendment, consent or waiver
under the Loan Documents on behalf of any Lender that has consented in writing to
such amendment, consent or waiver; provided, however, that Agent hereby appoints,
authorizes and directs each Lender and L/C Issuer to act as collateral sub-agent for
Agent, the Lenders and the L/C Issuers for purposes of the perfection of Liens with
respect to any deposit account maintained by a Credit Party with, and cash and Cash
Equivalents held by, such Lender or L/C Issuer, and may further authorize and direct
the Lenders and the L/C Issuers to take further actions as collateral sub-agents for
purposes of enforcing such Liens or otherwise to transfer the Collateral subject
thereto to Agent, and each Lender and L/C Issuer hereby agrees to take such further
actions to the extent, and only to the extent, so authorized and directed.

          (c) Limited Duties. Under the Loan Documents, Agent (i) is acting
solely on behalf of the Secured Parties (except to the limited extent provided in
subsection 1.4(b) with respect to the Register), with duties that are
entirely administrative in nature, notwithstanding the use of the defined term
“Agent”, the terms “agent”,

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“Agent” and “collateral agent” and similar terms in any Loan Document to refer to
Agent, which terms are used for title purposes only, (ii) is not assuming any
obligation under any Loan Document other than as expressly set forth therein or any
role as agent, fiduciary or trustee of or for any Lender, L/C Issuer or any other
Person and (iii) shall have no implied functions, responsibilities, duties,
obligations or other liabilities under any Loan Document, and each Secured Party, by
accepting the benefits of the Loan Documents, hereby waives and agrees not to assert
any claim against Agent based on the roles, duties and legal relationships expressly
disclaimed in clauses (i) through (iii) above.

     8.2 Binding Effect. Each Secured Party, by accepting the benefits of
the Loan Documents, agrees that (i) any action taken by Agent or the Required
Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in
accordance with the provisions of the Loan Documents, (ii) any action taken by Agent
in reliance upon the instructions of Required Lenders (or, where so required, such
greater proportion) and (iii) the exercise by Agent or the Required Lenders (or,
where so required, such greater proportion) of the powers set forth herein or
therein, together with such other powers as are incidental thereto, shall be
authorized and binding upon all of the Secured Parties.

     8.3 Use of Discretion.

          (a) Agent shall not have any duty to take any discretionary action or exercise
any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that Agent is required to
exercise as directed in writing by the Required Lenders (or such other number or
percentage of the Lenders as shall be expressly provided for herein or in the other
Loan Documents); provided, that Agent shall not be required to take any action that,
in its opinion or the opinion of its counsel, may expose Agent to liability or that
is contrary to any Loan Document or applicable Requirement of Law; and

          (b) Agent shall not, except as expressly set forth herein and in the other Loan
Documents, have any duty to disclose, and shall not be liable for the failure to
disclose, any information relating to any Credit Party or its Affiliates that is
communicated to or obtained by Agent or any of its Affiliates in any capacity.

          (c) Notwithstanding anything to the contrary contained herein or in any other
Loan Document, the authority to enforce rights and remedies hereunder and under the
other Loan Documents against the Credit Parties or any of them shall be vested
exclusively in, and all actions and
proceedings at law in connection with such enforcement shall be instituted and
maintained exclusively by, the Agent in accordance with the Loan Documents for the
benefit of all the Lenders and the L/C Issuer; provided that the foregoing shall not
prohibit (i) the Agent from exercising on its own behalf the rights and remedies
that inure to its benefit (solely in its capacity as Agent) hereunder and under the
other Loan Documents, (ii) each of the L/C Issuer and the Swingline Lender from
exercising the rights and remedies that inure to its benefit (solely in its capacity
as L/C Issuer or Swingline Lender, as the case may be) hereunder and under the other
Loan Documents, (iii) any Lender from exercising setoff rights in accordance
with Section 9.11

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or (iv) any Lender from filing proofs of claim or appearing and filing
pleadings on its own behalf during the pendency of a proceeding relative to any
Credit Party under any bankruptcy or other debtor relief law; and provided further
that if at any time there is no Person acting as Agent hereunder and under the other
Loan Documents, then (A) the Required Lenders shall have the rights otherwise
ascribed to the Agent pursuant to Section 7.2 and (B) in addition to the
matters set forth in clauses (ii),  (iii) and  (iv) of the preceding proviso and
subject to Section 9.11, any Lender may, with the consent of the Required
Lenders, enforce any rights and remedies available to it and as authorized by the
Required Lenders.

     8.4 Delegation of Rights and Duties. Agent may, upon any term or
condition it specifies, delegate or exercise any of its rights, powers and remedies
under, and delegate or perform any of its duties or any other action with respect
to, any Loan Document by or through any trustee, co-agent, employee,
attorney-in-fact and any other Person (including any Secured Party). Any such Person
shall benefit from this Article VIII to the extent provided by Agent.

     8.5 Reliance and Liability.

          (a) Agent may, without incurring any liability hereunder, (i) treat the payee
of any Note as its holder until such Note has been assigned in accordance with
Section 9.9, (ii) rely on the Register to the extent set forth in
Section 1.4, (iii) consult with any of its Related Persons and, whether or
not selected by it, any other advisors, accountants and other experts (including
advisors to, and accountants and experts engaged by, any Credit Party) and (iv) rely
and act upon any document and information (including those transmitted by Electronic
Transmission) and any telephone message or conversation, in each case believed by it
to be genuine and transmitted, signed or otherwise authenticated by the appropriate
parties.

          (b) None of Agent and its Related Persons shall be liable for any action taken
or omitted to be taken by any of them under or in connection with any Loan Document,
and each Secured Party, Holdings, each Borrower and each other Credit Party hereby
waive and shall not assert (and each of Holdings and the Borrowers shall cause each
other Credit Party to waive and agree not to assert) any right, claim or cause of
action based thereon, except to the extent of liabilities resulting primarily from
the gross negligence or willful misconduct of Agent or, as the case may be, such
Related Person (each as determined in a final, non-appealable judgment by a court of
competent jurisdiction) in connection with the duties expressly set forth herein.
Without limiting the foregoing, Agent:

               (i) shall not be responsible or otherwise incur liability for any action or
omission taken in reliance upon the instructions of the Required Lenders or for the
actions or omissions of any of its Related Persons selected with reasonable care
(other than employees, officers and directors of Agent, when acting on behalf of
Agent);

               (ii) shall not be responsible to any Lender, L/C Issuer or other Person for the
due execution, legality, validity, enforceability, effectiveness, genuineness,

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sufficiency or value of, or the attachment, perfection or priority of any Lien
created or purported to be created under or in connection with, any Loan Document;

               (iii) makes no warranty or representation, and shall not be responsible, to any
Lender, L/C Issuer or other Person for any statement, document, information,
representation or warranty made or furnished by or on behalf of any Credit Party or
any Related Person of any Credit Party in connection with any Loan Document or any
transaction contemplated therein or any other document or information with respect
to any Credit Party, whether or not transmitted or (except for documents expressly
required under any Loan Document to be transmitted to the Lenders) omitted to be
transmitted by Agent, including as to completeness, accuracy, scope or adequacy
thereof, or for the scope, nature or results of any due diligence performed by Agent
in connection with the Loan Documents; and

               (iv) shall not have any duty to ascertain or to inquire as to the performance
or observance of any provision of any Loan Document, whether any condition set forth
in any Loan Document is satisfied or waived, as to the financial condition of any
Credit Party or as to the existence or continuation or possible occurrence or
continuation of any Default or Event of
Default and shall not be deemed to have notice or knowledge of such occurrence
or continuation unless it has received a notice from the Borrower Representative,
any Lender or L/C Issuer describing such Default or Event of Default clearly labeled
“notice of default” (in which case Agent shall promptly give notice of such receipt
to all Lenders);

and, for each of the items set forth in clauses (i) through (iv)
above, each Lender, L/C Issuer, Holdings and each Borrower hereby waives and agrees
not to assert (and each of Holdings and each Borrower shall cause each other Credit
Party to waive and agree not to assert) any right, claim or cause of action it might
have against Agent based thereon.

          (c) Each Lender and L/C Issuer (i) acknowledges that it has performed and will
continue to perform its own diligence and has made and will continue to make its own
independent investigation of the operations, financial conditions and affairs of the
Credit Parties and (ii) agrees that is shall not rely on any audit or other report
provided by Agent or its Related Persons (an “Agent Report”). Each Lender and L/C
Issuer further acknowledges that any Agent Report (i) is provided to the Lenders and
L/C Issuers solely as a courtesy, without consideration, and based upon the
understanding that such Lender or L/C Issuer will not rely on such Agent Report,
(ii) was prepared by Agent or its Related Persons based upon information provided by
the Credit Parties solely for Agent’s own internal use, (iii) may not be complete
and may not reflect all information and findings obtained by Agent or its Related
Persons regarding the operations and condition of the Credit Parties. Neither Agent
nor any of its Related Persons makes any representations or warranties of any kind
with respect to (i) any existing or proposed financing, (ii) the accuracy or
completeness of the information contained in any Agent Report or in any related
documentation, (iii) the scope or adequacy of Agent’s and its Related Persons’ due
diligence, or the presence or absence of any errors or omissions contained in any
Agent Report or in any related documentation, and (iv) any work

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performed by Agent or Agent’s Related Persons in connection with or using any
Agent Report or any related documentation.

          (d) Neither Agent nor any of its Related Persons shall have any duties or
obligations in connection with or as a result of any Lender or L/C Issuer receiving
a copy of any Agent Report. Without limiting the generality of the forgoing, neither
Agent nor any of its Related Persons shall have any responsibility for the accuracy
or completeness of any Agent Report, or the appropriateness of any Agent Report for
any Lender’s or L/C Issuer’s purposes, and shall have no duty or responsibility to
correct or update any Agent Report or disclose to any Lender or L/C Issuer any other information not
embodied in any Agent Report, including any supplemental information obtained after
the date of any Agent Report. Each Lender and L/C Issuer releases, and agrees that
it will not assert, any claim against Agent or its Related Persons that in any way
relates to any Agent Report or arises out of any Lender or L/C Issuer having access
to any Agent Report or any discussion of its contents, and agrees to indemnify and
hold harmless Agent and its Related Persons from all claims, liabilities and
expenses relating to a breach by any Lender or L/C Issuer arising out of such
Lender’s or L/C Issuer’s access to any Agent Report or any discussion of its
contents.

     8.6 Agent Individually. Agent and its Affiliates may make loans and
other extensions of credit to, acquire Stock and Stock Equivalents of, engage in any
kind of business with, any Credit Party or Affiliate thereof as though it were not
acting as Agent and may receive separate fees and other payments therefor. To the
extent Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender
hereunder, it shall have and may exercise the same rights and powers hereunder and
shall be subject to the same obligations and liabilities as any other Lender and the
terms “Lender”, “Revolving Lender”, “Required Lender” and any similar terms shall,
except where otherwise expressly provided in any Loan Document, include, without
limitation, Agent or such Affiliate, as the case may be, in its individual capacity
as Lender, Revolving Lender or as one of the Required Lenders or Required Lenders,
respectively.

     8.7 Lender Credit Decision.

          (a) Each Lender and each L/C Issuer acknowledges that it shall, independently
and without reliance upon Agent, any Lender or L/C Issuer or any of their Related
Persons or upon any document (including any offering and disclosure materials in
connection with the syndication of the Loans) solely or in part because such
document was transmitted by Agent or any of its Related Persons, conduct its own
independent investigation of the financial condition and affairs of each Credit
Party and make and continue to make its own credit decisions in connection with
entering into, and taking or not taking any action under, any Loan Document or with
respect to any transaction contemplated in any Loan Document, in each case based on
such documents and information as it shall deem appropriate. Except for documents
expressly required by any Loan Document to be transmitted by Agent to the Lenders or
L/C Issuers, Agent shall not have any duty or responsibility to provide any Lender
or L/C Issuer with any credit or other information concerning the business,
prospects, operations, property, financial and other condition or creditworthiness
of any Credit Party or any Affiliate of

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any Credit Party that may come in to the possession of Agent or any of its
Related Persons.

          (b) If any Lender or L/C Issuer has elected to abstain from receiving MNPI
concerning the Credit Parties or their Affiliates, such Lender or L/C Issuer
acknowledges that, notwithstanding such election, Agent and/or the Credit Parties
will, from time to time, make available syndicate-information (which may contain
MNPI) as required by the terms of, or in the course of administering the Loans to
the credit contact(s) identified for receipt of such information on the Lender’s
administrative questionnaire who are able to receive and use all syndicate-level
information (which may contain MNPI) in accordance with such Lender’s compliance
policies and contractual obligations and applicable law, including federal and state
securities laws; provided, that if such contact is not so identified in such
questionnaire, the relevant Lender or L/C Issuer hereby agrees to promptly (and in
any event within one (1) Business Day) provide such a contact to Agent and the
Credit Parties upon request therefor by Agent or the Credit Parties. Notwithstanding
such Lender’s or L/C Issuer’s election to abstain from receiving MNPI, such Lender
or L/C Issuer acknowledges that if such Lender or L/C Issuer chooses to communicate
with Agent, it assumes the risk of receiving MNPI concerning the Credit Parties or
their Affiliates.

     8.8 Expenses; Indemnities; Withholding.

          (a) Each Lender agrees to reimburse Agent and each of its Related Persons (to
the extent not reimbursed by any Credit Party) promptly upon demand, severally and
ratably, for any costs and expenses (including fees, charges and disbursements of
financial, legal and other advisors and Other Taxes paid in the name of, or on
behalf of, any Credit Party) that may be incurred by Agent or any of its Related
Persons in connection with the preparation, syndication, execution, delivery,
administration, modification, consent, waiver or enforcement (whether through
negotiations, through any work-out, bankruptcy, restructuring or other legal or
other proceeding or otherwise) of, or legal advice in respect of its rights or
responsibilities under, any Loan Document.

          (b) Each Lender further agrees to indemnify Agent and each of its Related
Persons (to the extent not reimbursed by any Credit Party), severally and ratably,
from and against Liabilities (including, to the extent not indemnified pursuant to
Section 8.8(c), taxes, interests and penalties imposed for not properly
withholding or backup withholding on payments made to or for the account of any
Lender) that may be imposed on, incurred by or asserted against Agent or any of its
Related Persons in any matter relating to or arising out of, in connection with or
as a result of any Loan Document, any Related Document or any other act, event or
transaction related, contemplated in or attendant to any such document, or, in each
case, any action taken or omitted to be taken by Agent or any of its Related Persons
under or with respect to any of the foregoing; provided, however, that no Lender shall be liable to Agent or
any of its Related Persons to the extent such liability has resulted primarily from
the gross negligence or willful misconduct of Agent or, as the case may be, such
Related Person, as

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determined by a court of competent jurisdiction in a final non-appealable
judgment or order.

          (c) To the extent required by any applicable law, Agent may withhold from any
payment to any Lender under a Loan Document an amount equal to any applicable
withholding tax. If the Internal Revenue Service or any other Governmental Authority
asserts a claim that Agent did not properly withhold tax from amounts paid to or for
the account of any Lender (because the appropriate certification form was not
delivered, was not properly executed, or fails to establish an exemption from, or
reduction of, withholding tax with respect to a particular type of payment, or
because such Lender failed to notify Agent or any other Person of a change in
circumstances which rendered the exemption from, or reduction of, withholding tax
ineffective, or for any other reason), or Agent reasonably determines that it was
required to withhold taxes from a prior payment but failed to do so, such Lender
shall promptly indemnify Agent fully for all amounts paid, directly or indirectly,
by such Agent as tax or otherwise, including penalties and interest, and together
with all expenses incurred by Agent, including legal expenses, allocated internal
costs and out-of-pocket expenses. Agent may offset against any payment to any Lender
under a Loan Document, any applicable withholding tax that was required to be
withheld from any prior payment to such Lender but which was not so withheld, as
well as any other amounts for which Agent is entitled to indemnification from such
Lender under this Section 8.8(c).

     8.9 Resignation of Agent or L/C Issuer.

          (a) Agent may resign at any time by delivering notice of such resignation to
the Lenders and the Borrower Representative, effective on the date set forth in such
notice or, if no such date is set forth therein, upon the date such notice shall be
effective in accordance with the terms of this Section 8.9. If Agent
delivers any such notice, the Required Lenders shall have the right to appoint a
successor Agent. If, within 30 days after the retiring Agent having given notice of
resignation, no successor Agent has been appointed by the Required Lenders that has
accepted such appointment, then the retiring Agent may, on behalf of the Lenders,
appoint a successor Agent from among the Lenders. Each appointment under this
clause (a) shall be subject to the prior consent of the Borrowers, which may
not be unreasonably withheld but shall not be required during the continuance of an Event of Default.

          (b) Effective immediately upon its resignation, (i) the retiring Agent shall be
discharged from its duties and obligations under the Loan Documents, (ii) the
Lenders shall assume and perform all of the duties of Agent until a successor Agent
shall have accepted a valid appointment hereunder, (iii) the retiring Agent and its
Related Persons shall no longer have the benefit of any provision of any Loan
Document other than with respect to any actions taken or omitted to be taken while
such retiring Agent was, or because such Agent had been, validly acting as Agent
under the Loan Documents and (iv) subject to its rights under Section 8.3,
the retiring Agent shall take such action as may be reasonably necessary to assign
to the successor Agent its rights as Agent under the Loan Documents. Effective
immediately upon its acceptance of a valid appointment

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as Agent, a successor Agent shall succeed to, and become vested with, all the
rights, powers, privileges and duties of the retiring Agent under the Loan
Documents.

     8.10 Release of Collateral or Guarantors. Each Lender and L/C Issuer
hereby consents to the release and hereby directs Agent to release (or, in the case
of clause (b)(ii) below, release or subordinate) the following:

          (a) any Subsidiary of a Borrower from its guaranty of any Obligation if all of
the Stock and Stock Equivalents of such Subsidiary owned by any Credit Party are
sold or transferred in a transaction permitted under the Loan Documents (including
pursuant to a waiver or consent); and

          (b) any Lien held by Agent for the benefit of the Secured Parties against (i)
any Collateral that is sold, transferred, conveyed or otherwise disposed of by a
Credit Party in a transaction permitted by the Loan Documents (including pursuant to
a waiver or consent), (ii) any property subject to a Lien permitted hereunder in
reliance upon subsection 5.1(h) or 5.1(i) and (iii) all of the
Collateral and all Credit Parties, upon (A) termination of the Revolving Loan
Commitments, (B) payment and satisfaction in full of all Loans, all L/C
Reimbursement Obligations and all other Obligations under the Loan Documents and all
Obligations arising under Secured Rate Contracts, that Agent has theretofore been
notified in writing by the holder of such Obligation are then due and payable, (C)
deposit of cash collateral with respect to all contingent Obligations (or, as an
alternative to cash collateral in the case of any Letter of Credit Obligation,
receipt by Agent of a back-up letter of credit), in amounts and on terms and
conditions and with parties satisfactory to Agent and each Indemnitee that is, or
may be, owed such Obligations (excluding contingent Obligations (other than L/C Reimbursement Obligations) as
to which no claim has been asserted) and (D) to the extent requested by Agent,
receipt by Agent and the Secured Parties of liability releases from the Credit
Parties each in form and substance acceptable to Agent.

Each Lender and L/C Issuer hereby directs Agent, and Agent hereby agrees, upon
receipt of at least five (5) Business Days’ advance notice from the Borrower
Representative, to execute and deliver or file such documents and to perform other
actions reasonably necessary to release the guaranties and Liens when and as
directed in this Section 8.10.

     8.11 Additional Secured Parties. The benefit of the provisions of the
Loan Documents directly relating to the Collateral or any Lien granted thereunder
shall extend to and be available to any Secured Party that is not a Lender or L/C
Issuer party hereto as long as, by accepting such benefits, such Secured Party
agrees, as among Agent and all other Secured Parties, that such Secured Party is
bound by (and, if requested by Agent, shall confirm such agreement in a writing in
form and substance acceptable to Agent) this Article VIII and Sections
9.3, 9.9, 9.10, 9.11, 9.17, 9.24 and
10.1 (and, solely with respect to L/C Issuers, subsection 1.1(b))
and the decisions and actions of Agent and the Required Lenders (or, where expressly
required by the terms of this Agreement, a greater proportion of the Lenders or
other parties hereto as required herein) to the same extent a Lender is bound;
provided, however, that, notwithstanding the foregoing, (a) such Secured Party shall
be bound by Section 8.8 only to the extent of Liabilities, costs and

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expenses with respect to or otherwise relating to the Collateral held for the
benefit of such Secured Party, in which case the obligations of such Secured Party
thereunder shall not be limited by any concept of pro rata share or similar concept,
(b) each of Agent, the Lenders and the L/C Issuers party hereto shall be entitled to
act at its sole discretion, without regard to the interest of such Secured Party,
regardless of whether any Obligation to such Secured Party thereafter remains
outstanding, is deprived of the benefit of the Collateral, becomes unsecured or is
otherwise affected or put in jeopardy thereby, and without any duty or liability to
such Secured Party or any such Obligation and (c) except as otherwise set forth
herein, such Secured Party shall not have any right to be notified of, consent to,
direct, require or be heard with respect to, any action taken or omitted in respect
of the Collateral or under any Loan Document.

ARTICLE IX.

MISCELLANEOUS

     9.1 Amendments and Waivers.

          (a) No amendment or waiver of any provision of this Agreement or any other Loan
Document (other than the Fee Letter), and no consent with respect to any departure
by any Credit Party therefrom, shall be effective unless the same shall be in
writing and signed by the Required Lenders (or by Agent with the consent of the
Required Lenders), and the Borrowers (provided that the consent of Borrowers shall
not be required for an amendment or waiver of any provision of the Intercreditor
Agreement), and then such waiver shall be effective only in the specific instance
and for the specific purpose for which given; provided, however, that no such
waiver, amendment, or consent shall, unless in writing and signed by all the Lenders
directly affected thereby (or by Agent with the consent of all the Lenders directly
affected thereby), in addition to the Required Lenders (or by Agent with the consent
of the Required Lenders) and the Borrowers, do any of the following:

               (i) increase or extend the Commitment of any Lender (or reinstate any
Commitment terminated pursuant to subsection 7.2(a));

               (ii) postpone or delay any date fixed for, or reduce or waive, any scheduled
installment of principal or any payment of interest, fees or other amounts (other
than principal) due to the Lenders (or any of them) or L/C Issuer hereunder or under
any other Loan Document;

               (iii) reduce the principal of, or the rate of interest specified herein or the
amount of interest payable in cash specified herein on any Loan, or of any fees or
other amounts payable hereunder or under any other Loan Document, including L/C
Reimbursement Obligations;

               (iv) amend or modify subsection 1.10(c);

               (v) change the percentage of the Commitments or of the aggregate unpaid
principal amount of the Loans which shall be required for the Lenders or any of them
to take any action hereunder;

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               (vi) amend this Section 9.1 or the definition of Required
Lenders or any provision providing for consent or other action by all Lenders; or

               (vii) discharge any Credit Party from its respective payment Obligations under
the Loan Documents, or release all or substantially all of the Collateral, except as
otherwise may be provided in this Agreement or the other Loan Documents;

it being agreed that all Lenders shall be deemed to be directly affected by an
amendment or waiver of the type described in the preceding clauses (v),
(vi) and (vii).

          (b) No amendment, waiver or consent shall, unless in writing and signed by
Agent, the Swingline Lender or the L/C Issuer, as the case may be, in addition to
the Required Lenders or all Lenders directly affected thereby, as the case may be
(or by Agent with the consent of the Required Lenders or all the Lenders directly
affected thereby, as the case may be), affect the rights or duties of Agent, the
Swingline Lender or the L/C Issuer, as applicable, under this Agreement or any other
Loan Document. No amendment, modification or waiver of this Agreement or any Loan
Document altering the ratable treatment of Obligations arising under Secured Rate
Contracts resulting in such Obligations being junior in right of payment to
principal on the Loans or resulting in Obligations owing to any Secured Swap
Provider becoming unsecured (other than releases of Liens permitted in accordance
with the terms hereof), in each case in a manner adverse to any Secured Swap
Provider, shall be effective without the written consent of such Secured Swap
Provider or, in the case of a Secured Rate Contract provided or arranged by GE
Capital or an Affiliate of GE Capital, GE Capital.

          (c) Notwithstanding anything set forth herein to the contrary, a Non-Funding
Lender shall not have any voting or consent rights under or with respect to any Loan
Document or constitute a “Lender” or a “Revolving Lender” (or be, or have its Loans
and Commitments, included in the determination of “Required Lenders” or “Lenders
directly affected” pursuant to this Section 9.1) for any voting or consent
rights under or with respect to any Loan Document, except that a Non-Funding Lender
shall be treated as an “affected Lender” for purposes of Section 9.1(a)(i)
and 9.1(a)(iii) solely with respect to an increase in such Non-Funding
Lender’s Commitments, a reduction of the principal amount owed to such Non-Funding
Lender or, unless such Non-Funding Lender is treated the same as the other Lenders
holding Loans of the same type, a reduction in the interest rates applicable to the
Loans held by such Non-Funding Lender. Moreover, for the purposes of determining
Required Lenders, the Loans and Commitments held by Non-Funding Lenders shall be
excluded from the total Loans and Commitments outstanding.

          (d) Notwithstanding anything to the contrary contained in this Section
9.1, (x) Borrowers may amend Schedules 3.19 and 3.21 upon notice
to Agent, (y) Agent may amend Schedule 1.1(a) to reflect Sales entered into
pursuant to Section 9.9, and (z) Agent and Borrowers may amend or modify
this Agreement and any other Loan Document to (1) cure any ambiguity, omission,
defect or inconsistency therein, or (2) grant a new Lien for the benefit of the
Secured Parties, extend an existing Lien over

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additional property for the benefit of the Secured Parties or join additional
Persons as Credit Parties; provided that no Accounts or Inventory of such Person
shall be included as Eligible Accounts or Eligible Inventory until a field
examination (and, if required by Agent, an Inventory appraisal) with respect thereto
has been completed to the reasonable satisfaction of Agent, including the
establishment of Reserves required in Agent’s Permitted Discretion.

     9.2 Notices.

          (a) Addresses. All notices and other communications required or
expressly authorized to be made by this Agreement shall be given in writing, unless
otherwise expressly specified herein, and (i) addressed to the address set forth on
the applicable signature page hereto, (ii) posted to Intralinks ® (to the extent such
system is available and set up by or at the direction of Agent prior to posting) in
an appropriate location by uploading such notice, demand, request, direction or
other communication to www.intralinks.com, faxing it to 866-545-6600 with an
appropriate bar-code fax coversheet or using such other means of posting to
Intralinks ® as may be available and reasonably acceptable to Agent prior to such
posting, (iii) posted to any other E-System approved by or set up by or at the
direction of Agent or (iv) addressed to such other address as shall be notified in
writing (A) in the case of the Borrowers, Agent and the Swingline Lender, to the
other parties hereto and (B) in the case of all other parties, to the Borrower
Representative and Agent. Transmissions made by electronic mail or E-Fax to Agent
shall be effective only (x) for notices where such transmission is specifically
authorized by this Agreement, (y) if such transmission is delivered in compliance
with procedures of Agent applicable at the time and previously communicated to
Borrower Representative, and (z) if receipt of such transmission is acknowledged by
Agent.

          (b) Effectiveness. (i) All communications described in clause
(a) above and all other notices, demands, requests and other communications made
in connection with this Agreement shall be effective and be deemed to have been
received (i) if delivered by hand, upon personal delivery, (ii) if delivered by
overnight courier service, one (1) Business Day after delivery to such courier
service, (iii) if delivered by mail, three (3)
Business Days after deposit in the mail, (iv) if delivered by facsimile (other
than to post to an E-System pursuant to clause (a)(ii) or (a)(iii)
above), upon sender’s receipt of confirmation of proper transmission, and (v) if
delivered by posting to any E-System, on the later of the Business Day of such
posting and the Business Day access to such posting is given to the recipient
thereof in accordance with the standard procedures applicable to such E-System;
provided, however, that no communications to Agent pursuant to Article I shall be
effective until received by Agent.

               (ii) The posting, completion and/or submission by any Credit Party of any
communication pursuant to an E-System shall constitute a representation and warranty
by the Credit Parties that any representation, warranty, certification or other
similar statement required by the Loan Documents to be provided, given or made by a
Credit Party in connection with any such communication is true, correct and complete
except as expressly noted in such communication or E-System.

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          (c) Each Lender shall notify Agent in writing of any changes in the
address to which notices to such Lender should be directed, of addresses of its
Lending Office, of payment instructions in respect of all payments to be made to it
hereunder and of such other administrative information as Agent shall reasonably
request.

     9.3 Electronic Transmissions.

          (a) Authorization. Subject to the provisions of subsection
9.2(a), each of Agent, Lenders, each Credit Party and each of their Related
Persons, is authorized (but not required) to transmit, post or otherwise make or
communicate, in its sole discretion, Electronic Transmissions in connection with any
Loan Document and the transactions contemplated therein. Each Credit Party and each
Secured Party hereto acknowledges and agrees that the use of Electronic
Transmissions is not necessarily secure and that there are risks associated with
such use, including risks of interception, disclosure and abuse and each indicates
it assumes and accepts such risks by hereby authorizing the transmission of
Electronic Transmissions.

          (b) Signatures. Subject to the provisions of subsection 9.2(a),
(i)(A) no posting to any E-System shall be denied legal effect merely because it is
made electronically, (B) each E-Signature on any such posting shall be deemed
sufficient to satisfy any requirement for a “signature” and (C) each such posting
shall be deemed sufficient to satisfy any requirement for a “writing”, in each case
including pursuant to any Loan Document, any applicable provision of any UCC, the
federal Uniform Electronic Transactions
Act, the Electronic Signatures in Global and National Commerce Act and any
substantive or procedural Requirement of Law governing such subject matter, (ii)
each such posting that is not readily capable of bearing either a signature or a
reproduction of a signature may be signed, and shall be deemed signed, by attaching
to, or logically associating with such posting, an E-Signature, upon which Agent,
each Secured Party and each Credit Party may rely and assume the authenticity
thereof, (iii) each such posting containing a signature, a reproduction of a
signature or an E-Signature shall, for all intents and purposes, have the same
effect and weight as a signed paper original and (iv) each party hereto or
beneficiary hereto agrees not to contest the validity or enforceability of any
posting on any E-System or E-Signature on any such posting under the provisions of
any applicable Requirement of Law requiring certain documents to be in writing or
signed; provided, however, that nothing herein shall limit such party’s or
beneficiary’s right to contest whether any posting to any E-System or E-Signature
has been altered after transmission.

          (c) Separate Agreements. All uses of an E-System shall be governed by
and subject to, in addition to Section 9.2 and this Section 9.3, the
separate terms, conditions and privacy policy posted or referenced in such E-System
(or such terms, conditions and privacy policy as may be updated from time to time,
including on such E-System) and related Contractual Obligations executed by Agent
and Credit Parties in connection with the use of such E-System.

          (d) LIMITATION OF LIABILITY. ALL E-SYSTEMS AND ELECTRONIC
TRANSMISSIONS SHALL BE PROVIDED “AS IS” AND “AS

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AVAILABLE”. NONE OF AGENT, ANY LENDER OR ANY OF THEIR RELATED PERSONS WARRANTS THE
ACCURACY, ADEQUACY OR COMPLETENESS OF ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION AND
DISCLAIMS ALL LIABILITY FOR ERRORS OR OMISSIONS THEREIN. NO WARRANTY OF ANY KIND IS
MADE BY AGENT, ANY LENDER OR ANY OF THEIR RELATED PERSONS IN CONNECTION WITH ANY
E-SYSTEMS OR ELECTRONIC COMMUNICATION, INCLUDING ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM
FROM VIRUSES OR OTHER CODE DEFECTS. Each of each Borrower, each other Credit Party
executing this Agreement and each Secured Party agrees that Agent has no
responsibility for maintaining or providing any equipment, software, services or any
testing required in connection with any Electronic Transmission or otherwise
required for any E-System.

     9.4 No Waiver; Cumulative Remedies. No failure to exercise and
no delay in exercising, on the part of Agent or any Lender, any right, remedy,
power or privilege hereunder, shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. No course of dealing between any Credit Party, any
Affiliate of any Credit Party, Agent or any Lender shall be effective to amend,
modify or discharge any provision of this Agreement or any of the other Loan
Documents.

     9.5 Costs and Expenses. Any action taken by any Credit Party under or
with respect to any Loan Document, even if required under any Loan Document or at
the request of Agent or Required Lenders, shall be at the expense of such Credit
Party, and neither Agent nor any other Secured Party shall be required under any
Loan Document to reimburse any Credit Party or any Subsidiary of any Credit Party
therefor except as expressly provided therein. In addition, the Borrowers agree to
pay or reimburse upon demand (a) Agent for all out-of-pocket costs and expenses
incurred by it or any of its Related Persons, in connection with the investigation,
development, preparation, negotiation, syndication, execution, interpretation or
administration of, any modification of any term of or termination of, any Loan
Document, any commitment or proposal letter therefor, any other document prepared in
connection therewith or the consummation and administration of any transaction
contemplated therein, in each case including Attorney Costs of Agent, the cost of
environmental audits, Collateral audits and appraisals, background checks and
similar expenses, (b) Agent for all costs and expenses incurred by it or any of its
Related Persons in connection with internal audit reviews, field examinations and
Collateral examinations (which shall be reimbursed, in addition to the out-of-pocket
costs and expenses of such examiners, at the per diem rate per individual charged by
Agent for its examiners), (c) each of Agent, its Related Persons, and L/C Issuer for
all costs and expenses incurred in connection with (i) any refinancing or
restructuring of the credit arrangements provided hereunder in the nature of a
“work-out”, (ii) the enforcement or preservation of any right or remedy under any
Loan Document, any Obligation, with respect to the Collateral or any other related
right or remedy or (iii) the commencement, defense, conduct of, intervention in, or
the taking of any other action with respect to, any proceeding (including any
bankruptcy or insolvency proceeding)

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related to any Credit Party, any Subsidiary of any Credit Party, Loan Document,
Obligation or Related Transaction (or the response to and preparation for any
subpoena or request for document production relating thereto), including Attorney
Costs and (d) fees and disbursements of Attorney Costs of one law firm on behalf of
all Lenders (other than Agent) incurred in connection with any of the matters
referred to in clause (c) above.

     9.6 Indemnity.

          (a) Each Credit Party agrees to indemnify, hold harmless and defend Agent, each
Lender, each L/C Issuer and each of their respective Related Persons (each such
Person being an “Indemnitee”) from and against all Liabilities (including brokerage
commissions, fees and other compensation) that may be imposed on, incurred by or
asserted against any such Indemnitee in any matter relating to or arising out of, in
connection with or as a result of (i) any Loan Document, any Related Agreement, any
Obligation (or the repayment thereof), any Letter of Credit, the use or intended use
of the proceeds of any Loan or the use of any Letter of Credit or any securities
filing of, or with respect to, any Credit Party, (ii) any commitment letter,
proposal letter or term sheet with any Person or any Contractual Obligation,
arrangement or understanding with any broker, finder or consultant, in each case
entered into by or on behalf of the Target, any Credit Party or any Affiliate of any
of them in connection with any of the foregoing and any Contractual Obligation
entered into in connection with any E-Systems or other Electronic Transmissions,
(iii) any actual or prospective investigation, litigation or other proceeding,
whether or not brought by any such Indemnitee or any of its Related Persons, any
holders of securities or creditors (and including attorneys’ fees in any case),
whether or not any such Indemnitee, Related Person, holder or creditor is a party
thereto, and whether or not based on any securities or commercial law or regulation
or any other Requirement of Law or theory thereof, including common law, equity,
contract, tort or otherwise or (iv) any other act, event or transaction related,
contemplated in or attendant to any of the foregoing (collectively, the “Indemnified
Matters”); provided, however, that no Credit Party shall have any liability under
this Section 9.6 to any Indemnitee with respect to any Indemnified Matter,
and no Indemnitee shall have any liability with respect to any Indemnified Matter
other than (to the extent otherwise liable), to the extent such liability has
resulted primarily from the gross negligence or willful misconduct of such
Indemnitee, as determined by a court of competent jurisdiction in a final
non-appealable judgment or order. Furthermore, each of each Borrower and each other
Credit Party executing this Agreement waives and agrees not to assert against any
Indemnitee, and shall cause each other Credit Party to waive and not assert against
any Indemnitee, any right of contribution with respect to any Liabilities that may
be imposed on, incurred by or asserted against any Related Person.

          (b) Without limiting the foregoing, “Indemnified Matters” includes all
Environmental Liabilities, including those arising from, or otherwise involving, any
property of any Credit Party or any Related Person of any Credit Party or any
actual, alleged or prospective damage to property or natural resources or harm or
injury alleged to have resulted from any Release of Hazardous Materials on, upon or
into such property or natural resource or any property on or contiguous to any Real
Estate of any Credit Party or any Related Person of any Credit Party, whether or
not, with respect to any such

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Environmental Liabilities, any Indemnitee is a mortgagee pursuant to any leasehold
mortgage, a mortgagee in possession, the successor-in-interest to any Credit Party
or any Related Person of any Credit Party or the owner, lessee or operator of any
property of any Related Person through any foreclosure action, in each case except
to the extent such Environmental Liabilities (i) are incurred solely following
foreclosure by Agent or following Agent or any Lender having become the
successor-in-interest to any Credit Party or any Related Person of any Credit Party
and (ii) are attributable solely to acts of such Indemnitee.

     9.7 Marshaling; Payments Set Aside. No Secured Party shall be under
any obligation to marshal any property in favor of any Credit Party or any other
Person or against or in payment of any Obligation. To the extent that any Secured
Party receives a payment from a Borrower, from any other Credit Party, from the
proceeds of the Collateral, from the exercise of its rights of setoff, any
enforcement action or otherwise, and such payment is subsequently, in whole or in
part, invalidated, declared to be fraudulent or preferential, set aside or required
to be repaid to a trustee, receiver or any other party, then to the extent of such
recovery, the obligation or part thereof originally intended to be satisfied, and
all Liens, rights and remedies therefor, shall be revived and continued in full
force and effect as if such payment had not occurred.

     9.8 Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns; provided that any assignment by any Lender shall be subject
to the provisions of Section 9.9, and provided further that no Borrower may
assign or transfer any of its rights or obligations under this Agreement without the
prior written consent of Agent and each Lender.

     9.9 Assignments and Participations; Binding Effect.

          (a) Binding Effect. This Agreement shall become effective when it
shall have been executed by Holdings, the Borrowers, the other Credit Parties
signatory hereto and Agent and when Agent shall have been notified by each Lender
that such Lender has executed it. Thereafter, it shall be binding upon and inure to
the benefit of, but only to the benefit of, Holdings, the Borrowers, the other
Credit Parties hereto (in each case except for Article VIII), Agent, each
Lender and each L/C Issuer receiving the benefits of the Loan Documents and, to the
extent provided in Section 8.11, each other Secured Party and, in each case,
their respective successors and permitted assigns. Except as expressly provided in
any Loan Document (including in Section 8.9), none of Holdings, any
Borrower, any other Credit Party, any L/C Issuer or Agent shall have the right to
assign any rights or obligations hereunder or any interest herein.

          (b) Right to Assign. Each Lender may sell, transfer, negotiate or
assign (a “Sale”) all or a portion of its rights and obligations hereunder
(including all or a portion of its Commitments and its rights and obligations with
respect to Loans and Letters of Credit) to (i) any existing Lender (other than a
Non-Funding Lender or Impacted Lender), (ii) any Affiliate or Approved Fund of any
existing Lender (other than a Non-Funding Lender or Impacted Lender) or (iii) any
other Person acceptable (which

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acceptance shall not be unreasonably withheld or delayed) to Agent and, with respect
to Sales of Revolving Loan Commitments, each L/C Issuer that is a Lender and, as
long as no Event of Default is continuing, the Borrower Representative (which
acceptances shall be deemed to have been given unless an objection is delivered to
Agent within five (5) Business Days after notice of a proposed sale is delivered to
Borrower Representative); provided, however, that (w) for each Loan, the aggregate
outstanding principal amount (determined as of the effective date of the applicable
Assignment) of the Loans, Commitments and Letter of Credit Obligations subject to
any such Sale shall be in a minimum amount of $1,000,000, unless such Sale is made
to an existing Lender or an Affiliate or Approved Fund of any existing Lender, is of
the assignor’s (together with its Affiliates and Approved Funds) entire interest in
such facility or is made with the prior consent of the Borrower Representative (to
the extent required) and Agent, (x) such Sales shall be effective only upon the
acknowledgement in writing of such Sale by Agent, (y) interest accrued prior to and
through the date of any such Sale may not be assigned, and (z) such Sales by Lenders
who are Non-Funding Lenders due to clause (a) of the definition of
Non-Funding Lender shall be subject to Agent’s prior written consent in all
instances, unless in connection with such Sale, such Non-Funding Lender cures, or
causes the cure of, its Non-Funding Lender status as contemplated in subsection
1.11(e)(v). Agent’s refusal to accept a Sale to a Credit Party, an Affiliate of
a Credit Party, a holder of Subordinated Debt or an Affiliate of such a holder, or
to any Person that would be a Non-Funding Lender or an Impacted Lender, or the
imposition of conditions or limitations (including limitations on voting) upon Sales
to such Persons, shall not be deemed to be unreasonable.

          (c) Procedure. The parties to each Sale made in reliance on clause
(b) above (other than those described in clause (e) or (f)
below) shall execute and deliver to Agent an Assignment via an electronic settlement
system designated by Agent (or, if previously agreed with Agent, via a manual
execution and delivery of the Assignment) evidencing such Sale, together with any
existing Note subject to such Sale (or any affidavit of loss therefor acceptable to
Agent), any tax forms required to be delivered pursuant to Section 10.1 and
payment of an assignment fee in the amount of $3,500 to Agent, unless waived or
reduced by Agent; provided, that (i) if a Sale by a
Lender is made to an Affiliate or an Approved Fund of such assigning Lender,
then no assignment fee shall be due in connection with such Sale, and (ii) if a Sale
by a Lender is made to an assignee that is not an Affiliate or Approved Fund of such
assignor Lender, and concurrently to one or more Affiliates or Approved Funds of
such Assignee, then only one assignment fee of $3,500 shall be due in connection
with such Sale (unless waived or reduced by Agent). Upon receipt of all the
foregoing, and conditioned upon such receipt and, if such Assignment is made in
accordance with clause (iii) of subsection 9.9(b), upon Agent (and
the Borrower Representative, if applicable) consenting to such Assignment, from and
after the effective date specified in such Assignment, Agent shall record or cause
to be recorded in the Register the information contained in such Assignment.

          (d) Effectiveness. Subject to the recording of an Assignment by Agent
in the Register pursuant to subsection 1.4(b), (i) the assignee thereunder
shall become a party hereto and, to the extent that rights and obligations under the
Loan Documents have

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been assigned to such assignee pursuant to such Assignment, shall have the rights
and obligations of a Lender, (ii) any applicable Note shall be transferred to such
assignee through such entry and (iii) the assignor thereunder shall, to the extent
that rights and obligations under this Agreement have been assigned by it pursuant
to such Assignment, relinquish its rights (except for those surviving the
termination of the Commitments and the payment in full of the Obligations) and be
released from its obligations under the Loan Documents, other than those relating to
events or circumstances occurring prior to such assignment (and, in the case of an
Assignment covering all or the remaining portion of an assigning Lender’s rights and
obligations under the Loan Documents, such Lender shall cease to be a party hereto).

          (e) Grant of Security Interests. In addition to the other rights
provided in this Section 9.9, each Lender may grant a security interest in,
or otherwise assign as collateral, any of its rights under this Agreement, whether
now owned or hereafter acquired (including rights to payments of principal or
interest on the Loans), to (A) any federal reserve bank (pursuant to Regulation A of
the Federal Reserve Board), without notice to Agent or (B) any holder of, or trustee
for the benefit of the holders of, such Lender’s Indebtedness or equity securities,
by notice to Agent; provided, however, that no such holder or trustee, whether
because of such grant or assignment or any foreclosure thereon (unless such
foreclosure is made through an assignment in accordance with clause (b)
above), shall be entitled to any rights of such Lender hereunder and no such Lender
shall be relieved of any of its obligations hereunder.

          (f) Participants and SPVs. In addition to the other rights
provided in this Section 9.9, each Lender may, (x) with notice to
Agent, grant to an SPV the option to make all or any part of any Loan that such
Lender would otherwise be required to make hereunder (and the exercise of such
option by such SPV and the making of Loans pursuant thereto shall satisfy the
obligation of such Lender to make such Loans hereunder) and such SPV may assign to
such Lender the right to receive payment with respect to any Obligation and (y)
without notice to or consent from Agent or the Borrowers, sell participations to one
or more Persons in or to all or a portion of its rights and obligations under the
Loan Documents (including all its rights and obligations with respect to Revolving
Loans and Letters of Credit); provided, however, that, whether as a result of any
term of any Loan Document or of such grant or participation, (i) no such SPV or
participant shall have a commitment, or be deemed to have made an offer to commit,
to make Loans hereunder, and, except as provided in the applicable option agreement,
none shall be liable for any obligation of such Lender hereunder, (ii) such Lender’s
rights and obligations, and the rights and obligations of the Credit Parties and the
Secured Parties towards such Lender, under any Loan Document shall remain unchanged
and each other party hereto shall continue to deal solely with such Lender, which
shall remain the holder of the Obligations in the Register, except that (A) each
such participant and SPV shall be entitled to the benefit of Article X, but,
with respect to Section 10.1, only to the extent such participant or SPV
delivers the tax forms such Lender is required to collect pursuant to subsection
10.1(f) and then only to the extent of any amount to which such Lender would be
entitled in the absence of any such grant or participation and (B) each such SPV may
receive other payments that would otherwise be made to such Lender with respect to
Loans funded by such SPV to the extent provided in

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the applicable option agreement and set forth in a notice provided to Agent by such
SPV and such Lender, provided, however, that in no case (including pursuant to
clause (A) or (B) above) shall an SPV or participant have the right
to enforce any of the terms of any Loan Document, and (iii) the consent of such SPV
or participant shall not be required (either directly, as a restraint on such
Lender’s ability to consent hereunder or otherwise) for any amendments, waivers or
consents with respect to any Loan Document or to exercise or refrain from exercising
any powers or rights such Lender may have under or in respect of the Loan Documents
(including the right to enforce or direct enforcement of the Obligations), except
for those described in clauses (ii) and (iii) of subsection
9.1(a) with respect to amounts, or dates fixed for payment of amounts, to which
such participant or SPV would otherwise be entitled and, in the case of
participants, except for those described in clause (vi) of subsection
9.1(a). No party hereto shall institute (and each Borrower and Holdings shall
cause each other Credit Party not to institute) against any SPV grantee of an option
pursuant to this clause (f) any bankruptcy, reorganization, insolvency,
liquidation or similar proceeding, prior to the date that is one year and one day
after the payment in full of all outstanding commercial paper of such SPV; provided,
however, that each Lender having designated an SPV as such agrees to indemnify each
Indemnitee against any Liability that may be incurred by, or asserted against, such
Indemnitee as a result of failing to institute such proceeding (including a failure
to get reimbursed by such SPV for any such Liability). The agreement in the
preceding sentence shall survive the termination of the Commitments and the payment
in full of the Obligations.

          (g) In the event that any Lender grants an option to an SPV or sells a
participation pursuant to this Section 9.9(g), such Lender shall maintain
with respect to such SPV option or participation, acting solely for this purpose as
an agent of the Borrower, a register comparable to the Register (the “Participant
Register”). Interests in the rights and/or obligations of a Lender under this
Agreement may be participated in whole or in part only by registration of such SPV
option or participation on such Participant Register. If requested by the Agent or
the Borrower, such Lender shall make the Participant Register available to the Agent
or the Borrower upon either (i) the exercise by an SPV or participant of remedies
hereunder or (ii) a request for the Register by the IRS.

     9.10 Non-Public Information; Confidentiality.

          (a) Non-Public Information. Agent, each Lender and L/C Issuer
acknowledges and agrees that it may receive material non-public information (“MNPI”)
hereunder concerning the Credit Parties and their Affiliates and agrees to use such
information in compliance with all relevant policies, procedures and applicable
Requirements of Laws (including United States federal and state security laws and
regulations).

          (b) Confidential Information. Each Lender, L/C Issuer and Agent agrees
to use all reasonable efforts to maintain, in accordance with its customary
practices, the confidentiality of information obtained by it pursuant to any Loan
Document and designated in writing by any Credit Party as confidential, except that
such

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information may be disclosed (i) with the Borrower Representative’s consent, (ii) to
Related Persons of such Lender, L/C Issuer or Agent, as the case may be, or to any
Person that any L/C Issuer causes to issue Letters of Credit hereunder, that are
advised of the confidential nature of such information and are instructed to keep
such information confidential in accordance with the terms hereof, (iii) to the
extent such information presently is or hereafter becomes (A) publicly available
other than as a result of a breach of this Section 9.10 or (B) available to
such Lender, L/C Issuer or Agent or any of their Related Persons, as the case may
be, from a source (other than any Credit Party) not known by them to be subject to
disclosure restrictions, (iv) to the
extent disclosure is required by applicable Requirements of Law or other legal
process or requested or demanded by any Governmental Authority, (v) to the extent
necessary or customary for inclusion in league table measurements, (vi) (A) to the
National Association of Insurance Commissioners or any similar organization, any
examiner or any nationally recognized rating agency or (B) otherwise to the extent
consisting of general portfolio information that does not identify Credit Parties,
(vii) to current or prospective assignees, SPVs (including the investors or
prospective investors therein) or participants, direct or contractual counterparties
to any Secured Rate Contracts and to their respective Related Persons, in each case
to the extent such assignees, investors, participants, counterparties or Related
Persons agree to be bound by provisions substantially similar to the provisions of
this Section 9.10 (and such Person may disclose information to their
respective Related Persons in accordance with clause (ii) above), (viii) to
any other party hereto, and (ix) in connection with the exercise or enforcement of
any right or remedy under any Loan Document, in connection with any litigation or
other proceeding to which such Lender, L/C Issuer or Agent or any of their Related
Persons is a party or bound, or to the extent necessary to respond to public
statements or disclosures by Credit Parties or their Related Persons referring to a
Lender, L/C Issuer or Agent or any of their Related Persons. In the event of any
conflict between the terms of this Section 9.10 and those of any other Contractual
Obligation entered into with any Credit Party (whether or not a Loan Document), the
terms of this Section 9.10 shall govern.

          (c) Tombstones. Each Credit Party consents to the publication by Agent
or any Lender of advertising material relating to the financing transactions
contemplated by this Agreement using any Credit Party’s name, product photographs,
logo or trademark. Agent or such Lender shall provide a draft of any advertising
material to Borrower Representative for review and comment prior to the publication
thereof.

          (d) Press Release and Related Matters. No Credit Party shall, and no
Credit Party shall permit any of its Affiliates to, issue any press release or other
public disclosure (other than any document filed with any Governmental Authority
relating to a public offering of securities of any Credit Party) using the name,
logo or otherwise referring to GE Capital or of any of its Affiliates, the Loan
Documents or any transaction contemplated therein to which Agent is party without
the prior consent of GE Capital except to the extent required to do so under
applicable Requirements of Law and then, only after consulting with GE Capital.

          (e) Distribution of Materials to Lenders and L/C Issuers. The Credit
Parties acknowledge and agree that the Loan Documents and all reports, notices,

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communications and other information or materials provided or delivered by, or on
behalf of, the Credit Parties hereunder (collectively, the “Borrower Materials”) may
be disseminated by, or on behalf of, Agent, and made available, to the Lenders and
the L/C Issuers by posting such Borrower Materials on an E-System. The Credit
Parties authorize Agent to download copies of their logos from its website and post
copies thereof on an E-System.

          (f) Material Non-Public Information. The Credit Parties hereby agree
that if either they, any parent company or any Subsidiary of the Credit Parties has
publicly traded equity or debt securities in the U.S., they shall (and shall cause
such parent company or Subsidiary, as the case may be, to) (i) identify in writing,
and (ii) to the extent reasonably practicable, clearly and conspicuously mark such
Borrower Materials that contain only information that is publicly available or that
is not material for purposes of U.S. federal and state securities laws as “PUBLIC”.
The Credit Parties agree that by identifying such Borrower Materials as “PUBLIC” or
publicly filing such Borrower Materials with the Securities and Exchange Commission,
then Agent, the Lenders and the L/C Issuers shall be entitled to treat such Borrower
Materials as not containing any MNPI for purposes of U.S. federal and state
securities laws. The Credit Parties further represent, warrant, acknowledge and
agree that the following documents and materials shall be deemed to be PUBLIC,
whether or not so marked, and do not contain any MNPI: (A) the Loan Documents,
including the schedules and exhibits attached thereto, and (B) administrative
materials of a customary nature prepared by the Credit Parties or Agent (including,
Notices of Borrowing, Notices of Conversion/Continuation, L/C Requests, Swingline
requests and any similar requests or notices posted on or through an E-System).
Before distribution of any Borrower Materials, the Credit Parties agree to execute
and deliver to Agent a letter authorizing distribution of the evaluation materials
to prospective Lenders and their employees willing to receive MNPI, and a separate
letter authorizing distribution of evaluation materials that do not contain MNPI and
represent that no MNPI is contained therein.

     9.11 Set-off; Sharing of Payments.

          (a) Right of Setoff. Each of Agent, each Lender, each L/C Issuer and
each Affiliate (including each branch office thereof) of any of them is hereby
authorized, without notice or demand (each of which is hereby waived by each Credit
Party), at any time and from time to time during the continuance of any Event of
Default and to the fullest extent permitted by applicable Requirements of Law, to
set off and apply any and all deposits (whether general or special, time or demand,
provisional or final) at any time held and other Indebtedness, claims or other
obligations at any time owing by Agent, such Lender, such L/C Issuer or any of their
respective Affiliates to or for the credit or the account of the Borrowers or any
other Credit Party against any Obligation of any Credit Party now or hereafter
existing, whether or not any demand was made under any Loan Document with respect to
such Obligation and even though such Obligation may be unmatured. No Lender or
L/C Issuer shall exercise any such right of setoff without the prior consent of
Agent or Required Lenders. Each of Agent, each Lender and each L/C Issuer agrees
promptly to notify the Borrower Representative and Agent after any such setoff and
application made by such Lender or its Affiliates; provided, however, that the

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failure to give such notice shall not affect the validity of such setoff and
application. The rights under this Section 9.11 are in addition to any other
rights and remedies (including other rights of setoff) that Agent, the Lenders, the
L/C Issuer, their Affiliates and the other Secured Parties, may have.

          (b) Sharing of Payments, Etc. If any Lender, directly or through an
Affiliate or branch office thereof, obtains any payment of any Obligation of any
Credit Party (whether voluntary, involuntary or through the exercise of any right of
setoff or the receipt of any Collateral or “proceeds” (as defined under the
applicable UCC, the PPSA (Australia), or the PPSA (Canada)) of Collateral) other
than pursuant to Article X and such payment exceeds the amount such Lender
would have been entitled to receive if all payments had gone to, and been
distributed by, Agent in accordance with the provisions of the Loan Documents, such
Lender shall purchase for cash from other Lenders such participations in their
Obligations as necessary for such Lender to share such excess payment with such
Lenders to ensure such payment is applied as though it had been received by Agent
and applied in accordance with this Agreement (or, if such application would then be
at the discretion of the Borrowers, applied to repay the Obligations in accordance
herewith); provided, however, that (a) if such payment is rescinded or otherwise
recovered from such Lender or L/C Issuer in whole or in part, such purchase shall be
rescinded and the purchase price therefor shall be returned to such Lender or L/C
Issuer without interest and (b) such Lender shall, to the fullest extent permitted
by applicable Requirements of Law, be able to exercise all its rights of payment
(including the right of setoff) with respect to such participation as fully as if
such Lender were the direct creditor of the applicable Credit Party in the amount of
such participation. If a Non-Funding Lender receives any such payment as described
in the previous sentence, such Lender shall turn over such payments to Agent in an
amount that would satisfy the cash collateral requirements set forth in
subsection 1.11(e).

     9.12 Counterparts; Facsimile Signature. This Agreement may be executed
in any number of counterparts and by different parties in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. Signature pages may be
detached from multiple separate counterparts and attached to a single counterpart.
Delivery of an executed signature page of this Agreement by facsimile transmission
or Electronic Transmission shall be as effective as delivery of a manually executed
counterpart hereof.

     9.13 Severability. The illegality or unenforceability of any provision
of this Agreement or any instrument or agreement required hereunder shall not in any
way affect or impair the legality or enforceability of the remaining provisions of
this Agreement or any instrument or agreement required hereunder.

     9.14 Captions. The captions and headings of this Agreement are for
convenience of reference only and shall not affect the interpretation of this
Agreement.

     9.15 Independence of Provisions. The parties hereto acknowledge that
this Agreement and the other Loan Documents may use several different limitations,
tests or measurements to regulate the same or similar matters, and that such
limitations, tests and

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measurements are cumulative and must each be performed, except as expressly stated
to the contrary in this Agreement.

     9.16 Interpretation. This Agreement is the result of negotiations among
and has been reviewed by counsel to Credit Parties, Agent, each Lender and other
parties hereto, and is the product of all parties hereto. Accordingly, this
Agreement and the other Loan Documents shall not be construed against the Lenders or
Agent merely because of Agent’s or Lenders’ involvement in the preparation of such
documents and agreements. Without limiting the generality of the foregoing, each of
the parties hereto has had the advice of counsel with respect to Sections
9.18 and 9.19.

     9.17 No Third Parties Benefited. This Agreement is made and entered
into for the sole protection and legal benefit of the Borrowers, the Lenders, the
L/C Issuers party hereto, Agent and, subject to the provisions of Section
8.11, each other Secured Party, and their permitted successors and assigns, and
no other Person shall be a direct or indirect legal beneficiary of, or have any
direct or indirect cause of action or claim in connection with, this Agreement or
any of the other Loan Documents. Neither Agent nor any Lender shall have any
obligation to any Person not a party to this Agreement or the other Loan Documents.

     9.18 Governing Law and Jurisdiction.

          (a) Governing Law. The laws of the State of New York shall govern all
matters arising out of, in connection with or relating to this Agreement, including,
without limitation, its validity, interpretation, construction, performance and
enforcement (including, without limitation, any
claims sounding in contract or tort law arising out of the subject matter
hereof and any determinations with respect to post-judgment interest).

          (b) Submission to Jurisdiction. Any legal action or proceeding with
respect to any Loan Document shall be brought exclusively in the courts of the State
of New York located in the City of New York, Borough of Manhattan, or of the United
States of America for the Southern District of New York and, by execution and
delivery of this Agreement, each Borrower and each other Credit Party executing this
Agreement hereby accepts for itself and in respect of its property, generally and
unconditionally, the jurisdiction of the aforesaid courts; provided that nothing in
this Agreement shall limit the right of Agent to commence any proceeding in the
federal or state courts of any other jurisdiction to the extent Agent determines
that such action is necessary or appropriate to exercise its rights or remedies
under the Loan Documents. The parties hereto (and, to the extent set forth in any
other Loan Document, each other Credit Party) hereby irrevocably waive any
objection, including any objection to the laying of venue or based on the grounds of
forum non conveniens, that any of them may now or hereafter have to the bringing of
any such action or proceeding in such jurisdictions.

          (c) Service of Process. Each Credit Party hereby irrevocably waives
personal service of any and all legal process, summons, notices and other documents
and other service of process of any kind and consents to such service in any suit,
action or proceeding brought in the United States of America with respect to or
otherwise arising

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out of or in connection with any Loan Document by any means permitted by applicable
Requirements of Law, including by the mailing thereof (by registered or certified
mail, postage prepaid) to the address of the Borrowers specified herein (and shall
be effective when such mailing shall be effective, as provided therein). Each Credit
Party agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in
any other manner provided by law.

          (d) Non-Exclusive Jurisdiction. Nothing contained in this Section
9.18 shall affect the right of Agent or any Lender to serve process in any other
manner permitted by applicable Requirements of Law or commence legal proceedings or
otherwise proceed against any Credit Party in any other jurisdiction.

     9.19 Waiver of Jury Trial. THE PARTIES HERETO, TO THE EXTENT PERMITTED
BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING
OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS
AND ANY OTHER TRANSACTION
CONTEMPLATED HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR
PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE.

     9.20 Entire Agreement; Release; Survival.

          (a) THE LOAN DOCUMENTS EMBODY THE ENTIRE AGREEMENT OF THE PARTIES AND SUPERSEDE
ALL PRIOR AGREEMENTS AND UNDERSTANDINGS RELATING TO THE SUBJECT MATTER THEREOF AND
ANY PRIOR LETTER OF INTEREST, COMMITMENT LETTER, CONFIDENTIALITY AND SIMILAR
AGREEMENTS INVOLVING ANY CREDIT PARTY AND ANY LENDER OR ANY L/C ISSUER OR ANY OF
THEIR RESPECTIVE AFFILIATES RELATING TO A FINANCING OF SUBSTANTIALLY SIMILAR FORM,
PURPOSE OR EFFECT OTHER THAN THE FEE LETTER. IN THE EVENT OF ANY CONFLICT BETWEEN
THE TERMS OF THIS AGREEMENT AND ANY OTHER LOAN DOCUMENT, THE TERMS OF THIS AGREEMENT
SHALL GOVERN (UNLESS OTHERWISE EXPRESSLY STATED IN SUCH OTHER LOAN DOCUMENT OR SUCH
TERMS OF SUCH OTHER LOAN DOCUMENTS ARE NECESSARY TO COMPLY WITH APPLICABLE
REQUIREMENTS OF LAW, IN WHICH CASE SUCH TERMS SHALL GOVERN TO THE EXTENT NECESSARY
TO COMPLY THEREWITH).

          (b) Execution of this Agreement by the Credit Parties constitutes a full,
complete and irrevocable release of any and all claims which each Credit Party may
have at law or in equity in respect of all prior discussions and understandings,
oral or written, relating to the subject matter of this Agreement and the other Loan
Documents. In no event shall any Indemnitee be liable on any theory of liability for
any special, indirect, consequential or punitive damages (including any loss of
profits, business or anticipated savings). Each of each Borrower and each other
Credit Party signatory hereto hereby waives, releases and agrees (and shall cause
each other Credit Party to waive,

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release and agree) not to sue upon any such claim for any special, indirect,
consequential or punitive damages, whether or not accrued and whether or not known
or suspected to exist in its favor.

          (c) (i) Any indemnification or other protection provided to any Indemnitee
pursuant to this Section 9.20, Sections 9.5 (Costs and Expenses) and
9.6 (Indemnity) and Articles VIII (Agent) and X (Taxes, Yield
Protection and Illegality) and (ii) the provisions of Section 8.1 of the
Guaranty and Security Agreement, in each case, shall (x) survive the termination of
the Commitments and the payment in full of all other Obligations and (y) with
respect to clause (i) above, inure to the benefit of any Person that at
any time held a right thereunder (as an Indemnitee or otherwise) and, thereafter,
its successors and permitted assigns.

     9.21 Patriot Act. Each Lender that is subject to the Patriot Act hereby
notifies the Credit Parties that pursuant to the requirements of the Patriot Act, it
is required to obtain, verify and record information that identifies each Credit
Party, which information includes the name and address of each Credit Party and
other information that will allow such Lender to identify each Credit Party in
accordance with the Patriot Act.

     9.22 Replacement of Lender. Within forty-five days after: (i) receipt
by the Borrower Representative of written notice and demand from any Lender that is
not Agent or an Affiliate of Agent (an “Affected Lender”) for payment of additional
costs as provided in Sections 10.1, 10.3 and/or 10.6 or (ii)
any failure by any Lender (other than Agent or an Affiliate of Agent) to consent to
a requested amendment, waiver or modification to any Loan Document in which Required
Lenders have already consented to such amendment, waiver or modification but the
consent of each Lender (or each Lender directly affected thereby, as applicable) is
required with respect thereto, the Borrowers may, at their option, notify Agent and
such Affected Lender (or such non-consenting Lender) of the Borrowers’ intention to
obtain, at the Borrowers’ expense, a replacement Lender (“Replacement Lender”) for
such Affected Lender (or such non-consenting Lender), which Replacement Lender shall
be reasonably satisfactory to Agent. In the event the Borrowers obtain a Replacement
Lender within forty-five (45) days following notice of its intention to do so, the
Affected Lender (or such non-consenting Lender) shall sell and assign its Loans and
Commitments to such Replacement Lender, at par, provided that the Borrowers have
reimbursed such Affected Lender for its increased costs for which it is entitled to
reimbursement under this Agreement through the date of such sale and assignment. In
the event that a replaced Lender does not execute an Assignment pursuant to
Section 9.9 within five (5) Business Days after receipt by such replaced
Lender of notice of replacement pursuant to this Section 9.22 and
presentation to such replaced Lender of an Assignment evidencing an assignment
pursuant to this Section 9.22, the Borrowers shall be entitled (but not
obligated) to execute such an Assignment on behalf of such replaced Lender, and any
such Assignment so executed by the Borrowers, the Replacement Lender and Agent,
shall be effective for purposes of this Section 9.22 and Section
9.9. Notwithstanding the foregoing, with respect to a Lender that is a
Non-Funding Lender or an Impacted Lender, either Agent or Borrowers may, but shall
not be obligated to, obtain a Replacement Lender and execute an Assignment on behalf
of such Non-Funding Lender or Impacted Lender at any time with three (3)

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Business Days’ prior notice to such Lender (unless notice is not practicable
under the circumstances) and cause such Lender’s Loans and Commitments to be sold
and assigned, in whole or in part, at par. Upon any such assignment and payment and
compliance with the other provisions of Section 9.9, such replaced Lender
shall no longer constitute a “Lender” for purposes hereof; provided, any rights of
such replaced Lender to indemnification hereunder shall survive.

     9.23 Joint and Several. The obligations of the Credit Parties
hereunder and under the other Loan Documents are joint and several. Without limiting
the generality of the foregoing, reference is hereby made to Article II of
the Guaranty and Security Agreement, to which the obligations of Borrower and the
other Credit Parties are subject.

     9.24 Creditor-Debtor Relationship. The relationship between Agent,
each Lender and the L/C Issuer, on the one hand, and the Credit Parties, on the
other hand, is solely that of creditor and debtor. No Secured Party has any
fiduciary relationship or duty to any Credit Party arising out of or in connection
with, and there is no agency, tenancy or joint venture relationship between the
Secured Parties and the Credit Parties by virtue of, any Loan Document or any
transaction contemplated therein.

     9.25 Actions in Concert. Notwithstanding anything contained herein to
the contrary, each Lender hereby agrees with each other Lender that no Lender shall
take any action to protect or enforce its rights against any Credit Party arising
out of this Agreement or any other Loan Document (including exercising any rights of
setoff) without first obtaining the prior written consent of Agent or Required
Lenders, it being the intent of Lenders that any such action to protect or enforce
rights under this Agreement and the other Loan Documents shall be taken in concert
and at the direction or with the consent of Agent or Required Lenders.

ARTICLE X.

TAXES, YIELD PROTECTION AND ILLEGALITY

     10.1
Taxes.

          (a) Except as otherwise provided in this Section 10.1, each payment by
any Credit Party under any Loan Document shall be made free and clear of all present
or future taxes, levies, imposts, deductions, charges or withholdings imposed by any
Governmental Authority, including any interest, additions to tax or penalties
applicable thereto (collectively, but excluding Excluded Taxes, the “Taxes”).

          (b) If any Taxes shall be required by law to be deducted from or in respect of
any amount payable under any Loan Document to any Secured Party (i) such amount
shall be increased as necessary to ensure that, after all required deductions for
Taxes are made (including deductions
applicable to any increases to any amount under this Section 10.1),
such Secured Party receives the amount it would have received had no such deductions
been made, (ii) the relevant Credit Party shall make such deductions, (iii) the
relevant Credit Party shall timely pay the full amount deducted to the relevant
taxing authority or other authority in accordance with applicable Requirements of
Law and (iv)

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within 30 days after such payment is made, the relevant Credit Party shall deliver
to Agent an original or certified copy of a receipt evidencing such payment or other
evidence of payment reasonably satisfactory to Agent.

          (c) In addition, the Borrowers agree to pay, and authorize Agent to pay in
their name, any stamp, documentary, excise or property tax, charges or similar
levies imposed by any applicable Requirement of Law or Governmental Authority
including any interest, additions to tax or penalties applicable thereto (including
by reason of any delay in payment thereof), in each case arising from the execution,
delivery or registration of, or otherwise with respect to, any Loan Document or any
transaction contemplated therein (collectively, “Other Taxes”). If Borrowers fail to
provide funds to the Agent to pay such Other Taxes within 15 days of demand, the
Swingline Lender may, without any need for notice, demand or consent from the
Borrowers or the Borrower Representative, by making funds available to Agent in the
amount equal to any such payment, make a Swing Loan to the Borrowers in such amount,
the proceeds of which shall be used by Agent in whole to make such payment. Within
30 days after the date of any payment of Other Taxes by any Credit Party, the
Borrowers shall furnish to Agent, at its address referred to in Section 9.2,
the original or a certified copy of a receipt evidencing payment thereof or other
evidence of payment reasonably satisfactory to Agent.

          (d) The Borrowers shall reimburse and indemnify, within 30 days after receipt
of demand therefor (with copy to Agent), each Secured Party for all Taxes and Other
Taxes (including any Taxes and Other Taxes imposed by any jurisdiction on amounts
payable under this Section 10.1) paid by such Secured Party and any
Liabilities arising therefrom or with respect thereto, whether or not such Taxes or
Other Taxes were correctly or legally asserted. A reasonably detailed certificate of
the Secured Party (or of Agent on behalf of such Secured Party) claiming any
compensation under this clause (d), setting forth the amounts to be paid
thereunder (and calculation thereof) and delivered to the Borrower Representative
with copy to Agent, shall be conclusive, binding and final for all purposes, absent
manifest error.

          (e) Any Lender claiming any additional amounts payable pursuant to this
Section 10.1 shall use its commercially reasonable efforts (consistent with
its internal policies and Requirements of Law) to change the
jurisdiction of its Lending Office if such a change would reduce any such
additional amounts (or any similar amount that may thereafter accrue) and would not,
in the sole determination of such Lender, be otherwise disadvantageous to such
Lender.

          (f) (i) Each Non-U.S. Lender Party that, at any of the following times, is
entitled to an exemption from United States withholding tax or is subject to such
withholding tax at a reduced rate under an applicable tax treaty, shall (w) on or
prior to the date such Non-U.S. Lender Party becomes a “Non-U.S. Lender Party”
hereunder, (x) on or prior to the date on which any such form or certification
expires or becomes obsolete, (y) after the occurrence of any event requiring a
change in the most recent form or certification previously delivered by it pursuant
to this clause (i) and (z) from time to time if requested by the Borrower
Representative or Agent (or, in the case of a participant

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or SPV, the relevant Lender), provide Agent and the Borrower Representative (or, in
the case of a participant or SPV, the relevant Lender) with two properly completed
and duly signed originals of each of the following, as applicable: (A) Forms W-8ECI
(claiming exemption from U.S. withholding tax because the income is effectively
connected with a U.S. trade or business), W-8BEN (claiming exemption from, or a
reduction of, U.S. withholding tax under an income tax treaty) and/or W-8IMY
(together with appropriate forms, certifications and supporting statements) or any
successor forms, (B) in the case of a Non-U.S. Lender Party claiming exemption under
Sections 871(h) or 881(c) of the Code, Form W-8BEN (claiming exemption from U.S.
withholding tax under the portfolio interest exemption) or any successor form and a
certificate in form and substance acceptable to Agent that such Non-U.S. Lender
Party is not (1) a “bank” within the meaning of Section 881(c)(3)(A) of the Code,
(2) a “10 percent shareholder” of the Borrowers within the meaning of Section
881(c)(3)(B) of the Code or (3) a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code or (C) any other applicable document prescribed by
the IRS certifying as to the entitlement of such Non-U.S. Lender Party to such
exemption from United States withholding tax or reduced rate with respect to all
payments to be made to such Non-U.S. Lender Party under the Loan Documents. Unless
the Borrower Representative and Agent have received forms or other documents
satisfactory to them indicating that payments under any Loan Document to or for a
Non-U.S. Lender Party are not subject to United States withholding tax or are
subject to such tax at a rate reduced by an applicable tax treaty, the Credit
Parties and Agent shall withhold amounts required to be withheld by applicable
Requirements of Law from such payments at the applicable statutory rate.

          (ii) Each U.S. Lender Party shall (A) on or prior to the date such U.S. Lender
Party becomes a “U.S. Lender Party” hereunder, (B) on or
prior to the date on which any such form or certification expires or becomes
obsolete, (C) after the occurrence of any event requiring a change in the most
recent form or certification previously delivered by it pursuant to this clause
(f) and (D) from time to time if requested by the Borrower Representative or
Agent (or, in the case of a participant or SPV, the relevant Lender), provide Agent
and the Borrower Representative (or, in the case of a participant or SPV, the
relevant Lender) with two completed originals of Form W-9 (certifying that such U.S.
Lender Party is entitled to an exemption from U.S. backup withholding tax) or any
successor form.

          (iii) Each Lender having sold a participation in any of its Obligations or
identified an SPV as such to Agent shall collect from such participant or SPV the
documents described in this clause (f) and provide them to Agent.

          (iv) If a payment made to a Non-U.S. Lender Party would be subject to United
States federal withholding tax imposed by FATCA if such Non-U.S. Lender Party fails
to comply with the applicable reporting requirements of FATCA, such Non-U.S. Lender
Party shall deliver to Agent and Borrower Representative any documentation under any
Requirement of Law or reasonably requested by the Agent or Borrower Representative
sufficient for Agent or Borrower Representative to comply with their obligations
under FATCA and to determine that such Non-U.S. Lender has complied with such
applicable reporting requirements.

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          (g) If any Lender or the Agent determines, in its sole discretion, that it has
obtained a refund (including a refund applied to offset Taxes otherwise due) in
respect of an amount paid by the Borrowers to any Governmental Authority and a gross
up has been paid pursuant to Section 10.01(b) or for an amount for which
indemnification was received by any Lender or the Agent pursuant to Section
10.01(d), then such Lender or the Agent shall promptly pay to the Borrowers the
amount of the refund (and any interest paid by the Governmental Authority with
respect thereto), net of all reasonable and allocable out-of-pocket expense
(including net Taxes imposed thereon) of such Lender or the Agent incurred in
obtaining such refund, provided that the Borrowers, upon the request of the Agent or
such Lender agrees to repay the amount paid over to the Borrowers (plus any
penalties, interest or other charges imposed by the relevant Governmental
Authority), net of any reasonable incremental additional costs, to the Agent or such
Lender in the event the Agent or such Lender is required to repay such refund to
such Governmental Authority. This section shall not be construed to require any
Lender or the Agent to seek such a refund or make available its Tax Returns (or any
other information it deems confidential) to the Borrowers or any other Person.

     10.2 Illegality. If after the date hereof any Lender shall determine
that the introduction of any Requirement of Law, or any change in any Requirement of
Law or in the interpretation or administration thereof, has made it unlawful, or
that any central bank or other Governmental Authority has asserted that it is
unlawful, for any Lender or its Lending Office to make LIBOR Rate Loans, then, on
notice thereof by such Lender to the Borrowers through Agent, the obligation of that
Lender to make LIBOR Rate Loans shall be suspended until such Lender shall have
notified Agent and the Borrower Representative that the circumstances giving rise to
such determination no longer exists.

          (a) Subject to clause (c) below, if any Lender shall determine that it
is unlawful to maintain any LIBOR Rate Loan, the Borrowers shall prepay in full all
LIBOR Rate Loans of such Lender then outstanding, together with interest accrued
thereon, either on the last day of the Interest Period thereof if such Lender may
lawfully continue to maintain such LIBOR Rate Loans to such day, or immediately, if
such Lender may not lawfully continue to maintain such LIBOR Rate Loans, together
with any amounts required to be paid in connection therewith pursuant to Section
10.4.

          (b) If the obligation of any Lender to make or maintain LIBOR Rate Loans has
been terminated, the Borrower Representative may elect, by giving notice to such
Lender through Agent that all Loans which would otherwise be made by any such Lender
as LIBOR Rate Loans shall be instead Base Rate Loans.

          (c) Before giving any notice to Agent pursuant to this Section 10.2,
the affected Lender shall designate a different Lending Office with respect to its
LIBOR Rate Loans if such designation will avoid the need for giving such notice or
making such demand and will not, in the judgment of the Lender, be illegal or
otherwise disadvantageous to the Lender.

     10.3 Increased Costs and Reduction of Return.

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          (a) If any Lender or L/C Issuer shall determine that, due to either (i) the
introduction of, or any change in, or in the interpretation of, any law or
regulation or (ii) the compliance with any guideline or request from any central
bank or other Governmental Authority (whether or not having the force of law), in
the case of either clause (i) or (ii) subsequent to the date hereof,
there shall be any increase in the cost to such Lender or L/C Issuer of agreeing to
make or making, funding or maintaining any LIBOR Rate Loans or of issuing or
maintaining any Letter of Credit, then the Borrowers shall be liable for, and shall
from time to time, within thirty (30) days of demand therefor by such Lender or L/C
Issuer (with a copy of such demand to Agent), pay to Agent for the account of such
Lender or L/C Issuer, additional amounts as are
sufficient to compensate such Lender or L/C Issuer for such increased costs;
provided, that the Borrowers shall not be required to compensate any Lender or L/C
Issuer pursuant to this subsection 10.3(a) for any increased costs incurred
more than 180 days prior to the date that such Lender or L/C Issuer notifies the
Borrower Representative, in writing of the increased costs and of such Lender’s or
L/C Issuer’s intention to claim compensation thereof; provided, further, that if the
circumstance giving rise to such increased costs is retroactive, then the 180-day
period referred to above shall be extended to include the period of retroactive
effect thereof.

          (b) If any Lender or L/C Issuer shall have determined that:

               (i) the introduction of any Capital Adequacy Regulation;

               (ii) any change in any Capital Adequacy Regulation;

               (iii) any change in the interpretation or administration of any Capital
Adequacy Regulation by any central bank or other Governmental Authority charged with
the interpretation or administration thereof; or

               (iv) compliance by such Lender or L/C Issuer (or its Lending Office) or any
entity controlling the Lender or L/C Issuer, with any Capital Adequacy Regulation;

affects the amount of capital required or expected to be maintained by such Lender
or L/C Issuer or any entity controlling such Lender or L/C Issuer and (taking into
consideration such Lender’s or such entities’ policies with respect to capital
adequacy and such Lender’s or L/C Issuer’s desired return on capital) determines
that the amount of such capital is increased as a consequence of its Commitment(s),
loans, credits or obligations under this Agreement, then, within thirty (30) days of
demand of such Lender or L/C Issuer (with a copy to Agent), the Borrowers shall pay
to such Lender or L/C Issuer, from time to time as specified by such Lender or L/C
Issuer, additional amounts sufficient to compensate such Lender or L/C Issuer (or
the entity controlling the Lender or L/C Issuer) for such increase; provided, that
the Borrowers shall not be required to compensate any Lender or L/C Issuer pursuant
to this subsection 10.3(b) for any amounts incurred more than 180 days prior
to the date that such Lender or L/C Issuer notifies the Borrower Representative, in
writing of the amounts and of such Lender’s or L/C Issuer’s intention to claim
compensation thereof; provided, further, that if the event giving rise to

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such increase is retroactive, then the 180-day period referred to above shall be
extended to include the period of retroactive effect thereof. For the avoidance of
doubt, for purposes of this Section 10.3 a change in Capital Adequacy
Regulation shall include all requests, rules, guidelines or directives concerning
capital adequacy issued in connection with the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives concerning
capital adequacy promulgated by the Bank for International Settlements, the Basel
Committee on Banking Regulations and Supervisory Practices (or any successor or
similar authority) or the United States financial regulatory authorities, regardless
of the date adopted, issued, promulgated or implemented.

     10.4 Funding Losses. The Borrowers agree to reimburse each Lender and
to hold each Lender harmless from any loss or expense which such Lender may sustain
or incur as a consequence of:

          (a) the failure of the Borrowers to make any payment or mandatory prepayment of
principal of any LIBOR Rate Loan (including payments made after any acceleration
thereof);

          (b) the failure of the Borrowers to borrow, continue or convert a Loan after
the Borrower Representative has given (or is deemed to have given) a Notice of
Borrowing or a Notice of Conversion/Continuation;

          (c) the failure of the Borrowers to make any prepayment after the Borrowers
have given a notice in accordance with Section 1.7;

          (d) the prepayment of a LIBOR Rate Loan on a day which is not the last day of
the Interest Period with respect thereto; or

          (e) the conversion pursuant to Section 1.6 of any LIBOR Rate Loan to a
Base Rate Loan on a day that is not the last day of the applicable Interest Period;

including any such loss or expense arising from the liquidation or reemployment of
funds obtained by it to maintain its LIBOR Rate Loans hereunder or from fees payable
to terminate the deposits from which such funds were obtained; provided that, with
respect to the expenses described in clauses (d) and (e) above, such
Lender shall have notified Agent of any such expense within two (2) Business Days of
the date on which such expense was incurred. Solely for purposes of calculating
amounts payable by the Borrowers to the Lenders under this Section 10.4 and
under subsection 10.3(a): each LIBOR Rate Loan made by a Lender (and each
related reserve, special deposit or similar requirement) shall be conclusively
deemed to have been funded at the LIBOR used in determining the interest rate for
such LIBOR Rate Loan by a matching deposit or other borrowing in the interbank
Eurodollar market for a comparable amount and for a comparable period, whether or
not such LIBOR Rate Loan is in fact so funded.

     10.5 Inability to Determine Rates. If Agent shall have determined in
good faith that for any reason adequate and reasonable means do not exist for
ascertaining the LIBOR for any requested Interest Period with respect to a
proposed LIBOR Rate Loan or that the LIBOR applicable pursuant to
subsection 1.3(a) for any requested Interest Period

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with respect to a proposed LIBOR Rate Loan does not adequately and fairly reflect
the cost to the Lenders of funding or maintaining such Loan, Agent will forthwith
give notice of such determination to the Borrower Representative and each Lender.
Thereafter, the obligation of the Lenders to make or maintain LIBOR Rate Loans
hereunder shall be suspended until Agent revokes such notice in writing. Upon
receipt of such notice, the Borrower Representative may revoke any Notice of
Borrowing or Notice of Conversion/Continuation then submitted by it. If the Borrower
Representative does not revoke such notice, the Lenders shall make, convert or
continue the Loans, as proposed by the Borrower Representative, in the amount
specified in the applicable notice submitted by the Borrower Representative, but
such Loans shall be made, converted or continued as Base Rate Loans.

     10.6 Reserves on LIBOR Rate Loans. The Borrowers shall pay to each
Lender, as long as such Lender shall be required under regulations of the Federal
Reserve Board to maintain reserves with respect to liabilities or assets consisting
of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional costs on the unpaid principal amount of each LIBOR Rate
Loan equal to actual costs of such reserves allocated to such Loan by such Lender
(as determined by such Lender in good faith, which determination shall be conclusive
absent manifest error), payable on each date on which interest is payable on such
Loan provided the Borrower Representative shall have received at least fifteen (15)
days’ prior written notice (with a copy to Agent) of such additional interest from
the Lender. If a Lender fails to give notice fifteen (15) days prior to the
relevant Interest Payment Date, such additional interest shall be payable fifteen
(15) days from receipt of such notice.

     10.7 Certificates of Lenders. Any Lender claiming reimbursement or
compensation pursuant to this Article X shall deliver to the Borrower Representative
(with a copy to Agent) a certificate setting forth in reasonable detail the amount
payable to such Lender hereunder and such certificate shall be conclusive and
binding on the Borrowers in the absence of manifest error.

     10.8 PPSA Law (Australia). If a PPSA Law (Australia) applies, or will
apply at a future date, to any of the Loan Documents or Related Agreements or any of
the transactions contemplated by them, or the Agent reasonably determines (based on
legal advice) that a PPS Law (Australia) applies or will apply at a future date in
this manner; and in the reasonable opinion of the Agent (based on legal advice), the
PPSA Law (Australia):

          (a) materially adversely affects or would materially
adversely affect a Lender’s security position or the rights or obligations of a
Lender under or in connection with a Loan Document or Related Agreement; or

          (b) enables or would enable a Lender’s security position to be improved without
materially adversely affecting any Australian Credit Party’s business,

the Agent may give notice to such Australian Credit Party requiring any Australian
Credit Party to do anything (including amending any Loan Document or Related
Agreement or

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executing any new Loan Document or Related Agreement) that in the Agent’s reasonable
opinion is necessary to ensure that, to the maximum possible extent, each Lender’s security
position, and rights and obligations, are not adversely affected as contemplated by this Section
10.8 (or that any such adverse effect is overcome), or that a Lender’s security position is
improved as contemplated in this Section 10.8. Each Australian Credit Party shall
promptly comply with the requirements of such notice.

	ARTICLE XI.

DEFINITIONS

     11.1 Defined Terms. The following terms are defined in the Sections or subsections
referenced opposite such terms:

	 	 	 

	“Additional Senior Note Indebtedness”
	 	5.5(f)
	“Affected Lender”
	 	9.22
	“Agent Report”
	 	8.5(c)
	“Aggregate Excess Funding Amount”
	 	1.11                (e)
	“Borrower” and “Borrowers”
	 	Preamble
	“Borrower Materials”
	 	9.10                (d)
	“Borrower Representative”
	 	1.12
	“EBITDA”
	 	Exhibit 4.2(b)
	“Effective Date Acquisition”
	 	Recitals
	“Eligible Accounts”
	 	1.13
	“Existing Indenture”
	 	2.1(c)
	“Existing Indenture Trustee”
	 	2.1(c)
	“Existing Senior Subordinated Notes”
	 	2.1(c)
	“Eligible Inventory”
	 	1.14
	“Event of Default”
	 	7.1
	“Fee Letter”
	 	1.9(a)
	“Fixed Charge Coverage Ratio”
	 	Exhibit 4.2(b)
	“Funding Lender”
	 	1.11(e)(ii)
	“Holdings”
	 	Recitals
	“Indemnified Matters”
	 	9.6
	“Indemnitees”
	 	9.6
	“Interest Expense”
	 	Exhibit 4.2(b)
	“Investments”
	 	5.4
	“L/C Reimbursement Agreement”
	 	1.1(b)
	“L/C Reimbursement Date”
	 	1.1(b)
	“L/C Request”
	 	1.1(b)
	“L/C Sublimit”
	 	1.1(b)
	“Lender”
	 	Preamble
	“Letter of Credit Fee”
	 	1.9(c)
	“Leverage Ratio”
	 	Exhibit 4.2(b)
	“Maximum Revolving Loan Balance”
	 	1.1(a)
	“Maximum Lawful Rate”
	 	1.3(d)
	“MNPI”
	 	9.10                (a)
	“Notice of Conversion/Continuation”
	 	1.6(a)

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	“Overadvance”
	 	1.1(a)
	“Other Taxes”
	 	10.1(b)
	“Participant Register”
	 	9.9(g)
	“Permitted Liens”
	 	5.1
	“Register”
	 	1.4(b)
	“Restricted Payments”
	 	5.11
	“Replacement Lender”
	 	9.22
	“Revolving Loan Commitment”
	 	1.1(a)
	“Revolving Loan”
	 	1.1(a)
	“Sale”
	 	9.9(b)
	“Settlement Date”
	 	1.11(b)
	“Swingline Request”
	 	1.1(c)
	“Tax Returns”
	 	3.10
	“Taxes”
	 	10.1(a)
	“Thermadyne Australia”
	 	5.4(b)
	“Unused Commitment Fee”
	 	1.9(b)

     In addition to the terms defined elsewhere in this Agreement, the following terms have the
following meanings:

     “Account” means, as at any date of determination, all “accounts” (as such term is defined in
the UCC, the PPSA (Canada) or PPSA (Australia), as applicable) of the Credit Parties, including,
without limitation, the unpaid portion of the obligation of a customer of a Credit Party in respect
of Inventory purchased by and shipped to such customer and/or the rendition of services by a Credit
Party, as stated on the respective invoice of a Credit Party, net of any credits, rebates or
offsets owed to such customer.

     “Account Debtor” means the Person who is obligated on or under an Account.

     “Acquisition” means any transaction or series of related transactions for the purpose of or
resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets
of a Person, or of any business or division of a Person, (b) the acquisition of in excess of fifty
percent (50%) of the Stock and Stock Equivalents of any Person or otherwise causing any Person to
become a Subsidiary of a Borrower, or (c) a merger or consolidation or any other combination with
another Person.

     “Affiliate” means, as to any Person, any other Person which, directly or indirectly, is in
control of, is controlled by, or is under common control with, such Person. A Person shall be
deemed to control another Person if the controlling Person possesses, directly or indirectly, the
power to direct or cause the direction of the management and policies of the other Person, whether
through the ownership of voting securities, by contract or otherwise. Without limitation, any
director, executive officer or beneficial owner of five percent (5%) or more of the Stock (either
directly or through ownership of Stock Equivalents) of a Person shall for the purposes of this
Agreement, be deemed to be an Affiliate of the other Person. Notwithstanding the foregoing,
neither Agent nor any Lender shall be deemed an “Affiliate” of any Credit Party or of any
Subsidiary of any Credit Party solely by reason of the provisions of the Loan Documents.

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     “Agent” means GE Capital in its capacity as administrative agent for the Lenders hereunder,
and any successor administrative agent.

     “Aggregate Revolving Loan Commitment” means the sum of all Revolving Loan Commitments of the
Lenders, which shall on the Effective Date be in the amount of $60,000,000, as such amount may be
reduced or increased from time to time pursuant to this Agreement.

     “Applicable Margin” means:

     (a) for the period commencing on the Effective Date through the last day of the calendar month
which is the sixth full calendar month after the Effective Date (x) if a Base Rate Loan, one and
one-half percent (1.50%) per annum and (y) if a LIBOR Rate Loan, two and three-quarters percent
(2.75%) per annum; and

     (b) thereafter, the Applicable Margin shall equal the applicable LIBOR margin or Base Rate
margin in effect from time to time determined as set forth below based upon the average
Availability for the preceding Fiscal Quarter then in effect pursuant to the appropriate column
under the table below:

	 	 	 	 	 	 	 	 	 
	Average Availability	 	LIBOR Margin	 	 	Base Rate Margin	 
	Greater than or equal to $25,000,000
	 	2.75%		 	1.50%	
	Less than $25,000,000
	 	3.00%		 	1.75%	

     The Applicable Margin shall be adjusted from time to time upon delivery to Agent of the
Borrowing Base Certificate with respect to the last full fiscal month of each Fiscal Quarter
required to be delivered pursuant to Section 4.2(d) accompanied by a written calculation of the
average Availability certified on behalf of the Borrowers by a Responsible Officer of the Borrower
Representative as of the end of such Fiscal Quarter. If such calculation indicates that the
Applicable Margin shall increase or decrease, then on the first day of the calendar month following
the date of delivery of such Borrowing Base Certificate and written calculation, the Applicable
Margin shall be adjusted in accordance therewith; provided, however, that if the Borrowers shall
fail to deliver any such Borrowing Base Certificate for any such last full fiscal month of a Fiscal
Quarter by the date required pursuant to Section 4.2(d), then, at Agent’s election, effective as of
the first day of the calendar month following the end of the fiscal month with respect to which
such Borrowing Base Certificate was to have been delivered, and continuing through the first day of
the calendar month following the date (if ever) when such Borrowing Base Certificate and such
written calculation are delivered, the Applicable Margin shall be conclusively presumed to equal
the highest Applicable Margin specified in the pricing table set forth above. Notwithstanding
anything herein to the contrary, Swing Loans may not be LIBOR Rate Loans.

     In the event that any Borrowing Base Certificate delivered pursuant to Section 4.2(d) is
inaccurate, and such inaccuracy, if corrected, would have led to the imposition of a higher
Applicable Margin for any period than the Applicable Margin applied for that

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period, then (i) the Borrowers shall immediately deliver to Agent a corrected Borrowing Base
Certificate for that period, (ii) the Applicable Margin shall be determined based on the corrected
Borrowing Base Certificate for that period, and (iii) the Borrowers shall immediately pay to Agent
(for the account of the Lenders that hold the Commitments and Loans at the time such payment is
received, regardless of whether those Lenders held the Commitments and Loans during the relevant
period) the accrued additional interest owing as a result of such increased Applicable Margin for
that period. This paragraph shall not limit the rights of Agent or the Lenders with respect to
subsection 1.3(c) and Article VII hereof, and shall survive the termination of this
Agreement until the payment in full in cash of the aggregate outstanding principal balance of the
Loans.

     “Approved Fund” means, with respect to any Lender, any Person (other than a natural Person)
that (a) (i) is or will be engaged in making, purchasing, holding or otherwise investing in
commercial loans and similar extensions of credit in the Ordinary Course of Business or (ii)
temporarily warehouses loans for any Lender or any Person described in clause (i) above and (b) is
advised or managed by (i) such Lender, (ii) any Affiliate of such Lender or (iii) any Person (other
than an individual) or any Affiliate of any Person (other than an individual) that administers or
manages such Lender.

     “ASIC” means the Australian Securities and Investments Commission.

     “Assignment” means an assignment agreement entered into by a Lender, as assignor, and any
Person, as assignee, pursuant to the terms and provisions of Section 9.9 (with the consent
of any party whose consent is required by Section 9.9), accepted by Agent, substantially in
the form of Exhibit 11.1(a) or any other form approved by Agent and the Borrower
Representative (provided that no Event of Default has occurred and is continuing).

     “Attorney Costs” means and includes all reasonable and documented fees and disbursements of
any law firm or other external counsel.

     “Australian Blocked Account” means any Australian bank account (including the bank account
subject to the Cigweld Blocked Account Agreement) into which deposits by an Australian Credit Party
are made, and which account is the subject of an irrevocable direction to the bank to transfer
funds in the account telegraphically daily to an account nominated by Agent.

     “Australian Credit Party” means a Credit Party organized under the laws of Australia.

     “Australian Dollars” means the lawful currency of Australia.

     “Australian Security Documents” means (a) the fixed and floating charge dated on or about the
date of this Agreement between each Australian Credit Party and the Agent; (b) the mortgage of
shares dated on or about the date of this Agreement between each of Thermadyne Holdings and
Thermadyne Industries and the Agent; (c) the real property mortgage dated on or about the date of
this Agreement between Cigweld Pty Ltd

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and the Agent in respect of the property described in certificate of title volume 10746 folio 083
and known as 73 Gower Street, Preston Victoria, Australia, 3072; (d) the fixed and floating charge
dated October 3, 2008, between Thermadyne Australia Pty Ltd, Cigweld Pty Ltd and the Agent, ASIC
charge numbers 1709298 and 1709304; (e) the fixed and floating charge dated October 3, 2008,
between Thermadyne Australia Pty Ltd, Cigweld Pty Ltd and the Agent, ASIC charge numbers 1709301
and 1709305; (f) the fixed and floating charge dated October 3, 2008, between Thermadyne Australia
Pty Ltd, Cigweld Pty Ltd and the Agent, ASIC charge numbers 1709302 and 1709306; (g) the share
mortgage dated October 3, 2008, between Thermadyne Australia Pty Ltd and the Agent, ASIC charge
number 1709303; and (h) the share mortgage dated October 3, 2008, between each of Thermadyne
Holdings, Thermadyne Industries and the Agent.

     “Availability” means, as of any date of determination, the amount by which (a) the Maximum
Revolving Loan Balance, exceeds (b) the aggregate outstanding principal balance of Revolving Loans.

     “Availability Threshold” means as of any date an amount equal to the greater of (x) $9,000,000
and (y) $9,000,000 multiplied by a fraction the numerator of which is equal to the
Revolving Loan Commitment then in effect (after giving effect to all Revolving Commitment Increases
and decreases to the Revolving Loan Commitments on or prior to such date in accordance herewith)
and the denominator of which is $60,000,000.

     “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.).

     “Base Rate” means, for any day, a rate per annum equal to the highest of (a) the rate last
quoted by The Wall Street Journal as the “Prime Rate” in the United States or, if The
Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by
the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest
Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate
quoted therein (as determined by Agent) or any similar release by the Federal Reserve Board (as
determined by Agent), (b) the sum of 0.50% per annum and the Federal Funds Rate, and (c) the sum of
(x) LIBOR for each such day based on an Interest Period of three months determined two (2) Business
Days prior to such day, plus (y) the excess of the Applicable Margin for LIBOR Rate Loans over the
Applicable Margin for Base Rate Loans, in each instance, as of such day. Any change in the Base
Rate due to a change in any of the foregoing shall be effective on the effective date of such
change in the Federal Funds Rate or LIBOR for an Interest Period of three months.

     “Base Rate Loan” means a Loan that bears interest based on the Base Rate.

     “Benefit Plan” means any material employee benefit plan as defined in Section 3(3) of ERISA
(whether governed by the laws of the United States or otherwise), excluding any Title IV Plan and
any Multiemployer Plan, to which any Credit Party incurs or otherwise has any material obligation
or liability, contingent or otherwise.

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     “Borrowing” means a borrowing hereunder consisting of Loans made to or for the benefit of the
Borrowers on the same day by the Lenders pursuant to Article I.

     “Borrowing Base” means, as of any date of determination by Agent, from time to time, an amount
equal to the sum at such time of:

          (a) 85% of the aggregate book value of Eligible Accounts as of such date; plus

          (b) the least of (i) 65% of the aggregate book value of Eligible Inventory valued at the lower
of cost (determined on a first in, first out basis) or market, and (ii) 85% of the aggregate Net
Orderly Liquidation Value of Eligible Inventory multiplied by the then current NOLV Factor, by
category, of Eligible Inventory; less

          (c) Reserves (including, as applicable, the Rent Reserve, the Shipping Reserve, the Processors
Reserve and the Priority Payables Reserve) established by Agent at such time in its Permitted
Discretion (in addition, the Agent may at any time make any adjustments to the Borrowing Base at
its sole discretion to reflect fluctuations in currency values which adjustments shall be applied
to the most recent Borrowing Base Certificate and calculated based on changes in the applicable
foreign currency exchange rate that have occurred since the date of such Borrowing Base Certificate
and prior to submission of the next succeeding Borrowing Base Certificate) that are in effect at
such time; provided that the Agent shall give no less than four (4) Business Days’ notice to the
Borrower Representative of any new Reserve established pursuant to this clause (c) and of any
changes in the methodology for determining Reserves or the amount thereof after the Effective Date.

     “Borrowing Base Certificate” means a certificate of the Borrower Representative, on behalf of
each Credit Party, in substantially the form of Exhibit 11.1(b) hereto, duly completed as
of a date for all Credit Parties on a consolidated basis.

     “British Pounds Sterling” means the lawful currency of the United Kingdom.

     “Business Day” means any day other than a Saturday, Sunday or other day on which federal
reserve banks are authorized or required by law to close and, if the applicable Business Day
relates to any LIBOR Rate Loan, a day on which dealings are carried on in the London interbank
market.

     “Canadian Dollars” means the lawful currency of Canada.

     “Canadian Security Documents” means any financing statement, financing change statement filed
under the PPSA (Canada) or any similar registration document filed in Canada or any province or
territory thereof in respect of any security interest or charge under any similar laws of Canada or
any province or territory thereof, filed or registered against any Credit Party, as debtor, in
favor of any Lender or Agent for the benefit of Agent, any Lender or any other Secured Party, as
secured party.

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     “Capital Adequacy Regulation” means any guideline, request or directive of any central bank or
other Governmental Authority, or any other law, rule or regulation, whether or not having the force
of law, in each case, regarding capital adequacy of any Lender or of any corporation controlling a
Lender.

     “Capital Lease” means any leasing or similar arrangement which, in accordance with GAAP, is
classified as a capital lease.

     “Capital Lease Obligations” means all monetary obligations of any Credit Party or any
Subsidiary of any Credit Party under any Capital Leases.

     “Cash Equivalents” means (a) any readily-marketable securities (i) issued by, or directly,
unconditionally and fully guaranteed or insured by the United States federal or Australian
Commonwealth governments or (ii) issued by any agency of the United States federal or Australian
Commonwealth governments the obligations of which are fully backed by the full faith and credit of
the United States federal or Australian Commonwealth governments, (b) any readily-marketable direct
obligations issued by any other agency of the United States federal or Australian Commonwealth
governments, any state of the United States or any state or territory of Australia or any political
subdivision of any such state or any public instrumentality thereof, in each case having a rating
of at least “A-1” from S&P or at least “P-1” from Moody’s, (c) any commercial paper rated at least
“A-1” by S&P or “P-1” by Moody’s and issued by any Person organized under the laws
of any state of the United States or any state or territory of Australia, (d) any
Dollar-denominated or Australian dollar-denominated time deposit, insured certificate of deposit,
overnight bank deposit or bankers’ acceptance issued or accepted by (i) any Lender or (ii) any
commercial bank that is (A) organized under the laws of the United States or Australia, any state
or territory thereof or the District of Columbia, (B) “adequately capitalized” (as defined in the
regulations of its United States primary federal banking regulators (“US Regulations”) or meets the
“minimum capital adequacy” requirements set in any standard pursuant to the Banking Act 1959 (Cth)
or by the Australian Prudential Regulation Authority (“Australian Standard”)) and (C) has Tier 1
capital (as defined in the US Regulations or the Australian Standard) in excess of $250,000,000 and
(e) shares of any United States money market fund that (i) has substantially all of its assets
invested continuously in the types of investments referred to in clause (a), (b),
(c) or (d) above with maturities as set forth in the proviso below, (ii) has net
assets in excess of $500,000,000 and (iii) has obtained from either S&P or Moody’s the highest
rating obtainable for money market funds in the United States; provided, however, that the
maturities of all obligations specified in any of clauses (a), (b), (c) or
(d) above shall not exceed 365 days.

     “Cigweld Blocked Account Agreement” means that certain Blocked Account Agreement dated on or
about October 3, 2008 (as amended, restated, supplemented or otherwise modified from time to time),
by and among the Agent, the Commonwealth Bank of Australia and Cigweld Pty Ltd.

     “Code” means the Internal Revenue Code of 1986.

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     “Collateral” means all Property and interests in Property and proceeds thereof now owned or
hereafter acquired by any Credit Party who has granted a Lien to Agent, in or upon which a Lien is
granted or purported to be granted or now or hereafter exists to secure the Obligations in favor of
any Lender or Agent for the benefit of Agent, Lenders and other Secured Parties, whether under this
Agreement or under any other documents executed by any such Persons and delivered to Agent, in each
case above to secure the Obligations.

     “Collateral Documents” means, collectively, the Guaranty and Security Agreement, the
Mortgages, each Control Agreement, the Australian Security Documents, the Canadian Security
Documents, and all other security agreements, pledge agreements, share mortgages, charges, patent
and trademark security agreements, lease assignments, guarantees and other similar agreements, and
all amendments, restatements, modifications or supplements thereof or thereto, by or between any
one or more of any Credit Party, and any Lender or Agent for the benefit of Agent, the Lenders and
other Secured Parties now or hereafter delivered to the Lenders or Agent pursuant to or to
guarantee or secure the Obligations, and all financing statements (or comparable documents now or
hereafter filed in accordance with the UCC or comparable law) against any such Person as debtor in
favor of any Lender or Agent for the benefit of Agent, the Lenders and the other Secured Parties,
as secured party, as any of the foregoing may be amended, restated and/or modified from time to
time.

     “Collateral Trustee” means U.S. Bank National Association, as collateral trustee under the
Indenture, and any successor thereof in such capacity.

     “Commitment” means, for each Lender, its Revolving Loan Commitment.

     “Commitment Percentage” means, as to any Lender, the percentage equivalent of such Lender’s
Revolving Loan Commitment, divided by the Aggregate Revolving Loan Commitment; provided, that
following acceleration of the Loans, such term means, as to any Lender, the percentage equivalent
of the principal amount of the outstanding Loans held by such Lender, divided by the aggregate
principal amount of the outstanding Loans held by all Lenders.

     “Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent
or otherwise, of that Person: (a) with respect to any Indebtedness, lease, dividend or other
obligation of another Person if the primary purpose or intent of the Person incurring such
liability, or the primary effect thereof, is to provide assurance to the obligee of such liability
that such liability will be paid or discharged, or that any agreements relating thereto will be
complied with, or that the holders of such liability will be protected (in whole or in part)
against loss with respect thereto; (b) with respect to any letter of credit issued for the account
of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (c)
under any Rate Contracts; (d) to make take-or-pay or similar payments if required regardless of
nonperformance by any other party or parties to an agreement; or (e) for the obligations of another
Person through any agreement to purchase, repurchase or otherwise acquire such obligation or any
Property constituting security therefor, to provide funds for the payment or discharge of

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such obligation or to maintain the solvency, financial condition or any balance sheet item or level
of income of another Person. The amount of any Contingent Obligation shall be equal to the amount
of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount,
the maximum amount so guaranteed or supported.

     “Contractual Obligations” means, as to any Person, any provision of any security issued by
such Person or of any agreement, undertaking, contract, indenture, mortgage, deed of trust or other
instrument, document or agreement to which such Person is a party or by which it or any of its
Property is bound.

     “Control Agreement” means a tri-party deposit account, securities account or commodities
account control agreement by and among the applicable Credit Party, Agent and the depository,
securities intermediary or commodities intermediary, and each in form and substance satisfactory to
Agent and in any event providing to Agent “control” of such deposit account, securities or
commodities account within the meaning of Articles 8 and 9 of the UCC.

     “Conversion Date” means any date on which the Borrowers convert a Base Rate Loan to a LIBOR
Rate Loan or a LIBOR Rate Loan to a Base Rate Loan.

     “Copyrights” means all rights, title and interests (and all related IP Ancillary Rights)
arising under any Requirement of Law in copyrights and all mask work, database and design rights,
whether or not registered or published, all registrations and recordations thereof and all
applications in connection therewith.

     “Corporations Act” means the Australian Corporations Act 2001 (Cth).

     “Covenant Certificate” means a certificate of a Responsible Officer of Borrower Representative
in the form of Exhibit 4.2(b)-2 hereto.

     “Credit Parties” means Holdings, each Borrower and each other Person (i) which executes a
guaranty of the Obligations, (ii) which grants a Lien on all or substantially all of its assets to
secure payment of the Obligations and (iii) all of the Stock of which is pledged to Agent for the
benefit of the Secured Parties. As of the Effective Date, the Credit Parties, other than Holdings,
Borrowers and their Domestic Subsidiaries, include Thermadyne Australia Pty Ltd. and Cigweld Pty
Ltd.

     “Default” means any event or circumstance which, with the giving of notice, the lapse of time,
or both, would (if not cured or otherwise remedied during such time) constitute an Event of
Default.

     “Disposition” means (a) the sale, lease, conveyance or other disposition of Property, other
than sales or other dispositions expressly permitted under subsections 5.2(a),
5.2(c) and 5.2(d), and (b) the sale or transfer by a Borrower or any Subsidiary of
a Borrower of any Stock or Stock Equivalent issued by any Subsidiary of a Borrower and held by such
transferor Person.

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     “Dollars”, “dollars” and “$” each mean lawful money of the United States of America.

     “Domestic Subsidiary” means any Subsidiary other than a Foreign Subsidiary.

     “Effective Date” means December 3, 2010.

     “Electronic Transmission” means each document, instruction, authorization, file, information
and any other communication transmitted, posted or otherwise made or communicated by e-mail or
E-Fax, or otherwise to or from an E-System or other equivalent service acceptable to Agent.

     “Eligible Consigned Inventory” shall mean Eligible Inventory of any Credit Party on
consignment (a) located in the United States (or, if on consignment with any wholly-owned
Subsidiary of Holdings organized under the laws of Canada, Canada), (b) at a location at which the
aggregate book value of such Eligible Inventory is no less than $100,000, and (c) with respect to
which Agent shall have received, in each case in form and substance reasonably satisfactory to
Agent: (i) a valid consignment agreement or arrangement which is reasonably satisfactory to Agent
is in place with respect to such Eligible Inventory; (ii) UCC or PPSA (Canada) searches against the
consignee in those jurisdictions in which such Eligible Inventory is subject to consignment and the
jurisdiction in which the consignee is organized or maintains its principal place of business and
such other searches that the Agent reasonably deems necessary or appropriate; (iii) UCC-1 or PPSA
(Canada) financing statements with respect to the consignee and the consigned Inventory filed at
the appropriate offices which are duly assigned to Agent; (iv) a written notice to any lender
making loans to the consignee secured by Inventory of the applicable Credit Party’s ownership
interest in such Eligible Inventory; and (v) an agreement in writing from the consignee, pursuant
to which such consignee, inter alia, acknowledges the first priority security interest of Agent in
such Collateral, agrees to waive any and all claims such consignee may, at any time, have against
such Collateral, whether for processing, storage, breach of warranty (with respect to prior
purchases) or otherwise, and agrees to permit Agent access to the premises of such consignee so as
to remove such Collateral from such premises and acknowledges that it holds and will hold
possession of the Collateral for the benefit of Agent and agrees to follow all reasonable
instructions of Agent with respect thereto.

     “Eligible In-Transit Inventory” means all raw materials and finished goods Inventory owned by
a Credit Party and not covered by Letters of Credit, and which Inventory is in transit to one of
the Credit Parties’ facilities and which Inventory (a) has been paid for, unless the supplier
(other than a supplier which is a Credit Party) has waived rights to stoppage in-transit and the
law of the applicable jurisdiction where such supplier is located permits such waiver, (b) is fully
insured, (c) is subject to a first priority security interest in and lien upon such Inventory (and
any insurance proceeds in respect thereof) in favor of Agent (except for any possessory lien upon
such goods in the possession of a freight carrier or shipping company securing only the freight
charges for the transportation of such goods to such Credit Party), (e) is evidenced or deliverable
pursuant to a valid and binding bill of lading (i) issued by a reputable shipping company

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or its accredited agent, (ii) bearing a description of the relevant Inventory either in general or
particular terms, and (iii) made out to or otherwise endorsed in favor of the Credit Parties, as
applicable, an original of which (together with any required number of non-negotiable copies) have
been delivered to Agent or an agent acting on its behalf, which shall include the applicable
Collateral Party, or designating Agent as consignee, (f) is shipped to a location in the United
States, and (g) otherwise meets the criteria for “Eligible Inventory” hereunder.

     “Environmental Laws” means all present and future Requirements of Law and Permits imposing
liability or standards of conduct for or relating to the regulation and protection of the
environment, natural resources or occupational health and safety, and including public notification
requirements and environmental transfer of ownership, notification or approval statutes.

     “Environmental Liabilities” means all Liabilities (including costs of Remedial Actions,
natural resource damages and costs and expenses of investigation and feasibility studies, including
the cost of environmental consultants and the cost of attorney’s fees) that may be imposed on,
incurred by or asserted against any Credit Party or any Subsidiary of any Credit Party as a result
of, or related to, any claim, suit, action, investigation, proceeding or demand by any Person,
whether based in contract, tort, implied or express warranty, strict liability, criminal or civil
statute or common law or otherwise, arising under any Environmental Law or in connection with any
environmental or occupational health or safety condition or with any Release and resulting from the
ownership, lease, sublease or other operation or occupation of property by any Credit Party or any
Subsidiary of any Credit Party, whether on, prior or after the date hereof.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means, collectively, any Credit Party and any Person under common control or
treated as a single employer with, any Credit Party, within the meaning of Section 414(b), (c), (m)
or (o) of the Code.

     “ERISA Event” means any of the following: (a) a reportable event described in Section 4043(c)
of ERISA (other than events for which the 30 day notice period has been duly waived) with respect
to a Title IV Plan; (b) the withdrawal of any ERISA Affiliate from a Title IV Plan subject to
Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in
Section 4001(a)(2) of ERISA; (c) the complete or partial withdrawal of any ERISA Affiliate from any
Multiemployer Plan; (d) with respect to any Multiemployer Plan, the filing of a notice of
reorganization, insolvency or termination (or treatment of a plan amendment as termination) under
Section 4041A of ERISA; (e) the filing of a notice of intent to terminate a Title IV Plan (or
treatment of a plan amendment as termination) under Section 4041(c) of ERISA; (f) the institution
of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC under Section 4042 of
ERISA; (g) the failure to make any required contribution to any Title IV Plan or Multiemployer Plan
when due; (h) the imposition of a lien under Section 412 or 430(k) of the Code or Section 303 or
4068 of ERISA on any property (or rights to

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property, whether real or personal) of any ERISA Affiliate; (i) a Title IV Plan is in “at risk”
status within the meaning of Code Section 430(i); (j) a Multiemployer Plan is in “endangered
status” or “critical status” within the meaning of Section 432(b) of the Code; and (k) any other
event or condition that might reasonably be expected to constitute grounds under Section 4042 of
ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or
Multiemployer Plan or for the imposition of any material liability with respect to a Title IV Plan
upon any ERISA Affiliate under Title IV of ERISA, other than for PBGC premiums due but not
delinquent under Section 4007 of ERISA.

     “European Account Debtors” means Account Debtors organized under the laws of a member state of
the European Union.

     “Euros” means the lawful currency of the European Union.

     “Event of Loss” means, with respect to any Property, any of the following: (a) any loss,
destruction or damage of such Property; (b) any pending or threatened institution of any
proceedings for the condemnation or seizure of such Property or for the exercise of any right of
eminent domain; or (c) any actual condemnation, seizure or taking, by exercise of the power of
eminent domain or otherwise, of such Property, or confiscation of such Property or the requisition
of the use of such Property.

     “Excluded Tax” means with respect to any Secured Party (a) taxes measured by net income
(including branch profits taxes) and franchise taxes imposed in lieu of net income taxes, in each
case imposed on any Secured Party as a result of a present or former connection between such
Secured Party and the jurisdiction of the Governmental Authority imposing such tax or any political
subdivision or taxing authority thereof or therein (other than such connection arising solely from
any Secured Party having executed, delivered or performed its obligations or received a payment
under, or enforced, any Loan Document); (b) any withholding tax that is imposed on payments under
the Agreement pursuant to any Requirement of Law in effect at the time that such Person became a
“Secured Party” under this Agreement in the capacity under which such Person makes a claim under
Section 10.1(b) or designates a new Lending Office, except in each case to the extent such
Person is a direct or indirect assignee (pursuant to Section 9.9) of any other Secured
Party that was entitled, at the time the assignment to such Person became effective, to receive
additional amounts under Section 10.1(b); (c) taxes that are directly attributable to the
failure (other than as a result of a change in any Requirement of Law) by any Secured Party to
deliver the documentation required to be delivered pursuant to Section 10.1(f);
provided, however, that the Borrower shall be obligated to gross up any payments to
any such Lender pursuant to Section 10.1, and to indemnify any such Lender, in respect of
withholding Taxes if any such failure to deliver a form or forms or the failure of such form or
forms to establish a complete exemption from withholding Tax or inaccuracy or untruth contained
therein resulted directly from a change in any applicable statute, treaty, regulation or other
applicable law or any interpretation of any of the foregoing occurring after the date on which such
Lender became a Lender hereunder, which change rendered such Lender no longer legally entitled to
deliver such form or forms or otherwise ineligible for a complete exemption

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from withholding Tax, or rendered the information or certifications made in such form or
forms untrue or inaccurate in a material respect and (d) in the case of a Non-U.S Lender Party, any
United States federal withholding taxes imposed on amounts payable to such Non-U.S. Lender Party as
a result of such Non-U.S. Lender Party’s failure to comply with FATCA to establish a complete
exemption from withholding thereunder.

     “E-Fax” means any system used to receive or transmit faxes electronically.

     “E-Signature” means the process of attaching to or logically associating with an Electronic
Transmission an electronic symbol, encryption, digital signature or process (including the name or
an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent
to sign, authenticate or accept such Electronic Transmission.

     “E-System” means any electronic system approved by Agent, including Intralinks® and ClearPar®
and any other Internet or extranet-based site, whether such electronic system is owned, operated or
hosted by Agent, any of its Related Persons or any other Person, providing for access to data
protected by passcodes or other security system.

     “FATCA” means sections 1471, 1472, 1473 and 1474 of the Code, the United States Treasury
Regulations promulgated thereunder and published guidance with respect thereto.

     “Federal Flood Insurance” means Federally backed Flood Insurance available under the National
Flood Insurance Program to owners of real property improvements located in Special Flood Hazard
Areas in a community participating in the National Flood Insurance Program.

     “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of
the rates on overnight Federal Funds transactions with members of the Federal Reserve System
arranged by Federal Funds brokers on such day, as published by the Federal Reserve Bank of New York
on the Business Day next succeeding such day, provided that if no such rate is so published on such
next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted
to Agent on such day on such transactions as determined by Agent in a commercially reasonable
manner.

     “Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any
entity succeeding to any of its principal functions.

     “FEMA” means the Federal Emergency Management Agency, a component of the U.S. Department of
Homeland Security that administers the National Flood Insurance Program.

     “Final Availability Date” means the earlier of the Revolving Termination Date and one (1)
Business Day prior to the date specified in clause (a) of the definition of Revolving Termination
Date.

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     “FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989,
as amended.

     “First Tier Foreign Subsidiary” means a Foreign Subsidiary the stock of which is held directly
by a Credit Party or indirectly by a Credit Party through one or more Domestic Subsidiaries.

     “Fiscal Quarter” means any of the quarterly accounting periods of the Credit Parties, ending
on March 31, June 30, September 30, and December 31 of each year.

     “Fiscal Year” means any of the annual accounting periods of the Credit Parties ending on
December 31 of each year.

     “Flood Insurance” means, for any Real Estate located in a Special Flood Hazard Area, Federal
Flood Insurance or private insurance that meets the requirements set forth by FEMA in its Mandatory
Purchase of Flood Insurance Guidelines. Flood Insurance shall be in an amount equal to the full,
unpaid balance of the Loans and any prior liens on the Real Estate up to the maximum policy limits
set under the National Flood Insurance Program, or as otherwise required by Agent, with deductibles
not to exceed $50,000.

     “Foreign Subsidiary” means, with respect to any Person, a Subsidiary of such Person that is a
“controlled foreign corporation” under Section 957 of the Code or a subsidiary disregarded as an
entity separate from its owner under Treasury Regulation 301.7701-1(a) and whose assets include a
controlled foreign corporation..

     “GAAP” means generally accepted accounting principles in the United States set forth from time
to time in the opinions and pronouncements of the Accounting Principles Board and the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board (or agencies with similar functions of comparable stature and authority
within the accounting profession), which are applicable to the circumstances as of the date of
determination, subject to Section 11.3 hereof.

     “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government, and any corporation or other entity owned or controlled, through stock or
capital ownership or otherwise, by any of the foregoing.

     “Guaranty and Security Agreement” means that certain Guaranty and Security Agreement, dated as
of even date herewith, in form and substance reasonably acceptable to Agent and the Borrowers, made
by the Credit Parties in favor of Agent, for the benefit of the Secured Parties, as the same may be
amended, restated and/or modified from time to time.

     “Hazardous Materials” means any substance, material or waste that is regulated or otherwise
gives rise to liability under any Environmental Law, including but not limited

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to any “Hazardous Waste” as defined by the Resource Conservation and Recovery Act (RCRA) (42 U.S.C.
§ 6901 et seq. (1976)), any “Hazardous Substance” as defined under the Comprehensive Environmental
Response, Compensation, and Liability Act (CERCLA) (42 U.S.C. §9601 et seq. (1980)), any
contaminant, pollutant, petroleum or any fraction thereof, asbestos, asbestos containing material,
polychlorinated biphenyls, mold, and radioactive substances or any other substance that is toxic,
ignitable, reactive, corrosive, caustic, or dangerous.

     “Impacted Lender” means any Lender that fails to provide Agent, within three (3) Business Days
following Agent’s written request, satisfactory assurance that such Lender will not become a
Non-Funding Lender.

     “Indebtedness” of any Person means, without duplication: (a) all indebtedness for borrowed
money; (b) all obligations issued, undertaken or assumed as the deferred purchase price of Property
or services, including earn-out obligations (other than trade payables entered into in the Ordinary
Course of Business); (c) obligations with respect to all letters of credit issued for the account
of such Person and without duplication, all drafts drawn thereunder and all reimbursement or
payment obligations with respect to letters of credit; (d) all obligations of such Person evidenced
by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in
connection with the acquisition of Property, assets or businesses; (e) all indebtedness of such
Person created or arising under any conditional sale or other title retention agreement, or
incurred as financing, in either case with respect to Property acquired by such Person (even though
the rights and remedies of the seller or bank under such agreement in the event of default are
limited to repossession or sale of such Property); (f) all Capital Lease Obligations; (g) the
principal balance outstanding under any synthetic lease, off-balance sheet loan or similar off
balance sheet financing product; (h) all obligations, whether or not contingent, to purchase,
redeem, retire, defease or otherwise acquire for value any of its own Stock or Stock Equivalents
(or any Stock or Stock Equivalent of a direct or indirect parent entity thereof) prior to the date
that is 180 days after the Revolving Termination Date, valued at, in the case of redeemable
preferred Stock, the greater of the voluntary liquidation preference and the involuntary
liquidation preference of such Stock plus accrued and unpaid dividends; (i) all indebtedness
referred to in clauses (a) through (h) above secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon
or in Property (including accounts and contracts rights) owned by such Person, even though such
Person has not assumed or become liable for the payment of such indebtedness (the amount any such
obligation shall be deemed to be the lower of (1) an amount equal to the stated determinable amount
of such obligations and (2) the maximum amount for which such Person may be liable pursuant to the
terms of the instrument evidencing such obligation); and (j) all Contingent Obligations described
in clause (a) of the definition thereof in respect of indebtedness or obligations of others
of the kinds referred to in clauses (a) through (i) above.

     “Indenture” means the indenture dated as of the Effective Date, among Thermadyne Holdings, as
issuer, the guarantors party thereto and U.S. Bank National Association, as trustee, and U.S. Bank
National Association, as collateral trustee, as the

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same may be amended, restated supplemented or otherwise modified, refinanced or replaced
from time to time.

     “Insolvency Proceeding” means (a) any case, action or proceeding before any court or other
Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation,
receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the
benefit of creditors, composition, marshaling of assets for creditors, or other, similar
arrangement in respect of its creditors generally or any substantial portion of its creditors; in
each case in (a) and (b) above, undertaken under U.S. Federal, state or foreign law, including the
Bankruptcy Code.

     “Intellectual Property” means all rights, title and interests in intellectual property and
industrial property arising under any Requirement of Law and all IP Ancillary Rights relating
thereto, including all Copyrights, Patents, Trademarks, Internet Domain Names and Trade Secrets.

     “Intercreditor Agreement” means that certain Intercreditor Agreement dated as of the date
hereof, by and between Agent and the Collateral Trustee and acknowledged by the Credit Parties, as
the same may be amended, restated supplemented or otherwise modified or replaced from time to time
subject to the terms thereof.

     “Interest Payment Date” means, (a) with respect to any LIBOR Rate Loan (other than a LIBOR
Rate Loan having an Interest Period of six (6) months) the last day of each Interest Period
applicable to such Loan, (b) with respect to any LIBOR Rate Loan having an Interest Period of six
(6) months, the last day of each three (3) month interval and, without duplication, the last day of
such Interest Period, and (c) with respect to Base Rate Loans (including Swing Loans) the first day
of each month.

     “Interest Period” means, with respect to any LIBOR Rate Loan, the period commencing on the
Business Day such Loan is disbursed or continued or on the Conversion Date on which a Base Rate
Loan is converted to the LIBOR Rate Loan and ending on the date one, two, three or six months
thereafter, as selected by the Borrower Representative in its Notice of Borrowing or Notice of
Conversion/Continuation; provided that:

     (a) if any Interest Period pertaining to a LIBOR Rate Loan would otherwise end on a day which
is not a Business Day, that Interest Period shall be extended to the next succeeding Business Day
unless the result of such extension would be to carry such Interest Period into another calendar
month, in which event such Interest Period shall end on the immediately preceding Business Day;

     (b) any Interest Period pertaining to a LIBOR Rate Loan that begins on the last Business Day
of a calendar month (or on a day for which there is no numerically corresponding day in the
calendar month at the end of such Interest Period) shall end on the last Business Day of the
calendar month at the end of such Interest Period; and

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     (c) no Interest Period for any Revolving Loan shall extend beyond the Revolving
Termination Date.

     “Internet Domain Name” means all rights, title and interests (and all related IP Ancillary
Rights) arising under any Requirement of Law in internet domain names.

     “Inventory” means all of the “inventory” (as such term is defined in the UCC) of the Credit
Parties, including, but not limited to, all merchandise, raw materials, parts, supplies, raw
materials, work-in-process and finished goods intended for sale, together with all the containers,
packing, packaging, shipping and similar materials related thereto, and including such inventory as
is temporarily out of a Credit Party’s custody or possession, including inventory on the premises
of others and items in transit.

     “IP Ancillary Rights” means, with respect to any Copyrights, Patents, Trademarks, Internet
Domain Names, Trade Secrets and other intellectual property or industrial property rights, as
applicable, all foreign counterparts to, and all divisionals, reversions, continuations,
continuations-in-part, reissues, reexaminations, renewals and extensions of, such Copyrights,
Patents, Trademarks, Internet Domain Names, Trade Secrets and other intellectual property or
industrial property rights.

     “IP License” means all Contractual Obligations, whether written or oral, under which (i) any
Credit Party grants to any Person any right to any Intellectual Property, including but not limited
to the right to use such Intellectual Property or (ii) any Credit Party is granted by any Person
any right to any Intellectual Property, including but not limited to the right to use such
Intellectual Property.

     “IRS” means the Internal Revenue Service of the United States and any successor thereto.

     “Issue” means, with respect to any Letter of Credit, to issue, extend the expiration date of,
renew (including by failure to object to any automatic renewal on the last day such objection is
permitted), increase the face amount of, or reduce or eliminate any scheduled decrease in the face
amount of, such Letter of Credit, or to cause any Person to do any of the foregoing. The terms
“Issued” and “Issuance” have correlative meanings.

     “L/C Issuer” means GE Capital or any other Lender or an Affiliate thereof or a bank or other
legally authorized Person, in each case, reasonably acceptable to Agent, in such Person’s capacity
as an issuer of Letters of Credit hereunder.

     “L/C Reimbursement Obligation” means, for any Letter of Credit, the obligation of the
Borrowers to the L/C Issuer thereof or to Agent, as and when matured, to pay all amounts drawn
under such Letter of Credit.

     “Lending Office” means, with respect to any Lender, the office or offices of such Lender
specified as its “Lending Office” beneath its name on the applicable signature page hereto, or such
other office or offices of such Lender as it may from time to time notify the Borrower
Representative and Agent.

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     “Letter of Credit” means documentary or standby letters of credit issued under this Agreement
for the account of the Borrowers by L/C Issuers, and bankers’ acceptances issued by a Borrower, for
which Agent and Lenders have incurred Letter of Credit Obligations.

     “Letter of Credit Obligations” means all outstanding obligations incurred by Agent and Lenders
at the request of the Borrowers or the Borrower Representative, whether direct or indirect,
contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by
L/C Issuers or the purchase of a participation as set forth in subsection 1.1(b) with
respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the
maximum amount that may be payable by Agent and Lenders thereupon or pursuant thereto.

     “Liabilities” means all claims, actions, suits, judgments, damages, losses, liability,
obligations, responsibilities, fines, penalties, sanctions, costs, fees, taxes, duties,
commissions, charges, disbursements and expenses, in each case of any kind or nature (including
interest accrued thereon or as a result thereto and fees, charges and disbursements of financial,
legal and other advisors and consultants), whether joint or several, whether or not indirect,
contingent, consequential, actual, punitive, treble or otherwise.

     “LIBOR” means, for each Interest Period, the highest of (a) the offered rate per annum for
deposits of Dollars for the applicable Interest Period that appears on Reuters Screen LIBOR 01 Page
as of 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such
Interest Period and (b) the offered rate per annum for deposits of Dollars for an Interest Period
of three (3) months that appears on Reuters Screen LIBOR 01 Page as of 11:00 A.M. (London, England
time) two (2) Business Days prior to the first day of the applicable Interest Period. If no such
offered rate exists, such rate will be the rate of interest per annum, as determined by Agent at
which deposits of Dollars in immediately available funds are offered at 11:00 A.M. (London, England
time) two (2) Business Days prior to the first day in such Interest Period by major financial
institutions reasonably satisfactory to Agent in the London interbank market for such Interest
Period for the applicable principal amount on such date of determination.

     “LIBOR Rate Loan” means a Loan that bears interest based on LIBOR.

     “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge or deposit
arrangement, encumbrance intended as a security interest, lien (statutory or otherwise) or
preference, priority or other security interest or preferential arrangement of any kind or nature
whatsoever (including those created by, arising under or evidenced by any conditional sale or other
title retention agreement, the interest of a lessor under a Capital Lease, any financing lease
having substantially the same economic effect as any of the foregoing, or the filing of any
financing statement naming the owner of the asset to which such lien relates as debtor, under the
UCC or any comparable law), but not including the interest of a lessor under a lease which is not a
Capital Lease.

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     “Loan” means an extension of credit by a Lender to the Borrowers pursuant to
Article I, and may be a Base Rate Loan or a LIBOR Rate Loan.

     “Loan Documents” means this Agreement, the Notes, the Fee Letter, the Collateral Documents,
the Master Agreement for Standby Letters of Credit, the Intercreditor Agreement, and all
documents delivered to Agent and/or any Lender in connection with any of the foregoing.

     “Management Agreement” means that certain Management Services Agreement dated as of
December 3, 2010 between Sponsor and Thermadyne Holdings.

     “Margin Stock” means “margin stock” as such term is defined in Regulation T, U or X of the
Federal Reserve Board.

     “Master Agreement for Standby Letters of Credit” means that certain Master Agreement for
Standby Letters of Credit dated as of the date hereof, by and among GE Capital and the
Borrowers, as the same may be amended, restated, supplemented or otherwise modified or
replaced from time to time.

     “Material Adverse Effect” means: (a) a material adverse change in, or a material adverse
effect upon, the operations, business, Properties or condition (financial or otherwise) of the
Credit Parties taken as a whole; (b) a material impairment of the ability of any Credit Party to
perform in any material respect its obligations under any Loan Document; or (c) a material
adverse effect upon (i) the legality, validity, binding effect or enforceability of any Loan
Document, or (ii) the perfection or priority of any Lien granted to the Lenders or to Agent for
the benefit of the Secured Parties under any of the Collateral Documents adversely effecting the
value of the assets in the then effective Borrowing Base by more than $500,000.

     “Material Environmental Liabilities” means Environmental Liabilities exceeding $500,000
individually or $1,000,000 in the aggregate.

     “Mortgage” means any deed of trust, mortgage, deed to secure debt, leasehold deed to secure
debt or other document creating a Lien on Real Estate or any interest in Real Estate.

     “Multiemployer Plan” means any “multiemployer plan,” as defined in Section 3(37) or
4001(a)(3) of ERISA, as to which any ERISA Affiliate has any obligation to make contributions,
or during the preceding five plan years, has made or been obligated to make contributions.

     “National Flood Insurance Program” means the program created by the U.S. Congress pursuant
to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as
revised by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood
insurance to cover real property improvements located in Special Flood Hazard Areas in
participating communities and provides protection to property owners through a Federal insurance
program.

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     “Net Issuance Proceeds” means, in respect of any issuance of debt or equity,
cash proceeds (including cash proceeds as and when received in respect of non-cash
proceeds received or receivable in connection with such issuance), net of
underwriting fees, arrangement fees, underwriting discounts and other customary fees
and reasonable out-of-pocket costs and expenses paid or incurred in connection
therewith in favor of any Person not an Affiliate of a Borrower.

     “Net Orderly Liquidation Value” means the cash proceeds of Eligible Inventory
which could be obtained in an orderly liquidation (net of all liquidation expenses,
costs of sale, operating expenses and retrieval and related costs), as determined
pursuant to the most recent third-party appraisal of such Inventory delivered to
Agent (of which notice is provided to Borrowers) by an appraiser reasonably
acceptable to Agent.

     “Net Proceeds” means proceeds in cash, checks or other cash equivalent
financial instruments (including Cash Equivalents) as and when received by the
Person making a Disposition and insurance proceeds and condemnation and similar
awards received on account of an Event of Loss, net of: (a) in the event of a
Disposition (i) the direct costs relating to such Disposition excluding amounts
payable to a Borrower or any Affiliate of a Borrower, (ii) sale, use or other
transaction taxes paid or payable as a result thereof, and (iii) amounts required to
be applied to repay principal, interest and prepayment premiums and penalties on
Indebtedness secured by a Lien on the asset which is the subject of such Disposition
and (b) in the event of an Event of Loss, (i) so long as no Default or Event of
Default has occurred and is continuing, all money actually applied to repair or
reconstruct the damaged Property or Property affected by the condemnation or taking,
(ii) all of the costs and expenses reasonably incurred in connection with the
collection of such proceeds, award or other payments, and (iii) any amounts retained
by or paid to parties having superior rights to such proceeds, awards or other
payments.

     “NOLV Factor” means, as of the date of the appraisal of Eligible Inventory most
recently received by Agent, the quotient of the Net Orderly Liquidation Value of
Eligible Inventory divided by the book value of such Eligible Inventory, expressed
as a percentage. The NOLV Factor will be increased or reduced promptly upon receipt
by Agent of each updated appraisal.

     “Non-Funding Lender” means any Lender that has (a) failed to fund any Loan or
any other payments required to be made by it under the Loan Documents within two (2)
Business Days after any such funding or payment is due (excluding expense and
similar reimbursements that are subject to good faith disputes), (b) given written
notice (and Agent has not received a
revocation in writing), to a Borrower, Agent, any Lender, or the L/C Issuer or
has otherwise publicly announced (and Agent has not received notice of a public
retraction) that such Lender believes it will fail to fund payments or purchases of
participations required to be funded by it under the Loan Documents or one or more
other syndicated credit facilities, (c) failed to fund, and not cured, loans,
participations, advances, or reimbursement obligations under one or more other
syndicated credit facilities, unless subject to a good faith dispute, or (d) (i)
become subject to a voluntary or involuntary case under the Bankruptcy Code or any
similar bankruptcy laws, (ii) a custodian, conservator, receiver or similar official
appointed for it or any substantial part

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of such Person’s or its parent company’s assets, or (iii) made, or its parent
company has made, a general assignment for the benefit of creditors, been
liquidated, or otherwise been adjudicated as, or determined by any Governmental
Authority having regulatory authority over such Person or its assets to be,
insolvent or bankrupt, and in the case of this clause (d), and Agent has
determined that such Lender is reasonably likely to fail to fund any payments
required to be made by it under the Loan Documents.

     “Non-U.S. Lender Party” means each of Agent, each Lender, each L/C Issuer, each
SPV and each participant, in each case that is not a United States person as defined
in Section 7701(a)(30) of the Code.

     “Note” means any Revolving Note or Swingline Note and “Notes” means all such
Notes.

     “Notice of Borrowing” means a notice given by the Borrower Representative to
Agent pursuant to Section 1.5, in substantially the form of Exhibit
11.1(c) hereto.

     “Obligations” means all Loans, and other Indebtedness, advances, debts,
liabilities, obligations, covenants and duties owing by any Credit Party to any
Lender, Agent, any L/C Issuer, any Secured Swap Provider or any other Person
required to be indemnified, that arises under any Loan Document or any Secured Rate
Contract, whether or not for the payment of money, whether arising by reason of an
extension of credit, loan, guaranty, indemnification or in any other manner, whether
direct or indirect (including those acquired by assignment), absolute or contingent,
due or to become due, now existing or hereafter arising and however acquired.

     “Ordinary Course of Business” means, in respect of any transaction involving
any Person, the ordinary course of such Person’s business, as conducted by any such
Person in accordance with past practice and undertaken by such Person in good faith
and not for purposes of evading any covenant or restriction in any Loan Document.

     “Organization Documents” means, (a) for any corporation, the certificate or
articles of incorporation, the bylaws, any certificate of determination or
instrument relating to the rights of preferred shareholders of such corporation and
any shareholder rights agreement, (b) for any partnership, the partnership agreement
and, if applicable, certificate of limited partnership, (c) for any limited
liability company, the operating agreement and articles or certificate of formation
or (d) any other document setting forth the manner of election or duties of the
officers, directors, managers or other similar persons, or the designation, amount
or relative rights, limitations and
preference of the Stock of a Person.

     “Patents” means all rights, title and interests (and all related IP Ancillary
Rights) arising under any Requirement of Law in letters patent and applications
therefor.

     “Patriot Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, P.L.
107-56, as amended.

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     “PBGC” means the United States Pension Benefit Guaranty Corporation any successor thereto.

     “Permits” means, with respect to any Person, any permit, approval, authorization, license,
registration, certificate, concession, grant, franchise, variance or permission from, and any
other Contractual Obligations with, any Governmental Authority, in each case whether or not
having the force of law and applicable to or binding upon such Person or any of its property or
to which such Person or any of its property is subject.

     “Permitted Acquisition” means any Acquisition by (i) a Credit Party (other than Holdings)
of substantially all of the assets of a Target, which assets are located in the United States or
(ii) a Credit Party (other than Holdings) of 100% of the Stock and Stock Equivalents of a Target
organized under the laws of any State in the United States or the District of Columbia, in each
case, to the extent that each of the following conditions shall have been satisfied:

     (a) to the extent the Acquisition will be financed in whole or in part with the proceeds of
any Loan, the conditions set forth in Section 2.2 shall have been satisfied,;

     (b) the Borrower Representative shall have notified Agent and Lenders of such proposed
Acquisition at least thirty (30) days prior to the consummation thereof and furnished to Agent
and Lenders at least fifteen (15) days prior to the consummation thereof (1) an executed term
sheet and/or letter of intent (setting forth in reasonable detail the terms and conditions of
such Acquisition) and, at the request of Agent, such other information and documents that Agent
may request, including, without limitation, executed counterparts of the respective agreements,
documents or instruments pursuant to which such Acquisition is to be consummated (including,
without limitation, any related management, non-compete, employment, option or other material
agreements), any schedules to such agreements, documents or instruments and all other material
ancillary agreements, instruments and documents to be executed or delivered in connection
therewith, (2) pro forma financial statements of Holdings and its Subsidiaries after giving
effect to the consummation of such Acquisition, (3) a Covenant Certificate demonstrating on a
pro forma basis that Fixed Charge Coverage Ratio after giving effect to the consummation of such
Acquisition as of the last day of the consecutive twelve-fiscal month period most recently ended
prior to the date such Acquisition is consummated for which financial statements have been
delivered pursuant to Section 4.1(b) is not less than 1.10 to 1.00 and (4) copies of such other
agreements, instruments and other documents as Agent reasonably shall request;

     (c) the Borrowers and their Subsidiaries (including any new Subsidiary) shall execute and
deliver the agreements, instruments and other documents required by Section 4.13 and
Agent shall have received, for the benefit of the Secured Parties, a collateral assignment of
the seller’s representations, warranties and indemnities to the Borrowers or any of their
Subsidiaries under the acquisition documents;

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     (d) such Acquisition shall not be hostile and shall have been approved by the
board of directors (or other similar body) and/or the stockholders or other
equityholders of the Target;

     (e) no Default or Event of Default shall then exist or would exist after giving
effect thereto;

     (f) (i) average daily Availability for the consecutive ninety (90) -day period
ending on the date such Acquisition is made, (ii) projected average daily
Availability for the consecutive ninety (90)-day period commencing on the date such
Acquisition is made, and (iii) Availability at the time such Acquisition is made, in
each case, after giving pro forma effect to such Acquisition, is not less than the
greater of (x) $24,000,000 and (y) forty percent (40%) of the Aggregate Revolving
Loan Commitment at such time;

     (g) the total consideration paid or payable (including without limitation, all
transaction costs, Indebtedness and Liabilities incurred, assumed or reflected on a
consolidated balance sheet of the Credit Parties and their Subsidiaries after giving
effect to such Acquisition and the maximum amount of all deferred payments,
“Acquisition Consideration”) for all Acquisitions consummated during the term of
this Agreement shall not exceed $75,000,000 in the aggregate for all such
Acquisitions (excluding Acquisitions funded solely with the Net Issuance Proceeds
resulting from the issuance of Stock or Stock Equivalents by Holdings, as to which
the Acquisition Consideration shall not exceed $75,000,000 for all such
Acquisitions); provided, that if (i) the aggregate amount of Revolving Loans
outstanding after giving pro forma effect to such Permitted Acquisition is less than
$10,000,000 and (ii) Agent shall have received a Covenant Certificate demonstrating
that Fixed Charge Coverage Ratio (after giving pro forma effect to such Permitted
Acquisition) as of the last day of the consecutive twelve-fiscal month period most
recently ended prior to the date such Acquisition is consummated for which financial
statements have been delivered pursuant to Section 4.1(b) is not less than
1.20 to 1.00, then the total consideration for such Acquisition shall not be limited
and may exceed the limitation set forth above;

     (h) the Target has EBITDA, subject to pro forma adjustments acceptable to
Agent, for the most recent four quarters prior to the acquisition date for which
financial statements are available, greater than zero; and

     (i) the Target shall be engaged in the same line of business carried on by the
Credit Parties on the date hereof or which are similar, reasonably related,
ancillary or complimentary thereto or are reasonable extension thereof..

     Notwithstanding the foregoing, no Accounts or Inventory acquired by a Credit Party
in a Permitted Acquisition shall be included as Eligible Accounts or Eligible
Inventory until a field examination (and, if required by Agent, an
Inventory appraisal) with respect thereto has been completed to the satisfaction of
Agent, including the establishment of Reserves required in Agent’s Permitted
Discretion; provided that field examinations and appraisals in connection with
Permitted Acquisitions shall not count against the limited number of field
examinations or appraisals for which expense reimbursement may be sought.

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     “Permitted Discretion” means a determination made in good faith and in
the exercise of reasonable (from the perspective of a secured asset-based lender)
business judgment; provided, that in connection with establishing Reserves and new
eligibility criteria as they relate to Eligible Accounts and Eligible Inventory,
Permitted Discretion shall only be exercised in order to preserve the value of and
the ability to realize the value of or collect Eligible Accounts and Eligible
Inventory.

     “Permitted Refinancing” means Indebtedness constituting a refinancing or
extension of Indebtedness permitted under subsections 5.5(c), (d), (f), (g), (h), (l), or (n) that
(a) has an aggregate outstanding principal amount not greater than the aggregate
principal amount of the Indebtedness being refinanced or extended, plus any premium
or similar amount required to be paid, and fees and expenses, including in the form
of original issue discount, incurred, in connection with any of the foregoing, (b)
has a weighted average maturity (measured as of the date of such refinancing or
extension) and maturity no shorter than that of the Indebtedness being refinanced or
extended, (c) is not entered into as part of a sale leaseback transaction, (d) is
not secured by a Lien on any assets other than the collateral securing the
Indebtedness being refinanced or extended, (e) the obligors of which are the same as
the obligors of the Indebtedness being refinanced or extended and (f) is otherwise
on terms no less favorable to the Credit Parties, taken as a whole, than those of
the Indebtedness being refinanced or extended.

     “Person” means an individual, partnership, corporation, limited liability
company, business trust, joint stock company, trust, unincorporated association,
joint venture or Governmental Authority.

     “PPSA (Australia)” means the Australian Personal Property Securities Act 2009
(Cth).

     “PPSA (Canada)” means the Personal Property Security Act (Ontario) and the
Regulations thereunder, as from time to time in effect, provided, however, if
attachment, perfection or priority of Agent’s security interests in any Collateral
are governed by the personal property security laws of any jurisdiction other than
Ontario, PPSA shall mean those personal property security laws in such other
jurisdiction for the purposes of the provisions hereof relating to such attachment,
perfection or priority and for the definitions related to such provisions.

     “PPSA Law (Australia)” means the PPSA (Australia) and any amendment made at any
time to any other law, by-law or regulation as a consequence of the PPSA
(Australia).

     “Prior Indebtedness” means the Indebtedness and obligations specified in
Schedule 11.1 hereto.

     “Priority Payables Reserve” means a Reserve in an amount equal to the amount of
obligations secured by Liens created by applicable law (in contrast with Liens
voluntarily granted) which rank or are capable of ranking superior or pari passu
with Agent’s Lien against all or part of the Collateral constituting Eligible
Accounts or Eligible Inventory,

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including amounts owing for vacation pay, employee deductions and contributions,
goods and services taxes, sales taxes, realty taxes, business taxes, workers’
compensation, pension plan or fund obligations and unpaid suppliers with reclamation
rights (i.e. “30 day goods”) in Australia, in each case that is secured by such
Liens.

     “Processors Reserve” means, as of any date of determination, Reserves from time
to time established at the Agent’s Permitted Discretion based on amounts owing to
one or more processors of a Credit Party’s Eligible Inventory.

     “Property” means any interest in any kind of property or asset, whether real,
personal or mixed, and whether tangible or intangible.

     “Purchase Agreement” means the Agreement and Plan of Merger dated as of October
5, 2010, among Razor Holdco Inc., Razor Merger Sub Inc., and Thermadyne Holdings, as
amended or modified on or prior to the Effective Date.

     “Purchase Documents” means the Purchase Agreement and all other documents
relating thereto or executed in connection therewith.

     “Qualified Liens” means (i) Liens created under the Loan Documents, (ii) Liens
created under the Senior Note Documents; provided, that such Liens are
subordinated to the Liens created under the Loan Documents pursuant to the
Intercreditor Agreement, (iii) any tax, PBGC or other Lien arising solely by
operation of law which is inchoate and (iv) Liens on Inventory securing payments of
expenses of landlord, bailee, consignee, processor, warehouseman or any other third
party who stores, processes, maintains, transports or holds such Inventory.

     “Rate Contracts” means swap agreements (as such term is defined in Section 101
of the Bankruptcy Code) and any other agreements or arrangements designed to provide
protection against fluctuations in interest or currency exchange rates.

     “Real Estate” means any real estate owned, leased, subleased or otherwise
operated or occupied by any Credit Party or any Subsidiary of any Credit Party.

     “Related Agreements” means the Purchase Documents, and the Senior Note
Documents.

     “Related Persons” means, with respect to any Person, each Affiliate of such
Person and each director, officer, employee, agent, trustee, representative,
attorney, accountant and each insurance, environmental, legal, financial and other
advisor (including those retained in connection with the
satisfaction or attempted satisfaction of any condition set forth in
Article II) and other consultants and agents of or to such Person or any of
its Affiliates.

     “Related Transactions” means the transactions contemplated by the Related
Agreements and includes, without limitation, the consummation of the Effective Date
Acquisition and the issuance on the Effective Date of Senior Notes pursuant to the
Indenture.

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     “Releases” means any release, threatened release, spill, emission, leaking,
pumping, pouring, emitting, emptying, escape, injection, deposit, disposal,
discharge, dispersal, dumping, leaching or migration of Hazardous Material into or
through the environment.

     “Remedial Action” means all actions required to (a) clean up, remove, treat or
in any other way address any Hazardous Material in the environment, (b) prevent or
minimize any Release so that a Hazardous Material does not migrate or endanger or
threaten to endanger public health or welfare or the environment or (c) perform pre
remedial studies and investigations and post-remedial monitoring and care with
respect to any Hazardous Material.

     “Rent Reserve” means, as of any date determination, a Reserve established at
the Agent’s Permitted Discretion for up to four (4) months rent owing under leases
of any of the Credit Parties with respect to locations as to which Agent has not
received a landlord agreement in form and substance reasonably satisfactory to the
Agent or otherwise waived such requirement, or as to which rent for such location is
not current.

     “Required Lenders” means at any time (a) Lenders then holding at least fifty
percent (50%) of the sum of the Aggregate Revolving Loan Commitment then in effect,
or (b) if the Aggregate Revolving Loan Commitments have terminated, Lenders then
holding at least fifty percent (50%) of the sum of the aggregate unpaid principal
amount of Loans (other than Swing Loans) then outstanding, outstanding Letter of
Credit Obligations, amounts of participations in Swing Loans and the principal
amount of unparticipated portions of Swing Loans, in each case, as the Aggregate
Revolving Loan Commitment may be reduced for the purposes of this definition in
accordance with Section 1.11(e)(iii).

     “Requirement of Law” means, as to any Person, any law (statutory or common),
ordinance, treaty, rule, regulation, order, policy, other legal requirement or
determination of an arbitrator or of a Governmental Authority, in each case
applicable to or binding upon such Person or any of its Property or to which such
Person or any of its Property is subject.

     “Reserves” means, with respect to the Borrowing Base (a) reserves established
by Agent from time to time against Eligible Accounts pursuant to Section
1.13 and Eligible Inventory pursuant to Section 1.14, and (b) such other
reserves against Eligible Accounts, Eligible Inventory or Availability that Agent
may, in its Permitted Discretion, establish from time to time. Without limiting the
generality of the foregoing, Reserves established to ensure the payment of accrued
interest expenses or Indebtedness shall be deemed to be an exercise of Agent’s
Permitted Discretion. Agent will not impose a Reserve based on a condition known by
it to exist as of the Effective
Date and as to which no such Reserve has been imposed as of the Effective Date.

     “Responsible Officer” means the chief executive officer or the president of a
Borrower or Borrower Representative, as applicable, or any other officer having
substantially the same authority and responsibility; or, with respect to compliance
with

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financial covenants or delivery of financial information, the chief financial
officer or the treasurer of a Borrower or Borrower Representative, as applicable, or
any other officer having substantially the same authority and responsibility.

     “Revolving Lender” means each Lender with a Revolving Loan Commitment (or if
the Revolving Loan Commitments have terminated, who hold Revolving Loans or
participations in Swing Loans.)

     “Revolving Note” means a promissory note of the Borrowers payable to a
Revolving Lender in substantially the form of Exhibit 11.1(d) hereto,
evidencing Indebtedness of the Borrowers under the Revolving Loan Commitment of such
Lender.

     “Revolving Termination Date” means the earlier to occur of: (a) December 3,
2015; and (b) the date on which the Aggregate Revolving Loan Commitment shall
terminate in accordance with the provisions of this Agreement.

     “Secured Party” means Agent, each Lender, each L/C Issuer, each other
Indemnitee and each other holder of any Obligation of a Credit Party including each
Secured Swap Provider.

     “Secured Rate Contract” means any Rate Contract between a Borrower and the
counterparty thereto, which (i) has been provided or arranged by GE Capital or an
Affiliate of GE Capital, or (ii) Agent has acknowledged in writing constitutes a
“Secured Rate Contract” hereunder.

     “Secured Swap Provider” means (i) a Lender or an Affiliate of a Lender (or a
Person who was a Lender or an Affiliate of a Lender at the time of execution and
delivery of a Rate Contract) who has entered into a Secured Rate Contract with a
Borrower, or (ii) a Person with whom Borrower has entered into a Secured Rate
Contract provided or arranged by GE Capital or an Affiliate of GE Capital, and any
assignee thereof.

     “Senior Note Documents” means the Indenture and all other documents related
thereto or executed in connection therewith, in each case, as the same may be
amended, restated supplemented or otherwise modified, refinanced or replaced from
time to time.

     “Senior Notes” means notes issued under the Indenture.

     “Shipping Reserve” means, as of any date of determination, a Reserve
established at the Agent’s sole discretion for shipping and related costs
related to Eligible In-Transit Inventory.

     “Software” means (a) all computer programs, including source code and object
code versions, (b) all data, databases and compilations of data, whether machine
readable or otherwise, and (c) all documentation, training materials and
configurations related to any of the foregoing.

     “Solvent” means, with respect to any Person as of any date of determination,
that, as of such date, (a) the value of the assets of such Person (both at fair
value and present

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fair saleable value) is greater than the total amount of liabilities (including contingent and
unliquidated liabilities) of such Person, (b) such Person is able to pay all liabilities of such
Person as such liabilities mature or become due and payable including as set out in Section 95A
of the Corporations Act, and (c) such Person does not have unreasonably small capital. In
computing the amount of contingent or unliquidated liabilities at any time, such liabilities
shall be computed at the amount that, in light of all the facts and circumstances existing at
such time, represents the amount that can reasonably be expected to become an actual or matured
liability.

     “Special Flood Hazard Area” means an area that FEMA’s current flood maps indicate has at
least a one percent (1%) chance of a flood equal to or exceeding the base flood elevation (a
100-year flood) in any given year.

“Sponsor” means Irving Place Capital and its Affiliates.

     “SPV” means any special purpose funding vehicle identified as such in a writing by any
Lender to Agent.

     “Stock” means all shares of capital stock (whether denominated as common stock or preferred
stock), equity interests, beneficial, partnership or membership interests, joint venture
interests, participations or other ownership or profit interests in or equivalents (regardless
of how designated) of or in a Person (other than an individual), whether voting or non-voting.

     “Stock Equivalents” means all securities convertible into or exchangeable for Stock or any
other Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or
otherwise acquire any Stock or any other Stock Equivalent, whether or not presently convertible,
exchangeable or exercisable.

     “Subordinated Indebtedness” means Indebtedness of any Credit Party or any Subsidiary of any
Credit Party that is subordinated to the Obligations as to right and time of payment and as to
other rights and remedies thereunder and having such other terms as are, in each case,
reasonably satisfactory to Agent.

     “Subsidiary” of a Person means any corporation, association, limited liability company,
partnership, joint venture or other business entity of which more than fifty percent (50%) of
the voting Stock, is owned or controlled directly or indirectly by the Person, or one or more of
the Subsidiaries of the Person, or a combination thereof.

“Swingline Commitment” means $10,000,000.

     “Swingline Lender” means, each in its capacity as a Lender of Swingline Loans hereunder, GE
Capital or, upon the resignation of GE Capital as Agent hereunder, any Lender (or Affiliate or
Approved Fund of any Lender) that agrees, with the approval of
Agent (or, if there is no such successor Agent, the Required Lenders) and the Borrowers, to
act as the Swingline Lender hereunder.

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     “Swingline Note” means a promissory note of the Borrowers payable to the Swingline
Lender, in substantially the form of Exhibit 11.1(e) hereto, evidencing the Indebtedness
of the Borrowers to the Swingline Lender resulting from the Swing Loans made to the Borrowers by
the Swingline Lender.

“Swingline Request” has the meaning specified in clause (ii) of subsection
1.1(c).

“Swing Loan” has the meaning specified in clause (i) of subsection 1.1(c).

     “Target” means any Person or business unit or asset group of any Person acquired or
proposed to be acquired in an Acquisition.

     “Tax Affiliate” means, (a) each Borrower and its Subsidiaries and (b) any Affiliate of a
Borrower with which such Borrower files or is required to file tax returns on a consolidated,
combined, unitary or similar group basis.

     “Title IV Plan” means an employee pension benefit plan as defined in Section 3(2) of ERISA,
other than a Multiemployer Plan, subject to Title IV of ERISA or Section 412 of the Code,
maintained or contributed to by any ERISA Affiliate.

     “Trade Secrets” means all rights, title and interests (and all related IP Ancillary Rights)
arising under any Requirement of Law in trade secrets.

     “Trademark” means all rights, title and interests (and all related IP Ancillary Rights)
arising under any Requirement of Law in trademarks, trade names, corporate names, company names,
business names, fictitious business names, trade styles, service marks, logos and other source
or business identifiers and, in each case, all goodwill associated therewith, all registrations
and recordations thereof and all applications in connection therewith.

     “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New
York.

“United States” and “U.S.” each means the United States of America.

     “U.S. Lender Party” means each of Agent, each Lender, each L/C Issuer, each SPV and each
participant, in each case that is a United States person as defined in Section 7701(a)(30) of
the Code.

     “Wholly-Owned Subsidiary” means any Subsidiary in which (other than directors’ qualifying
shares required by law) one hundred percent (100%) of the Stock and Stock Equivalents, at the
time as of which any determination is being made, is owned, beneficially and of record, by any
Credit Party, or by one or more of the other Wholly-Owned Subsidiaries, or both.

11.2 Other Interpretive Provisions.

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          (a) Defined Terms. Unless otherwise specified herein or therein, all
terms defined in this Agreement or in any other Loan Document shall have the defined
meanings when used in any certificate or other document made or delivered pursuant
hereto. The meanings of defined terms shall be equally applicable to the singular
and plural forms of the defined terms. Terms (including uncapitalized terms) not
otherwise defined herein and that are defined in the UCC, the PPSA (Canada) or the
PPSA (Australia), as applicable, shall have the meanings therein described.

          (b) The Agreement. The words “hereof”, “herein”, “hereunder” and words
of similar import when used in this Agreement or any other Loan Document shall refer
to this Agreement or such other Loan Document as a whole and not to any particular
provision of this Agreement or such other Loan Document; and subsection, section,
schedule and exhibit references are to this Agreement or such other Loan Documents
unless otherwise specified.

          (c) Certain Common Terms. The term “documents” includes any and all
instruments, documents, agreements, certificates, indentures, notices and other
writings, however evidenced. The term “including” is not limiting and means
“including without limitation.”

          (d) Performance; Time. Whenever any performance obligation hereunder
or under any other Loan Document (other than a payment obligation) shall be stated
to be due or required to be satisfied on a day other than a Business Day, such
performance shall be made or satisfied on the next succeeding Business Day. In the
computation of periods of time from a specified date to a later specified date, the
word “from” means “from and including”; the words “to” and “until” each mean “to but
excluding”, and the word “through” means “to and including.” If any provision of
this Agreement or any other Loan Document refers to any action taken or to be taken
by any Person, or which such Person is prohibited from taking, such provision shall
be interpreted to encompass any and all means, direct or indirect, of taking, or not
taking, such action.

          (e) Contracts. Unless otherwise expressly provided herein or in any
other Loan Document, references to agreements and other contractual instruments,
including this Agreement and the other Loan Documents, shall be deemed to include
all subsequent amendments, thereto, restatements, substitutions, replacements and
refinancings thereof and other modifications and supplements thereto which are in
effect from time to time, but only to the extent such amendments and other
modifications are not prohibited by the terms of any Loan Document.

          (f) Laws. References to any statute or regulation are to be construed
as including all statutory and regulatory provisions related thereto or
consolidating, amending, replacing, supplementing or interpreting the statute or
regulation.

     11.3 Accounting Terms and Principles. All accounting determinations
required to be made pursuant hereto shall, unless expressly otherwise provided
herein, be made in accordance with GAAP. No change in the accounting principles used
in the preparation

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of any financial statement hereafter adopted by Holdings shall be given
effect for purposes of measuring compliance with any provision of Article V or VI unless the Borrowers, Agent and the Required Lenders agree to modify
such provisions to reflect such changes in GAAP and, unless such provisions are
modified, all financial statements, Compliance Certificates and similar documents
provided hereunder shall be provided together with a reconciliation between the
calculations and amounts set forth therein before and after giving effect to such
change in GAAP. Notwithstanding any other provision contained herein, all terms of
an accounting or financial nature used herein shall be construed, and all
computations of amounts and ratios referred to in Article V and Article
VI shall be made, without giving effect to any election under Accounting
Standards Codification 825-10 (or any other Financial Accounting Standard having a
similar result or effect) to value any Indebtedness or other liabilities of any
Credit Party or any Subsidiary of any Credit Party at “fair value.” A breach of a
financial covenant contained in Article VI shall be deemed to have occurred
as of any date of determination by Agent or as of the last day of any specified
measurement period, regardless of when the financial statements reflecting such
breach are delivered to Agent.

     11.4 Payments. Agent may set up standards and procedures to
determine or redetermine the equivalent in Dollars of any amount expressed in any
currency other than Dollars and otherwise may, but shall not be obligated to, rely
on any determination made by any Credit Party or any L/C Issuer. Any such
determination or redetermination by Agent shall be conclusive and binding for all
purposes, absent manifest error. No determination or redetermination by any Secured
Party or any Credit Party and no other currency conversion shall change or release
any obligation of any Credit Party or of any Secured Party (other than Agent and its
Related Persons) under any Loan Document, each of which agrees to pay separately for
any shortfall remaining after any conversion and payment of the amount as converted.
Agent may round up or down, and may set up appropriate mechanisms to round up or
down, any amount hereunder to nearest higher or lower amounts and may determine
reasonable de minimis payment thresholds.

     11.5 Restatement of Existing Credit Agreement. The parties hereto
agree that, on the Effective Date, the following transactions shall be deemed to
occur automatically, without further action by any party hereto:

          (a) the Existing Credit Agreement shall be deemed to be amended and restated in
its entirety in the form of this Agreement;

          (b) all Obligations (as defined in the Existing Credit Agreement, “Existing
Obligations”) outstanding on the Effective Date shall, to the extent not paid on the
Effective Date, in all respects be continuing and shall be deemed to be Obligations
outstanding hereunder;

          (c) the guaranties and Collateral Documents, including the Liens created
thereunder in favor of Agent for the benefit of Agent and Secured Parties or in
favor of Agent and Secured Parties, as applicable, and securing payment of the
Existing Obligations, as amended and restated on the Effective Date, shall remain in
full force and effect with respect to the Obligations and are hereby reaffirmed; and

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          (d) all references in the other Loan Documents to the Existing Credit Agreement
shall be deemed to refer without further amendment to this Agreement.

The parties acknowledge and agree that this Agreement and the other Loan Documents do not
constitute a novation, payment and reborrowing or termination of the Existing Obligations and
that all such Existing Obligations are in all respects continued and outstanding as Obligations
under this Agreement and the Notes with only the terms being modified from and after the
effective date of this Agreement as provided in this Agreement, the Notes and the other Loan
Documents.

[Signature Pages Follow.]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered by their duly authorized officers as of the day and year first above
written.

	 	 	 	 	 
	 	BORROWERS:

RAZOR MERGER SUB INC. (to be merged with and into

Thermadyne Holdings Corporation on the Effective Date,

with Thermadyne Holdings Corporation as the surviving

corporation in such merger)

 	 
	 	By:  	/s/ Doug Korn	 
	 	 	Name:  	Doug Korn 	 
	 	 	Title:  	President 	 
	 
	 	THERMADYNE INDUSTRIES, INC.

 	 
	 	By:  	/s/ Steven A. Schumm
 	 
	 	 	Name:  	Steven A. Schumm 	 
	 	 	Title:  	Chief Financial Officer

 	 
	 	 	FEIN:	94-2697077	 
	 
	 	VICTOR EQUIPMENT COMPANY

 	 
	 	By:  	/s/ Steven A. Schumm
 	 
	 	 	Name:  	Steven A. Schumm 	 
	 	 	Title:  	Chief Financial Officer

 	 
	 	 	FEIN:	94-0955680	 
	 
	 	THERMADYNE INTERNATIONAL CORP.

 	 
	 	By:  	/s/ Steven A. Schumm
 	 
	 	 	Name:  	Steven A. Schumm 	 
	 	 	Title:  	Chief Financial Officer

 	 
	 	 	FEIN:	94-2655752	 
	 
	 	THERMAL DYNAMICS CORPORATION

 	 
	 	By:  	/s/ Steven A. Schumm
 	 
	 	 	Name:  	Steven A. Schumm 	 
	 	 	Title:  	Chief Financial Officer

 	 
	 	 	FEIN:	94-2452212	 

[Signature Page to Credit Agreement]

 

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	 	 	STOODY COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven A. Schumm
 

Name: Steven A. Schumm
	 	 
	 

	 	 	 	Title: Chief Financial Officer  	 	 
	 	 		 	FEIN: 31-1525264
	 
	 	 	 	 	 	 
	 	 	BORROWER REPRESENTATIVE:	 	 
	 
	 	 	 	 	 	 
	 	 	THERMADYNE HOLDINGS CORPORATION, 
as a Borrower and the Borrower
Representative	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven A. Schumm
 

Name: Steven A. Schumm
	 	 
	 

	 	 	 	Title: Chief Financial Officer  	 	 
	 	 		 	FEIN: 74-2482571
	 
	 	 	 	 	 	 
	 	 	Address for notices:	 	 
	 	 	16052 Swingley Ridge Road, Suite 300	 	 
	 	 	Chesterfield, MO 63017	 	 
	 	 	Attn: Chief Financial Officer	 	 
	 	 	Facsimile: 636-728-3010	 	 
	 
	 	 	 	 	 	 
	 	 	with a copy to	 	 
	 	 	16052 Swingley Ridge Road, Suite 300	 	 
	 	 	Chesterfield, MO 63017	 	 
	 	 	Attn: General Counsel	 	 
	 	 	Facsimile: 636-728-3010	 	 
	 
	 	 	 	 	 	 
	 	 	Address for wire transfers:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

[Signature Page to Credit Agreement]

 

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered by their duly authorized officers as of the day and year first above
written.

	 	 	 	 	 
	 	THERMADYNE TECHNOLOGIES HOLDINGS, INC. 
(formerly
known as Razor Holdco Inc.)

 	 
	 	By:  	/s/ Doug Korn
 	 
	 	 	Name:  	Doug Korn 	 
	 	 	Title:  	President	 
	 	 	FEIN: 	 27-3969771 	 

[ Signature Page to Credit Agreement ]

 

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	Executed by THERMADYNE AUSTRALIA

	 	 		 	 	 
	PTY LTD ACN 071 843 028 in accordance

	 	 	)	 	 	 
	with section 127(1) of the Corporations Act

	 	 	)	 	 	 
	2001 (cth):

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/ Graeme Williams

	 	 	 	 	 	/s/ Neil Fitzpatrick 
	 

	 	 	 	 	 	 
	Signature of director

	 	 	 	 	 	Signature of company secretary* 
	 

	 	 	 	 	 	*delete whichever does apply
	 
	 	 	 	 	 	 
	Graeme Williams

	 	 	 	 	 	Neil Fitzpatrick 
	 

	 	 	 	 	 	 
	Name (pleas print)

	 	 	 	 	 	Name (please print)
	 
	 	 	 	 	 	 
	Executed by CIGWELD PTY LTD ACN 007

	 	 	)	 	 	 
	226 815 in accordance with section 127(1) of the

	 	 	)	 	 	 
	Corporations Act 2001 (Cth):

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/ Graeme Williams

	 	 	 	 	 	/s/ Neil Fitzpatrick 
	 

	 	 	 	 	 	 
	Signature of director

	 	 	 	 	 	Signature of  company secretary*
	 

	 	 	 	 	 	*delete whichever does not apply 
	 
	 	 	 	 	 	 
	Graeme Williams

	 	 	 	 	 	Neil Fitzpatrick 
	 

	 	 	 	 	 	 
	Name (please print)

	 	 	 	 	 	Name (please print) 

[Signature Page to Credit Agreement]

 

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	 	Address for notices:
	 
	 

	 	16052 Swingley Ridge Road, Suite 300
	 

	 	Chesterfield, MO 63017
	 

	 	Attn: Chief Financial Officer
	 

	 	Facsimile: 636-728-3010
	 
	 	 
	 

	 	with a copy to
	 
	 	 
	 

	 	16052 Swingley Ridge Road, Suite 300
	 

	 	Chesterfield, MO 63017
	 

	 	Attn: General Counsel
	 

	 	Facsimile: 636-728-3010

[Signature Page to Credit Agreement]

 

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered by their duly authorized officers as of the day and year first above
written.

	 	 	 	 	 	 	 

	 	 	GENERAL ELECTRIC CAPITAL	 	 
	 	 	CORPORATION, as Agent, Swingline Lender and	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jack F. Morrone
 

Name: Jack F. Morrone
	 	 
	 

	 	 	 	Title: Duly Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	Address for Notices:	 	 
	 
	 	 	 	 	 	 
	 	 	General Electric Capital Corporation	 	 
	 	 	500 West Monroe	 	 
	 	 	Chicago, IL 60661	 	 
	 	 	Attn: Thermadyne Account Manager	 	 
	 	 	Facsimile: (312) 463-3840	 	 
	 
	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	General Electric Capital Corporation	 	 
	 	 	401 Merritt 7	 	 
	 	 	Norwalk,CT 06851	 	 
	 	 	Attn: Barbara Gould	 	 
	 	 	Facsimile: (203) 956-4216	 	 
	 
	 	 	 	 	 	 
	 	 	General Electric Capital Corporation	 	 
	 	 	500 West Monroe	 	 
	 	 	Chicago, IL 60661	 	 
	 	 	Attn: Corporate Counsel-Corporate Finance	 	 
	 	 	Facsimile: (312) 441-6876	 	 
	 
	 	 	 	 	 	 
	 	 	and	 	 
	 
	 	 	 	 	 	 
	 	 	Latham & Watkins LLP	 	 
	 	 	233 South Wacker Drive, Suite 5800	 	 
	 	 	Chicago, Illinois 60606	 	 
	 	 	Attn: Dave Crumbaugh	 	 
	 	 	Facsimile: (312) 993-9767	 	 

[Signature Page to Credit Agreement]

 

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	 	Address for payments:

Bank Name: Deutsche Bank Trust 
Company of
Americas 
Bank Address: 60 Wall Street,
6th Floor 
New York, NY 10005

Account Number: 50279791 
ABA #: 021-001-033 

Account Name: General Electric Capital

Corporation 
Reference: CFK1481/Thermadyne

Holdings Corporation

 	 

[Signature Page to Credit Agreement]

 

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SCHEDULE 1.1(a)

Revolving Loan Commitments

	 	 	 	 	 

	General Electric Capital Corporation
	 	$	60,000,000	 

 

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SCHEDULE 1.1(b)

Existing Letters of Credit

	 	 	 	 	 	 	 	 	 
	LC Number	 	Beneficiary	 	Amount	 	Expiration	 	Issued By
	S845155
	 	Insurance Company of N.A.	 	$1,847,096	 	5/27/2010	 	ABN Amro
	SE443790
	 	Alliance Gateway	 	$275,000	 	9/22/2009	 	 
	SE449547W
	 	American Express Travel	 	$225,000	 	6/5/2010	 	GE (private label)
	 
	 	 	 	 	 	 	 	 
	 
	 	Total LC’s	 	$2,347,096	 	 	 	 

 

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SCHEDULE 3.5

Litigation

Manganese Cases. As of November 8, 2010, we were a co-defendant in 161 cases alleging
manganese induced illness. Manganese is an essential element of steel and is contained in all
welding filler metals. We are one of a large number of defendants. The claimants allege that
exposure to manganese contained in the welding filler metals caused the plaintiffs to develop
adverse neurological conditions, including a condition known as manganism. As of December 31, 2009,
144 of these cases had been filed in, or transferred to, federal court where the Judicial Panel on
Multidistrict Litigation has consolidated these cases for pretrial proceedings in the Northern
District of Ohio. As of November 8, 2010, that number has been reduced to 27 cases. Since June 1,
2003, we have been dismissed from 1,316 cases with similar allegations. In cases where the alleged
exposure to fumes from Stoody welding filler metals occurred prior to June 30, 1997, another entity
is defending the cases. While there is uncertainty relating to any litigation, management is of the
opinion that the outcome of such litigation will not have a material adverse effect on our
financial condition or results of operations and no reserve has been established for them.

Merger Cases. The following lawsuit complaining of a breach of fiduciary duties has been
filed in the Circuit Court of St. Louis County in connection with the acquisition by Holdings of
all of the equity interests of Thermadyne Holdings and its Subsidiaries.

Robert Israeli, on behalf of himself and a putative class of shareholders, v. Thermadyne
Holdings Corporation and its directors and officers, seeking to enjoin the merger. It is Cause No.
10SL-CC04238 in St. Louis County, Missouri.

A second lawsuit, captioned Shivers v. Thermadyne Holdings Corporation and its directors and
officers, was filed and consolidated with the Israeli lawsuit. It is Cause No. 10L-CC04853 in the
Circuit Court of St. Louis County, Missouri.

The lawsuit is currently in the discovery stage.

On November 25, 2010, the Company, the Company’s directors and Irving Place Capital entered into a
memorandum of understanding with the plaintiffs regarding the settlement of these actions.

EEOC Complaint. Thermadyne Industries, Inc. has been named in an Equal Employment
Opportunity Commission complaint filed by Lorie Plengemeier in May 2010 for gender
discrimination. The complaint is Charge No. 560-2010-01559. To date, there has been no EEOC
action.

 

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SCHEDULE 3.7

ERISA

	1.	 	Thermadyne Group, Inc. Retirement Plan (Title IV Plan; benefit accruals are frozen)
	 
	2.	 	Thermadyne 401(k) Retirement Plan (defined contribution plan)
	 
	3.	 	Thermadyne Industries, Inc. Health Plan (comprehensive welfare plan with Section 125
benefit and retiree welfare benefits)
	 
	4.	 	Thermadyne Holdings Corporation Long Term Disability Plan (salaried employees)
	 
	5.	 	Thermadyne Holdings Corporation Long Term Disability Plan (hourly employees)
	 
	6.	 	Thermadyne Holdings Corporation Life, Accidental Death and Dismemberment Plan
	 
	7.	 	Settlement Agreement effective January 1, 1997 regarding retiree medical coverage for Former
Designated Union, Hourly Clarke-Muskegon Floor Employees of the Clarke Floor Machine Division
of Studebaker Inc., or its Successors
	 
	8.	 	Health plans provided for Canadian employees:

	 	•	 	Hospital/Doctor (provided by government)
	 
	 	•	 	Medical insurance (supplemental)
	 
	 	•	 	Dental insurance (supplemental)
	 
	 	•	 	Vision insurance (under review)

	9.	 	Short-term and long-term disability plans provided for Canadian employees
	 
	10.	 	Life insurance or death benefits to survivors provided to Canadian employees
	 
	11.	 	Pension Plan for Employees of Thermadyne Welding Products Canada Limited and
	 
	 	 	Participating Affiliates (Effective as of July 1, 1978 and last amended December 1, 2009)
	 
	12.	 	Group Retirement Savings Plan for Canadian employees
	 
	13.	 	Hospital and surgical medical insurance provided for employees in Malaysia
	 
	14.	 	Short-term and long-term disability provided for employees in Malaysia (provided by SOCSO,
social security organization)
	 
	15.	 	Life insurance or death benefits (ING insurance) to survivors provided to employees in
Malaysia
	 
	16.	 	Employee Provident Fund provided to employees in Malaysia

 

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	17.	 	UK Defined Contribution Plan
	 
	18.	 	Health plan provided for Mexico employees (General de Salud Compania de Seguros, S.A.)

	 	•	 	Supplemental medical insurance
	 
	 	•	 	Supplemental dental insurance
	 
	 	•	 	Supplemental vision insurance

	19.	 	Sickness and disability plans provided for Mexico employees — Short-term and long-term
disability benefits provided by the government
	 
	20.	 	Life insurance benefits to survivors provided to Mexico employees (Allianz)
	 
	21.	 	Pension Plan for Mexico Employees

 

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SCHEDULE 3.8

Effective Date Sources and Uses; Funds Flow Memorandum

Attached.

 

Table of Contents

Project Razor – Funds Flow

	 	 	 	 	 	 	 
	WIRES – AT CLOSE	 	 	COMMENTS
	From: Jefferies
	 	$	260,000,000.00	 	 	 
	To: Jefferies (HY: financing, legal and roadshow fees)
	 	$	(11,163,160.74	)	 	Incl Latham fees and roadshow expenses
	To: US Bank (Existing Bonds Trustee)
	 	$	(183,672,435.26	)	 	 
	To: Exchange Agent (Computershare)
	 	$	(65,164,404.00	)	 	Common (incl. employee stock plan)
	 
	 	 	 	 	 	 
	From: Thermadyne Technologies Holdings (Parent) [from IPC / Razor LLC]
	 	$	174,200,000.00	 	 	 
	To: Exchange Agent (Computershare)
	 	$	(138,080,871.00	)	 	Common (incl. employee stock plan)
	To: Company
	 	$	(36,119,129.00	)	 	 
	 
	 	 	 	 	 	 
	From: Company
	 	$	36,119,129.00	 	 	 
	To: GE Capital Existing ABL
	 	$	(3,272,654.58	)	 	 
	To: GE Capital Fees on new ABL
	 	$	(950,000.00	)	 	 
	To: Latham (GE legal)
	 	$	(264,722.37	)	 	 
	To: Irving Place Capital Management, L.P.
	 	$	(120,833.33	)	 	Stub mgmt fee
	To: Irving Place Capital Management, L.P.
	 	$	(6,000,000.00	)	 	 
	To: Heartland Bank
	 	$	(1,315,880.87	)	 	Capital Lease buyout
	To: RBC
	 	$	(1,207,293.00	)	 	Buyer M&A Fee
	To: Weil Gotshal
	 	$	(2,000,000.00	)	 	 
	To: Oppenheimer
	 	$	(4,417,617.31	)	 	Seller M&A Fee
	To: Middleton (GE Legal — Australia)
	 	$	(147,000.00	)	 	 
	To: McCarthy Tétrault (GE Legal — Canada)
	 	$	(7,750.00	)	 	 
	To: Shearman and Sterling
	 	$	(94,181.07	)	 	 
	To: Bryan Cave
	 	$	(400,874.19	)	 	 
	To: Aon for D&O Tail Policy (Primary and Excess)
	 	$	(339,860.00	)	 	 
	To: [P&C Insurer] for New D&O Policy
	 	$	(88,000.00	)	 	 
	To: ADP (Company payroll)
	 	$	(11,431,863.19	)	 	See S&U: Options + RSU + LTIP – Mgmt. Investment
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Total Inflow Wires
	 	$	470,319,129.00	 	 	 
	Total Outflow Wires
	 	$	(466,258,529.92	)	 	 
	 
	 	 	 	 	 
	Remaining on Company Balance Sheet
	 	$	4,060,599.09	 	 	 
	 
	 	 	 	 	 
	 	 	 	 	 	 	 
	WIRES – POST CLOSE	 	 	 
	From: Non-US Members of Management
	 	$	370,000.00	 	 	 
	To: Company
	 	$	(370,000.00	)	 	Estimate
	 
	 	 	 	 	 	 
	From: Therm Tech Holdings (Parent) [from Schumm IRA]
	 	$	150,000.00	 	 	 
	To: Company
	 	$	(150,000.00	)	 	 
	 
	 	 	 	 	 	 
	From: Company
	 	$	4,286,113.66	 	 	Includes cash on balance sheet added at close
	To: Irving Place Capital Management, L.P.
	 	$	(638,504.51	)	 	IPC expenses paid before closing
	To: Deferred Portion of $6.5mm Transaction Fee
	 	$	(500,000.00	)	 	 
	To: Director Stock Units Holders
	 	$	(856,527.99	)	 	 
	To: GaiaTech
	 	$	(27,693.88	)	 	Estimate
	To: KPMG (Chicago)
	 	$	(548,600.00	)	 	 
	To: Weil Gotshal
	 	$	(250,000.00	)	 	Estimate
	To: White & Case
	 	$	(25,000.00	)	 	Estimate
	To: Thompson Coburn
	 	$	(15,000.00	)	 	Estimate
	To: KPMG / Protiviti
	 	$	(600,000.00	)	 	 
	To: Armstrong Teasdale
	 	$	(200,000.00	)	 	 
	To: Bowne Printing — Proxy
	 	$	(55,000.00	)	 	 
	To: Fleishman-Hillard
	 	$	(10,000.00	)	 	 
	To: Computershare
	 	$	(21,351.33	)	 	 
	To: Blake Dawson (Australia counsel)
	 	$	(17,409.55	)	 	 
	To: Mijares, Angoitia, Cortes Y Fuentes, S.C. (Mexico counsel)
	 	$	(6,639.47	)	 	 
	To: Donnelley
	 	$	(110,136.93	)	 	Estimate
	To: Moody’s
	 	$	(204,250.00	)	 	 
	To: S&P
	 	$	(200,000.00	)	 	Estimate
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Total Inflow Wires
	 	$	4,806,113.66	 	 	 
	Total Outflow Wires 
	 	$	(4,806,113.66	)	 	 
	 
	 	 	 	 	 

 

Table of Contents

Project Razor – Sources and Uses of Funds

	 	 	 	 	 	 	 
	AT CLOSE	 	 	COMMENTS
	Sources of Funds
	 	 	 	 	 	 
	Senior Secured Notes Offering
	 	$	260,000,000.00	 	 	Gross HY amount
	Equity — IPC / Razor LLC
	 	$	174,200,000.00	 	 	 
	Equity — Senior Management Through Payroll
	 	$	805,571.00	 	 	 
	Equity — Schumm ESPP Share Cancelation
	 	$	129,429.00	 	 	 
	Equity — Other Members of Management
	 	$	0.00	 	 	(Assume $0 at closing)
	Available Cash from Balance Sheet
	 	$	0.00	 	 	(Assume $0 at closing)
	Borrowing on New ABL
	 	$	0.00	 	 	(Assume $0 at closing)
	 
	 	 	 	 	 
	Total Sources of Funds
	 	$	435,135,000.00	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Uses of Funds
	 	 	 	 	 	Payable to:
	Common Shares
	 	$	203,245,275.00	 	 	Computershare
	Common Shares Cancelled and not paid in cash
	 	$	129,429.00	 	 	Schumm ESPP Shares
	Restricted Stock
	 	$	6,450,750.00	 	 	Company
	Long-term Cash Incentive Plan
	 	$	1,685,378.90	 	 	Company
	Options Pay-off
	 	$	4,101,305.29	 	 	Company
	Pay-off GE Revolving Credit Facility (Company estimate)
	 	$	3,272,654.58	 	 	Company as of 12/2/10
	Defease Existing Notes
	 	 	183,672,435.26	 	 	Bond Trustee
	Total Capital Lease Payoff
	 	$	1,315,880.87	 	 	Heartland Bank - Company to pay
	Total Fees and Expenses Paid at closing
	 	$	27,201,292.01	 	 	See Fees and Expenses Tab
	Cash to Company Balance Sheet
	 	$	4,060,599.09	 	 	TBD
	 
	 	 	 	 	 
	Total Uses of Funds
	 	$	435,135,000.00	 	 	 
	 
	 	 	 	 	 
	 	 	 	 	 	 	 
	POST CLOSE	 	 	 
	Sources of Funds
	 	 	 	 	 	 
	Equity — Other Members of Management
	 	$	370,000.00	 	 	Exact figures TBD
	Cash on Company Balance Sheet from Closing
	 	$	4,060,599.09	 	 	 
	Equity — Schumm Wire from IRA
	 	$	150,000.00	 	 	 
	Company Generated Funds / ABL (Cash to B/S)
	 	$	(294,485.43	)	 	 
	 
	 	 	 	 	 
	Total Sources of Funds
	 	$	4,286,113.66	 	 	 
	 
	 	 	 	 	 	 
	Uses of Funds
	 	 	 	 	 	 
	Director Stock Units
	 	$	856,527.99	 	 	Company
	IPC / Icon Due Diligence Fees & Expenses
	 	$	638,504.51	 	 	To IPC
	Deferred Portion of $6.5mm Transaction Fee
	 	$	500,000.00	 	 	 
	Remaining Fees and Expenses Paid post-closing
	 	$	2,291,081.16	 	 	 
	 
	 	 	 	 	 
	Total Uses of Funds
	 	$	4,286,113.66	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Total Fees / Expenses Paid
	 	$	30,630,877.68	 	 	 
	Total Fees / Expenses Incurred
	 	$	30,630,877.68	 	 	 
	Check
	 	 	—	 	 	 
	 
	 	 	 	 	 

 

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SCHEDULE 3.9

Ownership of Property; Liens

	1.	 	The Credit Parties own the following Real Estate:

	 	 	 
	Credit Party	 	Address
	Cigweld Pty Ltd

	 	73 Gower Street
	 

	 	Preston
	 

	 	Victoria, Australia 3072

	2.	 	The Credit Parties lease the following Real Estate:
	 
	 	 	U.S.A:

	 	 	 	 	 
	 	 	 	 	Purchase Options or Rights
	Credit Party	 	Address	 	of First Refusal
	Thermadyne Holdings Corporation

	 	16052 Swingley Ridge Rd.
	 	None
	

	 	Suite 300	 	 
	 

	 	St. Louis, Missouri 63017	 	 
	 
	 	 	 	 
	Thermadyne Holdings Corporation

	 	Regus Management de Mexico
	 	None
	

	 	S.A. de C.V.	 	 
	 

	 	Av. Presidente Masaryk #111	 	 
	 

	 	piso 1 Col. Chapultepec	 	 
	 

	 	Morales	 	 
	 

	 	11560 Mexico D.F.	 	 
	 
	 	 	 	 
	 

	 	(Small Office Space)	 	 
	 
	 	 	 	 
	Thermal Dynamics

	 	82 Benning Street
	 	None
	Corporation

	 	West Lebanon, New	 	 
	 

	 	Hampshire 03784	 	 
	 
	 	 	 	 
	Victor Equipment Company

	 	2800 Airport Road
	 	None
	 

	 	Denton, Texas 76207	 	 
	 
	 	 	 	 
	Victor Equipment Company

	 	800 Henrietta Creek Rd.
	 	None
	 

	 	Roanoke, Texas 76262	 	 
	 
	 	 	 	 
	Stoody Company

	 	5557 Nashville Road

Bowling Green, Kentucky

42101
	 	Stoody Company has the
option to purchase this
property, at its fair
market value, upon ninety
(90) days written notice
to Warren County
Industrial Park Authority during the renewal term of the Lease Agreement.

 

Table of Contents

	 	 	 	 	 
	 	 	 	 	Purchase Options or Rights
	Credit Party	 	Address	 	of First Refusal
	Stoody Company

	 	13820 Oaks Avenue
	 	None
	 

	 	Chino, California 91710	 	 
	 
	 	 	 	 
	Thermadyne Industries, Inc.

	 	950 South Pine Island Road,
	 	None
	 

	 	Plantation, Florida 33324	 	 
	 
	 

	 	(sales office)	 	 
	 
	 	 	 	 
	Thermadyne Industries, Inc.

	 	226 US Route 5
	 	None
	 

	 	Hartland, Vermont 05048	 	 
	 
	 

	 	(storage barn)	 	 

	 
	 
	 
	 
	 
	 	 	Australia:     

	 	 	 	 	 
	 	 	 	 	Purchase Options or Rights
	Credit Party	 	Address	 	of First Refusal
	Cigweld Pty Ltd

	 	71 Gower Street
	 	None
	 

	 	Preston	 	 
	 

	 	Victoria, Australia 3072	 	 

 

Table of Contents

SCHEDULE 3.10

Taxes

Thermadyne de Mexico S.A. de C.V.’s 2002 tax filing is under review/audit by the Mexican Tax
Administration Service.

 

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SCHEDULE 3.11(a)

Historical Financial Statements

Attached.

 

Table of Contents

 

    UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION

    Washington, D.C.
    20549

 

    Form 10-K

 

	 	 	 
	
     (Mark One)
    
	
 
	
 

	

    þ

	
 
	
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

	
 
	
 
	
    For the fiscal year ended
    December 31, 2007

	

    OR

	

    o

	
 
	
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

 

    Commission file number 0-23378

 

    Thermadyne Holdings
    Corporation

    (Exact name of Registrant as
    Specified in its Charter)

 

 

	 	 	 
	

    Delaware

	
 
	
    74-2482571

	
    (State or Other Jurisdiction
    of

    Incorporation or Organization)
	
 
	
    (I.R.S. Employer

    Identification No.)

	
 
	
 
	
 

	
    16052 Swingley Ridge Road, Suite 300

    Chesterfield, Missouri

    (Address of Principal
    Executive Offices)
	
 
	
    63017

    (ZIP Code) 

 

    Registrant’s telephone number, including area code:

    (636) 728-3000

 

    Securities registered pursuant to Section 12(b) of the
    Act:

    None

 

    Securities registered pursuant to Section 12(g) of the
    Act:

 

    Title of Class

    Common Stock, par value $0.01 per share

 

    Indicate by check mark if the registrant is a well-known
    seasoned issuer, as defined in Rule 405 of the Securities
    Act.  Yes o     No þ
    

 

    Indicate by check mark if the registrant is not required to file
    reports pursuant to Section 13 or Section 15(d) of the
    Act.  Yes o     No þ
    

 

    Indicate by check mark whether the registrant (1) has filed
    all reports required to be filed by Section 13 or 15(d) of
    the Securities Exchange Act of 1934 during the preceding
    12 months (or for such shorter period that the registrant
    was required to file such reports) and (2) has been subject
    to such filing requirements for the past
    90 days.  Yes o     No þ
    

 

    Indicate by check mark if disclosure of delinquent filers
    pursuant to Item 405 of
    Regulation S-K
    is not contained herein, and will not be contained, to the best
    of registrant’s knowledge, in definitive proxy or
    information statements incorporated by reference in
    Part III of this
    Form 10-K
    or any amendment to this
    Form 10-K.  þ
    

 

    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    “large accelerated filer,” “accelerated
    filer” and “smaller reporting company” in
    Rule 12b-2
    of the Exchange Act. (Check one):

 

	 	 	 	 	 	 	 
	

    Large accelerated filer
    o
    

	
 
	
    Accelerated filer
    þ
    
	
 
	
    Non-accelerated
    filer o

    (Do not check if a smaller reporting company)
	
 
	
    Smaller reporting
    company o

 

    Indicate by check mark whether the registrant is a shell company
    (as defined in
    Rule 12b-2
    of the Exchange
    Act).  Yes þ     No o
    

 

    State the aggregate market value of the voting and non-voting
    common equity held by non-affiliates computed by reference to
    the price at which the common equity was last sold, or the
    average bid and asked price of such common equity, as of the
    last business day of the registrant’s most recently
    completed second fiscal quarter: approximately $114,344,882
    based on the closing sales price of the Common Stock on
    June 30, 2007.

 

    Indicate by check mark whether the registrant has filed all
    documents and reports required to be filed by Section 12,
    13 or 15(d) of the Securities Exchange Act of 1934 subsequent to
    the distribution of securities under a plan confirmed by a
    court.  Yes þ     No o
    

 

    Indicate the number of shares outstanding of each of the
    registrant’s classes of common stock, as of the latest
    practicable date: 13,371,435 shares of common stock,
    outstanding at March 6, 2008.

 

    DOCUMENTS INCORPORATED BY REFERENCE

 

    Certain portions of the registrant’s Proxy Statement for
    the 2008 Annual Meeting of Shareholders are incorporated by
    reference into Part III of this Annual Report on
    Form 10-K.

 

 

Table of Contents

 

    CAUTIONARY
    STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

 

    The statements in this Annual Report on
    Form 10-K
    that relate to future plans, events or performance are
    forward-looking statements within the meaning of
    Section 27A of the Securities Act, Section 21E of the
    Securities Exchange Act of 1934, or the Exchange Act, and the
    Private Securities Litigation Reform Act of 1995, including
    statements regarding our future prospects. These statements may
    be identified by terms and phrases such as
    “anticipate,” “believe,” “intend,”
    “estimate,” “expect,” “continue,”
    “should,” “could,” “may,”
    “plan,” “project,” “predict,”
    “will” and similar expressions and relate to future
    events and occurrences. Actual results could differ materially
    due to a variety of factors and the other risks described in
    this Annual Report and the other documents we file from time to
    time with the Securities and Exchange Commission. Factors that
    could cause actual results to differ materially from those
    expressed or implied in such statements include, but are not
    limited to, the following and those discussed under the
    “Risk Factors” section of this annual report on
    Form 10-K:

 

    (a) the cyclicality of the cutting and welding market;

 

    (b) general economic and capital market conditions,
    including liquidity availability for our customers and political
    and economic uncertainty in various areas of the world where we
    do business;

 

    (c) actions taken by our competitors that affect our
    ability to retain our customers;

 

    (d) our international sales and operations pose risks of
    trade barriers, attracting key personnel, foreign currency
    exchange fluctuations, protection of intellectual property and
    changes in laws and regulations;

 

    (e) the cost of raw materials;

 

    (f) consolidation within our customer base and the
    resulting increased concentration of our sales;

 

    (g) the effectiveness of our cost reduction initiatives;

 

    (h) our ability to meet customer needs by introducing new
    and enhanced products;

 

    (i) unforeseen liabilities arising from litigation,
    including risk associated with product liability;

 

    (j) our ability to retain qualified management personnel
    and attract new management personnel.

 

    Actual results could differ materially due to a variety of
    factors and the other risks described in this Annual Report,
    including those described in the “Risk Factors”
    section, and the other documents we file from time to time with
    the Securities and Exchange Commission. Readers are cautioned
    not to place undue reliance on these forward-looking statements,
    which speak only as of the date hereof and are not guarantees of
    performance or results. We undertake no obligation to publicly
    release the result of any revisions to these forward-looking
    statements that may be made to reflect events or circumstances
    after the date hereof or that reflect the occurrence of
    unanticipated events.

    

    2

 

    TABLE OF
    CONTENTS

 

	 	 	 	 	 	 	 	 	 
	

    PART I

	 
	

    Item 1.

	 
	
 
	
    Business
	
 
	 
	
    4
	 

	 
	

    Item 1A.

	 
	
 
	
    Risk Factors
	
 
	 
	
    9
	 

	 
	

    Item 1B.

	 
	
 
	
    Unresolved Staff Comments
	
 
	 
	
    14
	 

	 
	

    Item 2.

	 
	
 
	
    Properties
	
 
	 
	
    14
	 

	 
	

    Item 3.

	 
	
 
	
    Legal Proceedings
	
 
	 
	
    15
	 

	 
	

    Item 4.

	 
	
 
	
    Submission of Matters to a Vote of Security
    Holders
	
 
	 
	
    15
	 

	
 

	
    PART II

	 
	

    Item 5.

	 
	
 
	
    Market for the Registrant’s Common Equity,
    Related Stockholder Matters and Issuer Purchases of Equity
    Securities
	
 
	 
	
    16
	 

	 
	

    Item 6.

	 
	
 
	
    Selected Financial Data
	
 
	 
	
    18
	 

	 
	

    Item 7.

	 
	
 
	
    Management’s Discussion and Analysis of
    Financial Condition and Results of Operations
	
 
	 
	
    19
	 

	 
	

    Item 7A.

	 
	
 
	
    Quantitative and Qualitative Disclosures About
    Market Risk
	
 
	 
	
    28
	 

	 
	

    Item 8.

	 
	
 
	
    Financial Statements and Supplementary Data
	
 
	 
	
    29
	 

	 
	

    Item 9.

	 
	
 
	
    Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure
	
 
	 
	
    29
	 

	 
	

    Item 9A.

	 
	
 
	
    Controls and Procedures
	
 
	 
	
    29
	 

	 
	

    Item 9B.

	 
	
 
	
    Other Information
	
 
	 
	
    32
	 

	
 

	
    PART III

	 
	

    Item 10.

	 
	
 
	
    Directors, Executive Officers, and Corporate
    Governance
	
 
	 
	
    32
	 

	 
	

    Item 11.

	 
	
 
	
    Executive Compensation
	
 
	 
	
    32
	 

	 
	

    Item 12.

	 
	
 
	
    Security Ownership of Certain Beneficial Owners
    and Management and Related Stockholder Matters
	
 
	 
	
    32
	 

	 
	

    Item 13.

	 
	
 
	
    Certain Relationships, Related Transactions, and
    Director Independence
	
 
	 
	
    32
	 

	 
	

    Item 14.

	 
	
 
	
    Principal Accountant Fees and Services
	
 
	 
	
    32
	 

	
 

	
    PART IV

	 
	

    Item 15.

	 
	
 
	
    Exhibits and Financial Statement Schedules
	
 
	 
	
    33
	 

	

    SIGNATURES

	
 
	 
	
 
	 

	 
	 	 
	

    Amendment No. 18 to Limited Waiver and Consent

	
 
	 
	
 
	 

	

Lease Agreement

	
 
	 
	
 
	 

	

    Subsidiaries

	
 
	 
	
     
	 

	

    Consent of Independent Registered Public
Accounting Firm

	
 
	 
	
 
	 

	

    Consent of Independent Registered Public
Accounting Firm

	
 
	 
	
 
	 

	

    Section  302 Certification

	
 
	 
	
 
	 

	

    Section  302 Certification

	
 
	 
	
 
	 

	

Section  906 Certification

	
 
	 
	
 
	 

	

Section  906 Certification

	
 
	 
	
 
	 

    

    3

Table of Contents

 

    PART I

 

		
	
    Item 1.  
	
    Business

 

    Introduction

 

    We are a leading global supplier of cutting and welding
    products. We design, manufacture, market, sell and distribute
    welding and cutting torches, consumables, power sources and
    accessories globally. Our products are used by fabricating,
    manufacturing, construction and foundry operations to cut and
    weld ferrous and nonferrous steel, aluminum and other metals.
    Common applications for our products include shipbuilding,
    manufacturing of transportation, mining and agricultural
    equipment, many types of construction such as offshore oil and
    gas rigs, fabrication of metal structures, and repair and
    maintenance of processing and manufacturing equipment and
    facilities as well as demolition. Welding and cutting products
    are critical to the operations of most businesses that fabricate
    metal. We have very well established and widely recognized
    brands. We were incorporated in Delaware in 1987. Our shares are
    currently quoted on NASDAQ, and as of March 6, 2008, we had
    an equity market capitalization of approximately
    $133.7 million (based on a closing sale price of $10.00 and
    13.4 million shares outstanding).

 

    As used in this Annual Report on
    Form 10-K,
    the terms “Thermadyne Holdings Corporation,”
    “Thermadyne,” “Reorganized Company,”
    “the Company,” “we,” “our,” or
    “us,” mean Thermadyne Holdings Corporation and its
    subsidiaries.

 

    Reorganization
    and Basis of Presentation

 

    On November 19, 2001, the Company and substantially all of
    our domestic subsidiaries filed voluntary petitions for relief
    under Chapter 11 of the Bankruptcy Code in the United
    States Bankruptcy Court for the Eastern District of Missouri
    (the “Court”). On January 17, 2003, we filed with
    the Court the First Amended and Restated Joint Plan of
    Reorganization (the “Plan of Reorganization”) and the
    First Amended and Restated Disclosure Statement describing the
    Plan (the “Disclosure Statement”). The Plan of
    Reorganization and the Disclosure Statement were filed with the
    SEC on
    Form 8-K
    on February 6, 2003. On April 3, 2003, the Court
    confirmed the Plan of Reorganization. The Plan of Reorganization
    was consummated on May 23, 2003, and we emerged from
    Chapter 11 bankruptcy protection.

 

    The Plan of Reorganization provided for a substantial reduction
    of our long-term debt. Under the Plan of Reorganization, total
    debt was reduced to approximately $220 million, as compared
    to the nearly $800 million in debt and $79 million in
    preferred stock outstanding at the time we filed for
    Chapter 11 protection in November 2001.

 

    In accordance with AICPA Statement of Position
    90-7, we
    adopted fresh-start accounting whereby our assets, liabilities
    and new capital structure were adjusted to reflect estimated
    fair value at May 31, 2003. We determined the
    reorganization value through consultation with our financial
    advisors, by developing a range of values using both comparable
    companies and net present value approaches. In determining the
    $518 million reorganization value, we applied the income
    approach. The income approach is predicated on developing either
    cash flow or income projections over the useful lives of the
    assets, which are then discounted for risk and time value. The
    reorganized company’s financial statements are not
    comparable to the predecessor company’s financial
    statements.

    

    4

Table of Contents

    Our
    Principal Products and Markets

 

    Although we operate our business in one reportable segment, we
    have organized our business into five major product categories
    within the cutting and welding industry: (1) gas equipment;
    (2) arc accessories including torches, guns, related
    consumable parts and accessories; (3) plasma power
    supplies, torches and related consumable parts; (4) welding
    equipment; and (5) filler materials. The following shows
    the percent of total sales for each of the major product
    categories for each of the previous three years:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Gas equipment

	
 
	
 
	
    37
	
    %
	
 
	
 
	
    38
	
    %
	
 
	
 
	
    39
	
    %

	

    Arc accessories including torches, guns, related consumable
    parts and accessories

	
 
	
 
	
    21
	
    %
	
 
	
 
	
    22
	
    %
	
 
	
 
	
    20
	
    %

	

    Filler materials

	
 
	
 
	
    18
	
    %
	
 
	
 
	
    16
	
    %
	
 
	
 
	
    17
	
    %

	

    Plasma power supplies, torches and related consumable parts

	
 
	
 
	
    14
	
    %
	
 
	
 
	
    14
	
    %
	
 
	
 
	
    14
	
    %

	

    Welding equipment

	
 
	
 
	
    10
	
    %
	
 
	
 
	
    10
	
    %
	
 
	
 
	
    10
	
    %

 

    Our gas equipment products include oxy-fuel torches, air fuel
    torches, consumables (tips and nozzles), regulators, flow meters
    and safety accessories that are used for cutting, heating and
    welding applications. We also have gas flow and pressure
    regulation equipment and manifold capabilities used for a
    variety of gas management applications across an extensive range
    of industries. These products are primarily sold under the
    Victor®,
    Cigweld®
    and
    TurboTorch®
    brands and typically range in price from $10 to over $1,000 for
    more complex gas management systems. Oxy-fuel torches use a
    mixture of oxygen and fuel gas (predominantly acetylene) to
    produce a high-temperature flame that is used to cut, heat or
    weld steel. Gas torches are typically used in all the
    applications noted above, as well as for welding, heating,
    brazing and cutting in connection with maintenance of machinery,
    equipment and facilities. Air fuel torches are used by the
    plumbing, refrigeration and heating, ventilation and air
    conditioning industries using similar principles with
    Mapp®
    or propane as the fuel gas. Gas flow and pressure regulation
    equipment is used to control the pressure and flow of most
    industrial, medical and specialty gases, including gases used in
    many industrial process control applications as well as the
    analytical laboratory and electronic industries. We believe we
    are among the largest suppliers of gas equipment products in the
    world, based on annual sales.

 

    Our arc accessories include automatic and semiautomatic welding
    guns and related consumable parts, ground clamps, electrode
    holders, cable connectors and assemblies all sold under our
    Tweco brand. We also have a line of carbon arc gouging and
    exothermic cutting products. These products include torches and
    consumable rods that are sold under our
    Arcair®
    brand. Our welding accessory products are designed to be used
    with our arc welding power supplies, as well as those of our
    competitors. Our arc welding metal inert gas (“MIG”)
    guns typically range in price from $90 to $1,000. Arc welding
    MIG guns are used to apply the current to the filler metal used
    in welding, are typically handheld and require regular
    replacement of consumable parts as a result of wear and tear, as
    well as their proximity to intense heat. Our connectors, clamps
    and electrode holders attach to the welding cable to connect the
    power source to the metal to be welded. Our gouging products are
    used to cut or gouge material to remove unwanted base or welded
    material as well as in demolition. We believe we are among the
    largest manufacturers of arc welding accessory products in the
    United States based on our annual unit sales.

 

    Filler metals are consumed in the welding process as the
    material that is melted to join the materials to be welded
    together. There are three basic types of filler metals used:
    stick electrodes, solid wire and flux cored wire. Stick
    electrodes are fixed length metal wires coated with a flux to
    enhance weld properties. This is used in conjunction with a
    power source and an electrode holder to weld the base material.
    The main advantage of this process is simplicity, portability
    and ease of use as it can be used to access most areas and no
    gas is required. Solid wire is sold on spools or in drums and is
    used in the semi-automated process with a MIG welding gun, power
    source and shielding gas. The main advantage of this process is
    ease of use and very high deposition rates making for higher
    productivity. Flux cored wires are similar to solid wires;
    however, they are tubular wires that allow the use of flux and
    other alloys to improve deposition rates and weld quality.

 

    Our plasma power supplies, torches and consumable parts are sold
    under the Thermal
    Dynamics®
    brand. Manual plasma systems typically range in price from $900
    to $5,000 with manual torch prices ranging from $300 to $800.
    Our automated cutting systems range in price from $2,500 to
    $50,000 with torches ranging in price from

    

    5

Table of Contents

    $1,000 to $2,500. Both manual and automated plasma systems use
    front end torch parts that are consumed during the cutting
    process and range in price from $5 to $50. Plasma cutting uses
    electricity and gases (typically air or oxygen) to create a
    high-temperature plasma arc capable of cutting any type of
    metal. Electricity is converted by a power supply and supplied
    to a torch where the gas and electricity form a plasma arc. The
    plasma arc is then applied to the metal being cut. Plasma
    cutting is a growing technology for cutting metal. Advantages of
    the plasma cutting process over other methods include faster
    cutting speeds, cleaner cuts and the ability to cut ferrous and
    nonferrous alloys with minimum heat distortion to the metal
    being cut. Plasma cutting systems are used in the construction,
    fabrication and repair of both steel and nonferrous metal
    products, including automobiles and related assemblies,
    appliances, ships, railcars and heating, ventilation and
    air-conditioning products, as well as for general maintenance.
    We believe we are among the largest suppliers of plasma power
    supplies, torches and consumable parts in the United States and
    worldwide, based on our annual unit sales.

 

    Our welding equipment line includes inverter and
    transformer-based power sources used for all the main welding
    processes as well as plasma welding power sources. These
    products are primarily sold under the Thermal
    Arc®,
    Firepower®
    and
    Cigweld®
    brands. These products typically range in price from $400 to
    $6,000. Arc welding uses an electric current to melt together
    either wire or electrodes (referred to as filler metals) and the
    base materials. The power source converts the electrical line
    power into the appropriate voltage to weld. This electricity is
    applied to the filler metal using an arc welding accessory, such
    as a welding gun for wire welding or an electrode holder for
    stick electrode welding. Arc welding is the most common method
    of welding and is used for a wide variety of manufacturing and
    construction applications, including the production of ships,
    railcars, farm and mining equipment and offshore oil and gas
    rigs.

 

    We sell most of our products through a network of national and
    multinational industrial gas distributors including Airgas, Inc.
    and Praxair, Inc., as well as a large number of other
    independent welding distributors, wholesalers and dealers. In
    2007, our sales to customers in the U.S. represented 59% of
    our sales. In 2007 and 2006, we had one customer that comprised
    13% and 10%, respectively of our global net sales.

 

    We have wholly-owned subsidiaries or joint venture manufacturing
    facilities located in the United States, Australia, Mexico,
    People’s Republic of China, Indonesia, Malaysia, and Italy,
    with distribution facilities in Canada and England. We manage
    our operations by geographic location and by product category.
    See Note 18 — Segment Information to the
    consolidated financial statements for geographic and product
    line information.

 

    International
    Business

 

    We had international sales from continuing operations of
    approximately $201.4 million, $166.7 million, and
    $154.2 million for the years ended December 31, 2007,
    2006, and 2005, respectively, or approximately 41%, 37%, and
    38%, respectively, of our net sales in each such period. Our
    international sales are influenced by fluctuations in exchange
    rates of foreign currencies, foreign economic conditions and
    other risks associated with foreign trade. See
    “Management’s Discussion and Analysis of Financial
    Condition and Results of Operations — Quantitative and
    Qualitative Disclosures About Market Risk.” Our
    international sales consist of: (a) export sales of our
    products manufactured at U.S. manufacturing facilities and,
    to a limited extent, products manufactured by third parties,
    sold through our overseas field representatives and
    (b) sales of our products manufactured at our international
    manufacturing facilities and sold by our foreign subsidiaries.

 

    Sales and
    Marketing

 

    The Sales and Marketing organization oversees all sales and
    marketing activities, including strategic product pricing,
    promotion, and marketing communications. It is the
    responsibility of Sales and Marketing to profitably grow the
    Company’s sales, market share, and margins in each region.
    This is achieved through new product introductions, programs and
    promotions, price management, and the implementation of
    distribution strategies to penetrate new markets.

 

    Sales and Marketing is organized into three regions: Americas,
    Asia Pacific, and Europe including other regions. The Americas
    is comprised of the U.S., Canada, Mexico and Latin and South
    America; Asia Pacific includes South Pacific (Australia and New
    Zealand) and South and North Asia. Our third region is comprised
    of the U.K., Europe, Middle East, and the remaining countries
    not included in the other two regions. In 2007, the Americas

    

    6

Table of Contents

    contributed approximately 65% of the Company’s revenues;
    Asia Pacific contributed approximately 19%; and Europe and the
    remaining countries contributed approximately 16%. All product
    lines are sold in the three regions although there is some mix
    variance among the regions.

 

    The Sales and Marketing organization consists of sales,
    marketing, technical support, and customer care in each region.
    Sales and Marketing manages the Company’s relationship with
    our customers and channel partners who include distributors,
    wholesalers and retail customers. They provide feedback from the
    customers on product and service needs of the end-user
    customers, take our product lines to market, and provide
    technical and after sales service support. A national accounts
    team manages our largest accounts globally.

 

    Distribution

 

    We distribute our cutting and welding products in the United
    States through independent cutting and welding products
    distributors that carry one or more of our product lines from
    approximately 2,500 locations. We maintain relationships with
    these distributors through our sales force. We distribute our
    products internationally through our sales force, independent
    distributors and wholesalers.

 

    Raw
    Materials

 

    We have not experienced any difficulties in obtaining raw
    materials for our operations because our principal raw
    materials, which include copper, brass, steel and plastic, are
    widely available and need not be specially manufactured for use
    by us. Certain of the raw materials used in the hardfacing
    products of our filler metals product line, such as cobalt and
    chromium, are available primarily from sources outside the
    United States, some of which are located in countries that may
    be subject to economic and political conditions that could
    affect pricing and disrupt supply. Although we have historically
    been able to obtain adequate supplies of these materials at
    acceptable prices, restrictions in supply or significant
    increases in the prices of copper and other raw materials could
    adversely affect our business. During 2007, 2006, and 2005, we
    experienced significantly higher than historical average
    material inflation on materials such as copper, steel and brass
    which detrimentally impacted our gross margins.

 

    We also purchase certain manufactured products that we either
    use in our manufacturing processes or resell. These products
    include electronic components, circuit boards, semiconductors,
    motors, engines, pressure gauges, springs, switches, lenses,
    forgings and chemicals. Some of these products are purchased
    from international sources and thus our cost can be affected by
    foreign currency fluctuations. We believe our sources of such
    products are adequate to meet foreseeable demand at acceptable
    prices.

 

    Research,
    Development, and Technical Support

 

    We have development engineering groups for each of our product
    lines. The development engineering group primarily performs
    process and product development work to develop new products to
    meet our customer needs. The sustaining engineering group
    provides technical support to the operations and sales groups,
    and the quality department supports established products. As of
    December 31, 2007, we employed approximately
    100 people in our development and sustaining engineering
    groups, split between engineers, designers, technicians and
    graphic service support. Our engineering costs consist primarily
    of salaries, benefits for engineering personnel, and project
    expenses. Our development engineering costs are not material to
    our financial condition or results of operations.

 

    Competition

 

    We view the market as split into three types of competitors:
    (1) three full-line welding equipment and filler metal
    manufacturers (Lincoln Electric Company, ESAB, a subsidiary of
    Charter PLC, and several divisions of Illinois Tool Works, Inc.,
    including the ITW Miller and ITW Hobart Brothers divisions);
    (2) many single-line brand-specific competitors; and
    (3) a number of low-priced small niche competitors. Our
    large competitors offer a wide portfolio of product lines with
    an emphasis on filler metals and welding power supplies and
    lines of niche products. Their position as full-line suppliers
    and their ability to offer complete product solutions, filler
    metal volume, sales force relationships and fast delivery are
    their primary competitive strengths. Our single-line,
    brand-specific competitors emphasize product expertise, a
    specialized focused sales force, quick customer response time
    and flexibility to special needs as their primary competitive
    strengths. The low-priced manufacturers primarily use low
    overhead, low market prices and direct selling to

    

    7

Table of Contents

    capture a portion of price-sensitive customers’
    discretionary purchases. International competitors have been
    less effective in penetrating the U.S. domestic markets due
    to product specifications, lack of brand recognition and their
    relative inability to access the welding distribution market
    channel.

 

    We expect to continue to see price pressure in the segments of
    the market where little product differentiation exists. The
    trends of improved performance at lower prices in the power
    source market and further penetration of the automated market
    are also expected to continue. Internationally, the competitive
    profile is similar, with overall lower market prices, more
    fragmented competition and a weaker presence of larger
    U.S. manufacturers.

 

    We compete on the performance, functionality, price, brand
    recognition, customer service and support and availability of
    our products. We believe we compete successfully through the
    strength of our brands, by focusing on technology development
    and offering innovative industry-leading products in our niche
    product areas.

 

    Recent
    Developments

 

    On December 21, 2007, the Company committed to a plan to
    dispose of its cutting table business, C&G Systems. A
    definitive sales agreement was signed with closing occurring on
    January 18, 2008. Based on the sales price of
    $0.5 million, a loss of $0.6 million (net of
    $0.3 million of tax) was recorded in 2007 as a component of
    discontinued operations.

 

    The Company has agreed to purchase the other 50% of the China
    joint venture manufacturing business from its joint venture
    partner for an amount of approximately $3 million. The
    transaction is expected to be completed by early in the second
    quarter of 2008.

 

    Employees

 

    As of December 31, 2007, we employed approximately
    2,950 people, 650 of whom were engaged in sales, marketing
    and administrative activities, and 2,300 of whom were engaged in
    manufacturing or other operating activities. None of our
    U.S. workforce is represented by labor unions while most of
    the manufacturing employees in our foreign operations are
    represented by labor unions. We believe that our employee
    relations are satisfactory. We have not experienced any
    significant work stoppages.

 

    Patents,
    Licenses and Trademarks

 

    Our products are sold under a variety of trademarks and trade
    names. We own trademark registrations or have filed trademark
    applications for of all our trademarks and have registered all
    of our trade names that we believe are material to the operation
    of our businesses. We also own various patents and from time to
    time acquire licenses from owners of patents to apply such
    patents to our operations. We do not believe any single patent
    or license is material to the operation of our businesses taken
    as a whole.

 

    Executive
    Officer Information

 

    Set forth below is the name, age, position and a brief account
    of the business experience of each of our executive officers.

 

	 	 	 	 	 	 	 
	

    Name

	
 
	

    Age

	
 
	

    Position(s)

	 

	

    Paul D. Melnuk

	
 
	 
	
    53
	 
	
 
	
    Chairman of the Board and Chief Executive Officer

	

    Steven A. Schumm

	
 
	 
	
    55
	 
	
 
	
    Executive Vice President — Chief Financial and
    Administrative Officer

	

    John A. Boisvert

	
 
	 
	
    46
	 
	
 
	
    Executive Vice President — Brand Management

	

    Terry Downes

	
 
	 
	
    40
	 
	
 
	
    Executive Vice President — Global Corporate Development

	

    Dennis G. Klanjscek

	
 
	 
	
    58
	 
	
 
	
    Executive Vice President — Asia Pacific

	

    Terry A. Moody

	
 
	 
	
    45
	 
	
 
	
    Executive Vice President — Global Operations

	

    Martin Quinn

	
 
	 
	
    51
	 
	
 
	
    Executive Vice President — Global Sales and Marketing

 

    

    8

Table of Contents

	 	 	 
	

    Paul D. Melnuk

	
 
	
    Mr. Melnuk has been a member of our Board of Directors since May
    2003, was elected Chairman of the Board in October 2003, and was
    appointed Chief Executive Officer on January 28, 2004. Mr.
    Melnuk is a director and chairman of the audit committee at
    Petro-Canada,
    a multinational integrated oil and gas company headquartered in
    Calgary, Alberta, and a director of several private companies.
    Mr. Melnuk has been a managing partner of FTL Capital Partners,
    LLC, a private equity firm, since 2001. Prior to 2001,
    Mr. Melnuk served as President and Chief Executive Officer
    of the predecessor to The Premcor Refining Group Inc., an oil
    refining company, Barrick Gold Corporation, a gold mining
    company, and Bracknell Corporation, a contracting company.

	

    Steven A. Schumm

	
 
	
    Mr. Schumm, CPA, joined Thermadyne in August 2006 as the
    Executive Vice President, Chief Financial Officer and Chief
    Administrative Officer after serving as a consultant for the
    Company since April 2006. He has over 30 years of
    experience in all areas of finance. He was previously employed
    as Chief Financial Officer of LaQuinta Corporation, a publicly
    traded limited service hotel owner and operator, Chief
    Administrative Officer and interim Chief Financial Officer of
    Charter Communications, a publicly traded cable service
    provider, and a partner with the independent public accounting
    firm, Ernst & Young LLP.

	

    John A. Boisvert

	
 
	
    Mr. Boisvert was elected Executive Vice President of brand
    management in January 2003. Previously, he served as Executive
    Vice President for our subsidiaries, Thermal Dynamics
    Corporation and C&G Systems Inc. Prior to that time, Mr.
    Boisvert served as the Vice President, General Operations
    Manager for Thermal Dynamics and C&G. He has over
    20 years of experience in various capacities within
    Thermadyne.

	

    Terry Downes

	
 
	
    Mr. Downes joined Thermadyne in June 2003 as Director of Market
    Integration and in March of 2006 was promoted to Executive Vice
    President Global Corporate Development. He has 12 years of
    international business development experience with primary focus
    in the manufacturing sector. He was previously employed by Novar
    PLC and Redland PLC. Mr. Downes has lived in the U.S., Latin
    America, Southeast Asia and Europe.

	

    Dennis G. Klanjscek

	
 
	
    Mr. Klanjscek has served as Executive Vice President-Asia
    Pacific since January 1996. Prior to January 1996, Mr. Klanjscek
    spent over 20 years with British Oxygen Company and six
    years leading a management buyout of a welding company in
    Australia.

	

    Terry A. Moody

	
 
	
    Mr. Moody Joined Thermadyne in August 2007 as Executive Vice
    President of Global Operations.  He was formerly employed by
    Videocon Industries, a privately held manufacturer of high end
    digital products, where he served as the Chief Operating Officer
    and Senior Vice President of Europe.

	

    Martin Quinn

	
 
	
    Mr. Quinn was elected Executive Vice President of Global Sales
    effective March 30, 2005. From 1999 to March 30, 2005, Mr. Quinn
    served as Vice President Marketing and Sales — Asia
    Pacific. Prior to that, he was Managing Director —
    Asia. He has over 23 years with Thermadyne.

 

    Internet
    Information

 

    Copies of our Annual Report on
    Form 10-K,
    Quarterly Reports on
    Form 10-Q,
    Current Reports on
    Form 8-K
    and amendments to those reports filed or furnished pursuant to
    Section 13(a) or 15(d) of the Securities Exchange Act of
    1934 are available free of charge through our web site
    (www.thermadyne.com) as soon as reasonably practicable
    after we electronically file the materials with or furnish them
    to the Securities and Exchange Commission.

 

		
	
    Item 1A.  
	
    Risk
    Factors

 

    The statements in this Annual Report on
    Form 10-K
    that relate to future plans, events or performance are
    forward-looking statements within the meaning of
    Section 27A of the Securities Act of 1933, Section 21E
    of the Securities Exchange Act of 1934, and the Private
    Securities Litigation Reform Act of 1995, including statements
    regarding our future prospects. These statements may be
    identified by terms and phrases such as “anticipate,”
    “believe,” “intend,” “estimate,”
    “expect,” “continue,” “should,”
    “could,” “may,” “plan,”
    “project,” “predict,” “will”

    9

Table of Contents

    and similar expressions and relate to future events and
    occurrences. Actual results could differ materially due to a
    variety of factors and the other risks described in this Annual
    Report and the other documents we file from time to time with
    the Securities and Exchange Commission. Factors that could cause
    actual results to differ materially from those expressed or
    implied in such statements include, but are not limited to, the
    following items discussed below.

 

    You should carefully consider each of the risks and
    uncertainties we describe below and all of the other information
    in this report. The risks and uncertainties we describe below
    are not the only ones we face. Additional risks and
    uncertainties of which we are currently unaware or that we
    currently believe to be immaterial may also adversely affect our
    business.

 

    Our
    business is cyclical and is affected by industrial economic
    conditions.

 

    Our business is highly cyclical because many of the end-users of
    our products are themselves in highly cyclical industries, such
    as commercial construction, steel shipbuilding, petrochemical
    construction and maintenance, and general manufacturing. The
    demand for our products and therefore our results of operations
    are directly related to the level of production in these
    end-user industries. Accordingly, our business is to a large
    extent determined by general economic conditions and other
    factors beyond our control.

 

    We are
    subject to general economic factors that are largely out of our
    control, any of which could have a material adverse effect on
    our business, results of operations and financial
    condition.

 

    Our business is subject to a number of general economic factors,
    many of which are out of our control, which may have a material
    adverse effect on our business, results of operations and
    financial condition. These include recessionary economic cycles
    and cyclical downturns in our customers’ businesses,
    particularly customers in the manufacturing and construction
    industries, fluctuations in the cost of raw materials, such as
    copper, brass and steel, the substitution of plastic or other
    materials for metal in many products and the movement of metal
    fabrication operations outside the United States. Economic
    conditions may adversely affect our customers’ business
    levels, which can have the effect of reducing the amount of our
    products they purchase. Furthermore, customers encountering
    adverse economic conditions may have difficulty paying for our
    products. Finally, terrorist activities, anti-terrorist efforts,
    war or other armed conflicts involving the United States or its
    interests abroad may have a material adverse effect on the
    U.S. and global economies and on our business, results of
    operations or financial condition.

 

    Our
    business is highly competitive, and increased competition could
    reduce our sales, earnings and profitability.

 

    We offer products in highly competitive
    markets.  We compete on the performance,
    functionality, price, brand recognition, customer service and
    support and availability of our products. We compete with
    companies of various sizes, some of which have greater financial
    and other resources than we do. Increased competition could
    force us to lower our prices or to offer additional product
    features or services at a higher cost to us, which could reduce
    our sales and net earnings.

 

    The greater financial resources of certain of our competitors
    may enable them to commit larger amounts of capital in response
    to changing market conditions. Certain competitors may also have
    the ability to develop product innovations that could put us at
    a disadvantage. In addition, some of our competitors have
    achieved substantially more market penetration in certain of the
    markets in which we operate. If we are unable to compete
    successfully against other manufacturers in our marketplace, we
    could lose customers, and our sales may decline. There can also
    be no assurance that customers will continue to regard our
    products favorably, that we will be able to develop new products
    that appeal to customers, that we will be able to improve or
    maintain our profit margins on sales to our customers or that we
    will be able to continue to compete successfully in our core
    markets.

 

    Our
    international sales and operations pose certain risks that may
    adversely impact sales and earnings.

 

    Our products are used primarily in metal fabrication operations
    to cut and join metal parts. Metal fabrication operations are
    growing faster outside of the United States than they are in the
    United States, and certain metal fabrication, as well as
    manufacturing operations generally, is moving from the United
    States to international

    

    10

Table of Contents

    locations where labor costs are lower. Selling products into
    international markets, maintaining and expanding international
    operations require significant coordination, capital and
    resources. If these resources were to prove too costly or
    difficult to obtain, we may be unable to grow our sales in these
    international locations.

 

    We sell our products to distributors located in approximately
    100 countries. During the year ended December 31, 2007,
    approximately 41% of our consolidated sales were derived from
    markets outside the U.S. A part of our long-term strategy
    is to increase our manufacturing, distribution and sales
    presence in international markets. We have manufacturing
    operations and assets located outside of the United States,
    including Australia, Canada, England, Italy, Malaysia and
    Mexico, and a 50% interest in an operation in China.
    International operations are subject to a number of special
    risks, in addition to the risks of our domestic business,
    including currency exchange rate fluctuations, differing
    protections of intellectual property, trade barriers, labor
    unrest, exchange controls, regional economic uncertainty,
    differing (and possibly more stringent) labor regulation, risk
    of governmental expropriation, domestic and foreign customs and
    tariffs, current and changing regulatory environments,
    difficulty in obtaining distribution support, difficulty in
    staffing and managing widespread operations, differences in the
    availability and terms of financing, political instability and
    unrest and risks of increases in taxes. Also, in some foreign
    jurisdictions, we may be subject to laws limiting the right and
    ability of entities organized or operating therein to pay
    dividends or remit earnings to affiliated companies unless
    specified conditions are met. These factors may adversely affect
    our future profits.

 

    We are
    subject to currency fluctuations from our operations within
    non-U.S.
    markets and face risks arising from the imposition of exchange
    controls and currency devaluations.

 

    Our products are sold in many countries around the world. A
    portion of our operations are conducted in foreign markets.
    These transactions are denominated in foreign currencies,
    including the Australian dollar, Canadian dollar, euro, and
    pound sterling. Accordingly, the costs of our operations in
    these foreign locations are also denominated in those local
    currencies. Because our financial statements are stated in
    U.S. dollars, changes in currency exchange rates between
    the U.S. dollar and other currencies have had, and will
    continue to have, an impact on our reported earnings. We
    currently do not have exchange rate hedges in place to reduce
    the risk of an adverse currency exchange movement. Currency
    fluctuations have affected our reported financial performance in
    the past and will likely affect our reported financial
    performance in the future.

 

    We also face risks arising from the imposition of exchange
    controls and currency devaluations. Exchange controls may limit
    our ability to convert foreign currencies into U.S. dollars
    or to remit dividends and other payments by our foreign
    subsidiaries or businesses located in or conducted within a
    country imposing controls. Currency devaluations result in a
    diminished value of funds denominated in the currency of the
    country instituting the devaluation. Actions of this nature, if
    they occur or continue for significant periods of time, could
    have an adverse effect on our results of operations and
    financial condition in any given period.

 

    Our
    future operating results may be affected by fluctuations in the
    prices and availability of raw materials.

 

    We purchase a large amount of commodity raw materials and
    particularly copper and brass. The raw materials industry as a
    whole is highly cyclical, and at times pricing and supply can be
    volatile due to a number of factors beyond our control,
    including global demand, general economic and political
    conditions, mine closures and labor unrest in various countries,
    activities in the financial commodity markets, labor costs,
    competition, import duties, tariffs and currency exchange rates.
    This volatility can significantly affect our raw material costs
    and has caused rapidly escalating costs over the last three
    years in particular. In an environment of rapidly increasing raw
    material prices, competitive conditions can affect how much of
    these cost increases we can recover in the form of higher unit
    sales prices. To the extent that our arrangements to lock in
    supplier costs do not adequately contain cost increases and we
    are unable to pass on any price increases to our customers, our
    profitability could be adversely affected. Certain of the raw
    materials used in our hardfacing products within our filler
    metal product line, such as cobalt and chromium, are available
    primarily from sources outside the United States. Restrictions
    in the supply of cobalt, chromium and other raw materials could
    adversely affect our operating results. In addition, certain of
    our customers rely heavily on raw materials, and to the extent
    there are fluctuations in prices, it could affect orders for our
    products and our financial performance.

    

    11

Table of Contents

    We
    rely in large part on independent distributors for sales of our
    products.

 

    We depend on independent distributors to sell our products and
    provide service and after-market support to our ultimate
    customers. Distributors play a significant role in determining
    which of our products are stocked at branch locations and the
    price at which they are sold, which impacts how accessible our
    products are to our ultimate customers. Almost all of the
    distributors with whom we transact business offer competing
    products and services to our ultimate customers. There is a
    trend on consolidation of these distributors which is escalating
    in recent years such that one customer now represents 13% of our
    total sales. The loss of a substantial number of these
    distributors, or certain key distributors, or an increase in the
    distributors’ sales of our competitors’ products to
    our ultimate customers could materially reduce our sales and
    earnings.

 

    We may
    not be able to successfully implement our cost-reduction
    initiatives.

 

    We have undertaken and may continue to undertake cost-reduction
    initiatives including redesigning products and manufacturing
    processes as well as re-evaluating the location of certain
    manufacturing operations and the sourcing of vendor purchased
    components. There can be no assurance that these initiatives
    will be completed or beneficial to us or that any estimated cost
    savings from such activities will be realized. If our
    cost-reduction efforts are unsuccessful, it may have a material
    adverse effect on our business.

 

    Our
    success depends on our ability to enhance existing products and
    develop new products.

 

    Our financial and strategic performance depends partially on our
    ability to meet customer demand for new and enhanced products.
    We may not be able to sustain or expand existing levels of
    research and development expenditures. We also may not be able
    to develop or acquire innovative products or otherwise obtain
    intellectual property in a timely and effective manner.
    Furthermore, we cannot be sure that new products or product
    improvements will be met with customer acceptance or contribute
    positively to our results. In addition, competitors may be able
    to direct more capital and more resources to new or emerging
    technologies and changes in customer requirements.

 

    If we
    fail to comply with the financial covenants in our debt
    instruments, our ability to obtain financing and make payments
    under our debt instruments may be adversely
    impacted.

 

    Our Amended Credit Agreement and our Second-Lien Facility
    contain certain financial covenants. The financial covenants
    have been amended on several occasions and most recently in June
    2007. While we believe that we will be able to comply with the
    most recently amended financial covenants in future periods,
    failure to do so would, unless the covenants were further
    amended or waived, result in defaults under the Credit Agreement
    and the Second-Lien Facility. An event of default under the
    credit facilities, if not waived, could result in the
    acceleration of those debt obligations and, consequently, our
    debt obligations under our
    91/4% Senior
    Subordinated Notes. Such acceleration could result in exercise
    of remedies by our creditors, which could have a material
    adverse impact on our ability to operate our business and to
    make payments under our debt instruments. In addition, an event
    of default under the credit facilities, such as the failure to
    maintain the applicable required financial ratios, would prevent
    additional borrowing under our credit facilities, which could
    have a material adverse effect on our ability to operate our
    business and to make payments under our debt instruments.

 

    For a description of our Credit Agreement, our Second-Lien
    Facility and our Senior Subordinated Notes, see
    “Management’s Discussion and Analysis of Financial
    Condition and Results of Operations — Liquidity and
    Capital Resources.”

 

    We are
    subject to risks caused by changes in interest
    rates.

 

    Changes in benchmark interest rates will impact the interest
    cost associated with our variable interest rate debt and the
    cost of future borrowings. Significant increases would effect
    our financial condition and results of operations.

    

    12

Table of Contents

    Liabilities
    relating to litigation alleging manganese induced illness could
    reduce our profitability and impair our financial
    condition.

 

    At December 31, 2007, we were a co-defendant in many cases
    alleging manganese induced illness. Manganese is an essential
    element of steel and contained in all welding filler metals. We
    are one of a large number of defendants. The claimants allege
    that exposure to manganese contained in the welding filler
    metals caused the plaintiffs to develop adverse neurological
    conditions, including a condition known as manganism.

 

    The aggregate long-term impact of the manganese loss
    contingencies on operating cash flows and financial condition is
    difficult to assess, particularly since claims are in many
    different stages of development. While we intend to contest
    these lawsuits vigorously, there are several risks and
    uncertainties that may affect our liability for personal claims
    relating to exposure to manganese, including the possibility
    that our litigation experience changes overall. An adverse
    change from our litigation experience to date could materially
    diminish our profitability and impair our financial condition.

 

    Our
    products involve risks of personal injury and property damage,
    which expose us to potential liability.

 

    Our business exposes us to possible claims for personal injury
    or death and property damage resulting from the products that we
    sell. We maintain insurance for loss (excluding attorneys’
    fees and expenses) through a combination of self-insurance
    retentions and excess insurance coverage. We are not insured
    against punitive damage awards. We monitor claims and potential
    claims of which we become aware and establish reserves for the
    self-insurance amounts based on our liability estimates for such
    claims. We cannot give any assurance that existing or future
    claims will not exceed our estimates for self-insurance or the
    amount of our excess insurance coverage. In addition, we cannot
    give any assurance that insurance will continue to be available
    to us on economically reasonable terms or that our insurers
    would not require us to increase our self-insurance amounts.
    Claims brought against us that are not covered by insurance or
    that result in recoveries in excess of insurance coverage could
    have a material adverse effect on our results and financial
    condition. Moreover, despite any insurance coverage, any
    accident or incident involving us could negatively affect our
    reputation among customers and the public. This may make it more
    difficult for us to compete effectively.

 

    If our
    relationship with our employees were to deteriorate, we could be
    adversely affected.

 

    Currently, in our U.S. operations (where none of our
    employees are represented by labor unions) and in our foreign
    operations (where the majority of our employees are represented
    by labor unions), we have maintained a positive working
    environment. Although we focus on maintaining a productive
    relationship with our employees, we cannot ensure that unions,
    particularly in the United States, will not attempt to organize
    our employees or that we will not be subject to work stoppages,
    strikes or other types of conflicts with our employees or
    organized labor in the future. Any such event could have a
    material adverse effect on our ability to operate our business
    and serve our customers and could materially impair our
    relationships with key customers and suppliers, which could
    damage our business, results of operations and financial
    condition.

 

    If we
    are unable to retain and hire key employees, the performance of
    our operations could be adversely affected.

 

    Our ability to provide high-quality products and services for
    our customers and to manage the complexity of our business is
    dependent on our ability to retain and to attract skilled
    personnel in the areas of product engineering, manufacturing,
    sales and finance. Our businesses rely heavily on key personnel
    in the engineering, design, formulation and manufacturing of our
    products. Our success is also dependent on the management and
    leadership skills of our senior management team.

 

    We are
    subject to various environmental laws and regulations and may
    incur costs that have a material adverse effect on our financial
    condition as a result of violations of or liabilities under
    environmental laws and regulations.

 

    Our operations are subject to federal, state, local and foreign
    laws and regulations relating to the protection of the
    environment, including those governing the discharge of
    pollutants into the air and water, the use, management and
    disposal of hazardous materials, and employee health and safety.
    As an owner and operator of real property and

    

    13

Table of Contents

    a generator of hazardous waste, we may also be subject to
    liability for the remediation of contaminated sites. While we
    are not currently aware of any outstanding material claims or
    obligations, we could incur substantial costs, including cleanup
    costs, fines and civil or criminal sanctions, third-party
    property damage or personal injury claims, as a result of
    violations of or liabilities under environmental laws or
    noncompliance with environmental permits required at our
    facilities.

 

    Contaminants have been detected at some of our present and
    former sites. In addition, we have been named as a potentially
    responsible party at certain Superfund sites. While we are not
    currently aware of any contaminated or Superfund sites as to
    which material outstanding claims or obligations exist, the
    discovery of additional contaminants or the imposition of
    additional cleanup obligations at these or other sites could
    result in significant liability. In addition, the ultimate costs
    under environmental laws and the timing of these costs are
    difficult to predict. Liability under some environmental laws
    relating to contaminated sites, including the Comprehensive
    Environmental Response, Compensation, and Liability Act and
    analogous state laws, can be imposed retroactively and without
    regard to fault. Further, one responsible party could be held
    liable for all costs at a site. Thus, we may incur material
    liabilities under existing environmental laws and regulations or
    environmental laws and regulations that may be adopted in the
    future.

 

		
	
    Item 1B.  
	
    Unresolved
    Staff Comments

 

    None.

 

		
	
    Item 2.  
	
    Properties

 

    We operate manufacturing facilities in the United States, Italy,
    Malaysia, Australia and Mexico. All U.S. facilities, leases and
    leasehold interests are encumbered by first priority liens
    securing our obligations under our Amended Credit Agreement and
    Second-Lien Facility. We consider our plants and equipment to be
    modern and well maintained and believe our plants have
    sufficient capacity to meet future anticipated expansion needs.

 

    We lease a 19,500 square-foot facility located in St.
    Louis, Missouri, that houses our executive offices, as well as
    some of our centralized services.

 

    The following table describes the location and general character
    of our principal properties of our continuing operations as of
    December 31, 2007:

 

	 	 	 
	

    Location of Facility

	
 
	

    Building Space/Number of Buildings

	 

	

    West Lebanon, New Hampshire

	
 
	
    153,000 sq. ft./5 buildings (office, manufacturing,
    sales training)

	

    Denton, Texas

	
 
	
    238,960 sq. ft./4 buildings (office, manufacturing,
    storage, sales training center)

	

    Roanoke, Texas

	
 
	
    278,543 sq. ft. / 1 building (manufacturing, warehouse)

	

    Hermosillo, Sonora, Mexico

	
 
	
    178,013 sq. ft. / 1 building (office, manufacturing)

	

    Oakville, Ontario, Canada

	
 
	
    48,710 sq. ft./1 building (office, warehouse)

	

    Cigweld Malaysia/Selangor, Malaysia

	
 
	
    127,575 sq. ft./1 building (office, warehouse)

	

    Melbourne, Australia

	
 
	
    273,425 sq. ft./2 buildings (office, manufacturing,
    warehouse)

	

    Jakarta, Indonesia

	
 
	
    52,500 sq. ft./1 building (office, warehouse)

	

    Kuala Lumpur, Malaysia

	
 
	
    60,000 sq. ft./1 building (office, manufacturing)

	

    Bowling Green, Kentucky

	
 
	
    188,000 sq. ft./1 building (office, manufacturing,
    warehouse)

	

    Milan, Italy

	
 
	
    32,000 sq. ft./3 buildings (office, manufacturing,
    warehouse)

	

    Chino, California

	
 
	
    30,880 sq. ft./1 building (warehouse)

	

     Ningbo, China

	
 
	
    44,187 sq. ft. /1 buildings (office, manufacturing,
    warehouse)

    

    14

Table of Contents

    All of the above facilities are leased, except for the
    manufacturing facilities located in Australia and Indonesia,
    which are owned. We also have additional assembly and warehouse
    facilities in the United Kingdom, China, Mexico, and Australia.
    We closed our manufacturing business in Rio de Janeiro, Brazil
    during 2007 and anticipate selling the building in that location
    in 2008.

 

		
	
    Item 3.  
	
    Legal
    Proceedings

 

    Our operations are subject to federal, state, local and foreign
    laws and regulations relating to the protection of the
    environment, including those governing the discharge of
    pollutants into the air and water, the use, management and
    disposal of hazardous materials and employee health and safety.
    We are currently not aware of any citations or claims filed
    against us by any local, state, federal and foreign governmental
    agencies, which, if successful, would have a material adverse
    effect on our financial condition or results of operations.

 

    As an owner or operator of real property, we may be required to
    incur costs relating to remediation of properties, including
    properties at which we dispose waste, and environmental
    conditions could lead to claims for personal injury, property
    damage or damages to natural resources. We are aware of
    environmental conditions at certain properties which we now own
    or lease or previously owned or leased, which are undergoing
    remediation. We do not believe the cost of such remediation will
    have a material adverse effect on our business, financial
    condition or results of operations.

 

    Certain environmental laws, including, but not limited to, the
    Comprehensive Environmental Response, Compensation, and
    Liability Act and analogous state laws provide for liability
    without regard to fault for investigation and remediation of
    spills or other releases of hazardous materials, and liability
    for the entire cleanup can be imposed upon any of a number of
    responsible parties. Such laws may apply to conditions at
    properties presently or formerly owned or operated by us or our
    subsidiaries or by their predecessors or previously owned
    business entities. Further, conditions at properties owned by
    others may contain wastes or other contamination which are
    attributed to us or our subsidiaries or their predecessors or
    previously owned business entities. We have in the past and may
    in the future be named a potentially responsible party at
    off-site disposal sites to which we have sent waste. We do not
    believe the ultimate cost relating to such sites will have a
    material adverse effect on our financial condition or results of
    operations.

 

    At December 31, 2007, we were a co-defendant in 426 cases
    alleging manganese induced illness. Manganese is an essential
    element of steel and contained in all welding filler metals. We
    are one of a large number of defendants. The claimants allege
    that exposure to manganese contained in the welding filler
    metals caused the plaintiffs to develop adverse neurological
    conditions, including a condition known as manganism. As of
    December 31, 2007, 178 of these cases had been filed in, or
    transferred to, federal court where the Judicial Panel on
    Multidistrict Litigation has consolidated these cases for
    pretrial proceedings in the Northern District of Ohio (the
    “MDL Court”). Between June 1, 2003 and
    December 31, 2007, we were dismissed from 1,041 other cases
    with similar allegations. While there is uncertainty relating to
    any litigation, management is of the opinion that the outcome of
    such litigation will not have a material adverse effect on the
    Company’s financial condition or results of operations.

 

    All other legal proceedings and actions involving us are of an
    ordinary and routine nature and are incidental to the operations
    of the Company. Management believes that such proceedings should
    not, individually or in the aggregate, have a material adverse
    effect on the Company’s business or financial condition or
    on the results of operations.

 

		
	
    Item 4.  
	
    Submission
    of Matters to a Vote of Security Holders

 

    No matters were submitted to a vote of the shareholders during
    the fourth quarter of 2007.

    

    15

Table of Contents

 

    PART II

 

		
	
    Item 5.  
	
    Market
    for the Registrant’s Common Equity, Related Stockholder
    Matters and Issuer Purchases of Equity Securities

 

    On October 8, 2007, NASDAQ approved the listing of the
    Company’s common stock on The Nasdaq Capital Market under
    the symbol “THMD.” Upon its emergence from
    Chapter 11 in May of 2003, the Common Stock was quoted on
    the OTC Bulletin Board until May 5, 2006 when it
    became available for quotation only on the Pink Sheets
    Electronic Quotation Service maintained by The Pink Sheets LLC.
    In February 2007, our Common Stock was again quoted on the OTC
    Bulletin Board. The following table shows, for the periods
    indicated, the high and low sales or bid prices, as the case may
    be, of a share of the new Common Stock for 2006 and 2007, as
    reported by published financial sources. For each quarter in
    2006 and for the first, second and third quarters in 2007, the
    prices shown below reflect the high and low bid prices. For the
    fourth quarter of 2007, the prices shown below reflect
    (i) the high and low bid prices between October 1,
    2007 and October 7, 2007, and (ii) the high and low
    sales prices between October 8, 2007 and December 31,
    2007.

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Bid or Sales Prices ($)
	
 

	
 
	
 
	
    High
	
 
	
 
	
    Low
	
 

	 

	

    2006

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    First Quarter

	
 
	
    $
	
    16.50
	
 
	
 
	
    $
	
    13.25
	
 

	

    Second Quarter

	
 
	
 
	
    17.75
	
 
	
 
	
 
	
    12.00
	
 

	

    Third Quarter

	
 
	
 
	
    13.90
	
 
	
 
	
 
	
    8.65
	
 

	

    Fourth Quarter

	
 
	
 
	
    11.90
	
 
	
 
	
 
	
    9.90
	
 

	

    2007

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    First Quarter

	
 
	
    $
	
    11.91
	
 
	
 
	
    $
	
    10.00
	
 

	

    Second Quarter

	
 
	
 
	
    16.85
	
 
	
 
	
 
	
    11.00
	
 

	

    Third Quarter

	
 
	
 
	
    17.85
	
 
	
 
	
 
	
    12.45
	
 

	

    Fourth Quarter

	
 
	
 
	
    14.21
	
 
	
 
	
 
	
    11.50
	
 

 

    On March 6, 2008, the last reported sale price for our
    Common Stock as quoted on NASDAQ was $10.00 per share. As of
    March 6, 2008 there were approximately 255 beneficial
    owners of our Common Stock including the number of individual
    participants in security position listings.

 

    We have historically not paid any cash dividends on our Common
    Stock, and we do not have any present intention to commence
    payment of any cash dividends. We intend to retain earnings to
    provide funds for the operation and expansion of our business
    and to repay outstanding indebtedness. Our debt agreements
    contain certain covenants restricting the payment of dividends
    on or repurchases of Common Stock. See “Management’s
    Discussion and Analysis of Financial Condition and Results of
    Operations — Overview.”

    

    16

Table of Contents

    Performance
    Graph

 

    On May 23, 2003, we emerged from Chapter 11 bankruptcy
    protection. As a result, all shares of common stock outstanding
    on May 23, 2003 were canceled on such date and new common
    stock was issued. The following graph shows a comparison of our
    cumulative total returns, the Russell 2000 Stock Index (the
    “Russell 2000”) and the Standard &
    Poor’s Composite 500 Stock Index (the “S&P
    500”) for the periods from May 30, 2003 (the first day
    of trading after the emergence from Chapter 11 bankruptcy)
    to December 31, 2003, and the next four calendar years
    ending December 31, 2007. A compatible peer-group index for
    the welding industry, in general, was not readily available
    since the industry is comprised of a relatively few competitors.
    The Russell 2000 represents an index based on a concentration of
    companies having relatively small market capitalization, similar
    to the Company. The comparison assumes $100 was invested on
    May 30, 2003 in each of our common stock, the Russell 2000,
    and the S&P 500, and assumes compounded daily returns with
    reinvestment of dividends.

 

    

 

 

    Value of
    $100 Invested

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    12/31/2003
	
 
	
 
	
    12/31/2004
	
 
	
 
	
    12/31/2005
	
 
	
 
	
    12/31/2006
	
 
	
 
	
    12/31/2007
	
 

	 

	

    Russell 2000

	
 
	
    $
	
    126.28
	
 
	
 
	
    $
	
    147.75
	
 
	
 
	
    $
	
    152.66
	
 
	
 
	
    $
	
    178.61
	
 
	
 
	
    $
	
    173.70
	
 

	

    S&P500

	
 
	
    $
	
    115.39
	
 
	
 
	
    $
	
    125.77
	
 
	
 
	
    $
	
    129.55
	
 
	
 
	
    $
	
    147.19
	
 
	
 
	
    $
	
    152.38
	
 

	

    Thermadyne Holdings Corporation

	
 
	
    $
	
    117.14
	
 
	
 
	
    $
	
    123.81
	
 
	
 
	
    $
	
    126.67
	
 
	
 
	
    $
	
    94.29
	
 
	
 
	
    $
	
    109.52
	
 

    

    17

Table of Contents

		
	
    Item 6.  
	
    Selected
    Financial Data

 

    The selected financial data for the years ended
    December 31, 2007, 2006, 2005, and 2004, the seven months
    ended December 31, 2003, and the five months ended
    May 31, 2003 set forth below has been derived from our
    2003, 2004, 2005, 2006 and 2007 audited consolidated financial
    statements. The selected financial data should be read in
    conjunction with “Management’s Discussion and Analysis
    of Financial Condition and Results of Operations” and our
    consolidated financial statements and the notes thereto, in each
    case included elsewhere herein. Previously reported amounts have
    been reclassified as a result of the discontinued operations.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
    Predecessor

    
	
 

	
 
	
 
	
    Reorganized Company
	
 
	
 
	
    Company
	
 

	
 
	
 
	
    Fiscal

    
	
 
	
 
	
    Fiscal

    
	
 
	
 
	
    Fiscal

    
	
 
	
 
	
    Fiscal

    
	
 
	
 
	
    Seven

    
	
 
	
 
	
    Five

    
	
 

	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Months

    
	
 
	
 
	
    Months

    
	
 

	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    May 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 
	
 
	
    2004
	
 
	
 
	
    2003
	
 
	
 
	
    2003
	
 

	 

	

    Operating Results Data:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net sales

	
 
	
    $
	
    494.0
	
 
	
 
	
    $
	
    445.7
	
 
	
 
	
    $
	
    409.6
	
 
	
 
	
    $
	
    389.3
	
 
	
 
	
    $
	
    198.7
	
 
	
 
	
    $
	
    136.6
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income (loss)

	
 
	
 
	
    44.3
	
 
	
 
	
 
	
    30.0
	
 
	
 
	
 
	
    12.5
	
 
	
 
	
 
	
    3.8
	
 
	
 
	
 
	
    (4.4
	
    )
	
 
	
 
	
    11.8
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gain from reorganization and fresh-start accounting

	
 
	
 
	
 
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (582.1
	
    )

	

    Income (loss) from continuing operations

	
 
	
 
	
    10.6
	
 
	
 
	
 
	
    2.5
	
 
	
 
	
 
	
    (15.8
	
    )
	
 
	
 
	
    (11.9
	
    )
	
 
	
 
	
    (18.5
	
    )
	
 
	
 
	
    568.2
	
 

	

    Income (loss) from discontinued operations, net of tax

	
 
	
 
	
    (2.0
	
    )
	
 
	
 
	
    (25.5
	
    )
	
 
	
 
	
    (15.5
	
    )
	
 
	
 
	
    (2.0
	
    )
	
 
	
 
	
    (1.8
	
    )
	
 
	
 
	
    0.7
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    8.7
	
 
	
 
	
    $
	
    (23.0
	
    )
	
 
	
    $
	
    (31.4
	
    )
	
 
	
    $
	
    (13.9
	
    )
	
 
	
    $
	
    (20.3
	
    )
	
 
	
    $
	
    568.9
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.18
	
 
	
 
	
    $
	
    (1.19
	
    )
	
 
	
    $
	
    (0.90
	
    )
	
 
	
    $
	
    (1.39
	
    )
	
 
	
    $
	
    158.27
	
 

	

    Discontinued operations

	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (1.91
	
    )
	
 
	
 
	
    (1.17
	
    )
	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (0.14
	
    )
	
 
	
 
	
    0.20
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    0.64
	
 
	
 
	
    $
	
    (1.73
	
    )
	
 
	
    $
	
    (2.36
	
    )
	
 
	
    $
	
    (1.05
	
    )
	
 
	
    $
	
    (1.53
	
    )
	
 
	
    $
	
    158.47
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Consolidated Balance Sheet Data (Period end):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital(1)

	
 
	
    $
	
    97.2
	
 
	
 
	
    $
	
    104.8
	
 
	
 
	
    $
	
    128.7
	
 
	
 
	
    $
	
    153.5
	
 
	
 
	
    $
	
    147.6
	
 
	
 
	
    $
	
    145.7
	
 

	

    Total assets

	
 
	
 
	
    497.4
	
 
	
 
	
 
	
    518.9
	
 
	
 
	
 
	
    577.2
	
 
	
 
	
 
	
    617.4
	
 
	
 
	
 
	
    525.0
	
 
	
 
	
 
	
    308.6
	
 

	

    Total debt(2)

	
 
	
 
	
    234.6
	
 
	
 
	
 
	
    257.0
	
 
	
 
	
 
	
    258.7
	
 
	
 
	
 
	
    231.7
	
 
	
 
	
 
	
    211.0
	
 
	
 
	
 
	
    806.0
	
 

	

    Total shareholders’ equity (deficit)

	
 
	
 
	
    122.1
	
 
	
 
	
 
	
    103.5
	
 
	
 
	
 
	
    124.0
	
 
	
 
	
 
	
    161.0
	
 
	
 
	
 
	
    169.5
	
 
	
 
	
 
	
    (672.6
	
    )

	

    Consolidated Cash Flow Data — Continuing Operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
    $
	
    23.0
	
 
	
 
	
    $
	
    (15.5
	
    )
	
 
	
    $
	
    (13.3
	
    )
	
 
	
    $
	
    (13.6
	
    )
	
 
	
    $
	
    11.2
	
 
	
 
	
    $
	
    (2.3
	
    )

	

    Other Data:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Depreciation and amortization

	
 
	
    $
	
    13.1
	
 
	
 
	
    $
	
    15.7
	
 
	
 
	
    $
	
    19.1
	
 
	
 
	
    $
	
    19.4
	
 
	
 
	
    $
	
    12.6
	
 
	
 
	
    $
	
    5.2
	
 

	

    Capital expenditures

	
 
	
 
	
    (11.4
	
    )
	
 
	
 
	
    (8.5
	
    )
	
 
	
 
	
    (7.9
	
    )
	
 
	
 
	
    (10.6
	
    )
	
 
	
 
	
    (6.6
	
    )
	
 
	
 
	
    (2.2
	
    )

 

 

			
	
    (1) 		
    Amounts as of May 31, 2003 exclude liabilities subject to
    compromise.
	 
	
    (2) 		
    Amounts as of May 31, 2003 include $782.1 million
    classified as “liabilities subject to compromise.”

    

    18

Table of Contents

		
	
    Item 7.  
	
    Management’s
    Discussion and Analysis of Financial Condition and Results of
    Operations

 

    Overview

 

    We are a leading global designer and manufacturer of gas and arc
    cutting and welding products, including equipment, accessories
    and consumables. Our products are used by manufacturing,
    construction, fabrication and foundry operations to cut, join
    and reinforce steel, aluminum and other metals. We design,
    manufacture and sell products in five principal categories:
    (1) gas equipment; (2) plasma power supplies, torches
    and consumable parts; (3) welding equipment; (4) arc
    accessories, including torches, guns, consumable parts and
    accessories; and (5) filler metals. We operate our business
    in one reportable segment.

 

    Demand for our products is highly cyclical because many of the
    end-users of our products are themselves in highly cyclical
    industries, such as commercial construction, steel shipbuilding,
    petrochemical construction and general manufacturing. The demand
    for our products and, therefore, our results of operations are
    directly related to the level of production in these end-user
    industries.

 

    The availability and the cost of the components of our
    manufacturing processes, and particularly, raw materials are key
    determinants in achieving future success in the marketplace and
    in achieving profitability. Principal raw materials used are
    copper, brass, steel and plastic, which are widely available and
    need not be specifically manufactured for use by us. Certain
    other raw materials used in our hardfacing products, such as
    cobalt and chromium, are available primarily from sources
    outside the United States. Historically, we have been able to
    obtain adequate supplies of raw materials at acceptable prices.
    During 2007, 2006 and 2005, we experienced higher than
    historical average inflation on materials such as copper, steel
    and brass which negatively affected margins. In recent years we
    have taken steps to reduce our overhead and labor costs through
    intensified focus on improving our operational efficiency,
    relocation of jobs, consolidation of manufacturing operations
    and outsourcing of certain components and products.

 

    Our operating profit is affected by the mix of the products
    sold, as margins are generally higher on torches and guns, as
    compared to power supplies, and higher on consumables and
    replacement parts, as compared to torches and guns.

 

    Our products are sold domestically primarily through industrial
    welding distributors, retailers and wholesalers.
    Internationally, we sell our products through our sales force,
    independent distributors and wholesalers.

 

    For the year ended December 31, 2007, approximately 59% of
    our sales were made to customers in the U.S. Approximately
    one-half of our international sales are denominated in
    U.S. dollars.

 

    Key
    Indicators

 

    Key economic measures relevant to us include steel consumption,
    industrial production trends and purchasing manager indices.
    Industries that we believe provide a reasonable indication of
    demand for our products include construction and transportation,
    railcar manufacturing, oil and gas exploration, metal
    fabrication and farm machinery, and shipbuilding. The trends in
    these industries provide important data to us in forecasting our
    business. Indicators with a more direct relationship to our
    business that might provide a forward-looking view of market
    conditions and demand for our products are not available.

 

    Key performance measurements we use to manage the business
    include orders, sales, commodity cost trends, operating expenses
    and efficiencies, inventory levels and fill-rates. The timing of
    these measurements varies, but may be daily, weekly and monthly
    depending on the need for management information and the
    availability of data.

 

    Key financial measurements we use to evaluate the results of our
    business as well as the operations of our individual units
    include customer order levels and mix, sales order
    profitability, production volumes and variances, selling,
    general and administrative expenses, earnings before interest,
    taxes, depreciation and amortization, operating cash flows,
    capital expenditures and controllable working capital. We define
    controllable working capital as accounts receivable, inventory,
    and accounts payable. These measurements are reviewed monthly,
    quarterly and annually and are compared with historical periods,
    as well as objectives that are established by management and
    approved by our Board of Directors.

    

    19

Table of Contents

    Discontinued
    Operations

 

    On December 21, 2007, the Company committed to a plan to
    dispose of its cutting table business, C&G Systems. A
    definitive sales agreement was signed with closing occurring on
    January 18, 2008. Based on the sales price, a loss of
    $0.6 million (net of $0.3 million of tax) was recorded
    in 2007 as a component of discontinued operations. The assets
    and liabilities are classified as held for sale at
    December 31, 2007. The schedule below sets forth certain
    information related to C&G Systems included in discontinued
    operations. See Note 3 — Discontinued
    Operations to the consolidated financial statements.

 

    On December 30, 2006, the Company committed to sell its
    Brazilian manufacturing operation which was established pursuant
    to a 10 year agreement expiring in 2008 with a major
    customer requiring Brazilian based manufacturing. Employees of
    Thermadyne Brazil were informed of this decision on
    February 16, 2007. As a result of this decision, the
    Company recorded an impairment loss of approximately
    $15.2 million (net of tax) in the fourth quarter of 2006
    which was recorded as a component of discontinued operations.
    During the second quarter of 2007, the Company corrected
    reserves previously established to record certain tax and
    related interest obligations which resulted in a loss of $400,
    net of tax, which is included in the net results of discontinued
    operations for the year ended December 31, 2007. The
    Company closed the Brazilian manufacturing operations in the
    fourth quarter of 2007 disposing of its cutting table business
    and auctioning various remaining inventory and equipment. Final
    negotiations associated with the sale of the building are
    continuing. The Company also recorded potential tax liabilities
    asserted by Brazilian authorities.

 

    On December 30, 2006, the Company committed to divest its
    two South African subsidiaries as part of the Company’s
    evaluation of its non-core operations: Maxweld & Braze
    Pty. Ltd. (“Maxweld”) and Thermadyne South Africa
    (Pty.) Ltd. (“Thermadyne South Africa”). Maxweld is a
    wholesaler with an outlet in Johannesburg, South Africa, and
    Thermadyne South Africa is a retailer with a network of stores
    throughout South Africa. On February 5, 2007, the Company
    entered into an agreement to sell the subsidiaries. The closing
    of the divestitures took place in May 2007 and the Company
    received $13.8 million which was used to reduce debt. Under
    the Sale Agreement the Company also received a note payable
    bearing 14% interest payable in South African Rand in May 2010
    which converts to U.S. $4.4 million at
    December 31, 2007. As a result of this decision, the
    Company recorded an impairment loss of approximately
    $9.2 million (net of tax) in the fourth quarter of 2006
    which was recorded as a component of discontinued operations.
    See Note 3 — Discontinued Operations to
    the consolidated financial.

 

    On April 11, 2006, the Company completed the disposition of
    Tec.Mo Srl (“TecMo”), an indirect wholly-owned
    subsidiary which manufactures generic cutting and welding
    torches and consumables, to Siparex, an investment fund in
    France and the general manager of TecMo. Net cash proceeds from
    this transaction of approximately $7.5 million were used to
    repay a portion of the Company’s outstanding working
    capital facility. The Company recorded an impairment loss of
    approximately $663 during the quarter ended March 31, 2006.

 

    On March 9, 2006, the Company completed a series of
    transactions involving its South African subsidiaries. In a
    simultaneous transaction (effective January 1, 2006), the
    Company purchased the shares of its only minority shareholder in
    Unique Welding Alloys Rustenburg (Proprietary) Ltd, d/b/a
    Thermadyne Plant Rental South Africa (“Plant Rental”),
    and sold 100% of the assets in Plant Rental to the minority
    shareholder. Plant Rental is a contracting business that leases
    cutting, welding and other equipment to large turn-key projects.
    During the first quarter of 2006, the $4.0 million net cash
    proceeds from the transaction were used by the Company to
    purchase the shares held by the only minority shareholder of
    Thermadyne South Africa (Proprietary) Ltd., d/b/a Unique Welding
    Alloys and all of the shares held by the only minority
    shareholder of Maxweld & Braze (Proprietary) Ltd. As a
    result, the Company recorded an impairment loss of approximately
    $1.9 million during the year ended December 31, 2005,
    which has been recorded as a component of discontinued
    operations.

 

    On January 2, 2006, the Company completed the disposition
    of Soldaduras Soltec Limitada (“Soltec”) and
    Comercializadora Metalservice Limitada
    (“Metalservice”), both wholly-owned subsidiaries which
    distribute cutting and welding equipment, to Soldaduras PCR
    Soltec Limitada, and Penta Capital de Riesgo S.A. Net cash
    proceeds were approximately $6.4 million from the sale of
    the Soltec and Metalservice interests of which $4.9 million
    was used to repay a portion of the Company’s outstanding
    long-term debt during the first quarter of 2006. Proceeds of
    $1.5 million from the sale are being held in escrow by the
    government of Chile until certain customary tax matters and
    filings are made. As a result of this disposition, we recorded
    an impairment loss of

    

    20

Table of Contents

    approximately $2.7 million, which has been recorded as a
    component of discontinued operations for the year ended
    December 31, 2005.

 

    On December 29, 2005, the Company completed the disposition
    of GenSet S.P.A. (“GenSet”), a wholly-owned subsidiary
    which manufactures technologically advanced generators and
    engine-driven welders, to Mase Generators S.P.A
    (“Mase”). The $4.8 million net cash proceeds from
    the sale of GenSet were used to repay a portion of the
    Company’s outstanding long-term debt during the first
    quarter of 2006. In addition, the buyer assumed approximately
    $7.6 million of debt owed to local, Italian lenders.
    Related to the disposition of GenSet, the Company recorded a
    loss on disposal net of tax of approximately $10.4 million,
    which is recorded as a component of discontinued operations for
    the year ended December 31, 2005.

 

    Results
    of Operations

 

    The results of operations set forth in the Income Statement on
    page F-5
    have been adjusted to reflect the impact of discontinued
    operations. See Note 3 — Discontinued
    Operations in our consolidated financial statements.

 

    The following description of results of operations is presented
    for the years ended December 31, 2007, 2006, and 2005.

 

    2007
    Compared to 2006

 

    Net sales from continuing operations for the year ended
    December 31, 2007 were $494.0 million, which was a
    10.8% increase over net sales of $445.7 million for the
    same twelve months in 2006. U.S. sales were
    $292.6 million for 2007, compared to $279.1 million
    for 2006, which is an increase of 4.8%. International sales were
    $201.4 million for the twelve months ended
    December 31, 2007 compared to $166.7 million for the
    same period of 2006, or an increase of 20.9%. Net sales for the
    twelve months ended December 31, 2007 increased
    approximately $48 million with approximately
    $15 million from increased demand primarily associated with
    new product introductions, $20 million from price
    increases, and $13 million due to foreign currency
    translation.

 

    Gross margin from continuing operations for the twelve months
    ended December 31, 2007 was $154.4 million, or 31.2%
    of net sales, compared to $130.7 million, or 29.3% of net
    sales, for the same period in 2006. The gross margin improvement
    is due to manufacturing cost savings initiatives and improved
    pricing administration consisting of better management of
    rebates, discounts and sales price increases. The impact of cost
    increases from inflation of material costs and production supply
    cost increases reduced gross margin by an estimated
    $22 million. These estimated cost increases were offset in
    part by cost savings from productivity initiatives of an
    estimated $20 million. The overall increase in material
    cost was attributable to higher prices for key raw materials
    such as copper, brass and steel.

 

    Selling, general and administrative expenses
    (“SG&A”) were $106.0 million, or 21.5% of
    net sales, for the twelve months ended December 31, 2007 as
    compared to $109.6 million, or 24.6% of net sales, for the
    twelve months ended December 31, 2006. The decrease in
    SG&A is principally related to incremental non-recurring
    costs incurred in the prior year to complete the 2005 financial
    statements and restatement of prior years. These incremental
    costs of approximately $8 million were attributable to
    accounting, audit and tax services related fees and bondholder
    consent fees. The year 2007 reflects SG&A cost increases of
    $5 million which arise primarily from general increases in
    cost of the various functions.

 

    Interest expense for the twelve months ended December 31,
    2007 was $26.8 million, which compares to
    $26.5 million for the twelve months ended December 31,
    2006. The increased interest costs reflect the offsetting
    effects of an increase of $1.5 million from the special
    interest adjustment on the Senior Notes partially offset by
    lower average borrowings.

 

    Amortization of intangibles was $2.9 million for the year
    ended December 31, 2007 compared to $2.9 million for
    the year ended December 31, 2006, reflecting normal
    amortization expenses.

 

    Minority interest income was $0.1 million for the year
    ended December 31, 2007 as compared to expense of
    $0.1 million for 2006.

    

    21

Table of Contents

    An income tax provision of $5.5 million was recorded on
    pretax income of $16.2 million from continuing operations
    for the year ended December 31, 2007. An income tax benefit
    of $4.0 million was recognized in 2007 due to the reduction
    of previously recorded state income tax contingencies. For the
    year ended December 31, 2006, an income tax benefit of
    $0.4 million was recorded on a pretax income of
    $2.1 million from continuing operations. In 2006, accruals
    for income tax currently payable and deferred tax benefits are
    largely offsetting. The income tax benefit is primarily the
    result of the implementation of international tax planning that
    reduced both current and prior period liability related to our
    foreign operations. Valuation allowances offset a substantial
    portion of the tax benefit of U.S. net operating losses in
    2006.

 

    Discontinued operations reported net loss of $2.0 million
    for the twelve months ended December 31, 2007 compared to a
    net loss of $25.5 million for the twelve months ended
    December 31, 2006. In 2007, discontinued operations include
    impairment losses of $1.2 million compared to impairment
    losses of $24.4 million in 2006. See
    Note 3 — Discontinued Operations to the
    consolidated financial statements.

 

    2006
    Compared to 2005

 

    Net sales from continuing operations for the year ended
    December 31, 2006 were $445.7 million, which was a
    8.8% increase over net sales of $409.6 million for the same
    twelve months in 2005. U.S. sales were $279.1 million
    for year of 2006, compared to $255.4 million for the prior
    year, which is an increase of 9.3%. International sales were
    $166.7 million for the twelve months ended
    December 31, 2006 compared to $154.2 million for the
    same period of 2005, or an increase of 8.1%. Net sales for the
    twelve months ended December 31, 2006 increased
    approximately $17 million from increased demand and new
    product initiatives and approximately $20 million as a
    result of price increases and was partially offset by
    $1 million as a result of the impact of foreign currency
    translation. Net sales in the year of 2006 were reduced by
    $19 million for rebates paid to customers compared to
    $15 million in the same period of 2005. The increase in
    rebates results from increased sales volume to customers
    achieving volume levels providing higher rebate percentages.

 

    Gross margin from continuing operations for the twelve months
    ended December 31, 2006 was $130.7 million, or 29.3%
    of net sales, compared to $117.4 million, or 28.7% of net
    sales, for the same period in 2005. Gross margin dollars
    increased approximately $17 million through new product
    introductions, volume expansion and price increases. These
    increases to gross margin were partially offset by approximately
    $4 million increase in customer rebate costs arising from
    increased sales volumes. The impact of cost increases from
    inflation of material costs and production supply cost increases
    reduced gross margin an estimated $17 million. These
    estimated cost increases were offset in part by cost savings
    from productivity initiatives of approximately $17 million.
    The overall increase in material cost was attributable to higher
    prices for key raw materials such as copper, brass and steel.

 

    SG&A was $109.6 million, or 24.6% of net sales, for
    the twelve months ended December 31, 2006 as compared to
    $99.9 million, or 24.4% of net sales, for the twelve months
    ended December 31, 2005. The increase in SG&A is
    principally related to costs incurred for incremental auditing
    fees to complete the 2005 financial statements and restatement
    of prior years, costs incurred with accounting specialists and
    contractors to maintain records following the departures of most
    corporate accounting personnel during 2006, search firm fees
    incurred in conjunction with hiring new personnel, fees incurred
    to modify accounting processes in remediating material
    weaknesses, fees incurred with international tax specialists to
    assist in reducing foreign income tax expenses, the consents
    obtained from bondholders in May and August 2006 and incremental
    costs associated with the second and third quarter financial
    statement reviews. These incremental costs approximated
    $8 million. SG&A costs in 2006 increased in part due
    to incremental stock option expense of $1.1 million was
    charged to 2006 expense after adoption of SFAS 123R.

 

    Net periodic postretirement benefits reflect income for the year
    ended December 31, 2006 of $11.8 million compared to
    an expense of $1.8 million for the year ended
    December 31, 2005. As of January 1, 2006, the Company
    changed its postretirement benefits plan to limit medical
    benefits to only existing retirees and certain existing
    employees who were 62 and had 15 years of service. This
    resulted in a curtailment gain of $11.9 million during
    2006. In addition, the on-going expense was substantially
    reduced from prior years as a result of the change. See
    Note 17 — Employee Benefit Plans to our
    consolidated financial statements for additional information.

    

    22

Table of Contents

    Interest expense for the twelve months ended December 31,
    2006 was $26.5 million, which compares to
    $22.9 million for the twelve months ended December 31,
    2005. The difference primarily results from an overall increase
    in our average borrowing rate.

 

    Amortization of intangibles was $2.9 million for the year
    ended December 31, 2006 compared to $3.1 million for
    the year ended December 31, 2005, reflecting normal
    amortization expenses.

 

    Minority interest expense was $0.1 million for the year
    ended December 31, 2006 as compared to $0.6 million
    for 2005. The decrease is a result of the disposal of a
    minority-owned company at the end of 2005.

 

    An income tax benefit of $0.4 million was recorded on
    pretax income of $2.1 million from continuing operations
    for the year ended December 31, 2006. For the same period
    in 2005, an income tax provision of $3.3 million was
    recorded on a pretax loss of $12.5 million from continuing
    operations. The income tax benefit for 2006 is primarily the
    result of the implementation of international tax planning that
    reduced both current and prior period liability related to our
    foreign operations. The income tax provision for 2005 includes
    $3.6 million of taxes primarily related to income generated
    in certain foreign jurisdictions. Accruals for income tax
    currently payable and deferred tax benefits are largely
    offsetting. Valuation allowances offset a substantial portion of
    the tax benefit of U.S. net operating losses in both 2006
    and 2005.

 

    Discontinued operations reported a net loss of
    $25.5 million for the twelve months ended December 31,
    2006 compared to a net loss of $15.5 million for the twelve
    months ended December 31, 2005. In 2006, discontinued
    operations include impairment losses of $24.4 million
    compared to impairment losses of $4.6 million along with
    losses of disposal of $10.4 million in 2005. See
    Note 3 — Discontinued Operations to the
    consolidated financial statements.

 

    Restructuring
    and Other Charges

 

    During the five months ended May 31, 2003, the seven months
    ended December 31, 2003, and the year ended
    December 31, 2004, we incurred restructuring and other
    special charges related to initiatives that we have undertaken
    to lower costs and improve our operational performance. No
    restructuring charges were incurred during the years ended
    December 31, 2007, 2006 or 2005.

 

    Liquidity
    and Capital Resources

 

    Liquidity.  Our principal uses of cash will be
    capital expenditures, working capital and debt service
    obligations. We expect that ongoing requirements for debt
    service, capital expenditures and working capital will be funded
    from operating cash flow and borrowings under the Working
    Capital Facility, which was renegotiated in June 2007 and
    matures in June 2012 as discussed below.

 

    In 2007, our net cash provided by continuing operations was
    $4.8 million. Net debt repayments were $21.7 million
    which included $14 million in repayment of the Second-Lien
    Facility. The funding for the Second-Lien Facility repayments
    arose primarily from the proceeds of the sale of our South
    African discontinued operations.

 

    In 2008, we anticipate our capital expenditures will be
    approximately $15.0 million. In addition, we expect that
    our overall debt service obligations excluding interest expense
    and repayments on the Working Capital Facility will be
    approximately $9 million. This includes the repayment of
    approximately $7 million of indebtedness required under our
    Second Lien Facility, described below, which we intend to make
    during the first quarter of 2008. We expect our operating cash
    flow, together with available borrowings under the Working
    Capital Facility, will be sufficient to meet our anticipated
    operating expenses, capital expenditures and the debt service
    requirements of the Credit Agreement and Second-Lien Facility,
    the Notes and our other long-term obligations for 2008. Our debt
    structure, terms, covenants, and a history of these instruments
    are described below.

 

    Certain subsidiaries of the Company are borrowers under the
    Third Amended and Restated Credit Agreement, dated June 29,
    2007 (the “Credit Agreement”) with General Electric
    Capital Corporation as agent and lender. The Credit Agreement:
    (i) matures on June 29, 2012; (ii) provides a
    revolving credit commitment of up to $100 million (the
    “Working Capital Facility”), which includes (a) a
    cash flow facility of up to $20 million with interest at
    LIBOR

    

    23

Table of Contents

    plus 2.50%, (b) an asset based facility and (c) an
    amortizing $8 million property, plant and equipment (PPE)
    facility; (iii) provides for interest rate percentages
    applicable to the asset based and PPE borrowings that range from
    LIBOR plus 1.50% to 2.25% depending upon the fixed charge
    coverage ratio; (iv) extends the time period for the 1%
    prepayment fee to November 30, 2008; and (v) limits
    the senior leverage ratio to 2.75 for the total leverage ratio.
    Borrowings under the Working Capital Facility may not exceed 85%
    of eligible receivables plus the lesser of (i) 85% of the
    net orderly liquidation value of eligible inventories or
    (ii) 65% of the book value of eligible inventories less
    customary reserves, plus machinery at appraised value not to
    exceed $8 million. Borrowings under the cash flow facility
    are dependent on a minimum fixed charge coverage and EBITDA
    amount. At December 31, 2007, $8.2 million of letters
    of credit were outstanding. Unused availability was
    $56.0 million as of December 31, 2007.

 

    We have $36.0 million in outstanding indebtedness under our
    Second-Lien Facility. The Second-Lien Facility is secured by a
    second lien on substantially all of the assets of our domestic
    subsidiaries. The Second-Lien Facility restricts how much
    long-term debt we may have and has other customary provisions
    including financial and non-financial covenants. On
    June 29, 2007, the Company entered into Amendment
    No. 19 and Waiver to the Second Lien Credit Agreement
    between the Company and Credit Suisse, as administrative agent
    and collateral agent, and the lenders party thereto (the
    “Second Lien Facility Amendment”) to: (i) extend
    the maturity date to November 7, 2010 and (ii) lower
    the interest rate from LIBOR plus 4.50% to LIBOR plus 2.75%. The
    lender of the Second Lien Facility Amendment is also an
    affiliate of the holder of approximately 34% of the
    Company’s outstanding shares of common stock. This
    stockholder is the employer of one of the Company’s
    directors. The terms of the Second Lien Credit Agreement, as
    amended, were negotiated at arms-length, and the Company
    believes that the terms of the Second Lien Facility are as
    favorable as could be obtained from an unaffiliated lender. In
    connection with this Amendment, the Company prepaid
    $14 million of the outstanding indebtedness, reducing the
    Second Lien Facility from $50 million to $36 million.
    The prepayment was funded through the proceeds of the sale of
    South African assets.

 

    The Senior Subordinated Notes (the “Notes”) accrue
    interest at
    91/4%
    per annum, which is payable semiannually in cash. The Notes are
    guaranteed by our domestic subsidiaries, which are also
    borrowers or guarantors under the Amended Credit Agreement, and
    certain of our foreign subsidiaries. The Notes contain customary
    covenants and events of default, including covenants that limit
    our ability and our subsidiaries’ abilities to incur debt,
    pay dividends and make certain investments. In May and August
    2006, we amended the Indenture for the Senior Subordinated Notes
    to, among other things, extend the time by which we had to file
    with the Securities and Exchange Commission our Annual Report on
    Form 10-K
    for the year ended December 31, 2005 and any other reports
    then due, and obtain waivers for the defaults resulting from our
    failure to timely file the 2005 Annual Report and the Quarterly
    Report on
    Form 10-Q
    for the quarter ended March 31, 2006. The amendments
    require us, subject to certain conditions, to annually use our
    excess cash flow (as defined in the Indenture) either to make
    permanent repayments of our senior debt or to extend a
    repurchase offer to the holders of the Notes pursuant to which
    we will offer to repurchase outstanding Notes at a purchase
    price of 101% of their principal amount. The “excess cash
    flow” amount for 2007 was determined to be $7 million.
    The Indenture was also amended to provide for the payment of
    additional Special Interest on the Senior Subordinated Notes,
    initially at a rate of 1.25% per annum. The Special Interest is
    subject to adjustment increasing to 1.75% if the consolidated
    leverage ratio exceeds 6.00 with incremental interest increases
    to a maximum of 2.75% if the consolidated leverage ratio
    increases to 7.0. The Special Interest declines to .75% if the
    consolidated leverage ratio declines below 4.0 and declines
    incrementally to 0% when the consolidated leverage ratio is less
    than 3.0. In consideration for these amendments, we paid the
    note holders consent fees aggregating $1.3 million.

 

    At December 31, 2007, the Company was in compliance with
    its financial covenants. The Company expects to remain in
    compliance with the financial covenants during 2008 by achieving
    its 2008 financial plan, which includes realizing sales of new
    products to be introduced during 2008, the continuing impact of
    2007 price increases for existing products, and successfully
    implementing certain cost reduction initiatives, including its
    global continuous improvement program referred to as TCP and its
    program for foreign sourcing of manufacturing. If the Company is
    unable to maintain compliance with its covenants, this could
    result in a default under the Amended GE Credit Agreement and
    the Second-Lien Facility Amendment which could result in a
    material adverse impact on the Company’s financial
    condition.

    

    24

Table of Contents

    Working Capital and Cash Flows.  The operating
    activities of our continuing operations provided
    $23.0 million of cash during the year ended
    December 31, 2007, compared to cash used of
    $15.5 million during the year ended December 31, 2006.
    This includes the change in operating assets and liabilities
    which used $0.5 million of cash for the year ended
    December 31, 2007, compared to $13.1 million of cash
    used in the year ended December 31, 2006 and consisted of:

 

			
	 	    • 
	
    Accounts receivable increases used $2.0 million of cash in
    2007, compared to $8.5 million of cash used during the year
    ended December 31, 2006. The increase in accounts
    receivable in 2007 resulted primarily from the increased sales
    through out the year.

	 
	 	    • 
	
    Inventory decreases provided $9.1 million of cash in 2007
    compared to $5.0 million provided in the year ended
    December 31, 2006. The decrease in inventory during 2006
    resulted from an effort to reduce excess inventory levels.

	 
	 	    • 
	
    Accounts payable reductions used $1.3 million of cash in
    2007, which compares to $5.8 million of cash used in the
    year ended December 31, 2006.

	 
	 	    • 
	
    Accrued interest reductions used $0.2 million of cash in
    2007 compared to $0.9 million provided in 2006 reflecting
    the partially offsetting effects of an increase in Special
    Interest on the Senior Notes reduced by lower average borrowings.

 

    The sale of discontinued operations during 2007 as discussed in
    Note 3 — Discontinued Operations to the
    consolidated financial statements generated $13.8 million
    of positive cash flow which was utilized to pay down the Second
    Lien Facility in 2007.

 

    Cash used for capital expenditures was $11.4 million during
    the year ended December 31, 2007, compared to
    $8.5 million in the year ended December 31, 2006.

 

    Financing activities used $20.8 million of cash during
    2007, which compares to $7.3 million of cash provided
    during the year ended December 31, 2006. Net repayments
    were $21.7 million during the year ended December 31,
    2007. Financing activities also reflect $0.4 million of
    deferred financing fees and an adjustment of $1.6 million
    for stock option expenses. For the year ended December 31,
    2006, net repayments amounted to $2.0 million.

 

    Contractual
    Obligations and Commercial Commitments

 

    In the normal course of business, we enter into contracts and
    commitments that obligate us to make payments in the future. The
    table below sets forth our significant future obligations by
    time period.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Payments Due by Period
	
 

	
 
	
 
	
 
	
 
	
 
	
    Less Than

    
	
 
	
 
	
    1-3

    
	
 
	
 
	
    3-5

    
	
 
	
 
	
    More Than

    
	
 

	

    Contractual Obligations

	
 
	
    Total
	
 
	
 
	
    1 Year
	
 
	
 
	
    Years
	
 
	
 
	
    Years
	
 
	
 
	
    5 Years
	
 

	 

	

    Long-term debt

	
 
	
    $
	
    223,953
	
 
	
 
	
    $
	
    19,658
	
 
	
 
	
    $
	
    29,000
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    175,295
	
 

	

    Interest payments related to long-term debt

	
 
	
 
	
    100,333
	
 
	
 
	
 
	
    17,938
	
 
	
 
	
 
	
    32,484
	
 
	
 
	
 
	
    32,375
	
 
	
 
	
 
	
    17,536
	
 

	

    Capital leases

	
 
	
 
	
    10,625
	
 
	
 
	
 
	
    1,778
	
 
	
 
	
 
	
    3,522
	
 
	
 
	
 
	
    2,377
	
 
	
 
	
 
	
    2,948
	
 

	

    Operating leases

	
 
	
 
	
    25,273
	
 
	
 
	
 
	
    7,094
	
 
	
 
	
 
	
    8,076
	
 
	
 
	
 
	
    4,699
	
 
	
 
	
 
	
    5,404
	
 

	

    Purchase obligations

	
 
	
 
	
    3,805
	
 
	
 
	
 
	
    3,805
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total

	
 
	
    $
	
    363,989
	
 
	
 
	
    $
	
    50,273
	
 
	
 
	
    $
	
    73,082
	
 
	
 
	
    $
	
    39,451
	
 
	
 
	
    $
	
    201,183
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The amounts shown for capital leases exclude the effective
    interest expense component. Our purchase obligations relate
    primarily to inventory purchase commitments. At
    December 31, 2007, we had issued letters of credit totaling
    $8.2 million under the revolving credit facility.

 

    Market
    Risk and Risk Management Policies

 

    Our earnings and cash flows are subject to exposure to changes
    in the prices of certain commodities, particularly copper, brass
    and steel and fluctuations due to changes in foreign currency
    exchange rates as well as changes in interest rates on our
    long-term debt arrangements. In addition, our Working Capital
    Facility, Second-

    

    25

Table of Contents

    Lien Facility and a $50 million fixed-to-floating interest
    rate swap related to our Notes cause our related interest costs
    to change with changes in LIBOR. See Item 7A.
    “Quantitative and Qualitative Disclosures About Market
    Risk,” for a further discussion.

 

    Effect of
    Inflation; Seasonality

 

    In an environment of increasing raw material prices, competitive
    conditions can affect how much of the price increases we can
    recover in the form of higher unit sales prices. To the extent
    we are unable to pass on any price increases to our customers,
    our profitability could be adversely affected. Furthermore,
    restrictions in the supply of cobalt, chromium and other raw
    materials could adversely affect our operating results. In
    addition, certain of our customers rely heavily on raw
    materials, and to the extent there are fluctuations in prices,
    it could affect orders for our products and our financial
    performance. Our general operating expenses, such as salaries,
    employee benefits and facilities costs, are subject to normal
    inflationary pressures. Our operations are generally subject to
    mild seasonal increases in the second and third calendar
    quarters.

 

    Critical
    Accounting Policies

 

    Our consolidated financial statements are based on the selection
    and application of significant accounting policies, some of
    which require management to make estimates and assumptions. We
    review these estimates and assumptions periodically to assess
    their reasonableness. If necessary, these estimates and
    assumptions may be changed and updated. No material adjustments
    to our accounting policies have been made in 2007. We believe
    the following are some of the more critical judgmental areas in
    the application of our accounting policies that affect our
    financial condition and results of operations.

 

    Inventories

 

    Inventories are a significant asset, representing 18% of total
    assets at December 31, 2007. They are valued at the lower
    of cost or market, with our U.S. subsidiaries using the
    last in, first-out (LIFO) method, which represents 60% of
    consolidated inventories, and our foreign subsidiaries using the
    first-in,
    first-out (FIFO) method, which represents 40% of consolidated
    inventories.

 

    We continually apply judgment in valuing our inventories by
    assessing the net realizable value of our inventories based on
    current expected selling prices, as well as factors such as
    obsolescence and excess stock. We provide reserves as judged
    necessary. Should we not achieve our expectations of the net
    realizable value of our inventory, future losses may occur.

 

    Accounts
    Receivable and Allowances

 

    We maintain an allowance for doubtful accounts for estimated
    losses from the failure of our customers to make required
    payments for amounts owed. We estimate this allowance based on
    knowledge and review of historical receivables, write-off trends
    and reserve trends, the financial condition of our customers and
    other pertinent information. If the financial condition of our
    customers deteriorates or an unfavorable trend in receivable
    collections is experienced in the future, additional allowances
    may be required.

 

    Intangible
    Assets

 

    Patents and customer relationships are amortized on a
    straight-line basis over their estimated useful lives, which
    generally range from 10 to 20 years. Trademarks are not
    amortized, but are periodically evaluated for impairment. Our
    trademarks are associated with our well-established product
    brands, and cash flows associated with these products are
    expected to continue indefinitely and therefore the Company has
    placed no limit on the end of our trademarks’ useful lives.

 

    We account for our intangible assets, excluding goodwill and
    trademarks, in accordance with SFAS No. 144, which
    requires us to assess the recoverability of these assets when
    events or changes in circumstances indicate that the carrying
    amount of the long-lived asset group might not be recoverable.
    If impairment indicators exist, we determine whether the
    projected undiscounted cash flows will be sufficient to recover
    the carrying value of such

    

    26

Table of Contents

    assets. This requires us to make significant judgments about the
    expected future cash flows of the asset group. The future cash
    flows are dependent on general and economic conditions and are
    subject to change.

 

    We test goodwill for impairment annually or more frequently if
    events occur or circumstances change that would, more likely
    than not, reduce the fair value of the reporting unit below its
    carrying value. For purposes of applying the provisions, we
    perform our impairment analysis on a consolidated enterprise
    level. We use comparable market values, market prices and the
    present value of expected future cash flows to estimate fair
    value. We must make significant judgments and estimates about
    future conditions to estimate future cash flows. Unforeseen
    events and changes in circumstances and market conditions,
    including general economic and competitive conditions, could
    result in significant changes in those estimates. Based on an
    impairment analysis we completed in the fourth quarter of 2007,
    we concluded no adjustment to the carrying value of our goodwill
    was necessary as of December 31, 2007.

 

    Revenue
    Recognition

 

    The Company sells a majority of its products through
    distributors with standard terms of sale of FOB shipping point
    or FOB destination. The Company has certain consignment
    arrangements whereby revenue is recognized when products are
    used by the customer from consigned stock. Under all
    circumstances, revenue is recognized when persuasive evidence of
    an arrangement exists, delivery has occurred, the seller’s
    price is fixed and determinable and collectibility is reasonably
    assured.

 

    The Company sponsors a number of incentive programs to augment
    distributor sales efforts including certain rebate programs and
    sales and market share growth incentive programs. The costs
    associated with these sales programs are recorded as a reduction
    of revenue.

 

    Terms of sale generally include
    30-day
    payment terms, return provisions and standard warranties for
    which reserves, based upon historical experience, have been
    recorded. Restocking charges will generally be assessed for
    product that is returned due to issues outside the scope of the
    Company’s warranty agreements.

 

    Income
    Taxes

 

    We establish provisions for taxes to take into account the
    effects of timing differences between financial and tax
    reporting. These differences relate primarily to the excess of
    the fresh-start accounting valuation over the tax basis of our
    primary operating subsidiary, net operating loss carryforwards,
    fixed assets, intangible assets and post-employment benefits.

 

    We record a valuation allowance when, in our assessment, it is
    more likely than not that a portion or all of our deferred tax
    assets will not be realized. In making this assessment we
    consider the scheduled reversal of deferred tax liabilities, tax
    planning strategies and projected future taxable income. At
    December 31, 2007, a valuation allowance has been recorded
    against our deferred tax assets based upon this assessment. The
    amount of the deferred tax assets considered realizable could
    change in the future if our assessment of future taxable income
    or tax planning strategies changes.

 

    Generally, no provision is made for U.S. income taxes on
    the undistributed earnings of
    non-U.S. subsidiaries.
    These earnings are permanently invested or otherwise
    indefinitely retained for continuing international operations.
    Determination of the amount of taxes that might be paid on these
    undistributed earnings is not practicable.

 

    A portion of the earnings of our foreign subsidiaries are
    included in our U.S. income tax return under I.R.C.
    Section 956 relating to the earnings of a foreign
    subsidiary which guarantees the borrowings of its
    U.S. parent. Upon actual distribution of those earnings, we
    may be subject to both U.S. income taxes (subject to an
    adjustment for foreign tax credits) and withholding taxes
    payable in amounts which differ from the estimates we have
    recorded. See Note 12 — Income Taxes to
    the consolidated financial statements.

 

    We are periodically audited by U.S. and foreign tax
    authorities regarding the amount of taxes due. In evaluating
    issues raised in such audits, reserves are provided for
    exposures as appropriate. To the extent we were to prevail in
    matters for which accruals have been established or be required
    to pay amounts in excess of reserves, the effective tax rate in
    a given financial statement period may be impacted.

    

    27

Table of Contents

    As a result of the 2003 bankruptcy restructuring, the Company
    recognized cancellation of indebtedness income. Under Internal
    Revenue Code Section 108, this cancellation of indebtedness
    income is not recognized for income tax purposes, but reduced
    various tax attributes, primarily the tax basis in the stock of
    a subsidiary, for which a deferred tax liability was recorded.
    The final determination of the reduction in the tax attributes
    was made following the bankruptcy restructuring with the filing
    of the Company’s federal tax return.

 

    Factors
    That May Affect Future Results

 

    For a discussion of factors that may affect future results see
    “Risk Factors.”

 

    Recently
    Issued Accounting Standards

 

    Business Combinations.  In December 2007, the
    FASB issued SFAS No. 141 (revised 2007),
    “Business Combinations”
    (“SFAS No. 141R”). SFAS 141R
    establishes principles and requirements for how an acquirer
    recognizes and measures in its financial statements the
    identifiable assets acquired, the liabilities assumed, any
    noncontrolling interest in the acquiree and the goodwill
    acquired. SFAS No. 141R also establishes disclosure
    requirements to enable the evaluation of the nature and
    financial effects of the business combination.
    SFAS No. 141R is effective for financial statements
    issued for fiscal years beginning after December 15, 2008.
    The Company is currently evaluating the potential impact of
    adoption of SFAS No. 141R on its consolidated
    financial statements. However, the Company does not expect the
    adoption of SFAS No. 141R to have a material effect on
    its consolidated financial statements.

 

    Noncontrolling Interests.  In December 2007,
    the FASB issued SFAS No. 160. “Noncontrolling
    Interests in Consolidated Financial Statements-an Amendment of
    ARB No. 51” (“SFAS No. 160”).
    SFAS No. 160 establishes accounting and reporting
    standards pertaining to ownership interests in subsidiaries held
    by parties other than the parent, the amount of net income
    attributable to the parent and to the noncontrolling interest,
    changes in a parent’s ownership interest, and the valuation
    of any retained noncontrolling equity investment when a
    subsidiary is deconsolidated. This statement also establishes
    disclosure requirements that clearly identify and distinguish
    between the interests of the parent and the interests of the
    noncontrolling owners. SFAS No. 160 is effective for
    fiscal years beginning on or after December 15, 2008. The
    Company is currently evaluating the potential impact of adoption
    of SFAS No. 160 on its consolidated financial
    statements. However, the Company does not expect the adoption of
    SFAS 160 to have a material effect on its consolidated
    financial statements.

 

    Fair Value Option.  In February 2007, the FASB
    issued SFAS No. 159, “The Fair Value Option for
    Financial Assets and Financial Liabilities — Including
    an Amendment of SFAS No. 115
    (“SFAS No. 159”)”.
    SFAS No. 159 permits entities to choose to measure
    many financial instruments and certain other items at fair
    value. SFAS No. 159 is effective for fiscal years
    beginning after November 15, 2007 and interim periods
    within those fiscal years. The company is in the process of
    assessing the impact of SFAS No. 159 on its
    consolidated financial statements. However, the Company does not
    expect the adoption of SFAS No. 159 to have a material
    effect on its consolidated financial statements.

 

    Fair Value Measurements.  In September 2006,
    the FASB issued SFAS No. 157, “Fair Value
    Measurements,” (“SFAS No. 157”).
    SFAS No. 157 defines fair value, establishes a
    framework for measuring fair value in generally accepted
    accounting principles and expands disclosures about fair value
    measurements. SFAS No. 157 is effective for financial
    statements issued for fiscal years beginning after
    November 15, 2007 and interim periods within those fiscal
    years. The impact of SFAS No. 157 is not expected to
    have a significant impact on the financial condition, results of
    operations, cash flows or disclosures of the Company.

 

		
	
    Item 7A.  
	
    Quantitative
    and Qualitative Disclosures About Market Risk

 

    Our primary financial market risk relates to fluctuations in
    commodity price risk, currency exchange rates and interest rates.

 

    Copper, brass and steel constitute a significant portion of our
    raw material costs. These commodities are subject to price
    fluctuations which we may not be able to pass on to our
    customers. We have not experienced and do not anticipate
    constraints on the availability of these commodities. A
    hypothetical 10% adverse change in

    

    28

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    commodity prices on our projected annual purchases of these
    three commodities would increase annual costs $5.0 million
    with brass and copper comprising the majority of these commodity
    purchases.

 

    A substantial portion of our operations consists of
    manufacturing and sales activities in foreign regions,
    particularly Australia/Asia, Canada and Europe. As a result, our
    financial results could be significantly affected by changes in
    foreign currency exchange rates in the foreign markets in which
    we distribute our products. A significant amount of the
    approximately one-half of our international sales are export
    sales from the United States which are primarily denominated in
    U.S. dollars. Our exposure to foreign currency transactions
    is further mitigated by having manufacturing locations in
    Australia, China, Italy, Malaysia, and Mexico. A substantial
    portion of the products manufactured in most of these regions is
    sold locally and denominated in the local currency. We are most
    susceptible to a strengthening U.S. dollar which would have
    a negative effect on our export sales and a negative effect on
    the translation of local currency financial statements into
    U.S. dollars, our reporting currency. We do not believe our
    exposure to transaction gains or losses resulting from changes
    in foreign currency exchange rates is material to our financial
    results of continuing operations. As a result, we do not
    actively try to manage our exposure to continuing operations
    through foreign currency forward or option contracts.

 

    In order to manage interest costs, we entered into an interest
    rate swap arrangement on February 24, 2004 to convert
    $50.0 million of the Senior Subordinated Notes into
    variable rate debt. We pay interest on the swap at LIBOR plus a
    spread of 442 basis points. Interest rate risk management
    agreements are not held or issued for speculative or trading
    purposes. We are also exposed to changes in interest rates
    primarily as a result of our Credit Agreement and Second-Lien
    Facility that have LIBOR-based variable interest rates. At
    December 31, 2007, the borrowings under these two
    agreements was $48.7 million. With this amount of variable
    rate debt, and including the effects of the $50.0 million
    interest rate swap, a hypothetical 100 basis point change
    in LIBOR would result in a change in interest expense of
    approximately $1.0 million annually.

 

		
	
    Item 8.  
	
    Financial
    Statements and Supplementary Data

 

    The financial statements that are filed as part of this Annual
    Report on
    Form 10-K
    are set forth in the Index to Consolidated Financial Statements
    at page 34 hereof.

 

		
	
    Item 9.  
	
    Changes
    in and Disagreements with Accountants on Accounting and
    Financial Disclosure

 

    None

 

		
	
    Item 9A.  
	
    Controls
    and Procedures

 

		
	
    (a)  
	
    Evaluation
    of Disclosure Controls and Procedures

 

    We maintain disclosure controls and procedures that are designed
    to provide reasonable assurances that information required to be
    disclosed in the reports we file or submit under the Securities
    Exchange Act of 1934 is recorded, processed, summarized and
    reported within the time periods specified in the
    Commission’s rules and forms. These controls and procedures
    are also designed to ensure that such information is accumulated
    and communicated to our management, including our principal
    executive and principal financial officer, as appropriate, to
    allow timely decisions regarding required disclosure. In
    designing and evaluating disclosure controls and procedures, we
    have recognized that any controls and procedures, no matter how
    well designed and operated, can provide only reasonable
    assurance of achieving the desired control objective. Management
    is required to apply judgment in evaluating its controls and
    procedures.

 

    Under the supervision of and with the participation of
    management, including the Chief Executive Officer and Chief
    Financial Officer, the Company conducted an evaluation of the
    effectiveness of the design and operation of our disclosure
    controls and procedures, as such term is defined in
    Rules 13a-15(e)
    and
    15d-15(e) of
    the Securities Exchange Act of 1934. Based on this evaluation,
    the Chief Executive Officer and Chief Financial Officer
    concluded that the Company’s disclosure controls and
    procedures were not effective as of December 31, 2007
    because of a material weakness in our procedures for review and
    approval of the accounting for non-routine transactions.
    Specifically, our policies and procedures for such review and
    approval were not effective. As a result of this deficiency,
    errors existed in the Company’s presentation of
    discontinued operations that were corrected prior to the
    issuance of the 2007 consolidated financial statements.

    

    29

Table of Contents

		
	
    (b)  
	
    Management’s
    Assessment of Internal Control Over Financial
    Reporting

 

    The Company’s management is responsible for establishing
    and maintaining adequate internal control over financial
    reporting, as such term is defined in Exchange Act
    Rules 13a-15(f)
    and
    15d-15(f).
    Under the supervision of and with the participation of the
    Company’s management, including the Chief Executive Officer
    and Chief Financial Officer, the Company conducted an evaluation
    of the effectiveness of internal control over financial
    reporting as of December 31, 2007 based on the framework in
    “Internal Control — Integrated Framework”
    issued by the Committee of Sponsoring Organizations of the
    Treadway Commission (COSO). Based on the Company’s
    evaluation under such framework, management concluded that the
    Company’s internal control over financial reporting was not
    effective as of December 31, 2007 because of a material
    weakness in our procedures for review and approval of the
    accounting for nonroutine transactions. As a result of this
    deficiency, errors existed in the Company’s presentation of
    discontinued operations that were corrected prior to the
    issuance of the 2007 consolidated financial statements.

 

    The Company’s auditors, KPMG LLP, an independent registered
    public accounting firm, has issued an audit report on the
    effectiveness of the Company’s internal control over
    financial reporting as of December 31, 2007, which is
    included below.

 

		
	
    (c)  
	
    Changes
    in Internal Control Over Financial Reporting

 

    There have been no changes in the Company’s internal
    controls over financial reporting that occurred during the
    fourth quarter of 2007 that materially affected, or are
    reasonably likely to materially affect, the Company’s
    internal control over financial reporting except for the
    reallocation of the roles and responsibilities formerly
    conducted by the Global Corporate Controller as a result of the
    open position created with his resignation during the fourth
    quarter.

 

		
	
    (d)  
	
    Management’s
    Plan for Remediation of Material Weakness

 

    The Company reported the same weakness in its amended
    Form 10-K/A
    filing for 2006 and further indicated the material weakness had
    been remediated during the quarter ended June 30, 2007.
    Remediation efforts included: modifications to the control
    environment consisting of comprehensive and timely account
    reconciliations and analyses in concert with appropriate
    oversight and review by experienced personnel combined with
    expanded use of computer systems capabilities. Additionally,
    management believed the corporate office monitoring controls and
    oversight had been established to prevent and detect any
    material misstatement in this area. These controls by Thermadyne
    corporate office occur on a monthly, quarterly and annual basis.
    Examples of these controls include: quarterly account
    reconciliations, experienced management review of the monthly
    financial analyses and the quarterly audit submissions by the
    affiliates, performance variance analysis, approval of journal
    entries, and the use of monthly closing checklist to ensure all
    items are accounted for.

 

    Despite our efforts to enhance the rigor of the application of
    these practices relative to non-routine transactions, we
    conclude that we still have a material weakness. To remediate
    this weakness, the Company will further expand its use of
    outside accounting specialists to work with internal audit
    resources to review unusual transactions and evaluate the impact
    for external financial reporting purposes.

    

    30

Table of Contents

 

    Report of
    Independent Registered Public Accounting Firm

 

    The Board of Directors and Stockholders

    Thermadyne Holdings Corporation:

 

    We have audited Thermadyne Holdings Corporation’s (the
    Company) internal control over financial reporting as of
    December 31, 2007, based on criteria established in
    Internal Control — Integrated Framework issued
    by the Committee of Sponsoring Organizations of the Treadway
    Commission (COSO). The Company’s management is responsible
    for maintaining effective internal control over financial
    reporting and for its assessment of the effectiveness of
    internal control over financial reporting, included in the
    accompanying Management’s Assessment of Internal Control
    Over Financial Reporting. Our responsibility is to express an
    opinion on the Company’s internal control over financial
    reporting based on our audit.

 

    We conducted our audit in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether effective internal control
    over financial reporting was maintained in all material
    respects. Our audit included obtaining an understanding of
    internal control over financial reporting, assessing the risk
    that a material weakness exists, and testing and evaluating the
    design and operating effectiveness of internal control based on
    the assessed risk. We believe that our audit provides a
    reasonable basis for our opinion.

 

    A company’s internal control over financial reporting is a
    process designed to provide reasonable assurance regarding the
    reliability of financial reporting and the preparation of
    financial statements for external purposes in accordance with
    generally accepted accounting principles. A company’s
    internal control over financial reporting includes those
    policies and procedures that (1) pertain to the maintenance
    of records that, in reasonable detail, accurately and fairly
    reflect the transactions and dispositions of the assets of the
    company; (2) provide reasonable assurance that transactions
    are recorded as necessary to permit preparation of financial
    statements in accordance with generally accepted accounting
    principles, and that receipts and expenditures of the company
    are being made only in accordance with authorizations of
    management and directors of the company; and (3) provide
    reasonable assurance regarding prevention or timely detection of
    unauthorized acquisition, use, or disposition of the
    company’s assets that could have a material effect on the
    financial statements.

 

    Because of its inherent limitations, internal control over
    financial reporting may not prevent or detect misstatements.
    Also, projections of any evaluation of effectiveness to future
    periods are subject to the risk that controls may become
    inadequate because of changes in conditions, or that the degree
    of compliance with the policies or procedures may deteriorate.

 

    A material weakness is a deficiency, or a combination of
    deficiencies, in internal control over financial reporting, such
    that there is a reasonable possibility that a material
    misstatement of the company’s annual or interim financial
    statements will not be prevented or detected on a timely basis.
    The following material weakness has been identified and included
    in management’s assessment — the Company’s
    procedures for review and approval of the accounting for
    nonroutine transactions were not effective as of
    December 31, 2007. We also have audited, in accordance with
    the standards of the Public Company Accounting Oversight Board
    (United States), the consolidated balance sheets as of
    December 31, 2007 and 2006, and the related consolidated
    statements of operations, stockholders’ equity, and cash
    flows for each of the years in the two-year period ended
    December 31, 2007 of Thermadyne Holdings Corporation. This
    material weakness was considered in determining the nature,
    timing, and extent of audit tests applied in our audit of the
    2007 consolidated financial statements, and this report does not
    affect our report dated March 12, 2008, which expressed an
    unqualified opinion on those consolidated financial statements.

 

    In our opinion, because of the effect of the aforementioned
    material weakness on the achievement of the objectives of the
    control criteria, Thermadyne Holdings Corporation has not
    maintained effective internal control over financial reporting
    as of December 31, 2007, based on criteria established in
    Internal Control — Integrated Framework issued
    by the Committee Sponsoring Organizations of the Treadway
    Commission.

 

    /s/  KPMG
    LLP

 

    St. Louis, Missouri

    March 12, 2008

    

    31

Table of Contents

 

		
	
    Item 9B.  
	
    Other
    Information

 

    None

 

    PART III

 

		
	
    Item 10.  
	
    Directors,
    Executive Officers and Corporate Governance

 

    The Company plans to file the 2008 Proxy Statement pursuant to
    Regulation 14A of the Exchange Act prior to April 29,
    2008. Except for the information set forth in this Item 10
    and the information concerning our executive officers set forth
    in Part I, Item 1. Business of this annual
    report on
    Form 10-K
    for the fiscal year ended December 31, 2007, which
    information is incorporated herein by reference, the information
    required by this item is incorporated by reference from the 2008
    Proxy Statement.

 

    The Company has adopted a code of ethics applicable to certain
    members of Company management, including its principal executive
    officer, principal financial officer, principal accounting
    officer and controller, or persons performing similar functions.
    The code of ethics is available on the Company’s website at
    www.thermadyne.com. The Company intends to satisfy the
    disclosure requirement under Item 10 of
    Form 8-K
    regarding the amendment to, or a waiver from, a provision of
    this code of ethics that applies to the Company’s principal
    executive officer, principal financial officer, principal
    accounting officer or controller, or persons performing similar
    functions and that relates to any element of the code of ethics
    definition enumerated in Item 406(b) of
    Regulation S-K
    by posting such information on its website.

 

		
	
    Item 11.  
	
    Executive
    Compensation

 

    Certain information required by this item is set forth under the
    caption “Compensation Discussion and Analysis” in the
    2008 Proxy Statement and is incorporated herein by reference.

 

    Item 12.  Security
    Ownership of Certain Beneficial Owners and Management and
    Related Stockholder Matters

 

    The information required by this item is set forth under the
    caption “Information about Stock Ownership” in the
    2008 Proxy Statement and is incorporated herein by reference.

 

    Information concerning securities authorized for issuance under
    the Company’s equity compensation plans is set forth in the
    table below:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Number of

    
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Securities

    
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Remaining Available

    
	
 

	
 
	
 
	
    Number of

    
	
 
	
 
	
 
	
 
	
 
	
    for Future Issuance

    
	
 

	
 
	
 
	
    Securities to be

    
	
 
	
 
	
 
	
 
	
 
	
    Under Equity

    
	
 

	
 
	
 
	
    Issued Upon

    
	
 
	
 
	
    Weighted-Average

    
	
 
	
 
	
    Compensation Plans

    
	
 

	
 
	
 
	
    Exercise of

    
	
 
	
 
	
    Exercise Price of

    
	
 
	
 
	
    (Excluding

    
	
 

	
 
	
 
	
    Outstanding

    
	
 
	
 
	
    Outstanding

    
	
 
	
 
	
    Securities

    
	
 

	
 
	
 
	
    Options, Warrants

    
	
 
	
 
	
    Options, Warrants

    
	
 
	
 
	
    Reflected in Column

    
	
 

	
 
	
 
	
    and Rights

    
	
 
	
 
	
    and Rights

    
	
 
	
 
	
    (a))

    
	
 

	

    Plan Category

	
 
	
    (a)
	
 
	
 
	
    (b)
	
 
	
 
	
    (c)
	
 

	 

	

    Equity compensation plans approved by security holders

	
 
	
 
	
    1,527,830
	
 
	
 
	
    $
	
    13.56
	
 
	
 
	
 
	
    75,480
	
 

	

    Equity compensation plans not approved by security holders

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Total

	
 
	
 
	
    1,527,830
	
 
	
 
	
    $
	
    13.56
	
 
	
 
	
 
	
    75,480
	
 

 

    Item 13.  Certain
    Relationships and Related Transactions. And Director
    Independence

 

    The information required by this item is set forth under the
    caption “Certain Relationships and Related
    Transactions” and “Board and Committee Meetings”
    in the 2008 Proxy Statement and is incorporated herein by
    reference.

 

		
	
    Item 14.  
	
    Principal
    Accountant Fees and Services

 

    The information required by this item is set forth under the
    caption “Independent Registered Public Accountant Fees and
    Other Matters” in the 2008 Proxy Statement and is
    incorporated herein by reference.

    

    32

 

 

    PART IV

 

		
	
    Item 15.  
	
    Exhibits
    and Financial Statement Schedules

 

    Financial
    Statements and Schedules

 

    The following documents are filed as part of this report:

 

	 	 	 	 	 
	
 
	
 
	
    Page

	 

	

    Report of Independent Registered Public
    Accounting Firm — KPMG LLP

	
 
	 
	
    35
	 

	

    Report of Independent Registered Public
    Accounting Firm — Ernst & Young LLP

	
 
	 
	
    36
	 

	

    Consolidated Balance Sheets as of
    December 31, 2007 and 2006

	
 
	 
	
    37
	 

	

    Consolidated Statements of Operations for the
    years ended December 31, 2007, December 31, 2006, and
    December 31, 2005

	
 
	 
	
    38
	 

	

    Consolidated Statements of Shareholders’
    Equity for the years ended December 31, 2007,
    December 31, 2006, and December 31, 2005

	
 
	 
	
    39
	 

	

    Consolidated Statements of Cash Flows for the
    years ended December 31, 2007, December 31, 2006, and
    December 31, 2005

	
 
	 
	
    40
	 

	

    Notes to Consolidated Financial Statements

	
 
	 
	
    41
	 

 

    All schedules for which provision is made in the applicable
    accounting regulation of the Commission are not required under
    the related instructions, are included in the financial
    statements or are inapplicable and therefore have been omitted.

 

    Exhibits

 

    A listing of Exhibits is included following the financial
    statements.

    

    33

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

 

    INDEX TO
    CONSOLIDATED FINANCIAL STATEMENTS

 

	 	 	 
	
 
	
 
	
    Page

	 

	

    Report of Independent Registered Public Accounting
    Firm — KPMG LLP

	
 
	
    35

	

    Report of Independent Registered Public Accounting
    Firm — Ernst & Young LLP

	
 
	
    36

	

    Consolidated Balance Sheets as of December 31, 2007 and 2006

	
 
	
    37

	

    Consolidated Statements of Operations for the years ended
    December 31, 2007, 2006, and 2005

	
 
	
    38

	

    Consolidated Statements of Shareholders’ Equity for the
    years ended December 31, 2007, 2006, and 2005

	
 
	
    39

	

    Consolidated Statements of Cash Flows for the years ended
    December 31, 2007, 2006, and 2005

	
 
	
    40

	

    Notes to Consolidated Financial Statements

	
 
	
    41

    

    34

Table of Contents

 

    REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

    The Board of Directors and Stockholders

    Thermadyne Holdings Corporation

 

    We have audited the accompanying consolidated balance sheets of
    Thermadyne Holdings Corporation (the Company) as of
    December 31, 2007 and 2006, and the related consolidated
    statements of operations, stockholders’ equity, and cash
    flows for each of the years in the two-year period ended
    December 31, 2007. These consolidated financial statements
    are the responsibility of the Company’s management. Our
    responsibility is to express an opinion on these consolidated
    financial statements based on our audits.

 

    We conducted our audits in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. An audit includes examining, on a
    test basis, evidence supporting the amounts and disclosures in
    the financial statements. An audit also includes assessing the
    accounting principles used and significant estimates made by
    management, as well as evaluating the overall financial
    statement presentation. We believe that our audits provide a
    reasonable basis for our opinion.

 

    In our opinion, the consolidated financial statements referred
    to above present fairly, in all material respects, the financial
    position of Thermadyne Holdings Corporation as of
    December 31, 2007 and 2006, and the results of their
    operations and their cash flows for each of the years in the
    two-year period ended December 31, 2007, in conformity with
    U.S. generally accepted accounting principles.

 

    We also have audited, in accordance with the standards of the
    Public Company Accounting Oversight Board (United States),
    Thermadyne Holding Corporation’s internal control over
    financial reporting as of December 31, 2007, based on
    criteria established in Internal Control —
    Integrated Framework issued by the Committee of Sponsoring
    Organizations of the Treadway Commission (COSO), and our report
    dated March 12, 2008 expressed an adverse opinion on the
    effectiveness of the Company’s internal control over
    financial reporting.

 

    As discussed in Note 2 to the consolidated financial
    statements, effective as of the end of the fiscal year after
    December 15, 2006, the Company adopted the recognition and
    disclosure provisions as required by Statement of Financial
    Accounting Standards No. 158, Employers’ Accounting
    for Defined Benefit Pension and Other Postretirement Plans.

 

    As discussed in Note 14 to the consolidated financial
    statements, effective January 1, 2006, the Company adopted
    Statement of Financial Accounting Standards No. 123
    (Revised 2004), Shared-Based Payment.

 

    /s/  KPMG
    LLP

 

    St. Louis, Missouri

    March 12, 2008

    

    35

Table of Contents

 

    Report of
    Independent Registered Public Accounting Firm

 

    The Board of Directors

    Thermadyne Holdings Corporation

 

    We have audited the accompanying consolidated statement of
    operations, shareholders’ equity, and cash flows of
    Thermadyne Holdings Corporation (the Company) for the year ended
    December 31, 2005. These financial statements are the
    responsibility of the Company’s management. Our
    responsibility is to express an opinion on these financial
    statements based on our audit.

 

    We conducted our audit in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. An audit includes examining, on a
    test basis, evidence supporting the amounts and disclosures in
    the financial statements. An audit also includes assessing the
    accounting principles used and significant estimates made by
    management, as well as evaluating the overall financial
    statement presentation. We believe that our audit provides a
    reasonable basis for our opinion.

 

    In our opinion, the financial statements referred to above
    present fairly, in all material respects, the consolidated
    results of operations and cash flows of Thermadyne Holdings
    Corporation for the year ended December 31, 2005, in
    conformity with U.S. generally accepted accounting
    principles.

 

    /s/  ERNST &
    YOUNG LLP

 

    August 2, 2006

    

    36

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONSOLIDATED
    BALANCE SHEETS

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	
 
	
 
	
    (Dollars in thousands,

    
	
 

	
 
	
 
	
    except share data)
	
 

	 

	

    Current Assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents

	
 
	
    $
	
    16,159
	
 
	
 
	
    $
	
    11,310
	
 

	

    Accounts receivable, less allowance for doubtful accounts of
    $1,000 and $2,385, respectively

	
 
	
 
	
    83,852
	
 
	
 
	
 
	
    78,996
	
 

	

    Inventories

	
 
	
 
	
    90,961
	
 
	
 
	
 
	
    97,141
	
 

	

    Prepaid expenses and other

	
 
	
 
	
    6,147
	
 
	
 
	
 
	
    6,407
	
 

	

    Assets held for sale

	
 
	
 
	
    2,023
	
 
	
 
	
 
	
    18,552
	
 

	

    Deferred tax assets

	
 
	
 
	
    2,721
	
 
	
 
	
 
	
    1,798
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current assets

	
 
	
 
	
    201,863
	
 
	
 
	
 
	
    214,204
	
 

	

    Property, plant and equipment, net of accumulated depreciation
    of $44,631 and $36,921, respectively

	
 
	
 
	
    44,356
	
 
	
 
	
 
	
    43,241
	
 

	

    Goodwill

	
 
	
 
	
    182,163
	
 
	
 
	
 
	
    189,103
	
 

	

    Intangibles, net

	
 
	
 
	
    63,204
	
 
	
 
	
 
	
    65,638
	
 

	

    Other assets

	
 
	
 
	
    5,841
	
 
	
 
	
 
	
    6,761
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total assets

	
 
	
    $
	
    497,427
	
 
	
 
	
    $
	
    518,947
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Current Liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital facility

	
 
	
    $
	
    12,658
	
 
	
 
	
    $
	
    17,606
	
 

	

    Current maturities of long-term obligations

	
 
	
 
	
    8,778
	
 
	
 
	
 
	
    1,378
	
 

	

    Accounts payable

	
 
	
 
	
    31,577
	
 
	
 
	
 
	
    31,932
	
 

	

    Accrued and other liabilities

	
 
	
 
	
    28,826
	
 
	
 
	
 
	
    33,822
	
 

	

    Accrued interest

	
 
	
 
	
    8,032
	
 
	
 
	
 
	
    8,252
	
 

	

    Income taxes payable

	
 
	
 
	
    4,664
	
 
	
 
	
 
	
    1,248
	
 

	

    Deferred tax liability

	
 
	
 
	
    2,667
	
 
	
 
	
 
	
    2,796
	
 

	

    Liabilities related to assets held for sale

	
 
	
 
	
    7,417
	
 
	
 
	
 
	
    12,342
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current liabilities

	
 
	
 
	
    104,619
	
 
	
 
	
 
	
    109,376
	
 

	

    Long-term obligations, less current maturities

	
 
	
 
	
    213,142
	
 
	
 
	
 
	
    238,012
	
 

	

    Deferred tax liabilities

	
 
	
 
	
    44,306
	
 
	
 
	
 
	
    44,482
	
 

	

    Other long-term liabilities

	
 
	
 
	
    12,989
	
 
	
 
	
 
	
    23,266
	
 

	

    Minority interest

	
 
	
 
	
    287
	
 
	
 
	
 
	
    307
	
 

	

    Stockholders’ equity:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Common stock, $0.01 par value:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Authorized — 25,000,000 shares Issued and
    outstanding — 13,368,190 shares at
    December 31, 2007 and 13,335,517 shares at
    December 31, 2006

	
 
	
 
	
    134
	
 
	
 
	
 
	
    133
	
 

	

    Additional paid-in capital

	
 
	
 
	
    186,830
	
 
	
 
	
 
	
    184,804
	
 

	

    Accumulated deficit

	
 
	
 
	
    (79,953
	
    )
	
 
	
 
	
    (88,618
	
    )

	

    Accumulated other comprehensive income

	
 
	
 
	
    15,073
	
 
	
 
	
 
	
    7,185
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total stockholders’ equity

	
 
	
 
	
    122,084
	
 
	
 
	
 
	
    103,504
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total liabilities and stockholders’ equity

	
 
	
    $
	
    497,427
	
 
	
 
	
    $
	
    518,947
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    37

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONSOLIDATED
    STATEMENTS OF OPERATIONS

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended

    
	
 
	
 
	
    Year Ended

    
	
 
	
 
	
    Year Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	
 
	
 
	
    (Dollars in thousands, except per share data)
	
 

	 

	

    Net sales

	
 
	
    $
	
    493,975
	
 
	
 
	
    $
	
    445,727
	
 
	
 
	
    $
	
    409,593
	
 

	

    Cost of goods sold

	
 
	
 
	
    339,622
	
 
	
 
	
 
	
    315,052
	
 
	
 
	
 
	
    292,226
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gross margin

	
 
	
 
	
    154,353
	
 
	
 
	
 
	
    130,675
	
 
	
 
	
 
	
    117,367
	
 

	

    Selling, general and administrative expenses

	
 
	
 
	
    106,033
	
 
	
 
	
 
	
    109,563
	
 
	
 
	
 
	
    99,908
	
 

	

    Amortization of intangibles

	
 
	
 
	
    2,921
	
 
	
 
	
 
	
    2,894
	
 
	
 
	
 
	
    3,146
	
 

	

    Net periodic postretirement benefits

	
 
	
 
	
    1,087
	
 
	
 
	
 
	
    (11,755
	
    )
	
 
	
 
	
    1,823
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income

	
 
	
 
	
    44,312
	
 
	
 
	
 
	
    29,973
	
 
	
 
	
 
	
    12,490
	
 

	

    Other expenses:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest

	
 
	
 
	
    (26,799
	
    )
	
 
	
 
	
    (26,512
	
    )
	
 
	
 
	
    (22,861
	
    )

	

    Amortization of deferred financing costs

	
 
	
 
	
    (1,444
	
    )
	
 
	
 
	
    (1,344
	
    )
	
 
	
 
	
    (1,485
	
    )

	

    Minority interest

	
 
	
 
	
    82
	
 
	
 
	
 
	
    (44
	
    )
	
 
	
 
	
    (628
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations before income tax
    provision and discontinued operations

	
 
	
 
	
    16,151
	
 
	
 
	
 
	
    2,073
	
 
	
 
	
 
	
    (12,484
	
    )

	

    Income tax provision (benefit)

	
 
	
 
	
    5,515
	
 
	
 
	
 
	
    (405
	
    )
	
 
	
 
	
    3,345
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations

	
 
	
 
	
    10,636
	
 
	
 
	
 
	
    2,478
	
 
	
 
	
 
	
    (15,829
	
    )

	

    Loss from discontinued operations, net of tax

	
 
	
 
	
    (1,971
	
    )
	
 
	
 
	
    (25,525
	
    )
	
 
	
 
	
    (15,532
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    8,665
	
 
	
 
	
    $
	
    (23,047
	
    )
	
 
	
    $
	
    (31,361
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.80
	
 
	
 
	
    $
	
    0.19
	
 
	
 
	
    $
	
    (1.19
	
    )

	

    Discontinued operations

	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (1.92
	
    )
	
 
	
 
	
    (1.17
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    0.65
	
 
	
 
	
    $
	
    (1.73
	
    )
	
 
	
    $
	
    (2.36
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.18
	
 
	
 
	
    $
	
    (1.19
	
    )

	

    Discontinued operations

	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (1.91
	
    )
	
 
	
 
	
    (1.17
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    0.64
	
 
	
 
	
    $
	
    (1.73
	
    )
	
 
	
    $
	
    (2.36
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    38

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONSOLIDATED
    STATEMENTS OF SHAREHOLDERS’ EQUITY

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Accumulated

    
	
 
	
 
	
 
	
 

	
 
	
 
	
    Common Stock
	
 
	
 
	
    Additional

    
	
 
	
 
	
 
	
 
	
 
	
    Other

    
	
 
	
 
	
    Total

    
	
 

	
 
	
 
	
    Number of

    
	
 
	
 
	
    Par

    
	
 
	
 
	
    Paid-In

    
	
 
	
 
	
    Accumulated

    
	
 
	
 
	
    Comprehensive

    
	
 
	
 
	
    Shareholders’

    
	
 

	
 
	
 
	
    Shares
	
 
	
 
	
    Value
	
 
	
 
	
    Capital
	
 
	
 
	
    Deficit
	
 
	
 
	
    Income (Loss)
	
 
	
 
	
    Equity
	
 

	
 
	
 
	
    (Dollars in thousands, except share data)
	
 

	 

	

    December 31, 2004

	
 
	
 
	
    13,314
	
 
	
 
	
    $
	
    133
	
 
	
 
	
    $
	
    183,460
	
 
	
 
	
    $
	
    (34,210
	
    )
	
 
	
    $
	
    11,665
	
 
	
 
	
    $
	
    161,048
	
 

	

    Comprehensive income (loss):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (31,361
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (31,361
	
    )

	

    Foreign currency translation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (5,170
	
    )
	
 
	
 
	
    (5,170
	
    )

	

    Minimum pension liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (645
	
    )
	
 
	
 
	
    (645
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive loss

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    (37,176
	
    )

	

    Common stock issuance-Employee stock purchase plan

	
 
	
 
	
    4
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    52
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    52
	
 

	

    Stock compensation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    29
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    29
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    December 31, 2005

	
 
	
 
	
    13,318
	
 
	
 
	
    $
	
    133
	
 
	
 
	
    $
	
    183,541
	
 
	
 
	
    $
	
    (65,571
	
    )
	
 
	
    $
	
    5,850
	
 
	
 
	
    $
	
    123,953
	
 

	

    Comprehensive income (loss):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (23,047
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (23,047
	
    )

	

    Foreign currency translation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    521
	
 
	
 
	
 
	
    521
	
 

	

    Minimum pension liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    370
	
 
	
 
	
 
	
    370
	
 

	

    Minimum post retirement liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    444
	
 
	
 
	
 
	
    444
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive loss

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    (21,712
	
    )

	

    Common stock issuance-Employee stock purchase plan

	
 
	
 
	
    14
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    155
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    155
	
 

	

    Exercise of stock options

	
 
	
 
	
    4
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    55
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    55
	
 

	

    Stock compensation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,053
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,053
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    December 31, 2006

	
 
	
 
	
    13,336
	
 
	
 
	
    $
	
    133
	
 
	
 
	
    $
	
    184,804
	
 
	
 
	
    $
	
    (88,618
	
    )
	
 
	
    $
	
    7,185
	
 
	
 
	
    $
	
    103,504
	
 

	

    Comprehensive income (loss):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,665
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,665
	
 

	

    Foreign currency translation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,873
	
 
	
 
	
 
	
    5,873
	
 

	

    Minimum pension liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (877
	
    )
	
 
	
 
	
    (877
	
    )

	

    Minimum post retirement liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,892
	
 
	
 
	
 
	
    2,892
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive income

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    16,553
	
 

	

    Common stock issuance-Employee stock purchase plan

	
 
	
 
	
    10
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    138
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    138
	
 

	

    Exercise of stock options

	
 
	
 
	
    22
	
 
	
 
	
 
	
    1
	
 
	
 
	
 
	
    279
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    280
	
 

	

    Stock compensation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,609
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,609
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    December 31, 2007

	
 
	
 
	
    13,368
	
 
	
 
	
    $
	
    134
	
 
	
 
	
    $
	
    186,830
	
 
	
 
	
    $
	
    (79,953
	
    )
	
 
	
    $
	
    15,073
	
 
	
 
	
    $
	
    122,084
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    39

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONSOLIDATED
    STATEMENTS OF CASH FLOWS

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	
 
	
 
	
    (Dollars in thousands)
	
 

	 

	

    Cash flows from continuing operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from operating activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    8,665
	
 
	
 
	
    $
	
    (23,047
	
    )
	
 
	
    $
	
    (31,361
	
    )

	

    Adjustments to reconcile net income (loss) to net cash provided
    by (used in) operating activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Loss from discontinued operations

	
 
	
 
	
    1,971
	
 
	
 
	
 
	
    25,525
	
 
	
 
	
 
	
    15,532
	
 

	

    Minority interest

	
 
	
 
	
    (82
	
    )
	
 
	
 
	
    44
	
 
	
 
	
 
	
    628
	
 

	

    Depreciation and amortization

	
 
	
 
	
    13,117
	
 
	
 
	
 
	
    15,727
	
 
	
 
	
 
	
    19,087
	
 

	

    Deferred income taxes

	
 
	
 
	
    (1,233
	
    )
	
 
	
 
	
    (8,815
	
    )
	
 
	
 
	
    (15,483
	
    )

	

    Net periodic post-retirement benefits

	
 
	
 
	
    1,087
	
 
	
 
	
 
	
    (11,755
	
    )
	
 
	
 
	
    —
	
 

	

    Changes in operating assets and liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accounts receivable

	
 
	
 
	
    (2,001
	
    )
	
 
	
 
	
    (8,473
	
    )
	
 
	
 
	
    (9,616
	
    )

	

    Inventories

	
 
	
 
	
    9,076
	
 
	
 
	
 
	
    4,970
	
 
	
 
	
 
	
    (12,386
	
    )

	

    Accounts payable

	
 
	
 
	
    (1,268
	
    )
	
 
	
 
	
    (5,839
	
    )
	
 
	
 
	
    15,726
	
 

	

    Accrued and other liabilities

	
 
	
 
	
    (5,795
	
    )
	
 
	
 
	
    1,669
	
 
	
 
	
 
	
    659
	
 

	

    Accrued interest

	
 
	
 
	
    (225
	
    )
	
 
	
 
	
    934
	
 
	
 
	
 
	
    188
	
 

	

    Other long-term liabilities

	
 
	
 
	
    (3,453
	
    )
	
 
	
 
	
    (4,755
	
    )
	
 
	
 
	
    3,135
	
 

	

    Other, net

	
 
	
 
	
    3,154
	
 
	
 
	
 
	
    (1,651
	
    )
	
 
	
 
	
    554
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
 
	
    23,013
	
 
	
 
	
 
	
    (15,466
	
    )
	
 
	
 
	
    (13,337
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from investing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Capital expenditures

	
 
	
 
	
    (11,358
	
    )
	
 
	
 
	
    (8,499
	
    )
	
 
	
 
	
    (7,923
	
    )

	

    Net proceeds from sales of assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,957
	
 
	
 
	
 
	
    854
	
 

	

    Acquisition of minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (3,954
	
    )
	
 
	
 
	
    —
	
 

	

    Proceeds from sales of discontinued operations

	
 
	
 
	
    13,783
	
 
	
 
	
 
	
    16,455
	
 
	
 
	
 
	
    4,797
	
 

	

    Investment in joint venture

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (850
	
    )

	

    Other

	
 
	
 
	
    (487
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    1,938
	
 
	
 
	
 
	
    5,959
	
 
	
 
	
 
	
    (3,122
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from financing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Borrowings under Working Capital Facility

	
 
	
 
	
    20,041
	
 
	
 
	
 
	
    9,357
	
 
	
 
	
 
	
    30,724
	
 

	

    Repayments of Working Capital Facility

	
 
	
 
	
    (24,989
	
    )
	
 
	
 
	
    (23,547
	
    )
	
 
	
 
	
    (9,752
	
    )

	

    Borrowings under other debt

	
 
	
 
	
    —
	
 
	
 
	
 
	
    20,000
	
 
	
 
	
 
	
    10,000
	
 

	

    Repayments of other debt

	
 
	
 
	
    (16,725
	
    )
	
 
	
 
	
    (7,790
	
    )
	
 
	
 
	
    (3,466
	
    )

	

    Financing fees

	
 
	
 
	
    (362
	
    )
	
 
	
 
	
    (348
	
    )
	
 
	
 
	
    (747
	
    )

	

    Stock compensation expense

	
 
	
 
	
    1,609
	
 
	
 
	
 
	
    1,053
	
 
	
 
	
 
	
    —
	
 

	

    Exercise of employee stock purchases

	
 
	
 
	
    417
	
 
	
 
	
 
	
    210
	
 
	
 
	
 
	
    81
	
 

	

    Advances from (to) discontinued operations

	
 
	
 
	
    (837
	
    )
	
 
	
 
	
    8,330
	
 
	
 
	
 
	
    (6,119
	
    )

	

    Other, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (219
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    (20,846
	
    )
	
 
	
 
	
    7,265
	
 
	
 
	
 
	
    20,502
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    744
	
 
	
 
	
 
	
    365
	
 
	
 
	
 
	
    2,435
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    4,849
	
 
	
 
	
 
	
    (1,877
	
    )
	
 
	
 
	
    6,478
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from discontinued operations

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by operating activities

	
 
	
 
	
    812
	
 
	
 
	
 
	
    8,008
	
 
	
 
	
 
	
    4,472
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    5,084
	
 
	
 
	
 
	
    (342
	
    )
	
 
	
 
	
    (3,984
	
    )

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    (5,650
	
    )
	
 
	
 
	
    (9,854
	
    )
	
 
	
 
	
    1,754
	
 

	

    Effect of exchange rates on cash and cash equivalents

	
 
	
 
	
    30
	
 
	
 
	
 
	
    (187
	
    )
	
 
	
 
	
    (219
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) discontinued operations

	
 
	
 
	
    276
	
 
	
 
	
 
	
    (2,375
	
    )
	
 
	
 
	
    2,023
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total increase (decrease) in cash and cash equivalents

	
 
	
 
	
    5,125
	
 
	
 
	
 
	
    (4,252
	
    )
	
 
	
 
	
    8,501
	
 

	

    Total cash and cash equivalents beginning of period

	
 
	
 
	
    11,310
	
 
	
 
	
 
	
    15,562
	
 
	
 
	
 
	
    7,061
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total cash and cash equivalents end of period

	
 
	
    $
	
    16,435
	
 
	
 
	
    $
	
    11,310
	
 
	
 
	
    $
	
    15,562
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents beginning of period

	
 
	
    $
	
    11,310
	
 
	
 
	
    $
	
    13,187
	
 
	
 
	
    $
	
    6,709
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    4,849
	
 
	
 
	
 
	
    (1,877
	
    )
	
 
	
 
	
    6,478
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents end of period

	
 
	
    $
	
    16,159
	
 
	
 
	
    $
	
    11,310
	
 
	
 
	
    $
	
    13,187
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Discontinued operations

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents beginning of period

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    2,375
	
 
	
 
	
    $
	
    352
	
 

	

    Net cash provided by (used in) discontinued operations

	
 
	
 
	
    276
	
 
	
 
	
 
	
    (2,375
	
    )
	
 
	
 
	
    2,023
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents end of period

	
 
	
    $
	
    276
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    2,375
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    40

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS

    

    (In
    thousands, except share data)

 

		
	
    1.  
	
    The
    Company

 

    Thermadyne Holdings Corporation (“Thermadyne” or the
    “Company”), a Delaware corporation, is a global
    designer and manufacturer of cutting and welding products,
    including equipment, accessories and consumables. The
    Company’s products are used by manufacturing, construction
    and foundry operations to cut, join and reinforce steel,
    aluminum and other metals. Common applications for the
    Company’s products include shipbuilding, railcar
    manufacturing, offshore oil and gas rig construction,
    fabrication and the repair and maintenance of manufacturing
    equipment and facilities. Welding and cutting products are
    critical to the operations of most businesses that fabricate
    metal, and the Company has well established and widely
    recognized brands.

 

		
	
    2.  
	
    Significant
    Accounting Policies

 

    Principles of consolidation.  The consolidated
    financial statements include the Company’s accounts and
    those of the majority-owned subsidiaries. All material
    intercompany balances and transactions have been eliminated in
    consolidation. Unconsolidated subsidiaries and investments are
    accounted for under the equity method.

 

    Certain reclassifications have been made to the previously
    reported financial information for the years ended
    December 31, 2006 and 2005 to conform to the presentation
    of such similar financial information for the year ended
    December 31, 2007, primarily related to the restatement
    required for our discontinued operations.

 

    Estimates.  Preparation of financial statements
    in conformity with U.S. generally accepted accounting
    principles requires certain estimates and assumptions to be made
    that affect the reported amounts of assets and liabilities at
    the date of the financial statements and the reported amounts of
    revenues and expenses during the reporting period. Actual
    results could differ from those estimates.

 

    Inventories.  Inventories are valued at the
    lower of cost or market. Cost is determined using the
    last-in,
    first-out (“LIFO”) method for domestic subsidiaries
    and the
    first-in,
    first-out (“FIFO”) method for the Company’s
    foreign subsidiaries. Inventories at foreign subsidiaries
    amounted to $36,150 and $28,321 at December 31, 2007 and
    2006, respectively.

 

    Property, Plant and Equipment.  Property, plant
    and equipment are carried at cost and are depreciated using the
    straight-line method. The average estimated lives utilized in
    calculating depreciation are as follows: buildings —
    25 years and machinery and equipment — three to
    ten years. Property, plant and equipment recorded under capital
    leases are depreciated based on the lesser of the lease term or
    the underlying asset’s useful life. Impairment losses are
    recorded on long-lived assets when events and circumstances
    indicate the assets might be impaired and the undiscounted cash
    flows estimated to be generated by those assets are less than
    their carrying amounts. During the fourth quarter of 2007, the
    Company recorded an impairment loss related to the decision to
    dispose of its cutting table business. During the fourth quarter
    of 2006, the Company recorded an impairment loss related to the
    decision to dispose of the South Africa and Brazil businesses.
    During the fourth quarter of 2005, the Company recorded an
    impairment loss related to the Soltec and Plant Hire businesses.
    These impairment losses were recorded as the fair value of the
    businesses was determined to be below the carrying value of the
    net assets. See Note 3 — Discontinued
    Operations.

 

    Deferred Financing Costs.  Loan origination
    fees and other costs incurred arranging long-term financing are
    capitalized as deferred financing costs and amortized over the
    term of the credit agreement. Deferred financing costs totaled
    $10,494 and $10,133, less related accumulated amortization of
    $5,953 and $4,508, at December 31, 2007 and 2006,
    respectively, and are classified as other assets in the
    accompanying consolidated balance sheets.

 

    Intangibles.  Goodwill and trademarks have
    indefinite lives. Patents and customer relationships are
    amortized on a straight-line basis over their estimated useful
    lives, which generally range from 10 to 20 years.

    

    41

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    Goodwill and trademarks are tested for impairment annually or
    more frequently if events occur or circumstances change that
    would more likely than not reduce the fair value of the
    reporting unit below its carrying value. The impairment analysis
    is completed on a consolidated enterprise level. Comparable
    market values, market prices and the present value of expected
    future cash flows are used to estimate fair value. Significant
    judgments and estimates about future conditions are used to
    estimate future cash flows. Unforeseen events and changes in
    circumstances and market conditions including general economic
    and competitive conditions could result in significant changes
    in those estimates. Based on the annual impairment analysis
    completed in the fourth quarter, no adjustment to the carrying
    value of goodwill was deemed necessary as of December 31,
    2007. However, adjustments have been made to the
    December 31, 2007, 2006 and 2005 carrying value of goodwill
    allocated to the Company’s discontinued operations. See
    Note 3 — Discontinued Operations to the
    consolidated financial statements.

 

    Trademarks are generally associated with the Company’s
    product brands, and cash flows associated with these products
    are expected to continue indefinitely. The Company has placed no
    limit on the end of the Company’s trademarks’ useful
    lives.

 

    Product Warranty Programs.  Various products
    are sold with product warranty programs. Provisions for warranty
    programs are made as the products are sold and adjusted
    periodically based on current estimates of anticipated warranty
    costs. During the years ended December 31, 2007, 2006 and
    2005, the Company recorded $3,780, $3,093, and $2,805 of
    warranty expense, respectively, through cost of goods sold. As
    of December 31, 2007 and 2006, the warranty accrual totaled
    $3,092 and $2,978, respectively.

 

    Derivative Instruments.  The Company records
    derivatives and hedging activities on the balance sheet at their
    respective fair values. The Company does not use derivative
    instruments for trading or speculative purposes. The Company
    designates and documents all relationships between hedging
    instruments and hedged items, as well as its risk management
    objectives and strategies for undertaking hedge transactions.
    The Company also assesses, both at the inception of the hedge
    and on an on-going basis, whether the hedge is effective.

 

    Income Taxes.  Deferred tax assets and
    liabilities are recognized for the estimated future tax
    consequences attributable to temporary differences between the
    carrying value of assets and liabilities for financial reporting
    purposes and their tax basis. The measurement of current and
    deferred tax assets and liabilities is based on provisions of
    the enacted tax law; the effects of future changes in tax laws
    or rates are not anticipated. Based on available evidence, the
    measurement of deferred tax assets is reduced, if necessary, by
    the amount of any tax benefits that are not expected to be
    realized. The Company’s effective tax rate includes the
    impact of certain of the undistributed foreign earnings for
    which U.S. taxes have been provided because of the
    applicability of I.R.C. Section 956 for earnings of foreign
    entities which guarantee the indebtedness of a U.S. parent.
    See Note 12 — Income Tax to the
    consolidated financial statements.

 

    Stock Option Accounting.  The Company adopted
    SFAS No. 123(R), Share-Based Payment, on
    January 1, 2006. SFAS No. 123(R) requires all
    share-based payments to employees, including grants of employee
    stock options, to be recognized in the income statement based on
    their fair values. The Company utilizes the modified prospective
    method in which compensation cost is recognized beginning with
    the effective date (a) based on the requirements of
    SFAS No. 123(R) for all share-based payments granted
    after the effective date and (b) based on the requirements
    of SFAS No. 123 for all awards granted to employees
    prior to the effective date of SFAS No. 123(R) that
    remain unvested on the effective date. As a result of adopting
    SFAS No. 123(R) in 2006, the Company’s recorded
    pre-tax stock-based compensation expense for the year of
    $1.1 million within selling, general and administrative
    expense. Prior to 2006, the Company applied the intrinsic value
    method permitted under SFAS No. 123, as defined in
    Accounting Principles Board (“APB”) Opinion
    No. 25, “Accounting for Stock Issued to
    Employees” and related interpretations, in accounting for
    the Company’s stock option plans. Accordingly, no
    compensation cost was recognized in years prior to adoption
    except the impact of the acceleration of non-vested options in
    the fourth quarter of 2005. See Note 14 —
    Stock Options and Stock-Based Compensation to the
    consolidated financial statements.

    

    42

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    Revenue Recognition.  The Company sells a
    majority of its products through distributors with standard
    terms of sale of FOB shipping point or FOB destination. The
    Company has certain consignment arrangements whereby revenue is
    recognized when products are used by the customer from consigned
    stock. Under all circumstances, revenue is recognized when
    persuasive evidence of an arrangement exists, delivery has
    occurred, the seller’s price is fixed and determinable and
    collectibility is reasonably assured.

 

    The Company sponsors a number of incentive programs to augment
    distributor sales efforts including certain rebate programs and
    sales and market share growth incentive programs. The costs
    associated with these sales programs are recorded as a reduction
    of revenue.

 

    In both 2007 and 2006, the Company had one customer that
    comprised 13% and 10%, respectively, of the Company’s
    global net sales in each year.

 

    Terms of sale generally include
    30-day
    payment terms, return provisions and standard warranties for
    which reserves, based upon estimated warranty liabilities from
    historical experience, have been recorded. For a product that is
    returned due to issues outside the scope of the Company’s
    warranty agreements, restocking charges will generally be
    assessed.

 

    Cash Equivalents.  All highly liquid
    investments purchased with a maturity of three months or less
    are considered to be cash equivalents.

 

    Foreign Currency Translation.  Local currencies
    have been designated as the functional currencies for all
    subsidiaries with the exception of the Company’s
    Hermosillo, Mexico operation whose functional currency has been
    designated the U.S. dollar. Accordingly, assets and
    liabilities of the other foreign subsidiaries are translated at
    the rates of exchange at the balance sheet date. Income and
    expense items of these subsidiaries are translated at average
    monthly rates of exchange.

 

    Accumulated Other Comprehensive Income.  Other
    comprehensive income (loss) is recorded as a component of
    shareholders equity. As of December 31, it consists of:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2006
	
 
	
 
	
    2007
	
 

	
 
	
 
	
 
	
 
	
 
	
    Increase

    
	
 
	
 
	
 
	
 
	
 
	
    Increase

    
	
 
	
 
	
 
	
 

	
 
	
 
	
    January 1
	
 
	
 
	
    (Decrease)
	
 
	
 
	
    December 31
	
 
	
 
	
    (Decrease)
	
 
	
 
	
    December 31
	
 

	 

	

    Cumulative foreign currency translation gains

	
 
	
    $
	
    6,495
	
 
	
 
	
    $
	
    521
	
 
	
 
	
    $
	
    7,016
	
 
	
 
	
    $
	
    5,873
	
 
	
 
	
    $
	
    12,889
	
 

	

    Minimum pension liability

	
 
	
 
	
    (645
	
    )
	
 
	
 
	
    370
	
 
	
 
	
 
	
    (275
	
    )
	
 
	
 
	
    (877
	
    )
	
 
	
 
	
    (1,152
	
    )

	

    Minimum post-retirement liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    444
	
 
	
 
	
 
	
    444
	
 
	
 
	
 
	
    2,892
	
 
	
 
	
 
	
    3,336
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    5,850
	
 
	
 
	
    $
	
    1,335
	
 
	
 
	
    $
	
    7,185
	
 
	
 
	
    $
	
    7,888
	
 
	
 
	
    $
	
    15,073
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Effect
    of New Accounting Standards

 

    Business Combinations.  In December 2007, the
    FASB issued SFAS No. 141 (revised 2007),
    “Business Combinations”
    (“SFAS No. 141R”). SFAS 141R
    establishes principles and requirements for how an acquirer
    recognizes and measures in its financial statements the
    identifiable assets acquired, the liabilities assumed, any
    noncontrolling interest in the acquiree and the goodwill
    acquired. SFAS No. 141R also establishes disclosure
    requirements to enable the evaluation of the nature and
    financial effects of the business combination.
    SFAS No. 141R is effective for financial statements
    issued for fiscal years beginning after December 15, 2008.
    The Company is currently evaluating the potential impact of
    adoption of SFAS No. 141R on its consolidated
    financial statements. However, the Company does not expect the
    adoption of SFAS No. 141R to have a material effect on
    its consolidated financial statements.

 

    Noncontrolling Interests.  In December 2007,
    the FASB issued SFAS No. 160. “Noncontrolling
    Interests in Consolidated Financial Statements-an Amendment of
    ARB No. 51” (“SFAS No. 160”).
    SFAS No. 160 establishes

    

    43

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    accounting and reporting standards pertaining to ownership
    interests in subsidiaries held by parties other than the parent,
    the amount of net income attributable to the parent and to the
    noncontrolling interest, changes in a parent’s ownership
    interest, and the valuation of any retained noncontrolling
    equity investment when a subsidiary is deconsolidated. This
    statement also establishes disclosure requirements that clearly
    identify and distinguish between the interests of the parent and
    the interests of the noncontrolling owners.
    SFAS No. 160 is effective for fiscal years beginning
    on or after December 15, 2008. The Company is currently
    evaluating the potential impact of adoption of
    SFAS No. 160 on its consolidated financial statements.
    However, the Company does not expect the adoption of
    SFAS 160 to have a material effect on its consolidated
    financial statements.

 

    Fair Value Option.  In February 2007, the FASB
    issued SFAS No. 159, “The Fair Value Option for
    Financial Assets and Financial Liabilities — Including
    an Amendment of SFAS No. 115
    (“SFAS No. 159”)”.
    SFAS No. 159 permits entities to choose to measure
    many financial instruments and certain other items at fair
    value. SFAS No. 159 is effective for fiscal years
    beginning after November 15, 2007 and interim periods
    within those fiscal years. The Company is in the process of
    assessing the impact of SFAS No. 159 on its
    consolidated financial statements. However, the Company does not
    expect the adoption of SFAS No. 159 to have a material
    effect on its consolidated financial statements.

 

    Fair Value Measurements.  In September 2006,
    the FASB issued SFAS No. 157, “Fair Value
    Measurements,” (“SFAS No. 157”).
    SFAS No. 157 defines fair value, establishes a
    framework for measuring fair value in generally accepted
    accounting principles and expands disclosures about fair value
    measurements. SFAS No. 157 is effective for financial
    statements issued for fiscal years beginning after
    November 15, 2007 and interim periods within those fiscal
    years except for nonfinancial assets and liabilities that are
    not required or permitted to be recognized at fair value on a
    recurring basis for which the effective date is for fiscal years
    beginning after November 15, 2008. The impact of
    SFAS No. 157 is not expected to have a significant
    impact on the financial condition, results of operations, cash
    flows or disclosures of the Company.

 

		
	
    3.  
	
    Discontinued
    Operations

 

    On December 21, 2007, the Company committed to a plan to
    dispose of its cutting table business, C&G Systems. A
    definitive sales agreement was signed with closing occurring on
    January 18, 2008. Based on the sales price of $500, a loss
    of $570 (net of $350 of tax) was recorded in 2007 as a component
    of discontinued operations. The assets and liabilities are
    classified as held for sale at December 31, 2007. The
    schedule below sets forth certain information related to
    C&G Systems included in discontinued operations.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Net sales

	
 
	
    $
	
    4,120
	
 
	
 
	
    $
	
    5,567
	
 
	
 
	
 
	
    5,124
	
 

	

    Operating expenses

	
 
	
 
	
    (4,804
	
    )
	
 
	
 
	
    (5,556
	
    )
	
 
	
 
	
    (4,944
	
    )

	

    Other expenses

	
 
	
 
	
    (4
	
    )
	
 
	
 
	
    (4
	
    )
	
 
	
 
	
    —
	
 

	

    Income tax provision

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Adjustment in carrying value of related assets and reserves, net
    of tax

	
 
	
 
	
    (570
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss) from discontinued operations

	
 
	
    $
	
    (1,258
	
    )
	
 
	
    $
	
    7
	
 
	
 
	
    $
	
    180
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    44

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    Select Balance Sheet items of C&G Systems are as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Accounts receivable

	
 
	
    $
	
    264
	
 
	
 
	
    $
	
    253
	
 

	

    Inventories

	
 
	
 
	
    437
	
 
	
 
	
 
	
    1,223
	
 

	

    Property and equipment, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    93
	
 

	

    Goodwill and other intangible assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    472
	
 

	

    Other assets

	
 
	
 
	
    17
	
 
	
 
	
 
	
    18
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    718
	
 
	
 
	
    $
	
    2,059
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accounts payable and other liabilities

	
 
	
    $
	
    534
	
 
	
 
	
    $
	
    1,063
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    On December 30, 2006, the Company committed to a plan to
    sell its South Africa operations. On February 5, 2007, the
    Company entered into an agreement to sell the South African
    subsidiaries. The sale closed on May 25, 2007 with receipt
    of $13,800 net cash received at closing and a note payable
    bearing 14% interest payable in South African Rand in May 2010
    which converts to U.S. $4.4 million at
    December 31, 2007. A loss of $9,200 (net of $6,300 of tax)
    was recorded in 2006 as a component of discontinued operations.
    The assets and liabilities were classified as held for sale at
    December 31, 2006. During the second quarter of 2007, the
    Company corrected intercompany accounting by $2,900 and goodwill
    impairment by $2,200 from the amounts previously recorded in
    2006 which resulted in a non-cash gain of $700, net of tax,
    which is included in the net results of discontinued operations
    for the year ended December 31, 2007. In addition, the
    Company also had routine revisions in estimates related to
    discontinued operations in South Africa. The schedule below sets
    forth certain information related to the South African
    operations included in discontinued operations.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Net sales

	
 
	
    $
	
    16,230
	
 
	
 
	
    $
	
    34,402
	
 
	
 
	
    $
	
    30,992
	
 

	

    Operating expenses

	
 
	
 
	
    (14,378
	
    )
	
 
	
 
	
    (30,800
	
    )
	
 
	
 
	
    (31,081
	
    )

	

    Other expenses

	
 
	
 
	
    (228
	
    )
	
 
	
 
	
    (42
	
    )
	
 
	
 
	
    (121
	
    )

	

    Income tax benefit (provision)

	
 
	
 
	
    (515
	
    )
	
 
	
 
	
    5,610
	
 
	
 
	
 
	
    311
	
 

	

    Adjustment in carrying value of related assets and reserves, net
    of tax

	
 
	
 
	
    908
	
 
	
 
	
 
	
    (15,521
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss) from discontinued operations

	
 
	
    $
	
    2,017
	
 
	
 
	
    $
	
    (6,351
	
    )
	
 
	
    $
	
    101
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Select Balance Sheet items of South Africa are as follows:

 

	 	 	 	 	 
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2006
	
 

	 

	

    Accounts receivable

	
 
	
    $
	
    4,984
	
 

	

    Inventories

	
 
	
 
	
    7,273
	
 

	

    Property and equipment, net

	
 
	
 
	
    —
	
 

	

    Goodwill and other intangible assets

	
 
	
 
	
    —
	
 

	

    Other assets

	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    12,257
	
 

	
 
	
 
	
 
	
 
	
 

	

    Accounts payable and other liabilities

	
 
	
    $
	
    4,372
	
 

	
 
	
 
	
 
	
 
	
 

    

    45

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    On December 30, 2006, the Company also committed to a plan
    to sell its Brazilian manufacturing operations. A loss of
    approximately $15,200 (net of $1,200 of tax) was recorded in the
    fourth quarter of 2006 based on the estimated net realizable
    value of the assets related to the operation. This was recorded
    as a component of discontinued operations. During the second
    quarter of 2007, the Company corrected reserves previously
    established to record certain tax and related interest
    obligations which resulted in a loss of $400, net of tax, which
    is included in the net results of discontinued operations for
    the year ended December 31, 2007. The Company closed the
    Brazilian manufacturing operations in the fourth quarter of 2007
    disposing of its cutting table business and auctioning various
    remaining inventory and equipment. Final negotiations associated
    with the sale of the building are continuing. The Company also
    recorded potential tax liabilities asserted by Brazilian
    authorities. The schedule below sets forth certain information
    related to Brazil’s operations included in discontinued
    operations.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Net sales

	
 
	
    $
	
    12,603
	
 
	
 
	
    $
	
    13,918
	
 
	
 
	
    $
	
    12,632
	
 

	

    Operating expenses

	
 
	
 
	
    (15,897
	
    )
	
 
	
 
	
    (17,129
	
    )
	
 
	
 
	
    (15,451
	
    )

	

    Other expenses

	
 
	
 
	
    (302
	
    )
	
 
	
 
	
    (826
	
    )
	
 
	
 
	
    (1,092
	
    )

	

    Income tax benefit

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,231
	
 
	
 
	
 
	
    16
	
 

	

    Adjustment in carrying value of related assets and reserves, net
    of tax

	
 
	
 
	
    1,529
	
 
	
 
	
 
	
    (16,429
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss from discontinued operations

	
 
	
    $
	
    (2,067
	
    )
	
 
	
    $
	
    (19,235
	
    )
	
 
	
    $
	
    (3,895
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Select Balance Sheet items of Brazil are as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Cash

	
 
	
    $
	
    276
	
 
	
 
	
    $
	
    —
	
 

	

    Accounts receivable

	
 
	
 
	
    750
	
 
	
 
	
 
	
    569
	
 

	

    Inventories

	
 
	
 
	
    93
	
 
	
 
	
 
	
    2,252
	
 

	

    Property and equipment, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,109
	
 

	

    Goodwill and other intangible assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Other assets

	
 
	
 
	
    186
	
 
	
 
	
 
	
    306
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    1,305
	
 
	
 
	
    $
	
    4,236
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accounts payable and other liabilities, including various
    asserted tax obligations

	
 
	
    $
	
    6,883
	
 
	
 
	
    $
	
    6,907
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    On April 11, 2006, the Company completed the disposition of
    Tec.Mo Srl (“TecMo”), an indirect wholly-owned
    subsidiary which manufactures generic cutting and welding
    torches and consumables, to Siparex, an investment fund in
    France, and the general manager of TecMo. Net cash proceeds from
    this transaction of approximately $7,540 were used to repay a
    portion of the Company’s outstanding Working Capital
    Facility balance. The Company recorded an impairment loss
    related to TecMo of approximately $663 during the quarter ended
    March 31, 2006.

    

    46

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    The schedule below sets forth certain information related to
    TecMo’s operations included in discontinued operations.

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Net sales

	
 
	
    $
	
    2,774
	
 
	
 
	
    $
	
    10,275
	
 

	

    Operating expenses

	
 
	
 
	
    (2,126
	
    )
	
 
	
 
	
    (8,109
	
    )

	

    Other expenses

	
 
	
 
	
    (7
	
    )
	
 
	
 
	
    (28
	
    )

	

    Income tax provision

	
 
	
 
	
    (268
	
    )
	
 
	
 
	
    (918
	
    )

	

    Adjustment in carrying value of related assets and reserves, net
    of tax

	
 
	
 
	
    (319
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss) from discontinued operations

	
 
	
    $
	
    54
	
 
	
 
	
    $
	
    1,220
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    On December 29, 2005, the Company completed the disposition
    of GenSet S.P.A. (“GenSet”), an indirect wholly-owned
    subsidiary which manufactures technologically advanced
    generators and engine-driven welders, to Mase Generators S.P.A
    (“Mase”). The net cash proceeds from the sale of
    GenSet of $4,797 were used to repay a portion of the
    Company’s outstanding balance of the Working Capital
    Facility during the first quarter of 2006. In addition, the
    buyer assumed approximately $7,571 of debt owed to local Italian
    lenders. Related to the disposition of GenSet, the Company
    recorded a loss on disposal of approximately $10,383, net of tax
    of $6,363 which is recorded as a component of discontinued
    operations in the year ended December 31, 2005. The
    schedule below sets forth certain information related to
    GenSet’s operations included in discontinued operations.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Net sales

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    33,711
	
 

	

    Operating expenses

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (35,692
	
    )

	

    Other expenses

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (426
	
    )

	

    Income tax benefit

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    494
	
 

	

    Adjustment in carrying value of related assets and reserves, net
    of tax

	
 
	
 
	
    (458
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (10,383
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss from discontinued operations

	
 
	
    $
	
    (458
	
    )
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    (12,296
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    On January 2, 2006, the Company completed the disposition
    of Soldaduras Soltec Limitada (“Soltec”) and
    Comercializadora Metalservice Limitada
    (“Metalservice”), both indirect wholly-owned
    subsidiaries which distribute cutting and welding equipment, to
    Soldaduras PCR Soltec Limitada, and Penta Capital de Riesgo S.A.
    At December 31, 2005, Soltec met the criteria of held for
    sale and, as such, the assets and liabilities of Soltec were
    classified as held for sale and the results of operations were
    presented as discontinued operations. As a result, the Company
    recorded an impairment loss of approximately $2,689 during the
    year ended December 31, 2005 as the carrying value exceeded
    the fair value. Net cash proceeds of approximately $6,420, less
    amounts held in escrow of $1,536 were used to repay a portion of
    the Company’s balance of the Working Capital Facility
    during the first quarter of 2006. Of the $6,420 net
    proceeds, approximately $1,536 is being held in escrow by the
    government of Chile until certain customary tax filings are
    made. During the second quarter of 2007, the Company recorded a
    $300 charge, net of tax as a result of reducing the net
    realizable value of remaining tax recoveries to $1,100.

    

    47

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    The schedule below sets forth certain information related to
    Soltec’s operations included in discontinued operations.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Net sales

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    8,341
	
 

	

    Operating expenses

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,667
	
    )

	

    Other expenses

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    425
	
 

	

    Income tax benefit

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    929
	
 

	

    Adjustment in carrying value of related assets and reserves, net
    of tax

	
 
	
 
	
    (205
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,689
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss from discontinued operations

	
 
	
    $
	
    (205
	
    )
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    (661
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    On March 9, 2006, the Company completed a series of
    transactions involving its South African subsidiaries. In a
    simultaneous transaction (effective January 1, 2006), the
    Company purchased the shares of its minority shareholder in
    Unique Welding Alloys Rustenburg (Proprietary) Ltd., d/b/a
    Thermadyne Plant Rental South Africa (“Plant Rental”),
    and sold 100% of the assets in Plant Rental to the former
    minority shareholder. The cash proceeds of approximately $4,031
    from the transaction were used in the first quarter of 2006 by
    the Company to purchase all shares held by the minority
    shareholder of Thermadyne South Africa (Proprietary) Ltd., d/b/a
    Unique Welding Alloys, and all shares held by the minority
    shareholder of Maxweld & Braze (Proprietary) Ltd.

 

    At December 31, 2005 the Plant Rental operation met the
    criteria of held for sale and as such the assets and liabilities
    have been classified as held for sale and the results of
    operations have been presented as discontinued operations. The
    Company recorded an impairment loss of approximately $1,919
    during the year ended December 31, 2005 as the carrying
    value exceeded fair value. The schedule below sets forth certain
    information related to Plant Rental’s operations included
    in discontinued operations.

 

	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2005
	
 

	 

	

    Net sales

	
 
	
    $
	
    9,271
	
 

	

    Operating expenses

	
 
	
 
	
    (6,891
	
    )

	

    Other expenses

	
 
	
 
	
    3
	
 

	

    Income tax provision

	
 
	
 
	
    (646
	
    )

	

    Adjustment in carrying value of related assets and reserves, net
    of tax

	
 
	
 
	
    (1,919
	
    )

	
 
	
 
	
 
	
 
	
 

	

    Net loss from discontinued operations

	
 
	
    $
	
    (182
	
    )

	
 
	
 
	
 
	
 
	
 

    

    48

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

		
	
    4.  
	
    Accounts
    Receivable

 

    As of December 31, 2007 and 2006, accounts receivable are
    recorded at the amounts invoiced to customers less an allowance
    for discounts and doubtful accounts. Management estimates the
    allowance based on a review of the portfolio taking into
    consideration historical collection patterns, the economic
    climate and aging statistics based on contractual due dates.
    Accounts are written off to the allowance once collection
    efforts are exhausted.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Balance at

    
	
 
	
 
	
 
	
 
	
 
	
    Net

    
	
 
	
 
	
 
	
 

	
 
	
 
	
    Beginning

    
	
 
	
 
	
    (Recovery)

    
	
 
	
 
	
    Write-offs &

    
	
 
	
 
	
    Balance at End

    
	
 

	
 
	
 
	
    of Year
	
 
	
 
	
    Provision
	
 
	
 
	
    Adjustments
	
 
	
 
	
    of Year
	
 

	 

	

    Allowance for Discounts and Doubtful Accounts

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Year ended December 31, 2007

	
 
	
    $
	
    2,385
	
 
	
 
	
    $
	
    (341
	
    )
	
 
	
    $
	
    (1,044
	
    )
	
 
	
    $
	
    1,000
	
 

	

    Year ended December 31, 2006

	
 
	
 
	
    2,578
	
 
	
 
	
 
	
    189
	
 
	
 
	
 
	
    (382
	
    )
	
 
	
 
	
    2,385
	
 

	

    Year ended December 31, 2005

	
 
	
 
	
    5,299
	
 
	
 
	
 
	
    442
	
 
	
 
	
 
	
    (3,163
	
    )
	
 
	
 
	
    2,578
	
 

 

    For the year ended December 31, 2005, the Company revised
    its method used to estimate the allowance for doubtful accounts
    to more closely correlate with its historical experience of
    actual bad debt losses. The effect of this revision resulted in
    an $860 reduction in the allowance for doubtful accounts and was
    included as a component of Net Write-offs and Adjustments in the
    above analysis.

 

		
	
    5.  
	
    Inventories

 

    The composition of inventories at December 31 is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Raw materials and component parts

	
 
	
    $
	
    32,675
	
 
	
 
	
    $
	
    32,708
	
 

	

    Work-in-process

	
 
	
 
	
    11,374
	
 
	
 
	
 
	
    11,809
	
 

	

    Finished goods

	
 
	
 
	
    57,337
	
 
	
 
	
 
	
    62,257
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    101,386
	
 
	
 
	
 
	
    106,774
	
 

	

    LIFO reserve

	
 
	
 
	
    (10,425
	
    )
	
 
	
 
	
    (9,633
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    90,961
	
 
	
 
	
    $
	
    97,141
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Amounts reported for December 31, 2006 have been
    reclassified to be consistent with the presentation at
    December 31, 2007. At December 31, 2006, $3,781 has
    been reclassified to Finished goods and $14,576 to Raw materials
    and component parts from
    Work-in-process.
    This reclassification had no impact on the Company’s
    consolidated financial statements for the periods presented
    herein.

 

    The carrying value of inventories valued by the LIFO method was
    $66,339 at December 31, 2007 and $72,668 at
    December 31, 2006.

    

    49

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    6.  Property,
    Plant, and Equipment

 

    The composition of property, plant and equipment at December 31
    is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Land

	
 
	
    $
	
    6,991
	
 
	
 
	
    $
	
    8,172
	
 

	

    Building

	
 
	
 
	
    16,750
	
 
	
 
	
 
	
    16,721
	
 

	

    Machinery and equipment

	
 
	
 
	
    65,246
	
 
	
 
	
 
	
    55,269
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    88,987
	
 
	
 
	
 
	
    80,162
	
 

	

    Accumulated depreciation

	
 
	
 
	
    (44,631
	
    )
	
 
	
 
	
    (36,921
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    44,356
	
 
	
 
	
    $
	
    43,241
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Assets recorded under capitalized leases were $12,519
    ($6,333 net of accumulated depreciation) and $13,076
    ($8,944 net of accumulated depreciation) at
    December 31, 2007 and 2006, respectively.

 

		
	
    7.  
	
    Intangible
    Assets

 

    The composition of intangible assets at December 31 is as
    follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Goodwill

	
 
	
    $
	
    182,163
	
 
	
 
	
    $
	
    189,103
	
 

	

    Patents and customer relationships

	
 
	
 
	
    42,126
	
 
	
 
	
 
	
    41,639
	
 

	

    Trademarks

	
 
	
 
	
    33,403
	
 
	
 
	
 
	
    33,403
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    257,692
	
 
	
 
	
 
	
    264,145
	
 

	

    Accumulated amortization of patents and customer relationships

	
 
	
 
	
    (12,325
	
    )
	
 
	
 
	
    (9,404
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    245,367
	
 
	
 
	
    $
	
    254,741
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The change in the carrying amount of goodwill was as follows:

 

	 	 	 	 	 
	
 
	
 
	
    Carrying Amount

    
	
 

	
 
	
 
	
    of Goodwill
	
 

	 

	

    Balance as of December 31, 2006

	
 
	
    $
	
    189,103
	
 

	

    Adjustment related to discontinued operations

	
 
	
 
	
    (2,217
	
    )

	

    Reduction in balance due to utilization of pre-emergence
    bankruptcy deferred tax assets

	
 
	
 
	
    (5,263
	
    )

	

    Foreign currency translation

	
 
	
 
	
    540
	
 

	
 
	
 
	
 
	
 
	
 

	

    Balance as of December 31, 2007

	
 
	
    $
	
    182,163
	
 

	
 
	
 
	
 
	
 
	
 

 

    As part of the accounting for the Company’s discontinued
    operations at December 31, 2006, $8.1 million of
    goodwill was reclassified to Assets Held for Sale. Accordingly,
    the balance in goodwill for December 31, 2006 was reduced
    from previously disclosed amounts.

 

    The Company conducted its most recent annual goodwill impairment
    test during the fourth quarter of 2007. In doing so, the Company
    used comparable market values, market capitalization and the
    present value of expected future cash flows to estimate fair
    value. This process required significant judgments and estimates
    about future conditions in arriving at the estimates of future
    cash flows. Included in this analysis were actual results for
    the nine months ended September 30, 2007 and expected
    results for the years ended December 31, 2007 and 2008. As
    a result of these procedures and after considering the effects
    of the discontinued operations, management concluded that an
    adjustment to the carrying value of goodwill was not necessary.

    

    50

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    Amortization expense amounted to $2,921, $2,894, $3,146 for the
    years ended December 31, 2007, 2006 and 2005, respectively.
    Amortization expense for patents and customer relationships is
    expected to be approximately $2,900 for each of the next five
    fiscal years.

 

		
	
    8.  
	
    Debt and
    Capital Lease Obligations

 

    The composition of debt and capital lease obligations at
    December 31 is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Working Capital Facility

	
 
	
    $
	
    12,658
	
 
	
 
	
    $
	
    17,606
	
 

	

    Second-Lien Facility

	
 
	
 
	
    36,000
	
 
	
 
	
 
	
    50,000
	
 

	

    Senior Subordinated Notes, due February 1, 2014,
    91/4%
    interest payable semiannually on February 1 and August 1

	
 
	
 
	
    175,000
	
 
	
 
	
 
	
    175,000
	
 

	

    Capital leases

	
 
	
 
	
    10,625
	
 
	
 
	
 
	
    14,761
	
 

	

    Other

	
 
	
 
	
    295
	
 
	
 
	
 
	
    (371
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    234,578
	
 
	
 
	
 
	
    256,996
	
 

	

    Current maturities and working capital facility

	
 
	
 
	
    (21,436
	
    )
	
 
	
 
	
    (18,984
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    213,142
	
 
	
 
	
    $
	
    238,012
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    At December 31, 2007 the schedule of principal payments of
    debt including the term loan as scheduled, excluding capital
    lease obligations and the working capital facility, is as
    follows:

 

	 	 	 	 	 
	

    2008

	
 
	
    $
	
    7,000
	
 

	

    2009

	
 
	
 
	
    —
	
 

	

    2010

	
 
	
 
	
    29,000
	
 

	

    2011

	
 
	
 
	
    —
	
 

	

    2012

	
 
	
 
	
    —
	
 

	

    Thereafter

	
 
	
 
	
    175,295
	
 

 

    For the years ended December 31, 2007 and 2006, the
    Company’s weighted average interest rate on its short-term
    borrowings was 8.31% and 9.25%, respectively. Interest paid for
    each of the years ended December 31, 2007, 2006, and 2005
    was $25,423, $28,507, and $22,159, respectively.

 

    Credit
    Agreement

 

    On June 29, 2007, certain subsidiaries of the Company
    entered into the Third Amended and Restated Credit Agreement
    with General Electric Capital Corporation as agent and lender
    (the “Amended GE Credit Agreement”). The Amended GE
    Credit Agreement: (i) extends the maturity date to
    June 29, 2012; (ii) increases the revolving credit
    commitment to $100,000 (the “Working Capital
    Facility”), which includes (a) a new cash flow
    facility of up to $20,000 with interest at LIBOR plus 2.50%,
    (b) an asset based facility and (c) a new amortizing
    $8,000 property, plant and equipment (PPE) facility;
    (iii) provides for lower interest rate percentages
    applicable to the asset based and PPE borrowings that range from
    LIBOR plus 1.50% to 2.25% depending upon the fixed charge
    coverage ratio; (iv) extends the time period for the 1%
    prepayment fee to November 30, 2008; and
    (v) substitutes a senior leverage ratio of 2.75 for the
    previous total leverage ratio. Borrowings under the Working
    Capital Facility may not exceed 85% of eligible receivables plus
    the lesser of (i) 85% of the net orderly liquidation value
    of eligible inventories or (ii) 65% of the book value of
    eligible inventories less customary reserves, plus machinery at
    appraised value not to exceed $8,000. Borrowings under the cash
    flow facility are dependent on a minimum fixed charge coverage
    and EBITDA amount. At December 31, 2007, $8,171 of letters
    of credit were outstanding. Unused availability was $55,717 as
    of December 31, 2007.

    

    51

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    The Working Capital Facility includes a lockbox agreement which
    requires all receipts to be swept daily to reduce borrowings
    outstanding under the revolving line of credit. These
    agreements, combined with the existence of a subjective Material
    Adverse Effect (“MAE”) clause, cause the Working
    Capital Facility to be classified as a current liability.
    However, the Company does not expect to repay, or be required to
    repay, within one year, the balance of the Working Capital
    Facility classified as a current liability. The Company’s
    intent is to continually use the Working Capital Facility
    throughout the life of the agreement to fund working capital
    needs. The MAE clause, which is a typical requirement in
    commercial credit agreements, allows the lender to require the
    loan to become due if it determines there has been a material
    adverse effect on the Company’s operations, business,
    assets or prospects.

 

    Second-Lien
    Facility

 

    Also on June 29, 2007, certain subsidiaries of the Company
    entered into Amendment No. 19 and Waiver to the Second Lien
    Credit Agreement between the Company and Credit Suisse, as
    administrative agent and collateral agent, and the lenders party
    thereto (the “Second Lien Facility Amendment”) to:
    (i) extend the maturity date to November 7, 2010 and
    (ii) lower the interest rates from LIBOR plus 4.50% to
    LIBOR plus 2.75%. The lender for the Second Lien Facility
    Amendment is an affiliate of the holder of approximately 34% of
    the Company’s outstanding shares of common stock. The
    stockholder employs one of the Company’s directors. The
    terms of the Second Lien Credit Agreement, as amended, were
    negotiated at arms-length, and the Company believes that the
    terms of the Second Lien Facility are as favorable as could be
    obtained from an unaffiliated lender. In connection with this
    Amendment, the Company prepaid $14,000 of the loans reducing the
    Second Lien Facility from $50,000 to $36,000.

 

    Changes
    in Capital Lease Obligations

 

    During 2007, the Company amended its Denton, Texas
    (“Denton”) and West Lebanon, New Hampshire (“West
    Lebanon”) office, manufacturing and warehouse facility
    leases that were held by the same lessor. The amendment included
    revising certain monthly lease payments under the Denton lease,
    extending the existing Denton lease commitment from
    June 30, 2013 to June 30, 2015 and reducing the
    existing West Lebanon lease commitment from June 30, 2013
    to June 30, 2011. In addition, future renewal options were
    also revised to provide lease extensions options to
    June 30, 2025 (from June 30, 2018) for the Denton
    lease and to June 30, 2021 (from June 30,
    2018) for the West Lebanon lease.

 

    During 2007, the Company also amended its Ontario, Canada
    (“Canada”) office and warehouse facility lease. The
    amendment included revising certain monthly lease payments under
    the Canada lease and extending the existing lease commitment
    from August 2008 to August 2015.

 

    As a result of the above amendments, the Company’s net
    investment in capital leases (included in Property, Plant and
    Equipment in the consolidated financial statements) and related
    obligations under these capital leases were reduced by $2,997.
    This non-cash transaction had no impact on the Company’s
    consolidated statement of cash flows.

 

    Covenant
    Compliance

 

    At December 31, 2007, the Company was in compliance with
    its financial covenants. The Company expects to remain in
    compliance with the financial covenants during 2008 by achieving
    its 2008 financial plan, which includes realizing sales of new
    products to be introduced during 2008, the continuing impact of
    2007 price increases for existing products, and successfully
    implementing certain cost reduction initiatives, including its
    global continuous improvement program referred to as TCP and its
    program for foreign sourcing of manufacturing. If the Company is
    unable to maintain compliance with its covenants, this could
    result in a default under the Amended GE Credit Agreement and
    the Second-Lien Facility Amendment which could result in a
    material adverse impact on the Company’s financial
    condition.

    

    52

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    Senior
    Subordinated Notes

 

    The Company is the issuer of $175,000 in aggregate principal of
    91/4% Senior
    Subordinated Notes due in 2014 (the “Senior Subordinated
    Notes”). The Senior Subordinated Notes are unsecured senior
    subordinated obligations and are subordinated in right of
    payment to all existing and future Senior Indebtedness (as
    defined in the Indenture). Interest accrues at the rate of
    91/4%
    per annum and is payable semi-annually in arrears on February 1
    and August 1 of each year. The Senior Subordinated Notes contain
    customary covenants and events of default, including covenants
    that limit the Company’s ability to incur debt, pay
    dividends and make certain investments. In an amendment dated
    May 9, 2006, the Company is now required, subject to
    certain conditions in the Amended GE Credit Agreement and Second
    Lien Facility, to use the amount of “Excess Cash
    Flow,” as defined in the Indenture, to either permanently
    repay senior debt within 105 days after year end or
    purchase the Senior Subordinated Notes through an offer of 101%
    of the principal amount thereof.

 

    In August 2006, the Company obtained consent to amend the
    Indenture governing the Senior Subordinated Notes and to waive
    existing defaults under that Indenture related to the late
    filing of the Company’s 2005
    Form 10-K
    and first quarter 2006
    Form 10-Q
    with the SEC. The Indenture was amended to provide for the
    payment of additional Special Interest on the Senior
    Subordinated Notes, initially at a rate of 1.25% per annum. The
    Special Interest is subject to adjustment increasing to 1.75% if
    the consolidated leverage ratio exceeds 6.0 with incremental
    interest increases to a maximum of 2.75% if the consolidated
    leverage ratio increases to 7.0. The Special Interest declines
    to .75% if the consolidated leverage ratio declines below 4.0
    and declines incrementally to 0% if leverage is less than 3.0.
    The Special Interest Adjustment calculated as of
    December 31, 2007 was 0.75%.

 

    The Notes are redeemable at the Company’s option during the
    12 month periods beginning on February 1, 2009 at
    104.625%, February 1, 2010 at 103.083%, February 1,
    2011 at 101.542%, and after February 1, 2012 at 100% of the
    principal amount thereof.

 

    Parent
    Company Financial Information

 

    Borrowings under the Company’s financing agreements are the
    obligations of Thermadyne Industries, Inc.
    (“Industries”), the Company’s principal operating
    subsidiary and certain of Industries’ subsidiaries. Certain
    borrowing agreements contain restrictions on the ability for the
    subsidiaries to dividend cash and other assets to the parent
    company, Thermadyne Holdings Corporation. At December 31,
    2007 and December 31, 2006, the only asset carried on the
    parent company books of Thermadyne Holdings Corporation was its
    investment in its operating subsidiaries and the only
    liabilities were the $175,000 of Senior Subordinated Notes. As a
    result of the limited assets and liabilities at the parent
    company level, separate financial statements have not been
    presented for Thermadyne Holdings Corporation except as shown in
    Note 20, Condensed Consolidating Financial Statements.

 

		
	
    9.  
	
    Derivative
    Instrument

 

    In February 2004, the Company entered into an interest rate swap
    arrangement to convert a portion of the fixed rate exposure on
    its Senior Subordinated Notes to variable rates. Under the terms
    of the interest rate swap contract, which has a notional amount
    of $50,000, the Company receives interest at a fixed rate of
    91/4%
    and pays interest at a variable rate equal to LIBOR plus a
    spread of 442 basis points. The six-month LIBOR rate on
    each semi-annual reset date determines the variable portion of
    the interest rate swap. The six-month LIBOR rate for each
    semi-annual reset date is determined in arrears.

 

    The Company has designated the interest rate swap as a fair
    value hedge of its fixed rate debt. The terms of the interest
    rate swap contract and hedged item meet the criteria to be
    measured using the short-cut method defined in
    SFAS No. 133 and therefore perfect effectiveness is
    assumed over the term of the swap.

 

    In accordance with SFAS No. 133, the Company records a
    fair value adjustment to the portion of its fixed rate long-term
    debt that is hedged. A fair value adjustment of $296 at
    December 31, 2007 was recorded as an increase to long-term
    obligations, with the related value for the interest rate
    swap’s non-current portion recorded in other long-

    

    53

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    term assets. A fair value adjustment of $1,668 at
    December 31, 2006 was recorded as a decrease to long-term
    obligations, with the related value for the interest rate
    swap’s non-current portion recorded in other long-term
    liabilities. Interest rate differentials associated with the
    interest rate swap are recorded as an adjustment to interest
    expense over the life of the interest rate swap. The Company
    realized an increase in its interest expense as a result of the
    interest rate swap of $115 for the year ended December 31,
    2007 and a increase of $360 for the year ended December 31,
    2006.

 

		
	
    10.  
	
    Financial
    Instruments

 

    Concentrations
    of Credit Risk

 

    Financial instruments that potentially subject the Company to
    significant concentrations of credit risk consist principally of
    cash and trade accounts receivable.

 

    The Company maintains cash and cash equivalents with various
    financial institutions. These financial institutions are located
    in different parts of the world, and the Company’s policy
    is designed to limit exposure to any one institution. The
    Company performs periodic evaluations of the relative credit
    standing of these financial institutions. The Company does not
    require collateral on these financial instruments.

 

    Concentrations of credit risk with respect to trade accounts
    receivable are limited due to the large number of entities
    comprising the Company’s customer base. The Company does
    not require collateral for trade accounts receivable.

 

    Fair
    Value

 

    The following methods and assumptions were used in estimating
    fair value disclosures for financial instruments:

 

    Cash and cash equivalents:  The carrying amount
    reported in the balance sheets for cash and cash equivalents
    approximates fair value.

 

    Accounts receivable and accounts payable:  The
    carrying amounts reported in the balance sheets for accounts
    receivable and accounts payable approximate their fair value.

 

    Debt:  The carrying values of the obligations,
    outstanding under the Working Capital Facility, the Second-Lien
    Facility and other long-term obligations, excluding the Senior
    Subordinated Notes, approximate fair values since these
    obligations are fully secured and have varying interest charges
    based on current market rates. The estimated fair value of the
    Company’s Senior Subordinated Notes of $162,750 and
    $162,750 at December 31, 2007, and 2006, respectively, is
    based on available market information.

    

    54

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

		
	
    11.  
	
    Leases

 

    Future minimum lease payments under leases with initial or
    remaining non-cancelable lease terms in excess of one year at
    December 31, 2007 are as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Capital

    
	
 
	
 
	
    Operating

    
	
 

	
 
	
 
	
    Leases
	
 
	
 
	
    Leases
	
 

	 

	

    2008

	
 
	
    $
	
    3,203
	
 
	
 
	
    $
	
    7,094
	
 

	

    2009

	
 
	
 
	
    3,077
	
 
	
 
	
 
	
    4,761
	
 

	

    2010

	
 
	
 
	
    2,854
	
 
	
 
	
 
	
    3,315
	
 

	

    2011

	
 
	
 
	
    2,293
	
 
	
 
	
 
	
    2,676
	
 

	

    2012

	
 
	
 
	
    1,779
	
 
	
 
	
 
	
    2,023
	
 

	

    Thereafter

	
 
	
 
	
    3,004
	
 
	
 
	
 
	
    5,404
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total minimum lease payments

	
 
	
 
	
    16,210
	
 
	
 
	
    $
	
    25,273
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Amount representing interest

	
 
	
 
	
    (5,585
	
    )
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Present value of net minimum lease payments, including current
    obligations of $1,778

	
 
	
    $
	
    10,625
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Rent expense under operating leases amounted to $8,638, $7,529,
    and $5,243 for each of the years ended December 31, 2007,
    2006, and 2005, respectively.

 

		
	
    12.  
	
    Income
    Taxes

 

    Pretax income (loss) from continuing operations was allocated
    under the following jurisdictions:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Domestic loss

	
 
	
    $
	
    (3,076
	
    )
	
 
	
    $
	
    (5,958
	
    )
	
 
	
    $
	
    (22,976
	
    )

	

    Foreign income

	
 
	
 
	
    19,227
	
 
	
 
	
 
	
    8,031
	
 
	
 
	
 
	
    10,492
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations before income taxes

	
 
	
    $
	
    16,151
	
 
	
 
	
    $
	
    2,073
	
 
	
 
	
    $
	
    (12,484
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The provision benefit for income taxes for continuing operations
    is as follows:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Current:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Federal

	
 
	
    $
	
    160
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 

	

    Foreign

	
 
	
 
	
    6,220
	
 
	
 
	
 
	
    3,436
	
 
	
 
	
 
	
    3,584
	
 

	

    State and local

	
 
	
 
	
    (124
	
    )
	
 
	
 
	
    (1,444
	
    )
	
 
	
 
	
    3,339
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current

	
 
	
 
	
    6,256
	
 
	
 
	
 
	
    1,992
	
 
	
 
	
 
	
    6,923
	
 

	

    Deferred

	
 
	
 
	
    (741
	
    )
	
 
	
 
	
    (2,397
	
    )
	
 
	
 
	
    (3,578
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income tax provision (benefit) — continuing operations

	
 
	
    $
	
    5,515
	
 
	
 
	
    $
	
    (405
	
    )
	
 
	
    $
	
    3,345
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    55

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    The composition of deferred tax assets and liabilities at
    December 31 is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Deferred tax assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Post-employment benefits

	
 
	
    $
	
    2,989
	
 
	
 
	
    $
	
    2,740
	
 

	

    Accrued liabilities

	
 
	
 
	
    4,246
	
 
	
 
	
 
	
    3,768
	
 

	

    Other

	
 
	
 
	
    698
	
 
	
 
	
 
	
    1,420
	
 

	

    Fixed assets

	
 
	
 
	
    1,393
	
 
	
 
	
 
	
    1,179
	
 

	

    Net operating loss carryforwards-foreign and U.S. 

	
 
	
 
	
    45,717
	
 
	
 
	
 
	
    51,404
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total deferred tax assets

	
 
	
 
	
    55,043
	
 
	
 
	
 
	
    60,511
	
 

	

    Valuation allowance for deferred tax assets

	
 
	
 
	
    (31,000
	
    )
	
 
	
 
	
    (37,056
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net deferred tax assets

	
 
	
 
	
    24,043
	
 
	
 
	
 
	
    23,455
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Deferred tax liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Intangibles

	
 
	
 
	
    (17,614
	
    )
	
 
	
 
	
    (18,280
	
    )

	

    Inventories

	
 
	
 
	
    (3,139
	
    )
	
 
	
 
	
    (3,182
	
    )

	

    Investment in subsidiary

	
 
	
 
	
    (47,392
	
    )
	
 
	
 
	
    (47,345
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total deferred tax liabilities

	
 
	
 
	
    (68,145
	
    )
	
 
	
 
	
    (68,807
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net deferred tax assets (liabilities)

	
 
	
    $
	
    (44,102
	
    )
	
 
	
    $
	
    (45,352
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Income taxes paid for each of the years ended December 31,
    2007, 2006 and 2005 were $4,507, $4,720, and $6,812,
    respectively.

 

    The provision for income tax differs from the amount of income
    taxes determined by applying the applicable U.S. statutory
    federal income tax rate to pretax income excluding the gain on
    reorganization and adoption of fresh-start accounting as a
    result of the following differences:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Tax at U.S. statutory rates

	
 
	
    $
	
    5,653
	
 
	
 
	
    $
	
    728
	
 
	
 
	
    $
	
    (4,306
	
    )

	

    Foreign deemed dividends (Section 956)

	
 
	
 
	
    3,998
	
 
	
 
	
 
	
    3,606
	
 
	
 
	
 
	
    3,524
	
 

	

    Nondeductible expenses and other exclusions

	
 
	
 
	
    351
	
 
	
 
	
 
	
    556
	
 
	
 
	
 
	
    570
	
 

	

    Valuation allowance for deferred tax benefits

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,518
	
    )
	
 
	
 
	
    1,821
	
 

	

    Foreign tax rate differences and nonrecognition of foreign tax
    loss benefits

	
 
	
 
	
    (1,608
	
    )
	
 
	
 
	
    765
	
 
	
 
	
 
	
    1,975
	
 

	

    State income taxes

	
 
	
 
	
    (3,646
	
    )
	
 
	
 
	
    (1,610
	
    )
	
 
	
 
	
    3,339
	
 

	

    Change in basis difference in investment of subsidiary

	
 
	
 
	
    767
	
 
	
 
	
 
	
    (1,932
	
    )
	
 
	
 
	
    (3,578
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income tax provision (benefit)

	
 
	
    $
	
    5,515
	
 
	
 
	
    $
	
    (405
	
    )
	
 
	
    $
	
    3,345
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    As of December 31, 2007, the Company has net operating loss
    carryforwards from the years 1998 through 2007 available to
    offset future U.S. taxable income of approximately
    $122,200. The Company has recorded a related deferred tax asset
    with a substantial valuation allowance, given the uncertainties
    regarding utilization of these net operating loss carryforwards.
    The net operating losses in the U.S. will expire between
    the years 2018 and 2026. Assumed tax planning strategies related
    to inventories and intangible assets reduce the valuation
    allowance $14,500 as of December 31, 2007. The Company
    believes it is more likely than not that the results of future
    operations will generate sufficient taxable income to realize
    the Company’s net deferred tax assets.

    

    56

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    In June 2006, the FASB issued FASB Interpretation No. 48,
    “Accounting for Uncertainty in Income Taxes”
    (“FIN 48”). FIN 48 prescribes the income tax
    amounts to be recorded in the financial statements as the amount
    most likely to be realized assuming a review by tax authorities
    having all relevant information and applying current
    conventions. FIN 48 also clarifies the financial statement
    classification of potential tax-related penalties and interest
    and sets forth new disclosures regarding unrecognized tax
    benefits. The Company adopted the Interpretation as of
    January 1, 2007.

 

    The Company’s policy is to include both interest and
    penalties on underpayments of income taxes in its income tax
    provision. This policy was continued after the adoption of
    FIN 48. At January 1, 2007, the total interest accrued
    was $1,005. At December 31, 2007 the total interest accrued
    was $292. No penalties were accrued for either date by the
    Company.

 

    The adoption of FIN 48 did not result in a significant
    adjustment to the opening balance in the Company’s Reserve
    for Uncertain Tax Positions. A reconciliation of the reserve for
    2007 is as follows:

 

	 	 	 	 	 
	

    Balance at January 1, 2007

	
 
	
    $
	
    7,520
	
 

	

    Additions based on tax positions related to the current year

	
 
	
 
	
    290
	
 

	

    Reductions for tax positions of prior years

	
 
	
 
	
    (5,711
	
    )

	
 
	
 
	
 
	
 
	
 

	

    Balance at December 31, 2007

	
 
	
    $
	
    2,099
	
 

	
 
	
 
	
 
	
 
	
 

 

    Of the $5,711 of reductions listed above for 2007, $3,403
    affected the 2007 state income tax provision expense, $508
    affected Discontinued Operations, and $1,800 affected Goodwill.

 

    The Company’s U.S. federal income tax returns for tax
    years 2004 and beyond remain subject to examination by the
    Internal Revenue Service. The Company’s state income tax
    returns for 2003 through 2007 remain subject to examination by
    various state taxing authorities. The Company’s material
    foreign subsidiaries’ local country tax filings remain open
    to examination as follows: Australia
    (2003-2007),
    Canada
    (2002-2007),
    United Kingdom
    (2001-2007)
    and Italy
    (2000-2007).
    No extensions of the various statutes of limitations have
    currently been granted.

 

    The Company’s foreign subsidiaries have undistributed
    earnings at December 31, 2007 of approximately $34,400. The
    Company has recognized the estimated U.S. income tax
    liability associated with approximately $27,900 of these foreign
    earnings because of the applicability of I.R.C. Section 956
    for earnings of foreign entities which guarantee the
    indebtedness of a U.S. parent. Upon distribution of those
    earnings in the form of dividends or otherwise, the Company may
    be subject to withholding taxes payable to the various foreign
    countries in the amount of approximately $2,000.

 

		
	
    13.  
	
    Contingencies

 

    The Company and certain of its wholly-owned subsidiaries are
    defendants in various legal actions, primarily related to
    product liability. At December 31, 2007, the Company was
    co-defendant in 426 cases alleging manganese-induced illness.
    Manganese is an essential element of steel and is contained in
    all welding filler metals. The Company is one of a large number
    of defendants. The claimants allege that exposure to manganese
    contained in welding filler metals cause the plaintiffs to
    develop adverse neurological conditions, including a condition
    known as manganism. As of December 31, 2007, 178 of these
    cases had been filed in, or transferred to, federal court where
    the Judicial Panel on Multidistrict Litigation has consolidated
    these cases for pretrial proceedings in the North District of
    Ohio. Between June 1, 2003 and December 31, 2007, the
    Company was dismissed from 1,041 similar cases. To date the
    Company has made no payments or settlements to plaintiffs for
    these allegations. While there is uncertainty relating to any
    litigation, management is of the opinion that the outcome of
    such litigation will not have a material adverse effect on the
    Company’s financial condition or results of operations.

    

    57

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    The Company is party to certain environmental matters, although
    no claims are currently pending. Any related obligations are not
    expected to have a material effect on the Company’s
    business or financial condition or results of operations.

 

    All other legal proceedings and actions involving the Company
    are of an ordinary and routine nature and are incidental to the
    operations of the Company. Management believes that such
    proceedings should not, individually or in the aggregate, have a
    material adverse effect on the Company’s business or
    financial condition or on the results of operations.

 

		
	
    14.  
	
    Stock
    Options and Stock-Based Compensation.

 

    The Company adopted SFAS No. 123(R), Share-Based
    Payment, on January 1, 2006. SFAS No. 123(R)
    requires all share-based payments to employees, including grants
    of employee stock options, to be recognized in the income
    statement based on their fair values. The Company utilizes the
    modified prospective method in which compensation cost is
    recognized beginning with the effective date, (a) based on
    the requirements of SFAS No. 123(R) for all
    share-based payments granted after the effective date and
    (b) based on the requirements of SFAS No. 123 for
    all awards granted to employees prior to the effective date of
    SFAS No. 123(R) that remain unvested on the effective
    date. As a result of adopting SFAS No. 123(R) in 2006,
    the Company’s recorded pre-tax stock-based compensation
    expense of $1,586 and $1,053 within selling, general and
    administrative expense for the years ended December 31,
    2007 and December 31, 2006, respectively. Prior to 2006,
    the Company applied the intrinsic value method permitted under
    SFAS No. 123, as defined in Accounting Principles
    Board (“APB”) Opinion No. 25, “Accounting
    for Stock Issued to Employees” and related
    interpretations, in accounting for the Company’s stock
    option plans. Accordingly, no compensation cost was recognized
    in years prior to adoption except as previously described in
    Note 2 — Significant Accounting Policies
    regarding the acceleration of non-vested options in the
    fourth quarter of 2005.

 

    SFAS No. 123, as amended by SFAS No. 148,
    requires pro forma disclosure of net income and earnings per
    share when applying the fair value method of valuing stock-based
    compensation. The following table sets forth the pro forma
    disclosure of net income and earnings per share as if
    compensation expense had been recognized for the fair value of
    options granted prior to January 1, 2006. For purposes of
    this pro forma disclosure, the estimated fair value of the
    options granted prior to January 1, 2006 was determined
    using the Black-Scholes option pricing model and is amortized
    ratably over the vesting periods.

 

	 	 	 	 	 
	
 
	
 
	
    2005
	
 

	 

	

    Loss from continuing operations

	
 
	
    $
	
    (15,829
	
    )

	

    Add: Stock-based compensation costs, net of tax, included in
    loss as reported

	
 
	
 
	
    29
	
 

	

    Deduct: Total stock based compensation expense determined under
    fair value-based method for all awards

	
 
	
 
	
    (3,587
	
    )

	
 
	
 
	
 
	
 
	
 

	

    Pro forma loss from continuing operations

	
 
	
    $
	
    (19,387
	
    )

	

    Basic and diluted loss per share from continuing operations as
    reported

	
 
	
    $
	
    (1.19
	
    )

	

    Pro forma

	
 
	
    $
	
    (1.46
	
    )

 

    As of December 31, 2007, total stock-based compensation
    cost related to nonvested awards not yet recognized was
    approximately $3,699 and the weighted average period over which
    this amount is expected to be recognized was approximately
    2.9 years.

 

    No significant modifications to equity awards occurred during
    the fiscal year ending December 31, 2007.

 

    Stock
    Options

 

    The Company has available various equity-based compensation
    programs to provide long-term performance incentives for its
    global workforce. Currently, these incentives consist
    principally of stock options. Additionally, Company awarded
    stock options to its outside directors. These awards are
    administered through several plans, as described within this
    Note. The stock option plans existing at December 31, 2002
    and all options issued thereunder were canceled in May 2003 upon
    emergence from Chapter 11 bankruptcy.

    

    58

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    The 2004 Non-Employee Directors Stock Option Plan (the
    “Directors Plan”) was adopted in May 2004 for the
    Company’s Board of Directors. Up to 200,000 shares of
    the Company’s common stock with a maximum contractual term
    of 10 years may be issued pursuant to awards granted by the
    Compensation Committee under the Directors Plan.

 

    The 2004 Stock Incentive Plan (the “Stock Incentive
    Plan”) was adopted in May 2004 for the Company’s
    employees. Up to 1.478 million shares of the Company’s
    common stock with a maximum contractual term of 10 years
    may be issued pursuant to awards granted by the Compensation
    Committee under the Stock Incentive Plan. The Stock Incentive
    Plan provides for the grant of (a) incentive stock options
    intended to qualify under Section 422 of the Internal
    Revenue Code of 1986, (b) non-statutory stock options,
    (c) stock appreciation rights (“SARs”),
    (d) restricted stock, (e) stock units and
    (f) performance awards. Under the grants awarded pursuant
    to the Company’s 2004 Stock Incentive Plan, unexercised
    options terminate immediately upon the employee’s
    resignation or retirement.

 

    In 2007, the Company awarded 277,600 options under the Stock
    Incentive Plan, of which 1,300 were canceled at
    December 31, 2007. Of the remaining options issued,
    2,000 shares vested immediately, 9,000 will vest ratably
    over three years and the remaining 265,300 options will vest
    within three years of the grant date if certain financial goals
    are met.

 

    In 2006, the Company awarded 475,075 options under the Stock
    Incentive Plan, of which 11,000 were canceled at
    December 31, 2006. Of the remaining options issued, 366,575
    will vest ratably over three years and the remaining 97,500
    options will vest within three years of the grant date if
    certain financial goals are met, but will vest at the end of
    seven years regardless of whether these financial targets are
    achieved.

 

    As of December 31, 2007, 1,527,830 options to purchase
    shares were issued and outstanding under the Directors’
    Plan, the Stock Incentive Plan and other specific agreements.

 

    During the periods presented, stock options were granted to
    eligible employees under the 2004 Stock Incentive Plan with
    exercise prices equal to the fair market value of the
    Company’s stock on the grant date. For the years presented,
    management estimated the fair value of each annual stock option
    award on the date of grant using Black-Scholes stock option
    valuation model. Composite assumptions are presented in the
    following table. Weighted-average values are disclosed for
    certain inputs which incorporate a range of assumptions.
    Expected volatilities are based principally on historical
    volatility of the Company’s stock and correspond to the
    expected term. The Company generally uses historical data to
    estimate option exercise and employee termination within the
    valuation model. The expected term of options granted represents
    the period of time that options granted are expected to be
    outstanding; the weighted-average expected term for all employee
    groups is presented in the following table. The risk-free rate
    for periods within the contractual life of the options is based
    on the U.S. Treasury yield curve in effect at the time of
    grant. Stock option expense is recognized in the consolidated
    condensed statements of operations ratably over the three-year
    vesting period based on the number of options that are expected
    to ultimately vest.

 

    The following table presents the assumptions used in valuing
    options granted during the twelve months ended December 31,
    2007, 2006 and 2005:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Weighted average fair value

	
 
	
    $
	
    6.02
	
 
	
 
	
    $
	
    6.65
	
 
	
 
	
    $
	
    5.18
	
 

	

    Assumptions used:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Expected dividend yield

	
 
	
 
	
    0.00
	
    %
	
 
	
 
	
    0.00
	
    %
	
 
	
 
	
    0.00
	
    %

	

    Expected volatility

	
 
	
 
	
    38.22
	
    %
	
 
	
 
	
    40.80
	
    %
	
 
	
 
	
    41.00
	
    %

	

    Risk-free interest rate

	
 
	
 
	
    4.51
	
    %
	
 
	
 
	
    4.77
	
    %
	
 
	
 
	
    3.92
	
    %

	

    Expected life

	
 
	
 
	
    6 years
	
 
	
 
	
 
	
    6 years
	
 
	
 
	
 
	
    5 years
	
 

    

    59

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    A summary of option activity for the years ended
    December 31, 2007 and 2006, is presented in the following
    table:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Weighted-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Weighted-

    
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
    Weighted

    
	
 
	
 
	
    Average

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Weighted

    
	
 
	
 
	
    Average

    
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
    Average

    
	
 
	
 
	
    Remaining

    
	
 
	
 
	
    Aggregate

    
	
 
	
 
	
 
	
 
	
 
	
    Average

    
	
 
	
 
	
    Remaining

    
	
 
	
 
	
    Aggregate

    
	
 

	
 
	
 
	
 
	
 
	
 
	
    Exercise

    
	
 
	
 
	
    Contractual

    
	
 
	
 
	
    Intrinsic

    
	
 
	
 
	
 
	
 
	
 
	
    Exercise

    
	
 
	
 
	
    Contractual

    
	
 
	
 
	
    Intrinsic

    
	
 

	

    Employee and Director Stock Options

	
 
	
    Shares
	
 
	
 
	
    Price
	
 
	
 
	
    Term
	
 
	
 
	
    Value
	
 
	
 
	
    Shares
	
 
	
 
	
    Price
	
 
	
 
	
    Term
	
 
	
 
	
    Value
	
 

	 

	

    Options outstanding at beginning of year

	
 
	
 
	
    1,313,063
	
 
	
 
	
    $
	
    13.28
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    923,266
	
 
	
 
	
    $
	
    12.84
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Granted

	
 
	
 
	
    277,600
	
 
	
 
	
    $
	
    14.86
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    475,075
	
 
	
 
	
    $
	
    14.10
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Exercised

	
 
	
 
	
    (21,856
	
    )
	
 
	
    $
	
    12.77
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    (4,412
	
    )
	
 
	
    $
	
    12.18
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Forfeited or expired

	
 
	
 
	
    (40,977
	
    )
	
 
	
    $
	
    13.74
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    (80,866
	
    )
	
 
	
    $
	
    13.10
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Options outstanding at end of year

	
 
	
 
	
    1,527,830
	
 
	
 
	
    $
	
    13.56
	
 
	
 
	
 
	
    7.6
	
 
	
 
	
    $
	
    148
	
 
	
 
	
 
	
    1,313,063
	
 
	
 
	
    $
	
    13.28
	
 
	
 
	
 
	
    8.3
	
 
	
 
	
    $
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Options exercisable at end of year

	
 
	
 
	
    739,680
	
 
	
 
	
    $
	
    13.09
	
 
	
 
	
 
	
    6.9
	
 
	
 
	
    $
	
    38
	
 
	
 
	
 
	
    661,488
	
 
	
 
	
    $
	
    12.80
	
 
	
 
	
 
	
    7.7
	
 
	
 
	
    $
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The total intrinsic value of options exercised during the year
    ended December 31, 2007 was approximately $279; that
    attributable to options exercised during the year ended
    December 31, 2006 was $71. The total fair value of stock
    options vested during the year ended December 31, 2007 was
    $795.

 

    Following is a summary of stock options outstanding as of
    December 31, 2007:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Number of

    
	
 
	
 
	
    Remaining Life

    
	
 
	
 
	
    Shares

    
	
 

	
 
	
 
	
    Options
	
 
	
 
	
    (In Years)
	
 
	
 
	
    Exercisable
	
 

	 

	

    Options outstanding:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Exercise price of $9.90

	
 
	
 
	
    5,000
	
 
	
 
	
 
	
    9.0
	
 
	
 
	
 
	
    1,667
	
 

	

    Exercise price of $10.50

	
 
	
 
	
    126,000
	
 
	
 
	
 
	
    8.8
	
 
	
 
	
 
	
    22,000
	
 

	

    Exercise price of $10.95

	
 
	
 
	
    25,000
	
 
	
 
	
 
	
    5.8
	
 
	
 
	
 
	
    25,000
	
 

	

    Exercise price of $11.64

	
 
	
 
	
    5,000
	
 
	
 
	
 
	
    9.3
	
 
	
 
	
 
	
    —
	
 

	

    Exercise price of $12.15

	
 
	
 
	
    50,000
	
 
	
 
	
 
	
    7.3
	
 
	
 
	
 
	
    25,000
	
 

	

    Exercise price of $12.18

	
 
	
 
	
    238,921
	
 
	
 
	
 
	
    7.3
	
 
	
 
	
 
	
    238,921
	
 

	

    Exercise price of $12.59

	
 
	
 
	
    8,000
	
 
	
 
	
 
	
    7.4
	
 
	
 
	
 
	
    8,000
	
 

	

    Exercise price of $13.10

	
 
	
 
	
    300,000
	
 
	
 
	
 
	
    6.5
	
 
	
 
	
 
	
    150,000
	
 

	

    Exercise price of $13.24

	
 
	
 
	
    6,000
	
 
	
 
	
 
	
    9.6
	
 
	
 
	
 
	
    2,000
	
 

	

    Exercise price of $13.30

	
 
	
 
	
    2,084
	
 
	
 
	
 
	
    7.4
	
 
	
 
	
 
	
    2,084
	
 

	

    Exercise price of $13.60

	
 
	
 
	
    37,500
	
 
	
 
	
 
	
    8.5
	
 
	
 
	
 
	
    6,667
	
 

	

    Exercise price of $13.75

	
 
	
 
	
    5,000
	
 
	
 
	
 
	
    7.7
	
 
	
 
	
 
	
    2,500
	
 

	

    Exercise price of $13.79

	
 
	
 
	
    150,000
	
 
	
 
	
 
	
    5.6
	
 
	
 
	
 
	
    150,000
	
 

	

    Exercise price of $13.95

	
 
	
 
	
    5,500
	
 
	
 
	
 
	
    7.5
	
 
	
 
	
 
	
    5,500
	
 

	

    Exercise price of $14.20

	
 
	
 
	
    6,250
	
 
	
 
	
 
	
    7.1
	
 
	
 
	
 
	
    6,250
	
 

	

    Exercise price of $14.36

	
 
	
 
	
    17,500
	
 
	
 
	
 
	
    9.7
	
 
	
 
	
 
	
    —
	
 

	

    Exercise price of $14.45

	
 
	
 
	
    20,000
	
 
	
 
	
 
	
    7.6
	
 
	
 
	
 
	
    10,000
	
 

	

    Exercise price of $15.00

	
 
	
 
	
    247,800
	
 
	
 
	
 
	
    9.3
	
 
	
 
	
 
	
    —
	
 

	

    Exercise price of $15.75

	
 
	
 
	
    272,275
	
 
	
 
	
 
	
    8.3
	
 
	
 
	
 
	
    84,092
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    1,527,830
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    739,680
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Acceleration of Non-Vested Stock Options.  On
    December 22, 2005, the Company’s Board of Directors
    voted to accelerate the vesting of certain stock options
    previously awarded to executive officers and other employees
    under the Company’s 2004 Stock Incentive Plan. Shares
    purchased upon exercise of accelerated options before the
    original vesting date may not be sold or transferred until the
    original vesting date and, if the holder is not an

    

    60

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    employee of the Company or an officer of the Company on the
    original vesting date for any reason other than death or
    disability, may not be sold or otherwise transferred until the
    fifth anniversary of the original vesting date. Options to
    purchase approximately 494,000 shares of common stock were
    accelerated. Exercise prices of the accelerated options range
    from $10.95 to $14.45 per share. As a result, the Company
    recognized $29 of compensation expense during the fourth quarter
    of 2005.

 

		
	
    15.  
	
    Earnings
    (Loss) Per Share

 

    The effects of options and warrants have not been considered in
    the determination of earnings (loss) per share for the year
    ended December 31, 2005 because the result would be
    anti-dilutive. Options and warrants not included in the
    calculation for the year ended December 31, 2005 were as
    follows:

 

	 	 	 	 	 
	
 
	
 
	
    Year

    
	
 

	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2005
	
 

	 

	

    Stock Options

	
 
	
 
	
    923,266
	
 

	

    Class A Warrants

	
 
	
 
	
    —
	
 

	

    Class B Warrants

	
 
	
 
	
    700,000
	
 

	

    Class C Warrants

	
 
	
 
	
    271,429
	
 

 

    The calculation of income (loss) per share follows:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended

    
	
 
	
 
	
    Year Ended

    
	
 
	
 
	
    Year Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Numerator:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) applicable to common shares

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    10,636
	
 
	
 
	
    $
	
    2,478
	
 
	
 
	
    $
	
    (15,829
	
    )

	

    Discontinued operations

	
 
	
 
	
    (1,971
	
    )
	
 
	
 
	
    (25,525
	
    )
	
 
	
 
	
    (15,532
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    8,665
	
 
	
 
	
    $
	
    (23,047
	
    )
	
 
	
    $
	
    (31,361
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Denominator:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Weighted average shares for basic earnings per share

	
 
	
 
	
    13,353,742
	
 
	
 
	
 
	
    13,327,176
	
 
	
 
	
 
	
    13,315,028
	
 

	

    Dilutive effect of stock options

	
 
	
 
	
    77,631
	
 
	
 
	
 
	
    31,709
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Weighted average shares for diluted earnings per share

	
 
	
 
	
    13,431,373
	
 
	
 
	
 
	
    13,358,885
	
 
	
 
	
 
	
    13,315,028
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share amounts:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.80
	
 
	
 
	
    $
	
    0.19
	
 
	
 
	
    $
	
    (1.19
	
    )

	

    Discontinued operations

	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (1.92
	
    )
	
 
	
 
	
    (1.17
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    0.65
	
 
	
 
	
    $
	
    (1.73
	
    )
	
 
	
    $
	
    (2.36
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share amounts:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.18
	
 
	
 
	
    $
	
    (1.19
	
    )

	

    Discontinued operations

	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (1.91
	
    )
	
 
	
 
	
    (1.17
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    0.64
	
 
	
 
	
    $
	
    (1.73
	
    )
	
 
	
    $
	
    (2.36
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    61

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

		
	
    16.  
	
    Employee
    Benefit Plans

 

    401(k) Retirement Plan.  The 401(k) Retirement
    Plan covers the majority of the Company’s domestic
    employees. At its discretion, the Company can make a base
    contribution of 1% of each employee’s compensation and an
    additional contribution equal to as much as 4% of the
    employee’s compensation. At the employee’s discretion,
    an additional 1% to 15% voluntary employee contribution can be
    made. The plan requires the Company to make matching
    contributions of 50% for the first 6% of the voluntary employee
    contribution. Total expense for this plan was approximately
    $1,459, $1,286, and $1,473 for the years ended December 31,
    2007, 2006, and 2005, respectively.

 

    Deferred Compensation Plan.  Each director,
    other than the Company’s Chairman and Chief Executive
    Officer, is entitled to receive a $75 annual fee. Forty percent
    of this annual fee is deposited into the Company’s Non
    Employee Director Deferred Compensation Plan (the “Deferred
    Compensation Plan”). Under the Deferred Compensation Plan,
    deferral amounts are credited to an account and converted into
    an amount of units equal to the amount deferred divided by the
    fair market value of our common stock on the deferral date. A
    director’s account is distributed pursuant to the terms of
    the Deferred Compensation Plan upon his or her termination or a
    change in control; otherwise, the account is distributed as soon
    as administratively feasible after the date specified by the
    director. Directors may elect to receive the units in their
    accounts at the then current stock price in either a lump sum or
    substantially equal installments over a period not to exceed
    five years.

 

    Pension Plans.  The Company’s subsidiaries
    have had various noncontributory defined benefit pension plans
    which covered substantially all U.S. employees. The Company
    froze and combined its three noncontributory defined benefit
    pension plans through amendments to such plans effective
    December 31, 1989, into one plan (the “Retirement
    Plan”). All former participants of these plans became
    eligible to participate in the 401(k) Retirement Plan effective
    January 1, 1990.

 

    The Company’s Australian subsidiary has a Superannuation
    Fund (the “Fund”) established by a Trust Deed.
    Pension benefits are actuarially determined and are funded
    through mandatory participant contributions and the
    Company’s actuarially determined contributions. The Company
    made contributions of $226, $473 and $588 for the years ended
    December 31, 2007, 2006, and 2005, respectively. Prepaid
    benefit cost at December 31, 2007 and 2006 was $4,872 and
    $4,793, respectively. The prepaid benefit cost is not included
    in the table below or in the balance sheet, as the Company has
    no legal right to amounts included in this fund. In addition,
    upon dissolution of the Fund, any excess funds are required to
    be allocated to the participants as determined by the actuary.
    Accordingly, the Company accounts for this fund as a defined
    contribution plan. The actuarial assumptions used to determine
    the Company’s contribution, the funded status, and the
    retirement benefits are consistent with previous years.

 

    Other Postretirement Benefits.  The Company has
    a retirement plan covering certain salaried and non-salaried
    retired employees, which provides postretirement health care
    benefits (medical and dental) and life insurance benefits. The
    postretirement healthcare portion is contributory, with retiree
    contributions adjusted annually as determined based on claim
    costs. The postretirement life insurance portion is
    noncontributory. The Company recognizes the cost of
    postretirement benefits on the accrual basis as employees render
    service to earn the benefit. The Company continues to fund the
    cost of healthcare and life insurance benefits in the year
    incurred.

 

    As of January 1, 2006, the Company implemented changes to
    the postretirement healthcare plan whereby only retired
    participants who had coverage at December 31, 2005 and
    active employees who had attained age 62 and completed
    15 years of service would continue to have coverage after
    2005. As a result of this change, the Company recognized reduced
    annual plan expenses in 2006 and going forward and a one-time
    curtailment gain of $11.9 million.

    

    62

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    The measurement date used to determine pension and other
    postretirement measurements for the plan assets and benefit
    obligations is December 31. The following table provides a
    reconciliation of benefit obligations, plan assets and status of
    the pension and other post-retirement benefit plans as
    recognized in the consolidated balance sheets for the years
    ended December 31, 2007 and 2006:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Pension Benefits
	
 
	
 
	
    Other Postretirement Benefits
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Change in benefit obligation:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Benefit obligation at beginning of year

	
 
	
    $
	
    21,336
	
 
	
 
	
    $
	
    20,948
	
 
	
 
	
    $
	
    9,694
	
 
	
 
	
    $
	
    18,878
	
 

	

    Interest Cost

	
 
	
 
	
    1,247
	
 
	
 
	
 
	
    1,154
	
 
	
 
	
 
	
    557
	
 
	
 
	
 
	
    551
	
 

	

    Participant contributions

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    946
	
 
	
 
	
 
	
    —
	
 

	

    Actuarial (gain) loss

	
 
	
 
	
    (264
	
    )
	
 
	
 
	
    200
	
 
	
 
	
 
	
    (2,891
	
    )
	
 
	
 
	
    2,871
	
 

	

    Curtailment gain

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (11,924
	
    )

	

    Benefits paid

	
 
	
 
	
    (992
	
    )
	
 
	
 
	
    (966
	
    )
	
 
	
 
	
    (749
	
    )
	
 
	
 
	
    (682
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Benefit obligation at end of year

	
 
	
    $
	
    21,327
	
 
	
 
	
    $
	
    21,336
	
 
	
 
	
    $
	
    7,557
	
 
	
 
	
    $
	
    9,694
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Change in plan assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Fair value of plan assets at beginning of year

	
 
	
    $
	
    18,162
	
 
	
 
	
    $
	
    15,967
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 

	

    Actual return on plan assets

	
 
	
 
	
    302
	
 
	
 
	
 
	
    2,016
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Employer contributions

	
 
	
 
	
    776
	
 
	
 
	
 
	
    1,301
	
 
	
 
	
 
	
    (197
	
    )
	
 
	
 
	
    682
	
 

	

    Participant contributions

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    946
	
 
	
 
	
 
	
    —
	
 

	

    Benefits paid

	
 
	
 
	
    (992
	
    )
	
 
	
 
	
    (966
	
    )
	
 
	
 
	
    (749
	
    )
	
 
	
 
	
    (682
	
    )

	

    Administrative expenses

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (156
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Fair value of plan assets at end of year

	
 
	
    $
	
    18,248
	
 
	
 
	
    $
	
    18,162
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Funded status of the plan (underfunded)

	
 
	
    $
	
    (3,079
	
    )
	
 
	
    $
	
    (3,174
	
    )
	
 
	
    $
	
    (7,557
	
    )
	
 
	
    $
	
    (9,694
	
    )

	

    Amounts recognized in the balance sheet:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Current liabilities

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    (675
	
    )
	
 
	
    $
	
    (810
	
    )

	

    Noncurrent liabilities

	
 
	
 
	
    (3,079
	
    )
	
 
	
 
	
    (3,175
	
    )
	
 
	
 
	
    (6,882
	
    )
	
 
	
 
	
    (8,884
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net amount recognized

	
 
	
    $
	
    (3,079
	
    )
	
 
	
    $
	
    (3,175
	
    )
	
 
	
    $
	
    (7,557
	
    )
	
 
	
    $
	
    (9,694
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Amounts recognized in accumulated other comprehensive income
    consist of:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net (gain) loss

	
 
	
    $
	
    1,152
	
 
	
 
	
    $
	
    275
	
 
	
 
	
    $
	
    (3,336
	
    )
	
 
	
    $
	
    (444
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accumulated other comprehensive income

	
 
	
    $
	
    1,152
	
 
	
 
	
    $
	
    275
	
 
	
 
	
    $
	
    (3,336
	
    )
	
 
	
    $
	
    (444
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accumulated Benefit Obligation

	
 
	
    $
	
    21,327
	
 
	
 
	
    $
	
    21,336
	
 
	
 
	
 
	
    N/A
	
 
	
 
	
 
	
    N/A
	
 

	

    Weighted-average assumptions as of December 31:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Discount
    rate-net
    periodic benefit cost

	
 
	
 
	
    6.00
	
    %
	
 
	
 
	
    5.65
	
    %
	
 
	
 
	
    6.00
	
    %
	
 
	
 
	
    5.65
	
    %

	

    Discount rate-benefit obligations

	
 
	
 
	
    6.00
	
    %
	
 
	
 
	
    6.00
	
    %
	
 
	
 
	
    6.00
	
    %
	
 
	
 
	
    6.00
	
    %

	

    Expected return on plan assets

	
 
	
 
	
    8.00
	
    %
	
 
	
 
	
    8.00
	
    %
	
 
	
 
	
    N/A
	
 
	
 
	
 
	
    N/A
	
 

	

    Rate of compensation increase

	
 
	
 
	
    N/A
	
 
	
 
	
 
	
    N/A
	
 
	
 
	
 
	
    N/A
	
 
	
 
	
 
	
    N/A
	
 

 

    The net employer contributions to the postretirement healthcare
    plan for 2007 in the above table are understated by
    approximately $530 and net participant contributions for 2007
    are overstated by that same amount due to an overstatement of
    net employer contributions in 2006. As a result of the 2006
    overstatement, the related 2006 accrued benefit cost was
    understated by approximately $530 and 2007 expense is overstated
    by approximately $530. The accrued benefit cost for fiscal 2007
    was calculated based upon the correct amount of net employer and
    participant contributions.

    

    63

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    The defined benefit pension plan’s weighted average asset
    allocations by asset category at December 31, 2007 and
    2006, are as follows:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Target

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Equity securities

	
 
	
 
	
    60
	
    %
	
 
	
 
	
    60
	
    %
	
 
	
 
	
    61
	
    %

	

    Debt securities

	
 
	
 
	
    30
	
    %
	
 
	
 
	
    31
	
    %
	
 
	
 
	
    27
	
    %

	

    Real Estate

	
 
	
 
	
    10
	
    %
	
 
	
 
	
    9
	
    %
	
 
	
 
	
    12
	
    %

	

    Other

	
 
	
 
	
    0
	
    %
	
 
	
 
	
    0
	
    %
	
 
	
 
	
    0
	
    %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total

	
 
	
 
	
    100
	
    %
	
 
	
 
	
    100
	
    %
	
 
	
 
	
    100
	
    %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The assets of the defined benefit pension plan are invested in a
    manner consistent with the fiduciary standards of the Employee
    Retirement Income Security Act of 1974 (ERISA); namely,
    (a) the safeguards and diversity to which a prudent
    investor would adhere must be present and (b) all
    transactions undertaken on behalf of the Fund must be for the
    sole benefit of plan participants and their beneficiaries. The
    following is a summary of the investment guidelines and
    strategies:

 

    The expected long-term rate of return on plan assets is 8%. In
    setting this rate, the Company considered the historical returns
    of the plan’s fund, anticipated future market conditions
    including inflation and the target asset allocation of the
    plan’s portfolio.

 

    The Company expects to contribute approximately $1,100 in
    required payments to the Retirement Plan for the year ending
    December 31, 2008. It is not expected that any
    discretionary contributions or non-cash contributions will be
    made.

 

    Net periodic costs include the following components:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Pension Benefits
	
 
	
 
	
    Other Postretirement Benefits
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Components of the net periodic benefit cost:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest cost

	
 
	
    $
	
    1,247
	
 
	
 
	
    $
	
    1,154
	
 
	
 
	
    $
	
    557
	
 
	
 
	
    $
	
    551
	
 

	

    Expected return on plan assets

	
 
	
 
	
    (1,443
	
    )
	
 
	
 
	
    (1,290
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Curtailment gain

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (11,923
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Benefit cost (credit)

	
 
	
    $
	
    (196
	
    )
	
 
	
    $
	
    (136
	
    )
	
 
	
    $
	
    557
	
 
	
 
	
    $
	
    (11,372
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Amounts recognized in the statement of financial position prior
    to the application of FAS 158 consist of:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accrued benefit cost

	
 
	
    $
	
    (3,079
	
    )
	
 
	
    $
	
    (3,175
	
    )
	
 
	
    $
	
    (10,893
	
    )
	
 
	
    $
	
    (10,139
	
    )

	

    Accumulated other comprehensive income

	
 
	
 
	
    1,152
	
 
	
 
	
 
	
    275
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net amount recognized

	
 
	
    $
	
    (1,927
	
    )
	
 
	
    $
	
    (2,900
	
    )
	
 
	
    $
	
    (10,893
	
    )
	
 
	
    $
	
    (10,139
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Incremental effect of applying FAS 158 on the statement of
    financial position:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Noncurrent assets

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    3,336
	
 
	
 
	
    $
	
    444
	
 

	

    Accumulated other comprehensive income

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (3,336
	
    )
	
 
	
 
	
    (444
	
    )

 

    The assumed medical cost trend rate used in estimating the
    accumulated postretirement benefit obligation as of
    December 31, 2007 and 2006 was 9%, and 10%, respectively,
    declining gradually to 5% in 2012. The assumed dental cost trend
    rate used in measuring the accumulated postretirement benefit
    obligation was 6% for all periods.

 

    The assumed medical cost trend rate used in measuring the
    postretirement net benefit expense for the years ended
    December 31, 2007 and 2006 was 10% and 11%, respectively,
    declining gradually to 5% in 2012. The assumed dental cost trend
    rate used in measuring the net benefit cost was 6% for all
    periods.

    

    64

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    A one-percentage-point change in the assumed healthcare cost
    trend rate would have the following effects:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    One-Percentage

    
	
 
	
 
	
    One-Percentage

    
	
 

	
 
	
 
	
    Point Increase
	
 
	
 
	
    Point Decrease
	
 

	 

	

    Effect on total of service and interest cost components for the
    year ended December 31, 2007

	
 
	
    $
	
    37
	
 
	
 
	
    $
	
    (32
	
    )

	

    Effect on postretirement benefit obligation as of
    December 31, 2007

	
 
	
    $
	
    609
	
 
	
 
	
    $
	
    (532
	
    )

 

    The following table presents the benefits expected to be paid in
    the next ten fiscal years:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
    Other

    
	
 

	
 
	
 
	
    Pension

    
	
 
	
 
	
    Postretirement

    
	
 

	

    Year

	
 
	
    Benefits
	
 
	
 
	
    Benefits
	
 

	 

	

    2008

	
 
	
    $
	
    1,169
	
 
	
 
	
    $
	
    675
	
 

	

    2009

	
 
	
    $
	
    1,211
	
 
	
 
	
    $
	
    683
	
 

	

    2010

	
 
	
    $
	
    1,242
	
 
	
 
	
    $
	
    668
	
 

	

    2011

	
 
	
    $
	
    1,297
	
 
	
 
	
    $
	
    596
	
 

	

    2012

	
 
	
    $
	
    1,349
	
 
	
 
	
    $
	
    600
	
 

	

    Next 5 years

	
 
	
    $
	
    7,664
	
 
	
 
	
    $
	
    2,932
	
 

 

    Stock Purchase Plan.  The Company adopted an
    employee stock purchase plan effective during the third quarter
    of 2005 that allows any eligible employee to purchase from the
    Company shares of the Company’s common stock at the end of
    each quarter at 95% of the market price at the end of the
    quarter. For the year ended December 31, 2007 and 2006,
    10.8 and 12.9 thousand shares, respectively, were purchased
    under this plan.

 

		
	
    17.  
	
    Segment
    Information

 

    Although the Company’s continuing operations are comprised
    of several product lines and operating locations, similarity of
    products, paths to market, end-users and production processes
    result in performance evaluation and decisions regarding
    allocation of resources being made on a combined basis, and
    accordingly, management has concluded the Company operates in
    one reportable segment. Reportable geographic regions are the
    Americas, Europe and Australia/Asia.

 

    Summarized financial information concerning the Company’s
    geographic segments for its continuing operations is shown in
    the following table:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended

    
	
 
	
 
	
    Year Ended

    
	
 
	
 
	
    Year Ended

    
	
 

	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Net Sales:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Americas

	
 
	
    $
	
    364,638
	
 
	
 
	
    $
	
    338,909
	
 
	
 
	
    $
	
    310,161
	
 

	

    Europe/Middle East

	
 
	
 
	
    34,615
	
 
	
 
	
 
	
    28,240
	
 
	
 
	
 
	
    24,436
	
 

	

    Asia-Pacific

	
 
	
 
	
    94,721
	
 
	
 
	
 
	
    78,578
	
 
	
 
	
 
	
    74,996
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    493,975
	
 
	
 
	
    $
	
    445,727
	
 
	
 
	
    $
	
    409,593
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Identifiable Assets (excluding working capital and intangibles):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Americas

	
 
	
    $
	
    39,955
	
 
	
 
	
    $
	
    38,849
	
 

	

    Europe/Middle East

	
 
	
 
	
    1,860
	
 
	
 
	
 
	
    2,089
	
 

	

    Asia-Pacific

	
 
	
 
	
    8,831
	
 
	
 
	
 
	
    8,936
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    50,646
	
 
	
 
	
    $
	
    49,874
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    65

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

		
	
    18.  
	
    Quarterly
    Results of Operations (Unaudited)

 

    The following is a summary of the quarterly results of
    operations for the years ended December 31, 2007 and 2006.
    All amounts presented below have been adjusted for the
    Company’s discontinued operations as described in
    Note 3 — Discontinued Operations.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    March 31
	
 
	
 
	
    June 30
	
 
	
 
	
    September 30
	
 
	
 
	
    December 31
	
 

	 

	

    2007

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing Operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net sales

	
 
	
    $
	
    116,107
	
 
	
 
	
    $
	
    127,181
	
 
	
 
	
    $
	
    125,686
	
 
	
 
	
    $
	
    125,001
	
 

	

    Gross profit

	
 
	
 
	
    37,800
	
 
	
 
	
 
	
    37,736
	
 
	
 
	
 
	
    37,948
	
 
	
 
	
 
	
    40,869
	
 

	

    Operating income

	
 
	
 
	
    10,983
	
 
	
 
	
 
	
    10,458
	
 
	
 
	
 
	
    10,225
	
 
	
 
	
 
	
    12,646
	
 

	

    Income (loss) applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
 
	
    1,263
	
 
	
 
	
 
	
    1,472
	
 
	
 
	
 
	
    1,531
	
 
	
 
	
 
	
    6,370
	
 

	

    Discontinued operations

	
 
	
 
	
    141
	
 
	
 
	
 
	
    176
	
 
	
 
	
 
	
    (485
	
    )
	
 
	
 
	
    (1,803
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    1,404
	
 
	
 
	
    $
	
    1,648
	
 
	
 
	
    $
	
    1,046
	
 
	
 
	
    $
	
    4,567
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share applicable to common
    shares:(1) 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.10
	
 
	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.48
	
 

	

    Discontinued operations

	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.04
	
    )
	
 
	
 
	
    (0.13
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.12
	
 
	
 
	
    $
	
    0.07
	
 
	
 
	
    $
	
    0.35
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share applicable to common
    shares:(1) 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.10
	
 
	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.47
	
 

	

    Discontinued operations

	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.04
	
    )
	
 
	
 
	
    (0.13
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.12
	
 
	
 
	
    $
	
    0.07
	
 
	
 
	
    $
	
    0.34
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    March 31
	
 
	
 
	
    June 30
	
 
	
 
	
    September 30
	
 
	
 
	
    December 31
	
 

	 

	

    2006

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing Operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net sales

	
 
	
    $
	
    110,225
	
 
	
 
	
    $
	
    112,978
	
 
	
 
	
    $
	
    112,422
	
 
	
 
	
    $
	
    110,102
	
 

	

    Gross profit

	
 
	
 
	
    31,523
	
 
	
 
	
 
	
    31,861
	
 
	
 
	
 
	
    33,698
	
 
	
 
	
 
	
    33,593
	
 

	

    Operating income

	
 
	
 
	
    6,262
	
 
	
 
	
 
	
    1,452
	
 
	
 
	
 
	
    3,794
	
 
	
 
	
 
	
    18,465
	
 

	

    Income (loss) applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
 
	
    (1,093
	
    )
	
 
	
 
	
    (6,494
	
    )
	
 
	
 
	
    (5,207
	
    )
	
 
	
 
	
    15,272
	
 

	

    Discontinued operations

	
 
	
 
	
    (285
	
    )
	
 
	
 
	
    1,203
	
 
	
 
	
 
	
    (533
	
    )
	
 
	
 
	
    (25,910
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
    $
	
    (1,378
	
    )
	
 
	
    $
	
    (5,291
	
    )
	
 
	
    $
	
    (5,740
	
    )
	
 
	
    $
	
    (10,638
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share applicable to common
    shares:(1) 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    (0.08
	
    )
	
 
	
    $
	
    (0.49
	
    )
	
 
	
    $
	
    (0.39
	
    )
	
 
	
    $
	
    1.15
	
 

	

    Discontinued operations

	
 
	
 
	
    (0.02
	
    )
	
 
	
 
	
    0.09
	
 
	
 
	
 
	
    (0.04
	
    )
	
 
	
 
	
    (1.95
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
    $
	
    (0.10
	
    )
	
 
	
    $
	
    (0.40
	
    )
	
 
	
    $
	
    (0.43
	
    )
	
 
	
    $
	
    (0.80
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share applicable to common
    shares:(1) 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    (0.08
	
    )
	
 
	
    $
	
    (0.49
	
    )
	
 
	
    $
	
    (0.39
	
    )
	
 
	
    $
	
    1.15
	
 

	

    Discontinued operations

	
 
	
 
	
    (0.02
	
    )
	
 
	
 
	
    0.09
	
 
	
 
	
 
	
    (0.04
	
    )
	
 
	
 
	
    (1.95
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
    $
	
    (0.10
	
    )
	
 
	
    $
	
    (0.40
	
    )
	
 
	
    $
	
    (0.43
	
    )
	
 
	
    $
	
    (0.80
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    66

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

 

			
	
    (1) 		
    Earnings per share are computed independently for each of the
    quarters presented. Therefore, the sum of the quarterly net
    earnings per share will not necessarily equal the total for the
    year.

 

		
	
    19.  
	
    Minority
    Interests

 

    For the years ended December 31, 2007 and 2006, the Company
    has recorded minority interest income of $82 and expense of $44,
    respectively. Total minority interest obligations as of
    December 31, 2007, of approximately $287 have been recorded
    as a component of other long-term liabilities and approximately
    $1,027 was recorded as goodwill for the portion of minority
    interest that existed prior to the Company’s emergence from
    bankruptcy. Management determined that, while these adjustments
    primarily related to historical periods, the adjustments were
    immaterial to previously reported interim and annual financial
    information.

 

    Minority shareholders held 10% of certain of the Company’s
    South African and Italian subsidiaries at the beginning of 2006.
    During the second quarter of 2006, the Company purchased the 10%
    minority interests in its two South African subsidiaries for
    approximately $3,954. Goodwill of $1,899 was recorded in
    connection with applying purchase accounting to this transaction.

 

    The shareholder agreement with the Italian subsidiary includes
    provisions that allow the minority shareholders to put their
    ownership in the entities back to the Company or, conversely,
    provide the Company a call option to purchase the outstanding
    minority interests. The put and call option for the minority
    interest in the Italian subsidiary expires on December 31,
    2010. The purchase price of the options is determined based on
    current fair value using a specific formula outlined in the
    respective shareholder agreements. As of December 31, 2007,
    the maximum payment to satisfy the put options is $800 based on
    the formula in the respective agreements.

 

		
	
    20.  
	
    Condensed
    Consolidating Financial Statements

 

    On February 5, 2004, the Company completed a private
    placement of $175,000 in aggregate principal of
    91/4% Senior
    Subordinated Notes due 2014. The Company’s domestic, wholly
    owned subsidiaries (“Guarantor Subsidiaries”) fully
    and unconditionally guarantee the Senior Subordinated Notes and
    are jointly and severally liable for all payments under the
    Senior Subordinated Notes. Each of the Guarantor Subsidiaries is
    wholly owned by the Company.

 

    In connection with the Amended Credit Agreement, the
    Company’s foreign subsidiaries in Australia, the United
    Kingdom and Canada also guaranteed the Company’s $175,000
    91/4% Senior
    Subordinated Notes.

 

    The following financial information presents the guarantors and
    non-guarantors of the
    91/4% Senior
    Subordinated Notes, in accordance with
    Rule 3-10
    of
    Regulation S-X.
    The condensed consolidating financial information includes the
    accounts of the Company, which has no independent assets or
    operations, the combined accounts of the Guarantor Subsidiaries
    and the combined accounts of the non-guarantor subsidiaries for
    the periods indicated. Separate financial statements of each of
    the Guarantor Subsidiaries are not presented because management
    has determined such information is not material in assessing the
    financial condition, cash flows or results of operations of the
    Company and its subsidiaries. This information was prepared on
    the same basis as the consolidated financial statements.

    

    67

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONDENSED
    CONSOLIDATING BALANCE SHEET

    

    DECEMBER
    31, 2007

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    ASSETS

	

    Current Assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    14,636
	
 
	
 
	
    $
	
    1,523
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    16,159
	
 

	

    Accounts receivable, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    75,163
	
 
	
 
	
 
	
    8,689
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    83,852
	
 

	

    Inventories

	
 
	
 
	
    (115
	
    )
	
 
	
 
	
    80,449
	
 
	
 
	
 
	
    10,627
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    90,961
	
 

	

    Prepaid expenses and other

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,271
	
 
	
 
	
 
	
    876
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,147
	
 

	

    Assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,023
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,023
	
 

	

    Current deferred tax assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,721
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,721
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current assets

	
 
	
 
	
    (115
	
    )
	
 
	
 
	
    178,240
	
 
	
 
	
 
	
    23,738
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    201,863
	
 

	

    Property, plant and equipment, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    36,464
	
 
	
 
	
 
	
    7,892
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    44,356
	
 

	

    Goodwill

	
 
	
 
	
    —
	
 
	
 
	
 
	
    182,163
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    182,163
	
 

	

    Intangibles, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    58,195
	
 
	
 
	
 
	
    5,009
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    63,204
	
 

	

    Other assets

	
 
	
 
	
    4,170
	
 
	
 
	
 
	
    1,671
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,841
	
 

	

    Investment in and advances to subsidiaries

	
 
	
 
	
    181,271
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (181,271
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total assets

	
 
	
    $
	
    185,326
	
 
	
 
	
    $
	
    456,733
	
 
	
 
	
    $
	
    36,639
	
 
	
 
	
    $
	
    (181,271
	
    )
	
 
	
    $
	
    497,427
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 

	
    LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

	

    Current Liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital and second-lien facility

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    12,658
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    12,658
	
 

	

    Current maturities of long-term obligations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,578
	
 
	
 
	
 
	
    200
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,778
	
 

	

    Accounts payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    27,636
	
 
	
 
	
 
	
    3,941
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    31,577
	
 

	

    Accrued and other liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    26,736
	
 
	
 
	
 
	
    2,090
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    28,826
	
 

	

    Accrued interest

	
 
	
 
	
    7,741
	
 
	
 
	
 
	
    291
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,032
	
 

	

    Income taxes payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    4,178
	
 
	
 
	
 
	
    486
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    4,664
	
 

	

    Deferred tax liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,667
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,667
	
 

	

    Liabilities applicable to assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    7,417
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    7,417
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current liabilities

	
 
	
 
	
    7,741
	
 
	
 
	
 
	
    82,744
	
 
	
 
	
 
	
    14,134
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    104,619
	
 

	

    Long-term obligations, less current maturities

	
 
	
 
	
    175,000
	
 
	
 
	
 
	
    37,650
	
 
	
 
	
 
	
    492
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    213,142
	
 

	

    Deferred tax liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    44,306
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    44,306
	
 

	

    Other long-term liabilities

	
 
	
 
	
    296
	
 
	
 
	
 
	
    12,136
	
 
	
 
	
 
	
    557
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    12,989
	
 

	

    Minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    287
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    287
	
 

	

    Shareholders’ equity (deficit):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Common stock

	
 
	
 
	
    134
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    134
	
 

	

    Additional
    paid-in-capital

	
 
	
 
	
    186,830
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    186,830
	
 

	

    Retained earnings (accumulated deficit)

	
 
	
 
	
    (79,953
	
    )
	
 
	
 
	
    11,306
	
 
	
 
	
 
	
    (71,860
	
    )
	
 
	
 
	
    60,554
	
 
	
 
	
 
	
    (79,953
	
    )

	

    Accumulated other comprehensive income (loss)

	
 
	
 
	
    15,073
	
 
	
 
	
 
	
    (12,296
	
    )
	
 
	
 
	
    20,937
	
 
	
 
	
 
	
    (8,641
	
    )
	
 
	
 
	
    15,073
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total shareholders’ equity (deficit)

	
 
	
 
	
    122,084
	
 
	
 
	
 
	
    (990
	
    )
	
 
	
 
	
    (50,923
	
    )
	
 
	
 
	
    51,913
	
 
	
 
	
 
	
    122,084
	
 

	

    Net equity (deficit) and advances to / from subsidiaries

	
 
	
 
	
    (119,795
	
    )
	
 
	
 
	
    280,887
	
 
	
 
	
 
	
    72,092
	
 
	
 
	
 
	
    (233,184
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total liabilities and shareholders’ equity (deficit)

	
 
	
    $
	
    185,326
	
 
	
 
	
    $
	
    456,733
	
 
	
 
	
    $
	
    36,639
	
 
	
 
	
    $
	
    (181,271
	
    )
	
 
	
    $
	
    497,427
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    68

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONDENSED
    CONSOLIDATING BALANCE SHEET

    

    DECEMBER
    31, 2006

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    ASSETS

	

    Current Assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    9,206
	
 
	
 
	
    $
	
    2,104
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    11,310
	
 

	

    Accounts receivable, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    73,047
	
 
	
 
	
 
	
    5,949
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    78,996
	
 

	

    Inventories

	
 
	
 
	
    —
	
 
	
 
	
 
	
    85,837
	
 
	
 
	
 
	
    11,304
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    97,141
	
 

	

    Prepaid expenses and other

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,876
	
 
	
 
	
 
	
    531
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,407
	
 

	

    Assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    18,552
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    18,552
	
 

	

    Current deferred tax assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,798
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,798
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    175,764
	
 
	
 
	
 
	
    38,440
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    214,204
	
 

	

    Property, plant and equipment, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    35,467
	
 
	
 
	
 
	
    7,774
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    43,241
	
 

	

    Goodwill

	
 
	
 
	
    —
	
 
	
 
	
 
	
    189,103
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    189,103
	
 

	

    Intangibles, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    60,295
	
 
	
 
	
 
	
    5,343
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    65,638
	
 

	

    Other assets

	
 
	
 
	
    4,284
	
 
	
 
	
 
	
    2,203
	
 
	
 
	
 
	
    274
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,761
	
 

	

    Investment in and advances to subsidiaries

	
 
	
 
	
    151,948
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (151,948
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total assets

	
 
	
    $
	
    156,232
	
 
	
 
	
    $
	
    462,832
	
 
	
 
	
    $
	
    51,831
	
 
	
 
	
    $
	
    (151,948
	
    )
	
 
	
    $
	
    518,947
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 

	
    LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

	

    Current Liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital and second-lien facility

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    17,606
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    17,606
	
 

	

    Current maturities of long-term obligations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,009
	
 
	
 
	
 
	
    369
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,378
	
 

	

    Accounts payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    27,409
	
 
	
 
	
 
	
    4,523
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    31,932
	
 

	

    Accrued and other liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    31,699
	
 
	
 
	
 
	
    2,123
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    33,822
	
 

	

    Accrued interest

	
 
	
 
	
    7,791
	
 
	
 
	
 
	
    338
	
 
	
 
	
 
	
    123
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,252
	
 

	

    Income taxes payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    369
	
 
	
 
	
 
	
    879
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,248
	
 

	

    Deferred tax liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,796
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,796
	
 

	

    Liabilities applicable to assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    12,342
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    12,342
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current liabilities

	
 
	
 
	
    7,791
	
 
	
 
	
 
	
    81,226
	
 
	
 
	
 
	
    20,359
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    109,376
	
 

	

    Long-term obligations, less current maturities

	
 
	
 
	
    175,000
	
 
	
 
	
 
	
    61,611
	
 
	
 
	
 
	
    1,401
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    238,012
	
 

	

    Deferred tax liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    44,482
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    44,482
	
 

	

    Other long-term liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    22,526
	
 
	
 
	
 
	
    740
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    23,266
	
 

	

    Minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    307
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    307
	
 

	

    Shareholders’ equity (deficit):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Common stock

	
 
	
 
	
    133
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    133
	
 

	

    Additional
    paid-in-capital

	
 
	
 
	
    184,804
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    184,804
	
 

	

    Retained earnings (accumulated deficit)

	
 
	
 
	
    (88,618
	
    )
	
 
	
 
	
    (28,278
	
    )
	
 
	
 
	
    (44,481
	
    )
	
 
	
 
	
    72,759
	
 
	
 
	
 
	
    (88,618
	
    )

	

    Accumulated other comprehensive income (loss)

	
 
	
 
	
    7,185
	
 
	
 
	
 
	
    93,188
	
 
	
 
	
 
	
    21,254
	
 
	
 
	
 
	
    (114,442
	
    )
	
 
	
 
	
    7,185
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total shareholders’ equity (deficit)

	
 
	
 
	
    103,504
	
 
	
 
	
 
	
    64,910
	
 
	
 
	
 
	
    (23,227
	
    )
	
 
	
 
	
    (41,683
	
    )
	
 
	
 
	
    103,504
	
 

	

    Net equity (deficit) and advances to / from subsidiaries

	
 
	
 
	
    (130,063
	
    )
	
 
	
 
	
    188,077
	
 
	
 
	
 
	
    52,251
	
 
	
 
	
 
	
    (110,265
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total liabilities and shareholders’ equity (deficit)

	
 
	
    $
	
    156,232
	
 
	
 
	
    $
	
    462,832
	
 
	
 
	
    $
	
    51,831
	
 
	
 
	
    $
	
    (151,948
	
    )
	
 
	
    $
	
    518,947
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    69

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONDENSED
    CONSOLIDATING STATEMENT OF OPERATIONS

    

    YEAR
    ENDED DECEMBER 31, 2007

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Net sales

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    557,801
	
 
	
 
	
    $
	
    29,338
	
 
	
 
	
    $
	
    (93,164
	
    )
	
 
	
    $
	
    493,975
	
 

	

    Cost of goods sold

	
 
	
 
	
    —
	
 
	
 
	
 
	
    411,673
	
 
	
 
	
 
	
    21,225
	
 
	
 
	
 
	
    (93,276
	
    )
	
 
	
 
	
    339,622
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gross margin

	
 
	
 
	
    —
	
 
	
 
	
 
	
    146,128
	
 
	
 
	
 
	
    8,113
	
 
	
 
	
 
	
    112
	
 
	
 
	
 
	
    154,353
	
 

	

    Selling, general and administrative expenses

	
 
	
 
	
    1,609
	
 
	
 
	
 
	
    99,527
	
 
	
 
	
 
	
    4,897
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    106,033
	
 

	

    Amortization of intangibles

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,921
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,921
	
 

	

    Net periodic postretirement benefits

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,087
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,087
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income (loss)

	
 
	
 
	
    (1,609
	
    )
	
 
	
 
	
    42,593
	
 
	
 
	
 
	
    3,216
	
 
	
 
	
 
	
    112
	
 
	
 
	
 
	
    44,312
	
 

	

    Other income (expense):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest, net

	
 
	
 
	
    (18,731
	
    )
	
 
	
 
	
    (8,146
	
    )
	
 
	
 
	
    78
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (26,799
	
    )

	

    Amortization of deferred financing costs

	
 
	
 
	
    (500
	
    )
	
 
	
 
	
    (944
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,444
	
    )

	

    Equity in net income (loss) of subsidiaries

	
 
	
 
	
    29,505
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (29,505
	
    )
	
 
	
 
	
    —
	
 

	

    Minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    82
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    82
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations before income tax
    provision and discontinued operations

	
 
	
 
	
    8,665
	
 
	
 
	
 
	
    33,585
	
 
	
 
	
 
	
    3,294
	
 
	
 
	
 
	
    (29,393
	
    )
	
 
	
 
	
    16,151
	
 

	

    Income tax provision

	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,646
	
 
	
 
	
 
	
    1,869
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,515
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations

	
 
	
 
	
    8,665
	
 
	
 
	
 
	
    29,939
	
 
	
 
	
 
	
    1,425
	
 
	
 
	
 
	
    (29,393
	
    )
	
 
	
 
	
    10,636
	
 

	

    Loss from discontinued operations, net of tax

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,971
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,971
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    8,665
	
 
	
 
	
    $
	
    29,939
	
 
	
 
	
    $
	
    (546
	
    )
	
 
	
    $
	
    (29,393
	
    )
	
 
	
    $
	
    8,665
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    70

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONDENSED
    CONSOLIDATING STATEMENT OF OPERATIONS

    

    YEAR
    ENDED DECEMBER 31, 2006

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Net sales

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    502,291
	
 
	
 
	
    $
	
    27,380
	
 
	
 
	
    $
	
    (83,944
	
    )
	
 
	
    $
	
    445,727
	
 

	

    Cost of goods sold

	
 
	
 
	
    —
	
 
	
 
	
 
	
    376,913
	
 
	
 
	
 
	
    21,168
	
 
	
 
	
 
	
    (83,029
	
    )
	
 
	
 
	
    315,052
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gross margin

	
 
	
 
	
    —
	
 
	
 
	
 
	
    125,378
	
 
	
 
	
 
	
    6,212
	
 
	
 
	
 
	
    (915
	
    )
	
 
	
 
	
    130,675
	
 

	

    Selling, general and administrative expenses

	
 
	
 
	
    2,904
	
 
	
 
	
 
	
    102,005
	
 
	
 
	
 
	
    4,654
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    109,563
	
 

	

    Amortization of intangibles

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,890
	
 
	
 
	
 
	
    4
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,894
	
 

	

    Net periodic postretirement benefits

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (11,755
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (11,755
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income (loss)

	
 
	
 
	
    (2,904
	
    )
	
 
	
 
	
    32,238
	
 
	
 
	
 
	
    1,554
	
 
	
 
	
 
	
    (915
	
    )
	
 
	
 
	
    29,973
	
 

	

    Other income (expense):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest, net

	
 
	
 
	
    (17,459
	
    )
	
 
	
 
	
    (8,929
	
    )
	
 
	
 
	
    (124
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (26,512
	
    )

	

    Amortization of deferred financing costs

	
 
	
 
	
    (500
	
    )
	
 
	
 
	
    (844
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,344
	
    )

	

    Equity in net income (loss) of subsidiaries

	
 
	
 
	
    (2,184
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,184
	
 
	
 
	
 
	
    —
	
 

	

    Minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (44
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (44
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations before income tax
    provision and discontinued operations

	
 
	
 
	
    (23,047
	
    )
	
 
	
 
	
    22,421
	
 
	
 
	
 
	
    1,430
	
 
	
 
	
 
	
    1,269
	
 
	
 
	
 
	
    2,073
	
 

	

    Income tax provision (benefit)

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,470
	
    )
	
 
	
 
	
    1,065
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (405
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations

	
 
	
 
	
    (23,047
	
    )
	
 
	
 
	
    23,891
	
 
	
 
	
 
	
    365
	
 
	
 
	
 
	
    1,269
	
 
	
 
	
 
	
    2,478
	
 

	

    Loss from discontinued operations, net of tax

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (25,525
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (25,525
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    (23,047
	
    )
	
 
	
    $
	
    23,891
	
 
	
 
	
    $
	
    (25,160
	
    )
	
 
	
    $
	
    1,269
	
 
	
 
	
    $
	
    (23,047
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    71

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONDENSED
    CONSOLIDATING STATEMENT OF CASH FLOWS

    

    YEAR
    ENDED DECEMBER 31, 2007

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Cash flows from continuing operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
    $
	
    9,140
	
 
	
 
	
    $
	
    52,190
	
 
	
 
	
    $
	
    (28,083
	
    )
	
 
	
    $
	
    (10,234
	
    )
	
 
	
    $
	
    23,013
	
 

	

    Cash flows from investing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Capital expenditures

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (10,013
	
    )
	
 
	
 
	
    (1,345
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (11,358
	
    )

	

    Proceeds from sales of assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    13,783
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    13,783
	
 

	

    Acquisition of minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
 
	
 

	

    Other

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (487
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (487
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,283
	
 
	
 
	
 
	
    (1,345
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,938
	
 

	

    Cash flows from financing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Borrowings under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    20,041
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    20,041
	
 

	

    Repayments under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (24,989
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (24,989
	
    )

	

    Borrowings of other credit facilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Repayments of other credit facilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (15,415
	
    )
	
 
	
 
	
    (1,310
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (16,725
	
    )

	

    Changes in net equity and advances to/from discontinued
    operations

	
 
	
 
	
    (11,166
	
    )
	
 
	
 
	
    (29,343
	
    )
	
 
	
 
	
    29,438
	
 
	
 
	
 
	
    10,234
	
 
	
 
	
 
	
    (837
	
    )

	

    Other

	
 
	
 
	
    2,026
	
 
	
 
	
 
	
    (362
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,664
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    (9,140
	
    )
	
 
	
 
	
    (50,068
	
    )
	
 
	
 
	
    28,128
	
 
	
 
	
 
	
    10,234
	
 
	
 
	
 
	
    (20,846
	
    )

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    25
	
 
	
 
	
 
	
    719
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    744
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,430
	
 
	
 
	
 
	
    (581
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    4,849
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from discontinued operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by operating activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    812
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    812
	
 

	

    Net cash used in investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,084
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,084
	
 

	

    Net cash provided by financing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (5,650
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (5,650
	
    )

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    30
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    30
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    276
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    276
	
 

	

    Total increase (decrease) in cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,430
	
 
	
 
	
 
	
    (305
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,125
	
 

	

    Total cash and cash equivalents beginning of period

	
 
	
 
	
    —
	
 
	
 
	
 
	
    9,207
	
 
	
 
	
 
	
    2,103
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    11,310
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total cash and cash equivalents end of period

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    14,637
	
 
	
 
	
    $
	
    1,798
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    16,435
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    72

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS —
    (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONDENSED
    CONSOLIDATING STATEMENT OF CASH FLOWS

    

    YEAR
    ENDED DECEMBER 31, 2006

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Cash flows from continuing operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
    $
	
    (22,250
	
    )
	
 
	
    $
	
    6,016
	
 
	
 
	
    $
	
    (26,035
	
    )
	
 
	
    $
	
    26,803
	
 
	
 
	
    $
	
    (15,466
	
    )

	

    Cash flows from investing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Capital expenditures

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,270
	
    )
	
 
	
 
	
    (1,229
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (8,499
	
    )

	

    Proceeds from sales of assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    17,753
	
 
	
 
	
 
	
    659
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    18,412
	
 

	

    Acquisition of minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,981
	
    )
	
 
	
 
	
    (1,973
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (3,954
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,502
	
 
	
 
	
 
	
    (2,543
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,959
	
 

	

    Cash flows from financing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Borrowings under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    9,357
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    9,357
	
 

	

    Repayments under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (23,547
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (23,547
	
    )

	

    Borrowings of other credit facilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    19,091
	
 
	
 
	
 
	
    909
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    20,000
	
 

	

    Repayments of other credit facilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,790
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,790
	
    )

	

    Changes in net equity and advances to/from subsidiaries

	
 
	
 
	
    20,987
	
 
	
 
	
 
	
    (18,211
	
    )
	
 
	
 
	
    24,027
	
 
	
 
	
 
	
    (26,803
	
    )
	
 
	
 
	
    —
	
 

	

    Changes in net equity and advances to/from discontinued
    operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,330
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,330
	
 

	

    Other

	
 
	
 
	
    1,263
	
 
	
 
	
 
	
    (348
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    915
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    22,250
	
 
	
 
	
 
	
    (13,118
	
    )
	
 
	
 
	
    24,936
	
 
	
 
	
 
	
    (26,803
	
    )
	
 
	
 
	
    7,265
	
 

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,215
	
 
	
 
	
 
	
    (850
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    365
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,615
	
 
	
 
	
 
	
    (4,492
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,877
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from discontinued operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by operating activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,008
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,008
	
 

	

    Net cash used in investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (342
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (342
	
    )

	

    Net cash used in financing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (9,854
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (9,854
	
    )

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (187
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (187
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash used in discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,375
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,375
	
    )

	

    Total increase (decrease) in cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,615
	
 
	
 
	
 
	
    (6,867
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (4,252
	
    )

	

    Total cash and cash equivalents beginning of period

	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,591
	
 
	
 
	
 
	
    8,971
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    15,562
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total cash and cash equivalents end of period

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    9,206
	
 
	
 
	
    $
	
    2,104
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    11,310
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    73

Table of Contents

    SIGNATURES

 

    Pursuant to the requirements of Section 13 or 15(d) of the
    Securities Exchange Act of 1934, the registrant has duly caused
    this report to be signed on its behalf by the undersigned,
    thereunto duly authorized.

 

    THERMADYNE HOLDINGS CORPORATION

 

			
	 	    By: 
	
    /s/  STEVEN
    A. SCHUMM

    Steve A. Schumm

    Senior Vice President, Chief Financial and 

    Administrative Officer

 

    Date: March 12, 2008

 

    Pursuant to the requirements of the Securities Exchange Act of
    1934, this report has been signed below by the following persons
    on behalf of the registrant and in the capacities and on the
    dates indicated.

 

	 	 	 	 	 	 	 
	

    Name

	
 
	

    Title

	
 
	

    Date

	 

	
 
	
 
	
 
	
 
	
 

	
    /s/  PAUL
    D. MELNUK

    
Paul
    D. Melnuk
	
 
	
    Director, Chairman of the Board and Chief Executive
	
 
	
    March 12, 2008

	
 
	
 
	
 
	
 
	
 

	
    /s/  STEVEN
    A. SCHUMM

    
Steven
    A. Schumm
	
 
	
    Senior Vice President, Chief Financial and Administrative
    Officer, Principal Financial and Accounting Officer
	
 
	
    March 12, 2008

	
 
	
 
	
 
	
 
	
 

	
    /s/  JAMES
    B. GAMACHE

    
James
    B. Gamache
	
 
	
    Director
	
 
	
    March 12, 2008

	
 
	
 
	
 
	
 
	
 

	
    /s/  MARNIE
    S. GORDON

    
Marnie
    S. Gordon
	
 
	
    Director
	
 
	
    March 12, 2008

	
 
	
 
	
 
	
 
	
 

	
    /s/  BRADLEY
    G. PATTELLI

    
Bradley
    G. Pattelli
	
 
	
    Director
	
 
	
    March 12, 2008

	
 
	
 
	
 
	
 
	
 

	
    /s/  J.
    JOE ADORJAN

    
J.
    Joe Adorjan
	
 
	
    Director
	
 
	
    March 12, 2008

	
 
	
 
	
 
	
 
	
 

	
    /s/  ANDREW
    L. BERGER

    
Andrew
    L. Berger
	
 
	
    Director
	
 
	
    March 12, 2008

    

    74

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

 

    2007
    10-K
    EXHIBIT INDEX

 

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    2
	
    .1
	
 
	
    —
	
 
	
    First Amended and Restated Disclosure Statement, dated
    January 17, 2003, Solicitation of Votes on the
    Debtors’ First Amended and Restated Joint Plan of
    Reorganization Under Chapter 11 of the Bankruptcy Code of
    Thermadyne Holdings Corporation and its wholly owned direct and
    indirect subsidiaries, Thermadyne Mfg. LLC, Thermadyne Capital
    Corp., Thermadyne Industries, Inc., Victor Equipment Company,
    Thermadyne International Corp., Thermadyne Cylinder Co., Thermal
    Dynamics Corporation, C&G Systems Holding, Inc., MECO
    Holding Company, Tweco Products, Inc., Tag Realty, Inc.,
    Victor-Coyne International, Inc., Victor Gas Systems, Inc.,
    Stoody Company, Thermal Arc, Inc., C&G Systems, Inc.,
    Marison Cylinder Company, Wichita Warehouse Corporation, Coyne
    Natural Gas Systems, Inc., and Modern Engineering Company,
    Inc.(1)

	
 
	
    2
	
    .2
	
 
	
    —
	
 
	
    First Amended and Restated Plan of Reorganization dated
    January 17, 2003.(2)

	
 
	
    2
	
    .3
	
 
	
    —
	
 
	
    Confirmation Order dated April 3, 2003 and signed by the
    Bankruptcy Court.(2)

	
 
	
    3
	
    .1
	
 
	
    —
	
 
	
    Amended and Restated Certificate of Incorporation of the Company
    dated as of May 23, 2003.(3)

	
 
	
    3
	
    .2
	
 
	
    —
	
 
	
    Amended and Restated Bylaws of the Company dated as of
    March 29, 2007.(4)

	
 
	
    4
	
    .01
	
 
	
    —
	
 
	
    Indenture dated as of February 5, 2004 among the Company,
    as issuer, the subsidiary guarantors named therein and U.S. Bank
    National Association, as trustee.(6)

	
 
	
    4
	
    .02
	
 
	
    —
	
 
	
    Second Lien Credit Agreement dated as of July 29, 2004 by
    and among Thermadyne Industries, Inc., Thermal Dynamics
    Corporation, Tweco Products, Inc., Victor Equipment Company,
    C&G Systems, Inc., Stoody Company, Thermal Arc, Inc.,
    ProTip Corporation, and Thermadyne International Corp., as
    borrowers, the guarantors party thereto, the lenders parties
    thereto, and Credit Suisse First Boston, as administrative agent
    and collateral agent, and Credit Suisse First Boston, as sole
    lead arranger and sole book running manager.(7)

	
 
	
    4
	
    .03
	
 
	
    —
	
 
	
    Amendment No. 1 and Agreement dated as of
    September 30, 2004 to the Second Lien Credit Agreement by
    and among Thermadyne Industries, Inc., Thermal Dynamics
    Corporation, Tweco Products, Inc., Victor Equipment Company,
    C&G Systems, Inc., Stoody Company, Thermal Arc, Inc.,
    ProTip Corporation, and Thermadyne International Corp., as
    borrowers, the guarantors party thereto, the lenders parties
    thereto, and Credit Suisse First Boston, as administrative agent
    and collateral agent.(8)

	
 
	
    4
	
    .04
	
 
	
    —
	
 
	
    Amendment No. 2 and Joinder Agreement dated as of
    November 22, 2004 by and among Thermadyne Industries, Inc.,
    Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the guarantors party thereto,
    the lenders parties thereto, and Credit Suisse First Boston, as
    administrative agent and collateral agent.(9)

	
 
	
    4
	
    .05
	
 
	
    —
	
 
	
    Amendment No. 3 and Consent to the Second Lien Credit
    Agreement dated as of January 3, 2005 among Thermadyne
    Industries, Inc., Thermal Dynamics Corporation, Tweco Products,
    Inc., Victor Equipment Company, C&G Systems, Inc., Stoody
    Company, Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the guarantors party thereto,
    the lenders parties thereto, and Credit Suisse First Boston, as
    administrative agent and collateral agent.(16)

	
 
	
    4
	
    .06
	
 
	
    —
	
 
	
    Amendment No. 4 to the Second Lien Credit Agreement dated
    as of March 16, 2005 among Thermadyne Industries, Inc.,
    Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the guarantors party thereto,
    the lenders parties thereto, and Credit Suisse First Boston, as
    administrative agent and collateral agent.(14)

	
 
	
    4
	
    .07
	
 
	
    —
	
 
	
    Amendment No. 5 to the Second Lien Credit Agreement dated
    as of March 30, 2005 among Thermadyne Industries, Inc.,
    Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the guarantors party thereto,
    the lenders parties thereto, and Credit Suisse First Boston, as
    administrative agent and collateral agent.(16)

    

    75

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    4
	
    .08
	
 
	
    —
	
 
	
    Amendment No. 6 to the Second Lien Credit Agreement dated
    as of March 31, 2005 by and among Thermadyne Industries,
    Inc., Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the guarantors signatory
    thereto, the lenders parties thereto, and Credit Suisse First
    Boston, as administrative agent and collateral agent.(18)

	
 
	
    4
	
    .09
	
 
	
    —
	
 
	
    Amendment No. 7 to the Second Lien Credit Agreement dated
    as of July 1, 2005 by and among Thermadyne Industries,
    Inc., Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the guarantors signatory
    thereto, the lenders parties thereto, and Credit Suisse, as
    administrative agent and collateral agent.(18)

	
 
	
    4
	
    .10
	
 
	
    —
	
 
	
    Amendment No. 8 to the Second Lien Credit Agreement dated
    as of August 8, 2005 by and among Thermadyne Industries,
    Inc., Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the guarantors signatory
    thereto, the lenders parties thereto, and Credit Suisse, as
    administrative agent and collateral agent.(18)

	
 
	
    4
	
    .11
	
 
	
    —
	
 
	
    Amendment No. 9 dated as of October 7, 2005, to the
    Second Lien Credit Agreement among Thermadyne Holdings
    Corporation, Thermadyne Industries, Inc. and certain of its
    subsidiaries and Credit Suisse, as administrative agent and
    collateral agent and the lenders party thereto.(17)

	
 
	
    4
	
    .12
	
 
	
    —
	
 
	
    Amendment No. 10 dated as of November 7, 2005, to the
    Second Lien Credit Agreement among Thermadyne Holdings
    Corporation, Thermadyne Industries, Inc. and certain of its
    subsidiaries and Credit Suisse, as administrative agent and
    collateral agent and the lenders party thereto.(17)

	
 
	
    4
	
    .13
	
 
	
 
	
 
	
    Amendment No. 11 and Agreement dated as of
    December 29, 2005, to the Second Lien Credit Agreement
    among Thermadyne Holdings Corporation, Thermadyne Industries,
    Inc. and certain of its subsidiaries and Credit Suisse as
    Administrative Agent and Collateral Agent and the lenders party
    thereto.(20)

	
 
	
    4
	
    .14
	
 
	
    —
	
 
	
    Amendment No. 12 Waiver and Consent dated as of
    March 9, 2006, to the Second Lien Credit Agreement among
    Thermadyne Holdings Corporation, Thermadyne Industries, Inc. and
    certain of its subsidiaries and Credit Suisse, as administrative
    agent and collateral agent and the lenders party thereto.(4)

	
 
	
    4
	
    .15
	
 
	
    —
	
 
	
    Amendment No. 13 to the Second Lien Credit Agreement dated
    April 5, 2006 among Thermadyne Holdings Corporation,
    Thermadyne Industries, Inc. and certain of their subsidiaries
    and Credit Suisse First Boston, as administrative agent and
    collateral agent.(21)

	
 
	
    4
	
    .16
	
 
	
    —
	
 
	
    Amendment No. 14 and consent dated as of May 9, 2006
    to the Second Lien Credit Agreement among Thermadyne Holdings
    Corporation, Thermadyne Industries, Inc. and certain of its
    subsidiaries as borrowers, the guarantors signatory thereto, and
    Credit Suisse, as administrative agent and collateral agent.(22)

	
 
	
    4
	
    .17
	
 
	
    —
	
 
	
    Amendment No. 15 and consent dated as of June 20, 2006
    to the Second-Lien Credit Agreement among Thermadyne Industries,
    Inc. and certain of its subsidiaries as borrowers, the
    guarantors signatory thereto, and Credit Suisse as
    administrative agent and collateral agent.(23)

	
 
	
    4
	
    .18
	
 
	
    —
	
 
	
    Amendment No. 16 Waiver and Agreement dated as of
    July 21, 2006 to the Second-Lien Credit Agreement among
    Thermadyne Holdings Corporation, Thermadyne Industries, Inc. and
    certain of its subsidiaries as borrowers, the guarantors
    signatory thereto, and Credit Suisse as administrative agent and
    collateral agent.(26)

	
 
	
    4
	
    .19
	
 
	
    —
	
 
	
    Amendment No. 17 dated as of January 30, 2007 to the
    Second-Lien Credit Agreement among Thermadyne Holdings
    Corporation, Thermadyne Industries, Inc. and certain of its
    subsidiaries as borrowers, the guarantors signatory thereto, and
    Credit Suisse as administrative agent and collateral agent.(4)

	
 
	
    4
	
    .20
	
 
	
    —
	
 
	
    Amendment No. 18 Limited Waiver and Consent dated as of
    March 29, 2007 to the Second-Lien Credit Agreement among
    Thermadyne Holdings Corporation, Thermadyne Industries, Inc. and
    certain of its subsidiaries as borrowers, the guarantors
    signatory thereto, and Credit Suisse as administrative agent and
    collateral agent.*

    76

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    4
	
    .21
	
 
	
    —
	
 
	
    Amendment No. 19 and Waiver dated as of June 29, 2007
    to the Second-Lien Credit Agreement among Thermadyne Holdings
    Corporation, Thermadyne Industries, Inc. and certain of its
    subsidiaries as borrowers, the guarantors signatory thereto, and
    Credit Suisse as administrative agent and collateral agent.(30)

	
 
	
    4
	
    .22
	
 
	
    —
	
 
	
    Second Amended and Restated Credit Agreement dated as of
    November 22, 2004 by and among Thermadyne Industries, Inc.,
    Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent and lender, and GECC Capital
    Markets Group, Inc., as lead arranger.(9)

	
 
	
    4
	
    .23
	
 
	
    —
	
 
	
    First Amendment and Consent to Second Amended and Restated
    Credit Agreement dated December 21, 2004 by and among
    Thermadyne Industries, Inc., Thermal Dynamics Corporation, Tweco
    Products, Inc., Victor Equipment Company, C&G Systems,
    Inc., Stoody Company, Thermal Arc, Inc., ProTip Corporation, and
    Thermadyne International Corp., as borrowers, the credit parties
    signatory thereto, the lenders signatory thereto, and General
    Electric Capital Corporation, as agent and lender.(16)

	
 
	
    4
	
    .24
	
 
	
    —
	
 
	
    Second Amendment to Second Amended and Restated Credit Agreement
    dated as of March 16, 2005 by and among Thermadyne
    Industries, Inc., Thermal Dynamics Corporation, Tweco Products,
    Inc., Victor Equipment Company, C&G Systems, Inc., Stoody
    Company, Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent and lender.(14)

	
 
	
    4
	
    .25
	
 
	
    —
	
 
	
    Third Amendment to Second Amended and Restated Credit Agreement
    dated as of March 30, 2005 by and among Thermadyne
    Industries, Inc., Thermal Dynamics Corporation, Tweco Products,
    Inc., Victor Equipment Company, C&G Systems, Inc., Stoody
    Company, Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent and lender.(16)

	
 
	
    4
	
    .26
	
 
	
    —
	
 
	
    Fourth Amendment to Second Amended and Restated Credit Agreement
    dated as of March 31, 2005 by and among Thermadyne
    Industries, Inc., Thermal Dynamics Corporation, Tweco Products,
    Inc., Victor Equipment Company, C&G Systems, Inc., Stoody
    Company, Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent.(18)

	
 
	
    4
	
    .27
	
 
	
    —
	
 
	
    Fifth Amendment to Second Amendment and Restated Credit
    Agreement dated as of July 1, 2005, by and among Thermadyne
    Industries, Inc., Thermal Dynamics Corporation, Tweco Products,
    Inc., Victor Equipment Company, C&G Systems, Inc., Stoody
    Company, Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent.(18)

	
 
	
    4
	
    .28
	
 
	
    —
	
 
	
    Sixth Amendment to Second Amended and Restated Credit Agreement
    dated as of July 27, 2005, by and among Thermadyne
    Industries, Inc., Thermal Dynamics Corporation, Tweco Products,
    Inc., Victor Equipment Company, C&G Systems, Inc., Stoody
    Company, Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent.(18)

	
 
	
    4
	
    .29
	
 
	
    —
	
 
	
    Seventh Amendment to Second Amended and Restated Credit
    Agreement dated as of August 5, 2005, by and among
    Thermadyne Industries, Inc., Thermal Dynamics Corporation, Tweco
    Products, Inc., Victor Equipment Company, C&G Systems,
    Inc., Stoody Company, Thermal Arc, Inc., ProTip Corporation, and
    Thermadyne International Corp., as borrowers, the credit parties
    signatory thereto, the lenders signatory thereto, and General
    Electric Capital Corporation, as agent.(18)

	
 
	
    4
	
    .30
	
 
	
    —
	
 
	
    Eighth Amendment to the Second Amended and Restated Credit
    Agreement, executed as of October 5, 2005, by and among
    Thermadyne Holdings Corporation, Thermadyne Industries, Inc. and
    certain of its subsidiaries and General Electric Capital
    Corporation, as agent and lender and the lenders party
    thereto.(17)

    77

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    4
	
    .31
	
 
	
    —
	
 
	
    Limited Consent and Ninth Amendment to the Second Amended and
    Restated Credit Agreement dated as of November 7, 2005, by
    and among Thermadyne Holdings Corporation, Thermadyne
    Industries, Inc., and certain of its subsidiaries and General
    Electric Capital Corporation as agent and lender.(17)

	
 
	
    4
	
    .32
	
 
	
    —
	
 
	
    Limited Waiver and Tenth Amendment to the Second Amended and
    Restated Credit Agreement dated as of December 29, 2005, by
    and among Thermadyne Holdings Corporation, Thermadyne
    Industries, Inc. and certain of its subsidiaries and General
    Electric Capital Corporation, as agent and lender and the
    lenders party thereto.(20)

	
 
	
    4
	
    .33
	
 
	
    —
	
 
	
    Eleventh Amendment and Consent to the Second Amended and
    Restated Credit Agreement, dated as of March 8, 2006, by
    and among Thermadyne Holdings Corporation, Thermadyne
    Industries, Inc. and certain of its subsidiaries and General
    Electric Corporation, as agent and lender and the lenders party
    thereto.(4)

	
 
	
    4
	
    .34
	
 
	
    —
	
 
	
    Twelfth Amendment to the Second Amended and Restated Credit
    Agreement dated as of May 3, 2006, by and among Thermadyne
    Holdings Corporation, Thermadyne Industries, Inc., and General
    Electric Capital Corporation, as agent and lender.(21)

	
 
	
    4
	
    .35
	
 
	
    —
	
 
	
    Thirteenth Amendment to the Second Amended and Restated Credit
    Agreement dated as of May 3, 2006, by and among Thermadyne
    Holdings Corporation, Thermadyne Industries, Inc., and General
    Electric Capital Corporation, as agent and lender.(4)

	
 
	
    4
	
    .36
	
 
	
    —
	
 
	
    Limited Consent and Fourteenth Amendment to the Second Amended
    and Restated Credit Agreement dated as of May 9, 2006, by
    and among Thermadyne Holdings Corporation, Thermadyne
    Industries, Inc. and certain of its subsidiaries and General
    Electric Corporation, as agent and lender and the lenders party
    thereto.(22)

	
 
	
    4
	
    .37
	
 
	
    —
	
 
	
    Fifteenth Amendment to the Second Amended and Restated Credit
    Agreement, dated as of June 20, 2006, by and among
    Thermadyne Holdings Corporation, Thermadyne Industries, Inc. and
    certain of its subsidiaries and General Electric Corporation, as
    agent and lender and the lenders party thereto.(23)

	
 
	
    4
	
    .38
	
 
	
    —
	
 
	
    Sixteenth Amendment and Limited Waiver to the Second Amended and
    Restated Credit Agreement, dated as of July 21, 2006, by
    and among Thermadyne Holdings Corporation, Thermadyne
    Industries, Inc. and certain of its subsidiaries and General
    Electric Capital Corporation as agent and lender.(25)

	
 
	
    4
	
    .39
	
 
	
    —
	
 
	
    Limited Waiver and Seventeenth Amendment to the Second Amended
    and Restated Credit Agreement, dated as of August 2, 2006,
    by and among Thermadyne Holdings Corporation, Thermadyne
    Industries, Inc. and certain of its subsidiaries and General
    Electric Capital Corporation as agent and lender.(27)

	
 
	
    4
	
    .40
	
 
	
    —
	
 
	
    Eighteenth Amendment and Limited Waiver to the Second Amended
    and Restated Credit Agreement, dated as of October 30,
    2006, by and among Thermadyne Holdings Corporation, Thermadyne
    Industries, Inc. and certain of its subsidiaries and General
    Electric Capital Corporation as agent and lender.(4)

	
 
	
    4
	
    .41
	
 
	
    —
	
 
	
    Nineteenth Amendment and Limited Waiver to the Second Amended
    and Restated Credit Agreement, dated as of December 26,
    2006, by and among Thermadyne Holdings Corporation, Thermadyne
    Industries, Inc. and certain of its subsidiaries and General
    Electric Capital Corporation as agent and lender.(4)

	
 
	
    4
	
    .42
	
 
	
    —
	
 
	
    Third Amended and Restated Credit Agreement, dated as of
    June 29, 2007, by and among Thermadyne Holdings
    Corporation, Thermadyne Industries, Inc. and certain of its
    subsidiaries and General Electric Capital Corporation as agent
    and lender.(30)

	
 
	
    4
	
    .43
	
 
	
    —
	
 
	
    Supplemental Indenture dated as of May 16, 2006 among
    Thermadyne Holdings Corporation, the subsidiary guarantors named
    therein and U.S. Bank National Association as trustee.(24)

	
 
	
    4
	
    .44
	
 
	
    —
	
 
	
    Second Supplemental Indenture dated as of August 2, 2006
    among Thermadyne Holdings Corporation, the subsidiary guarantors
    named therein and U.S. Bank National Association as trustee.(27)

	
 
	
    10
	
    .1
	
 
	
    —
	
 
	
    Omnibus Agreement dated as of June 3, 1988, among Palco
    Acquisition Company (now Thermadyne Holdings Corporation) and
    its subsidiaries and National Warehouse Investment Company.(10)

    78

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    10
	
    .2
	
 
	
    —
	
 
	
    Escrow Agreement dated as of August 11, 1988, among
    National Warehouse Investment Company, Palco Acquisition Company
    (now Thermadyne Holdings Corporation) and Title Guaranty
    Escrow Services, Inc.(10)

	
 
	
    10
	
    .3
	
 
	
    —
	
 
	
    Schedule of substantially identical lease agreements.(10)

	
 
	
    10
	
    .4
	
 
	
    —
	
 
	
    Amended and Restated Continuing Lease Guaranty, made as of
    August 11, 1988, by Palco Acquisition Company (now
    Thermadyne Holdings Corporation) for the benefit of National
    Warehouse Investment Company.(10)

	
 
	
    10
	
    .5
	
 
	
    —
	
 
	
    Schedule of substantially identical lease guarantees(10)

	
 
	
    10
	
    .6
	
 
	
    —
	
 
	
    Lease Agreement, dated as of October 10, 1990, between
    Stoody Deloro Stellite and Bowling Green-Warren County
    Industrial Park Authority, Inc.(10)

	
 
	
    10
	
    .7
	
 
	
    —
	
 
	
    Lease Agreement between Alliance Gateway No. 58 Ltd. and
    Victor Equipment Company, dated September 22, 2003.(16)

	
 
	
    10
	
    .8
	
 
	
    —
	
 
	
    First Amendment to Lease between Alliance Gateway No. 58
    Ltd. and Victor Equipment Company, dated May 1, 2004.(16)

	
 
	
    10
	
    .9
	
 
	
    —
	
 
	
    Lease Agreement between Ningbo Longxing Group Co., Ltd. and
    Ningbo Fulida Gas Equipment Co. Ltd., dated January 19,
    2005.(16)

	
 
	
    10
	
    .10
	
 
	
    —
	
 
	
    Lease Agreement between Ningbo Longxing Group Co., Ltd. and
    Thermadyne (Ningbo) Cutting and Welding Equipment Manufacturing
    Company, Ltd., dated December 28, 2004.(16)

	
 
	
    10
	
    .11
	
 
	
    —
	
 
	
    First Amended and Restated Industrial Real Property Lease
    between 2800 Airport Road Limited Partnership and Victor
    Equipment Company dated August 1, 2007.(31)

	
 
	
    10
	
    .12
	
 
	
    —
	
 
	
    Second Amendment to Amended and Restated Industrial Real
    Property Lease between Benning Street, LLC and Thermal Dynamics
    Corporation dated August 1, 2007.(31)

	
 
	
    10
	
    .13
	
 
	
    —
	
 
	
    Lease Agreement between Holman/Shidler Investment Corporation,
    Thermadyne Welding Products Canada, Ltd., and Thermadyne
    Holdings Corporation dated October 25, 2007.*

	
 
	
    10
	
    .14
	
 
	
    —
	
 
	
    Contract to Establish an Equity Joint Venture Enterprise by and
    between Ningbo Longxing Group Corporation Limited and Thermadyne
    Holdings Corporation, dated December 28, 2004.(16)

	
 
	
    10
	
    .15†
	
 
	
    —
	
 
	
    Amended and Restated Executive Employment Agreement between
    Thermadyne Holdings Corporation and Dennis Klanjscek, dated
    June 13, 2002.(16)

	
 
	
    10
	
    .16†
	
 
	
    —
	
 
	
    Second Amended and Restated Executive Employment Agreement
    between Thermadyne Holdings Corporation and John Boisvert, dated
    January 1, 2004.(16)

	
 
	
    10
	
    .17†
	
 
	
    —
	
 
	
    Second Amended and Restated Executive Employment Agreement
    between Thermadyne Holdings Corporation and Terry Downes, dated
    January 1, 2004.(16)

	
 
	
    10
	
    .18†
	
 
	
    —
	
 
	
    Second Amended and Restated Executive Employment Agreement
    between Thermadyne Holdings Corporation and Jason Huett, dated
    January 1, 2004.(16)

	
 
	
    10
	
    .19†
	
 
	
    —
	
 
	
    Second Amended and Restated Executive Employment Agreement
    between Thermadyne Holdings Corporation and Patricia S.
    Williams, dated January 1, 2004.(16)

	
 
	
    10
	
    .20†
	
 
	
    —
	
 
	
    Executive Employment Agreement between Thermadyne Holdings
    Corporation and Paul D. Melnuk, dated January 28, 2004.(5)

	
 
	
    10
	
    .21†
	
 
	
    —
	
 
	
    Executive Employment Agreement between Thermadyne Holdings
    Corporation and Martin Quinn, dated April 1, 2005(4)

	
 
	
    10
	
    .22†
	
 
	
    —
	
 
	
    Executive Employment Agreement between Thermadyne Holdings
    Corporation and Steven A. Schumm, dated August 7, 2006.(28)

	
 
	
    10
	
    .23†
	
 
	
    —
	
 
	
    Employment Agreement between Thermadyne Industries, Inc. and
    Mark F. Jolly, dated September 11, 2006.(4)

	
 
	
    10
	
    .24
	
 
	
    —
	
 
	
    Executive Employment Agreement between Thermadyne Holdings
    Corporation and Terry A. Moody, dated July 12, 2007.(31)

	
 
	
    10
	
    .25
	
 
	
    —
	
 
	
    Thermadyne Holdings Corporation Non-Employee Director’s
    Stock Option Agreement.(13)

	
 
	
    10
	
    .26
	
 
	
    —
	
 
	
    Thermadyne Holdings Corporation Non-Employee Directors’
    Deferred Stock Compensation Plan.(6)

    79

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    10
	
    .27
	
 
	
    —
	
 
	
    Thermadyne Holdings Corporation 2004 Stock Incentive Plan.(15)

	
 
	
    10
	
    .28
	
 
	
    —
	
 
	
    2004 Non-Employee Director’s Stock Option Plan.(15)

	
 
	
    10
	
    .29
	
 
	
    —
	
 
	
    Form of 2004 Stock Incentive Plan Option Agreement.(16)

	
 
	
    10
	
    .30
	
 
	
    —
	
 
	
    Form of Indemnification Agreement.(32)

	
 
	
    10
	
    .31
	
 
	
    —
	
 
	
    Acquisition Agreement dated as of December 22, 2005, by and
    between Thermadyne Italia, S.R.L., as seller, and Mase
    Generators S.P.A., as buyer.(19)

	
 
	
    10
	
    .32
	
 
	
    —
	
 
	
    Purchase Agreement dated as of December 22, 2005, by and
    among Thermadyne Chile Holdings, Ltd. and Thermadyne South
    America Holdings, Ltd., as sellers, and Soldaduras PCR Soltec
    Limitada and Penta Capital de Riesgo S.A., as buyers.(19)

	
 
	
    10
	
    .33
	
 
	
    —
	
 
	
    Sale Agreement dated March 9, 2006 between The HG A Van Zyl
    Familie Trust (“the Trust”) and Hendrik Gert Van Zyl
    (“Gerrit van Zyl”) and Thermadyne South Africa (Pty)
    Limited t/a Unique Welding Alloys and Renttech S.A. (Pty)
    Limited and Unique Welding Alloys Rustenburg (Proprietary)
    Limited t/a Thermadyne Plant Rental South Africa and Thermadyne
    Industries Inc. and Pieter Malan(4)

	
 
	
    10
	
    .34
	
 
	
    —
	
 
	
    Share Sale Agreement dated March 9, 2006 between Marthinus
    Johannes Crous (“Seller”) and Thermadyne Industries,
    Inc and Thermadyne South Africa (Pty) Limited trading as Unique
    and Unique Welding Alloys Rustenburg (Pty) Limited trading as
    Thermadyne Plant Rental South Africa and Maxweld &
    Braze (Pty) Limited and Selrod Welding (Pty) Limited.(4)

	
 
	
    10
	
    .35
	
 
	
    —
	
 
	
    Acquisition Agreement dated April 6, 2006 between
    Thermadyne Italia S.r.l. (“Seller”) and SIGEFI Societe
    para Actions Simplifiee, acting on behalf of Siparex Italia,
    Fonds Commun de Placement a Risque and Giorgio Bassi
    (“Buyer”)(4)

	
 
	
    10
	
    .36
	
 
	
    —
	
 
	
    Sale of Shares and Claims Agreement dated February 5, 2007
    between Thermadyne Industries, Inc. and Thermaweld Industries
    (Proprietary) Limited.(29)

	
 
	
    21
	
 
	
 
	
    —
	
 
	
    Subsidiaries of Thermadyne Holdings Corporation.*

	
 
	
    23
	
    .1
	
 
	
    —
	
 
	
    Consent of Independent Registered Public Accounting Firm.*

	
 
	
    23
	
    .2
	
 
	
    —
	
 
	
    Consent of Independent Registered Public Accounting Firm.*

	
 
	
    31
	
    .1
	
 
	
    —
	
 
	
    Certification Pursuant to Section 302 of the Sarbanes-Oxley
    Act of 2002.*

	
 
	
    31
	
    .2
	
 
	
    —
	
 
	
    Certification Pursuant to Section 302 of the Sarbanes-Oxley
    Act of 2002.*

	
 
	
    32
	
    .1
	
 
	
    —
	
 
	
    Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted by Section 906 of the Sarbanes-Oxley Act of 2002.*

	
 
	
    32
	
    .2
	
 
	
    —
	
 
	
    Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted by Section 906 of the Sarbanes-Oxley Act of 2002.*

 

 

			
	
    † 		
    Indicates a management contract or compensatory plan or
    arrangement.
	 
	
    * 		
    Filed herewith.
	 
	
    (1) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23378)
    filed under Section 12(g) of the Exchange Act on
    February 6, 2003.
	 
	
    (2) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23378)
    filed under Section 12(g) of the Exchange Act on
    April 11, 2003.
	 
	
    (3) 		
    Incorporated by reference to the Company’s Quarterly Report
    on
    Form 10-Q
    for the quarter ended June 30, 2003.
	 
	
    (4) 		
    Incorporated by reference to the Company’s Annual Report on
    Form 10-K
    for the year ended December 31, 2006.
	 
	
    (5) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23378)
    filed under Section 12(g) of the Exchange Act on
    June 3, 2003.
	 
	
    (6) 		
    Incorporated by reference to the Company’s Annual Report on
    Form 10-K
    for the year ended December 31, 2003.

    80

Table of Contents

 

			
	
    (7) 		
    Incorporated by reference to the Company’s Quarterly Report
    on
    Form 10-Q
    for the quarter ended June 30, 2004.
	 
	
    (8) 		
    Incorporated by reference to the Company’s Quarterly Report
    on
    Form 10-Q
    for the quarter ended September 30, 2004.
	 
	
    (9) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23378)
    filed under Section 12(g) of the Exchange Act on
    November 24, 2004.
	 
	
    (10) 		
    Incorporated by reference to the Company’s Registration
    Statement on Form 10/A, Amendment No. 2 (File
    No. 0-23378)
    filed under Section 12(g) of the Exchange Act on
    April 28, 1994.
	 
	
    (11) 		
    Incorporated by reference to the Company’s Annual Report on
    Form 10-K
    for the year ended December 31, 2002.
	 
	
    (12) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23378)
    filed under Section 12(g) of the Exchange Act on
    December 17, 2004.
	 
	
    (13) 		
    Incorporated by reference to the Company’s Quarterly Report
    on
    Form 10-Q
    for the quarter ended September 30, 2003.
	 
	
    (14) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23378)
    filed under Section 12(g) of the Exchange Act on
    March 17, 2005.
	 
	
    (15) 		
    Incorporated by reference to the Company’s Definitive Proxy
    Statement on Schedule 14A filed on March 24, 2004.
	 
	
    (16) 		
    Incorporated by reference to the Company’s Annual Report on
    Form 10-K
    (File
    No. 0-23378)
    for the year ended December 31, 2004.
	 
	
    (17) 		
    Incorporated by reference to the Company’s Quarterly Report
    on
    Form 10-Q
    for the quarter ended September 30, 2005.
	 
	
    (18) 		
    Incorporated by reference to the Company’s Quarterly Report
    on
    Form 10-Q
    for the quarter ended June 30, 2005.
	 
	
    (19) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23378)
    filed under Section 12(g) of the Exchange Act on
    December 28, 2005.
	 
	
    (20) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23378)
    filed under Section 12(g) of the Exchange Act on
    January 5, 2006.
	 
	
    (21) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23378)
    filed under Section 12(g) of the Exchange Act on
    April 11, 2006.
	 
	
    (22) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-22378)
    filed under Section 12(g) of the Exchange Act on
    May 10, 2006.
	 
	
    (23) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File No. 23378) filed on June 26, 2006.
	 
	
    (24) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File No. 23378) filed on May 23, 2006.
	 
	
    (25) 		
    Corrected from document filed as an exhibit to the
    Company’s Current Report on
    Form 8-K
    filed on July 21, 2006.
	 
	
    (26) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23398)
    filed on July 21, 2006.
	 
	
    (27) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    filed on August 3, 2006.
	 
	
    (28) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    filed on August 9, 2006.
	 
	
    (29) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23398)
    filed on June 1, 2007.
	 
	
    (30) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23398)
    filed on July 2, 2007.
	 
	
    (31) 		
    Incorporated by reference to the Company’s Quarterly Report
    on
    Form 10-Q
    for the quarter ended September 30, 2007.
	 
	
    (32) 		
    Incorporated by reference to the Company’s Current Report
    on
    Form 8-K
    (File
    No. 0-23398)
    filed on October 9, 2007.

    

    81

Table of Contents

 

    UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION

    Washington, D.C.
    20549

    Form 10-K

 

	 	 	 
	
    (Mark One)
    
	
 
	
 

	

    þ

	
 
	
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

	
 
	
 
	
    For the fiscal year ended
    December 31, 2008

	

    OR

	

    o

	
 
	
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

 

    Commission file number 001-13023

    Thermadyne Holdings
    Corporation

    (Exact name of Registrant as
    Specified in its Charter)

 

	 	 	 
	

    Delaware

	
 
	
    74-2482571

	
    (State or Other Jurisdiction
    of

    Incorporation or Organization)
	
 
	
    (I.R.S. Employer

    Identification No.)

	
 
	
 
	
 

	
    16052 Swingley Ridge Road, Suite 300

    Chesterfield, Missouri

    (Address of Principal
    Executive Offices)
	
 
	
    63017

    (ZIP Code) 

 

    Registrant’s telephone number, including area code:

    (636) 728-3000

 

    Securities registered pursuant to Section 12(b) of the
    Act:

    None

 

    Securities registered pursuant to Section 12(g) of the
    Act:

 

    Title of Class

 

    Common Stock, par value $0.01 per share

 

    Indicate by check mark if the registrant is a well-known
    seasoned issuer, as defined in Rule 405 of the Securities
    Act.  Yes o     No þ
    

 

    Indicate by check mark if the registrant is not required to file
    reports pursuant to Section 13 or Section 15(d) of the
    Act.  Yes o     No þ
    

 

    Indicate by check mark whether the registrant (1) has filed
    all reports required to be filed by Section 13 or 15(d) of
    the Securities Exchange Act of 1934 during the preceding
    12 months (or for such shorter period that the registrant
    was required to file such reports) and (2) has been subject
    to such filing requirements for the past
    90 days.  Yes þ     No o
    

 

    Indicate by check mark if disclosure of delinquent filers
    pursuant to Item 405 of
    Regulation S-K
    is not contained herein, and will not be contained, to the best
    of registrant’s knowledge, in definitive proxy or
    information statements incorporated by reference in
    Part III of this
    Form 10-K
    or any amendment to this
    Form 10-K.  þ
    

 

    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    “large accelerated filer,” “accelerated
    filer” and “smaller reporting company” in Rule
    12b-2 of the
    Exchange Act. (Check one):

 

			
	    Large
    accelerated
    filer o Accelerated
    filer þ  
    	    
    Non-accelerated
    filer o
    	     Smaller
    reporting
    company o
    

    (Do not check if a smaller reporting company) 

 

    Indicate by check mark whether the registrant is a shell company
    (as defined in
    Rule 12b-2
    of the Exchange
    Act).  Yes o     No þ
    

 

    State the aggregate market value of the voting and non-voting
    common equity held by non-affiliates computed by reference to
    the price at which the common equity was last sold, or the
    average bid and asked price of such common equity, as of the
    last business day of the registrant’s most recently
    completed second fiscal quarter: approximately $130,274,831
    based on the closing sales price of the Common Stock on
    June 30, 2008.

 

    Indicate by check mark whether the registrant has filed all
    documents and reports required to be filed by Section 12,
    13 or 15(d) of the Securities Exchange Act of 1934 subsequent to
    the distribution of securities under a plan confirmed by a
    court.  Yes þ     No o
    

 

    Indicate the number of shares outstanding of each of the
    registrant’s classes of common stock, as of the latest
    practicable date: 13,513,901 shares of common stock,
    outstanding at March 4, 2009.

 

    DOCUMENTS
    INCORPORATED BY REFERENCE

 

    Certain portions of the registrant’s Proxy Statement for
    the 2009 Annual Meeting of Shareholders are incorporated by
    reference into Part III of this Annual Report on
    Form 10-K.

 

Table of Contents

 

    CAUTIONARY
    STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

 

    The statements in this Annual Report on
    Form 10-K
    that relate to future plans, events or performance are
    forward-looking statements within the meaning of
    Section 27A of the Securities Act, Section 21E of the
    Securities Exchange Act of 1934, or the Exchange Act, and the
    Private Securities Litigation Reform Act of 1995, including
    statements regarding our future prospects. These statements may
    be identified by terms and phrases such as
    “anticipate,” “believe,” “intend,”
    “estimate,” “expect,” “continue,”
    “should,” “could,” “may,”
    “plan,” “project,” “predict,”
    “will” and similar expressions and relate to future
    events and occurrences. Actual results could differ materially
    due to a variety of factors and the other risks described in
    this Annual Report and the other documents we file from time to
    time with the Securities and Exchange Commission. Factors that
    could cause actual results to differ materially from those
    expressed or implied in such statements include, but are not
    limited to, the following and those discussed under the
    “Risk Factors” section of this annual report on
    Form 10-K:

 

    a) deteriorating global economic conditions,

 

    b) political and economic uncertainty in various areas of
    the world where we do business, continued volatility and further
    deterioration of the capital markets, and the commercial and
    consumer credit environment,

 

    c) the cyclicality of our business and those of our
    customers,

 

    d) the effectiveness of our cost reduction initiatives,

 

    e) the cost and availability of raw materials and component
    parts,

 

    f) our ability to comply with the terms of our debt
    instruments, obtain financing and service our debt, and the
    impact of changes in interest rates,

 

    g) our international sales and operations are subject to
    numerous risks, including currency exchange fluctuations,
    differing protections of intellectual property, trade barriers,
    and regional economic uncertainty,

 

    h) actions taken by our competitors that affect our ability
    to retain our customers,

 

    i) consolidation within our customer base and the resulting
    increased concentration of our sales,

 

    j) our ability to meet customer needs by introducing new
    and enhanced products,

 

    k) unforeseen liabilities arising from litigation,
    including product liability risks,

 

    l) our relationship with our employees and our ability to
    retain qualified management personnel and attract new management
    personnel and

 

    m) the costs of compliance with and liabilities arising
    under environmental laws and regulations.

 

    Readers are cautioned not to place undue reliance on these
    forward-looking statements, which speak only as of the date
    hereof and are not guarantees of performance or results. There
    can be no assurance that forward looking statements will prove
    to be accurate. We undertake no obligation to publicly release
    the result of any revisions to these forward-looking statements
    that may be made to reflect events or circumstances after the
    date hereof or that reflect the occurrence of unanticipated
    events.

    

    2

 

    TABLE OF
    CONTENTS

 

	 	 	 	 	 	 	 	 	 
	

    PART I

	 
	

    Item 1.

	 
	
 
	
    Business
	
 
	 
	
    4
	 

	 
	

    Item 1A.

	 
	
 
	
    Risk Factors
	
 
	 
	
    10
	 

	 
	

    Item 1B.

	 
	
 
	
    Unresolved Staff Comments
	
 
	 
	
    17
	 

	 
	

    Item 2.

	 
	
 
	
    Properties
	
 
	 
	
    17
	 

	 
	

    Item 3.

	 
	
 
	
    Legal Proceedings
	
 
	 
	
    18
	 

	 
	

    Item 4.

	 
	
 
	
    Submission of Matters to a Vote of Security
    Holders
	
 
	 
	
    19
	 

	
 

	
    PART II

	 
	

    Item 5.

	 
	
 
	
    Market for the Registrant’s Common Equity,
    Related Stockholder Matters and Issuer Purchases of Equity
    Securities
	
 
	 
	
    19
	 

	 
	

    Item 6.

	 
	
 
	
    Selected Financial Data
	
 
	 
	
    21
	 

	 
	

    Item 7.

	 
	
 
	
    Management’s Discussion and Analysis of
    Financial Condition and Results of Operations
	
 
	 
	
    22
	 

	 
	

    Item 7A.

	 
	
 
	
    Quantitative and Qualitative Disclosures About
    Market Risk
	
 
	 
	
    32
	 

	 
	

    Item 8.

	 
	
 
	
    Financial Statements and Supplementary Data
	
 
	 
	
    32
	 

	 
	

    Item 9.

	 
	
 
	
    Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure
	
 
	 
	
    33
	 

	 
	

    Item 9A.

	 
	
 
	
    Controls and Procedures
	
 
	 
	
    33
	 

	 
	

    Item 9B.

	 
	
 
	
    Other Information
	
 
	 
	
    35
	 

	
 

	
    PART III

	 
	

    Item 10.

	 
	
 
	
    Directors, Executive Officers, and Corporate
    Governance
	
 
	 
	
    35
	 

	 
	

    Item 11.

	 
	
 
	
    Executive Compensation
	
 
	 
	
    35
	 

	 
	

    Item 12.

	 
	
 
	
    Security Ownership of Certain Beneficial Owners
    and Management and Related Stockholder Matters
	
 
	 
	
    35
	 

	 
	

    Item 13.

	 
	
 
	
    Certain Relationships, Related Transactions, and
    Director Independence
	
 
	 
	
    36
	 

	 
	

    Item 14.

	 
	
 
	
    Principal Accountant Fees and Services
	
 
	 
	
    36
	 

	
 

	
    PART IV

	 
	

    Item 15.

	 
	
 
	
    Exhibits and Financial Statement Schedules
	
 
	 
	
    37
	 

	

    SIGNATURES

	
 
	 
	
    78
	 

	 
	
EX - 10.23
	 	 	 	 

	
EX - 10.26
	 	 	 	 

	
EX - 10.27
	 	 	 	 

	
EX - 10.28
	 	 	 	 

	
EX - 10.29
	 	 	 	 

	
EX - 10.30
	 	 	 	 

	
EX - 10.31
	 	 	 	 

	
EX - 10.34
	 	 	 	 

	
EX - 10.36
	 	 	 	 

	
EX - 10.39
	 	 	 	 

	
EX - 10.40
	 	 	 	 

	
EX - 21
	 	 	 	 

	
EX - 23
	 	 	 	 

	
EX - 31.1
	 	 	 	 

	
EX - 31.2
	 	 	 	 

	
EX - 32.1
	 	 	 	 

	
EX - 32.2
	 	 	 	 

    

    3

Table of Contents

 

    PART I

 

		
	
    Item 1.  
	
    Business

 

    Introduction

 

    We are a leading global supplier of cutting and welding
    products. We design, manufacture, market, sell and distribute
    welding and cutting torches, consumables, filler materials,
    power sources and accessories globally. Our products are used by
    fabricating, manufacturing, construction and foundry operations
    to cut and weld ferrous and nonferrous steel, aluminum and other
    metals. Common applications for our products include
    shipbuilding, manufacturing of transportation, mining and
    agricultural equipment, many types of construction such as
    offshore oil and gas rigs, fabrication of metal structures, and
    repair and maintenance of processing and manufacturing equipment
    and facilities as well as demolition. Welding and cutting
    products are critical to the operations of most businesses that
    fabricate metal. We have very well established and widely
    recognized brands. We were incorporated in Delaware in 1987. Our
    shares are currently quoted on the Nasdaq Capital Market, and as
    of March 4, 2009, we had an equity market capitalization of
    approximately $28.5 million (based on a closing sale price
    of $2.11 and 13.5 million shares outstanding).

 

    As used in this Annual Report on
    Form 10-K,
    the terms “Thermadyne Holdings Corporation,”
    “Thermadyne,” “Reorganized Company,”
    “the Company,” “we,” “our,” or
    “us,” mean Thermadyne Holdings Corporation and its
    subsidiaries.

 

    Reorganization
    and Basis of Presentation

 

    On November 19, 2001, the Company and substantially all of
    our domestic subsidiaries filed voluntary petitions for relief
    under Chapter 11 of the Bankruptcy Code in the United
    States Bankruptcy Court for the Eastern District of Missouri
    (the “Court”). On January 17, 2003, we filed with
    the Court the First Amended and Restated Joint Plan of
    Reorganization (the “Plan of Reorganization”) and the
    First Amended and Restated Disclosure Statement describing the
    Plan (the “Disclosure Statement”). The Plan of
    Reorganization and the Disclosure Statement were filed with the
    SEC on
    Form 8-K
    on February 6, 2003. On April 3, 2003, the Court
    confirmed the Plan of Reorganization. The Plan of Reorganization
    was consummated on May 23, 2003, and we emerged from
    Chapter 11 bankruptcy protection.

 

    The Plan of Reorganization provided for a substantial reduction
    of our long-term debt. Under the Plan of Reorganization, total
    debt was reduced to approximately $220 million, as compared
    to the nearly $800 million in debt and $79 million in
    preferred stock outstanding at the time we filed for
    Chapter 11 protection in November 2001.

 

    In accordance with AICPA Statement of Position
    90-7, we
    adopted fresh-start accounting whereby our assets, liabilities
    and new capital structure were adjusted to reflect estimated
    fair value at May 31, 2003. We determined the
    reorganization value through consultation with our financial
    advisors, by developing a range of values using both comparable
    companies and net present value approaches. In determining the
    $518 million reorganization value, we applied the income
    approach. The income approach is predicated on developing either
    cash flow or income projections over the useful lives of the
    assets, which are then discounted for risk and time value. The
    reorganized company’s financial statements are not
    comparable to the predecessor company’s financial
    statements.

    

    4

Table of Contents

    Our
    Principal Products and Markets

 

    Although we operate our business in one reportable segment, we
    have organized our business into five major product categories
    within the cutting and welding industry: (1) gas equipment;
    (2) arc accessories including torches, guns, related
    consumable parts and accessories; (3) plasma power
    supplies, torches and related consumable parts; (4) welding
    equipment; and (5) filler materials. The following shows
    the percent of total sales for each of the major product
    categories for each of the previous three years:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Gas equipment

	
 
	
 
	
    37
	
    %
	
 
	
 
	
    37
	
    %
	
 
	
 
	
    38
	
    %

	

    Arc accessories including torches, related consumable parts and
    accessories

	
 
	
 
	
    19
	
    %
	
 
	
 
	
    21
	
    %
	
 
	
 
	
    22
	
    %

	

    Filler metals

	
 
	
 
	
    19
	
    %
	
 
	
 
	
    18
	
    %
	
 
	
 
	
    16
	
    %

	

    Plasma power supplies, torches and related consumable parts

	
 
	
 
	
    15
	
    %
	
 
	
 
	
    14
	
    %
	
 
	
 
	
    14
	
    %

	

    Welding equipment

	
 
	
 
	
    10
	
    %
	
 
	
 
	
    10
	
    %
	
 
	
 
	
    10
	
    %

 

    Our gas equipment products include oxy-fuel torches, air fuel
    torches, consumables (tips and nozzles), regulators, flow meters
    and safety accessories that are used for cutting, heating and
    welding applications. We also have gas flow and pressure
    regulation equipment and manifold capabilities used for a
    variety of gas management applications across an extensive range
    of industries. These products are primarily sold under the
    Victor®,

    Cigweld®

    and
    TurboTorch®

    brands and typically range in price from $100 to more than
    $1,000 for more complex gas management systems. Oxy-fuel torches
    use a mixture of oxygen and fuel gas (predominantly acetylene)
    to produce a high-temperature flame that is used to cut, heat or
    weld steel. Gas torches are typically used in all the
    applications noted above, as well as for welding, heating,
    brazing and cutting in connection with maintenance of machinery,
    equipment and facilities. Air fuel torches are used by the
    plumbing, refrigeration and heating, ventilation and air
    conditioning industries using similar principles with
    MAP//Pro®

    or propane as the fuel gas. Gas flow and pressure regulation
    equipment is used to control the pressure and flow of most
    industrial, medical and specialty gases, including gases used in
    many industrial process control applications as well as the
    analytical laboratory and electronic industries. We believe we
    are among the largest suppliers of gas equipment products in the
    world, based on annual sales.

 

    Our arc accessories include automatic and semiautomatic welding
    guns and related consumable parts, ground clamps, electrode
    holders, cable connectors and assemblies all sold under our
    Tweco®

    brand. We also have a line of carbon arc gouging and exothermic
    cutting products. These products include torches and consumable
    rods that are sold under our
    Arcair®

    brand. Our welding accessory products are designed to be used
    with our arc welding power supplies, as well as those of our
    competitors. Our arc welding metal inert gas (“MIG”)
    guns typically range in price from $90 to $600. Arc welding MIG
    guns are used to apply a current to the filler metal used in
    welding. MIG guns are typically handheld and require regular
    replacement of consumable parts as a result of wear and tear, as
    well as their proximity to intense heat. Our connectors, clamps
    and electrode holders attach to the welding cable to connect the
    power source to the metal to be welded. Our gouging products are
    used to cut or gouge material to remove unwanted base or welded
    material as well as in demolition. We believe we are among the
    largest manufacturers of arc welding accessory products in the
    United States based on our annual sales.

 

    Filler metals, including hardfacing metals, are consumed in the
    welding process as the material that is melted to join the
    materials to be welded together. Hardfacing metals are sold
    under the
    Stoody®

    brand, as well as other brands. There are three basic types of
    filler metals used: stick electrodes, solid wire and flux cored
    wire. Stick electrodes are fixed length metal wires coated with
    a flux to enhance weld properties. This is used in conjunction
    with a power source and an electrode holder to weld the base
    material. The main advantage of this process is simplicity,
    portability and ease of use as it can be used to access most
    areas and no gas is required. Solid wire is sold on spools or in
    drums and is used in the semi-automated process with a MIG
    welding gun, power source and shielding gas. The main advantage
    of this process is ease of use and very high deposition rates
    making for higher productivity. Flux cored wires are similar to
    solid wires; however, they are tubular wires that allow the use
    of flux and other alloys to improve deposition rates and weld
    quality.

 

    Our plasma power supplies, torches and consumable parts are sold
    under the Thermal
    Dynamics®

    brand. Manual plasma systems typically range in price from $900
    to $5,000 with manual torch prices ranging from $300 to

    

    5

Table of Contents

    $800. Our automated cutting systems range in price from $2,500
    to $50,000 with torches ranging in price from $1,000 to $2,500.
    Both manual and automated plasma systems use front end torch
    parts that are consumed during the cutting process and range in
    price from $5 to $50. Plasma cutting uses electricity and gases
    (typically air or oxygen) to create a high-temperature plasma
    arc capable of cutting any type of metal. Electricity is
    converted by a power supply and supplied to a torch where the
    gas and electricity form a plasma arc. The plasma arc is then
    applied to the metal being cut. Plasma cutting is a growing
    technology for cutting metal. Advantages of the plasma cutting
    process over other methods include faster cutting speeds,
    cleaner cuts and the ability to cut ferrous and nonferrous
    alloys with minimum heat distortion to the metal being cut.
    Plasma cutting systems are used in the construction, fabrication
    and repair of both steel and nonferrous metal products,
    including automobiles and related assemblies, appliances, ships,
    railcars and heating, ventilation and air-conditioning products,
    as well as for general maintenance. We believe we are among the
    largest suppliers of plasma power supplies, torches and
    consumable parts in the United States and worldwide, based on
    our annual sales.

 

    Our welding equipment line includes inverter and
    transformer-based power sources used for all the main welding
    processes as well as plasma welding power sources. These
    products are primarily sold under the Thermal
    Arc®,

    Firepower®

    and
    Cigweld®

    brands. These products typically range in price from $300 to
    $12,000. Arc welding uses an electric current to melt together
    either wire or electrodes (referred to as filler metals) and the
    base materials. The power source converts the electrical line
    power into the appropriate voltage to weld. This electricity is
    applied to the filler metal using an arc welding accessory, such
    as a welding gun for wire welding or an electrode holder for
    stick electrode welding. Arc welding is the most common method
    of welding and is used for a wide variety of manufacturing and
    construction applications, including the production of ships,
    railcars, farm and mining equipment and offshore oil and gas
    rigs.

 

    We sell most of our products through a network of national and
    multinational industrial gas distributors including Airgas, Inc.
    and Praxair, Inc., as well as a large number of other
    independent welding distributors, wholesalers and dealers. In
    2008, our sales to customers in the U.S. represented 55% of
    our sales. In 2008 and 2007, we had one customer that comprised
    11% and 13%, respectively of our global net sales.

 

    We have manufacturing facilities in the United States,
    Australia, Mexico, People’s Republic of China, Malaysia,
    and Italy, with distribution facilities in Canada and England.
    We manage our operations by geographic location and by product
    category. See Note 18 — Segment Information
    to the consolidated financial statements for geographic and
    product line information.

 

    International
    Business

 

    We had international sales of $231.7 million,
    $201.4 million, and $166.7 million for the years ended
    December 31, 2008, 2007, and 2006, respectively, or
    approximately 45%, 41%, and 37%, respectively, of our net sales
    in each such period. Our international sales are influenced by
    fluctuations in exchange rates of foreign currencies, foreign
    economic conditions and other risks associated with foreign
    trade. See “Management’s Discussion and Analysis of
    Financial Condition and Results of Operations —
    Quantitative and Qualitative Disclosures About Market
    Risk.” Our international sales consist of: (a) export
    sales of our products manufactured at U.S. manufacturing
    facilities and, to a limited extent, products manufactured by
    third parties, sold through our overseas field representatives,
    and (b) sales of our products manufactured at our
    international manufacturing facilities and sold by our foreign
    subsidiaries.

 

    Sales and
    Marketing

 

    The Sales and Marketing organization oversees all sales and
    marketing activities, including strategic product pricing,
    promotion, and marketing communications. It is the
    responsibility of Sales and Marketing to profitably grow the
    Company’s sales, market share, and margins in each region.
    This is achieved through new product introductions, programs and
    promotions, price management, and the implementation of
    distribution strategies to penetrate new markets.

 

    Sales and Marketing is organized into three regions: Americas,
    Asia Pacific, and Europe including other regions. The Americas
    is comprised of the U.S., Canada, Mexico and Latin and South
    America; Asia Pacific includes South Pacific (Australia and New
    Zealand) and South and North Asia. Our third region is comprised
    of the

    

    6

Table of Contents

    U.K., Europe, Middle East, and the remaining countries not
    included in the other two regions. In 2008, the Americas
    contributed approximately 61% of the Company’s revenues;
    Asia Pacific contributed approximately 21%; and Europe and the
    remaining countries contributed approximately 18%. All product
    lines are sold in the three regions although there is some mix
    variance among the regions.

 

    The Sales and Marketing organization consists of sales,
    marketing, technical support, and customer care in each region.
    Sales and Marketing manages the Company’s relationship with
    our customers and channel partners who include distributors,
    wholesalers and retail customers. They provide feedback from the
    customers on product and service needs of the end-user
    customers, take our product lines to market, and provide
    technical and after sales service support. A national accounts
    team manages our largest accounts globally.

 

    Distribution

 

    We distribute our cutting and welding products in the United
    States through independent cutting and welding products
    distributors that carry one or more of our product lines from
    approximately 2,400 locations. We maintain relationships with
    these distributors through our sales force. We distribute our
    products internationally through our sales force, independent
    distributors and wholesalers.

 

    Raw
    Materials

 

    We have not experienced any difficulties in obtaining raw
    materials for our operations because our principal raw
    materials, which include copper, brass, steel and plastic, are
    widely available and need not be specially manufactured for use
    by us. Certain of the raw materials used in the hardfacing
    products of our filler metals product line, such as cobalt and
    chromium, are available primarily from sources outside the
    United States, some of which are located in countries that may
    be subject to economic and political conditions that could
    affect pricing and disrupt supply. Although we have historically
    been able to obtain adequate supplies of these materials at
    acceptable prices, restrictions in supply or significant
    increases in the prices of copper and other raw materials could
    adversely affect our business. During 2008, 2007, and 2006, we
    experienced significantly higher than historical average
    inflation on materials such as copper, steel and brass which
    detrimentally impacted our gross margins.

 

    We also purchase certain manufactured products that we either
    use in our manufacturing processes or resell. These products
    include electronic components, circuit boards, semiconductors,
    motors, engines, pressure gauges, springs, switches, lenses,
    forgings, filler metals and chemicals. Some of these products
    are purchased from international sources and thus our cost can
    be affected by foreign currency fluctuations. We believe our
    sources of such products are adequate to meet foreseeable demand
    at acceptable prices.

 

    Research,
    Development, and Technical Support

 

    We have development engineering groups for each of our product
    lines. The development engineering group primarily performs
    process and product development work to develop new products to
    meet our customer needs. The sustaining engineering group
    provides technical support to the operations and sales groups,
    and the quality department supports established products. As of
    December 31, 2008, we employed approximately 80 to
    100 people in our development and sustaining engineering
    groups, split between engineers, designers, technicians and
    graphic service support. Our engineering costs consist primarily
    of salaries, benefits for engineering personnel, and project
    expenses. Our development engineering costs are not material to
    our financial condition or results of operations.

 

    Competition

 

    We view the market as split into three types of competitors:
    (1) three full-line welding equipment and filler metal
    manufacturers (Lincoln Electric Company, ESAB, a subsidiary of
    Charter PLC, and several divisions of Illinois Tool Works, Inc.,
    including the ITW Miller and ITW Hobart Brothers divisions);
    (2) many single-line brand-specific competitors; and
    (3) a number of low-priced small niche competitors. Our
    large competitors offer a wide portfolio of product lines with
    an emphasis on filler metals and welding power supplies and
    lines of niche products. Their position as full-line suppliers
    and their ability to offer complete product solutions, filler
    metal volume, sales force relationships and fast delivery are
    their primary competitive strengths. Our single-line,
    brand-specific competitors emphasize product expertise, a
    specialized focused sales force, quick customer response time

    

    7

Table of Contents

    and flexibility to special needs as their primary competitive
    strengths. The low-priced manufacturers primarily use low
    overhead, low market prices and direct selling to capture a
    portion of price-sensitive customers’ discretionary
    purchases. International competitors have been less effective in
    penetrating the U.S. domestic markets due to product
    specifications, lack of brand recognition and their relative
    inability to access the welding distribution market channel.

 

    We expect to continue to see price pressure in the segments of
    the market where little product differentiation exists. The
    trends of improved performance at lower prices in the power
    source market and further penetration of the automated market
    are also expected to continue. Internationally, the competitive
    profile is similar, with overall lower market prices, more
    fragmented competition and a weaker presence of larger
    U.S. manufacturers.

 

    We compete on the performance, functionality, price, brand
    recognition, customer service and support and availability of
    our products. We believe we compete successfully through the
    strength of our brands, by focusing on technology development
    and offering innovative industry-leading products in our niche
    product areas.

 

    Recent
    Developments

 

    On January 20, 2009, the Company announced it was taking
    actions to reduce its operating costs in response to recent
    declines in demand for the Company’s products and the
    ongoing economic and market uncertainties. As part of its cost
    reduction efforts, the Company has extended the temporary
    lay-offs of various manufacturing personnel and reduced its
    salaried workforce by approximately 110 employees, or
    approximately 13% of its salaried workforce. As a result of this
    reduction in force, the Company expects to save approximately
    $7.5 million in annual compensation and benefit costs and
    to incur costs of severance related expenses aggregating
    approximately $3.6 million which was recognized in the
    fourth quarter of 2008 and will be paid in the first and second
    quarters of 2009.

 

    Subsequent to December 31, 2008, the Company offered a
    voluntary retirement program and approximately 50 employees
    have elected to participate. The Company will pay approximately
    $1.3 million in separation pay and reimburse COBRA benefits
    for certain periods. The amounts will be substantially paid
    through August 2009.

 

    In February 2009, the counter party terminated, and paid the
    Company $3.0 million pursuant to the interest rate swap
    agreement as described in Note 9 — Derivative
    Instruments.

 

    In March 2009, the Company is scheduled to complete the sale
    agreement of its Brazilian facilities and receive the final
    installment of approximately $1.8 million.

 

    Employees

 

    As of December 31, 2008, we employed approximately
    2,600 people, 580 of whom were engaged in sales, marketing
    and administrative activities, and 2,020 of whom were engaged in
    manufacturing or other operating activities. None of our
    U.S. workforce is represented by labor unions while most of
    the manufacturing employees in our foreign operations are
    represented by labor unions.

 

    In January 2009, we initiated a series of cost reduction
    initiatives to respond to the weak global economic conditions
    and forecasts. As reported on the
    Form 8-K
    filed by the Company on January 22, 2009, the Company
    terminated approximately 110 salaried personnel (approximately
    13% of the total) and extended the periods of temporary lay-offs
    for many of our hourly manufacturing and distribution personnel.

 

    We believe that our employee relations are satisfactory. We have
    not experienced any significant work stoppages.

 

    Patents,
    Licenses and Trademarks

 

    Our products are sold under a variety of trademarks and trade
    names. We own trademark registrations or have filed trademark
    applications for of all our trade names that we believe are
    material to the operation of our businesses. We also own various
    patents and from time to time acquire licenses from owners of
    patents to apply such patents to our operations. We do not
    believe any single patent or license is material to the
    operation of our businesses taken as a whole.

    

    8

Table of Contents

    Executive
    Officers of the Registrant

 

    Set forth below is the name, age, position and a brief account
    of the business experience of each of our executive officers.

 

	 	 	 	 	 	 	 
	

    Name

	
 
	

    Age

	
 
	

    Position(s)

	 

	

    Paul D. Melnuk

	
 
	 
	
    54
	 
	
 
	
    Chairman of the Board and Chief Executive Officer

	

    Steven A. Schumm

	
 
	 
	
    56
	 
	
 
	
    Executive Vice President — Chief Financial and
    Administrative Officer

	

    John A. Boisvert

	
 
	 
	
    47
	 
	
 
	
    Executive Vice President — Brand Management

	

    Terry Downes

	
 
	 
	
    41
	 
	
 
	
    Executive Vice President — Global Corporate Development

	

    Terry A. Moody

	
 
	 
	
    46
	 
	
 
	
    Executive Vice President — Global Operations

	

    Martin Quinn

	
 
	 
	
    52
	 
	
 
	
    Executive Vice President — Global Sales and Marketing

 

	 	 	 
	

    Paul D. Melnuk

	
 
	
    Mr. Melnuk has been a member of our Board of Directors
    since May 2003, was elected Chairman of the Board in October
    2003, and was appointed Chief Executive Officer on
    January 28, 2004. Mr. Melnuk is a director and
    chairman of the audit committee at Petro-Canada, a multinational
    integrated oil and gas company headquartered in Calgary,
    Alberta, and a director of several private companies.
    Mr. Melnuk has been a managing partner of FTL Capital
    Partners, LLC, a private equity firm, since 2001. Prior to 2001,
    Mr. Melnuk served as President and Chief Executive Officer
    of the predecessor to The Premcor Refining Group Inc., an oil
    refining company, Barrick Gold Corporation, a gold mining
    company, and Bracknell Corporation, a contracting company.

	

    Steven A. Schumm

	
 
	
    Mr. Schumm, CPA, joined Thermadyne in August 2006 as the
    Executive Vice President, Chief Financial Officer and Chief
    Administrative Officer after serving as a consultant for the
    Company since April 2006. He has over 30 years of
    experience in all areas of finance. He was previously employed
    as Chief Financial Officer of LaQuinta Corporation, a publicly
    traded limited service hotel owner and operator, Chief
    Administrative Officer and interim Chief Financial Officer of
    Charter Communications, a publicly traded cable service
    provider, and a partner with the independent public accounting
    firm, Ernst & Young LLP.

	

    John A. Boisvert

	
 
	
    Mr. Boisvert was elected Executive Vice President of brand
    management in January 2003. Previously, he served as Executive
    Vice President for our subsidiaries, Thermal Dynamics
    Corporation and C&G Systems Inc. Prior to that time,
    Mr. Boisvert served as the Vice President, General
    Operations Manager for Thermal Dynamics and C&G. He has
    over 20 years of experience in various capacities within
    Thermadyne.

	

    Terry Downes

	
 
	
    Mr. Downes joined Thermadyne in June 2003 as Director of
    Market Integration and in March of 2006 was promoted to
    Executive Vice President Global Corporate Development. He has
    12 years of international business development experience
    with primary focus in the manufacturing sector. He was
    previously employed by Novar PLC and Redland PLC.
    Mr. Downes has lived in the U.S., Latin America, Southeast
    Asia and Europe.

	

    Terry A. Moody

	
 
	
    Mr. Moody joined Thermadyne in August 2007 as Executive
    Vice President of Global Operations. He was formerly employed by
    Videocon Industries, a privately held manufacturer of high end
    digital products, where he served as the Chief Operating Officer
    and Senior Vice President of Europe.

	

    Martin Quinn

	
 
	
    Mr. Quinn was elected Executive Vice President of Global
    Sales effective April 1, 2005. From 1999 to March 30,
    2005, Mr. Quinn served as Vice President Marketing and
    Sales — Asia Pacific. Prior to that, he was Managing
    Director — Asia. He has over 24 years with
    Thermadyne.

 

    Internet
    Information

 

    Copies of our Annual Report on
    Form 10-K,
    Quarterly Reports on
    Form 10-Q,
    Current Reports on
    Form 8-K
    and amendments to those reports filed or furnished pursuant to
    Section 13(a) or 15(d) of the Securities Exchange

    

    9

Table of Contents

    Act of 1934 are available free of charge through our web site
    (www.thermadyne.com) as soon as reasonably practicable
    after we electronically file the materials with or furnish them
    to the Securities and Exchange Commission.

 

		
	
    Item 1A.  
	
    Risk
    Factors

 

    The statements in this Annual Report on
    Form 10-K
    that relate to future plans, events or performance are
    forward-looking statements within the meaning of
    Section 27A of the Securities Act of 1933, Section 21E
    of the Securities Exchange Act of 1934, and the Private
    Securities Litigation Reform Act of 1995, including statements
    regarding our future prospects. These statements may be
    identified by terms and phrases such as “anticipate,”
    “believe,” “intend,” “estimate,”
    “expect,” “continue,” “should,”
    “could,” “may,” “plan,”
    “project,” “predict,” “will” and
    similar expressions and relate to future events and occurrences.
    Actual results could differ materially due to a variety of
    factors and the other risks described in this Annual Report and
    the other documents we file from time to time with the
    Securities and Exchange Commission. Factors that could cause
    actual results to differ materially from those expressed or
    implied in such statements include, but are not limited to, the
    following items discussed below. We undertake no duty to revise
    or update the items discussed below.

 

    You should carefully consider each of the risks and
    uncertainties we describe below and all of the other information
    in this report. The risks and uncertainties we describe below
    are not the only ones we face. Additional risks and
    uncertainties of which we are currently unaware or that we
    currently believe to be immaterial may also adversely affect our
    business.

 

    Our
    business is cyclical and is affected by global economic
    conditions, particularly those affecting steel construction and
    fabrication-related activities, as well as other factors that
    are outside of our control, any of which may have a material
    adverse effect on our business, results of operations and
    financial condition.

 

    The success of our business is directly affected by general
    economic conditions and other factors beyond our control. In the
    fourth quarter 2008, global economic conditions including steel
    production deteriorated. Our business has been and continues to
    be adversely impacted by such conditions.

 

    The end-users of our products are engaged in commercial
    construction, steel shipbuilding, oil and gas industry related
    construction and maintenance, and general manufacturing. The
    demand for our products, and therefore the results of our
    operations, are related to the level of production in these
    end-user industries. Specifically, our sales volumes are closely
    tied to the levels of steel related construction and fabrication
    activities. In the fourth quarter of 2008, global steel
    production and shipments declined precipitously, which caused
    the Company to suffer decreased sales volumes. The duration and
    extent of this reduced demand for our products is uncertain.

 

    Dramatic fluctuations in the cost of raw materials, such as
    copper, brass and steel and related market place pressures for
    discounts in our selling prices increase the difficulty of
    maintaining profit margins. In the fourth quarter of 2008, the
    costs of raw materials such as copper and steel dropped
    substantially. The timing of and the extent to which we will
    realize the reduced costs and the impact on our profits is
    uncertain. There can be no assurance that the cost of these
    materials will not increase which would also increase the
    difficulty of maintaining profit margins.

 

    We believe the foregoing factors, in addition to other factors
    beyond the Company’s control, have had and will continue to
    have an adverse impact on our operating results and financial
    condition and could result in changes in our assessment of the
    realizable value of goodwill and other intangibles.

 

    Our
    business is highly competitive, and increased competition could
    reduce our sales, earnings and profitability.

 

    We offer products in highly competitive markets. We compete on
    the performance, functionality, price, brand recognition,
    customer service and support and availability of our products.
    We compete with companies of various sizes, some of which have
    greater financial and other resources than we do. Increased
    competition could force us to

    

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    lower our prices or to offer additional product features or
    services at a higher cost to us, which could reduce our sales
    and net earnings.

 

    The greater financial resources of certain of our competitors
    may enable them to commit larger amounts of capital in response
    to changing market conditions. Certain competitors may also have
    the ability to develop product innovations that could put us at
    a disadvantage. In addition, some of our competitors have
    achieved substantially more market penetration in certain
    segments of those markets in which we operate. If we are unable
    to compete successfully against other manufacturers in our
    marketplace, we could lose customers, and our sales may decline.
    There can also be no assurance that customers will continue to
    regard our products favorably, that we will be able to develop
    new products that appeal to customers, that we will be able to
    improve or maintain our profit margins on sales to our customers
    or that we will be able to continue to compete successfully in
    our core markets.

 

    We may
    not be able to successfully implement our cost-reduction
    initiatives.

 

    We have undertaken and may continue to undertake cost-reduction
    initiatives in response to declining global economic conditions.
    These include our ongoing continuous improvement initiatives
    (“TCP”), redesigning products and manufacturing
    processes, re-evaluating the location of certain manufacturing
    operations and the sourcing of vendor purchased components. In
    addition, in 2009 we have commenced a series of efforts to
    reduce costs. We have extended lay-offs of personnel in our
    manufacturing facilities, reduced the number of salaried
    personnel, and initiated reductions of a broad range of
    discretionary spending. There can be no assurance that these
    initiatives will be beneficial to us in providing the
    anticipated cost savings from such activities. If our
    cost-reduction efforts are unsuccessful, it may have a material
    adverse effect on our business.

 

    Our
    future operating results may be affected by fluctuations in the
    prices and availability of raw materials.

 

    We purchase a large amount of commodity raw materials,
    particularly copper, brass and steel. At times, pricing and
    supply can be volatile due to a number of factors beyond our
    control, including global demand, general economic and political
    conditions, mine closures and labor unrest in various countries,
    activities in the financial commodity markets, labor costs,
    competition, import duties and tariffs and currency exchange
    rates. This volatility can significantly affect our raw material
    costs. For example, as of July 2008, the cost of copper and
    steel was $4.25 per pound and $0.55 per pound, respectively, and
    then declined to $1.35 per pound and $0.27 per pound
    respectively in December 2008. An environment of volatile raw
    material prices, competitive conditions and declining economic
    conditions can adversely effect our profitability if we discount
    our sales prices too quickly without properly recovering the
    cost of previously purchased materials. Fixed price purchase
    commitments typically exist with respect to a portion of our
    material purchases for purchase volumes of three to six months.
    Conversely, to the extent that our arrangements to lock in
    supplier costs do not adequately contain cost increases and we
    are unable to pass on any price increases to our customers, our
    profitability could be adversely affected. Certain of the raw
    materials used in our hardfacing products within our filler
    metal product line, such as cobalt and chromium, are available
    primarily from sources outside the United States. Restrictions
    in the supply of cobalt, chromium and other raw materials could
    adversely affect our operating results. In addition, certain of
    our customers rely heavily on raw materials, and fluctuations in
    prices of raw materials for these customers could negatively
    affect their operations and orders for our products and ,as a
    result, our financial performance. Further, the recent dramatic
    decline in raw material costs could create economic hardship for
    our suppliers hampering our ability to reduce costs and
    potentially disrupting supply to us.

 

    If we
    fail to comply with the financial covenants in our debt
    instruments, our ability to obtain financing and make payments
    under our debt instruments may be adversely
    impacted.

 

    Our Working Capital Facility and our Second Lien Facility
    Agreements require compliance with certain financial covenants.
    These financial covenants have been amended on several occasions
    and most recently in June 2007. While we believe that we will be
    able to comply with our financial covenants in future periods,
    failure to do so would, unless the covenants were further
    amended or waived, result in defaults under our credit
    agreements. An event of default under our credit agreements, if
    not waived, could result in the acceleration of these debt
    obligations and, consequently, our debt obligations under our
    Senior Subordinated Notes. Such acceleration could result in

    

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    exercise of remedies by our creditors, which could have a
    material adverse impact on our ability to operate our business
    and to make payments under our debt instruments. In addition, an
    event of default under the credit facilities, such as the
    failure to maintain the applicable required financial ratios,
    would prevent additional borrowing under our credit agreements,
    which could have a material adverse effect on our ability to
    operate our business and to make payments under our debt
    instruments.

 

    If our
    consolidated indebtedness increases or EBITDA decreases, our
    interest cost under our Senior Subordinated Notes may increase,
    which would negatively impact our results.

 

    The interest cost for our Senior Subordinated Notes is subject
    to change quarterly based upon our consolidated leverage ratio
    determined on the relationship of debt to the trailing four
    quarters EBITDA, as defined. Under the terms of the indenture
    for the Senior Subordinated Notes, we are required to pay
    additional Special Interest. The rate of Special Interest
    increases to a maximum of 2.75% if our consolidated leverage
    ratio increases to 7.0. The rate of Special Interest declines
    incrementally to 0% if our consolidated leverage ratio is less
    than 3.0. The rate of Special Interest, increases to 0.75%
    effective beginning April 1, 2009 based on a consolidated
    leverage ratio that is above 3.5 as of December 31, 2008.

 

    We are
    subject to risks caused by changes in interest
    rates.

 

    Changes in benchmark interest rates will impact the interest
    cost associated with our variable interest rate debt. Our
    variable rate debt includes the borrowings under our Working
    Capital Facility and our Second Lien Facility, representing 20%
    of our debt at December 31, 2008. Changes in interest rates
    would affect our cost of future borrowings. Significant
    increases in interest rates would adversely affect our financial
    condition and results of operations.

 

    The
    Company is subject to risks caused by disruptions in the credit
    markets.

 

    Our Working Capital Facility is provided under an agreement with
    G.E. Capital Corporation which was executed in June 2007 and
    matures in November 2012. Our daily operations are funded
    through daily borrowings and repayments from and to our lender
    under the Working Capital Facility. Due to the deteriorating
    global economic conditions, there have been significant
    disruptions in the credit markets. The temporary or permanent
    loss of the use of the Working Capital Facility or the inability
    to replace this facility when it expires would have a material
    adverse effect on our business and results of operations.

 

    Credit availability for our suppliers and customers has been
    reduced due to the disruptions in the credit markets. This
    decreased availability for our customers and suppliers may have
    an adverse effect on the demand for our products, the collection
    of our accounts receivable and our ability to timely fulfill our
    commitments.

 

    The
    actual or anticipated sale of shares of our common stock may
    cause the market price of our common stock to decline. During
    2008, the Company registered 4,496,555 shares of our common
    stock on behalf of a major shareholder, and
    1,500,000 shares of our common stock for future offer and
    sale by the Company.

 

    During 2008, the Securities and Exchange Commission declared
    effective the Company’s shelf registration statement
    covering 5,996,555 shares of our common stock. Of the
    5,996,555 shares, 4,496,555 were registered by the Company
    on behalf of Angelo, Gordon & Co., L.P., and
    1,500,000 shares were registered for future offer and sale
    by the Company. As of December 31, 2008, Angelo,
    Gordon & Co., L.P. beneficially owned 33.3% of our
    common stock, which it holds for the account of investment
    advisory clients of Angelo, Gordon & Co., L.P. Other
    investment advisory clients of Angelo, Gordon & Co.,
    L.P. are the sole lenders under our Second Lien Facility, and
    also own a total of $24,217,000 principal amount of our Senior
    Subordinated Notes. The Company and Angelo, Gordon &
    Co., L.P. may offer for sale any or all of their respective
    registered shares from time to time prior to the expiration of
    the shelf registration statement.

 

    The sale of these or other shares of our common stock through
    open market transactions or other means may, depending upon the
    timing of the sales, depress the market price of our common
    stock. Moreover, actual or anticipated downward pressure on the
    market price of our common stock due to actual or anticipated
    sales of our

    

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    common stock could cause some institutions or individuals to
    engage in short sales of our common stock, which may itself
    cause the market price of our common stock to decline.

 

    Sales
    of our common stock may result in a “change in
    control” under the Indenture, in which case, we may be
    required to repurchase the Senior Subordinated Notes, which
    would have a material adverse effect on the
    Company.

 

    Upon a change of control, as defined in the indenture for the
    Senior Subordinated Notes, each holder of our Senior
    Subordinated Notes has the right to require us to purchase the
    Senior Subordinated Notes at a purchase price in cash equal to
    101% of the principal, plus accrued and unpaid interest. Under
    the indenture, a “change of control” occurs if

 

			
	 	    • 
	
    any person, as such term is used in Sections 13(d) and
    14(d) of the Securities Exchange Act of 1934, other than Angelo,
    Gordon & Co., L.P. and its affiliates, is or becomes
    the direct or indirect beneficial owner of more than 35% of the
    total voting power of our capital stock then outstanding and
    entitled to vote in the election of our directors, and

	 
	 	    • 
	
    Angelo, Gordon & Co., L.P. beneficially owns a lesser
    percentage of the total voting power of our voting capital stock
    than the acquiring person and does not have the right or ability
    by voting power, contract or otherwise, to elect or designate
    for election a majority of our board of directors.

 

    The Indenture defines “beneficial ownership” to
    include all shares that a person has the right to acquire either
    immediately or with the passage of time.

 

    As of December 31, 2008, Angelo, Gordon & Co.,
    L.P. beneficially owned 33.3% of our common stock, which it
    holds for the account of investment advisory clients of Angelo,
    Gordon & Co., L.P. If some or all of the shares owned
    by our primary stockholder are sold to one of our existing
    stockholders, it is possible that, following the sale, the
    purchaser would own more than 35% of our common stock. If any of
    the holders of our Senior Subordinated Noteholders exercises its
    redemption rights, we may have insufficient working capital for
    operations or capital expenditures. In addition, we may not have
    sufficient financial resources to purchase all of the Senior
    Subordinated Notes. If we are unable to satisfy our payment
    obligations under the Senior Subordinated Notes, we may be in
    default under our indenture, which, if not waived, would result
    in the acceleration of our debt obligations and the exercise of
    remedies under the Working Capital Facility and the Second Lien
    Facility, which would have a material adverse impact on our
    ability to operate our business and to make payments under our
    debt instruments.

 

    Sales
    of our common stock may result in a “change of
    control” under our credit facility agreements, which
    constitutes an event of default under the agreements and could
    result in the acceleration of our debt obligations under those
    agreements and, absent a waiver of this default, would have a
    material adverse effect on the Company.

 

    Under the terms of our agreements providing for our Working
    Capital Facility and our Second Lien Facility, any of the
    following events is a “change of control”:

 

			
	 	    • 
	
    any person or group of persons, within the meaning of the
    Securities Exchange Act of 1934, other than the selling
    stockholder or the holders of our Senior Subordinated Notes
    acquires beneficial ownership of 30% or more of our issued and
    outstanding shares of stock;

	 
	 	    • 
	
    during any period of 12 consecutive calendar months, individuals
    who at the beginning of the period constituted our board of
    directors, together with any new directors elected or nominated
    for election by a vote of at least two-thirds of the directors
    then still in office who either were directors at the beginning
    of the 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

	 
	 	    • 
	
    a “change of control” as defined in the indenture for
    our Senior Subordinated Notes.

 

    If some or all of the shares beneficially owned by Angelo
    Gordon & Co., L.P. are sold to one or more of our
    existing or new stockholders, it is possible that, following the
    sale, the purchaser would own more than 30% of our common stock.
    This would constitute an event of default under our Working
    Capital and Second Lien Facilities,

    

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    which, if not waived, would result in the acceleration of our
    debt obligations and the exercise of remedies under these
    Facilities. This acceleration, in turn, would also constitute an
    event of default under the indenture for the Senior Subordinated
    Notes. An event of default under our Working Capital and Second
    Lien Facilities, if not waived, would have a material adverse
    impact on our ability to operate our business and to make
    payments under our debt instruments.

 

    The
    sale of shares by our primary stockholder or a combination of
    other stockholders may limit our ability to use net operating
    loss carryforwards to offset future taxable income for federal
    and state income tax purposes, which could have a material
    adverse effect on our cash flow and results of
    operations.

 

    As of December 31, 2008, we had net operating loss
    carryforwards of approximately $147 million from the years
    1998 through 2008 available to offset future federal and state
    taxable income. Our net operating loss carryforwards will expire
    between the years 2018 and 2028. Under Section 382 of the
    U.S. Internal Revenue Code of 1986, as amended, a
    corporation that undergoes an “ownership change” is
    subject to limitations on its ability to utilize its net
    operating losses to offset future taxable income. In general, an
    ownership change occurs if the aggregate stock ownership of
    holders of five percent or more of the corporation’s stock
    increases by more than fifty (50) percentage points over an
    applicable three-year period. The amount of the annual
    limitation generally is equal to the value of the stock of the
    corporation immediately prior to the ownership change multiplied
    by the adjusted federal long-term tax-exempt rate. Our net
    operating loss carryforwards are not currently limited under
    Section 382.

 

    We expect that sales of our common stock by our primary
    stockholder will result in an ownership change or will
    significantly increase the likelihood that an ownership change
    will occur that will limit our ability to use net operating loss
    carryforwards under Section 382. It is also possible that
    an ownership change may result from sales of our common stock by
    other owners of five percent (5%) or more of the shares of our
    common stock, or the acquisition of five percent (5%) or more of
    the shares of our common stock by other persons (or groups of
    persons).

 

    We have no control over our stockholders’ ability to buy or
    sell their shares and therefore cannot prevent an ownership
    change from occurring. We also cannot predict the extent to
    which our net operating loss carryforwards will be limited or
    the ultimate impact of these limitations, which will depend on,
    among other things: the identity of any stockholders who buy or
    sell our common stock, the timing of these transactions, the
    number of shares they buy or sell, and our future taxable income.

 

    Limitations on our ability to use net operating loss
    carryforwards to offset future taxable income under
    Section 382 could reduce the benefit of our net operating
    loss carryforwards by requiring us to pay federal and state
    income taxes earlier than we otherwise would have had such a
    change not occurred, and causing part of our net operating loss
    carryforwards to expire without our having fully utilized them.
    Limitations under Section 382 could also limit our use of
    other credits, such as foreign tax credits, in future years.
    Limitations resulting from an ownership change under
    Section 382 could have a material adverse effect on our
    cash flow and results of operations.

 

    Our
    international sales and operations pose certain risks that may
    adversely impact sales and earnings.

 

    We sell our products to distributors located in approximately
    100 countries. During the years ended December 31, 2007 and
    2008, approximately 41% and 45%, respectively, of our
    consolidated sales were derived from markets outside the
    U.S. A part of our long-term strategy is to increase our
    manufacturing, distribution and sales presence in international
    markets. We have operations and assets located outside of the
    United States, including in Australia, Canada, China, England,
    Italy, Malaysia and Mexico. International operations are subject
    to a number of special risks including: currency exchange rate
    fluctuations; differing protections of intellectual property;
    trade barriers; regional economic uncertainty; labor unrest;
    governmental currency exchange controls; differing (and possibly
    more stringent) labor regulation; governmental expropriation;
    domestic and foreign customs, tariffs and taxes; current and
    changing regulatory environments; difficulty in obtaining
    distribution support; difficulty in staffing and managing
    widespread operations; differences in the availability and terms
    of financing; and political instability and unrest.

 

    Our products are used primarily in metal fabrication operations
    to cut and join metal parts. Certain metal fabrication
    operations, as well as manufacturing operations generally, are
    moving from the United States to international locations where
    labor costs are lower. Selling products into international
    markets and maintaining and

    

    14

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    expanding international operations require significant
    coordination, capital and resources. If we fail to address these
    developments, we may be unable to grow or maintain our sales and
    profitability.

 

    Also, in some foreign jurisdictions, we may be subject to laws
    that limit the right and ability of entities organized or
    operating in those jurisdictions to pay dividends or remit
    earnings to affiliated companies unless specified conditions are
    met. These factors may adversely affect our results of
    operations and financial condition.

 

    We are
    subject to currency fluctuations from our operations within
    non-U.S. markets
    and face risks arising from the imposition of exchange controls
    and currency devaluations.

 

    For our operations conducted in foreign countries, transactions
    are typically denominated in foreign currencies, including, but
    not limited to, the Australian dollar, Canadian dollar, Euro,
    and Pound Sterling. Accordingly, the costs of our operations in
    these foreign locations are also denominated in those local
    currencies. Because our financial statements are stated in
    U.S. dollars, changes in currency exchange rates between
    the U.S. dollar and other currencies have had, and will
    continue to have, an impact on our reported financial results.
    In addition, some sale transactions cross foreign country
    borders and pose foreign currency exchange settlement risks. We
    currently do not have exchange rate hedges in place to reduce
    the risk of an adverse currency exchange movement. Currency
    fluctuations have affected our reported financial performance in
    the past and will likely affect our reported financial
    performance in the future.

 

    We also face risks arising from the imposition of currency
    exchange controls and currency devaluations. Exchange controls
    may limit our ability to convert foreign currencies into
    U.S. dollars or to remit dividends and other payments by
    our foreign subsidiaries or operations located or doing business
    in a country imposing controls. Currency devaluations result in
    a diminished value of funds denominated in the currency of the
    country instituting the devaluation. Actions of this nature, if
    they occur or continue for significant periods of time, could
    have an adverse effect on our results of operations and
    financial condition.

 

    We
    rely in large part on independent distributors for sales of our
    products.

 

    We depend on more than 4,000 independent distributors to sell
    our products and provide service and after-market support to our
    ultimate customers. Distributors play a significant role in
    determining which of our products are stocked at their branch
    locations and the prices at which they are sold, which impacts
    how accessible our products are to our ultimate customers.
    Almost all of the distributors with whom we transact business
    offer competing products and services to our ultimate customers.
    There is a trend toward consolidation of these distributors,
    which has been escalating in recent years. In 2008, one
    distributor represented 11% of our 2008 sales. Recent economic
    events could undermine the economic viability of some of our
    customers. These events could also cause our competitors to
    introduce new economic inducements and pricing arrangements
    causing distributors to increase purchases from our competitors
    and reduce purchases from us. The continued consolidation of
    these distributors, the loss of certain key distributors, or an
    increase in the distributors’ sales of our
    competitors’ products to our ultimate customers could
    materially reduce our sales and earnings.

 

    Failure
    to enhance existing products and develop new products may
    adversely impact financial results.

 

    Our financial and strategic performance depends partially on
    providing new and enhanced products to the global marketplace.
    We may not be able to develop or acquire innovative products or
    otherwise obtain intellectual property in a timely and effective
    manner in order to maintain and grow our position in global
    markets. Furthermore, we cannot be sure that new products or
    product improvements will be met with customer acceptance or
    contribute positively to our financial results. We may not be
    able to continue to support the levels of research and
    development activities and expenditures necessary to improve and
    expand our products. Competitors may be able to direct more
    capital and other resources to new or emerging technologies to
    respond to changes in customer requirements.

 

    If our
    relationship with our employees were to deteriorate, we could be
    adversely affected.

 

    Currently, in our U.S. operations (where none of our
    employees is represented by a labor union) and in our foreign
    operations (where the majority of our employees are represented
    by labor unions), we have maintained a positive working
    environment. Although we focus on maintaining a productive
    relationship with our employees, we

    

    15

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    cannot ensure that unions, particularly in the United States,
    will not attempt to organize our employees or that we will not
    be subject to work stoppages, strikes or other types of
    conflicts with our employees or organized labor in the future.
    Any such event could have a material adverse effect on our
    ability to operate our business and serve our customers and
    could materially impair our relationships with key customers and
    suppliers, which could damage our business, results of
    operations and financial condition.

 

    In the fourth quarter 2008 and early 2009, we implemented a
    series of actions that could impact our relationship with our
    employees, including temporary lay offs of hourly workers in our
    plants; reduction in our salaried work force; deferral of salary
    increases and deferral of our 401k match program. Further
    actions may be implemented, which could further impact our
    relationship with employees.

 

    If we
    are unable to retain and hire key employees, the performance of
    our operations could be adversely affected.

 

    Our ability to provide high-quality products and services for
    our customers and to manage the complexity of our business is
    dependent on our ability to retain and to attract skilled
    personnel in the areas of product engineering, manufacturing,
    sales and finance. Our businesses rely heavily on key personnel
    in the engineering, design, formulation and manufacturing of our
    products. Our success is also dependent on the management and
    leadership skills of our senior management team. As with all of
    our employees, we focus on maintaining a productive relationship
    with our key personnel. However, we cannot ensure that our
    employees will remain with us indefinitely. The loss of a key
    employee and the inability to find an adequate replacement could
    materially impair our relationship with key customers and
    suppliers, which could damage our business, results of
    operations and financial condition.

 

    Liabilities
    relating to litigation alleging manganese induced illness could
    reduce our profitability and impair our financial
    condition.

 

    We are a defendant in many cases alleging manganese induced
    illness. Manganese is an essential element of steel and
    contained in all welding filler metals. We are one of a large
    number of defendants in litigation cases filed in the
    U.S. The claimants allege that exposure to manganese
    contained in the welding filler metals caused the plaintiffs to
    develop adverse neurological conditions, including a condition
    known as manganesium.

 

    The aggregate long-term impact of the manganese loss
    contingencies on operating cash flows and financial condition is
    difficult to assess, particularly because claims are in many
    different stages of development. While we have contested and
    intend to continue to contest these lawsuits vigorously, there
    are several risks and uncertainties that may affect our
    liability for personal claims relating to exposure to manganese,
    including the possibility that our litigation experience changes
    overall. An adverse change from our litigation experience to
    date could materially diminish our profitability and impair our
    financial condition.

 

    Our
    products involve risks of personal injury and property damage,
    which expose us to potential liability.

 

    Our business exposes us to possible claims for personal injury
    or death and property damage resulting from the products that we
    sell. We maintain insurance for loss (excluding attorneys’
    fees and expenses) through a combination of self-insurance
    retentions and excess insurance coverage. We are not insured
    against punitive damage awards and we are not currently insured
    for liability from manganese induce illness. We monitor claims
    and potential claims of which we become aware and establish
    reserves for the self-insurance amounts based on our liability
    estimates for such claims. We cannot give any assurance that
    existing or future claims will not exceed our estimates for
    self-insurance or the amount of our excess insurance coverage.
    In addition, we cannot give any assurance that insurance will
    continue to be available to us on economically reasonable terms
    or that our insurers would not require us to increase our
    self-insurance amounts. Claims brought against us that are not
    covered by insurance or that result in recoveries in excess of
    insurance coverage could have a material adverse effect on our
    results of operations and financial condition. Moreover, despite
    any insurance coverage, any accident or incident involving our
    products could negatively affect our reputation among customers
    and the public. This may make it more difficult for us to
    compete effectively.

    

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    We are
    subject to various environmental laws and regulations and may
    incur costs that have a material adverse effect on our financial
    condition as a result of violations of or liabilities under
    environmental laws and regulations.

 

    Our operations are subject to federal, state, local and foreign
    laws and regulations relating to the protection of the
    environment, including those governing the discharge of
    pollutants into the air and water, the use, management and
    disposal of hazardous materials resulting from the manufacturing
    process, and employee health and safety. As an owner and
    operator of real property and a generator of hazardous waste, we
    may also be subject to liability for the remediation of
    contaminated sites. While we are not currently aware of any
    outstanding material claims or obligations, we could incur
    substantial costs, including cleanup costs, fines and civil or
    criminal sanctions, third-party property damage or personal
    injury claims, as a result of violations of or liabilities under
    environmental laws or noncompliance with environmental permits
    required at our facilities.

 

    Contaminants have been detected at some of our present and
    former sites. In addition, we have been named as a potentially
    responsible party at certain Superfund sites. While we are not
    currently aware of any contaminated or Superfund sites as to
    which material outstanding claims or obligations exist, the
    discovery of additional contaminants or the imposition of
    additional cleanup obligations at these or other sites could
    result in significant liability. In addition, the ultimate costs
    under environmental laws and the timing of these costs are
    difficult to predict. Liability under some environmental laws
    relating to contaminated sites, including the Comprehensive
    Environmental Response, Compensation, and Liability Act and
    analogous state laws, can be imposed retroactively and without
    regard to fault. Further, one responsible party could be held
    liable for all costs at a site. Thus, we may incur material
    liabilities under existing environmental laws and regulations or
    environmental laws and regulations that may be adopted in the
    future.

 

		
	
    Item 1B.  
	
    Unresolved
    Staff Comments

 

    None.

 

		
	
    Item 2.  
	
    Properties

 

    We operate manufacturing facilities in the United States, Italy,
    Malaysia, Australia, the People’s Republic of China and
    Mexico. All U.S. facilities, leases and leasehold interests are
    encumbered by first priority liens securing our obligations
    under our Working Capital Facility and Second Lien Facility. We
    consider our plants and equipment to be modern and well
    maintained and believe our plants have sufficient capacity to
    meet future anticipated expansion needs.

 

    We lease a 19,500 square-foot facility located in St.
    Louis, Missouri, that houses our executive offices, as well as
    some of our centralized services.

    

    17

Table of Contents

    The following table describes the location and general character
    of our principal properties of our continuing operations as of
    December 31, 2008:

 

	 	 	 
	

    Location of Facility

	
 
	

    Building Space/Number of Buildings

	 

	

    West Lebanon, New Hampshire

	
 
	
    153,000 sq. ft./5 buildings (office, manufacturing,
    sales training)

	

    Denton, Texas

	
 
	
    238,960 sq. ft./4 buildings (office, manufacturing,
    storage, sales training center)

	

    Roanoke, Texas

	
 
	
    278,543 sq. ft. / 1 building (manufacturing, warehouse)

	

    Hermosillo, Sonora, Mexico

	
 
	
    178,013 sq. ft. / 1 building (office, manufacturing)

	

    Oakville, Ontario, Canada

	
 
	
    48,710 sq. ft./1 building (office, warehouse)

	

    Cigweld Malaysia/Selangor, Malaysia

	
 
	
    127,575 sq. ft./1 building (office, warehouse)

	

    Melbourne, Australia

	
 
	
    273,425 sq. ft./2 buildings (office, manufacturing,
    warehouse)

	

    Bekasi, Indonesia

	
 
	
    17,653 sq. ft./1 building (office, warehouse)

	

    Kuala Lumpur, Malaysia

	
 
	
    60,000 sq. ft./1 building (office, manufacturing)

	

    Bowling Green, Kentucky

	
 
	
    188,000 sq. ft./1 building (office, manufacturing,
    warehouse)

	

    Milan, Italy

	
 
	
    32,000 sq. ft./3 buildings (office, manufacturing,
    warehouse)

	

    Chino, California

	
 
	
    30,880 sq. ft./1 building (warehouse)

	

    Ningbo, China

	
 
	
    44,187 sq. ft. /1 buildings (office, manufacturing,
    warehouse)

 

    All of the above facilities are leased, except for the
    manufacturing facilities located in Australia, which facilities
    are owned. We also have additional assembly and warehouse
    facilities in the United Kingdom and Australia.

 

		
	
    Item 3.  
	
    Legal
    Proceedings

 

    Our operations are subject to federal, state, local and foreign
    laws and regulations relating to the protection of the
    environment, including those governing the discharge of
    pollutants into the air and water, the use, management and
    disposal of hazardous materials and employee health and safety.
    We are currently not aware of any citations or claims filed
    against us by any local, state, federal and foreign governmental
    agencies, which, if successful, would have a material adverse
    effect on our financial condition or results of operations.

 

    As an owner or operator of real property, we may be required to
    incur costs relating to remediation of properties, including
    properties at which we dispose waste, and environmental
    conditions could lead to claims for personal injury, property
    damage or damages to natural resources. We are aware of
    environmental conditions at certain properties which we now own
    or lease or previously owned or leased, which are undergoing
    remediation. We do not believe the cost of such remediation will
    have a material adverse effect on our business, financial
    condition or results of operations.

 

    Certain environmental laws, including, but not limited to, the
    Comprehensive Environmental Response, Compensation, and
    Liability Act and analogous state laws provide for liability
    without regard to fault for investigation and remediation of
    spills or other releases of hazardous materials, and liability
    for the entire cleanup can be imposed upon any of a number of
    responsible parties. Such laws may apply to conditions at
    properties presently or formerly owned or operated by us or our
    subsidiaries or by their predecessors or previously owned
    business entities. Further, conditions at properties owned by
    others may contain wastes or other contamination which are
    attributed to us or our subsidiaries or their predecessors or
    previously owned business entities. We have in the past and may
    in the future be named a potentially responsible party at
    off-site disposal sites to which we have sent waste. We do not
    believe the ultimate cost relating to such sites will have a
    material adverse effect on our financial condition or results of
    operations.

    

    18

Table of Contents

    At December 31, 2008, we were a co-defendant in 354 cases
    alleging manganese induced illness. Manganese is an essential
    element of steel and contained in all welding filler metals. We
    are one of a large number of defendants. The claimants allege
    that exposure to manganese contained in the welding filler
    metals caused the plaintiffs to develop adverse neurological
    conditions, including a condition known as magnesium. As of
    December 31, 2008, 136 of these cases had been filed in, or
    transferred to, federal court where the Judicial Panel on
    Multidistrict Litigation has consolidated these cases for
    pretrial proceedings in the Northern District of Ohio (the
    “MDL Court”). Between June 1, 2003 and
    December 31, 2008, we were dismissed from 1,109 other cases
    with similar allegations. While there is uncertainty relating to
    any litigation, management is of the opinion that the outcome of
    such litigation will not have a material adverse effect on the
    Company’s financial condition or results of operations.

 

    All other legal proceedings and actions involving us are of an
    ordinary and routine nature and are incidental to the operations
    of the Company. Management believes that such proceedings should
    not, individually or in the aggregate, have a material adverse
    effect on the Company’s business or financial condition or
    on the results of operations.

 

		
	
    Item 4.  
	
    Submission
    of Matters to a Vote of Security Holders

 

    No matters were submitted to a vote of the shareholders during
    the fourth quarter of 2008.

 

    PART II

 

		
	
    Item 5.  
	
    Market
    for the Registrant’s Common Equity, Related Stockholder
    Matters and Issuer Purchases of Equity Securities

 

    The Company’s common stock is listed on The Nasdaq Capital
    Market under the symbol “THMD.” The following table
    shows, for the periods indicated, the high and low sales or bid
    prices, as the case may be, of a share of Common Stock for 2007
    and 2008, as reported by published financial sources. For each
    quarter in 2007 and 2008, the prices shown below reflect the
    high and low bid prices.

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Bid or Sales Prices ($)
	
 

	
 
	
 
	
    High
	
 
	
 
	
    Low
	
 

	 

	

    2007

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    First Quarter

	
 
	
    $
	
    11.91
	
 
	
 
	
    $
	
    10.00
	
 

	

    Second Quarter

	
 
	
 
	
    16.85
	
 
	
 
	
 
	
    11.00
	
 

	

    Third Quarter

	
 
	
 
	
    17.85
	
 
	
 
	
 
	
    12.45
	
 

	

    Fourth Quarter

	
 
	
 
	
    14.21
	
 
	
 
	
 
	
    11.50
	
 

	

    2008

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    First Quarter

	
 
	
    $
	
    11.50
	
 
	
 
	
    $
	
    7.98
	
 

	

    Second Quarter

	
 
	
 
	
    18.01
	
 
	
 
	
 
	
    9.25
	
 

	

    Third Quarter

	
 
	
 
	
    22.50
	
 
	
 
	
 
	
    14.16
	
 

	

    Fourth Quarter

	
 
	
 
	
    16.48
	
 
	
 
	
 
	
    5.51
	
 

 

    On March 4, 2009, the last reported sale price for our
    Common Stock as quoted on NASDAQ was $2.11 per share. As of
    February 4, 2009 there were approximately 490 beneficial
    owners of our Common Stock including the number of individual
    participants in security position listings.

 

    We have historically not paid any cash dividends on our Common
    Stock, and we do not have any present intention to commence
    payment of any cash dividends. We intend to retain earnings to
    provide funds for the operation and expansion of our business
    and to repay outstanding indebtedness. Our debt agreements
    contain certain covenants restricting the payment of dividends
    on or repurchases of Common Stock. See “Management’s
    Discussion and Analysis of Financial Condition and Results of
    Operations — Overview.”

    

    19

Table of Contents

    Performance
    Graph

 

    The following graph shows a comparison of our cumulative total
    returns, the Russell 2000 Stock Index (the “Russell
    2000”) and the Standard & Poor’s Composite
    500 Stock Index (the “S&P 500”) for the period
    from December 31, 2003 to December 31, 2008. A
    compatible peer-group index for the welding industry, in
    general, was not readily available since the industry is
    comprised of a relatively few competitors. The Russell 2000
    represents an index based on a concentration of companies having
    relatively small market capitalization, similar to the Company.
    The comparison assumes $100 was invested on December 31,
    2003 in each of our common stock, the Russell 2000, and the
    S&P 500, and assumes compounded daily returns with
    reinvestment of dividends.

 

    

 

 

    Value of
    $100 Invested

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    5/30/2003
	
 
	
    12/31/2003
	
 
	
    12/31/2004
	
 
	
    12/31/2005
	
 
	
    12/31/2006
	
 
	
    12/31/2007
	
 
	
    12/31/2008

	

    Russell 2000

	
 
	
 
	
    100
	
 
	
 
	
 
	
    126.58
	
 
	
 
	
 
	
    147.75
	
 
	
 
	
 
	
    152.66
	
 
	
 
	
 
	
    178.61
	
 
	
 
	
 
	
    173.7
	
 
	
 
	
 
	
    113.25
	
 

	

    S&P 500

	
 
	
 
	
    100
	
 
	
 
	
 
	
    115.39
	
 
	
 
	
 
	
    125.77
	
 
	
 
	
 
	
    129.55
	
 
	
 
	
 
	
    147.19
	
 
	
 
	
 
	
    152.38
	
 
	
 
	
 
	
    93.74
	
 

	

    Thermadyne Holdings Corporation

	
 
	
 
	
    100
	
 
	
 
	
 
	
    117.14
	
 
	
 
	
 
	
    123.81
	
 
	
 
	
 
	
    126.67
	
 
	
 
	
 
	
    94.29
	
 
	
 
	
 
	
    109.52
	
 
	
 
	
 
	
    65.43
	
 

    

    20

Table of Contents

		
	
    Item 6.  
	
    Selected
    Financial Data

 

    The selected financial data for the years ended
    December 31, 2008, 2007, 2006, 2005 and 2004, set forth
    below has been derived from our 2004, 2005, 2006, 2007 and 2008
    audited consolidated financial statements. The selected
    financial data should be read in conjunction with
    “Management’s Discussion and Analysis of Financial
    Condition and Results of Operations” and our consolidated
    financial statements and the notes thereto, in each case
    included elsewhere herein. Previously reported amounts have been
    reclassified as a result of the discontinued operations.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    For the Years Ended December 31,
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 
	
 
	
    2004
	
 

	 

	

    Operating Results Data:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net sales

	
 
	
    $
	
    516.9
	
 
	
 
	
    $
	
    494.0
	
 
	
 
	
    $
	
    445.7
	
 
	
 
	
    $
	
    409.6
	
 
	
 
	
    $
	
    389.3
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income

	
 
	
 
	
    43.9
	
 
	
 
	
 
	
    44.3
	
 
	
 
	
 
	
    30.0
	
 
	
 
	
 
	
    12.5
	
 
	
 
	
 
	
    3.8
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations

	
 
	
 
	
    10.5
	
 
	
 
	
 
	
    10.6
	
 
	
 
	
 
	
    2.5
	
 
	
 
	
 
	
    (15.8
	
    )
	
 
	
 
	
    (11.9
	
    )

	

    Income (loss) from discontinued operations, net of tax

	
 
	
 
	
    0.2
	
 
	
 
	
 
	
    (1.9
	
    )
	
 
	
 
	
    (25.5
	
    )
	
 
	
 
	
    (15.6
	
    )
	
 
	
 
	
    (2.0
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    10.7
	
 
	
 
	
    $
	
    8.7
	
 
	
 
	
    $
	
    (23.0
	
    )
	
 
	
    $
	
    (31.4
	
    )
	
 
	
    $
	
    (13.9
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.78
	
 
	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.18
	
 
	
 
	
    $
	
    (1.19
	
    )
	
 
	
    $
	
    (0.90
	
    )

	

    Discontinued operations

	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (1.91
	
    )
	
 
	
 
	
    (1.17
	
    )
	
 
	
 
	
    (0.15
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.64
	
 
	
 
	
    $
	
    (1.73
	
    )
	
 
	
    $
	
    (2.36
	
    )
	
 
	
    $
	
    (1.05
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Consolidated Balance Sheet Data (Period end):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital

	
 
	
    $
	
    83.4
	
 
	
 
	
    $
	
    97.2
	
 
	
 
	
    $
	
    104.8
	
 
	
 
	
    $
	
    128.7
	
 
	
 
	
    $
	
    153.5
	
 

	

    Total assets

	
 
	
 
	
    494.4
	
 
	
 
	
 
	
    497.4
	
 
	
 
	
 
	
    518.9
	
 
	
 
	
 
	
    577.2
	
 
	
 
	
 
	
    617.4
	
 

	

    Total debt

	
 
	
 
	
    234.0
	
 
	
 
	
 
	
    234.6
	
 
	
 
	
 
	
    257.0
	
 
	
 
	
 
	
    258.7
	
 
	
 
	
 
	
    231.7
	
 

	

    Total shareholders’ equity

	
 
	
 
	
    118.3
	
 
	
 
	
 
	
    122.1
	
 
	
 
	
 
	
    103.5
	
 
	
 
	
 
	
    124.0
	
 
	
 
	
 
	
    161.0
	
 

	

    Consolidated Cash Flow Data — Continuing Operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
    $
	
    17.6
	
 
	
 
	
    $
	
    23.0
	
 
	
 
	
    $
	
    (15.5
	
    )
	
 
	
    $
	
    (13.3
	
    )
	
 
	
    $
	
    (13.6
	
    )

	

    Other Data:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Depreciation and amortization

	
 
	
    $
	
    12.4
	
 
	
 
	
    $
	
    13.1
	
 
	
 
	
    $
	
    15.7
	
 
	
 
	
    $
	
    19.1
	
 
	
 
	
    $
	
    19.4
	
 

	

    Capital expenditures

	
 
	
 
	
    (13.4
	
    )
	
 
	
 
	
    (11.4
	
    )
	
 
	
 
	
    (8.5
	
    )
	
 
	
 
	
    (7.9
	
    )
	
 
	
 
	
    (10.6
	
    )

    

    21

Table of Contents

		
	
    Item 7.  
	
    Management’s
    Discussion and Analysis of Financial Condition and Results of
    Operations

 

    Overview

 

    We are a leading global designer and manufacturer of gas and arc
    cutting and welding products, including equipment, accessories
    and consumables. Our products are used by manufacturing,
    construction, fabrication and foundry operations to cut, join
    and reinforce steel, aluminum and other metals. We design,
    manufacture and sell products in five principal categories:
    (1) gas equipment; (2) plasma power supplies, torches
    and consumable parts; (3) welding equipment; (4) arc
    accessories, including torches, guns, consumable parts and
    accessories; and (5) filler metals. We operate our business
    in one reportable segment.

 

    Demand for our products is highly cyclical because many of the
    end-users of our products are themselves in highly cyclical
    industries, such as commercial construction, steel shipbuilding,
    petrochemical construction and general manufacturing. The demand
    for our products and, therefore, our results of operations are
    directly related to the level of production in these end-user
    industries. During the fourth quarter of 2008, we experienced
    declining demand from our customers as global economic
    conditions slowed and steel production, in particular, declined
    substantially. Many economic factors indicate we have entered
    into a recessionary period within our sector of the economy that
    is of an indeterminate depth and duration.

 

    The availability and the cost of the components of our
    manufacturing processes, and particularly, raw materials are key
    determinants in achieving future success in the marketplace and
    in achieving profitability. Principal raw materials used are
    copper, brass, steel and plastic, which are widely available and
    need not be specifically manufactured for use by us. Certain
    other raw materials used in our hardfacing products, such as
    cobalt and chromium, are available primarily from sources
    outside the United States. Historically, we have been able to
    obtain adequate supplies of raw materials at acceptable prices.
    During 2008, 2007 and 2006, we experienced higher than
    historical average inflation on materials such as copper, steel
    and brass which negatively affected margins. In recent years we
    have taken steps to reduce our overhead and labor costs through
    intensified focus on improving our operational efficiency,
    relocation of jobs, consolidation of manufacturing operations
    and outsourcing production of certain components and products.
    In contrast to the predominant inflationary trend in material
    costs over the last three years, most commodity costs declined
    dramatically in the global marketplace as economic conditions
    deteriorated throughout the fourth quarter of 2008. We expect
    the cost of sales impact of cost reductions in many of our raw
    materials and components to be delayed until the second quarter
    of 2009 after we receive pre-existing purchase commitments and
    sell existing inventories.

 

    Our operating profit is affected by the mix of the products
    sold, as margins are generally higher on torches and guns, as
    compared to power supplies, and higher on consumables and
    replacement parts, as compared to torches and guns.

 

    Our products are sold domestically primarily through industrial
    welding distributors, retailers and wholesalers.
    Internationally, we sell our products through our sales force,
    independent distributors and wholesalers.

 

    For the year ended December 31, 2008, approximately 55% of
    our sales were made to customers in the U.S. Approximately
    one-half of our international sales are U.S. export sales
    and are denominated in U.S. dollars. During the fourth
    quarter 2008, the U.S. dollar strengthened against many
    foreign currencies. If this continues, it reduces the
    international sales amounts as translated into U.S. dollars
    and also may serve to reduce our export sales. This
    strengthening of the U.S. dollar may also increase our cost
    of manufacturing materials in certain of our foreign locations.

 

    Key
    Indicators

 

    Key economic measures relevant to us include steel consumption,
    industrial production trends and purchasing manager indices.
    Industries that we believe provide a reasonable indication of
    demand for our products include construction and transportation,
    railcar manufacturing, oil and gas exploration, metal
    fabrication and farm machinery, and shipbuilding. The trends in
    these industries provide important data to us in forecasting our
    business. Indicators with a more direct relationship to our
    business that might provide a forward-looking view of market
    conditions and demand for our products are not available.

    

    22

Table of Contents

    Key performance measurements we use to manage the business
    include orders, sales, commodity cost trends, operating expenses
    and efficiencies, inventory levels and fill-rates. The timing of
    these measurements varies, but may be daily, weekly and monthly
    depending on the need for management information and the
    availability of data.

 

    Key financial measurements we use to evaluate the results of our
    business as well as the operations of our individual units
    include customer order levels and mix, sales order
    profitability, production volumes and variances, selling,
    general and administrative expenses, earnings before interest,
    taxes, depreciation and amortization, operating cash flows,
    capital expenditures and controllable working capital. We define
    controllable working capital as accounts receivable, inventory,
    and accounts payable. These measurements are reviewed monthly,
    quarterly and annually and are compared with historical periods,
    as well as objectives that are established by management and
    approved by our Board of Directors.

 

    Discontinued
    Operations

 

    On December 21, 2007, the Company committed to a plan to
    dispose of its cutting table business, C&G Systems
    (“C&G”). A definitive sales agreement was signed
    with closing occurring on January 18, 2008. Based on the
    sales price of $0.5 million, a loss of $0.6 million
    (net of $0.4 million of tax) was recorded in 2007 as a
    component of discontinued operations. The assets and liabilities
    were classified as held for sale at December 31, 2007.

 

    On December 30, 2006, the Company committed to a plan to
    sell its Brazilian manufacturing operations. A loss of
    approximately $15.2 million (net of $1.2 million of
    tax) was recorded as a component of discontinued operations in
    the fourth quarter of 2006 based on the estimated net realizable
    value of the assets related to the operation. The Company closed
    the Brazilian manufacturing operations in the fourth quarter of
    2007 disposing of its cutting table business and auctioning
    various remaining inventory and equipment. A sale agreement for
    the building and land totaling $2.5 million was signed in
    October 2008. A deposit of $0.7 million was received in
    October 2008 and the remaining installment of $1.8 million
    is scheduled to be received in the first quarter of 2009.

 

    On December 30, 2006, the Company committed to a plan to
    sell its South Africa operations. On February 5, 2007, the
    Company entered into an agreement to sell the South African
    subsidiaries. A loss of $9.2 million (net of
    $6.3 million of tax) was recorded in 2006 as a component of
    discontinued operations. The sale closed on May 25, 2007
    with $13.8 million net cash received at closing along with
    a note payable in May 2010 in the amount of 30 million
    South African Rand and bearing 14% interest payable which
    converts to U.S.$3.2 million at December 31, 2008.

 

    On April 11, 2006, the Company completed the disposition of
    Tec.Mo Srl (“TecMo”), an indirect wholly-owned
    subsidiary which manufactures generic cutting and welding
    torches and consumables, to Siparex, an investment fund in
    France, and the general manager of TecMo. Net cash proceeds from
    this transaction of approximately $7.5 million were used to
    repay a portion of the Company’s outstanding Working
    Capital Facility balance. The Company recorded an impairment
    loss related to TecMo of approximately $0.7 million during
    the quarter ended March 31, 2006.

 

    On January 2, 2006, the Company completed the disposition
    of Soldaduras Soltec Limitada (“Soltec”) and
    Comercializadora Metalservice Limitada
    (“Metalservice”), both indirect wholly-owned
    subsidiaries which distribute cutting and welding equipment, to
    Soldaduras PCR Soltec Limitada, and Penta Capital de Riesgo S.A.
    At December 31, 2005, Soltec met the criteria of held for
    sale and, as such, the assets and liabilities of Soltec were
    classified as held for sale and the results of operations were
    presented as discontinued operations. As a result, the Company
    recorded an impairment loss of approximately $2.7 million
    during the year ended December 31, 2005 as the carrying
    value exceeded the fair value. Net cash proceeds of
    approximately $6.4 million, less amounts held in escrow of
    $1.5 million were used to repay a portion of the
    Company’s balance of the Working Capital Facility during
    the first quarter of 2006. Of the $6.4 million net
    proceeds, approximately $1.5 million is being held in
    escrow by the government of Chile until certain customary tax
    filings are made. During the second quarter of 2007, the Company
    recorded a $0.3 million charge, net of tax as a result of
    reducing the net realizable value of remaining tax recoveries to
    $1.1 million.

 

    On December 29, 2005, the Company completed the disposition
    of GenSet S.P.A. (“GenSet”), an indirect wholly-owned
    subsidiary which manufactures technologically advanced
    generators and engine-driven welders, to

    

    23

Table of Contents

    Mase Generators S.P.A (“Mase”). The net cash proceeds
    from the sale of GenSet of $4.8 million were used to repay
    a portion of the Company’s outstanding balance of the
    Working Capital Facility during the first quarter of 2006. In
    addition, the buyer assumed approximately $7.6 million of
    debt owed to local Italian lenders. Related to the disposition
    of GenSet, the Company recorded a loss on disposal of
    approximately $10.4 million, net of tax of
    $6.4 million which is recorded as a component of
    discontinued operations in the year ended December 31, 2005.

 

    Results
    of Operations

 

    The results of operations set forth in the Income Statement on
    page F-5
    have been adjusted to reflect the impact of discontinued
    operations. See Note 3 — Discontinued
    Operations in our consolidated financial statements.

 

    The following description of results of operations is presented
    for the years ended December 31, 2008, 2007, and 2006.

 

    2008
    Compared to 2007

 

    Net sales from continuing operations for the year ended
    December 31, 2008 were $516.9 million, which was a
    4.6% increase over net sales of $494.0 million for the same
    twelve months in 2007. U.S. sales were $285.2 million
    for 2008, compared to $292.6 million for 2007, which is a
    decrease of 2.5%. International sales were $231.7 million
    for the twelve months ended December 31, 2008 compared to
    $201.4 million for the same period of 2007, or an increase
    of 15.0%. Net sales for the twelve months ended
    December 31, 2008 increased approximately $23 million
    with approximately $20 million from price increases,
    $2 million due to foreign currency translation and
    $1 million from volume. In the fourth quarter 2008, the
    Company’s sales declined substantially from the trends in
    the first three quarters as global economic conditions,
    particularly in steel production, deteriorated. The fourth
    quarter 2008 sales were 16% less than the comparable 2007
    quarter with a $21 million sales decline of which
    approximately $20 million was from volume.

 

    Gross margin from continuing operations for the twelve months
    ended December 31, 2008 was $159.1 million, or 30.8%
    of net sales, compared to $154.4 million, or 31.2% of net
    sales, for the same period in 2007. The gross margin decline is
    due to increases in the costs of materials such as copper, brass
    and steel partially offset by manufacturing cost savings and
    improved pricing administration consisting of sales price
    increases. The impact of increases in materials and production
    supply cost reduced gross margin by an estimated
    $26 million. These material cost increases were offset in
    part by cost savings from productivity initiatives of an
    estimated $18 million under the Company’s Total Cost
    Productivity (TCP) initiative.

 

    Selling, general and administrative expenses
    (“SG&A”) were $112.1 million, or 21.7% of
    net sales, for the twelve months ended December 31, 2008 as
    compared to $106.0 million, or 21.5% of net sales, for the
    twelve months ended December 31, 2007. The increase in
    SG&A includes severance cost charges of $3.6 million
    arising from the fourth quarter 2008 decision to reduce salaried
    personnel due to the decline in economic conditions. Foreign
    currency transactional gains and losses reflected in SG&A
    for the twelve months ended December 31, 2008 and 2007 were
    losses of $0.7 million and gains of $0.4 million,
    respectively. The remaining increase in SG&A expenses in
    2008 compared to 2007 reflect increases of $1.4 million for
    general cost increases including increases in new product
    development activities and the addition of sales and operations
    personnel throughout the Company’s worldwide facilities.

 

    Interest expense for the twelve months ended December 31,
    2008 was $20.3 million, which compares to
    $26.8 million for the twelve months ended December 31,
    2007. The average indebtedness during 2008 was approximately 10%
    less than in the prior year. In addition, the average effective
    interest rate declined approximately 170 basis points
    during 2008. This decline in the effective interest rate
    reflects the combined benefit of the lower LIBOR rates and the
    reduced interest rate for the Working Capital and the Second
    Lien Facilities, as a result of the amendments to the agreements
    in June 2007. During 2008, approximately 40% of the
    Company’s indebtedness was variable with changes in LIBOR.
    The reduction of the Special Interest Adjustment on the Senior
    Subordinated Notes also resulted in a reduction in interest rate
    in 2008.

 

    An income tax provision of $12.1 million was recorded on
    pretax income of $22.6 million from continuing operations
    for the year ended December 31, 2008. For 2008, the
    effective income tax rate was 53% versus 34% in

    

    24

Table of Contents

    the comparable prior year period. In its income tax expense, the
    Company includes in U.S. taxable income a portion of the
    Company’s foreign earnings without the recognition of the
    related benefit of foreign tax credits, which are carried
    forward. In both years, certain collateral pledges pursuant to
    the Working Capital Facility required inclusion of a portion of
    the foreign earnings in U.S. taxable income. For the year
    ended December 31, 2007, an income tax provision of
    $5.5 million was recorded on a pretax income of
    $16.2 million from continuing operations. An income tax
    benefit of $4.0 million was recognized in 2007 due to the
    reduction of previously recorded state income tax contingencies.

 

    Discontinued operations reported net income of $0.2 million
    for the twelve months ended December 31, 2008 compared to a
    net loss of $2.0 million for the twelve months ended
    December 31, 2007. During 2008, operational activities in
    Brazil ceased early in the year and a contract for sale of the
    Brazilian land and buildings was signed in late 2008. The
    Company is scheduled to close the sale in March 2009. The year
    2007 loss results primarily from operational activities of the
    discontinued units. See Note 3 — Discontinued
    Operations to the consolidated financial statements.

 

    2007
    Compared to 2006

 

    Net sales from continuing operations for the year ended
    December 31, 2007 were $494.0 million, which was a
    10.8% increase over net sales of $445.7 million for the
    same twelve months in 2006. U.S. sales were
    $292.6 million for 2007 compared to $279.1 million for
    2006, which is an increase of 4.8%. International sales were
    $201.4 million for the twelve months ended
    December 31, 2007 compared to $166.7 million for the
    same period of 2006, or an increase of 20.8%. Net sales for the
    twelve months ended December 31, 2007 increased
    approximately $48 million with approximately
    $15 million from increased demand primarily associated with
    new product introductions, $20 million from price
    increases, and $13 million due to foreign currency
    translation.

 

    Gross margin from continuing operations for the twelve months
    ended December 31, 2007 was $154.4 million, or 31.3%
    of net sales, compared to $130.7 million, or 29.3% of net
    sales, for the same period in 2006. The gross margin improvement
    is due to manufacturing cost savings and improved pricing
    administration consisting of sales price increases and improved
    management of rebates and discounts. The impact of increases in
    materials and production supply cost reduced gross margin by an
    estimated $22 million. These estimated cost increases were
    offset in part by cost savings from the Company’s Total
    Cost Productivity (TCP) initiatives of an estimated
    $20 million. The overall increase in material cost was
    attributable to higher prices for key raw materials such as
    copper, brass and steel.

 

    Selling, general and administrative expenses
    (“SG&A”) were $106.0 million, or 21.5% of
    net sales, for the twelve months ended December 31, 2007 as
    compared to $109.6 million, or 24.6% of net sales, for the
    twelve months ended December 31, 2006. The decrease in
    SG&A is principally related to incremental non-recurring
    costs incurred in the prior year to complete the 2005 financial
    statements and restatement of prior years. These incremental
    costs of approximately $8 million were attributable to
    accounting, audit and tax services fees and bondholder consent
    fees. The year 2007 reflects SG&A cost increases of
    $5 million which arise primarily from inflation increases.

 

    Interest expense for the twelve months ended December 31,
    2007 was $26.8 million, which compares to
    $26.5 million for the twelve months ended December 31,
    2006. The increased interest costs reflect the offsetting
    effects of an increase of $1.5 million from the Special
    Interest Adjustment on the Senior Subordinated Notes partially
    offset by lower average borrowings.

 

    An income tax provision of $5.5 million from continuing
    operations was recorded on pretax income of $16.2 million
    for the year ended December 31, 2007. An income tax benefit
    of $4.0 million was recognized in 2007 due to the reduction
    of previously recorded state income tax contingencies. For the
    year ended December 31, 2006, an income tax benefit of
    $0.4 million was recorded on a pretax income of
    $2.1 million from continuing operations. In 2006, accruals
    for income tax currently payable and deferred tax benefits are
    largely offsetting. The income tax benefit is primarily the
    result of the implementation of international tax planning that
    reduced both current and prior period liability related to our
    foreign operations. Valuation allowances offset a substantial
    portion of the tax benefit of U.S. net operating losses in
    2006.

    

    25

Table of Contents

    Discontinued operations reported net loss of $2.0 million
    for the twelve months ended December 31, 2007 compared to a
    net loss of $25.5 million for the twelve months ended
    December 31, 2006. In 2007, discontinued operations include
    impairment losses of $1.2 million compared to impairment
    losses of $24.4 million in 2006. See
    Note 3 — Discontinued Operations to the
    consolidated financial statements.

 

    Restructuring
    and Other Charges

 

    As of December 31, 2008, we accrued restructuring charges
    of $3.6 million for severance related expenses payable to
    approximately 110 salaried employees for which positions were
    eliminated in connection with cost reduction efforts in response
    to economic and market uncertainties. This initiative reduced
    the salaried work force approximately 13%. As a result, the
    Company expects to save approximately $7.5 million in
    annual compensation and benefit costs. The severance costs will
    be paid in the first and second quarters of 2009.

 

    Subsequent to December 31, 2008, the Company offered a
    voluntary retirement program and approximately 50 employees
    have elected to participate. The Company will pay approximately
    $1.3 million in separation pay and reimburse COBRA benefits
    for certain periods. The Company expects to save
    $1.8 million in annual compensation and benefit costs. The
    amounts will be substantially paid through August 2009.

 

    Liquidity
    and Capital Resources

 

    Liquidity.  Our principal uses of cash are
    capital expenditures, working capital and debt repayment
    obligations including repayment of debt pursuant to the
    “Excess Cash Flow” provision of the Senior
    Subordinated Notes. We expect that ongoing requirements for
    working capital will be funded from operating cash flow and
    borrowings under the Working Capital Facility. This Facility was
    renegotiated in June 2007 and matures in June 2012, as discussed
    below. In 2009, we intend to finance most of our capital
    expenditures through new secured equipment borrowings. Other
    debt repayment obligations and Excess Cash Flow repayment
    obligations under the Senior Subordinated Notes, if any, will be
    funded through operating cash flow and borrowings under the
    Working Capital Facility.

 

    In 2008, we used $4.2 million net cash in conducting
    continuing operations. Net debt repayments were
    $2.9 million which consisted of $22 million in
    repayment of the Second Lien Facility offset by increased
    borrowings under the Working Capital Facility. The Company
    repaid $15 million in June 2008 with funds repatriated from
    its foreign operations at that time. The Company repaid
    $7 million of its Second Lien Facility in April 2008 to
    satisfy the requirements of the Excess Cash Flow provision of
    the Senior Subordinated Notes. The Company increased its Working
    Capital Facility borrowings to fund additional inventory levels
    and to fund new equipment for its manufacturing operations.

 

    In 2009, we anticipate capital expenditures primarily for
    equipment to improve productivity in our North American
    manufacturing operations will approximate $20.0 million,
    provided that equipment financing is available to us. In
    addition, we expect that our overall debt service obligations
    excluding interest expense and repayments on the Working Capital
    Facility will be approximately $2 million related to our
    capital lease obligations. We expect our operating cash flows,
    together with available borrowings under the Working Capital
    Facility and anticipated new secured equipment financing will be
    sufficient to meet our anticipated capital expenditures and the
    debt service requirements including repayments required, if any,
    by the Excess Cash Flow provision of the Senior Subordinated
    Notes, and our other long-term obligations for 2009.

 

    In a declining economic environment, our sales volumes, EBITDA
    and asset borrowing base will also decline reducing the funding
    amounts available to us under the Working Capital Facility. We
    anticipate that our borrowing needs will decline as well in this
    environment as receivables and inventories decline. If we
    successfully execute our business plan, operating costs should
    also decline.

 

    At December 31, 2008, the Company was in compliance with
    its financial covenants. The Company expects to remain in
    compliance with the financial covenants during 2009 by achieving
    its 2009 financial plan, which anticipates significant reduced
    sales volumes as compared to 2008 while achieving gross margin
    percentages comparable to 2008. The 2009 plan also anticipates
    implementing certain cost reduction initiatives, including its
    global continuous improvement program referred to as TCP and a
    reduction in global work force.

    

    26

Table of Contents

    Our debt structure, terms, covenants, and a history of these
    instruments are described below. Certain subsidiaries of the
    Company are borrowers under the Third Amended and Restated
    Credit Agreement, dated June 29, 2007 (the “Credit
    Agreement”) with General Electric Capital Corporation as
    agent and lender. The Credit Agreement: (i) matures on
    June 29, 2012; (ii) provides a revolving credit
    commitment of up to $100 million (the “Working Capital
    Facility”), which includes (a) a cash flow facility of
    up to $20 million, subject to certain financial covenant
    compliance, with interest at LIBOR plus 2.50%, (b) an asset
    based facility, and (c) an amortizing $8 million
    property, plant and equipment (PPE) facility;
    (iii) provides for interest rate percentages applicable to
    the asset based and PPE borrowings that range from LIBOR plus
    1.50% to 2.25% depending upon the quarter-end fixed charge
    coverage ratio; and (iv) limits the senior leverage ratio
    to 2.75. Borrowings under the Working Capital Facility may not
    exceed 85% of eligible receivables plus the lesser of
    (i) 85% of the net orderly liquidation value of eligible
    inventories or (ii) 65% of the book value of eligible
    inventories less customary reserves, plus machinery at appraised
    value not to exceed $8 million. Borrowings under the cash
    flow facility are dependent on a minimum 1.25 fixed charge
    coverage, as defined, and a minimum EBITDA, as defined, of
    $45 million. At December 31, 2008, $6.6 million
    of letters of credit were outstanding. Unused availability was
    $36.4 million as of December 31, 2008. The Working
    Capital Facility includes a lockbox agreement that requires all
    receipts to be swept daily to reduce borrowings outstanding
    under the revolving line of credit.

 

    We have $14.0 million in outstanding indebtedness under our
    Second Lien Facility. The Second Lien Facility is secured by a
    second lien on substantially all of the assets of our domestic
    subsidiaries. The Second Lien Facility restricts how much
    long-term debt we may have and has other customary provisions
    including financial and non-financial covenants. On
    June 29, 2007, the Company entered into Amendment
    No. 19 and Waiver to the Second Lien Credit Agreement
    between the Company and Credit Suisse, as administrative agent
    and collateral agent, and the lenders party thereto (the
    “Second Lien Facility Amendment”) to: (i) extend
    the maturity date to November 7, 2010 and (ii) lower
    the interest rate from LIBOR plus 4.50% to LIBOR plus 2.75%. The
    lender of the Second Lien Facility Amendment is also an
    affiliate of the holder of approximately 33% of the
    Company’s outstanding shares of common stock. This
    stockholder is the employer of one of the Company’s
    directors. The terms of the Second Lien Credit Agreement, as
    amended, were negotiated at arms-length, and the Company
    believes that the terms of the Second Lien Facility are as
    favorable as could be obtained from an unaffiliated lender.

 

    The Senior Subordinated Notes (the “Notes”) accrue
    interest at
    91/4%
    per annum, which is payable semiannually in cash. The Notes are
    guaranteed by our domestic subsidiaries, which are also
    borrowers or guarantors under the Amended Credit Agreement, and
    certain of our foreign subsidiaries. The Notes contain customary
    covenants and events of default, including covenants that limit
    our ability and our subsidiaries’ abilities to incur debt,
    pay dividends and make certain investments. In May and August
    2006, we amended the Indenture for the Senior Subordinated Notes
    to, among other things, extend the time by which we had to file
    with the Securities and Exchange Commission our Annual Report on
    Form 10-K
    for the year ended December 31, 2005 and any other reports
    then due, and obtain waivers for the defaults resulting from our
    failure to timely file the 2005 Annual Report and the Quarterly
    Report on
    Form 10-Q
    for the quarter ended March 31, 2006. The amendments
    require us, subject to certain conditions, to annually use our
    Excess Cash Flow (as defined in the Indenture) either to make
    permanent repayments of our senior debt or to extend a
    repurchase offer to the holders of the Notes pursuant to which
    we will offer to repurchase outstanding Notes at a purchase
    price of 101% of their principal amount. There was no
    “Excess Cash Flow” amount for 2008. The Indenture was
    also amended to provide for the payment of additional Special
    Interest on the Senior Subordinated Notes, initially at a rate
    of 1.25% per annum. The Special Interest is subject to
    adjustment increasing to 1.75% if the consolidated leverage
    ratio exceeds 6.00 with incremental interest increases to a
    maximum of 2.75% if the consolidated leverage ratio increases to
    7.0. The Special Interest declines to 0.75% if the consolidated
    leverage ratio declines below 4.0 and declines incrementally to
    0% when the consolidated leverage ratio is less than 3.0. In
    consideration for these amendments, we paid the note holders
    consent fees aggregating $1.3 million during 2006.

 

    During 2008, the Securities and Exchange Commission declared
    effective the Company’s shelf registration statement
    covering 5,996,555 shares of our common stock. Of the
    5,996,555 shares, 4,496,555 were registered by the Company
    on behalf of Angelo, Gordon & Co., L.P. (which
    exercises voting and dispositive powers over certain shares of
    Company common stock held by Angelo, Gordon & Co.,
    L.P. affiliates and clients), and 1,500,000 shares were
    registered for future offer and sale by the Company. The Company
    and Angelo, Gordon & Co., L.P. may offer

    

    27

Table of Contents

    for sale any or all of their respective registered shares from
    time to time prior to the expiration of the shelf registration
    statement. The Company’s ability and willingness to issue
    securities under the aforementioned registration statement will
    depend on market conditions at the time of any desired offering.

 

    Working Capital and Cash Flows.  The operating
    activities of our continuing operations provided
    $17.6 million of cash during the year ended
    December 31, 2008, compared to cash provided of
    $23.0 million during the year ended December 31, 2007.
    This includes the changes in operating assets and liabilities
    which used $10.5 million of cash for the year ended
    December 31, 2008, compared to $0.5 million of cash
    used in the year ended December 31, 2007 and consisted of:

 

			
	 	    • 
	
    Accounts receivable decreases provided $7.1 million of cash
    in 2008, compared to $2.0 million of cash used during the
    year ended December 31, 2007. The decrease in accounts
    receivable in 2008 resulted primarily from the substantial
    decrease in sales during the fourth quarter.

	 
	 	    • 
	
    Inventory increases used $15.4 million of cash in 2008
    compared to $9.1 million provided in the year ended
    December 31, 2007. The increase in inventory during 2008
    resulted from the substantial decline in sales volumes during
    the fourth quarter.

	 
	 	    • 
	
    Accounts payable reductions used $1.9 million of cash in
    2008, which compares to $1.3 million of cash used in the
    year ended December 31, 2007.

	 
	 	    • 
	
    Accrued interest and other expense accrual increases provided
    $1.2 million of cash in 2008 compared to $5.8 million
    used in 2007, which primarily related to the payment of
    significant amounts of accrual under an expiring customer rebate
    program.

 

    The purchase of the minority interest in our Italian
    manufacturing operations and the purchase of our partner’s
    interest in our Chinese manufacturing venture required an
    aggregate use of $3.9 million of cash in 2008 compared with
    $13.8 million provided by the sale of South African
    discontinued operations during 2007.

 

    Cash used for capital expenditures was $13.4 million during
    the year ended December 31, 2008, compared to
    $11.4 million used for capital expenditures in the year
    ended December 31, 2007.

 

    Financing activities used $3.2 million of cash during 2008
    with $2.9 million of net debt repayments, which compares to
    $20.8 million of cash used with $21.7 million of net
    debt repayment during the year ended December 31, 2007.
    Financing activities in 2008 also reflect $3.3 million for
    stock options exercised and non-cash stock compensation charges
    as compared to $2 million in 2007.

 

    Contractual
    Obligations and Commercial Commitments

 

    In the normal course of business, we enter into contracts and
    commitments that obligate us to make payments in the future. The
    table below sets forth our significant future obligations by
    time period.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Payments Due by Period
	
 

	
 
	
 
	
 
	
 
	
 
	
    Less Than

    
	
 
	
 
	
    1-3

    
	
 
	
 
	
    3-5

    
	
 
	
 
	
    More Than

    
	
 

	

    Contractual Obligations

	
 
	
    Total
	
 
	
 
	
    1 Year
	
 
	
 
	
    Years
	
 
	
 
	
    Years
	
 
	
 
	
    5 Years
	
 

	
 
	
 
	
    (Dollars in thousands)
	
 

	 

	

    Long-term debt

	
 
	
    $
	
    224,521
	
 
	
 
	
    $
	
    32,531
	
 
	
 
	
    $
	
    14,000
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    177,990
	
 

	

    Interest payments related to long-term debt

	
 
	
 
	
    86,333
	
 
	
 
	
 
	
    17,938
	
 
	
 
	
 
	
    34,672
	
 
	
 
	
 
	
    32,375
	
 
	
 
	
 
	
    1,349
	
 

	

    Capital leases

	
 
	
 
	
    9,524
	
 
	
 
	
 
	
    2,060
	
 
	
 
	
 
	
    3,531
	
 
	
 
	
 
	
    2,130
	
 
	
 
	
 
	
    1,803
	
 

	

    Operating leases

	
 
	
 
	
    17,414
	
 
	
 
	
 
	
    4,658
	
 
	
 
	
 
	
    7,271
	
 
	
 
	
 
	
    4,174
	
 
	
 
	
 
	
    1,311
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total

	
 
	
    $
	
    337,792
	
 
	
 
	
    $
	
    57,187
	
 
	
 
	
    $
	
    59,474
	
 
	
 
	
    $
	
    38,679
	
 
	
 
	
    $
	
    182,453
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The amounts shown for capital leases exclude the effective
    interest expense component. At December 31, 2008, we had
    issued letters of credit totaling $6.6 million under the
    Working Capital Facility. See Note 17 to the consolidated
    financial statements for the Company’s obligation with
    respect to its pension and post-retirement benefit plans.

    

    28

Table of Contents

    Market
    Risk and Risk Management Policies

 

    Our earnings and cash flows are subject to exposure to changes
    in the prices of certain commodities, particularly copper, brass
    and steel and fluctuations due to changes in foreign currency
    exchange rates as well as changes in interest rates on our
    long-term debt arrangements. In addition, our Working Capital
    Facility and Second Lien Facility cause our related interest
    costs to change with changes in LIBOR. See Item 7A.
    “Quantitative and Qualitative Disclosures About Market
    Risk,” for a further discussion.

 

    Effect of
    Inflation and Deflation; Seasonality

 

    In an environment of decreasing raw material prices and
    recessionary economic pressures, competitive conditions can
    cause sales price discounting before we can recover the higher
    costs of previously purchased materials. In addition, increasing
    prices to our customers requires 60 to 90 days notice and
    various administrative procedures to implement the changes. To
    the extent we are unable to maintain our sales prices to our
    customers, or to react as quickly as the market may change, our
    profitability could be adversely affected. In addition, certain
    of our customers and suppliers rely heavily on raw materials. To
    the extent there are fluctuations it could affect orders for our
    products and our financial performance

 

    In an environment of increasing raw material prices, competitive
    conditions can affect how much of the price increases we can
    recover in the form of higher unit sales prices. To the extent
    we are unable to pass on any price increases to our customers,
    our profitability could be adversely affected. Furthermore,
    restrictions in the supply of cobalt, chromium and other raw
    materials could adversely affect our operating results. In
    addition, certain of our customers rely heavily on raw
    materials, and to the extent there are fluctuations in prices,
    it could affect orders for our products and our financial
    performance. Our general operating expenses, such as salaries,
    employee benefits and facilities costs, are subject to normal
    inflationary pressures. Our operations are generally subject to
    mild seasonal increases in the second and third calendar
    quarters.

 

    Critical
    Accounting Policies

 

    Our consolidated financial statements are based on the selection
    and application of significant accounting policies, some of
    which require management to make estimates and assumptions. We
    review these estimates and assumptions periodically to assess
    their reasonableness. If necessary, these estimates and
    assumptions may be changed and updated. No material adjustments
    to our accounting policies have been made in 2008. We believe
    the following are some of the more critical judgmental areas in
    the application of our accounting policies that affect our
    financial condition and results of operations.

 

    Inventories

 

    Inventories are a significant asset, representing 18% of total
    assets at December 31, 2008. They are valued at the lower
    of cost or market, with our U.S. subsidiaries using the
    last in, first-out (LIFO) method, which represents 56% of
    consolidated inventories, and our foreign subsidiaries using the
    first-in,
    first-out (FIFO) method, which represents 44% of consolidated
    inventories.

 

    We continually apply judgment in valuing our inventories by
    assessing the net realizable value of our inventories based on
    current expected selling prices, as well as factors such as
    obsolescence and excess stock. We provide reserves as judged
    necessary. Should we not achieve our expectations of the net
    realizable value of our inventory, future losses may occur.

 

    Accounts
    Receivable and Allowances

 

    We maintain an allowance for doubtful accounts for estimated
    losses from the failure of our customers to make required
    payments for amounts owed. We estimate this allowance based on
    knowledge and review of historical receivables, write-off trends
    and reserve trends, the financial condition of our customers and
    other pertinent information. If the financial condition of our
    customers deteriorates or an unfavorable trend in receivable
    collections is experienced in the future, additional allowances
    may be required.

    

    29

Table of Contents

    Property,
    Plant and Equipment

 

    Property, plant and equipment are carried at cost and are
    depreciated using the straight-line method. The average
    estimated lives utilized in calculating depreciation are as
    follows: buildings — 25 years and machinery and
    equipment — three to ten years. Property, plant and
    equipment recorded under capital leases are depreciated based on
    the lesser of the lease term or the underlying asset’s
    useful life. Impairment losses are recorded on long-lived assets
    when events and circumstances indicate the assets might be
    impaired and the undiscounted cash flows estimated to be
    generated by those assets are less than their carrying amounts.
    During the fourth quarter of 2007, the Company recorded an
    impairment loss related to the decision to dispose of its
    cutting table business. During the fourth quarter of 2006, the
    Company recorded an impairment loss related to the decision to
    dispose of the South Africa and Brazil businesses. These
    impairment losses were recorded as the fair value of the
    businesses was determined to be below the carrying value of the
    net assets. See Note 3 — Discontinued
    Operations. No such losses were incurred as of
    December 31, 2008.

 

    Intangible
    Assets

 

    Patents and customer relationships are amortized on a
    straight-line basis over their estimated useful lives, which
    generally range from 10 to 20 years. We account for these
    intangible assets in accordance with SFAS No. 144,
    which requires us to assess the recoverability of these assets
    when events or changes in circumstances indicate that the
    carrying amount of the long-lived asset group might not be
    recoverable. If impairment indicators exist, we determine
    whether the projected undiscounted cash flows will be sufficient
    to recover the carrying value of such assets. This requires us
    to make significant judgments about the expected future cash
    flows of the asset group. The future cash flows are dependent on
    general and economic conditions and are subject to change.

 

    Trademarks and goodwill are not amortized, but are periodically
    evaluated for impairment. Our trademarks are associated with our
    well-established product brands, and cash flows associated with
    these products are expected to continue indefinitely and
    therefore the Company has placed no limit on the end of our
    trademarks’ useful lives. As of December 31, 2008,
    there was no impairment of trademarks.

 

    We test goodwill for impairment annually or more frequently if
    events occur or circumstances change that would, more likely
    than not, reduce the fair value of the reporting unit below its
    carrying value. For purposes of applying the provisions, we
    perform our impairment analysis on a consolidated enterprise
    level. We use comparable market values, market prices and the
    present value of expected future cash flows to estimate fair
    value. We make estimates about future conditions to estimate
    future cash flows. Unforeseen events and changes in
    circumstances and market conditions, including general economic
    and competitive conditions, could result in significant changes
    in those estimates. We performed an impairment analysis in the
    fourth quarter of 2008 and we concluded no adjustment to the
    carrying value of our goodwill was necessary as of
    December 31, 2008. Our analysis and conclusion was based
    primarily on our expected future cash flows for the Company. We
    believe recent trading prices for our stock have been abnormally
    disrupted due to extraordinary selling pressures from certain
    institutional investors who have discontinued their operations.
    In the fourth quarter, significant disruption occurred in the
    trading patterns of the Company’s stock. The stock has
    historically been thinly traded. With the severe aberration in
    the general markets during the fourth quarter, a number of large
    shareholders of Thermadyne stock were dramatically impacted by
    the overall markets causing them to liquidate positions. If
    current global economic recessionary conditions or reduced
    prices for the Company’s publicly traded stock prove to be
    sustained beyond the time frames assumed in management’s
    analysis, the Company may be required to record an impairment.

 

    Revenue
    Recognition

 

    The Company sells a majority of its products through
    distributors with standard terms of sale of FOB shipping point
    or FOB destination. The Company has certain consignment
    arrangements whereby revenue is recognized when products are
    used by the customer from consigned stock. Under all
    circumstances, revenue is recognized when persuasive evidence of
    an arrangement exists, delivery has occurred, the seller’s
    price is fixed and determinable and collectibility is reasonably
    assured.

    

    30

Table of Contents

    The Company sponsors a number of incentive programs to augment
    distributor sales efforts including certain rebate programs and
    sales and market share growth incentive programs. The costs
    associated with these sales programs are recorded as a reduction
    of revenue.

 

    Terms of sale to U.S. customers generally include
    30-day
    payment terms, return provisions and standard warranties for
    which reserves, based upon historical experience, have been
    recorded. Restocking charges will generally be assessed for
    product that is returned due to issues outside the scope of the
    Company’s warranty agreements. For sales to customers
    outside the U.S. payment terms frequently range from 60 to
    90 days.

 

    Income
    Taxes

 

    We establish provisions for taxes to take into account the
    effects of timing differences between financial and tax
    reporting. These differences relate primarily to the excess of
    the fresh-start accounting valuation over the tax basis of our
    primary operating subsidiary, net operating loss carryforwards,
    fixed assets, intangible assets and post-employment benefits.

 

    We record a valuation allowance when, in our assessment, it is
    more likely than not that a portion or all of our deferred tax
    assets will not be realized. In making this assessment we
    consider the scheduled reversal of deferred tax liabilities, tax
    planning strategies and projected future taxable income. At
    December 31, 2008, a valuation allowance has been recorded
    against our deferred tax assets based upon this assessment. The
    amount of the deferred tax assets considered realizable could
    change in the future if our assessment of future taxable income
    or tax planning strategies changes.

 

    A substantial portion of the earnings of our foreign
    subsidiaries are included in our U.S. income tax return
    under I.R.C. Section 956. This requires the earnings of a
    foreign subsidiary which guarantees the borrowings of its
    U.S. parent to be included in U.S. income. Upon actual
    distribution of those earnings previously taxed under I.R.C.
    Section 956 ,we are not subject to U.S. income taxes
    but may be subject to withholding taxes payable in the foreign
    jurisdiction. See Note 13 — Income Taxes
    to the consolidated financial statements.

 

    For the undistributed earnings of
    non-U.S. subsidiaries
    not subject to I.R.C. Section 956, no provision is made for
    U.S. income taxes. These earnings are permanently invested
    or otherwise indefinitely retained for continuing international
    operations. Determination of the amount of taxes that might be
    paid on these undistributed earnings is not practicable.

 

    We are periodically audited by U.S. and foreign tax
    authorities regarding the amount of taxes due. In evaluating
    issues raised in such audits, reserves are provided for
    exposures as appropriate. To the extent we were to prevail in
    matters for which accruals have been established or be required
    to pay amounts in excess of reserves, the effective tax rate in
    a given financial statement period may be impacted.

 

    As a result of the 2003 bankruptcy restructuring, the Company
    recognized cancellation of indebtedness income. Under Internal
    Revenue Code Section 108, this cancellation of indebtedness
    income is not recognized for income tax purposes, but reduced
    various tax attributes, primarily the tax basis in the stock of
    a subsidiary, for which a deferred tax liability was recorded.
    The final determination of the reduction in the tax attributes
    was made following the bankruptcy restructuring with the filing
    of the Company’s federal tax return.

 

    Factors
    That May Affect Future Results

 

    For a discussion of factors that may affect future results see
    “Risk Factors.”

 

    Recently
    Issued Accounting Standards

 

    Business Combinations.  In December 2007, the
    FASB issued SFAS No. 141 (revised 2007),
    “Business Combinations”
    (“SFAS No. 141R”). SFAS No. 141R
    is effective for financial statements issued for fiscal years
    beginning after December 15, 2008. Under
    SFAS No. 141R, the benefit of net operating loss
    carryovers will reduce income tax expense as the carryovers are
    utilized. Accordingly, the Company expects the adoption of
    SFAS No. 141 R to reduce its reported income tax
    expense beginning January 1, 2009 as the carryovers are
    utilized to reduce taxable income. By contrast, we currently
    record the benefits of net operating loss carryovers as a
    reduction of

    

    31

Table of Contents

    goodwill when recognized. However due to the tax law
    complexities and the unpredictability of future income there can
    be no assurance as to the amount or timing of the income tax
    savings from use of the tax loss carryovers or their related
    impact on the income statement. This change in financial
    reporting will not affect cash payments of income taxes. See
    Note 13 — Income Taxes

 

    Noncontrolling Interests.  In December 2007,
    the FASB issued SFAS No. 160, “Noncontrolling
    Interests in Consolidated Financial Statements-an Amendment of
    ARB No. 51” (“SFAS No. 160”).
    SFAS No. 160 establishes accounting and reporting
    standards pertaining to ownership interests in subsidiaries held
    by parties other than the parent, the amount of net income
    attributable to the parent and to the noncontrolling interest,
    changes in a parent’s ownership interest, and the valuation
    of any retained noncontrolling equity investment when a
    subsidiary is deconsolidated. This statement also establishes
    disclosure requirements that clearly identify and distinguish
    between the interests of the parent and the interests of the
    noncontrolling owners. SFAS No. 160 is effective for
    fiscal years beginning on or after December 15, 2008. The
    Company does not expect the adoption of SFAS No. 160
    to have a material effect on its consolidated financial
    statements.

 

    Disclosures about Derivative Instruments and Hedging
    Activities.  In March 2008, the FASB issued
    SFAS No. 161, “Disclosures about Derivative
    Instruments and Hedging Activities.” SFAS No. 161
    requires enhanced disclosures about an entity’s derivative
    and hedging activities and thereby improves the transparency of
    financial reporting. SFAS No. 161 is effective for
    fiscal years beginning on or after November 15, 2008. The
    Company does not expect the adoption of SFAS No. 161
    to have a material effect on its consolidated financial
    statements.

 

		
	
    Item 7A.  
	
    Quantitative
    and Qualitative Disclosures About Market Risk

 

    Our primary financial market risk relates to fluctuations in
    commodity price risk, currency exchange rates and interest rates.

 

    Copper, brass and steel constitute a significant portion of our
    raw material costs. These commodities are subject to price
    fluctuations which we may not be able to recover and maintain
    historical margins depending upon competitive pricing conditions
    at the time. We have not experienced and do not anticipate
    constraints on the availability of these commodities.

 

    Approximately one-half of our international sales are export
    sales from the United States which are primarily denominated in
    U.S. dollars. The balance of the international sales arise
    from our manufacturing and sales conducted in foreign regions,
    particularly Australia/Asia, Canada and Europe. Our exposure to
    foreign currency transactions is partially mitigated by having
    manufacturing locations in Australia, China, Italy, Malaysia,
    and Mexico. However, our financial results could be
    significantly affected by changes in foreign currency exchange
    rates in the foreign markets. We are most susceptible to a
    strengthening U.S. dollar which would have a negative
    effect on our export sales and a negative effect on the
    translation of local currency financial statements into
    U.S. dollars, our reporting currency. We may also incur
    transaction gains or losses resulting from changes in foreign
    currency exchange rates primarily between our U.K. distribution
    operations and Continental Europe. We do not believe these could
    be material to our financial results. As a result, we do not
    actively try to manage our exposure through foreign currency
    forward or option contracts.

 

    We are exposed to changes in interest rates primarily as a
    result of our Credit Agreement and Second Lien Facility that
    have LIBOR-based variable interest rates. At December 31,
    2008, the borrowings under these two agreements was
    $46.5 million. With this amount of variable rate debt, a
    hypothetical 100 basis point change in LIBOR would result
    in a change in interest expense of approximately
    $0.5 million annually. On February 1, 2009, the
    counterparty terminated the $50 million notational
    fixed-to-variable swap agreement related to our Senior
    Subordinated Notes.

 

		
	
    Item 8.  
	
    Financial
    Statements and Supplementary Data

 

    The financial statements that are filed as part of this Annual
    Report on
    Form 10-K
    are set forth in the Index to Consolidated Financial Statements
    at
    page F-1
    hereof.

    

    32

Table of Contents

		
	
    Item 9.  
	
    Changes
    and Disagreements with Accountants on Accounting and Financial
    Disclosure

 

    None

 

		
	
    Item 9A.  
	
    Controls
    and Procedures

 

		
	
    (a)  
	
    Evaluation
    of Disclosure Controls and Procedures

 

    The Company’s management maintains disclosure controls and
    procedures that are designed to provide reasonable assurances
    that information required to be disclosed in the reports we file
    or submit under the Securities Exchange Act of 1934 is recorded,
    processed, summarized and reported within the time periods
    specified in the Commission’s rules and forms. These
    controls and procedures are also designed to ensure that such
    information is accumulated and communicated to our management,
    including our principal executive and principal financial
    officer, as appropriate, to allow timely decisions regarding
    required disclosure. In designing and evaluating disclosure
    controls and procedures, we have recognized that any controls
    and procedures, no matter how well designed and operated, can
    provide only reasonable assurance of achieving the desired
    control objective. Management is required to apply judgment in
    evaluating its controls and procedures.

 

    Under the supervision of and with the participation of
    management, including the Chief Executive Officer and Chief
    Financial Officer, the Company conducted an evaluation of the
    effectiveness of the design and operation of our disclosure
    controls and procedures as such term is defined in
    Rules 13a-15(e)
    and
    15d-15(e) of
    the Securities Exchange Act of 1934. Based on this evaluation,
    the Chief Executive Officer and Chief Financial Officer
    concluded that the Company’s disclosure controls and
    procedures were effective as of December 31, 2008.

 

		
	
    (b)  
	
    Management’s
    Assessment of Internal Control Over Financial
    Reporting

 

    The Company’s management is responsible for establishing
    and maintaining adequate internal control over financial
    reporting, as such term is defined in Exchange Act
    Rules 13a-15(f)
    and
    15d-15(f).
    Under the supervision and with the participation of the
    Company’s management, including the Chief Executive Officer
    and Chief Financial Officer, the Company conducted an evaluation
    of the effectiveness of internal control over financial
    reporting as of December 31, 2008 based on the framework in
    “Internal Control — Integrated Framework”
    issued by the Committee of Sponsoring Organizations of the
    Treadway Commission (COSO). Based on the Company’s
    evaluation under such framework, management concluded that the
    Company’s internal control over financial reporting was
    effective as of December 31, 2008.

 

    The Company’s auditors KPMG LLP, an independent registered
    public accounting firm, has issued an audit report on the
    effectiveness of the Company’s internal control over
    financial reporting as of December 31, 2008, which is
    included below.

 

		
	
    (c)  
	
    Remediation
    of Prior Material Weakness

 

    The Company previously reported that, as of December 31,
    2007, certain controls and procedures were not effective because
    of a material weakness in our procedures for review and approval
    of the accounting for non-routine transactions. As a result of
    this deficiency, errors existed in the Company’s
    presentation of discontinued operations that were corrected
    prior to the issuance of the 2007 consolidated financial
    statements. To remediate this weakness, the Company expanded
    procedures for identification and analysis of non-routine
    transactions and expanded its use of outside accounting
    specialists and utilized internal audit resources to review
    unusual transactions and evaluate the impact for financial
    reporting purposes. The additional procedures have enhanced the
    internal control environment such that the material weakness no
    longer exists at December 31, 2008.

 

		
	
    (d)  
	
    Changes
    in Internal Control Over Financial Reporting

 

    There have been no changes in the Company’s internal
    controls over financial reporting that occurred during the
    fourth quarter of 2008 that materially affected, or are
    reasonably likely to materially affect, the Company’s
    internal control over financial reporting.

    

    33

Table of Contents

    Report of
    Independent Registered Public Accounting Firm

 

    The Board of Directors and Stockholders

    Thermadyne Holdings Corporation:

 

    We have audited Thermadyne Holdings Corporation’s internal
    control over financial reporting as of December 31, 2008,
    based on criteria established in Internal Control —
    Integrated Framework issued by the Committee of Sponsoring
    Organizations of the Treadway Commission (COSO). Thermadyne
    Holdings Corporation’s management is responsible for
    maintaining effective internal control over financial reporting
    and for its assessment of the effectiveness of internal control
    over financial reporting, included in the accompanying
    Management’s Assessment of Internal Control over Financial
    Reporting. Our responsibility is to express an opinion on the
    Company’s internal control over financial reporting based
    on our audit.

 

    We conducted our audit in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether effective internal control
    over financial reporting was maintained in all material
    respects. Our audit included obtaining an understanding of
    internal control over financial reporting, assessing the risk
    that a material weakness exists, and testing and evaluating the
    design and operating effectiveness of internal control based on
    the assessed risk. Our audit also included performing such other
    procedures as we considered necessary in the circumstances. We
    believe that our audit provides a reasonable basis for our
    opinion.

 

    A company’s internal control over financial reporting is a
    process designed to provide reasonable assurance regarding the
    reliability of financial reporting and the preparation of
    financial statements for external purposes in accordance with
    generally accepted accounting principles. A company’s
    internal control over financial reporting includes those
    policies and procedures that (1) pertain to the maintenance
    of records that, in reasonable detail, accurately and fairly
    reflect the transactions and dispositions of the assets of the
    company; (2) provide reasonable assurance that transactions
    are recorded as necessary to permit preparation of financial
    statements in accordance with generally accepted accounting
    principles, and that receipts and expenditures of the company
    are being made only in accordance with authorizations of
    management and directors of the company; and (3) provide
    reasonable assurance regarding prevention or timely detection of
    unauthorized acquisition, use, or disposition of the
    company’s assets that could have a material effect on the
    financial statements.

 

    Because of its inherent limitations, internal control over
    financial reporting may not prevent or detect misstatements.
    Also, projections of any evaluation of effectiveness to future
    periods are subject to the risk that controls may become
    inadequate because of changes in conditions, or that the degree
    of compliance with the policies or procedures may deteriorate.

 

    In our opinion, Thermadyne Holdings Corporation maintained, in
    all material respects, effective internal control over financial
    reporting as of December 31, 2008, based on criteria
    established in Internal Control — Integrated
    Framework issued by the Committee of Sponsoring
    Organizations of the Treadway Commission.

 

    We also have audited, in accordance with the standards of the
    Public Company Accounting Oversight Board (United States), the
    consolidated balance sheets of Thermadyne Holdings Corporation
    as of December 31, 2008 and 2007, and the related
    consolidated statements of operations, shareholders’
    equity, and cash flows for each of the years in the three-year
    period ended December 31, 2008, and our report dated
    March 10, 2009 expressed an unqualified opinion on those
    consolidated financial statements.

 

    KPMG
    LLP

    

 

    St. Louis, Missouri

    March 10, 2009

    

    34

Table of Contents

		
	
    Item 9B.  
	
    Other
    Information

 

    None

 

    PART III

 

		
	
    Item 10.  
	
    Directors,
    Executive Officers and Corporate Governance

 

    The Company plans to file the 2009 Proxy Statement pursuant to
    Regulation 14A of the Exchange Act prior to April 29,
    2008. Except for the information set forth in this Item 10
    and the information concerning our executive officers set forth
    in Part I, Item 1,
    Business — Executive Officers of the
    Registrant of this annual report on
    Form 10-K
    for the fiscal year ended December 31, 2008, which
    information is incorporated herein by reference, the information
    required by this item is incorporated by reference from the 2009
    Proxy Statement.

 

    The Company has adopted a code of ethics applicable to certain
    members of Company management, including its principal executive
    officer, principal financial officer, principal accounting
    officer and controller, or persons performing similar functions.
    The code of ethics is available on the Company’s website at
    www.thermadyne.com. The Company will provide to any person
    without charge, upon request, a copy of the code of ethics. A
    request for the code of ethics should be made by writing to the
    Company’s Secretary,
    c/o Thermadyne
    Holdings Corporation, 16052 Swingley Ridge Road, Suite 300,
    Chesterfield, Missouri 63017. The Company intends to satisfy the
    disclosure requirement under Item 10 (now
    item 5.05(c)) of
    Form 8-K
    regarding the amendment to, or a waiver from, a provision of
    this code of ethics that applies to the Company’s principal
    executive officer, principal financial officer, principal
    accounting officer or controller, or persons performing similar
    functions and that relates to any element of the code of ethics
    definition enumerated in Item 406(b) of
    Regulation S-K
    by posting such information on its website.

 

    There have been no material changes to the procedures by which
    security holders may recommend nominees to the Company’s
    board of directors since the filing of the Company’s
    quarterly report on
    Form 10-Q
    for the fiscal quarter ended September 30, 2008.

 

    The board of directors has determined that each of
    Ms. Gordon and Mr. Adorjan is an audit committee
    financial expert, as such term is defined in
    Item 407(d)(5)(ii) of
    Regulation S-K.

 

		
	
    Item 11.  
	
    Executive
    Compensation

 

    Information required by this item is set forth under the
    captions “Compensation Discussion and Analysis,”
    “Compensation Committee Report,” “Compensation of
    Directors,” “2008 Summary Compensation Table,”
    “2008 Grants of Plan-Based Awards,” “Outstanding
    Equity Awards at 2008 Fiscal Year-End,” “Employment
    Agreements,” “Potential Payments upon Termination or
    Change in Control” and “Compensation Committee
    Interlocks and Insider Participation” in the 2009 Proxy
    Statement and is incorporated herein by reference.

 

		
	
    Item 12.  
	
    Security
    Ownership of Certain Beneficial Owners and Management and
    Related Stockholder Matters

 

    Certain information required by this item is set forth under the
    caption “Information about Stock Ownership” in the
    2009 Proxy Statement and is incorporated herein by reference.

    

    35

Table of Contents

    Information concerning securities authorized for issuance under
    the Company’s equity compensation plans is set forth in the
    table below:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Number of

    
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Securities

    
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Remaining Available

    
	
 

	
 
	
 
	
    Number of

    
	
 
	
 
	
 
	
 
	
 
	
    for Future Issuance

    
	
 

	
 
	
 
	
    Securities to be

    
	
 
	
 
	
 
	
 
	
 
	
    Under Equity

    
	
 

	
 
	
 
	
    Issued Upon

    
	
 
	
 
	
    Weighted-Average

    
	
 
	
 
	
    Compensation Plans

    
	
 

	
 
	
 
	
    Exercise of

    
	
 
	
 
	
    Exercise Price of

    
	
 
	
 
	
    (Excluding

    
	
 

	
 
	
 
	
    Outstanding

    
	
 
	
 
	
    Outstanding

    
	
 
	
 
	
    Securities

    
	
 

	
 
	
 
	
    Options, Warrants

    
	
 
	
 
	
    Options, Warrants

    
	
 
	
 
	
    Reflected in Column

    
	
 

	
 
	
 
	
    and Rights

    
	
 
	
 
	
    and Rights

    
	
 
	
 
	
    (a))

    
	
 

	

    Plan Category

	
 
	
    (a)
	
 
	
 
	
    (b)
	
 
	
 
	
    (c)
	
 

	 

	

    Equity compensation plans approved by security holders

	
 
	
 
	
    1,249,497
	
 
	
 
	
    $
	
    13.61
	
 
	
 
	
 
	
    487,860
	
 

	

    Equity compensation plans not approved by security holders

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Total

	
 
	
 
	
    1,249,497
	
 
	
 
	
    $
	
    13.61
	
 
	
 
	
 
	
    487,860
	
 

 

		
	
    Item 13.  
	
    Certain
    Relationships and Related Transactions, and Director
    Independence

 

    The information required by this item is set forth under the
    captions “Certain Relationships and Related
    Transactions” and “Board and Committee
    Meetings-Independent Directors” in the 2009 Proxy Statement
    and is incorporated herein by reference.

 

		
	
    Item 14.  
	
    Principal
    Accountant Fees and Services

 

    The information required by this item is set forth under the
    caption “Independent Registered Public Accountant Fees and
    Other Matters” in the 2009 Proxy Statement and is
    incorporated herein by reference.

    

    36

Table of Contents

 

    PART IV

 

		
	
    Item 15.  
	
    Exhibits
    and Financial Statement Schedules

 

    Financial
    Statements and Schedules

 

    The following documents are filed as part of this report:

 

	 	 	 	 	 
	
 
	
 
	
    Page

	 

	

    Report of Independent Registered Public
    Accounting Firm — KPMG LLP

	
 
	 
	
    39
	 

	

    Consolidated Balance Sheets as of
    December 31, 2008 and 2007

	
 
	 
	
    40
	 

	

    Consolidated Statements of Operations for the
    years ended December 31, 2008, December 31, 2007, and
    December 31, 2006

	
 
	 
	
    41
	 

	

    Consolidated Statements of Shareholders’
    Equity for the years ended December 31, 2008,
    December 31, 2007, and December 31, 2006

	
 
	 
	
    42
	 

	

    Consolidated Statements of Cash Flows for the
    years ended December 31, 2008, December 31, 2007, and
    December 31, 2006

	
 
	 
	
    43
	 

	

    Notes to Consolidated Financial Statements

	
 
	 
	
    44
	 

 

    All schedules for which provision is made in the applicable
    accounting regulation of the Commission are not required under
    the related instructions, are included in the financial
    statements or are inapplicable and therefore have been omitted.

 

    Exhibits

 

    A listing of Exhibits is included following the financial
    statements.

    

    37

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    INDEX TO
    CONSOLIDATED FINANCIAL STATEMENTS

 

	 	 	 	 	 
	
 
	
 
	
    Page

	 

	

    Report of Independent Registered Public Accounting
    Firm — KPMG LLP

	
 
	 
	
    39
	 

	

    Consolidated Balance Sheets as of December 31, 2008 and 2007

	
 
	 
	
    40
	 

	

    Consolidated Statements of Operations for the years ended
    December 31, 2008, 2007, and 2006

	
 
	 
	
    41
	 

	

    Consolidated Statements of Shareholders’ Equity for the
    years ended December 31, 2008, 2007, and 2006

	
 
	 
	
    42
	 

	

    Consolidated Statements of Cash Flows for the years ended
    December 31, 2008, 2007, and 2006

	
 
	 
	
    43
	 

	

    Notes to Consolidated Financial Statements

	
 
	 
	
    44
	 

    

    38

Table of Contents

 

    REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

    The Board of Directors and Stockholders

    Thermadyne Holdings Corporation:

 

    We have audited the accompanying consolidated balance sheets of
    Thermadyne Holdings Corporation (the Company) as of
    December 31, 2008 and 2007, and the related consolidated
    statements of operations, shareholders’ equity, and cash
    flows for each of the years in the three-year period ended
    December 31, 2008. These consolidated financial statements
    are the responsibility of the Company’s management. Our
    responsibility is to express an opinion on these consolidated
    financial statements based on our audits.

 

    We conducted our audits in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. An audit includes examining, on a
    test basis, evidence supporting the amounts and disclosures in
    the financial statements. An audit also includes assessing the
    accounting principles used and significant estimates made by
    management, as well as evaluating the overall financial
    statement presentation. We believe that our audits provide a
    reasonable basis for our opinion.

 

    In our opinion, the consolidated financial statements referred
    to above present fairly, in all material respects, the financial
    position of Thermadyne Holdings Corporation as of
    December 31, 2008 and 2007, and the results of their
    operations and their cash flows for each of the years in the
    three-year period ended December 31, 2008, in conformity
    with U.S. generally accepted accounting principles.

 

    We also have audited, in accordance with the standards of the
    Public Company Accounting Oversight Board (United States),
    Thermadyne Holdings Corporation’s internal control over
    financial reporting as of December 31, 2008, based on
    criteria established in Internal Control —
    Integrated Framework issued by the Committee of Sponsoring
    Organizations of the Treadway Commission (COSO), and our report
    dated March 10, 2009 expressed an unqualified opinion on
    the effectiveness of the Company’s internal control over
    financial reporting.

 

    KPMG
    LLP

    

 

    St. Louis, Missouri

    March 10, 2009

    

    39

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONSOLIDATED
    BALANCE SHEETS

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	
 
	
 
	
    (Dollars in thousands, 

    
	
 

	
 
	
 
	
    except share data)
	
 

	 

	

    Current Assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents

	
 
	
    $
	
    11,916
	
 
	
 
	
    $
	
    16,159
	
 

	

    Accounts receivable, less allowance for doubtful accounts of
    $900 and $1,000, respectively

	
 
	
 
	
    72,044
	
 
	
 
	
 
	
    83,852
	
 

	

    Inventories

	
 
	
 
	
    102,479
	
 
	
 
	
 
	
    90,961
	
 

	

    Prepaid expenses and other

	
 
	
 
	
    5,443
	
 
	
 
	
 
	
    6,147
	
 

	

    Assets held for sale

	
 
	
 
	
    916
	
 
	
 
	
 
	
    2,023
	
 

	

    Deferred tax assets

	
 
	
 
	
    2,277
	
 
	
 
	
 
	
    2,721
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current assets

	
 
	
 
	
    195,075
	
 
	
 
	
 
	
    201,863
	
 

	

    Property, plant and equipment, net of accumulated depreciation
    of $46,653 and $44,631, respectively

	
 
	
 
	
    47,501
	
 
	
 
	
 
	
    44,356
	
 

	

    Goodwill

	
 
	
 
	
    184,043
	
 
	
 
	
 
	
    182,163
	
 

	

    Intangibles, net

	
 
	
 
	
    60,783
	
 
	
 
	
 
	
    63,204
	
 

	

    Other assets

	
 
	
 
	
    6,967
	
 
	
 
	
 
	
    5,841
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total assets

	
 
	
    $
	
    494,369
	
 
	
 
	
    $
	
    497,427
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Current Liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital facility

	
 
	
    $
	
    32,531
	
 
	
 
	
    $
	
    12,658
	
 

	

    Current maturities of long-term obligations

	
 
	
 
	
    2,060
	
 
	
 
	
 
	
    8,778
	
 

	

    Accounts payable

	
 
	
 
	
    30,823
	
 
	
 
	
 
	
    31,577
	
 

	

    Accrued and other liabilities

	
 
	
 
	
    28,295
	
 
	
 
	
 
	
    28,826
	
 

	

    Accrued interest

	
 
	
 
	
    6,558
	
 
	
 
	
 
	
    8,032
	
 

	

    Income taxes payable

	
 
	
 
	
    2,849
	
 
	
 
	
 
	
    4,664
	
 

	

    Deferred tax liability

	
 
	
 
	
    3,253
	
 
	
 
	
 
	
    2,667
	
 

	

    Liabilities related to assets held for sale

	
 
	
 
	
    5,266
	
 
	
 
	
 
	
    7,417
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current liabilities

	
 
	
 
	
    111,635
	
 
	
 
	
 
	
    104,619
	
 

	

    Long-term obligations, less current maturities

	
 
	
 
	
    199,454
	
 
	
 
	
 
	
    213,142
	
 

	

    Deferred tax liabilities

	
 
	
 
	
    47,292
	
 
	
 
	
 
	
    44,306
	
 

	

    Other long-term liabilities

	
 
	
 
	
    17,685
	
 
	
 
	
 
	
    12,989
	
 

	

    Minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    287
	
 

	

    Stockholders’ equity:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Common stock, $0.01 par value:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Authorized — 25,000,000 shares Issued and
    outstanding — 13,509,698 shares at
    December 31, 2008 and 13,368,190 shares at
    December 31, 2007

	
 
	
 
	
    135
	
 
	
 
	
 
	
    134
	
 

	

    Additional paid-in capital

	
 
	
 
	
    189,256
	
 
	
 
	
 
	
    186,830
	
 

	

    Accumulated deficit

	
 
	
 
	
    (69,245
	
    )
	
 
	
 
	
    (79,953
	
    )

	

    Accumulated other comprehensive income (loss)

	
 
	
 
	
    (1,843
	
    )
	
 
	
 
	
    15,073
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total stockholders’ equity

	
 
	
 
	
    118,303
	
 
	
 
	
 
	
    122,084
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total liabilities and stockholders’ equity

	
 
	
    $
	
    494,369
	
 
	
 
	
    $
	
    497,427
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    40

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONSOLIDATED
    STATEMENTS OF OPERATIONS

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	
 
	
 
	
    (Dollars in thousands, except per share data)
	
 

	 

	

    Net sales

	
 
	
    $
	
    516,908
	
 
	
 
	
    $
	
    493,975
	
 
	
 
	
    $
	
    445,727
	
 

	

    Cost of goods sold

	
 
	
 
	
    357,855
	
 
	
 
	
 
	
    339,622
	
 
	
 
	
 
	
    315,052
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gross margin

	
 
	
 
	
    159,053
	
 
	
 
	
 
	
    154,353
	
 
	
 
	
 
	
    130,675
	
 

	

    Selling, general and administrative expenses

	
 
	
 
	
    112,122
	
 
	
 
	
 
	
    106,033
	
 
	
 
	
 
	
    109,563
	
 

	

    Amortization of intangibles

	
 
	
 
	
    2,675
	
 
	
 
	
 
	
    2,921
	
 
	
 
	
 
	
    2,894
	
 

	

    Net periodic postretirement benefits

	
 
	
 
	
    322
	
 
	
 
	
 
	
    1,087
	
 
	
 
	
 
	
    (11,755
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income

	
 
	
 
	
    43,934
	
 
	
 
	
 
	
    44,312
	
 
	
 
	
 
	
    29,973
	
 

	

    Other income (expenses):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest

	
 
	
 
	
    (20,304
	
    )
	
 
	
 
	
    (26,799
	
    )
	
 
	
 
	
    (26,512
	
    )

	

    Amortization of deferred financing costs

	
 
	
 
	
    (938
	
    )
	
 
	
 
	
    (1,444
	
    )
	
 
	
 
	
    (1,344
	
    )

	

    Minority interest

	
 
	
 
	
    (80
	
    )
	
 
	
 
	
    82
	
 
	
 
	
 
	
    (44
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income from continuing operations before income tax provision
    and discontinued operations

	
 
	
 
	
    22,612
	
 
	
 
	
 
	
    16,151
	
 
	
 
	
 
	
    2,073
	
 

	

    Income tax provision (benefit)

	
 
	
 
	
    12,089
	
 
	
 
	
 
	
    5,515
	
 
	
 
	
 
	
    (405
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income from continuing operations

	
 
	
 
	
    10,523
	
 
	
 
	
 
	
    10,636
	
 
	
 
	
 
	
    2,478
	
 

	

    Income (loss) from discontinued operations, net of tax

	
 
	
 
	
    185
	
 
	
 
	
 
	
    (1,971
	
    )
	
 
	
 
	
    (25,525
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    10,708
	
 
	
 
	
    $
	
    8,665
	
 
	
 
	
    $
	
    (23,047
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.80
	
 
	
 
	
    $
	
    0.19
	
 

	

    Discontinued operations

	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (1.92
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    0.80
	
 
	
 
	
    $
	
    0.65
	
 
	
 
	
    $
	
    (1.73
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.78
	
 
	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.18
	
 

	

    Discontinued operations

	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (1.91
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.64
	
 
	
 
	
    $
	
    (1.73
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    41

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONSOLIDATED
    STATEMENTS OF SHAREHOLDERS’ EQUITY

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Accumulated

    
	
 
	
 
	
 
	
 

	
 
	
 
	
    Common Stock
	
 
	
 
	
    Additional

    
	
 
	
 
	
 
	
 
	
 
	
    Other

    
	
 
	
 
	
    Total

    
	
 

	
 
	
 
	
    Number of

    
	
 
	
 
	
    Par

    
	
 
	
 
	
    Paid-In

    
	
 
	
 
	
    Accumulated

    
	
 
	
 
	
    Comprehensive

    
	
 
	
 
	
    Shareholders’

    
	
 

	
 
	
 
	
    Shares
	
 
	
 
	
    Value
	
 
	
 
	
    Capital
	
 
	
 
	
    Deficit
	
 
	
 
	
    Income (Loss)
	
 
	
 
	
    Equity
	
 

	
 
	
 
	
    (Dollars in thousands, except share data)
	
 

	 

	

    December 31, 2005

	
 
	
 
	
    13,318
	
 
	
 
	
    $
	
    133
	
 
	
 
	
    $
	
    183,541
	
 
	
 
	
    $
	
    (65,571
	
    )
	
 
	
    $
	
    5,850
	
 
	
 
	
    $
	
    123,953
	
 

	

    Comprehensive income (loss):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (23,047
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (23,047
	
    )

	

    Foreign currency translation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    521
	
 
	
 
	
 
	
    521
	
 

	

    Minimum pension liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    370
	
 
	
 
	
 
	
    370
	
 

	

    Minimum post retirement liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    444
	
 
	
 
	
 
	
    444
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive loss

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    (21,712
	
    )

	

    Common stock issuance-Employee stock purchase plan

	
 
	
 
	
    14
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    155
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    155
	
 

	

    Exercise of stock options

	
 
	
 
	
    4
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    55
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    55
	
 

	

    Stock compensation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,053
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,053
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    December 31, 2006

	
 
	
 
	
    13,336
	
 
	
 
	
    $
	
    133
	
 
	
 
	
    $
	
    184,804
	
 
	
 
	
    $
	
    (88,618
	
    )
	
 
	
    $
	
    7,185
	
 
	
 
	
    $
	
    103,504
	
 

	

    Comprehensive income (loss):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,665
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,665
	
 

	

    Foreign currency translation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,873
	
 
	
 
	
 
	
    5,873
	
 

	

    Minimum pension liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (877
	
    )
	
 
	
 
	
    (877
	
    )

	

    Minimum post retirement liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,892
	
 
	
 
	
 
	
    2,892
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive income

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    16,553
	
 

	

    Common stock issuance-Employee stock purchase plan

	
 
	
 
	
    10
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    138
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    138
	
 

	

    Exercise of stock options

	
 
	
 
	
    22
	
 
	
 
	
 
	
    1
	
 
	
 
	
 
	
    279
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    280
	
 

	

    Stock compensation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,609
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,609
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    December 31, 2007

	
 
	
 
	
    13,368
	
 
	
 
	
    $
	
    134
	
 
	
 
	
    $
	
    186,830
	
 
	
 
	
    $
	
    (79,953
	
    )
	
 
	
    $
	
    15,073
	
 
	
 
	
    $
	
    122,084
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive income (loss):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    10,708
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    10,708
	
 

	

    Foreign currency translation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (10,990
	
    )
	
 
	
 
	
    (10,990
	
    )

	

    Minimum pension liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,098
	
    )
	
 
	
 
	
    (7,098
	
    )

	

    Minimum post retirement liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,172
	
 
	
 
	
 
	
    1,172
	
 

	

    Comprehensive loss

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    (6,208
	
    )

	

    Common stock issuance-Employee stock purchase plan

	
 
	
 
	
    11
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    130
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    130
	
 

	

    Exercise of stock options

	
 
	
 
	
    131
	
 
	
 
	
 
	
    1
	
 
	
 
	
 
	
    1,818
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,819
	
 

	

    Stock compensation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    478
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    478
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    December 31, 2008

	
 
	
 
	
    13,510
	
 
	
 
	
    $
	
    135
	
 
	
 
	
    $
	
    189,256
	
 
	
 
	
    $
	
    (69,245
	
    )
	
 
	
    $
	
    (1,843
	
    )
	
 
	
    $
	
    118,303
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    42

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONSOLIDATED
    STATEMENTS OF CASH FLOWS

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	
 
	
 
	
    (Dollars in thousands)
	
 

	 

	

    Cash flows from continuing operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from operating activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    10,708
	
 
	
 
	
    $
	
    8,665
	
 
	
 
	
    $
	
    (23,047
	
    )

	

    Adjustments to reconcile net income to net cash provided by
    (used in) operating activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from discontinued operations

	
 
	
 
	
    (185
	
    )
	
 
	
 
	
    1,971
	
 
	
 
	
 
	
    25,525
	
 

	

    Minority interest

	
 
	
 
	
    80
	
 
	
 
	
 
	
    (82
	
    )
	
 
	
 
	
    44
	
 

	

    Depreciation and amortization

	
 
	
 
	
    12,365
	
 
	
 
	
 
	
    13,117
	
 
	
 
	
 
	
    15,727
	
 

	

    Deferred income taxes

	
 
	
 
	
    4,850
	
 
	
 
	
 
	
    (1,233
	
    )
	
 
	
 
	
    (8,815
	
    )

	

    Net periodic post-retirement benefits

	
 
	
 
	
    322
	
 
	
 
	
 
	
    1,087
	
 
	
 
	
 
	
    (11,755
	
    )

	

    Changes in operating assets and liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accounts receivable

	
 
	
 
	
    7,052
	
 
	
 
	
 
	
    (2,001
	
    )
	
 
	
 
	
    (8,473
	
    )

	

    Inventories

	
 
	
 
	
    (15,440
	
    )
	
 
	
 
	
    9,076
	
 
	
 
	
 
	
    4,970
	
 

	

    Prepaids

	
 
	
 
	
    762
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Accounts payable

	
 
	
 
	
    (1,902
	
    )
	
 
	
 
	
    (1,268
	
    )
	
 
	
 
	
    (5,839
	
    )

	

    Accrued and other liabilities

	
 
	
 
	
    1,242
	
 
	
 
	
 
	
    (5,795
	
    )
	
 
	
 
	
    1,669
	
 

	

    Accrued interest

	
 
	
 
	
    (1,474
	
    )
	
 
	
 
	
    (225
	
    )
	
 
	
 
	
    934
	
 

	

    Other long-term liabilities

	
 
	
 
	
    (838
	
    )
	
 
	
 
	
    (3,453
	
    )
	
 
	
 
	
    (4,755
	
    )

	

    Other, net

	
 
	
 
	
    103
	
 
	
 
	
 
	
    3,154
	
 
	
 
	
 
	
    (1,651
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
 
	
    17,645
	
 
	
 
	
 
	
    23,013
	
 
	
 
	
 
	
    (15,466
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from investing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Capital expenditures

	
 
	
 
	
    (13,393
	
    )
	
 
	
 
	
    (11,358
	
    )
	
 
	
 
	
    (8,499
	
    )

	

    Net proceeds from sales of assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,957
	
 

	

    Proceeds from sales of discontinued operations

	
 
	
 
	
    500
	
 
	
 
	
 
	
    13,783
	
 
	
 
	
 
	
    16,455
	
 

	

    Purchase of minority interest

	
 
	
 
	
    (838
	
    )
	
 
	
 
	
 
	
 
	
 
	
 
	
    (3,954
	
    )

	

    Purchase of outside interest in joint venture

	
 
	
 
	
    (3,055
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Other

	
 
	
 
	
    (757
	
    )
	
 
	
 
	
    (487
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    (17,543
	
    )
	
 
	
 
	
    1,938
	
 
	
 
	
 
	
    5,959
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from financing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Borrowings under Working Capital Facility

	
 
	
 
	
    27,751
	
 
	
 
	
 
	
    20,041
	
 
	
 
	
 
	
    9,357
	
 

	

    Repayments of Working Capital Facility

	
 
	
 
	
    (7,878
	
    )
	
 
	
 
	
    (24,989
	
    )
	
 
	
 
	
    (23,547
	
    )

	

    Borrowings under other debt

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    20,000
	
 

	

    Repayments of other debt

	
 
	
 
	
    (22,789
	
    )
	
 
	
 
	
    (16,725
	
    )
	
 
	
 
	
    (7,790
	
    )

	

    Stock compensation expense

	
 
	
 
	
    1,362
	
 
	
 
	
 
	
    1,609
	
 
	
 
	
 
	
    1,053
	
 

	

    Exercise of employee stock purchases

	
 
	
 
	
    1,949
	
 
	
 
	
 
	
    417
	
 
	
 
	
 
	
    210
	
 

	

    Advances from (to) discontinued operations

	
 
	
 
	
    (2,657
	
    )
	
 
	
 
	
    (837
	
    )
	
 
	
 
	
    8,330
	
 

	

    Other, net

	
 
	
 
	
    (891
	
    )
	
 
	
 
	
    (362
	
    )
	
 
	
 
	
    (348
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    (3,153
	
    )
	
 
	
 
	
    (20,846
	
    )
	
 
	
 
	
    7,265
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    (1,192
	
    )
	
 
	
 
	
    744
	
 
	
 
	
 
	
    365
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    (4,243
	
    )
	
 
	
 
	
    4,849
	
 
	
 
	
 
	
    (1,877
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from discontinued operations

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
 
	
    (2,574
	
    )
	
 
	
 
	
    812
	
 
	
 
	
 
	
    8,008
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    500
	
 
	
 
	
 
	
    5,084
	
 
	
 
	
 
	
    (342
	
    )

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    2,538
	
 
	
 
	
 
	
    (5,650
	
    )
	
 
	
 
	
    (9,854
	
    )

	

    Effect of exchange rates on cash and cash equivalents

	
 
	
 
	
    (155
	
    )
	
 
	
 
	
    30
	
 
	
 
	
 
	
    (187
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) discontinued operations

	
 
	
 
	
    309
	
 
	
 
	
 
	
    276
	
 
	
 
	
 
	
    (2,375
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total increase (decrease) in cash and cash equivalents

	
 
	
 
	
    (3,934
	
    )
	
 
	
 
	
    5,125
	
 
	
 
	
 
	
    (4,252
	
    )

	

    Total cash and cash equivalents beginning of period

	
 
	
 
	
    16,435
	
 
	
 
	
 
	
    11,310
	
 
	
 
	
 
	
    15,562
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total cash and cash equivalents end of period

	
 
	
    $
	
    12,501
	
 
	
 
	
    $
	
    16,435
	
 
	
 
	
    $
	
    11,310
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents beginning of period

	
 
	
    $
	
    16,159
	
 
	
 
	
    $
	
    11,310
	
 
	
 
	
    $
	
    13,187
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    (4,243
	
    )
	
 
	
 
	
    4,849
	
 
	
 
	
 
	
    (1,877
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents end of period

	
 
	
    $
	
    11,916
	
 
	
 
	
    $
	
    16,159
	
 
	
 
	
    $
	
    11,310
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Discontinued operations

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents beginning of period

	
 
	
    $
	
    276
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    2,375
	
 

	

    Net cash provided by (used in) discontinued operations

	
 
	
 
	
    309
	
 
	
 
	
 
	
    276
	
 
	
 
	
 
	
    (2,375
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents end of period

	
 
	
    $
	
    585
	
 
	
 
	
    $
	
    276
	
 
	
 
	
    $
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    43

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS

    

    (In
    thousands, except share data)

 

		
	
    1.  
	
    The
    Company

 

    Thermadyne Holdings Corporation (“Thermadyne” or the
    “Company”), a Delaware corporation, is a global
    designer and manufacturer of cutting and welding products,
    including equipment, accessories and consumables. The
    Company’s products are used by manufacturing, construction
    and foundry operations to cut, join and reinforce steel,
    aluminum and other metals. Common applications for the
    Company’s products include shipbuilding, railcar
    manufacturing, offshore oil and gas rig construction,
    fabrication and the repair and maintenance of manufacturing
    equipment and facilities. Welding and cutting products are
    critical to the operations of most businesses that fabricate
    metal, and the Company has well established and widely
    recognized brands.

 

		
	
    2.  
	
    Significant
    Accounting Policies

 

    Principles of consolidation.  The consolidated
    financial statements include the Company’s accounts and
    those of the majority-owned subsidiaries. All material
    intercompany balances and transactions have been eliminated in
    consolidation. Unconsolidated subsidiaries and investments are
    accounted for under the equity method.

 

    Estimates.  Preparation of financial statements
    in conformity with U.S. generally accepted accounting
    principles requires certain estimates and assumptions to be made
    that affect the reported amounts of assets and liabilities at
    the date of the financial statements and the reported amounts of
    revenues and expenses during the reporting period. Actual
    results could differ from those estimates. Any significant
    unanticipated changes in business or market conditions that vary
    from current expectations could have an impact on the fair
    market value of assets and result in a potential impairment loss.

 

    Inventories.  Inventories are valued at the
    lower of cost or market. Cost is determined using the
    last-in,
    first-out (“LIFO”) method for domestic subsidiaries
    and the
    first-in,
    first-out (“FIFO”) method for the Company’s
    foreign subsidiaries. Inventories at foreign subsidiaries
    amounted to $45,570 and $36,150 at December 31, 2008 and
    2007, respectively.

 

    Property, Plant and Equipment.  Property, plant
    and equipment are carried at cost and are depreciated using the
    straight-line method. The average estimated lives utilized in
    calculating depreciation are as follows: buildings —
    25 years and machinery and equipment — three to
    ten years. Property, plant and equipment recorded under capital
    leases are depreciated based on the lesser of the lease term or
    the underlying asset’s useful life. Impairment losses are
    recorded on long-lived assets when events and circumstances
    indicate the assets might be impaired and the undiscounted cash
    flows estimated to be generated by those assets are less than
    their carrying amounts. During 2007, the Company recorded an
    impairment loss related to the decision to dispose of its
    cutting table business. During 2006, the Company recorded an
    impairment loss related to the decision to dispose of the South
    Africa and Brazil businesses. These impairment losses were
    recorded as the fair value of the businesses was determined to
    be below the carrying value of the net assets. See
    Note 3 — Discontinued Operations. No such
    losses were incurred as of December 31, 2008.

 

    Deferred Financing Costs.  Loan origination
    fees and other costs incurred arranging long-term financing are
    capitalized as deferred financing costs and amortized on a
    straight-line basis over the term of the credit agreement.
    Deferred financing costs totaled $10,501 and $10,494, less
    related accumulated amortization of $6,890 and $5,953, at
    December 31, 2008 and 2007, respectively, and are
    classified as other assets in the accompanying consolidated
    balance sheets.

 

    Intangibles.  Goodwill and trademarks have
    indefinite lives. Patents and customer relationships are
    amortized on a straight-line basis over their estimated useful
    lives, which generally range from 10 to 20 years.

 

    Goodwill and trademarks are tested for impairment annually or
    more frequently if events occur or circumstances change that
    would more likely than not reduce the fair value of the
    reporting unit below its carrying value. The impairment analysis
    is completed on a consolidated enterprise level. Comparable
    market values, market prices

    

    44

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    and the present value of expected future cash flows are used to
    estimate fair value. Significant judgments and estimates about
    future conditions are used to estimate future cash flows.
    Unforeseen events and changes in circumstances and market
    conditions including general economic and competitive conditions
    could result in significant changes in those estimates.
    Uncertainty of global economic slow down could impact the
    Company’s actual and expected results and accordingly
    increase the risk of recognizing an impairment. The annual
    impairment analysis was completed in the fourth quarter, and no
    adjustment to the carrying value of goodwill was deemed
    necessary as of December 31, 2008 based on estimates of
    future cash flows. Impairments were recorded as of
    December 31, 2007 and 2006 to the carrying value of
    goodwill allocated to the Company’s discontinued
    operations. See Note 3 — Discontinued
    Operations to the consolidated financial statements.

 

    Trademarks are generally associated with the Company’s
    product brands, and cash flows associated with these products
    are expected to continue indefinitely. The Company has placed no
    limit on the end of the Company’s trademarks’ useful
    lives. As of December 31, 2008, there was no impairment of
    trademarks.

 

    Product Warranty Programs.  Various products
    are sold with product warranty programs. Provisions for warranty
    programs are made as the products are sold and adjusted
    periodically based on current estimates of anticipated warranty
    costs. During the years ended December 31, 2008, 2007 and
    2006, the Company recorded $3,094, $3,780, and $3,093 of
    warranty expense, respectively, through cost of goods sold. As
    of December 31, 2008 and 2007, the warranty accrual totaled
    $2,961 and $3,092, respectively.

 

    Derivative Instruments.  The Company records
    derivatives and hedging activities on the balance sheet at their
    respective fair values. The Company does not use derivative
    instruments for trading or speculative purposes. The Company
    designates and documents all relationships between hedging
    instruments and hedged items, as well as its risk management
    objectives and strategies for undertaking hedge transactions.
    The Company also assesses, both at the inception of the hedge
    and on an on-going basis, whether the hedge is effective.

 

    Income Taxes.  Deferred tax assets and
    liabilities are recognized for the estimated future tax
    consequences attributable to temporary differences between the
    carrying value of assets and liabilities for financial reporting
    purposes and their tax basis. The measurement of current and
    deferred tax assets and liabilities is based on provisions of
    the enacted tax law; the effects of future changes in tax laws
    or rates are not anticipated. Based on available evidence, the
    measurement of deferred tax assets is reduced, if necessary, by
    the amount of any tax benefits that are not expected to be
    realized. The Company’s effective tax rate includes the
    impact of certain of the undistributed foreign earnings for
    which U.S. taxes have been provided because of the
    applicability of I.R.C. Section 956 for earnings of foreign
    entities which guarantee the indebtedness of a U.S. parent.
    See Note 12 — Income Tax to the
    consolidated financial statements.

 

    Stock Option Accounting.  The Company adopted
    SFAS No. 123(R), Share-Based Payment, on
    January 1, 2006. SFAS No. 123(R) requires all
    share-based payments to employees, including grants of employee
    stock options, to be recognized in the income statement based on
    their fair values. The Company utilizes the modified prospective
    method in which compensation cost is recognized beginning with
    the effective date (a) based on the requirements of
    SFAS No. 123(R) for all share-based payments granted
    after the effective date and (b) based on the requirements
    of SFAS No. 123 for all awards granted to employees
    prior to the effective date of SFAS No. 123(R) that
    remain unvested on the effective date. See
    Note 14 — Stock Options and Stock-Based
    Compensation to the consolidated financial statements.

 

    Revenue Recognition.  The Company sells a
    majority of its products through distributors with standard
    terms of sale of FOB shipping point or FOB destination. The
    Company has certain consignment arrangements whereby revenue is
    recognized when products are used by the customer from consigned
    stock. Under all circumstances, revenue is recognized when
    persuasive evidence of an arrangement exists, delivery has
    occurred, the seller’s price is fixed and determinable and
    collectibility is reasonably assured.

    

    45

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    The Company sponsors a number of incentive programs to augment
    distributor sales efforts including certain rebate programs and
    sales and market share growth incentive programs. The costs
    associated with these sales programs are recorded as a reduction
    of revenue.

 

    In both 2008 and 2007, the Company had one customer that
    comprised 11% and 13%, respectively, of the Company’s
    global net sales.

 

    Terms of sale generally include
    30-day
    payment terms, return provisions and standard warranties for
    which reserves, based upon estimated warranty liabilities from
    historical experience, have been recorded. For a product that is
    returned due to issues outside the scope of the Company’s
    warranty agreements, restocking charges will generally be
    assessed.

 

    Cash Equivalents.  All highly liquid
    investments purchased with a maturity of three months or less
    are considered to be cash equivalents.

 

    Foreign Currency Translation.  Local currencies
    have been designated as the functional currencies for all
    subsidiaries with the exception of the Company’s
    Hermosillo, Mexico operation whose functional currency has been
    designated the U.S. dollar. Accordingly, assets and
    liabilities of the other foreign subsidiaries are translated at
    the rates of exchange at the balance sheet date. Income and
    expense items of these subsidiaries are translated at average
    monthly rates of exchange.

 

    During the second quarter of 2008, the Company recorded an
    adjustment related to foreign currency translation. The current
    year impact of foreign currency in these items included an
    increase to goodwill of $1,174 and an increase to accumulated
    other comprehensive income of $920 net of $2,094 of
    deferred taxes at June 30, 2008. The effect of this
    adjustment would have increased goodwill by $4,558 and increased
    accumulated other comprehensive income by $2,072 net of
    $6,630 of deferred income taxes at December 31, 2007, a
    portion of which related to prior periods. This adjustment did
    not impact the Company’s net income or cash flows from
    operating, financing or investing activities for the periods.

 

    Accumulated Other Comprehensive Income.  Other
    comprehensive income (loss) is recorded as a component of
    shareholders equity. As of December 31, it consists of:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2007
	
 
	
 
	
    2008
	
 

	
 
	
 
	
 
	
 
	
 
	
    Increase

    
	
 
	
 
	
    Balance at

    
	
 
	
 
	
    Increase

    
	
 
	
 
	
    Balance at

    
	
 

	
 
	
 
	
    January 1
	
 
	
 
	
    (Decrease)
	
 
	
 
	
    December 31
	
 
	
 
	
    (Decrease)
	
 
	
 
	
    December 31
	
 

	 

	

    Cumulative foreign currency translation gains (losses), net of
    tax

	
 
	
    $
	
    7,016
	
 
	
 
	
    $
	
    5,873
	
 
	
 
	
    $
	
    12,889
	
 
	
 
	
    $
	
    (10,990
	
    )
	
 
	
    $
	
    1,899
	
 

	

    Minimum pension liability, net of tax

	
 
	
 
	
    (275
	
    )
	
 
	
 
	
    (877
	
    )
	
 
	
 
	
    (1,152
	
    )
	
 
	
 
	
    (7,098
	
    )
	
 
	
 
	
    (8,250
	
    )

	

    Minimum post-retirement liability, net of tax

	
 
	
 
	
    444
	
 
	
 
	
 
	
    2,892
	
 
	
 
	
 
	
    3,336
	
 
	
 
	
 
	
    1,172
	
 
	
 
	
 
	
    4,508
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive income

	
 
	
    $
	
    7,185
	
 
	
 
	
    $
	
    7,888
	
 
	
 
	
    $
	
    15,073
	
 
	
 
	
    $
	
    (16,916
	
    )
	
 
	
    $
	
    (1,843
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Fair Value.  In February 2007, the FASB issued
    SFAS 159, “The Fair Value Option for Financial Assets
    and Financial Liabilities — Including an Amendment of
    SFAS 115,” which permits entities to choose to measure
    many financial instruments and certain other items at fair value
    that are not currently required to be measured at fair value.
    Unrealized gains and losses arising subsequent to adoption are
    reported in earnings. SFAS 159 is effective for fiscal
    years beginning after November 15, 2007. The Company
    adopted this statement as of January 1, 2008 and elected
    not to apply the fair value option to any of its financial
    instruments. At December 31, 2008, the $50 million
    notional amount interest rate swap agreement is the only
    significant financial instrument for which hedge accounting is a
    consideration. This financial instrument is accounted for and
    reported as a fair value hedge under the requirements of
    FAS 133 “Accounting for Derivatives and Hedging
    Activities.” This swap agreement was terminated by the
    counter party on February 1, 2009 pursuant to the call
    provisions of the agreement with a $3.0 million termination
    payment to Thermadyne.

    

    46

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    In September 2006, the FASB issued SFAS 157 “Fair
    Value Measurements.” SFAS 157 defines fair value,
    establishes a framework for measuring fair value in generally
    accepted accounting principles, and expands disclosures about
    fair value measurements. SFAS 157 does not require any new
    fair value measurements. In February 2008, the FASB amended
    SFAS 157 to exclude SFAS 13, “Accounting for
    Leases.” In addition, the FASB delayed the effective date
    of SFAS 157 for non-financial assets and liabilities to
    fiscal years beginning after November 15, 2008. The Company
    adopted the provisions of SFAS 157 related to its financial
    assets and liabilities on January 1, 2008. See
    Note 8 — Debt and Capital Lease
    Obligations.

 

    The carrying values of the obligations outstanding under the
    Working Capital Facility, the Second Lien Facility and other
    long-term obligations, excluding the Senior Subordinated Notes,
    are estimated to approximate fair values since these obligations
    are fully secured and have varying interest charges based on
    current market rates. The estimated fair value of the
    Company’s Senior Subordinated Notes of $97,125 and $162,750
    at December 31, 2008 and December 31, 2007,
    respectively, is based on available market information.

 

    Effect
    of New Accounting Standards

 

    Business Combinations.  In December 2007, the
    FASB issued SFAS No. 141 (revised 2007),
    “Business Combinations”
    (“SFAS No. 141R”). SFAS No. 141R
    establishes principles and requirements for how an acquirer
    recognizes and measures in its financial statements the
    identifiable assets acquired, the liabilities assumed, any
    noncontrolling interest in the acquiree and the goodwill
    acquired. SFAS No. 141R is effective for financial
    statements issued for fiscal years beginning after
    December 15, 2008. Under SFAS No. 141R, the
    benefit of net operating loss carryovers will reduce income tax
    expense as the carryovers are utilized. Accordingly, the Company
    expects the adoption of SFAS No. 141 R to reduce its
    reported income tax expense in future periods as the carryovers
    are utilized. By contrast, we currently record the benefits of
    net operating loss carryovers as a reduction of goodwill when
    recognized. However due to the tax law complexities and the
    unpredictability of future income there can be no assurance as
    to the amount or timing of the income tax savings from use of
    the tax loss carryovers. This change in financial reporting will
    not affect cash payments of income taxes.

 

    Noncontrolling Interests.  In December 2007,
    the FASB issued SFAS No. 160, “Noncontrolling
    Interests in Consolidated Financial Statements-an Amendment of
    ARB No. 51” (“SFAS No. 160”).
    SFAS No. 160 establishes accounting and reporting
    standards pertaining to ownership interests in subsidiaries held
    by parties other than the parent, the amount of net income
    attributable to the parent and to the noncontrolling interest,
    changes in a parent’s ownership interest, and the valuation
    of any retained noncontrolling equity investment when a
    subsidiary is deconsolidated. This statement also establishes
    disclosure requirements that clearly identify and distinguish
    between the interests of the parent and the interests of the
    noncontrolling owners. SFAS No. 160 is effective for
    fiscal years beginning on or after December 15, 2008. The
    Company is currently evaluating the potential impact of the
    adoption of SFAS No. 160 on its consolidated financial
    statements. However, the Company does not expect the adoption of
    SFAS No. 160 to have a material effect on its
    consolidated financial statements.

 

    Disclosures about Derivative Instruments and Hedging
    Activities.  In March 2008, the FASB issued
    SFAS No. 161, “Disclosures about Derivative
    Instruments and Hedging Activities.” SFAS No. 161
    requires enhanced disclosures about an entity’s derivative
    and hedging activities and thereby improves the transparency of
    financial reporting. SFAS No. 161 is effective for
    fiscal years beginning on or after November 15, 2008. The
    Company is currently evaluating the potential impact of the
    adoption of SFAS No. 161 on its consolidated financial
    statement disclosures. However, the Company does not expect the
    adoption of SFAS No. 161 to have a material effect on
    its consolidated financial statements.

 

		
	
    3.  
	
    Discontinued
    Operations

 

    On December 21, 2007, the Company committed to a plan to
    dispose of its cutting table business, C&G Systems
    (“C&G”). A definitive sales agreement was signed
    with closing occurring on January 18, 2008. Based on

    

    47

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    the sales price of $500, a loss of $570 (net of $350 of tax) was
    recorded in 2007 as a component of discontinued operations. The
    assets and liabilities were classified as held for sale at
    December 31, 2007.

 

    On December 30, 2006, the Company committed to a plan to
    sell its Brazilian manufacturing operations. A loss of
    approximately $15,200 (net of $1,200 of tax) was recorded as a
    component of discontinued operations in the fourth quarter of
    2006 based on the estimated net realizable value of the assets
    related to the operation. The Company closed the Brazilian
    manufacturing operations in the fourth quarter of 2007 disposing
    of its cutting table business and auctioning various remaining
    inventory and equipment. A sale agreement for the building and
    land totaling $2,500 was signed in October 2008. A deposit of
    $700 was received in October 2008 and the remaining installment
    of $1,800 is scheduled to be received in 2009. In 2008, the
    Company realized $2,485 of U.S. tax savings from utilization of
    losses from its investments in Brazil.

 

    On December 30, 2006, the Company committed to a plan to
    sell its South Africa operations. On February 5, 2007, the
    Company entered into an agreement to sell the South African
    subsidiaries. A loss of $9,200 (net of $6,300 of tax) was
    recorded in 2006 as a component of discontinued operations. The
    sale closed on May 25, 2007 with receipt of
    $13,800 net cash received at closing and a note payable May
    2010 in the amount of 30,000 South African Rand and bearing 14%
    interest which converts to U.S. $3,200 at December 31, 2008.

 

    On April 11, 2006, the Company completed the disposition of
    Tec.Mo Srl (“TecMo”), an indirect wholly-owned
    subsidiary which manufactures generic cutting and welding
    torches and consumables, to Siparex, an investment fund in
    France, and the general manager of TecMo. Net cash proceeds from
    this transaction of approximately $7,540 were used to repay a
    portion of the Company’s outstanding Working Capital
    Facility balance. The Company recorded an impairment loss
    related to TecMo of approximately $663 during the quarter ended
    March 31, 2006.

 

    On January 2, 2006, the Company completed the disposition
    of Soldaduras Soltec Limitada (“Soltec”) and
    Comercializadora Metalservice Limitada
    (“Metalservice”), both indirect wholly-owned
    subsidiaries which distribute cutting and welding equipment, to
    Soldaduras PCR Soltec Limitada, and Penta Capital de Riesgo S.A.
    At December 31, 2005, Soltec met the criteria of held for
    sale and, as such, the assets and liabilities of Soltec were
    classified as held for sale and the results of operations were
    presented as discontinued operations. As a result, the Company
    recorded an impairment loss of approximately $2,689 during the
    year ended December 31, 2005 as the carrying value exceeded
    the fair value. Net cash proceeds of approximately $6,420, less
    amounts held in escrow of $1,536 were used to repay a portion of
    the Company’s balance of the Working Capital Facility
    during the first quarter of 2006. Of the $6,420 net
    proceeds, approximately $1,536 is being held in escrow by the
    government of Chile until certain customary tax filings are
    made. During the second quarter of 2007, the Company recorded a
    $300 charge, net of tax as a result of reducing the net
    realizable value of remaining tax recoveries to $1,100.

 

    On December 29, 2005, the Company completed the disposition
    of GenSet S.P.A. (“GenSet”), an indirect wholly-owned
    subsidiary which manufactures technologically advanced
    generators and engine-driven welders, to Mase Generators S.P.A
    (“Mase”). The net cash proceeds from the sale of
    GenSet of $4,797 were used to repay a portion of the
    Company’s outstanding balance of the Working Capital
    Facility during the first quarter of 2006. In addition, the
    buyer assumed approximately $7,571 of debt owed to local Italian
    lenders. Related to the disposition of GenSet, the Company
    recorded a loss on disposal of approximately $10,383, net of tax
    of $6,363 which is recorded as a component of discontinued
    operations in the year ended December 31, 2005.

    

    48

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    The tables below set forth certain information related to the
    C&G, Brazil, South Africa, Soltec, Genset and TecMo
    operations included in discontinued operations:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Twelve Months Ended December 31, 2008
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    South

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    C&G
	
 
	
 
	
    Brazil
	
 
	
 
	
    Africa
	
 
	
 
	
    Soltec
	
 
	
 
	
    Genset
	
 
	
 
	
    Total
	
 

	 

	

    Net sales

	
 
	
    $
	
    68
	
 
	
 
	
    $
	
    457
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    525
	
 

	

    Operating expenses

	
 
	
 
	
    (218
	
    )
	
 
	
 
	
    (322
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (540
	
    )

	

    Other expenses

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (130
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (130
	
    )

	

    Income tax benefit

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,485
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,485
	
 

	

    Adjustment in carrying value of related assets and reserves, net
    of tax

	
 
	
 
	
    23
	
 
	
 
	
 
	
    (2,141
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (36
	
    )
	
 
	
 
	
    (1
	
    )
	
 
	
 
	
    (2,155
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss) from discontinued operations

	
 
	
    $
	
    (127
	
    )
	
 
	
    $
	
    349
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    (36
	
    )
	
 
	
    $
	
    (1
	
    )
	
 
	
    $
	
    185
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Twelve Months Ended December 31, 2007
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    South

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    C&G
	
 
	
 
	
    Brazil
	
 
	
 
	
    Africa
	
 
	
 
	
    Soltec
	
 
	
 
	
    Genset
	
 
	
 
	
    Total
	
 

	 

	

    Net sales

	
 
	
    $
	
    4,120
	
 
	
 
	
    $
	
    12,603
	
 
	
 
	
    $
	
    16,230
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    32,953
	
 

	

    Operating expenses

	
 
	
 
	
    (4,804
	
    )
	
 
	
 
	
    (15,897
	
    )
	
 
	
 
	
    (14,378
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (35,079
	
    )

	

    Other expenses

	
 
	
 
	
    (4
	
    )
	
 
	
 
	
    (302
	
    )
	
 
	
 
	
    (228
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (534
	
    )

	

    Income tax (provision) benefit

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (515
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (515
	
    )

	

    Adjustment in carrying value of related assets and reserves, net
    of tax

	
 
	
 
	
    (570
	
    )
	
 
	
 
	
    1,529
	
 
	
 
	
 
	
    908
	
 
	
 
	
 
	
    (205
	
    )
	
 
	
 
	
    (458
	
    )
	
 
	
 
	
    1,204
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss) from discontinued operations

	
 
	
    $
	
    (1,258
	
    )
	
 
	
    $
	
    (2,067
	
    )
	
 
	
    $
	
    2,017
	
 
	
 
	
    $
	
    (205
	
    )
	
 
	
    $
	
    (458
	
    )
	
 
	
    $
	
    (1,971
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Twelve Months Ended December 31, 2006
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    South

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    C&G
	
 
	
 
	
    Brazil
	
 
	
 
	
    Africa
	
 
	
 
	
    TecMo
	
 
	
 
	
    Total
	
 

	 

	

    Net sales

	
 
	
    $
	
    5,567
	
 
	
 
	
    $
	
    13,918
	
 
	
 
	
    $
	
    34,402
	
 
	
 
	
    $
	
    2,774
	
 
	
 
	
    $
	
    56,661
	
 

	

    Operating expenses

	
 
	
 
	
    (5,556
	
    )
	
 
	
 
	
    (17,129
	
    )
	
 
	
 
	
    (30,800
	
    )
	
 
	
 
	
    (2,126
	
    )
	
 
	
 
	
    (55,611
	
    )

	

    Other expenses

	
 
	
 
	
    (4
	
    )
	
 
	
 
	
    (826
	
    )
	
 
	
 
	
    (42
	
    )
	
 
	
 
	
    (7
	
    )
	
 
	
 
	
    (879
	
    )

	

    Income tax (provision) benefit

	
 
	
 
	
 
	
 
	
 
	
 
	
    1,231
	
 
	
 
	
 
	
    5,610
	
 
	
 
	
 
	
    (268
	
    )
	
 
	
 
	
    6,573
	
 

	

    Adjustment in carrying value of related assets and reserves, net
    of tax

	
 
	
 
	
 
	
 
	
 
	
 
	
    (16,429
	
    )
	
 
	
 
	
    (15,521
	
    )
	
 
	
 
	
    (319
	
    )
	
 
	
 
	
    (32,269
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss) from discontinued operations

	
 
	
    $
	
    7
	
 
	
 
	
    $
	
    (19,235
	
    )
	
 
	
    $
	
    (6,351
	
    )
	
 
	
    $
	
    54
	
 
	
 
	
    $
	
    (25,525
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Selected balance sheet items for the discontinued operations
    classified as held for sale are as follows:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    At December 31, 2008
	
 

	
 
	
 
	
    C&G
	
 
	
 
	
    Brazil
	
 
	
 
	
    Total
	
 

	 

	

    Cash

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    585
	
 
	
 
	
    $
	
    585
	
 

	

    Other assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    331
	
 
	
 
	
 
	
    331
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    916
	
 
	
 
	
    $
	
    916
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accounts payable and other liabilities

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    5,266
	
 
	
 
	
    $
	
    5,266
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    49

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    At December 31, 2007
	
 

	
 
	
 
	
    C&G
	
 
	
 
	
    Brazil
	
 
	
 
	
    Total
	
 

	 

	

    Cash

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    276
	
 
	
 
	
    $
	
    276
	
 

	

    Accounts receivable

	
 
	
 
	
    264
	
 
	
 
	
 
	
    750
	
 
	
 
	
 
	
    1,014
	
 

	

    Inventories

	
 
	
 
	
    437
	
 
	
 
	
 
	
    93
	
 
	
 
	
 
	
    530
	
 

	

    Other assets

	
 
	
 
	
    17
	
 
	
 
	
 
	
    186
	
 
	
 
	
 
	
    203
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    718
	
 
	
 
	
    $
	
    1,305
	
 
	
 
	
    $
	
    2,023
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accounts payable and other liabilities

	
 
	
    $
	
    534
	
 
	
 
	
    $
	
    6,883
	
 
	
 
	
    $
	
    7,417
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

		
	
    4.  
	
    Accounts
    Receivable

 

    As of December 31, 2008 and 2007, accounts receivable are
    recorded at the amounts invoiced to customers less an allowance
    for discounts and doubtful accounts. Management estimates the
    allowance based on a review of the portfolio taking into
    consideration historical collection patterns, the economic
    climate and aging statistics based on contractual due dates.
    Accounts are written off to the allowance once collection
    efforts are exhausted.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Balance at

    
	
 
	
 
	
 
	
 
	
 
	
    Net

    
	
 
	
 
	
 
	
 

	
 
	
 
	
    Beginning

    
	
 
	
 
	
    (Recovery)

    
	
 
	
 
	
    Write-offs &

    
	
 
	
 
	
    Balance at End

    
	
 

	
 
	
 
	
    of Year
	
 
	
 
	
    Provision
	
 
	
 
	
    Adjustments
	
 
	
 
	
    of Year
	
 

	 

	

    Allowance for Discounts and Doubtful Accounts

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Year ended December 31, 2008

	
 
	
    $
	
    1,000
	
 
	
 
	
 
	
    284
	
 
	
 
	
 
	
    (384
	
    )
	
 
	
 
	
    900
	
 

	

    Year ended December 31, 2007

	
 
	
 
	
    2,385
	
 
	
 
	
 
	
    (341
	
    )
	
 
	
 
	
    (1,044
	
    )
	
 
	
 
	
    1,000
	
 

	

    Year ended December 31, 2006

	
 
	
 
	
    2,578
	
 
	
 
	
 
	
    189
	
 
	
 
	
 
	
    (382
	
    )
	
 
	
 
	
    2,385
	
 

 

		
	
    5.  
	
    Inventories

 

    The composition of inventories at December 31 is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Raw materials and component parts

	
 
	
    $
	
    41,185
	
 
	
 
	
    $
	
    32,675
	
 

	

    Work-in-process

	
 
	
 
	
    12,216
	
 
	
 
	
 
	
    11,374
	
 

	

    Finished goods

	
 
	
 
	
    63,597
	
 
	
 
	
 
	
    57,337
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    116,998
	
 
	
 
	
 
	
    101,386
	
 

	

    LIFO reserve

	
 
	
 
	
    (14,519
	
    )
	
 
	
 
	
    (10,425
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    102,479
	
 
	
 
	
    $
	
    90,961
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The carrying value of inventories valued by the LIFO method was
    $74,961 at December 31, 2008 and $66,339 at
    December 31, 2007.

    

    50

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

		
	
    6.  
	
    Property,
    Plant, and Equipment

 

    The composition of property, plant and equipment at December 31
    is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Land

	
 
	
    $
	
    5,146
	
 
	
 
	
    $
	
    6,991
	
 

	

    Building

	
 
	
 
	
    15,733
	
 
	
 
	
 
	
    16,750
	
 

	

    Machinery and equipment

	
 
	
 
	
    73,275
	
 
	
 
	
 
	
    65,246
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    94,154
	
 
	
 
	
 
	
    88,987
	
 

	

    Accumulated depreciation

	
 
	
 
	
    (46,653
	
    )
	
 
	
 
	
    (44,631
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    47,501
	
 
	
 
	
    $
	
    44,356
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Assets recorded under capitalized leases were $12,780
    ($6,436 net of accumulated depreciation) and $12,519
    ($6,333 net of accumulated depreciation) at
    December 31, 2008 and 2007, respectively.

 

		
	
    7.  
	
    Intangible
    Assets

 

    The composition of intangible assets at December 31 is as
    follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Goodwill (See Note 2)

	
 
	
    $
	
    184,043
	
 
	
 
	
    $
	
    182,163
	
 

	

    Patents and customer relationships

	
 
	
 
	
    42,380
	
 
	
 
	
 
	
    42,126
	
 

	

    Trademarks

	
 
	
 
	
    33,403
	
 
	
 
	
 
	
    33,403
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    259,826
	
 
	
 
	
 
	
    257,692
	
 

	

    Accumulated amortization of patents and customer relationships

	
 
	
 
	
    (15,000
	
    )
	
 
	
 
	
    (12,325
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    244,826
	
 
	
 
	
    $
	
    245,367
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The change in the carrying amount of goodwill was as follows:

 

	 	 	 	 	 
	
 
	
 
	
    Carrying Amount

    
	
 

	
 
	
 
	
    of Goodwill
	
 

	 

	

    Balance as of December 31, 2007

	
 
	
    $
	
    182,163
	
 

	

    Increase in balance due to acquisitions

	
 
	
 
	
    2,500
	
 

	

    Reduction in balance due to utilization of pre-emergence
    bankruptcy deferred tax assets

	
 
	
 
	
    (958
	
    )

	

    Foreign currency translation

	
 
	
 
	
    338
	
 

	
 
	
 
	
 
	
 
	
 

	

    Balance as of December 31, 2008

	
 
	
    $
	
    184,043
	
 

	
 
	
 
	
 
	
 
	
 

 

    The Company conducted its most recent annual goodwill impairment
    test during the fourth quarter of 2008. Management concluded
    that the carrying value of goodwill was not impaired as of
    December 31, 2008. In doing so, the Company used primarily
    the present value of expected future cash flows to estimate fair
    value. This process required significant judgments and estimates
    about future conditions in arriving at the estimates of future
    cash flows. Management concluded that market value and market
    capitalization should not be the primary references at December
    2008 for the purpose of the impairment test. In the fourth
    quarter, significant disruption occurred in the trading patterns
    of the Company’s stock. The stock has historically been
    thinly traded. With the severe aberration in the general markets
    during the fourth quarter, a number of large shareholders of
    Thermadyne stock were dramatically impacted by the overall
    markets causing them to liquidate positions. If current global
    economic recessionary conditions or reduced prices for the
    Company’s publicly traded stock prove to be sustained
    beyond the time frames assumed in management’s analysis,
    the Company may be required to record an impairment.

    

    51

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    Amortization expense amounted to $2,675, $2,921, $2,894 for the
    years ended December 31, 2008, 2007 and 2006, respectively.
    Amortization expense for patents and customer relationships is
    expected to be approximately $2,700 for each of the next five
    fiscal years.

 

		
	
    8.  
	
    Debt and
    Capital Lease Obligations

 

    The composition of debt and capital lease obligations at
    December 31 is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Working Capital Facility

	
 
	
    $
	
    32,531
	
 
	
 
	
    $
	
    12,658
	
 

	

    Second-Lien Facility

	
 
	
 
	
    14,000
	
 
	
 
	
 
	
    36,000
	
 

	

    Senior Subordinated Notes, due February 1, 2014,
    91/4%
    interest payable semiannually on February 1 and August 1

	
 
	
 
	
    175,000
	
 
	
 
	
 
	
    175,000
	
 

	

    Capital leases

	
 
	
 
	
    9,524
	
 
	
 
	
 
	
    10,625
	
 

	

    Other

	
 
	
 
	
    2,990
	
 
	
 
	
 
	
    295
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    234,045
	
 
	
 
	
 
	
    234,578
	
 

	

    Current maturities and working capital facility

	
 
	
 
	
    (34,591
	
    )
	
 
	
 
	
    (21,436
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    199,454
	
 
	
 
	
    $
	
    213,142
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    At December 31, 2008 the schedule of principal payments of
    debt including the term loan as scheduled capital lease
    obligations and the working capital facility, is as follows:

 

	 	 	 	 	 
	

    2009

	
 
	
    $
	
    34,591
	
 

	

    2010

	
 
	
 
	
    16,015
	
 

	

    2011

	
 
	
 
	
    1,516
	
 

	

    2012

	
 
	
 
	
    1,042
	
 

	

    2013

	
 
	
 
	
    1,088
	
 

	

    Thereafter

	
 
	
 
	
    179,793
	
 

 

    This excludes note repurchase obligations, if any, that may
    result from the “Excess Cash Flow” provision of the
    Senior Subordinated Notes as described below.

 

    For the years ended December 31, 2008 2007 and 2006, the
    Company’s weighted average interest rate on its short-term
    borrowings was 5.79%, 8.31%, and 9.25%, respectively. Interest
    paid for each of the years ended December 31, 2008, 2007,
    and 2006 was $21,906, $25,423, and $28,507, respectively.

 

    Credit
    Agreement

 

    On June 29, 2007, certain subsidiaries of the Company
    entered into the Third Amended and Restated Credit Agreement
    with General Electric Capital  Corporation as agent and lender
    (the “Amended GE Credit Agreement”). The Amended GE
    Credit Agreement:(i) extends the maturity date to
    June 29, 2012; (ii) increases the revolving credit
    commitment to $100,000 (the “Working Capital
    Facility”), which includes(a) a new cash flow facility
    of up to $20,000 with interest at LIBOR plus 2.50%,
    (b) an asset based facility and (c) a new amortizing
    $8,000 property, plant and equipment (PPE) facility;
    (iii) provides for lower interest rate percentages
    applicable to the asset based and PPE borrowings that range from
    LIBOR plus 1.50% to 2.25% depending upon the fixed charge
    coverage ratio; (iv) substitutes a senior leverage ratio of
    2.75 for the previous total leverage ratio. Borrowings under the
    Working Capital Facility may not exceed 85% of eligible
    receivables plus the lesser of (i) 85% of the net orderly
    liquidation value of eligible inventories or (ii) 65% of
    the book value of eligible inventories less customary reserves,
    plus machinery at appraised value not to exceed $8,000.
    Borrowings under the cash flow facility are dependent on a

    

    52

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    minimum 1.25 fixed charge coverage and a minimum EBITDA of
    $45 million. At December 31, 2008, $6,551 of letters
    of credit were outstanding. Unused availability was $36,409 as
    of December 31, 2008.

 

    The Working Capital Facility includes a lockbox agreement which
    requires all receipts to be swept daily to reduce borrowings
    outstanding under the revolving line of credit. These
    agreements, combined with the existence of a subjective Material
    Adverse Effect (“MAE”) clause, cause the Working
    Capital Facility to be classified as a current liability.
    However, the Company does not expect to repay, or be required to
    repay, within one year, the balance of the Working Capital
    Facility classified as a current liability. The Company’s
    intent is to continually use the Working Capital Facility
    throughout the life of the agreement to fund working capital
    needs. The MAE clause, which is a typical requirement in
    commercial credit agreements, allows the lender to require the
    loan to become due if it determines there has been a material
    adverse effect on the Company’s operations, business,
    assets or prospects.

 

    Second
    Lien Facility

 

    Also on June 29, 2007, certain subsidiaries of the Company
    entered into Amendment No. 19 and Waiver to the Second Lien
    Credit Agreement between the Company and Credit Suisse, as
    administrative agent and collateral agent, and the lenders party
    thereto (the “Second Lien Facility Amendment”) to:
    (i) extend the maturity date to November 7, 2010 and
    (ii) lower the interest rates from LIBOR plus 4.50% to
    LIBOR plus 2.75%. The lender for the Second Lien Facility
    Amendment is an affiliate of the holder of approximately 33% of
    the Company’s outstanding shares of common stock. The
    stockholder employs one of the Company’s directors. The
    terms of the Second Lien Credit Agreement, as amended, were
    negotiated at arms-length, and the Company believes that the
    terms of the Second Lien Facility are as favorable as could be
    obtained from an unaffiliated lender

 

    Covenant
    Compliance

 

    At December 31, 2008, the Company was in compliance with
    its financial covenants. The Company expects to remain in
    compliance with the financial covenants during 2009 by achieving
    its 2009 financial plan. The Company’s 2009 plan
    anticipates reduced sales volumes as compared to 2008. The 2009
    plan also anticipates implementing certain cost reduction
    initiatives, including its global continuous improvement program
    referred to as TCP and a reduction in global work force. Failure
    to comply with our financial covenants in future periods would
    result in defaults under our credit agreements unless the
    covenants were further amended or waived.

 

    Senior
    Subordinated Notes

 

    The Company is the issuer of $175,000 in aggregate principal of
    91/4% Senior
    Subordinated Notes due in 2014 (the “Senior Subordinated
    Notes”). The Senior Subordinated Notes are unsecured senior
    subordinated obligations and are subordinated in right of
    payment to all existing and future Senior Indebtedness (as
    defined in the Indenture). Interest accrues at the rate of
    91/4%
    per annum and is payable semi-annually in arrears on February 1
    and August 1 of each year. The Senior Subordinated Notes contain
    customary covenants and events of default, including covenants
    that limit the Company’s ability to incur debt, pay
    dividends and make certain investments. In an amendment dated
    May 9, 2006, the Company is now required, subject to
    certain conditions in the Amended GE Credit Agreement and Second
    Lien Facility, to use the amount of “Excess Cash
    Flow,” as defined in the Indenture, to either permanently
    repay senior debt within 105 days after year end or
    purchase the Senior Subordinated Notes through an offer of 101%
    of the principal amount thereof.

 

    In August 2006, the Company obtained consent to amend the
    Indenture governing the Senior Subordinated Notes and to waive
    existing defaults under that Indenture related to the late
    filing of the Company’s 2005
    Form 10-K
    and first quarter 2006
    Form 10-Q
    with the SEC. The Indenture was amended to provide for the
    payment of additional Special Interest on the Senior
    Subordinated Notes, initially at a rate of 1.25% per annum. The
    Special Interest is subject to adjustment increasing to 1.75% if
    the consolidated leverage ratio exceeds 6.0 with incremental
    interest increases to a maximum of 2.75% if the consolidated
    leverage ratio increases to 7.0. The Special Interest declines
    to .75% if the consolidated leverage ratio declines below 4.0
    and declines incrementally to 0% if leverage is

    

    53

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    less than 3.0. The quarterly Special Interest Adjustment
    calculated as of December 31, 2008, based on the leverage
    ratio, as defined, was 0.75% and is effective April 1, 2009.

 

    The Notes are redeemable at the Company’s option during the
    12 month periods beginning on February 1, 2009 at
    104.625%, February 1, 2010 at 103.083%, February 1,
    2011 at 101.542%, and after February 1, 2012 at 100% of the
    principal amount thereof.

 

    Parent
    Company Financial Information

 

    Borrowings under the Company’s financing agreements are the
    obligations of Thermadyne Industries, Inc.
    (“Industries”), the Company’s principal operating
    subsidiary and certain of Industries’ subsidiaries. Certain
    borrowing agreements contain restrictions on the ability for the
    subsidiaries to dividend cash and other assets to the parent
    company, Thermadyne Holdings Corporation. At December 31,
    2008 and December 31, 2007, the only asset carried on the
    parent company books of Thermadyne Holdings Corporation was its
    investment in its operating subsidiaries and the only
    liabilities were the $175,000 of Senior Subordinated Notes. As a
    result of the limited assets and liabilities at the parent
    company level, separate financial statements have not been
    presented for Thermadyne Holdings Corporation except as shown in
    Note 20, Condensed Consolidating Financial Statements.

 

		
	
    9.  
	
    Derivative
    Instrument

 

    In February 2004, the Company entered into an interest rate swap
    arrangement to convert a portion of the fixed rate exposure on
    its Senior Subordinated Notes to variable rates. Under the terms
    of the interest rate swap contract, which has a notional amount
    of $50,000, the Company receives interest at a fixed rate of
    91/4%
    and pays interest at a variable rate equal to LIBOR plus a
    spread of 442 basis points. The six-month LIBOR rate on
    each semi-annual reset date determines the variable portion of
    the interest rate swap. The six-month LIBOR rate for each
    semi-annual reset date is determined in arrears.

 

    In accordance with SFAS No. 133, the Company records a
    fair value adjustment to the portion of its fixed rate long-term
    debt that is hedged. A fair value adjustment of $2,991 at
    December 31, 2008 was recorded as an increase to long-term
    obligations, with the related value for the interest rate
    swap’s non-current portion recorded in other long-term
    assets. A fair value adjustment of $296 at December 31,
    2007 was recorded as a decrease to long-term obligations, with
    the related value for the interest rate swap’s non-current
    portion recorded in other long-term liabilities.

 

    Interest rate differentials associated with the interest rate
    swap are recorded as an adjustment to interest expense over the
    life of the interest rate swap. The Company realized an decrease
    in its interest expense as a result of the interest rate swap of
    $1,355 for the year ended December 31, 2008 and a increase
    of $115 for the year ended December 31, 2007.

 

    The swap arrangement was terminated on February 1, 2009 by
    the counter party pursuant to terms of the arrangement. A $3,000
    payment was received by the Company.

 

		
	
    10.  
	
    Fair
    Value Measurements

 

    In September 2006, the FASB issued SFAS No. 157
    “Fair Value Measurements.” SFAS No. 157
    defines fair value, establishes a framework for measuring fair
    value in generally accepted accounting principles, and expands
    disclosures about fair value measurements.
    SFAS No. 157 does not require any new fair value
    measurements. In February 2008, the FASB amended
    SFAS No. 157 to exclude SFAS No. 13,
    “Accounting for Leases.” In addition, the FASB delayed
    the effective date of SFAS No. 157 for non-financial
    assets and liabilities to fiscal years beginning after
    November 15, 2008. The Company adopted the provisions of
    SFAS 157 related to its financial assets and liabilities on
    January 1, 2008.

    

    54

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    SFAS 157 classifies the inputs used to measure fair value
    into the following hierarchy:

 

    Level 1 — Unadjusted quoted prices in
    active markets for identical assets or liabilities.

 

    Level 2 — Unadjusted quoted prices in
    active markets for similar assets or liabilities, or unadjusted
    quoted prices for identical or similar assets or liabilities in
    markets that are not active, or inputs other than quoted prices
    that are observable for the asset or liability.

 

    Level 3 — Unobservable inputs for the
    asset or liability.

 

    The Company has one asset that is within the provisions of
    SFAS 157, the interest rate swap derivative asset discussed
    in Note 7. At December 31, 2008, the fair value of
    this asset is $2,991 measured at Level 2 fair value on a
    recurring basis.

 

		
	
    11.  
	
    Financial
    Instruments

 

    Concentrations
    of Credit Risk

 

    Financial instruments that potentially subject the Company to
    significant concentrations of credit risk consist principally of
    cash and trade accounts receivable.

 

    The Company maintains cash and cash equivalents with various
    financial institutions. These financial institutions are located
    in different parts of the world, and the Company’s policy
    is designed to limit exposure to any one institution. The
    Company performs periodic evaluations of the relative credit
    standing of these financial institutions. The Company does not
    require collateral on these financial instruments.

 

    Concentrations of credit risk with respect to trade accounts
    receivable are limited due to the large number of entities
    comprising the Company’s customer base. The Company does
    not require collateral for trade accounts receivable. Accounts
    receivable from one customer exceeds 10% of consolidated
    accounts receivable at December 31, 2008.

 

    In 2008, 2007, and 2006, the Company had sales to one customer
    that comprised 11%, 13% and 10%, respectively of our global net
    sales.

 

    Fair
    Value

 

    The following methods and assumptions were used in estimating
    fair value disclosures for financial instruments:

 

    Cash and cash equivalents:  The carrying amount
    reported in the balance sheets for cash and cash equivalents
    approximates fair value.

 

    Accounts receivable and accounts payable:  The
    carrying amounts reported in the balance sheets for accounts
    receivable and accounts payable approximate their fair value.

 

    Debt:  The carrying values of the obligations
    outstanding under the Working Capital Facility, the Second Lien
    Facility and other long-term obligations, excluding the Senior
    Subordinated Notes, approximate fair values since these
    obligations are fully secured and have varying interest charges
    based on current market rates. The estimated fair value of the
    Company’s Senior Subordinated Notes of $97,125 and $162,750
    at December 31, 2008, and 2007, respectively, is based on
    available market information.

    

    55

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

		
	
    12.  
	
    Leases

 

    Future minimum lease payments under leases with initial or
    remaining non-cancelable lease terms in excess of one year at
    December 31, 2008 are as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Capital

    
	
 
	
 
	
    Operating

    
	
 

	
 
	
 
	
    Leases
	
 
	
 
	
    Leases
	
 

	 

	

    2009

	
 
	
    $
	
    2,995
	
 
	
 
	
    $
	
    4,697
	
 

	

    2010

	
 
	
 
	
    2,760
	
 
	
 
	
 
	
    4,321
	
 

	

    2011

	
 
	
 
	
    2,056
	
 
	
 
	
 
	
    3,008
	
 

	

    2012

	
 
	
 
	
    1,448
	
 
	
 
	
 
	
    2,127
	
 

	

    2013

	
 
	
 
	
    1,376
	
 
	
 
	
 
	
    2,047
	
 

	

    Thereafter

	
 
	
 
	
    3,026
	
 
	
 
	
 
	
    1,311
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total minimum lease payments

	
 
	
 
	
    13,661
	
 
	
 
	
    $
	
    17,511
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Amount representing interest

	
 
	
 
	
    (4,137
	
    )
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Present value of net minimum lease payments, including current
    obligations of $2,060

	
 
	
    $
	
    9,524
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Rent expense under operating leases amounted to $8,712, $8,638,
    and $7,529 for each of the years ended December 31, 2008,
    2007, and 2006, respectively.

 

		
	
    13.  
	
    Income
    Taxes

 

    Pretax income (loss) from continuing operations was allocated
    under the following jurisdictions:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Domestic loss

	
 
	
    $
	
    (1,351
	
    )
	
 
	
    $
	
    (3,076
	
    )
	
 
	
    $
	
    (5,958
	
    )

	

    Foreign income

	
 
	
 
	
    23,963
	
 
	
 
	
 
	
    19,227
	
 
	
 
	
 
	
    8,031
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income from continuing operations before income taxes

	
 
	
    $
	
    22,612
	
 
	
 
	
    $
	
    16,151
	
 
	
 
	
    $
	
    2,073
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The provision (benefit) for income taxes for continuing
    operations is as follows:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Current:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Federal

	
 
	
    $
	
    583
	
 
	
 
	
    $
	
    160
	
 
	
 
	
    $
	
    —
	
 

	

    Foreign

	
 
	
 
	
    6,451
	
 
	
 
	
 
	
    6,220
	
 
	
 
	
 
	
    3,436
	
 

	

    State and local

	
 
	
 
	
    219
	
 
	
 
	
 
	
    (124
	
    )
	
 
	
 
	
    (1,444
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current

	
 
	
 
	
    7,253
	
 
	
 
	
 
	
    6,256
	
 
	
 
	
 
	
    1,992
	
 

	

    Deferred

	
 
	
 
	
    4,836
	
 
	
 
	
 
	
    (741
	
    )
	
 
	
 
	
    (2,397
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income tax provision (benefit) — continuing operations

	
 
	
    $
	
    12,089
	
 
	
 
	
    $
	
    5,515
	
 
	
 
	
    $
	
    (405
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    56

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    The composition of deferred tax assets and liabilities at
    December 31 is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Deferred tax assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Post-employment benefits

	
 
	
    $
	
    2,571
	
 
	
 
	
    $
	
    2,989
	
 

	

    Accrued liabilities

	
 
	
 
	
    5,139
	
 
	
 
	
 
	
    4,246
	
 

	

    Other

	
 
	
 
	
    597
	
 
	
 
	
 
	
    698
	
 

	

    Fixed assets

	
 
	
 
	
    740
	
 
	
 
	
 
	
    1,393
	
 

	

    Net operating loss carryforwards-foreign and U.S. 

	
 
	
 
	
    57,640
	
 
	
 
	
 
	
    45,717
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total deferred tax assets

	
 
	
 
	
    66,687
	
 
	
 
	
 
	
    55,043
	
 

	

    Valuation allowance for deferred tax assets

	
 
	
 
	
    (42,965
	
    )
	
 
	
 
	
    (31,000
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net deferred tax assets

	
 
	
 
	
    23,722
	
 
	
 
	
 
	
    24,043
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Deferred tax liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Intangibles

	
 
	
 
	
    (16,916
	
    )
	
 
	
 
	
    (17,614
	
    )

	

    Inventories

	
 
	
 
	
    (4,072
	
    )
	
 
	
 
	
    (3,139
	
    )

	

    Investment in subsidiary

	
 
	
 
	
    (50,717
	
    )
	
 
	
 
	
    (47,392
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total deferred tax liabilities

	
 
	
 
	
    (71,705
	
    )
	
 
	
 
	
    (68,145
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net deferred tax assets (liabilities)

	
 
	
    $
	
    (47,983
	
    )
	
 
	
    $
	
    (44,102
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Income taxes paid for each of the years ended December 31,
    2008, 2007 and 2006 were $7,270, $4,507, and $4,720,
    respectively.

 

    The provision for income tax differs from the amount of income
    taxes determined by applying the applicable U.S. statutory
    federal income tax rate to pretax income excluding the gain on
    reorganization and adoption of fresh-start accounting as a
    result of the following differences:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Tax at U.S. statutory rates

	
 
	
    $
	
    7,914
	
 
	
 
	
    $
	
    5,653
	
 
	
 
	
    $
	
    728
	
 

	

    Foreign deemed dividends (Section 956)

	
 
	
 
	
    2,366
	
 
	
 
	
 
	
    3,998
	
 
	
 
	
 
	
    3,606
	
 

	

    Nondeductible expenses and other exclusions

	
 
	
 
	
    (26
	
    )
	
 
	
 
	
    351
	
 
	
 
	
 
	
    556
	
 

	

    Valuation allowance for deferred tax benefits

	
 
	
 
	
    21
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,518
	
    )

	

    Foreign Currency on Gain on Previously Taxed Income Distribution

	
 
	
 
	
    572
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Foreign tax rate differences and nonrecognition of foreign tax
    loss benefits

	
 
	
 
	
    (950
	
    )
	
 
	
 
	
    (1,608
	
    )
	
 
	
 
	
    765
	
 

	

    State income taxes

	
 
	
 
	
    201
	
 
	
 
	
 
	
    (3,646
	
    )
	
 
	
 
	
    (1,610
	
    )

	

    Change in basis difference in investment of subsidiary

	
 
	
 
	
    1,991
	
 
	
 
	
 
	
    767
	
 
	
 
	
 
	
    (1,932
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income tax provision (benefit)

	
 
	
    $
	
    12,089
	
 
	
 
	
    $
	
    5,515
	
 
	
 
	
    $
	
    (405
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    As of December 31, 2008, the Company has net operating loss
    carryforwards from the years 1998 through 2008 available to
    offset future U.S. taxable income of approximately
    $146,880. The Company has recorded a related deferred tax asset
    with a substantial valuation allowance, given the uncertainties
    regarding utilization of these net operating loss carryforwards.
    The net operating losses in the U.S. will expire between
    the years 2018 and 2028. Assumed tax planning strategies related
    to inventories and intangible assets reduce the valuation
    allowance

    

    57

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    $14,545 as of December 31, 2008. The Company believes it is
    more likely than not that the results of future operations will
    generate sufficient taxable income to realize the Company’s
    net deferred tax assets.

 

    In June 2006, the FASB issued FASB Interpretation No. 48,
    “Accounting for Uncertainty in Income Taxes”
    (“FIN 48”). FIN 48 prescribes the income tax
    amounts to be recorded in the financial statements as the amount
    most likely to be realized assuming a review by tax authorities
    having all relevant information and applying current
    conventions. FIN 48 also clarifies the financial statement
    classification of potential tax-related penalties and interest
    and sets forth new disclosures regarding unrecognized tax
    benefits. The Company adopted the Interpretation as of
    January 1, 2007.

 

    The Company’s policy is to include both interest and
    penalties on underpayments of income taxes in its income tax
    provision. This policy was continued after the adoption of
    FIN 48. At January 1, 2008, the total interest accrued
    was $292. At December 31, 2008 the total interest accrued
    was $265. No penalties were accrued for either date by the
    Company.

 

    The adoption of FIN 48 in 2007 did not result in a
    significant adjustment to the opening balance in the
    Company’s Reserve for Uncertain Tax Positions. A
    reconciliation of the reserve for 2008 is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Balance at January 1

	
 
	
    $
	
    2,099
	
 
	
 
	
    $
	
    7,520
	
 

	

    Additions based on tax positions related to the current year

	
 
	
 
	
    186
	
 
	
 
	
 
	
    290
	
 

	

    Reductions for tax positions of prior years

	
 
	
 
	
    (554
	
    )
	
 
	
 
	
    (5,711
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Balance at December 31

	
 
	
    $
	
    1,731
	
 
	
 
	
    $
	
    2,099
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    All of the $554 of reductions listed above for 2008 affected the
    2008 state income tax provision expense. The Company does
    not expect to make payments related to the Reserve for Uncertain
    Tax Positions in the next twelve months.

 

    The Company’s U.S. federal income tax returns for tax
    years 2005 and beyond remain subject to examination by the
    Internal Revenue Service. The Company’s state income tax
    returns for 2004 through 2008 remain subject to examination by
    various state taxing authorities. The Company’s significant
    foreign subsidiaries’ local country tax filings remain open
    to examination as follows: Australia
    (2004-2008),
    Canada
    (2003-2008),
    United Kingdom
    (2002-2008)
    and Italy
    (2001-2008).
    No extensions of the various statutes of limitations have
    currently been granted.

 

    The Company’s foreign subsidiaries have undistributed
    earnings at December 31, 2008 of approximately $35,450. The
    Company has recognized the estimated U.S. income tax
    liability associated with approximately $26,725 of these foreign
    earnings because of the applicability of I.R.C. Section 956
    for earnings of foreign entities which guarantee the
    indebtedness of a U.S. parent. Upon distribution of those
    earnings in the form of dividends or otherwise, the Company may
    be subject to withholding taxes payable to the various foreign
    countries in the amount of approximately $1,470. This amount is
    an estimate subject to fluctuations attributable to factors
    including changes in currency exchange.

 

		
	
    14.  
	
    Contingencies

 

    The Company and certain of its wholly-owned subsidiaries are
    defendants in various legal actions, primarily related to
    product liability. At December 31, 2008, the Company was
    co-defendant in 354 cases alleging manganese-induced illness.
    Manganese is an essential element of steel and is contained in
    all welding filler metals. The Company is one of a large number
    of defendants. The claimants allege that exposure to manganese
    contained in welding filler metals cause the plaintiffs to
    develop adverse neurological conditions, including a condition
    known as magnesium. As of December 31, 2008, 136 of these
    cases had been filed in, or transferred to, federal court where
    the Judicial Panel on Multidistrict Litigation has consolidated
    these cases for pretrial proceedings in the North District of
    Ohio. Between June 1, 2003 and December 31, 2008, the
    Company was

    

    58

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    dismissed from 1,109 similar cases. To date the Company has made
    no payments or settlements to plaintiffs for these allegations.
    While there is uncertainty relating to any litigation,
    management is of the opinion that the outcome of such litigation
    will not have a material adverse effect on the Company’s
    financial condition or results of operations.

 

    The Company is party to certain environmental matters, although
    no claims are currently pending. Any related obligations are not
    expected to have a material effect on the Company’s
    business or financial condition or results of operations.

 

    All other legal proceedings and actions involving the Company
    are of an ordinary and routine nature and are incidental to the
    operations of the Company. Management believes that such
    proceedings should not, individually or in the aggregate, have a
    material adverse effect on the Company’s business or
    financial condition or on the results of operations.

 

		
	
    15.  
	
    Stock
    Options and Stock-Based Compensation

 

    The Company adopted SFAS No. 123(R), Share-Based
    Payment, on January 1, 2006. SFAS No. 123(R)
    requires all share-based payments to employees, including grants
    of employee stock options, to be recognized in the income
    statement based on their fair values. The Company utilizes the
    modified prospective method in which compensation cost is
    recognized beginning with the effective date, (a) based on
    the requirements of SFAS No. 123(R) for all
    share-based payments granted after the effective date and
    (b) based on the requirements of SFAS No. 123 for
    all awards granted to employees prior to the effective date of
    SFAS No. 123(R) that remain unvested on the effective
    date. As a result of adopting SFAS No. 123(R) in 2006,
    the Company’s recorded pre-tax stock-based compensation
    expense of $1,362, $1,586 and $1,053 within selling, general and
    administrative expense for the years ended December 31,
    2008, 2007 and 2006, respectively.

 

    As of December 31, 2008, total stock-based compensation
    cost related to nonvested awards not yet recognized was
    approximately $2,109 and the weighted average period over which
    this amount is expected to be recognized was approximately
    1.5 years.

 

    No significant modifications to equity awards occurred during
    the fiscal year ending December 31, 2008.

 

    Stock
    Options and Restricted Stock

 

    The Company has available various equity-based compensation
    programs to provide long-term performance incentives for its
    global workforce. Currently, these incentives consist of stock
    options and performance-based restricted stock awards.
    Additionally, Company awarded stock options to its outside
    directors. These awards are administered through several plans,
    as described within this Note.

 

    The 2004 Non-Employee Directors Stock Option Plan (the
    “Directors Plan”) was adopted in May 2004 for the
    Company’s Board of Directors. Up to 200,000 shares of
    the Company’s common stock with a maximum contractual term
    of 10 years may be issued pursuant to awards granted by the
    Compensation Committee under the Directors Plan.

 

    The 2004 Stock Incentive Plan (the “Stock Incentive
    Plan”) was adopted in May 2004 for the Company’s
    employees. Up to 1.478 million shares of the Company’s
    common stock with a maximum contractual term of 10 years
    may be issued pursuant to awards granted by the Compensation
    Committee under the Stock Incentive Plan. The Stock Incentive
    Plan provides for the grant of (a) incentive stock options
    intended to qualify under Section 422 of the Internal
    Revenue Code of 1986, (b) non-statutory stock options,
    (c) stock appreciation rights (“SARs”),
    (d) restricted stock, (e) stock units and
    (f) performance awards. Under the grants awarded pursuant
    to the Company’s 2004 Stock Incentive Plan, unexercised
    options terminate immediately upon the employee’s
    resignation or retirement.

    

    59

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    In 2007, the Company awarded 277,600 options under the Stock
    Incentive Plan, of which 1,300 were canceled at
    December 31, 2007. Of the remaining options issued,
    2,000 shares vested immediately, 9,000 will vest ratably
    over three years and the remaining 265,300 options will vest
    within three years of the grant date if certain financial goals
    are met.

 

    In 2008, the Company awarded 29,977 options under the Stock
    Incentive Plan, of which 1,060 were canceled at
    December 31, 2008. Of the remaining options issued,
    3,137 shares will vest ratably over three years and the
    remaining 25,780 options will vest within three years of the
    grant date if certain financial goals are met.

 

    In May 2008, the Amended and Restated 2004 Stock Incentive Plan
    (the “Amended and Restated Plan”) was adopted. Under
    the Amended and Restated Plan, the number of shares authorized
    for issuance pursuant to awards was increased from
    1.478 million shares to 1.978 million shares.

 

    As of December 31, 2008, 1,249,497 options to purchase
    shares were issued and outstanding under the Directors’
    Plan, the Stock Incentive Plan and other specific agreements.
    Restricted stock grants to employees totaling
    233,305 shares were outstanding at December 31, 2008
    with vesting determined in 2010 and 2011 based on return on
    invested operating capital, as defined, “ROIOC”
    performance goals.

 

    During the periods presented, stock options were granted to
    eligible employees under the 2004 Stock Incentive Plan with
    exercise prices equal to the fair market value of the
    Company’s stock on the grant date. For the years presented,
    management estimated the fair value of each annual stock option
    award on the date of grant using Black-Scholes stock option
    valuation model. Composite assumptions are presented in the
    following table. Weighted-average values are disclosed for
    certain inputs which incorporate a range of assumptions.
    Expected volatilities are based principally on historical
    volatility of the Company’s stock and correspond to the
    expected term. The Company generally uses historical data to
    estimate option exercise and employee termination within the
    valuation model. The expected term of options granted represents
    the period of time that options granted are expected to be
    outstanding; the weighted-average expected term for all employee
    groups is presented in the following table. The risk-free rate
    for periods within the contractual life of the options is based
    on the U.S. Treasury yield curve in effect at the time of
    grant. Stock option expense is recognized in the consolidated
    condensed statements of operations ratably over the three-year
    vesting period based on the number of options that are expected
    to ultimately vest.

 

    The following table presents the assumptions used in valuing
    options granted during the twelve months ended December 31,
    2008, 2007 and 2006:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Weighted average fair value

	
 
	
    $
	
    6.75
	
 
	
 
	
    $
	
    6.02
	
 
	
 
	
    $
	
    6.65
	
 

	

    Assumptions used:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Expected dividend yield

	
 
	
 
	
    0.00
	
    %
	
 
	
 
	
    0.00
	
    %
	
 
	
 
	
    0.00
	
    %

	

    Expected volatility

	
 
	
 
	
    41.12
	
    %
	
 
	
 
	
    38.22
	
    %
	
 
	
 
	
    40.80
	
    %

	

    Risk-free interest rate

	
 
	
 
	
    3.44
	
    %
	
 
	
 
	
    4.51
	
    %
	
 
	
 
	
    4.77
	
    %

	

    Expected life

	
 
	
 
	
    6.5 years
	
 
	
 
	
 
	
    6 years
	
 
	
 
	
 
	
    6 years
	
 

    

    60

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    A summary of option activity for the year ended
    December 31, 2008 is presented in the following table:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Weighted-

    
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
    Weighted

    
	
 
	
 
	
    Average

    
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
    Average

    
	
 
	
 
	
    Remaining

    
	
 
	
 
	
    Aggregate

    
	
 

	
 
	
 
	
 
	
 
	
 
	
    Exercise

    
	
 
	
 
	
    Contractual

    
	
 
	
 
	
    Intrinsic

    
	
 

	

    Employee and Director Stock Options

	
 
	
    Shares
	
 
	
 
	
    Price
	
 
	
 
	
    Term
	
 
	
 
	
    Value
	
 

	 

	

    Options outstanding at January 1, 2008

	
 
	
 
	
    1,527,830
	
 
	
 
	
    $
	
    13.56
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Granted

	
 
	
 
	
    29,977
	
 
	
 
	
    $
	
    14.42
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Exercised

	
 
	
 
	
    (130,848
	
    )
	
 
	
    $
	
    13.01
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Forfeited or expired

	
 
	
 
	
    (177,462
	
    )
	
 
	
    $
	
    13.77
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Options outstanding at December 31, 2008

	
 
	
 
	
    1,249,497
	
 
	
 
	
    $
	
    13.61
	
 
	
 
	
 
	
    6.5
	
 
	
 
	
    $
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Options exercisable at December 31, 2008

	
 
	
 
	
    637,570
	
 
	
 
	
    $
	
    13.33
	
 
	
 
	
 
	
    5.9
	
 
	
 
	
    $
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The total intrinsic value of options exercised during the years
    ended December 31, 2008, 2007, and 2006 was approximately
    $1,702, $279 and $71, respectively. The total grant date fair
    value of stock options vested during the year ended
    December 31, 2008 was $726.

 

    Following is a summary of stock options outstanding as of
    December 31, 2008:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
    Weighted Average

    
	
 
	
 
	
 
	
 

	
 
	
 
	
    Number of

    
	
 
	
 
	
    Remaining Life

    
	
 
	
 
	
    Shares

    
	
 

	
 
	
 
	
    Options
	
 
	
 
	
    (In Years)
	
 
	
 
	
    Exercisable
	
 

	 

	

    Options outstanding:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Exercise price of $9.90

	
 
	
 
	
    5,000
	
 
	
 
	
 
	
    8.0
	
 
	
 
	
 
	
    3,332
	
 

	

    Exercise price of $10.30

	
 
	
 
	
    3,137
	
 
	
 
	
 
	
    9.3
	
 
	
 
	
 
	
    —
	
 

	

    Exercise price of $10.50

	
 
	
 
	
    122,500
	
 
	
 
	
 
	
    7.8
	
 
	
 
	
 
	
    40,833
	
 

	

    Exercise price of $10.95

	
 
	
 
	
    25,000
	
 
	
 
	
 
	
    4.8
	
 
	
 
	
 
	
    25,000
	
 

	

    Exercise price of $11.64

	
 
	
 
	
    4,500
	
 
	
 
	
 
	
    8.3
	
 
	
 
	
 
	
    1,494
	
 

	

    Exercise price of $12.15

	
 
	
 
	
    50,000
	
 
	
 
	
 
	
    6.3
	
 
	
 
	
 
	
    25,000
	
 

	

    Exercise price of $12.18

	
 
	
 
	
    132,617
	
 
	
 
	
 
	
    6.3
	
 
	
 
	
 
	
    132,617
	
 

	

    Exercise price of $13.10

	
 
	
 
	
    250,000
	
 
	
 
	
 
	
    5.5
	
 
	
 
	
 
	
    125,000
	
 

	

    Exercise price of $13.24

	
 
	
 
	
    4,382
	
 
	
 
	
 
	
    8.6
	
 
	
 
	
 
	
    2,382
	
 

	

    Exercise price of $13.60

	
 
	
 
	
    4,168
	
 
	
 
	
 
	
    7.5
	
 
	
 
	
 
	
    —
	
 

	

    Exercise price of $13.75

	
 
	
 
	
    5,000
	
 
	
 
	
 
	
    6.7
	
 
	
 
	
 
	
    2,500
	
 

	

    Exercise price of $13.79

	
 
	
 
	
    125,000
	
 
	
 
	
 
	
    4.6
	
 
	
 
	
 
	
    125,000
	
 

	

    Exercise price of $13.95

	
 
	
 
	
    5,000
	
 
	
 
	
 
	
    6.5
	
 
	
 
	
 
	
    5,000
	
 

	

    Exercise price of $14.20

	
 
	
 
	
    6,250
	
 
	
 
	
 
	
    6.1
	
 
	
 
	
 
	
    6,250
	
 

	

    Exercise price of $14.36

	
 
	
 
	
    17,500
	
 
	
 
	
 
	
    8.7
	
 
	
 
	
 
	
    —
	
 

	

    Exercise price of $14.45

	
 
	
 
	
    20,000
	
 
	
 
	
 
	
    6.6
	
 
	
 
	
 
	
    10,000
	
 

	

    Exercise price of $14.79

	
 
	
 
	
    453
	
 
	
 
	
 
	
    9.5
	
 
	
 
	
 
	
    —
	
 

	

    Exercise price of $14.88

	
 
	
 
	
    24,925
	
 
	
 
	
 
	
    9.4
	
 
	
 
	
 
	
    —
	
 

	

    Exercise price of $15.00

	
 
	
 
	
    219,500
	
 
	
 
	
 
	
    8.3
	
 
	
 
	
 
	
    —
	
 

	

    Exercise price of $15.75

	
 
	
 
	
    224,163
	
 
	
 
	
 
	
    7.3
	
 
	
 
	
 
	
    133,162
	
 

	

    Exercise price of $16.67

	
 
	
 
	
    402
	
 
	
 
	
 
	
    9.8
	
 
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    1,249,497
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    637,570
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    61

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

		
	
    16.  
	
    Earnings
    (Loss) Per Share

 

    The calculation of income (loss) per share follows:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Numerator:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) applicable to common shares

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    10,523
	
 
	
 
	
    $
	
    10,636
	
 
	
 
	
    $
	
    2,478
	
 

	

    Discontinued operations

	
 
	
 
	
    185
	
 
	
 
	
 
	
    (1,971
	
    )
	
 
	
 
	
    (25,525
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    10,708
	
 
	
 
	
    $
	
    8,665
	
 
	
 
	
    $
	
    (23,047
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Denominator:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Weighted average shares for basic earnings per share

	
 
	
 
	
    13,434,609
	
 
	
 
	
 
	
    13,353,742
	
 
	
 
	
 
	
    13,327,176
	
 

	

    Dilutive effect of stock options

	
 
	
 
	
    126,245
	
 
	
 
	
 
	
    77,631
	
 
	
 
	
 
	
    31,709
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Weighted average shares for diluted earnings per share

	
 
	
 
	
    13,560,854
	
 
	
 
	
 
	
    13,431,373
	
 
	
 
	
 
	
    13,358,885
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share amounts:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.80
	
 
	
 
	
    $
	
    0.19
	
 

	

    Discontinued operations

	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (1.92
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    0.80
	
 
	
 
	
    $
	
    0.65
	
 
	
 
	
    $
	
    (1.73
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share amounts:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.78
	
 
	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.18
	
 

	

    Discontinued operations

	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (1.91
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.64
	
 
	
 
	
    $
	
    (1.73
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Potential common shares comprised of 1.4 million,
    1.5 million, and 1.3 million stock options and
    restricted stock were excluded from the calculation of weighted
    average shares for the years ended December 31, 2008, 2007,
    and 2006, respectively, because their effect was considered to
    be antidilutive.

 

		
	
    17.  
	
    Employee
    Benefit Plans

 

    401(k) Retirement Plan.  The 401(k) Retirement
    Plan covers the majority of the Company’s domestic
    employees. At its discretion, the Company can make a base
    contribution of 1% of each employee’s compensation and an
    additional contribution equal to as much as 4% of the
    employee’s compensation. At the employee’s discretion,
    an additional 1% to 15% voluntary employee contribution can be
    made. The plan provides for the Company to make matching
    contributions of 50% for the first 6% of the voluntary employee
    contribution. Total expense for this plan was approximately
    $1,231, $1,459, and $1,286 for the years ended December 31,
    2008, 2007, and 2006, respectively.

 

    The Plan has been revised such that effective April 1, 2009
    the Company matching contributions are discretionary and
    determined as of year end based on Company financial performance.

 

    Deferred Compensation Plan.  Each director,
    other than the Company’s Chairman and Chief Executive
    Officer, is entitled to receive a $75 annual fee. Forty percent
    of this annual fee is deposited into the Company’s Non
    Employee Director Deferred Compensation Plan (the “Deferred
    Compensation Plan”). Under the Deferred Compensation Plan,
    deferral amounts are credited to an account and converted into
    an amount of units equal

    

    62

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    to the amount deferred divided by the fair market value of our
    common stock on the deferral date. A director’s account is
    distributed pursuant to the terms of the Deferred Compensation
    Plan upon his or her termination or a change in control;
    otherwise, the account is distributed as soon as
    administratively feasible after the date specified by the
    director. Directors may elect to receive the units in their
    accounts at the then current stock price in either a lump sum or
    substantially equal installments over a period not to exceed
    five years.

 

    Pension Plans.  The Company’s subsidiaries
    have had various noncontributory defined benefit pension plans
    which covered substantially all U.S. employees. The Company
    froze and combined its three noncontributory defined benefit
    pension plans through amendments to such plans effective
    December 31, 1989, into one plan (the “Retirement
    Plan”). All former participants of these plans became
    eligible to participate in the 401(k) Retirement Plan effective
    January 1, 1990.

 

    The Company’s Australian subsidiary has a Superannuation
    Fund (the “Fund”) established by a Trust Deed.
    Pension benefits are actuarially determined and are funded
    through mandatory participant contributions and the
    Company’s actuarially determined contributions. The Company
    made contributions to the Fund of $191, $226 and $473 for the
    years ended December 31, 2008, 2007, and 2006,
    respectively. The benefit liability at December 31, 2008
    was $1,863 and the benefit asset at December 31, 2007 was
    $4,872. The benefit asset or liability is not included in the
    table below or in the balance sheet, as the Company has no legal
    right to amounts included in this fund. In addition, upon
    dissolution of the Fund, any excess funds are required to be
    allocated to the participants as determined by the actuary.
    Accordingly, the Company accounts for this fund as a defined
    contribution plan. The actuarial assumptions used to determine
    the Company’s contribution, the funded status, and the
    retirement benefits are consistent with previous years.

 

    Other Postretirement Benefits.  The Company has
    a retirement plan covering certain salaried and non-salaried
    retired employees, which provides postretirement health care
    benefits (medical and dental) and life insurance benefits. The
    postretirement healthcare portion is contributory, with retiree
    contributions adjusted annually as determined based on claim
    costs. The postretirement life insurance portion is
    noncontributory. The Company recognizes the cost of
    postretirement benefits on the accrual basis as employees render
    service to earn the benefit. The Company continues to fund the
    cost of healthcare in the year incurred.

 

    As of January 1, 2006, the Company implemented changes to
    the postretirement healthcare plan whereby only retired
    participants who had coverage at December 31, 2005 and
    active employees who had attained age 62 and completed
    15 years of service would continue to have coverage after
    2005. As a result of this change, the Company recognized reduced
    annual plan expenses in 2006 and going forward and a one-time
    curtailment gain of $11.9 million.

    

    63

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    The measurement date used to determine pension and other
    postretirement measurements for the plan assets and benefit
    obligations is December 31. The following table provides a
    reconciliation of benefit obligations, plan assets and status of
    the pension and other post-retirement benefit plans as
    recognized in the consolidated balance sheets for the years
    ended December 31, 2008 and 2007:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Pension Benefits
	
 
	
 
	
    Other Postretirement Benefits
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Change in benefit obligation:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Benefit obligation at beginning of year

	
 
	
    $
	
    21,327
	
 
	
 
	
    $
	
    21,336
	
 
	
 
	
    $
	
    7,557
	
 
	
 
	
    $
	
    9,694
	
 

	

    Interest Cost

	
 
	
 
	
    1,245
	
 
	
 
	
 
	
    1,247
	
 
	
 
	
 
	
    433
	
 
	
 
	
 
	
    557
	
 

	

    Participant contributions

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    474
	
 
	
 
	
 
	
    946
	
 

	

    Actuarial (gain) loss

	
 
	
 
	
    (280
	
    )
	
 
	
 
	
    (264
	
    )
	
 
	
 
	
    (1,399
	
    )
	
 
	
 
	
    (2,891
	
    )

	

    Benefits paid

	
 
	
 
	
    (1,145
	
    )
	
 
	
 
	
    (992
	
    )
	
 
	
 
	
    (577
	
    )
	
 
	
 
	
    (749
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Benefit obligation at end of year

	
 
	
    $
	
    21,147
	
 
	
 
	
    $
	
    21,327
	
 
	
 
	
    $
	
    6,488
	
 
	
 
	
    $
	
    7,557
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Change in plan assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Fair value of plan assets at beginning of year

	
 
	
    $
	
    18,248
	
 
	
 
	
    $
	
    18,162
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 

	

    Actual return on plan assets

	
 
	
 
	
    (5,797
	
    )
	
 
	
 
	
    302
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Employer contributions

	
 
	
 
	
    874
	
 
	
 
	
 
	
    776
	
 
	
 
	
 
	
    103
	
 
	
 
	
 
	
    (197
	
    )

	

    Participant contributions

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    474
	
 
	
 
	
 
	
    946
	
 

	

    Benefits paid

	
 
	
 
	
    (1,145
	
    )
	
 
	
 
	
    (992
	
    )
	
 
	
 
	
    (577
	
    )
	
 
	
 
	
    (749
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Fair value of plan assets at end of year

	
 
	
    $
	
    12,180
	
 
	
 
	
    $
	
    18,248
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Funded status of the plan (underfunded)

	
 
	
    $
	
    (8,967
	
    )
	
 
	
    $
	
    (3,079
	
    )
	
 
	
    $
	
    (6,488
	
    )
	
 
	
    $
	
    (7,557
	
    )

	

    Amounts recognized in the balance sheet:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Current liabilities

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    (645
	
    )
	
 
	
    $
	
    (675
	
    )

	

    Noncurrent liabilities

	
 
	
 
	
    (8,967
	
    )
	
 
	
 
	
    (3,079
	
    )
	
 
	
 
	
    (5,843
	
    )
	
 
	
 
	
    (6,882
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net amount recognized

	
 
	
    $
	
    (8,967
	
    )
	
 
	
    $
	
    (3,079
	
    )
	
 
	
    $
	
    (6,488
	
    )
	
 
	
    $
	
    (7,557
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Amounts recognized in accumulated other comprehensive income
    consist of:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net (gain) loss

	
 
	
    $
	
    8,130
	
 
	
 
	
    $
	
    1,152
	
 
	
 
	
    $
	
    (4,508
	
    )
	
 
	
    $
	
    (3,336
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accumulated other comprehensive income

	
 
	
    $
	
    8,130
	
 
	
 
	
    $
	
    1,152
	
 
	
 
	
    $
	
    (4,508
	
    )
	
 
	
    $
	
    (3,336
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accumulated Benefit Obligation

	
 
	
    $
	
    21,147
	
 
	
 
	
    $
	
    21,327
	
 
	
 
	
 
	
    N/A
	
 
	
 
	
 
	
    N/A
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Weighted-average assumptions as of December 31:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Discount
    rate-net
    periodic benefit cost

	
 
	
 
	
    6.00
	
    %
	
 
	
 
	
    6.00
	
    %
	
 
	
 
	
    6.00
	
    %
	
 
	
 
	
    6.00
	
    %

	

    Discount rate-benefit obligations

	
 
	
 
	
    6.25
	
    %
	
 
	
 
	
    6.00
	
    %
	
 
	
 
	
    6.25
	
    %
	
 
	
 
	
    6.00
	
    %

	

    Expected return on plan assets

	
 
	
 
	
    8.00
	
    %
	
 
	
 
	
    8.00
	
    %
	
 
	
 
	
    N/A
	
 
	
 
	
 
	
    N/A
	
 

	

    Rate of compensation increase

	
 
	
 
	
    N/A
	
 
	
 
	
 
	
    N/A
	
 
	
 
	
 
	
    N/A
	
 
	
 
	
 
	
    N/A
	
 

 

    The net employer contributions to the postretirement healthcare
    plan for 2007 in the above table are understated by
    approximately $530 and net participant contributions for 2007
    are overstated by that same amount due to an overstatement of
    net employer contributions in 2006. As a result of the 2006
    overstatement, the related 2006 accrued benefit cost was
    understated by approximately $530 and 2007 expense is overstated
    by approximately

    

    64

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    $530. The accrued benefit cost for fiscal 2007 was calculated
    based upon the correct amount of net employer and participant
    contributions.

 

    The defined benefit pension plan’s weighted average asset
    allocations by asset category at December 31, 2008 and
    2007, are as follows:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Target

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Equity securities

	
 
	
 
	
    60
	
    %
	
 
	
 
	
    51
	
    %
	
 
	
 
	
    60
	
    %

	

    Debt securities

	
 
	
 
	
    30
	
    %
	
 
	
 
	
    40
	
    %
	
 
	
 
	
    31
	
    %

	

    Real Estate

	
 
	
 
	
    10
	
    %
	
 
	
 
	
    9
	
    %
	
 
	
 
	
    9
	
    %

	

    Other

	
 
	
 
	
    0
	
    %
	
 
	
 
	
    0
	
    %
	
 
	
 
	
    0
	
    %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total

	
 
	
 
	
    100
	
    %
	
 
	
 
	
    100
	
    %
	
 
	
 
	
    100
	
    %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The assets of the defined benefit pension plan are invested in a
    manner consistent with the fiduciary standards of the Employee
    Retirement Income Security Act of 1974 (ERISA); namely,
    (a) the safeguards and diversity to which a prudent
    investor would adhere must be present and (b) all
    transactions undertaken on behalf of the Fund must be for the
    sole benefit of plan participants and their beneficiaries. The
    following is a summary of the investment guidelines and
    strategies:

 

    The expected long-term rate of return on plan assets is 8%. In
    setting this rate, the Company considered the historical returns
    of the plan’s fund, anticipated future market conditions
    including inflation and the target asset allocation of the
    plan’s portfolio.

 

    The required funding to the Retirement Plan for the year ending
    December 31, 2009 is approximately $1,300. The Company
    expects to contribute approximately $300 in 2009 and to defer
    approximately $1,000 until September 2010. It is not expected
    that any discretionary contributions or non-cash contributions
    will be made.

 

    Net periodic costs include the following components:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Pension Benefits
	
 
	
 
	
    Other Postretirement Benefits
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Components of the net periodic benefit cost:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest cost

	
 
	
    $
	
    1,245
	
 
	
 
	
    $
	
    1,247
	
 
	
 
	
    $
	
    433
	
 
	
 
	
    $
	
    557
	
 

	

    Expected return on plan assets

	
 
	
 
	
    (1,461
	
    )
	
 
	
 
	
    (1,443
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Amortization of net (gain) or loss

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (226
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Benefit cost (credit)

	
 
	
    $
	
    (216
	
    )
	
 
	
    $
	
    (196
	
    )
	
 
	
    $
	
    207
	
 
	
 
	
    $
	
    557
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Amounts recognized in the statement of financial position prior
    to the application of FAS 158 consist of:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accrued benefit cost

	
 
	
    $
	
    (8,967
	
    )
	
 
	
    $
	
    (3,079
	
    )
	
 
	
    $
	
    (10,996
	
    )
	
 
	
    $
	
    (10,893
	
    )

	

    Accumulated other comprehensive income

	
 
	
 
	
    8,130
	
 
	
 
	
 
	
    1,152
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net amount recognized

	
 
	
    $
	
    (837
	
    )
	
 
	
    $
	
    (1,927
	
    )
	
 
	
    $
	
    (10,996
	
    )
	
 
	
    $
	
    (10,893
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Incremental effect of applying FAS 158 on the statement of
    financial position:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Noncurrent assets

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    4,508
	
 
	
 
	
    $
	
    3,336
	
 

	

    Accumulated other comprehensive income

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (4,508
	
    )
	
 
	
 
	
    (3,336
	
    )

    

    65

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    The assumed medical cost trend rate used in estimating the
    accumulated postretirement benefit obligation as of
    December 31, 2008 and 2007 was 8%, and 9%, respectively,
    declining gradually to 5% in 2012. The assumed dental cost trend
    rate used in measuring the accumulated postretirement benefit
    obligation was 6% for all periods.

 

    The assumed medical cost trend rate used in measuring the
    postretirement net benefit expense for the years ended
    December 31, 2008 and 2007 was 9% and 10%, respectively,
    declining gradually to 5% in 2012. The assumed dental cost trend
    rate used in measuring the net benefit cost was 6% for all
    periods.

 

    A one-percentage-point change in the assumed healthcare cost
    trend rate would have the following effects:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    One-Percentage

    
	
 
	
 
	
    One-Percentage

    
	
 

	
 
	
 
	
    Point Increase
	
 
	
 
	
    Point Decrease
	
 

	 

	

    Effect on total of service and interest cost components for the
    year ended December 31, 2008

	
 
	
    $
	
    37
	
 
	
 
	
    $
	
    (32
	
    )

	

    Effect on postretirement benefit obligation as of
    December 31, 2008

	
 
	
    $
	
    473
	
 
	
 
	
    $
	
    (418
	
    )

 

    The following table presents the benefits expected to be paid in
    the next ten fiscal years:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
    Other

    
	
 

	
 
	
 
	
    Pension

    
	
 
	
 
	
    Postretirement

    
	
 

	

    Year

	
 
	
    Benefits
	
 
	
 
	
    Benefits
	
 

	 

	

    2009

	
 
	
    $
	
    1,223
	
 
	
 
	
    $
	
    645
	
 

	

    2010

	
 
	
    $
	
    1,249
	
 
	
 
	
    $
	
    624
	
 

	

    2011

	
 
	
    $
	
    1,298
	
 
	
 
	
    $
	
    564
	
 

	

    2012

	
 
	
    $
	
    1,356
	
 
	
 
	
    $
	
    563
	
 

	

    2013

	
 
	
    $
	
    1,420
	
 
	
 
	
    $
	
    556
	
 

	

    Next 5 years

	
 
	
    $
	
    8,019
	
 
	
 
	
    $
	
    2,641
	
 

 

    Stock Purchase Plan.  The Company adopted an
    employee stock purchase plan effective during the third quarter
    of 2005 that allows any eligible employee to purchase from the
    Company shares of the Company’s common stock at the end of
    each quarter at 95% of the market price at the end of the
    quarter. For the year ended December 31, 2008 and 2007,
    10.7 and 10.8 thousand shares, respectively, were purchased
    under this plan.

 

		
	
    18.  
	
    Segment
    Information

 

    Although the Company’s continuing operations are comprised
    of several product lines and operating locations, similarity of
    products, paths to market, end-users and production processes
    result in performance evaluation and decisions regarding
    allocation of resources being made on a combined basis, and
    accordingly, management has concluded the Company operates in
    one reportable segment. Reportable geographic regions are the
    Americas (United States, Canada, Mexico, Latin America and South
    America), Europe/Middle East and Australia/Asia.

 

    Summarized financial information concerning the Company’s
    geographic segments for its continuing operations is shown in
    the following table:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 

	 

	

    Net Sales:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Americas

	
 
	
    $
	
    369,724
	
 
	
 
	
    $
	
    364,639
	
 
	
 
	
    $
	
    338,909
	
 

	

    Europe/Middle East

	
 
	
 
	
    36,432
	
 
	
 
	
 
	
    34,615
	
 
	
 
	
 
	
    28,240
	
 

	

    Asia-Pacific

	
 
	
 
	
    110,752
	
 
	
 
	
 
	
    94,721
	
 
	
 
	
 
	
    78,578
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    516,908
	
 
	
 
	
    $
	
    493,975
	
 
	
 
	
    $
	
    445,727
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    66

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    Net Sales by geographic region are based on the originating
    country; therefore, U.S. export sales are included in the
    Americas.

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Identifiable Assets (excluding working capital and intangibles):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Americas

	
 
	
    $
	
    44,992
	
 
	
 
	
    $
	
    39,955
	
 

	

    Europe/Middle East

	
 
	
 
	
    2,182
	
 
	
 
	
 
	
    1,860
	
 

	

    Asia-Pacific

	
 
	
 
	
    6,958
	
 
	
 
	
 
	
    8,831
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    54,132
	
 
	
 
	
    $
	
    50,646
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

		
	
    19.  
	
    Quarterly
    Results of Operations (Unaudited)

 

    The following is a summary of the quarterly results of
    operations for the years ended December 31, 2008 and 2007.
    All amounts presented below have been adjusted for the
    Company’s discontinued operations as described in
    Note 3 — Discontinued Operations.

 

    The quarter ended December 31, 2008 reflects several
    adjustments arising from the substantial and unexpected decline
    in business conditions during the quarter. The Company
    recognized $2,100 of charges for under-utilized manufacturing
    operations, $3,600 of expense for severance accrual, and $3,800
    of expense reductions for reversal of previously accrued bonus
    and stock-based compensation.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    March 31
	
 
	
 
	
    June 30
	
 
	
 
	
    September 30
	
 
	
 
	
    December 31
	
 

	 

	

    2008

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing Operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net sales

	
 
	
    $
	
    130,767
	
 
	
 
	
    $
	
    142,135
	
 
	
 
	
    $
	
    139,373
	
 
	
 
	
    $
	
    104,633
	
 

	

    Gross profit

	
 
	
 
	
    42,279
	
 
	
 
	
 
	
    47,167
	
 
	
 
	
 
	
    43,896
	
 
	
 
	
 
	
    25,711
	
 

	

    Operating income

	
 
	
 
	
    14,109
	
 
	
 
	
 
	
    16,772
	
 
	
 
	
 
	
    12,881
	
 
	
 
	
 
	
    172
	
 

	

    Income (loss) applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
 
	
    4,717
	
 
	
 
	
 
	
    6,245
	
 
	
 
	
 
	
    3,038
	
 
	
 
	
 
	
    (3,477
	
    )

	

    Discontinued operations

	
 
	
 
	
    (192
	
    )
	
 
	
 
	
    (283
	
    )
	
 
	
 
	
    (320
	
    )
	
 
	
 
	
    980
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    4,525
	
 
	
 
	
    $
	
    5,962
	
 
	
 
	
    $
	
    2,718
	
 
	
 
	
    $
	
    (2,497
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share applicable to common
    shares:(1) 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.35
	
 
	
 
	
    $
	
    0.47
	
 
	
 
	
    $
	
    0.22
	
 
	
 
	
    $
	
    (0.25
	
    )

	

    Discontinued operations

	
 
	
 
	
    (0.01
	
    )
	
 
	
 
	
    (0.03
	
    )
	
 
	
 
	
    (0.02
	
    )
	
 
	
 
	
    0.07
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    0.34
	
 
	
 
	
    $
	
    0.44
	
 
	
 
	
    $
	
    0.20
	
 
	
 
	
    $
	
    (0.18
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share applicable to common
    shares:(1) 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.35
	
 
	
 
	
    $
	
    0.47
	
 
	
 
	
    $
	
    0.22
	
 
	
 
	
    $
	
    (0.26
	
    )

	

    Discontinued operations

	
 
	
 
	
    (0.01
	
    )
	
 
	
 
	
    (0.03
	
    )
	
 
	
 
	
    (0.02
	
    )
	
 
	
 
	
    0.07
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    0.34
	
 
	
 
	
    $
	
    0.44
	
 
	
 
	
    $
	
    0.20
	
 
	
 
	
    $
	
    (0.19
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    

    67

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    March 31
	
 
	
 
	
    June 30
	
 
	
 
	
    September 30
	
 
	
 
	
    December 31
	
 

	 

	

    2007

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing Operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net sales

	
 
	
    $
	
    116,107
	
 
	
 
	
    $
	
    127,181
	
 
	
 
	
    $
	
    125,686
	
 
	
 
	
    $
	
    125,001
	
 

	

    Gross profit

	
 
	
 
	
    37,800
	
 
	
 
	
 
	
    37,736
	
 
	
 
	
 
	
    37,948
	
 
	
 
	
 
	
    40,869
	
 

	

    Operating income

	
 
	
 
	
    10,983
	
 
	
 
	
 
	
    10,458
	
 
	
 
	
 
	
    10,225
	
 
	
 
	
 
	
    12,646
	
 

	

    Income (loss) applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
 
	
    1,263
	
 
	
 
	
 
	
    1,472
	
 
	
 
	
 
	
    1,531
	
 
	
 
	
 
	
    6,370
	
 

	

    Discontinued operations

	
 
	
 
	
    141
	
 
	
 
	
 
	
    176
	
 
	
 
	
 
	
    (485
	
    )
	
 
	
 
	
    (1,803
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
    $
	
    1,404
	
 
	
 
	
    $
	
    1,648
	
 
	
 
	
    $
	
    1,046
	
 
	
 
	
    $
	
    4,567
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share applicable to common
    shares:(1) 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.10
	
 
	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.48
	
 

	

    Discontinued operations

	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.04
	
    )
	
 
	
 
	
    (0.13
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.12
	
 
	
 
	
    $
	
    0.07
	
 
	
 
	
    $
	
    0.35
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share applicable to common
    shares:(1) 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.10
	
 
	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.47
	
 

	

    Discontinued operations

	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.04
	
    )
	
 
	
 
	
    (0.13
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
    $
	
    0.11
	
 
	
 
	
    $
	
    0.12
	
 
	
 
	
    $
	
    0.07
	
 
	
 
	
    $
	
    0.34
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

 

			
	
    (1) 		
    Earnings per share are computed independently for each of the
    quarters presented. Therefore, the sum of the quarterly net
    earnings per share will not necessarily equal the total for the
    year.

 

		
	
    20.  
	
    Minority
    Interests

 

    For the years ended December 31, 2008 and 2007, the Company
    has recorded minority interest expense of $80 and income of $82,
    respectively. Total minority interest obligations as of
    December 31, 2008 were $0 as the Company exercised its
    option to purchase the minority interest in its Italian
    subsidiary in the fourth quarter of 2008. Total minority
    interest obligations as of December 31, 2007 of $287 have
    been recorded as a component of other long-term liabilities.

 

    Minority shareholders held 10% of certain of the Company’s
    South African and Italian subsidiaries at the beginning of 2006.
    During the second quarter of 2006, the Company purchased the 10%
    minority interests in its two South African subsidiaries for
    approximately $3,954. Goodwill of $1,899 was recorded in
    connection with applying purchase accounting to this
    transaction. During the fourth quarter of 2008, the Company
    purchased the 10% minority interest in its Italian subsidiary
    for approximately $838. Goodwill of $609 was recorded in
    connection with applying purchase accounting to this transaction.

 

    The agreement with minority shareholders of the Italian
    subsidiary included provisions that would have allowed the
    minority shareholders to put their ownership in the entity back
    to the Company or, conversely, provided the Company a call
    option to purchase the outstanding minority interests. The put
    and call option for the minority interest in the Italian
    subsidiary would have expired on December 31, 2010. The
    purchase price of the option was determined using a specific
    formula outlined in the shareholder agreement.

    68

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

		
	
    21.  
	
    Acquisitions
    of Joint Venture Interest

 

    On April 10, 2008, the Company purchased the remaining 50%
    ownership interest of the China joint venture manufacturing
    business from its joint venture partner for an amount of $3,055.
    The transaction resulted in an increase in goodwill of $1,836.
    With this purchase, the China joint venture was consolidated in
    the Company’s results. The pro forma impact of the
    acquisition or prior periods is not presented as the impact is
    not material to operations.

 

		
	
    22.  
	
    Restructuring
    and Other Charges

 

    As of December 31, 2008, we accrued restructuring charges
    of $3,600 for severance related expenses payable to
    approximately 110 salaried employees for which positions were
    eliminated in connection with cost reduction efforts in response
    to economic and market uncertainties. This initiative reduced
    the salaried work force approximately 13%. As a result, the
    Company expects to save approximately $7,500 in annual
    compensation and benefit costs. The severance costs will be paid
    in the first and second quarters of 2009.

 

    Subsequent to December 31, 2008, the Company offered a
    voluntary retirement program and approximately 50 employees
    have elected to participate. The Company will pay approximately
    $1,300 in separation pay and reimburse COBRA benefits for
    certain periods. The Company expects to save $1,800 in annual
    compensation and benefit costs. The amounts will be
    substantially paid through August 2009.

 

		
	
    23.  
	
    Condensed
    Consolidating Financial Statements

 

    On February 5, 2004, the Company completed a private
    placement of $175,000 in aggregate principal of
    91/4% Senior
    Subordinated Notes due 2014. The Company’s domestic, wholly
    owned subsidiaries (“Guarantor Subsidiaries”) fully
    and unconditionally guarantee the Senior Subordinated Notes and
    are jointly and severally liable for all payments under the
    Senior Subordinated Notes. Each of the Guarantor Subsidiaries is
    wholly owned by the Company.

 

    In connection with the Amended Credit Agreement, the
    Company’s foreign subsidiaries in Australia and Canada also
    guaranteed the Company’s $175,000
    91/4% Senior
    Subordinated Notes.

 

    The following financial information presents the guarantors and
    non-guarantors of the
    91/4% Senior
    Subordinated Notes, in accordance with
    Rule 3-10
    of
    Regulation S-X.
    The condensed consolidating financial information includes the
    accounts of the Company, which has no independent assets or
    operations, the combined accounts of the Guarantor Subsidiaries
    and the combined accounts of the non-guarantor subsidiaries for
    the periods indicated. Separate financial statements of each of
    the Guarantor Subsidiaries are not presented because management
    has determined such information is not material in assessing the
    financial condition, cash flows or results of operations of the
    Company and its subsidiaries. This information was prepared on
    the same basis as the consolidated financial statements.

    

    69

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONDENSED
    CONSOLIDATING BALANCE SHEET

    DECEMBER 31, 2008

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    ASSETS

	

    Current Assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    6,301
	
 
	
 
	
    $
	
    5,615
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    11,916
	
 

	

    Accounts receivable, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    63,760
	
 
	
 
	
 
	
    8,284
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    72,044
	
 

	

    Inventories

	
 
	
 
	
    —
	
 
	
 
	
 
	
    90,220
	
 
	
 
	
 
	
    12,259
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    102,479
	
 

	

    Prepaid expenses and other

	
 
	
 
	
    —
	
 
	
 
	
 
	
    4,653
	
 
	
 
	
 
	
    790
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,443
	
 

	

    Assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    916
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    916
	
 

	

    Current deferred tax assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,277
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,277
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    167,211
	
 
	
 
	
 
	
    27,864
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    195,075
	
 

	

    Property, plant and equipment, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    43,295
	
 
	
 
	
 
	
    4,206
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    47,501
	
 

	

    Goodwill

	
 
	
 
	
    —
	
 
	
 
	
 
	
    184,043
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    184,043
	
 

	

    Intangibles, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    53,166
	
 
	
 
	
 
	
    7,617
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    60,783
	
 

	

    Other assets

	
 
	
 
	
    5,541
	
 
	
 
	
 
	
    1,426
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,967
	
 

	

    Investment in and advances to subsidiaries

	
 
	
 
	
    191,869
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (191,869
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total assets

	
 
	
    $
	
    197,410
	
 
	
 
	
    $
	
    449,141
	
 
	
 
	
    $
	
    39,687
	
 
	
 
	
    $
	
    (191,869
	
    )
	
 
	
    $
	
    494,369
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 

	
    LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

	

    Current Liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    32,531
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    32,531
	
 

	

    Current maturities of long-term obligations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,702
	
 
	
 
	
 
	
    358
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,060
	
 

	

    Accounts payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    26,132
	
 
	
 
	
 
	
    4,691
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    30,823
	
 

	

    Accrued and other liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    26,673
	
 
	
 
	
 
	
    1,622
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    28,295
	
 

	

    Accrued interest

	
 
	
 
	
    6,412
	
 
	
 
	
 
	
    146
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,558
	
 

	

    Income taxes payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,798
	
 
	
 
	
 
	
    51
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,849
	
 

	

    Deferred tax liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,253
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,253
	
 

	

    Liabilities applicable to assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,266
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,266
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current liabilities

	
 
	
 
	
    6,412
	
 
	
 
	
 
	
    93,235
	
 
	
 
	
 
	
    11,988
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    111,635
	
 

	

    Long-term obligations, less current maturities

	
 
	
 
	
    175,000
	
 
	
 
	
 
	
    23,761
	
 
	
 
	
 
	
    693
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    199,454
	
 

	

    Deferred tax liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    47,292
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    47,292
	
 

	

    Other long-term liabilities

	
 
	
 
	
    2,991
	
 
	
 
	
 
	
    14,155
	
 
	
 
	
 
	
    539
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    17,685
	
 

	

    Minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Shareholders’ equity (deficit):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Common stock

	
 
	
 
	
    135
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    135
	
 

	

    Additional
    paid-in-capital

	
 
	
 
	
    189,256
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    189,256
	
 

	

    Retained earnings (accumulated deficit)

	
 
	
 
	
    (69,244
	
    )
	
 
	
 
	
    34,540
	
 
	
 
	
 
	
    (67,892
	
    )
	
 
	
 
	
    33,351
	
 
	
 
	
 
	
    (69,245
	
    )

	

    Accumulated other comprehensive income (loss)

	
 
	
 
	
    (1,843
	
    )
	
 
	
 
	
    (16,066
	
    )
	
 
	
 
	
    (4,060
	
    )
	
 
	
 
	
    20,126
	
 
	
 
	
 
	
    (1,843
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total shareholders’ equity (deficit)

	
 
	
 
	
    118,304
	
 
	
 
	
 
	
    18,474
	
 
	
 
	
 
	
    (71,952
	
    )
	
 
	
 
	
    53,477
	
 
	
 
	
 
	
    118,303
	
 

	

    Net equity (deficit) and advances to / from subsidiaries

	
 
	
 
	
    (105,297
	
    )
	
 
	
 
	
    252,224
	
 
	
 
	
 
	
    98,419
	
 
	
 
	
 
	
    (245,346
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total liabilities and shareholders’ equity (deficit)

	
 
	
    $
	
    197,410
	
 
	
 
	
    $
	
    449,141
	
 
	
 
	
    $
	
    39,687
	
 
	
 
	
    $
	
    (191,869
	
    )
	
 
	
    $
	
    494,369
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    70

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONDENSED
    CONSOLIDATING BALANCE SHEET

    DECEMBER 31, 2007

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    ASSETS

	

    Current Assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    14,636
	
 
	
 
	
    $
	
    1,523
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    16,159
	
 

	

    Accounts receivable, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    75,163
	
 
	
 
	
 
	
    8,689
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    83,852
	
 

	

    Inventories

	
 
	
 
	
    (115
	
    )
	
 
	
 
	
    80,449
	
 
	
 
	
 
	
    10,627
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    90,961
	
 

	

    Prepaid expenses and other

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,271
	
 
	
 
	
 
	
    876
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,147
	
 

	

    Assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,023
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,023
	
 

	

    Current deferred tax assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,721
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,721
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current assets

	
 
	
 
	
    (115
	
    )
	
 
	
 
	
    178,240
	
 
	
 
	
 
	
    23,738
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    201,863
	
 

	

    Property, plant and equipment, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    36,464
	
 
	
 
	
 
	
    7,892
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    44,356
	
 

	

    Goodwill

	
 
	
 
	
    —
	
 
	
 
	
 
	
    182,163
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    182,163
	
 

	

    Intangibles, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    58,195
	
 
	
 
	
 
	
    5,009
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    63,204
	
 

	

    Other assets

	
 
	
 
	
    4,170
	
 
	
 
	
 
	
    1,671
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,841
	
 

	

    Investment in and advances to subsidiaries

	
 
	
 
	
    181,271
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (181,271
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total assets

	
 
	
    $
	
    185,326
	
 
	
 
	
    $
	
    456,733
	
 
	
 
	
    $
	
    36,639
	
 
	
 
	
    $
	
    (181,271
	
    )
	
 
	
    $
	
    497,427
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 

	
    LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

	

    Current Liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    12,658
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    12,658
	
 

	

    Current maturities of long-term obligations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,578
	
 
	
 
	
 
	
    200
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,778
	
 

	

    Accounts payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    27,636
	
 
	
 
	
 
	
    3,941
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    31,577
	
 

	

    Accrued and other liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    26,736
	
 
	
 
	
 
	
    2,090
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    28,826
	
 

	

    Accrued interest

	
 
	
 
	
    7,741
	
 
	
 
	
 
	
    291
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,032
	
 

	

    Income taxes payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    4,178
	
 
	
 
	
 
	
    486
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    4,664
	
 

	

    Deferred tax liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,667
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,667
	
 

	

    Liabilities applicable to assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    7,417
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    7,417
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current liabilities

	
 
	
 
	
    7,741
	
 
	
 
	
 
	
    82,744
	
 
	
 
	
 
	
    14,134
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    104,619
	
 

	

    Long-term obligations, less current maturities

	
 
	
 
	
    175,000
	
 
	
 
	
 
	
    37,650
	
 
	
 
	
 
	
    492
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    213,142
	
 

	

    Deferred tax liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    44,306
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    44,306
	
 

	

    Other long-term liabilities

	
 
	
 
	
    296
	
 
	
 
	
 
	
    12,136
	
 
	
 
	
 
	
    557
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    12,989
	
 

	

    Minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    287
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    287
	
 

	

    Shareholders’ equity (deficit):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Common stock

	
 
	
 
	
    134
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    134
	
 

	

    Additional
    paid-in-capital

	
 
	
 
	
    186,830
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    186,830
	
 

	

    Retained earnings (accumulated deficit)

	
 
	
 
	
    (79,953
	
    )
	
 
	
 
	
    11,306
	
 
	
 
	
 
	
    (71,860
	
    )
	
 
	
 
	
    60,554
	
 
	
 
	
 
	
    (79,953
	
    )

	

    Accumulated other comprehensive income (loss)

	
 
	
 
	
    15,073
	
 
	
 
	
 
	
    (12,296
	
    )
	
 
	
 
	
    20,937
	
 
	
 
	
 
	
    (8,641
	
    )
	
 
	
 
	
    15,073
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total shareholders’ equity (deficit)

	
 
	
 
	
    122,084
	
 
	
 
	
 
	
    (990
	
    )
	
 
	
 
	
    (50,923
	
    )
	
 
	
 
	
    51,913
	
 
	
 
	
 
	
    122,084
	
 

	

    Net equity (deficit) and advances to / from subsidiaries

	
 
	
 
	
    (119,795
	
    )
	
 
	
 
	
    280,887
	
 
	
 
	
 
	
    72,092
	
 
	
 
	
 
	
    (233,184
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total liabilities and shareholders’ equity (deficit)

	
 
	
    $
	
    185,326
	
 
	
 
	
    $
	
    456,733
	
 
	
 
	
    $
	
    36,639
	
 
	
 
	
    $
	
    (181,271
	
    )
	
 
	
    $
	
    497,427
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    71

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONDENSED
    CONSOLIDATING STATEMENT OF OPERATIONS

    YEAR ENDED DECEMBER 31, 2008

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Net sales

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    589,422
	
 
	
 
	
    $
	
    49,774
	
 
	
 
	
    $
	
    (122,288
	
    )
	
 
	
    $
	
    516,908
	
 

	

    Cost of goods sold

	
 
	
 
	
    —
	
 
	
 
	
 
	
    443,662
	
 
	
 
	
 
	
    36,792
	
 
	
 
	
 
	
    (122,599
	
    )
	
 
	
 
	
    357,855
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gross margin

	
 
	
 
	
    —
	
 
	
 
	
 
	
    145,760
	
 
	
 
	
 
	
    12,982
	
 
	
 
	
 
	
    311
	
 
	
 
	
 
	
    159,053
	
 

	

    Selling, general and administrative expenses

	
 
	
 
	
    180
	
 
	
 
	
 
	
    104,364
	
 
	
 
	
 
	
    7,578
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    112,122
	
 

	

    Amortization of intangibles

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,675
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,675
	
 

	

    Net periodic postretirement benefits

	
 
	
 
	
    —
	
 
	
 
	
 
	
    322
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    322
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income (loss)

	
 
	
 
	
    (180
	
    )
	
 
	
 
	
    38,399
	
 
	
 
	
 
	
    5,404
	
 
	
 
	
 
	
    311
	
 
	
 
	
 
	
    43,934
	
 

	

    Other income (expense):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest, net

	
 
	
 
	
    (16,125
	
    )
	
 
	
 
	
    (4,121
	
    )
	
 
	
 
	
    (58
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (20,304
	
    )

	

    Amortization of deferred financing costs

	
 
	
 
	
    (500
	
    )
	
 
	
 
	
    (438
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (938
	
    )

	

    Equity in net income (loss) of subsidiaries

	
 
	
 
	
    27,513
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (27,513
	
    )
	
 
	
 
	
    —
	
 

	

    Minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (37
	
    )
	
 
	
 
	
    (43
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (80
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations before income tax
    provision and discontinued operations

	
 
	
 
	
    10,708
	
 
	
 
	
 
	
    33,803
	
 
	
 
	
 
	
    5,303
	
 
	
 
	
 
	
    (27,202
	
    )
	
 
	
 
	
    22,612
	
 

	

    Income tax provision

	
 
	
 
	
    —
	
 
	
 
	
 
	
    10,569
	
 
	
 
	
 
	
    1,520
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    12,089
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations

	
 
	
 
	
    10,708
	
 
	
 
	
 
	
    23,234
	
 
	
 
	
 
	
    3,783
	
 
	
 
	
 
	
    (27,202
	
    )
	
 
	
 
	
    10,523
	
 

	

    Loss from discontinued operations, net of tax

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    185
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    185
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    10,708
	
 
	
 
	
    $
	
    23,234
	
 
	
 
	
    $
	
    3,968
	
 
	
 
	
    $
	
    (27,202
	
    )
	
 
	
    $
	
    10,708
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    72

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONDENSED
    CONSOLIDATING STATEMENT OF OPERATIONS

    YEAR ENDED DECEMBER 31, 2007

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Net sales

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    557,801
	
 
	
 
	
    $
	
    29,338
	
 
	
 
	
    $
	
    (93,164
	
    )
	
 
	
    $
	
    493,975
	
 

	

    Cost of goods sold

	
 
	
 
	
    —
	
 
	
 
	
 
	
    411,673
	
 
	
 
	
 
	
    21,225
	
 
	
 
	
 
	
    (93,276
	
    )
	
 
	
 
	
    339,622
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gross margin

	
 
	
 
	
    —
	
 
	
 
	
 
	
    146,128
	
 
	
 
	
 
	
    8,113
	
 
	
 
	
 
	
    112
	
 
	
 
	
 
	
    154,353
	
 

	

    Selling, general and administrative expenses

	
 
	
 
	
    1,609
	
 
	
 
	
 
	
    99,527
	
 
	
 
	
 
	
    4,897
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    106,033
	
 

	

    Amortization of intangibles

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,921
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,921
	
 

	

    Net periodic postretirement benefits

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,087
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,087
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income (loss)

	
 
	
 
	
    (1,609
	
    )
	
 
	
 
	
    42,593
	
 
	
 
	
 
	
    3,216
	
 
	
 
	
 
	
    112
	
 
	
 
	
 
	
    44,312
	
 

	

    Other income (expense):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest, net

	
 
	
 
	
    (18,731
	
    )
	
 
	
 
	
    (8,146
	
    )
	
 
	
 
	
    78
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (26,799
	
    )

	

    Amortization of deferred financing costs

	
 
	
 
	
    (500
	
    )
	
 
	
 
	
    (944
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,444
	
    )

	

    Equity in net income (loss) of subsidiaries

	
 
	
 
	
    29,505
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (29,505
	
    )
	
 
	
 
	
    —
	
 

	

    Minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    82
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    82
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations before income tax
    provision and discontinued operations

	
 
	
 
	
    8,665
	
 
	
 
	
 
	
    33,585
	
 
	
 
	
 
	
    3,294
	
 
	
 
	
 
	
    (29,393
	
    )
	
 
	
 
	
    16,151
	
 

	

    Income tax provision

	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,646
	
 
	
 
	
 
	
    1,869
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,515
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations

	
 
	
 
	
    8,665
	
 
	
 
	
 
	
    29,939
	
 
	
 
	
 
	
    1,425
	
 
	
 
	
 
	
    (29,393
	
    )
	
 
	
 
	
    10,636
	
 

	

    Loss from discontinued operations, net of tax

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,971
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,971
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    8,665
	
 
	
 
	
    $
	
    29,939
	
 
	
 
	
    $
	
    (546
	
    )
	
 
	
    $
	
    (29,393
	
    )
	
 
	
    $
	
    8,665
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    73

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONDENSED
    CONSOLIDATING STATEMENT OF OPERATIONS

    YEAR ENDED DECEMBER 31, 2006

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Net sales

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    502,291
	
 
	
 
	
    $
	
    27,380
	
 
	
 
	
    $
	
    (83,944
	
    )
	
 
	
    $
	
    445,727
	
 

	

    Cost of goods sold

	
 
	
 
	
    —
	
 
	
 
	
 
	
    376,913
	
 
	
 
	
 
	
    21,168
	
 
	
 
	
 
	
    (83,029
	
    )
	
 
	
 
	
    315,052
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gross margin

	
 
	
 
	
    —
	
 
	
 
	
 
	
    125,378
	
 
	
 
	
 
	
    6,212
	
 
	
 
	
 
	
    (915
	
    )
	
 
	
 
	
    130,675
	
 

	

    Selling, general and administrative expenses

	
 
	
 
	
    2,904
	
 
	
 
	
 
	
    102,005
	
 
	
 
	
 
	
    4,654
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    109,563
	
 

	

    Amortization of intangibles

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,890
	
 
	
 
	
 
	
    4
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,894
	
 

	

    Net periodic postretirement benefits

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (11,755
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (11,755
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income (loss)

	
 
	
 
	
    (2,904
	
    )
	
 
	
 
	
    32,238
	
 
	
 
	
 
	
    1,554
	
 
	
 
	
 
	
    (915
	
    )
	
 
	
 
	
    29,973
	
 

	

    Other income (expense):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest, net

	
 
	
 
	
    (17,459
	
    )
	
 
	
 
	
    (8,929
	
    )
	
 
	
 
	
    (124
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (26,512
	
    )

	

    Amortization of deferred financing costs

	
 
	
 
	
    (500
	
    )
	
 
	
 
	
    (844
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,344
	
    )

	

    Equity in net income (loss) of subsidiaries

	
 
	
 
	
    (2,184
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,184
	
 
	
 
	
 
	
    —
	
 

	

    Minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (44
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (44
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations before income tax
    provision and discontinued operations

	
 
	
 
	
    (23,047
	
    )
	
 
	
 
	
    22,421
	
 
	
 
	
 
	
    1,430
	
 
	
 
	
 
	
    1,269
	
 
	
 
	
 
	
    2,073
	
 

	

    Income tax provision (benefit)

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,470
	
    )
	
 
	
 
	
    1,065
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (405
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations

	
 
	
 
	
    (23,047
	
    )
	
 
	
 
	
    23,891
	
 
	
 
	
 
	
    365
	
 
	
 
	
 
	
    1,269
	
 
	
 
	
 
	
    2,478
	
 

	

    Loss from discontinued operations, net of tax

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (25,525
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (25,525
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    (23,047
	
    )
	
 
	
    $
	
    23,891
	
 
	
 
	
    $
	
    (25,160
	
    )
	
 
	
    $
	
    1,269
	
 
	
 
	
    $
	
    (23,047
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    74

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONDENSED
    CONSOLIDATING STATEMENT OF CASH FLOWS

    YEAR ENDED DECEMBER 31, 2008

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Cash flows from continuing operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
    $
	
    9,765
	
 
	
 
	
    $
	
    30,417
	
 
	
 
	
    $
	
    4,666
	
 
	
 
	
    $
	
    (27,203
	
    )
	
 
	
    $
	
    17,645
	
 

	

    Cash flows from investing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Capital expenditures

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (15,688
	
    )
	
 
	
 
	
    2,295
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (13,393
	
    )

	

    Proceeds from sales of assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    500
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    500
	
 

	

    Purchase of minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (838
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (838
	
    )

	

    Purchase of outside interest in joint venture

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (3,055
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (3,055
	
    )

	

    Other

	
 
	
 
	
    (253
	
    )
	
 
	
 
	
    (67
	
    )
	
 
	
 
	
    (437
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (757
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    (253
	
    )
	
 
	
 
	
    (15,755
	
    )
	
 
	
 
	
    (1,535
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (17,543
	
    )

	

    Cash flows from financing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Borrowings under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    27,751
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    27,751
	
 

	

    Repayments under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,878
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,878
	
    )

	

    Borrowings of other credit facilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Repayments of other credit facilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (23,185
	
    )
	
 
	
 
	
    396
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (22,789
	
    )

	

    Advances to/from discontinued operations

	
 
	
 
	
    (11,939
	
    )
	
 
	
 
	
    (18,691
	
    )
	
 
	
 
	
    770
	
 
	
 
	
 
	
    27,203
	
 
	
 
	
 
	
    (2,657
	
    )

	

    Other

	
 
	
 
	
    2,427
	
 
	
 
	
 
	
    (7
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,420
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    (9,512
	
    )
	
 
	
 
	
    (22,010
	
    )
	
 
	
 
	
    1,166
	
 
	
 
	
 
	
    27,203
	
 
	
 
	
 
	
    (3,153
	
    )

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (988
	
    )
	
 
	
 
	
    (204
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,192
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (8,336
	
    )
	
 
	
 
	
    4,093
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (4,243
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from discontinued operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash used in operating activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,574
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,574
	
    )

	

    Net cash provided by investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    500
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    500
	
 

	

    Net cash provided by financing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,538
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,538
	
 

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (155
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (155
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash used in discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    309
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    309
	
 

	

    Total increase (decrease) in cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (8,336
	
    )
	
 
	
 
	
    4,402
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (3,934
	
    )

	

    Total cash and cash equivalents beginning of period

	
 
	
 
	
    —
	
 
	
 
	
 
	
    14,637
	
 
	
 
	
 
	
    1,798
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    16,435
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total cash and cash equivalents end of period

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    6,301
	
 
	
 
	
    $
	
    6,200
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    12,501
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    75

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONDENSED
    CONSOLIDATING STATEMENT OF CASH FLOWS

    YEAR ENDED DECEMBER 31, 2007

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Cash flows from continuing operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
    $
	
    9,140
	
 
	
 
	
    $
	
    52,190
	
 
	
 
	
    $
	
    (28,083
	
    )
	
 
	
    $
	
    (10,234
	
    )
	
 
	
    $
	
    23,013
	
 

	

    Cash flows from investing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Capital expenditures

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (10,013
	
    )
	
 
	
 
	
    (1,345
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (11,358
	
    )

	

    Proceeds from sales of assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    13,783
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    13,783
	
 

	

    Acquisition of minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
 
	
 

	

    Other

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (487
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (487
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,283
	
 
	
 
	
 
	
    (1,345
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,938
	
 

	

    Cash flows from financing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Borrowings under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    20,041
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    20,041
	
 

	

    Repayments under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (24,989
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (24,989
	
    )

	

    Borrowings of other credit facilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Repayments of other credit facilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (15,415
	
    )
	
 
	
 
	
    (1,310
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (16,725
	
    )

	

    Changes in net equity and advances to / from discontinued
    operations

	
 
	
 
	
    (11,166
	
    )
	
 
	
 
	
    (29,343
	
    )
	
 
	
 
	
    29,438
	
 
	
 
	
 
	
    10,234
	
 
	
 
	
 
	
    (837
	
    )

	

    Other

	
 
	
 
	
    2,026
	
 
	
 
	
 
	
    (362
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,664
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    (9,140
	
    )
	
 
	
 
	
    (50,068
	
    )
	
 
	
 
	
    28,128
	
 
	
 
	
 
	
    10,234
	
 
	
 
	
 
	
    (20,846
	
    )

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    25
	
 
	
 
	
 
	
    719
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    744
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,430
	
 
	
 
	
 
	
    (581
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    4,849
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from discontinued operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by operating activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    812
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    812
	
 

	

    Net cash used in investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,084
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,084
	
 

	

    Net cash provided by financing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (5,650
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (5,650
	
    )

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    30
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    30
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    276
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    276
	
 

	

    Total increase (decrease) in cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,430
	
 
	
 
	
 
	
    (305
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,125
	
 

	

    Total cash and cash equivalents beginning of period

	
 
	
 
	
    —
	
 
	
 
	
 
	
    9,207
	
 
	
 
	
 
	
    2,103
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    11,310
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total cash and cash equivalents end of period

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    14,637
	
 
	
 
	
    $
	
    1,798
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    16,435
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    76

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    THERMADYNE
    HOLDINGS CORPORATION

 

    CONDENSED
    CONSOLIDATING STATEMENT OF CASH FLOWS

    YEAR ENDED DECEMBER 31, 2006

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Cash flows from continuing operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
    $
	
    (22,250
	
    )
	
 
	
    $
	
    6,016
	
 
	
 
	
    $
	
    (26,035
	
    )
	
 
	
    $
	
    26,803
	
 
	
 
	
    $
	
    (15,466
	
    )

	

    Cash flows from investing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Capital expenditures

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,270
	
    )
	
 
	
 
	
    (1,229
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (8,499
	
    )

	

    Proceeds from sales of assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    17,753
	
 
	
 
	
 
	
    659
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    18,412
	
 

	

    Acquisition of minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,981
	
    )
	
 
	
 
	
    (1,973
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (3,954
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,502
	
 
	
 
	
 
	
    (2,543
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,959
	
 

	

    Cash flows from financing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Borrowings under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    9,357
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    9,357
	
 

	

    Repayments under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (23,547
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (23,547
	
    )

	

    Borrowings of other credit facilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    19,091
	
 
	
 
	
 
	
    909
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    20,000
	
 

	

    Repayments of other credit facilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,790
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,790
	
    )

	

    Changes in net equity and advances to / from subsidiaries

	
 
	
 
	
    20,987
	
 
	
 
	
 
	
    (18,211
	
    )
	
 
	
 
	
    24,027
	
 
	
 
	
 
	
    (26,803
	
    )
	
 
	
 
	
    —
	
 

	

    Changes in net equity and advances to / from discontinued
    operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,330
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,330
	
 

	

    Other

	
 
	
 
	
    1,263
	
 
	
 
	
 
	
    (348
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    915
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    22,250
	
 
	
 
	
 
	
    (13,118
	
    )
	
 
	
 
	
    24,936
	
 
	
 
	
 
	
    (26,803
	
    )
	
 
	
 
	
    7,265
	
 

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,215
	
 
	
 
	
 
	
    (850
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    365
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,615
	
 
	
 
	
 
	
    (4,492
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,877
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from discontinued operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by operating activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,008
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,008
	
 

	

    Net cash used in investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (342
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (342
	
    )

	

    Net cash used in financing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (9,854
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (9,854
	
    )

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (187
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (187
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash used in discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,375
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,375
	
    )

	

    Total increase (decrease) in cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,615
	
 
	
 
	
 
	
    (6,867
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (4,252
	
    )

	

    Total cash and cash equivalents beginning of period

	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,591
	
 
	
 
	
 
	
    8,971
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    15,562
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total cash and cash equivalents end of period

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    9,206
	
 
	
 
	
    $
	
    2,104
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    11,310
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    77

Table of Contents

 

    SIGNATURES

 

    Pursuant to the requirements of Section 13 or 15(d) of the
    Securities Exchange Act of 1934, the registrant has duly caused
    this report to be signed on its behalf by the undersigned,
    thereunto duly authorized.

 

    THERMADYNE HOLDINGS CORPORATION

 

			
	 	    By: 
	
    /s/  STEVEN
    A. SCHUMM

    Steven A. Schumm

    Senior Vice President, Chief Financial and 

    Administrative Officer

 

    Date: March 10, 2009

 

    Pursuant to the requirements of the Securities Exchange Act of
    1934, this report has been signed below by the following persons
    on behalf of the registrant and in the capacities and on the
    dates indicated.

 

	 	 	 	 	 	 	 
	

    Name

	
 
	

    Title

	
 
	

    Date

	 

	
 
	
 
	
 
	
 
	
 

	
    /s/  PAUL
    D. MELNUK

    
Paul
    D. Melnuk
	
 
	
    Director, Chairman of the Board and Chief Executive (Principal
    Executive Officer)
	
 
	
    March 10, 2009

	
 
	
 
	
 
	
 
	
 

	
    /s/  STEVEN
    A. SCHUMM

    
Steven
    A. Schumm
	
 
	
    Senior Vice President, Chief Financial and Administrative
    Officer (Principal Financial and Accounting Officer)
	
 
	
    March 10, 2009

	
 
	
 
	
 
	
 
	
 

	
    /s/  JAMES
    B. GAMACHE

    
James
    B. Gamache
	
 
	
    Director
	
 
	
    March 10, 2009

	
 
	
 
	
 
	
 
	
 

	
    /s/  MARNIE
    S. GORDON

    
Marnie
    S. Gordon
	
 
	
    Director
	
 
	
    March 10, 2009

	
 
	
 
	
 
	
 
	
 

	
    /s/  BRADLEY
    G. PATTELLI

    
Bradley
    G. Pattelli
	
 
	
    Director
	
 
	
    March 10, 2009

	
 
	
 
	
 
	
 
	
 

	
    /s/  J.
    JOE ADORJAN

    
J.
    Joe Adorjan
	
 
	
    Director
	
 
	
    March 10, 2009

	
 
	
 
	
 
	
 
	
 

	
    /s/  ANDREW
    L. BERGER

    
Andrew
    L. Berger
	
 
	
    Director
	
 
	
    March 10, 2009

    

    78

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

 

    2008
    10-K
    EXHIBIT INDEX

 

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    2
	
    .1
	
 
	
    —
	
 
	
    First Amended and Restated Disclosure Statement, dated January
    17, 2003, Solicitation of Votes on the Debtors’ First
    Amended and Restated Joint Plan of Reorganization Under Chapter
    11 of the Bankruptcy Code of Thermadyne Holdings Corporation
    (the “Company”) and its wholly owned direct and
    indirect subsidiaries, Thermadyne Mfg. LLC, Thermadyne Capital
    Corp., Thermadyne Industries, Inc., Victor Equipment Company,
    Thermadyne International Corp., Thermadyne Cylinder Co., Thermal
    Dynamics Corporation, C&G Systems Holding, Inc., MECO
    Holding Company, Tweco Products, Inc., Tag Realty, Inc.,
    Victor-Coyne International, Inc., Victor Gas Systems, Inc.,
    Stoody Company, Thermal Arc, Inc., C&G Systems, Inc.,
    Marison Cylinder Company, Wichita Warehouse Corporation, Coyne
    Natural Gas Systems, Inc., and Modern Engineering Company, Inc.
    (incorporated by reference to the Company’s Current Report
    on Form 8-K (File No. 0-23378) filed on February 6, 2003).

	
 
	
    2
	
    .2
	
 
	
    —
	
 
	
    First Amended and Restated Plan of Reorganization dated January
    17, 2003 (incorporated by reference to the Company’s
    Current Report on Form 8-K (File No. 0-23378) filed on April 11,
    2003).

	
 
	
    2
	
    .3
	
 
	
    —
	
 
	
    Confirmation Order dated April 3, 2003 and signed by the
    Bankruptcy Court (incorporated by reference to the
    Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on April 11, 2003).

	
 
	
    3
	
    .1
	
 
	
    —
	
 
	
    Amended and Restated Certificate of Incorporation of the Company
    dated as of May 23, 2003 (incorporated by reference to the
    Company’s Quarterly Report on Form 10-Q (File No. 0-23378)
    for the quarter ended June 30, 2003).

	
 
	
    3
	
    .2
	
 
	
    —
	
 
	
    Amended and Restated Bylaws of the Company dated as of March 29,
    2007 (incorporated by reference to the Company’s Annual
    Report on Form 10-K (File No. 0-23378) for the year ended
    December 31, 2006).

	
 
	
    4
	
    .1
	
 
	
    —
	
 
	
    Indenture dated as of February 5, 2004 among the Company, as
    issuer, the subsidiary guarantors named therein and U.S. Bank
    National Association, as trustee (incorporated by reference to
    the Company’s Annual Report on Form 10-K (File No. 0-23378)
    for the year ended December 31, 2003).

	
 
	
    4
	
    .2
	
 
	
    —
	
 
	
    Second Lien Credit Agreement dated as of July 29, 2004 by and
    among Thermadyne Industries, Inc., Thermal Dynamics Corporation,
    Tweco Products, Inc., Victor Equipment Company, C&G
    Systems, Inc., Stoody Company, Thermal Arc, Inc., ProTip
    Corporation, and Thermadyne International Corp., as borrowers,
    the guarantors party thereto, the lenders parties thereto, and
    Credit Suisse First Boston, as administrative agent and
    collateral agent, and Credit Suisse First Boston, as sole lead
    arranger and sole book running manager (incorporated by
    reference to the Company’s Quarterly Report on
    Form 10-Q (File No. 0-23378) for the quarter ended June 30,
    2004).

	
 
	
    4
	
    .3
	
 
	
    —
	
 
	
    Amendment No. 1 and Agreement dated as of September 30, 2004 to
    the Second Lien Credit Agreement by and among Thermadyne
    Industries, Inc., Thermal Dynamics Corporation, Tweco Products,
    Inc., Victor Equipment Company, C&G Systems, Inc., Stoody
    Company, Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the guarantors party thereto,
    the lenders parties thereto, and Credit Suisse First Boston, as
    administrative agent and collateral agent (incorporated by
    reference to the Company’s Quarterly Report on Form 10-Q
    (File No. 0-23378) for the quarter ended September 30, 2004).

	
 
	
    4
	
    .4
	
 
	
    —
	
 
	
    Amendment No. 2 and Joinder Agreement dated as of November 22,
    2004 by and among Thermadyne Industries, Inc., Thermal Dynamics
    Corporation, Tweco Products, Inc., Victor Equipment Company,
    C&G Systems, Inc., Stoody Company, Thermal Arc, Inc.,
    ProTip Corporation, and Thermadyne International Corp., as
    borrowers, the guarantors party thereto, the lenders parties
    thereto, and Credit Suisse First Boston, as administrative agent
    and collateral agent (incorporated by reference to the
    Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on November 24, 2004).

	
 
	
    4
	
    .5
	
 
	
    —
	
 
	
    Amendment No. 3 and Consent to the Second Lien Credit Agreement
    dated as of January 3, 2005 among Thermadyne Industries, Inc.,
    Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the guarantors party thereto,
    the lenders parties thereto, and Credit Suisse First Boston, as
    administrative agent and collateral agent (incorporated by
    reference to the Company’s Annual Report on Form 10-K (File
    No. 0-23378) for the year ended December 31, 2004).

    

    79

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    4
	
    .6
	
 
	
    —
	
 
	
    Amendment No. 4 to the Second Lien Credit Agreement dated as of
    March 16, 2005 among Thermadyne Industries, Inc., Thermal
    Dynamics Corporation, Tweco Products, Inc., Victor Equipment
    Company, C&G Systems, Inc., Stoody Company, Thermal Arc,
    Inc., ProTip Corporation, and Thermadyne International Corp., as
    borrowers, the guarantors party thereto, the lenders parties
    thereto, and Credit Suisse First Boston, as administrative agent
    and collateral agent (incorporated by reference to the
    Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on March 17, 2005).

	
 
	
    4
	
    .7
	
 
	
    —
	
 
	
    Amendment No. 5 to the Second Lien Credit Agreement dated as of
    March 30, 2005 among Thermadyne Industries, Inc., Thermal
    Dynamics Corporation, Tweco Products, Inc., Victor Equipment
    Company, C&G Systems, Inc., Stoody Company, Thermal Arc,
    Inc., ProTip Corporation, and Thermadyne International Corp., as
    borrowers, the guarantors party thereto, the lenders parties
    thereto, and Credit Suisse First Boston, as administrative agent
    and collateral agent (incorporated by reference to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2004).

	
 
	
    4
	
    .8
	
 
	
    —
	
 
	
    Amendment No. 6 to the Second Lien Credit Agreement dated as of
    March 31, 2005 by and among Thermadyne Industries, Inc., Thermal
    Dynamics Corporation, Tweco Products, Inc., Victor Equipment
    Company, C&G Systems, Inc., Stoody Company, Thermal Arc,
    Inc., ProTip Corporation, and Thermadyne International Corp., as
    borrowers, the guarantors signatory thereto, the lenders parties
    thereto, and Credit Suisse First Boston, as administrative agent
    and collateral agent (incorporated by reference to the
    Company’s Quarterly Report on Form 10-Q (File No. 0-23378)
    for the quarter ended June 30, 2005).

	
 
	
    4
	
    .9
	
 
	
    —
	
 
	
    Amendment No. 7 to the Second Lien Credit Agreement dated as of
    July 1, 2005 by and among Thermadyne Industries, Inc., Thermal
    Dynamics Corporation, Tweco Products, Inc., Victor Equipment
    Company, C&G Systems, Inc., Stoody Company, Thermal Arc,
    Inc., ProTip Corporation, and Thermadyne International Corp., as
    borrowers, the guarantors signatory thereto, the lenders parties
    thereto, and Credit Suisse, as administrative agent and
    collateral agent (incorporated by reference to the
    Company’s Quarterly Report on Form 10-Q (File No. 0-23378)
    for the quarter ended June 30, 2005).

	
 
	
    4
	
    .10
	
 
	
    —
	
 
	
    Amendment No. 8 to the Second Lien Credit Agreement dated as of
    August 8, 2005 by and among Thermadyne Industries, Inc., Thermal
    Dynamics Corporation, Tweco Products, Inc., Victor Equipment
    Company, C&G Systems, Inc., Stoody Company, Thermal Arc,
    Inc., ProTip Corporation, and Thermadyne International Corp., as
    borrowers, the guarantors signatory thereto, the lenders parties
    thereto, and Credit Suisse, as administrative agent and
    collateral agent (incorporated by reference to the
    Company’s Quarterly Report on Form 10-Q (File No. 0-23378)
    for the quarter ended June 30, 2005).

	
 
	
    4
	
    .11
	
 
	
    —
	
 
	
    Amendment No. 9 dated as of October 7, 2005, to the Second Lien
    Credit Agreement among the Company, Thermadyne Industries, Inc.
    and certain of its subsidiaries and Credit Suisse, as
    administrative agent and collateral agent and the lenders party
    thereto (incorporated by reference to the Company’s
    Quarterly Report on Form 10-Q (File No. 0-23378) for the quarter
    ended September 30, 2005).

	
 
	
    4
	
    .12
	
 
	
    —
	
 
	
    Amendment No. 10 dated as of November 7, 2005, to the Second
    Lien Credit Agreement among the Company, Thermadyne Industries,
    Inc. and certain of its subsidiaries and Credit Suisse, as
    administrative agent and collateral agent and the lenders party
    thereto (incorporated by reference to the Company’s
    Quarterly Report on Form 10-Q (File No. 0-23378) for the quarter
    ended September 30, 2005).

	
 
	
    4
	
    .13
	
 
	
    —
	
 
	
    Amendment No. 11 and Agreement dated as of December 29, 2005, to
    the Second Lien Credit Agreement among the Company, Thermadyne
    Industries, Inc. and certain of its subsidiaries and Credit
    Suisse as Administrative Agent and Collateral Agent and the
    lenders party thereto (incorporated by reference to the
    Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on January 5, 2006).

	
 
	
    4
	
    .14
	
 
	
    —
	
 
	
    Amendment No. 12 Waiver and Consent dated as of March 9, 2006,
    to the Second Lien Credit Agreement among the Company,
    Thermadyne Industries, Inc. and certain of its subsidiaries and
    Credit Suisse, as administrative agent and collateral agent and
    the lenders party thereto (incorporated by reference to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2006).

    80

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    4
	
    .15
	
 
	
    —
	
 
	
    Amendment No. 13 to the Second Lien Credit Agreement dated April
    5, 2006 among the Company, Thermadyne Industries, Inc. and
    certain of their subsidiaries and Credit Suisse First Boston, as
    administrative agent and collateral agent (incorporated by
    reference to the Company’s Current Report on Form 8-K (File
    No. 0-23378) filed on April 11, 2006).

	
 
	
    4
	
    .16
	
 
	
    —
	
 
	
    Amendment No. 14 and consent dated as of May 9, 2006 to the
    Second Lien Credit Agreement among the Company, Thermadyne
    Industries, Inc. and certain of its subsidiaries as borrowers,
    the guarantors signatory thereto, and Credit Suisse, as
    administrative agent and collateral agent (incorporated by
    reference to the Company’s Current Report on Form 8-K (File
    No. 0-22378) filed on May 10, 2006).

	
 
	
    4
	
    .17
	
 
	
    —
	
 
	
    Amendment No. 15 and consent dated as of June 20, 2006 to the
    Second Lien Credit Agreement among Thermadyne Industries, Inc.
    and certain of its subsidiaries as borrowers, the guarantors
    signatory thereto, and Credit Suisse as administrative agent and
    collateral agent (incorporated by reference to the
    Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on June 26, 2006).

	
 
	
    4
	
    .18
	
 
	
    —
	
 
	
    Amendment No. 16 Waiver and Agreement dated as of July 21, 2006
    to the Second Lien Credit Agreement among the Company,
    Thermadyne Industries, Inc. and certain of its subsidiaries as
    borrowers, the guarantors signatory thereto, and Credit Suisse
    as administrative agent and collateral agent (incorporated by
    reference to the Company’s Current Report on Form 8-K (File
    No. 0-23398) filed on July 21, 2006).

	
 
	
    4
	
    .19
	
 
	
    —
	
 
	
    Amendment No. 17 dated as of January 30, 2007 to the Second Lien
    Credit Agreement among the Company, Thermadyne Industries, Inc.
    and certain of its subsidiaries as borrowers, the guarantors
    signatory thereto, and Credit Suisse as administrative agent and
    collateral agent (incorporated by reference to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2006).

	
 
	
    4
	
    .20
	
 
	
    —
	
 
	
    Amendment No. 18 Limited Waiver and Consent dated as of March
    29, 2007 to the Second Lien Credit Agreement among the Company,
    Thermadyne Industries, Inc. and certain of its subsidiaries as
    borrowers, the guarantors signatory thereto, and Credit Suisse
    as administrative agent and collateral agent (incorporated by
    reference to the Company’s Annual Report on Form 10-K (File
    No. 0-23378) for the year ended December 31, 2007).

	
 
	
    4
	
    .21
	
 
	
    —
	
 
	
    Amendment No. 19 and Waiver dated as of June 29, 2007 to the
    Second Lien Credit Agreement among the Company, Thermadyne
    Industries, Inc. and certain of its subsidiaries as borrowers,
    the guarantors signatory thereto, and Credit Suisse as
    administrative agent and collateral agent (incorporated by
    reference to the Company’s Current Report on Form 8-K (File
    No. 0-23398) filed on July 2, 2007).

	
 
	
    4
	
    .22
	
 
	
    —
	
 
	
    Second Amended and Restated Credit Agreement dated as of
    November 22, 2004 by and among Thermadyne Industries, Inc.,
    Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent and lender, and GECC Capital
    Markets Group, Inc., as lead arranger (Incorporated by reference
    to the Company’s Current Report on Form 8-K (File No.
    0-23378) filed on November 24, 2004).

	
 
	
    4
	
    .23
	
 
	
    —
	
 
	
    First Amendment and Consent to Second Amended and Restated
    Credit Agreement dated December 21, 2004 by and among Thermadyne
    Industries, Inc., Thermal Dynamics Corporation, Tweco Products,
    Inc., Victor Equipment Company, C&G Systems, Inc., Stoody
    Company, Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent and lender (incorporated by
    reference to the Company’s Annual Report on Form 10-K (File
    No. 0-23378) for the year ended December 31, 2004).

	
 
	
    4
	
    .24
	
 
	
    —
	
 
	
    Second Amendment to Second Amended and Restated Credit Agreement
    dated as of March 16, 2005 by and among Thermadyne Industries,
    Inc., Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent and lender (incorporated by
    reference to the Company’s Current Report on Form 8-K (File
    No. 0-23378) filed on March 17, 2005).

    81

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    4
	
    .25
	
 
	
    —
	
 
	
    Third Amendment to Second Amended and Restated Credit Agreement
    dated as of March 30, 2005 by and among Thermadyne Industries,
    Inc., Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent and lender (incorporated by
    reference to the Company’s Annual Report on Form 10-K (File
    No. 0-23378) for the year ended December 31, 2004).

	
 
	
    4
	
    .26
	
 
	
    —
	
 
	
    Fourth Amendment to Second Amended and Restated Credit Agreement
    dated as of March 31, 2005 by and among Thermadyne Industries,
    Inc., Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent (incorporated by reference to the
    Company’s Quarterly Report on Form 10-Q (File No. 0-23378)
    for the quarter ended June 30, 2005).

	
 
	
    4
	
    .27
	
 
	
    —
	
 
	
    Fifth Amendment to Second Amendment and Restated Credit
    Agreement dated as of July 1, 2005, by and among Thermadyne
    Industries, Inc., Thermal Dynamics Corporation, Tweco Products,
    Inc., Victor Equipment Company, C&G Systems, Inc., Stoody
    Company, Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent (incorporated by reference to the
    Company’s Quarterly Report on Form 10-Q (File No. 0-23378)
    for the quarter ended June 30, 2005).

	
 
	
    4
	
    .28
	
 
	
    —
	
 
	
    Sixth Amendment to Second Amended and Restated Credit Agreement
    dated as of July 27, 2005, by and among Thermadyne Industries,
    Inc., Thermal Dynamics Corporation, Tweco Products, Inc., Victor
    Equipment Company, C&G Systems, Inc., Stoody Company,
    Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent (incorporated by reference to the
    Company’s Quarterly Report on Form 10-Q (File No. 0-23378)
    for the quarter ended June 30, 2005).

	
 
	
    4
	
    .29
	
 
	
    —
	
 
	
    Seventh Amendment to Second Amended and Restated Credit
    Agreement dated as of August 5, 2005, by and among Thermadyne
    Industries, Inc., Thermal Dynamics Corporation, Tweco Products,
    Inc., Victor Equipment Company, C&G Systems, Inc., Stoody
    Company, Thermal Arc, Inc., ProTip Corporation, and Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, the lenders signatory thereto, and General Electric
    Capital Corporation, as agent (incorporated by reference to the
    Company’s Quarterly Report on Form 10-Q (File No. 0-23378)
    for the quarter ended June 30, 2005).

	
 
	
    4
	
    .30
	
 
	
    —
	
 
	
    Eighth Amendment to the Second Amended and Restated Credit
    Agreement, executed as of October 5, 2005, by and among the
    Company, Thermadyne Industries, Inc. and certain of its
    subsidiaries and General Electric Capital Corporation, as agent
    and lender and the lenders party thereto (incorporated by
    reference to the Company’s Quarterly Report on Form 10-Q
    (File No. 0-23378) for the quarter ended September 30, 2005).

	
 
	
    4
	
    .31
	
 
	
    —
	
 
	
    Limited Consent and Ninth Amendment to the Second Amended and
    Restated Credit Agreement dated as of November 7, 2005, by and
    among the Company, Thermadyne Industries, Inc., and certain of
    its subsidiaries and General Electric Capital Corporation as
    agent and lender (incorporated by reference to the
    Company’s Quarterly Report on Form 10-Q (File No. 0-23378)
    for the quarter ended September 30, 2005).

	
 
	
    4
	
    .32
	
 
	
    —
	
 
	
    Limited Waiver and Tenth Amendment to the Second Amended and
    Restated Credit Agreement dated as of December 29, 2005, by and
    among the Company, Thermadyne Industries, Inc. and certain of
    its subsidiaries and General Electric Capital Corporation, as
    agent and lender and the lenders party thereto (incorporated by
    reference to the Company’s Current Report on Form 8-K (File
    No. 0-23378) filed on January 5, 2006).

    82

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    4
	
    .33
	
 
	
    —
	
 
	
    Eleventh Amendment and Consent to the Second Amended and
    Restated Credit Agreement, dated as of March 8, 2006, by and
    among the Company, Thermadyne Industries, Inc. and certain of
    its subsidiaries and General Electric Corporation, as agent and
    lender and the lenders party thereto (incorporated by reference
    to the Company’s Annual Report on Form 10-K (File No.
    0-23378) for the year ended December 31, 2006).

	
 
	
    4
	
    .34
	
 
	
    —
	
 
	
    Twelfth Amendment to the Second Amended and Restated Credit
    Agreement dated as of May 3, 2006, by and among the Company,
    Thermadyne Industries, Inc., and General Electric Capital
    Corporation, as agent and lender (incorporated by reference to
    the Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on April 11, 2006).

	
 
	
    4
	
    .35
	
 
	
    —
	
 
	
    Thirteenth Amendment to the Second Amended and Restated Credit
    Agreement dated as of May 3, 2006, by and among the Company,
    Thermadyne Industries, Inc., and General Electric Capital
    Corporation, as agent and lender (incorporated by reference to
    the Company’s Annual Report on Form 10-K (File No. 0-23378)
    for the year ended December 31, 2006).

	
 
	
    4
	
    .36
	
 
	
    —
	
 
	
    Limited Consent and Fourteenth Amendment to the Second Amended
    and Restated Credit Agreement dated as of May 9, 2006, by and
    among the Company, Thermadyne Industries, Inc. and certain of
    its subsidiaries and General Electric Corporation, as agent and
    lender and the lenders party thereto (incorporated by reference
    to the Company’s Current Report on Form 8-K (File No.
    0-22378) filed on May 10, 2006).

	
 
	
    4
	
    .37
	
 
	
    —
	
 
	
    Fifteenth Amendment to the Second Amended and Restated Credit
    Agreement, dated as of June 20, 2006, by and among the Company,
    Thermadyne Industries, Inc. and certain of its subsidiaries and
    General Electric Corporation, as agent and lender and the
    lenders party thereto (incorporated by reference to the
    Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on June 26, 2006).

	
 
	
    4
	
    .38
	
 
	
    —
	
 
	
    Sixteenth Amendment and Limited Waiver to the Second Amended and
    Restated Credit Agreement, dated as of July 21, 2006, by and
    among the Company, Thermadyne Industries, Inc. and certain of
    its subsidiaries and General Electric Capital Corporation as
    agent and lender (incorporated by reference to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2005).

	
 
	
    4
	
    .39
	
 
	
    —
	
 
	
    Limited Waiver and Seventeenth Amendment to the Second Amended
    and Restated Credit Agreement, dated as of August 2, 2006, by
    and among the Company, Thermadyne Industries, Inc. and certain
    of its subsidiaries and General Electric Capital Corporation as
    agent and lender (incorporated by reference to the
    Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on August 3, 2006).

	
 
	
    4
	
    .40
	
 
	
    —
	
 
	
    Eighteenth Amendment and Limited Waiver to the Second Amended
    and Restated Credit Agreement, dated as of October 30, 2006, by
    and among the Company, Thermadyne Industries, Inc. and certain
    of its subsidiaries and General Electric Capital Corporation as
    agent and lender (incorporated by reference to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2006).

	
 
	
    4
	
    .41
	
 
	
    —
	
 
	
    Nineteenth Amendment and Limited Waiver to the Second Amended
    and Restated Credit Agreement, dated as of December 26, 2006, by
    and among the Company, Thermadyne Industries, Inc. and certain
    of its subsidiaries and General Electric Capital Corporation as
    agent and lender (incorporated by reference to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2006).

	
 
	
    4
	
    .42
	
 
	
    —
	
 
	
    Third Amended and Restated Credit Agreement, dated as of June
    29, 2007, by and among the Company, Thermadyne Industries, Inc.
    and certain of its subsidiaries and General Electric Capital
    Corporation as agent and lender (incorporated by reference to
    the Company’s Current Report on Form 8-K (File No. 0-23398)
    filed on July 2, 2007).

	
 
	
    4
	
    .43
	
 
	
    —
	
 
	
    First Amendment to Third Amended and Restated Credit Agreement,
    dated as of October 7, 2008, by and among the Company, Thermal
    Dynamics Corporation, Victor Equipment Company, C & G
    Systems, Inc., Stoody Company, Thermadyne International Corp.,
    the other persons designated as credit parties on the signature
    pages thereof, General Electric Capital Corporation and the
    persons signatory thereto as lenders (incorporated by reference
    to the Company’s Quarterly Report on Form 10-Q (File
    No. 0-23378) for the quarter ended September 30, 2008).

    83

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    4
	
    .44
	
 
	
    —
	
 
	
    Supplemental Indenture dated as of May 16, 2006 among the
    Company, the subsidiary guarantors named therein and U.S. Bank
    National Association as trustee (incorporated by reference to
    the Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on May 23, 2006).

	
 
	
    4
	
    .45
	
 
	
    —
	
 
	
    Second Supplemental Indenture dated as of August 2, 2006 among
    the Company, the subsidiary guarantors named therein and U.S.
    Bank National Association as trustee (incorporated by reference
    to the Company’s Current Report on Form 8-K (File No.
    0-23378) filed on August 3, 2006).

	
 
	
    10
	
    .1
	
 
	
    —
	
 
	
    Registration Rights Agreement dated as of May 23, 2003 among the
    Company, Angelo Gordon & Co., L.P., Sigler & Co.,
    Silver Oak Capital, LLC, Credit Suisse First Boston and Goldman
    Sachs Credit Partners, L.P. (incorporated by reference to
    Exhibit 4.3 to the registrant’s Quarterly Report on Form
    10-Q (File No. 0-23378) for the quarter ended June 30, 2003).

	
 
	
    10
	
    .2
	
 
	
    —
	
 
	
    Omnibus Agreement dated as of June 3, 1988, among Palco
    Acquisition Company (now Thermadyne Holdings Corporation) and
    its subsidiaries and National Warehouse Investment Company
    (incorporated by reference to the Company’s Registration
    Statement on Form 10/A, Amendment No. 2 (File No. 0-23378) filed
    under Section 12(g) of the Exchange Act on April 28, 1994).

	
 
	
    10
	
    .3
	
 
	
    —
	
 
	
    Escrow Agreement dated as of August 11, 1988, among National
    Warehouse Investment Company, Palco Acquisition Company (now
    Thermadyne Holdings Corporation) and Title Guaranty Escrow
    Services, Inc. (incorporated by reference to the Company’s
    Registration Statement on Form 10/A, Amendment No. 2 (File No.
    0-23378) filed under Section 12(g) of the Exchange Act on April
    28, 1994).

	
 
	
    10
	
    .4
	
 
	
    —
	
 
	
    Schedule of substantially identical lease agreements
    (incorporated by reference to the Company’s Registration
    Statement on Form 10/A, Amendment No. 2 (File No. 0-23378) filed
    under Section 12(g) of the Exchange Act on April 28, 1994).

	
 
	
    10
	
    .5
	
 
	
    —
	
 
	
    Amended and Restated Continuing Lease Guaranty, made as of
    August 11, 1988, by Palco Acquisition Company (now Thermadyne
    Holdings Corporation) for the benefit of National Warehouse
    Investment Company (incorporated by reference to the
    Company’s Registration Statement on Form 10/A, Amendment
    No. 2 (File No. 0-23378) filed under Section 12(g) of the
    Exchange Act on April 28, 1994).

	
 
	
    10
	
    .6
	
 
	
    —
	
 
	
    Schedule of substantially identical lease guarantees
    (incorporated by reference to the Company’s Registration
    Statement on Form 10/A, Amendment No. 2 (File No. 0-23378) filed
    under Section 12(g) of the Exchange Act on April 28, 1994).

	
 
	
    10
	
    .7
	
 
	
    —
	
 
	
    Lease Agreement, dated as of October 10, 1990, between Stoody
    Deloro Stellite and Bowling

	
 
	
 
	
 
	
 
	
 
	
 
	
    Green-Warren County Industrial Park Authority, Inc.
    (incorporated by reference to the Company’s Registration
    Statement on Form 10/A, Amendment No. 2 (File No. 0-23378) filed
    under Section 12(g) of the Exchange Act on April 28, 1994).

	
 
	
    10
	
    .8
	
 
	
    —
	
 
	
    Lease Agreement between Alliance Gateway No. 58 Ltd. and Victor
    Equipment Company, dated September 22, 2003 (incorporated by
    reference to the Company’s Annual Report on Form 10-K (File
    No. 0-23378) for the year ended December 31, 2004).

	
 
	
    10
	
    .9
	
 
	
    —
	
 
	
    First Amendment to Lease between Alliance Gateway No. 58 Ltd.
    and Victor Equipment Company, dated May 1, 2004 (incorporated by
    reference to the Company’s Annual Report on Form 10-K (File
    No. 0-23378) for the year ended December 31, 2004).

	
 
	
    10
	
    .10
	
 
	
    —
	
 
	
    Lease Agreement between Ningbo Longxing Group Co., Ltd. and
    Ningbo Fulida Gas Equipment Co. Ltd., dated January 19, 2005
    (incorporated by reference to the Company’s Annual Report
    on Form 10-K (File No. 0-23378) for the year ended December
    31, 2004).

	
 
	
    10
	
    .11
	
 
	
    —
	
 
	
    Lease Agreement between Ningbo Longxing Group Co., Ltd. and
    Thermadyne (Ningbo) Cutting and Welding Equipment Manufacturing
    Company, Ltd., dated December 28, 2004 (incorporated by
    reference to the Company’s Annual Report on Form 10-K (File
    No. 0-23378) for the year ended December 31, 2004).

	
 
	
    10
	
    .12
	
 
	
    —
	
 
	
    First Amended and Restated Industrial Real Property Lease
    between 2800 Airport Road Limited Partnership and Victor
    Equipment Company dated August 1, 2007 (incorporated by
    reference to the Company’s Quarterly Report on Form 10-Q
    (File No. 0-23378) for the quarter ended September 30, 2007).

    84

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    10
	
    .13
	
 
	
    —
	
 
	
    Second Amendment to Amended and Restated Industrial Real
    Property Lease between Benning Street, LLC and Thermal Dynamics
    Corporation dated August 1, 2007 (incorporated by reference to
    the Company’s Quarterly Report on Form 10-Q (File No.
    0-23378) for the quarter ended September 30, 2007).

	
 
	
    10
	
    .14
	
 
	
    —
	
 
	
    Lease Agreement between Holman/Shidler Investment Corporation,
    Thermadyne Welding Products Canada, Ltd., and the Company dated
    October 25, 2007 (incorporated by reference to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2007).

	
 
	
    10
	
    .15
	
 
	
    —
	
 
	
    Contract to Establish an Equity Joint Venture Enterprise by and
    between Ningbo Longxing Group Corporation Limited and the
    Company, dated December 28, 2004 (incorporated by reference to
    the Company’s Annual Report on Form 10-K (File No. 0-23378)
    for the year ended December 31, 2004).

	
 
	
    10
	
    .15†
	
 
	
    —
	
 
	
    Amended and Restated Executive Employment Agreement between the
    Company and Dennis Klanjscek, dated June 13, 2002 (incorporated
    by reference to the Company’s Annual Report on Form 10-K
    (File No. 0-23378) for the year ended December 31, 2004).

	
 
	
    10
	
    .17†
	
 
	
    —
	
 
	
    Second Amended and Restated Executive Employment Agreement
    between the Company and John Boisvert, dated January 1,
    2004 (incorporated by reference to the Company’s Annual
    Report on Form 10-K (File No. 0-23378) for the year ended
    December 31, 2004).

	
 
	
    10
	
    .18†
	
 
	
    —
	
 
	
    Second Amended and Restated Executive Employment Agreement
    between the Company and Terry Downes, dated January 1, 2004
    (incorporated by reference to the Company’s Annual Report
    on Form 10-K (File No. 0-23378) for the year ended December 31,
    2004).

	
 
	
    10
	
    .19†
	
 
	
    —
	
 
	
    Second Amended and Restated Executive Employment Agreement
    between the Company and Jason Huett, dated January 1, 2004
    (incorporated by reference to the Company’s Annual Report
    on Form 10-K (File No. 0-23378) for the year ended December 31,
    2004).

	
 
	
    10
	
    .20†
	
 
	
    —
	
 
	
    Second Amended and Restated Executive Employment Agreement
    between the Company and Patricia S. Williams, dated January 1,
    2004 (incorporated by reference to the Company’s Annual
    Report on Form 10-K (File No. 0-23378) for the year ended
    December 31, 2004).

	
 
	
    10
	
    .21†
	
 
	
    —
	
 
	
    Executive Employment Agreement between the Company and Paul D.
    Melnuk, dated January 28, 2004 (incorporated by reference to
    Exhibit 10.12 to the Company’s Registration Statement on
    Form S-4 (File No. 333-114511) filed on April 15, 2004).

	
 
	
    10
	
    .22†
	
 
	
    —
	
 
	
    Executive Employment Agreement between the Company and Martin
    Quinn, dated April 1, 2005 (incorporated by reference to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2006).

	
 
	
    10
	
    .23†
	
 
	
    —
	
 
	
    Executive Employment Agreement between the Company and Steven A.
    Schumm, dated August 7, 2006.*

	
 
	
    10
	
    .24†
	
 
	
    —
	
 
	
    Employment Agreement between Thermadyne Industries, Inc. and
    Mark F. Jolly, dated September 11, 2006 (incorporated by
    reference to the Company’s Annual Report on Form 10-K (File
    No. 0-23378) for the year ended December 31, 2006).

	
 
	
    10
	
    .25†
	
 
	
    —
	
 
	
    Executive Employment Agreement between the Company and Terry A.
    Moody, dated July 12, 2007 (incorporated by reference to the
    Company’s Quarterly Report on Form 10-Q (File No. 0-23378)
    for the quarter ended September 30, 2007).

	
 
	
    10
	
    .26†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive
    Employment Agreement between the Company and Paul D. Melnuk,
    dated December 31, 2008.*

	
 
	
    10
	
    .27†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive
    Employment Agreement between the Company and John Boisvert,
    dated December 31, 2008.*

	
 
	
    10
	
    .28†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive
    Employment Agreement between the Company and Terry Downes, dated
    December 31, 2008.*

	
 
	
    10
	
    .29†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive
    Employment Agreement between the Company and Terry A. Moody,
    dated December 31, 2008.*

	
 
	
    10
	
    .30†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive
    Employment Agreement between the Company and Martin Quinn, dated
    December 31, 2008.*

	
 
	
    10
	
    .31†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive
    Employment Agreement between the Company and Steven A. Schumm,
    dated December 31, 2008.*

	
 
	
    10
	
    .32†
	
 
	
    —
	
 
	
    Thermadyne Holdings Corporation Non-Employee Director’s
    Stock Option Agreement (incorporated by reference to Exhibit
    10.1 to the Company’s Quarterly Report on Form 10-Q (File
    No. 0-23378) for the quarter ended September 30, 2003).

    85

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    10
	
    .33†
	
 
	
    —
	
 
	
    Thermadyne Holdings Corporation Non-Employee Directors’
    Deferred Stock Compensation Plan (incorporated by reference to
    Exhibit 10.15 to the Company’s Annual Report on Form 10-K
    (File No. 0-23378) for the year ended December 31,
    2003).

	
 
	
    10
	
    .34†
	
 
	
    —
	
 
	
    Amended and Restated Thermadyne Holdings Corporation
    Non-Employee Directors’ Deferred Fee Plan.*

	
 
	
    10
	
    .35†
	
 
	
    —
	
 
	
    2004 Non-Employee Directors Stock Option Plan (incorporated by
    reference to the Company’s Definitive Proxy Statement on
    Schedule 14A (File No. 0-23378) filed on March 24, 2004).

	
 
	
    10
	
    .36†
	
 
	
    —
	
 
	
    Form of 2004 Non-Employee Directors Stock Option Agreement.*

	
 
	
    10
	
    .37†
	
 
	
    —
	
 
	
    Thermadyne Holdings Corporation 2004 Stock Incentive Plan
    (incorporated by reference to the Company’s Definitive
    Proxy Statement on Schedule 14A (File No. 0-23378) filed on
    March 24, 2004).

	
 
	
    10
	
    .38†
	
 
	
    —
	
 
	
    Thermadyne Holdings Corporation Amended and Restated 2004 Stock
    Incentive Plan (incorporated by reference to the Company’s
    Definitive Proxy Statement on Schedule 14A (File No. 0-23378)
    filed on April 21, 2008).

	
 
	
    10
	
    .39†
	
 
	
    —
	
 
	
    Form of 2004 Stock Incentive Plan Option Agreement.*

	
 
	
    10
	
    .40†
	
 
	
    —
	
 
	
    Form of 2004 Stock Incentive Plan Restricted Stock Agreement.*

	
 
	
    10
	
    .41
	
 
	
    —
	
 
	
    Form of Indemnification Agreement (incorporated by reference to
    the Company’s Current Report on Form 8-K (File No. 0-23398)
    filed on October 9, 2007).

	
 
	
    10
	
    .42
	
 
	
    —
	
 
	
    Acquisition Agreement dated as of December 22, 2005, by and
    between Thermadyne Italia, S.R.L., as seller, and Mase
    Generators S.P.A., as buyer (incorporated by reference to the
    Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on December 28, 2005).

	
 
	
    10
	
    .43
	
 
	
    —
	
 
	
    Purchase Agreement dated as of December 22, 2005, by and among
    Thermadyne Chile Holdings, Ltd. and Thermadyne South America
    Holdings, Ltd., as sellers, and Soldaduras PCR Soltec Limitada
    and Penta Capital de Riesgo S.A., as buyers (incorporated by
    reference to the Company’s Current Report on Form 8-K (File
    No. 0-23378) filed on December 28, 2005).

	
 
	
    10
	
    .44
	
 
	
    —
	
 
	
    Sale Agreement dated March 9, 2006 between The HG A Van Zyl
    Familie Trust and Hendrik Gert Van Zyl and Thermadyne South
    Africa (Pty) Limited t/a Unique Welding Alloys and Renttech S.A.
    (Pty) Limited and Unique Welding Alloys Rustenburg (Proprietary)
    Limited t/a Thermadyne Plant Rental South Africa and Thermadyne
    Industries Inc. and Pieter Malan (incorporated by reference to
    the Company’s Annual Report on Form 10-K (File No. 0-23378)
    for the year ended December 31, 2006).

	
 
	
    10
	
    .45
	
 
	
    —
	
 
	
    Share Sale Agreement dated March 9, 2006 between Marthinus
    Johannes Crous and Thermadyne Industries, Inc and Thermadyne
    South Africa (Pty) Limited trading as Unique and Unique Welding
    Alloys Rustenburg (Pty) Limited trading as Thermadyne Plant
    Rental South Africa and Maxweld & Braze (Pty) Limited and
    Selrod Welding (Pty) Limited (incorporated by reference to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2006).

	
 
	
    10
	
    .46
	
 
	
    —
	
 
	
    Acquisition Agreement dated April 6, 2006 between Thermadyne
    Italia S.r.l. and SIGEFI Societe para Actions Simplifiee, acting
    on behalf of Siparex Italia, Fonds Commun de Placement a Risque
    and Giorgio Bassi (incorporated by reference to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2006).

	
 
	
    10
	
    .47
	
 
	
    —
	
 
	
    Sale of Shares and Claims Agreement dated February 5, 2007
    between Thermadyne Industries, Inc. and Thermaweld Industries
    (Proprietary) Limited (incorporated by reference to the
    Company’s Current Report on Form 8-K (File No. 0-23398)
    filed on June 1, 2007).

	
 
	
    21
	
 
	
 
	
    —
	
 
	
    Subsidiaries of the Company.*

	
 
	
    23
	
 
	
 
	
    —
	
 
	
    Consent of Independent Registered Public Accounting Firm.*

	
 
	
    31
	
    .1
	
 
	
    —
	
 
	
    Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
    of 2002.*

	
 
	
    31
	
    .2
	
 
	
    —
	
 
	
    Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
    of 2002.*

	
 
	
    32
	
    .1
	
 
	
    —
	
 
	
    Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted by Section 906 of the Sarbanes-Oxley Act of 2002.*

	
 
	
    32
	
    .2
	
 
	
    —
	
 
	
    Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted by Section 906 of the Sarbanes-Oxley Act of 2002.*

 

 

			
	
    † 		
    Indicates a management contract or compensatory plan or
    arrangement.
	 
	
    * 		
    Filed herewith.

    86

Table of Contents

 

    UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION

    Washington, D.C.
    20549

    Form 10-K

 

	 	 	 
	
    (Mark One)
    
	
 
	
 

	

    þ

	
 
	
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

    OF THE SECURITIES EXCHANGE ACT OF 1934

	
 
	
 
	
    For the fiscal
    year ended December 31,
    2009
    

	

    OR

	

    o

	
 
	
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

    OF THE SECURITIES EXCHANGE ACT OF 1934

 

    Commission file number
    001-13023

    Thermadyne Holdings
    Corporation

    (Exact name of Registrant as
    Specified in its Charter)

 

	 	 	 
	

    Delaware

	
 
	
    74-2482571

	
    (State or Other Jurisdiction
    of

    Incorporation or Organization)
	
 
	
    (I.R.S. Employer

    Identification No.)

	
 
	
 
	
 

	
    16052 Swingley Ridge Road, Suite 300

    Chesterfield, Missouri

    (Address of Principal
    Executive Offices)
	
 
	
    63017

    (ZIP Code) 

 

    Registrant’s telephone number, including area code:

    (636) 728-3000

 

    Securities registered pursuant to Section 12(b) of the
    Act:

 

	 	 	 
	

    Title of Each Class

	
 
	

    Name of Each Exchange on Which Registered

	

    Common Stock, par value $0.01 per share

	
 
	
    The NASDAQ Stock Market

 

    Securities registered pursuant to Section 12(g) of the
    Act:

    None

 

    Indicate by check mark if the registrant is a well-known
    seasoned issuer, as defined in Rule 405 of the Securities
    Act.  Yes o     No þ
    

 

    Indicate by check mark if the registrant is not required to file
    reports pursuant to Section 13 or Section 15(d) of the
    Act.  Yes o     No þ
    

 

    Indicate by check mark whether the registrant (1) has filed
    all reports required to be filed by Section 13 or 15(d) of
    the Securities Exchange Act of 1934 during the preceding
    12 months (or for such shorter period that the registrant
    was required to file such reports) and (2) has been subject
    to such filing requirements for the past
    90 days.  Yes þ     No o
    

 

    Indicate by check mark whether the registrant has submitted
    electronically and posted on its corporate Web site, if any,
    every Interactive Date File required to be submitted and posted
    pursuant to Rule 405 of
    Regulation S-T
    (§ 232.405 of this chapter) during the preceding
    12 months (or for such shorter period that the registrant
    was required to submit and post such
    files).  Yes o     No o
    

 

    Indicate by check mark if disclosure of delinquent filers
    pursuant to Item 405 of
    Regulation S-K
    (Section 229.405 of this chapter) is not contained herein,
    and will not be contained, to the best of registrant’s
    knowledge, in definitive proxy or information statements
    incorporated by reference in Part III of this
    Form 10-K
    or any amendment to this
    Form 10-K.  þ
    

 

    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    “large accelerated filer,” “accelerated
    filer” and “smaller reporting company” in Rule
    12b-2 of the
    Exchange Act. (Check one):

 

			
	    Large
    accelerated
    filer o     Accelerated
    filer o  
    	    
    Non-accelerated
    filer o
    	     Smaller
    reporting
    company þ
    

    (Do not check if a smaller reporting company) 

 

    Indicate by check mark whether the registrant is a shell company
    (as defined in
    Rule 12b-2
    of the
    Act).  Yes o     No þ
    

 

    State the aggregate market value of the voting and non-voting
    common equity held by non-affiliates computed by reference to
    the price at which the common equity was last sold, or the
    average bid and asked price of such common equity, as of the
    last business day of the registrant’s most recently
    completed second fiscal quarter: approximately $13,513,918 based
    on the closing sales price of the Common Stock on June 30,
    2009.

 

    Indicate the number of shares outstanding of each of the
    registrant’s classes of common stock, as of the latest
    practicable date: 13,543,068 shares of common stock,
    outstanding at March 3, 2010.

 

    DOCUMENTS
    INCORPORATED BY REFERENCE

 

    Certain portions of the registrant’s Proxy Statement for
    the 2010 Annual Meeting of Stockholders are incorporated by
    reference into Part III of this Annual Report on
    Form 10-K.

 

Table of Contents

 

    CAUTIONARY
    STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

 

    The statements in this Annual Report on
    Form 10-K
    that relate to future plans, events or performance are
    forward-looking statements within the meaning of
    Section 27A of the Securities Act, Section 21E of the
    Securities Exchange Act of 1934, or the Exchange Act, and the
    Private Securities Litigation Reform Act of 1995, including
    statements regarding our future prospects. These statements may
    be identified by terms and phrases such as
    “anticipate,” “believe,” “intend,”
    “estimate,” “expect,” “continue,”
    “should,” “could,” “may,”
    “plan,” “project,” “predict,”
    “will” and similar expressions and relate to future
    events and occurrences. Actual results could differ materially
    due to a variety of factors and the other risks described in
    this Annual Report and the other documents we file from time to
    time with the Securities and Exchange Commission. Factors that
    could cause actual results to differ materially from those
    expressed or implied in such statements include, but are not
    limited to, the following and those discussed under the
    “Risk Factors” section of this annual report on
    Form 10-K:

 

    a) the impact of uncertain global economic conditions on
    our business and those of our customers,

 

    b) the cost and availability of raw materials,

 

    c) operational and financial developments and restrictions
    affecting our international sales and operations,

 

    d) the impact of currency fluctuations, exchange controls,
    and devaluations,

 

    e) the impact of a change of control under our debt
    instruments and potential limits on our ability to use net
    operating loss carryforwards,

 

    f) consolidation within our customer base and the resulting
    increased concentration of our sales,

 

    g) actions taken by our competitors that affect our ability
    to retain our customers,

 

    h) the effectiveness of our cost reduction initiatives in
    our continuous improvement program,

 

    i) our ability to meet customer needs by introducing new
    and enhanced products,

 

    j) our ability to adequately enforce or protect our
    intellectual property rights,

 

    k) the detrimental cash flow impact of increasing interest
    rates and our ability to comply with financial covenants in our
    debt instruments,

 

    l) disruptions in the credit markets,

 

    m) the impact of the sale of a large number of shares of
    our common stock on the market price of our stock,

 

    n) our relationships with our employees and our ability to
    retain and attract qualified personnel,

 

    o) liabilities arising from litigation, including product
    liability risks, and

 

    p) the costs of compliance with and liabilities arising
    under environmental laws and regulations.

 

    Readers are cautioned not to place undue reliance on these
    forward-looking statements, which speak only as of the date
    hereof and are not guarantees of performance or results. There
    can be no assurance that forward looking statements will prove
    to be accurate. We undertake no obligation to publicly release
    the result of any revisions to these forward-looking statements
    that may be made to reflect events or circumstances after the
    date hereof or that reflect the occurrence of unanticipated
    events.

 

    

    2

 

 

    TABLE OF
    CONTENTS

 

	 	 	 	 	 	 	 	 	 
	

    PART I

	 
	

    Item 1.

	 
	
 
	
    Business
	
 
	 
	
    4
	 

	 
	

    Item 1A.

	 
	
 
	
    Risk Factors
	
 
	 
	
    9
	 

	 
	

    Item 1B.

	 
	
 
	
    Unresolved Staff Comments
	
 
	 
	
    17
	 

	 
	

    Item 2.

	 
	
 
	
    Properties
	
 
	 
	
    17
	 

	 
	

    Item 3.

	 
	
 
	
    Legal Proceedings
	
 
	 
	
    18
	 

	 
	

    Item 4.

	 
	
 
	
    (Removed and Reserved)
	
 
	 
	
    19
	 

	
 

	
    PART II

	 
	

    Item 5.

	 
	
 
	
    Market for the Registrant’s Common Equity,
    Related Stockholder Matters and Issuer Purchases of Equity
    Securities
	
 
	 
	
    19
	 

	 
	

    Item 6.

	 
	
 
	
    Selected Financial Data
	
 
	 
	
    21
	 

	 
	

    Item 7.

	 
	
 
	
    Management’s Discussion and Analysis of
    Financial Condition and Results of Operations
	
 
	 
	
    22
	 

	 
	

    Item 7A.

	 
	
 
	
    Quantitative and Qualitative Disclosures About
    Market Risk
	
 
	 
	
    32
	 

	 
	

    Item 8.

	 
	
 
	
    Financial Statements and Supplementary Data
	
 
	 
	
    33
	 

	 
	

    Item 9.

	 
	
 
	
    Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure
	
 
	 
	
    33
	 

	 
	

    Item 9A.

	 
	
 
	
    Controls and Procedures
	
 
	 
	
    33
	 

	 
	

    Item 9B.

	 
	
 
	
    Other Information
	
 
	 
	
    35
	 

	
 

	
    PART III

	 
	

    Item 10.

	 
	
 
	
    Directors, Executive Officers, and Corporate
    Governance
	
 
	 
	
    35
	 

	 
	

    Item 11.

	 
	
 
	
    Executive Compensation
	
 
	 
	
    35
	 

	 
	

    Item 12.

	 
	
 
	
    Security Ownership of Certain Beneficial Owners
    and Management and Related Stockholder Matters
	
 
	 
	
    35
	 

	 
	

    Item 13.

	 
	
 
	
    Certain Relationships, Related Transactions, and
    Director Independence
	
 
	 
	
    36
	 

	 
	

    Item 14.

	 
	
 
	
    Principal Accounting Fees and Services
	
 
	 
	
    36
	 

	
 

	
    PART IV

	 
	

    Item 15.

	 
	
 
	
    Exhibits, Financial Statement Schedules
	
 
	 
	
    37
	 

	

    SIGNATURES

	
 
	 
	
    78
	 

	 
	
EX - 4.8
	 	 	 	 

	
EX - 21
	 	 	 	 

	
EX - 23
	 	 	 	 

	
EX - 31.1
	 	 	 	 

	
EX - 31.2
	 	 	 	 

	
EX - 32.1
	 	 	 	 

	
EX - 32.2
	 	 	 	 

    

    3

Table of Contents

 

    PART I

 

		
	
    Item 1.  
	
    Business

 

    Introduction

 

    We are a leading global designer and manufacturer of gas and arc
    cutting and welding products, including equipment, accessories
    and consumables. Our products are used by manufacturing,
    construction, fabrication and foundry operations to cut, join
    and reinforce steel, aluminum and other metals. Common
    applications for our products include shipbuilding,
    manufacturing of transportation, mining and agricultural
    equipment, many types of construction such as offshore oil and
    gas rigs, fabrication of metal structures, and repair and
    maintenance of processing and manufacturing equipment and
    facilities as well as demolition. Welding and cutting products
    are critical to the operations of most businesses that fabricate
    metal. We have very well established and widely recognized
    brands. We were incorporated in Delaware in 1987. Our shares are
    currently quoted on the NASDAQ Capital Market, and as of
    March 3, 2010, we had an equity market capitalization of
    approximately $105.6 million (based on a closing sale price
    of $7.80 and 13.5 million shares outstanding).

 

    As used in this Annual Report on
    Form 10-K,
    the terms “Thermadyne Holdings Corporation,”
    “Thermadyne,” “the Company,” “we,”
    “our,” or “us,” mean Thermadyne Holdings
    Corporation and its subsidiaries.

 

    Principal
    Products

 

    Although we operate our business in one reportable segment, we
    have organized our business into five major product categories
    within the cutting and welding industry: (1) gas equipment;
    (2) arc accessories, including torches, guns, related
    consumable parts and accessories; (3) plasma power
    supplies, torches and related consumable parts; (4) welding
    equipment; and (5) filler materials, including hardfacing.
    The following shows the percent of total sales for each of the
    major product categories for each of the previous three years:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2009
	
 
	
    2008
	
 
	
    2007

	 

	

    Gas equipment

	
 
	
 
	
    35
	
    %
	
 
	
 
	
    37
	
    %
	
 
	
 
	
    37
	
    %

	

    Filler metals

	
 
	
 
	
    23
	
    %
	
 
	
 
	
    19
	
    %
	
 
	
 
	
    18
	
    %

	

    Arc accessories

	
 
	
 
	
    17
	
    %
	
 
	
 
	
    19
	
    %
	
 
	
 
	
    21
	
    %

	

    Plasma power supplies, torches and related consumable parts

	
 
	
 
	
    15
	
    %
	
 
	
 
	
    15
	
    %
	
 
	
 
	
    14
	
    %

	

    Welding equipment

	
 
	
 
	
    10
	
    %
	
 
	
 
	
    10
	
    %
	
 
	
 
	
    10
	
    %

 

    Gas
    Equipment

 

    Our gas equipment products include oxy-fuel torches, air fuel
    torches, consumables (tips and nozzles), regulators, flow meters
    and safety accessories that are used for cutting, heating and
    welding applications. We also have gas flow and pressure
    regulation equipment and manifold capabilities used for a
    variety of gas management applications across an extensive range
    of industries. These products are primarily sold under the
    Victor®,

    Cigweld®

    and
    TurboTorch®

    brands and typically range in price from $100 to more than
    $1,000 for more complex gas management systems. Oxy-fuel torches
    use a mixture of oxygen and fuel gas (predominantly acetylene)
    to produce a high-temperature flame that is used to cut, heat or
    weld steel. Gas torches are typically used in all the
    applications noted above, as well as for welding, heating,
    brazing and cutting in connection with maintenance of machinery,
    equipment and facilities. Air fuel torches are used by the
    plumbing, refrigeration and heating, ventilation and air
    conditioning industries using similar principles with
    MAP//Pro®

    or propane as the fuel gas. Gas flow and pressure regulation
    equipment is used to control the pressure and flow of most
    industrial, medical and specialty gases, including gases used in
    many industrial process control applications as well as the
    analytical laboratory and electronic industries. We believe we
    are among the largest suppliers of gas equipment products in the
    world, based on annual sales.

 

    Filler
    Metals

 

    Filler metals, including hardfacing metals, are consumed in the
    welding process as the material that is melted to join the
    materials to be welded together and are sold under our Stoody,
    Cigweld and Firepower brands.

    

    4

Table of Contents

    Hardfacing metals are sold under the
    Stoody®

    brand, as well as other brands, and are used to overlay
    equipment with abrasion-resistant alloys by the welding process.
    There are three basic types of filler metals used: stick
    electrodes, solid wire and flux cored wire. Stick electrodes are
    fixed length metal wires coated with a flux to enhance weld
    properties. This is used in conjunction with a power source and
    an electrode holder to weld the base material. The main
    advantage of this process is simplicity, portability and ease of
    use as it can be used to access most areas and no gas is
    required. Solid wire is sold on spools or in drums and is used
    in the semi-automated process with a MIG welding gun, power
    source and shielding gas. The main advantage of this process is
    ease of use and very high deposition rates making for higher
    productivity. Flux cored wires are similar to solid wires;
    however, they are tubular wires that allow the use of flux and
    other alloys to improve deposition rates and weld quality.

 

    Arc
    Accessories

 

    Our arc accessories include automatic and semiautomatic welding
    guns and related consumable parts, ground clamps, electrode
    holders, cable connectors and assemblies all sold under our
    Tweco®

    brand. We also have a line of carbon arc gouging and exothermic
    cutting products. These products include torches and consumable
    rods that are sold under our
    Arcair®

    brand. Our arc welding accessory products are designed to be
    used with our arc welding power supplies, as well as those of
    our competitors. Our arc welding metal inert gas
    (“MIG”) guns typically range in price from $90 to
    $600. Arc welding MIG guns are used to apply a current to the
    filler metal used in welding. MIG guns are typically handheld
    and require regular replacement of consumable parts as a result
    of wear and tear, as well as their proximity to intense heat.
    Our connectors, clamps and electrode holders attach to the
    welding cable to connect the power source to the metal to be
    welded. Our gouging products are used to cut or gouge material
    to remove unwanted base or welded material as well as in
    demolition. We believe we are among the largest manufacturers of
    arc welding accessory products in the United States based on our
    annual sales.

 

    Plasma
    Cutting Equipment

 

    Our plasma power supplies, torches and consumable parts are sold
    under the Thermal
    Dynamics®

    brand. Manual plasma systems typically range in price from $900
    to $5,000 with manual torch prices ranging from $300 to $800.
    Our automated cutting systems range in price from $2,500 to
    $50,000 with torches ranging in price from $1,000 to $2,500.
    Both manual and automated plasma systems use front end torch
    parts that are consumed during the cutting process and range in
    price from $5 to $50. Plasma cutting uses electricity and gases
    (typically air or oxygen) to create a high-temperature plasma
    arc capable of cutting any type of metal. Electricity is
    converted by a power supply and supplied to a torch where the
    gas and electricity form a plasma arc. The plasma arc is then
    applied to the metal being cut. Plasma cutting is a growing
    technology for cutting metal. Advantages of the plasma cutting
    process over other methods include faster cutting speeds,
    cleaner cuts and the ability to cut ferrous and nonferrous
    alloys with minimum heat distortion to the metal being cut.
    Plasma cutting systems are used in the construction, fabrication
    and repair of both steel and nonferrous metal products,
    including automobiles and related assemblies, appliances, ships,
    railcars and heating, ventilation and air-conditioning products,
    as well as for general maintenance. We believe we are among the
    largest suppliers of plasma power supplies, torches and
    consumable parts in the United States and worldwide, based on
    our annual sales.

 

    Welding
    Equipment

 

    Our welding equipment line includes inverter and
    transformer-based power sources used for all the main welding
    processes as well as plasma welding power sources. These
    products are primarily sold under the Thermal
    Arc®,

    Firepower®

    and
    Cigweld®

    brands. These products typically range in price from $200 to
    $12,000. Arc welding uses an electric current to melt together
    either wire or electrodes (referred to as filler metals) and the
    base materials. The power source converts the electrical line
    power into the appropriate voltage to weld. This electricity is
    applied to the filler metal using an arc welding accessory, such
    as a welding gun for wire welding or an electrode holder for
    stick electrode welding. Arc welding is the most common method
    of welding and is used for a wide variety of manufacturing and
    construction applications, including the production of ships,
    railcars, farm and mining equipment and offshore oil and gas
    rigs.

    

    5

Table of Contents

    Customers

 

    We sell most of our products through a network of national and
    multinational industrial gas distributors including Airgas, Inc.
    and Praxair, Inc., as well as a large number of other
    independent cutting and welding distributors, wholesalers and
    dealers. In 2009, our sales to customers in the
    U.S. represented 56% of our sales. In 2009 and 2008, we had
    one customer that comprised 11% and 11%, respectively, of our
    global net sales. Furthermore, our top five distributors
    comprised 27% of our global net sales in 2009 and 2008.

 

    We manage our operations by geographic location and by product
    category. See Note 18 — Segment Information
    to the consolidated financial statements for geographic and
    product line information.

 

    Our distributors carry one or more of our product lines from
    approximately 2,400 locations. We maintain relationships with
    these distributors through our sales force. We distribute our
    products internationally through our sales force, independent
    distributors and wholesalers.

 

    International
    Business

 

    We had international sales of $154.2 million,
    $231.7 million, and $201.4 million for the years ended
    December 31, 2009, 2008, and 2007, respectively, or
    approximately 44%, 45%, and 41%, respectively, of our net sales
    in each such period. Our international sales are influenced by
    fluctuations in exchange rates of foreign currencies, foreign
    economic conditions and other risks associated with foreign
    trade. See “Management’s Discussion and Analysis of
    Financial Condition and Results of Operations —
    Quantitative and Qualitative Disclosures About Market
    Risk.” Our international sales consist of approximately 50%
    from export sales of our products manufactured at
    U.S. manufacturing facilities and, to a limited extent,
    products manufactured by third parties, sold through our
    overseas field representatives, and approximately 50% from sales
    of our products manufactured at our international manufacturing
    facilities and sold by our foreign subsidiaries.

 

    Sales and
    Marketing

 

    The sales and marketing organization oversees all sales and
    marketing activities, including strategic product pricing,
    promotion, and marketing communications. It is the
    responsibility of sales and marketing to profitably grow the
    Company’s sales, market share, and margins in each region.
    The organization pursues these objectives through new product
    introductions, programs and promotions, price management, and
    the implementation of distribution strategies to penetrate new
    markets.

 

    Sales and marketing is organized into three regions: Americas,
    Asia Pacific, and Europe including other regions. The Americas
    is comprised of the U.S., Canada, Mexico, and Latin and South
    America; Asia Pacific includes South Pacific (Australia and New
    Zealand) and South and North Asia. Our third region is comprised
    of the U.K., Europe, Middle East, and the remaining countries
    not included in the other two regions. In 2009, the Americas
    contributed approximately 68% of the Company’s revenues;
    Asia Pacific contributed approximately 25%; and Europe and the
    remaining countries contributed approximately 7%. All product
    lines are sold throughout these regions, although there is some
    variance in the mix among the regions.

 

    The sales and marketing organization consists of sales,
    marketing, technical support, and customer care in each region.
    Sales and marketing manages the Company’s relationship with
    our customers and channel partners who include distributors,
    wholesalers and retail customers. They provide feedback from the
    customers on product and service needs of the end-user
    customers, take our product lines to market, and provide
    technical and after sales service support. A national accounts
    team manages our largest accounts globally.

 

    Raw
    Materials

 

    Our principal raw materials, which include copper, brass, steel
    and plastic, are widely available and need not be specially
    manufactured for our use. Certain of the raw materials used in
    the hardfacing products of our filler metals product line, such
    as cobalt and chromium, are available primarily from sources
    outside the United States, some of which are located in
    countries that may be subject to economic and political
    conditions that could affect pricing and disrupt supply.
    Although we have historically been able to obtain adequate
    supplies of these materials at acceptable prices, restrictions
    in supply or significant increases in the prices of copper and
    other raw materials could adversely

    

    6

Table of Contents

    affect our business. During 2008 and 2007, we experienced
    significantly higher than historical average inflation on
    materials such as copper, steel, and brass which detrimentally
    impacted our gross margins. For 2009, the cost of these
    materials fluctuated significantly in the marketplace with
    minimal impact on our gross margins, as the cost of previously
    purchased amounts and purchase commitments were reflected in the
    cost of goods sold.

 

    We also purchase certain manufactured products that we either
    use in our manufacturing processes or resell. These products
    include electronic components, circuit boards, semiconductors,
    motors, engines, pressure gauges, springs, switches, lenses,
    forgings, filler metals and chemicals. Some of these products
    are purchased from international sources and thus our cost can
    be affected by foreign currency fluctuations. We believe our
    sources of such products are adequate to meet foreseeable demand
    at acceptable prices.

 

    Research,
    Development and Technical Support

 

    We have development and sustaining engineering groups for each
    of our product lines. The development engineering group
    primarily performs process and product development work to
    develop new products to meet our customer needs. The sustaining
    engineering group provides technical support to the operations
    and sales groups, and the quality department supports
    established products. As of December 31, 2009, we employed
    approximately 100 people in our development and sustaining
    engineering groups, split among engineers, designers,
    technicians and graphic service support. Our engineering costs
    consist primarily of salaries, benefits for engineering
    personnel and project expenses with approximately
    $3 million related to research for new product development.

 

    Competition

 

    We view the market as split into three types of competitors:
    (1) three full-line welding equipment and filler metal
    manufacturers (Lincoln Electric Company, ESAB, a subsidiary of
    Charter PLC, and several divisions of Illinois Tool Works, Inc.,
    including the ITW Miller and ITW Hobart Brothers divisions);
    (2) many single-line brand-specific competitors; and
    (3) a number of low-priced small niche competitors. Our
    large competitors offer a wide portfolio of product lines with
    an emphasis on filler metals and welding power supplies and
    lines of niche products. Their position as full-line suppliers
    and their ability to offer complete product solutions, filler
    metal volume, sales force relationships and fast delivery are
    their primary competitive strengths. Our single-line,
    brand-specific competitors emphasize product expertise, a
    specialized focused sales force, quick customer response time
    and flexibility to special needs as their primary competitive
    strengths. The low-priced manufacturers primarily use low
    overhead, low market prices and direct selling to capture a
    portion of price-sensitive customers’ discretionary
    purchases. International competitors have been less effective in
    penetrating the U.S. domestic markets due to product
    specifications, lack of brand recognition and their relative
    inability to access the welding distribution market channel.

 

    We expect to continue to see price pressure in the segments of
    the market where little product differentiation exists. The
    trends of improved performance at lower prices in the power
    source market and further penetration of the automated market
    are also expected to continue. Internationally, the competitive
    profile is similar, with overall lower market prices, more
    fragmented competition and a weaker presence of larger
    U.S. manufacturers.

 

    We compete on the performance, functionality, price, brand
    recognition, customer service and support and availability of
    our products. We believe we compete successfully through the
    strength of our brands, by focusing on technology development
    and offering innovative industry-leading products in our niche
    product areas.

 

    Employees

 

    As of December 31, 2009, we employed approximately
    1,800 people, 500 of whom were engaged in sales, marketing
    and administrative activities, and 1,300 of whom were engaged in
    manufacturing or other operating activities. During 2009, we
    reduced our workforce in response to the decline in global
    economic conditions. By contrast, at December 31, 2008 our
    workforce was approximately 2,600 people, 600 of whom were
    engaged in sales, marketing and administrative activities, and
    2,000 of whom were engaged in manufacturing or other operating
    activities. None of our U.S. workforce is represented by
    labor unions, while most of the manufacturing employees in our
    foreign operations are represented by labor unions. We believe
    that our employee relations are satisfactory. We have not
    experienced any significant work stoppages.

    

    7

Table of Contents

    Patents,
    Licenses and Trademarks

 

    Our products are sold under a variety of trademarks and trade
    names. We own trademark registrations or have filed trademark
    applications for of all our trade names that we believe are
    material to the operation of our businesses. We also own various
    patents and from time to time acquire licenses from owners of
    patents to apply such patents to our operations. We do not
    believe any single patent or license is material to the
    operation of our businesses taken as a whole.

 

    Recent
    Developments

 

    On February 23, 2010, Thermadyne Holdings Corporation (the
    “Company”), its domestic subsidiaries and certain of
    its foreign subsidiaries amended its working capital facility
    and second lien facility credit agreements. The amendments are
    intended to facilitate the purchase of equipment and building
    improvements in existing manufacturing facilities during 2010
    through the use of existing funds and financing arrangements. In
    addition, the amendments provide added flexibility for the
    repatriation of funds from foreign subsidiaries and the
    reinvestment of funds in foreign locations.

 

    On February 23, 2010, the Company, Thermadyne Industries,
    Inc., their domestic subsidiaries and certain of their foreign
    subsidiaries (together with the Company, the “Thermadyne
    Parties”) entered into the Third Amendment to Third Amended
    and Restated Credit Agreement with General Electric Capital
    Corporation as agent and lender (the “Third
    Amendment”) to, among other things: (i) increase the
    permitted amount of foreign investments from $5,000,000 to
    $10,000,000, subject to certain restrictions, including a
    $3,000,000 limitation on investment in non-affiliated foreign
    persons; and (ii) adjust the minimum quarterly Fixed Charge
    Coverage Ratio requirements so as to compute the Ratio as of
    December 31, 2009 and March 31, 2010 and June 30,
    2010 based on the results for the three months, six months, and
    nine months then ended. For September 30, 2010 and for each
    calendar quarter thereafter, the computation is based on the
    twelve month period then ending. The minimum Fixed Charge
    Coverage Ratio required for December 31, 2009 is 1.00 and
    for all calendar quarters thereafter is 1.10.

 

    Also on February 23, 2010 the Thermadyne Parties entered
    into Amendment Number One to 2009 Amended and Restated Second
    Lien Credit Agreement with Regions Bank, as administrative
    agent, collateral agent and funding agent, and the lenders party
    thereto (the “Second Lien Facility Amendment”) to,
    among other things, increase the permitted amount of foreign
    investments from $5,000,000 to $10,000,000, subject to certain
    restrictions, including a $3,000,000 limitation on investment in
    non-affiliated foreign persons.

 

    Executive
    Officers of the Registrant

 

    Set forth below is the name, age, position and a brief account
    of the business experience of each of our executive officers.

 

	 	 	 	 	 	 	 
	

    Name

	
 
	

    Age

	
 
	

    Position(s)

	 

	

    Martin Quinn

	
 
	 
	
    53
	 
	
 
	
    President

	

    Terry Downes

	
 
	 
	
    42
	 
	
 
	
    Executive Vice President — Chief Operating Officer

	

    Terry A. Moody

	
 
	 
	
    47
	 
	
 
	
    Executive Vice President — Global Operations

	

    Steven A. Schumm

	
 
	 
	
    57
	 
	
 
	
    Executive Vice President — Chief Financial and
    Administrative Officer

 

	 	 	 
	

    Martin Quinn

	
 
	
    Mr. Quinn was elected President in August 2009.  From April 2005
    to August 2009, he served as Executive Vice President of Global
    Sales. From 1999 to March 2005, Mr. Quinn served as Vice
    President Marketing and Sales — Asia Pacific. Prior to
    that, he was Managing Director — Asia. He has over
    25 years experience with Thermadyne.

	

    Terry Downes

	
 
	
    Mr. Downes joined Thermadyne in June 2003 as Director of Market
    Integration and in April 2004 was promoted to Executive Vice
    President Global Corporate Development. He was elected Executive
    Vice President — Chief Operating Officer in August
    2009.  He has over 16 years of international business
    development experience with primary focus in the manufacturing
    sector. He was previously employed by Novar PLC and Redland PLC.

    

    8

Table of Contents

	 	 	 
	

    Terry A. Moody

	
 
	
    Mr. Moody joined Thermadyne in August 2007 as Executive Vice
    President of Global Operations.  He was formerly employed for
    21/2
    years, by Videocon Industries, a privately held manufacturer of
    high end digital products, where he served as the Chief
    Operating Officer and Senior Vice President of Americas and
    Europe.  Prior to Videocon, he was employed for 11 years
    with Thomson S.A., the French Consumer Electronics Company,
    where he served the last 3 years of his employment as
    General Manager and Vice President of Americas Displays.

	

    Steven A. Schumm

	
 
	
    Mr. Schumm, CPA, joined Thermadyne in August 2006 as the
    Executive Vice President, Chief Financial Officer and Chief
    Administrative Officer, after serving as a consultant for the
    Company since April 2006. He has over 30 years of
    accounting and financial experience. He was previously employed
    for one year as Chief Financial Officer of LaQuinta Corporation,
    a publicly traded limited service hotel owner and operator,
    prior to its purchase by Blackstone Group.  He served for seven
    years as Chief Administrative Officer and interim Chief
    Financial Officer of Charter Communications, a publicly traded
    cable service provider, and for 25 years, including
    15 years as a partner, with the independent public
    accounting firm, Ernst & Young LLP.

 

    Internet
    Information

 

    Copies of our Annual Report on
    Form 10-K,
    Quarterly Reports on
    Form 10-Q,
    Current Reports on
    Form 8-K
    and amendments to those reports filed or furnished pursuant to
    Section 13(a) or 15(d) of the Securities Exchange Act of
    1934 are available free of charge through our web site
    (www.thermadyne.com) as soon as reasonably practicable
    after we electronically file the materials with or furnish them
    to the Securities and Exchange Commission.

 

		
	
    Item 1A.  
	
    Risk
    Factors

 

    The statements in this Annual Report on
    Form 10-K
    that relate to future plans, events or performance are
    forward-looking statements within the meaning of
    Section 27A of the Securities Act of 1933, Section 21E
    of the Securities Exchange Act of 1934, and the Private
    Securities Litigation Reform Act of 1995, including statements
    regarding our future prospects. These statements may be
    identified by terms and phrases such as “anticipate,”
    “believe,” “intend,” “estimate,”
    “expect,” “continue,” “should,”
    “could,” “may,” “plan,”
    “project,” “predict,” “will” and
    similar expressions and relate to future events and occurrences.
    Actual results could differ materially due to a variety of
    factors and the other risks described in this Annual Report and
    the other documents we file from time to time with the
    Securities and Exchange Commission. Factors that could cause
    actual results to differ materially from those expressed or
    implied in such statements include, but are not limited to, the
    following items discussed below. We undertake no duty to revise
    or update the items discussed below.

 

    You should carefully consider each of the risks and
    uncertainties we describe below and all of the other information
    in this report. The risks and uncertainties we describe below
    are not the only ones we face. Additional risks and
    uncertainties of which we are currently unaware or that we
    currently believe to be immaterial may also adversely affect our
    business.

 

    Our
    business is cyclical and is affected by global economic
    conditions, particularly those affecting steel construction and
    fabrication-related activities, as well as other factors that
    are outside of our control, any of which may have a material
    adverse effect on our business, results of operations and
    financial condition.

 

    The success of our business is directly affected by general
    economic conditions and other factors beyond our control. In the
    fourth quarter of 2008, global economic conditions, including
    steel production, began to deteriorate and severely deteriorated
    throughout much of 2009, with global steel production declining
    50% to 60% during 2009 from the 2008 levels. Our business has
    been and continues to be adversely impacted by such conditions.

 

    The end users of our products are engaged in commercial
    construction, steel shipbuilding, oil and gas industry related
    construction and maintenance, and general manufacturing. The
    demand for our products, and therefore the results of our
    operations, are related to the level of production in these
    end-user industries. Specifically, our sales

    9

Table of Contents

    volumes are closely tied to the levels of steel related
    construction and fabrication activities. Global steel production
    and shipments declined precipitously in late 2008 and in 2009,
    which caused the Company to suffer dramatic decreases in sales
    volumes in late 2008 and throughout 2009. The duration and
    extent of this reduced demand, along with further potential
    declines in demand for our products is uncertain.

 

    We believe the volatility in these global economic factors could
    have further adverse impacts on our operating results and
    financial condition.

 

    Our
    future operating results may be adversely affected by
    fluctuations in the prices and availability of raw
    materials.

 

    We purchase a large amount of commodity raw materials,
    particularly copper, brass and steel. At times, pricing and
    supply can be volatile due to a number of factors beyond our
    control, including global demand, general economic and political
    conditions, mine closures and labor unrest in various countries,
    activities in the financial commodity markets, labor costs,
    competition, import duties and tariffs and currency exchange
    rates. This volatility can significantly affect our raw material
    costs. For example, as of July 2008, the cost of copper and
    steel was $4.25 per pound and $0.40 per pound, respectively,
    declined to $1.35 per pound and $0.24 per pound, respectively,
    in December 2008, and increased to $3.15 per pound and $0.30 per
    pound, respectively, by December 2009. An environment of
    volatile raw material prices, competitive conditions and
    declining economic conditions can adversely affect our
    profitability if we fail to adjust our sales prices
    appropriately to recover the change in the costs of materials.

 

    The timing of and the extent to which we will realize changes in
    material costs and the impact on our profits are uncertain.
    Fixed price purchase commitments typically exist with respect to
    a portion of our material purchases for purchase volumes of
    three to six months. To the extent that our arrangements to lock
    in supplier costs do not adequately keep in check cost increases
    and we are unable to pass on any price increases to our
    customers, our profitability could be adversely affected.
    Certain of the raw materials used in our hardfacing products
    within our filler metal product line, such as cobalt and
    chromium, are available primarily from sources outside the
    United States. Restrictions in the supply of cobalt, chromium
    and other raw materials could adversely affect our operating
    results. In addition, certain of our customers rely heavily on
    raw materials, and fluctuations in prices of raw materials for
    these customers could negatively affect their operations and
    orders for our products and, as a result, our financial
    performance. Further dramatic declines in global economic
    conditions may also create hardships for our suppliers and
    potentially disrupt their supply of raw materials to us.

 

    Our
    international sales and operations face special risks and are
    subject to various operational and financial developments and
    restrictions that may adversely impact our sales and
    earnings.

 

    Approximately one-half of our consolidated net sales are derived
    from exports from the U.S. and from our international
    operations located in Australia, Canada, China, England, Italy,
    Malaysia and Mexico. International operations are subject to a
    number of special risks including:

 

			
	 	    • 
	
    currency exchange rate fluctuations;

	 
	 	    • 
	
    differing protections of intellectual property;

	 
	 	    • 
	
    trade barriers; regional economic uncertainty;

	 
	 	    • 
	
    labor unrest;

	 
	 	    • 
	
    governmental currency exchange controls;

	 
	 	    • 
	
    differing (and possibly more stringent) labor regulation;

	 
	 	    • 
	
    governmental expropriation;

	 
	 	    • 
	
    domestic and foreign customs, tariffs and taxes;

	 
	 	    • 
	
    current and changing regulatory environments;

	 
	 	    • 
	
    difficulty in obtaining distribution support;

    

    10

Table of Contents

 

			
	 	    • 
	
    difficulty in staffing and managing widespread operations;

	 
	 	    • 
	
    differences in the availability and terms of financing; and

	 
	 	    • 
	
    political instability and unrest.

 

    Our products are used primarily in metal fabrication operations
    to cut and join metal parts. Certain metal fabrication
    operations, as well as manufacturing operations generally, are
    moving from the United States to international locations where
    labor costs are lower. Selling products into international
    markets and maintaining and expanding international operations
    require significant coordination, capital and resources. If we
    fail to address these developments, we may be unable to grow or
    maintain our sales and profitability.

 

    Also, in some foreign jurisdictions, we may be subject to laws
    that limit the right and ability of entities organized or
    operating in those jurisdictions to pay dividends or remit
    earnings to affiliated companies unless specified conditions are
    met. These factors may adversely affect our financial condition.

 

    The Company has initiated a comprehensive review of its
    compliance with foreign and U.S. duties requirements in
    light of the assessments by a foreign jurisdiction in the third
    quarter of 2009. It is premature to assess the findings of this
    review but management believes the ultimate resolution of the
    compliance review will not have a material effect on the
    Company’s business or financial condition.

 

    We are
    subject to currency fluctuations and face risks arising from the
    imposition of exchange controls and currency
    devaluations.

 

    We sell our products to distributors located in approximately
    100 countries. During both years ended December 31, 2008
    and 2009, approximately 44% of our consolidated sales were
    derived from markets outside the U.S. Approximately
    one-half of these sales are U.S. dollar denominated sales
    of products manufactured in the U.S. and exported to
    foreign customers. Strengthening of the U.S. dollar
    exchange rate serves to increase the cost for foreign purchasers
    and may adversely affect our sales.

 

    For our operations conducted in foreign countries, transactions
    are typically denominated in various foreign currencies. The
    Australian dollar represents approximately 20% of our
    international sales. The costs of our operations in these
    foreign locations are also denominated in those local
    currencies. Because our financial statements are stated in
    U.S. dollars, changes in currency exchange rates between
    the U.S. dollar and other currencies have had, and will
    continue to have, an impact on our reported financial results.
    In addition, some sale transactions pose foreign currency
    exchange settlement risks. Our Australian operations currently
    maintain 60 to 90 day forward purchase commitments for
    U.S. dollars in place to reduce the risk of an adverse
    currency exchange movement in connection with
    U.S. denominated materials purchases. Currency fluctuations
    have affected our reported financial performance in the past and
    will affect our reported financial performance in the future.

 

    We also face risks arising from the imposition of currency
    exchange controls and currency devaluations. Exchange controls
    may limit our ability to convert foreign currencies into
    U.S. dollars or to remit dividends and other payments by
    our foreign subsidiaries or operations located or doing business
    in a country imposing controls. Currency devaluations result in
    a diminished value of funds denominated in the currency of the
    country instituting the devaluation. Actions of this nature, if
    they occur or continue for significant periods of time, could
    have an adverse effect on our financial condition.

 

    Sales
    of our common stock may result in a “change of
    control” under the Indenture, in which case, we may be
    required to repurchase the Senior Subordinated Notes, which
    would have a material adverse effect on the
    Company.

 

    Upon a change of control, as defined in the Indenture for the
    Senior Subordinated Notes, each holder of our Senior
    Subordinated Notes has the right to require us to purchase the
    Senior Subordinated Notes at a purchase price in cash equal to
    101% of the principal, plus accrued and unpaid interest. Under
    the Indenture, a “change of control” occurs if:

 

			
	 	    • 
	
    any person, as such term is used in Sections 13(d) and
    14(d) of the Securities Exchange Act of 1934, other than Angelo,
    Gordon & Co., L.P. and its affiliates, is or becomes
    the direct or indirect beneficial owner of

    

    11

Table of Contents

			
	 	
	
    more than 35% of the total voting power of our capital stock
    then outstanding and entitled to vote in the election of our
    directors, and Angelo, Gordon & Co., L.P. beneficially
    owns a lesser percentage of the total voting power of our voting
    capital stock than the acquiring person and does not have the
    right or ability by voting power, contract or otherwise, to
    elect or designate for election a majority of our board of
    directors;

 

			
	 	    • 
	
    individuals who constitute our Board of Directors cease for any
    reason to constitute a majority of the Board of Directors then
    in office;

	 
	 	    • 
	
    the Company adopts a plan of liquidation or dissolution; or

	 
	 	    • 
	
    the Company merges or consolidates with or into another person
    or sells all or substantially all its assets, except
    (A) where the survivor or transferee is controlled by
    Angelo, Gordon & Co., L.P. or (B) for a
    transaction following which (i) in the case of a merger or
    consolidation, holders of securities that represented 100% of
    the Company’s voting capital stock immediately prior to the
    transaction (or other securities into which such securities are
    converted as part of the transaction) own directly or indirectly
    at least a majority of the voting power of the voting capital
    stock of the surviving person immediately after such transaction
    and (ii) in the case of a sale of assets transaction, each
    transferee becomes an obligor in respect of the Senior
    Subordinated Notes and a subsidiary of the transferor of such
    assets.

 

    The Indenture defines “beneficial ownership” to
    include all shares that a person has the right to acquire either
    immediately or with the passage of time.

 

    As of December 31, 2009, Angelo, Gordon & Co.,
    L.P. beneficially owned 33.2% of our common stock, which it
    holds for the account of its investment advisory clients. If
    some or all of the shares owned by our principal stockholder are
    sold to one of our existing stockholders, it is possible that,
    following the sale, the purchaser would own more than 35% of our
    common stock. If any of the holders of our Senior Subordinated
    Notes exercises its redemption rights, we may have insufficient
    working capital for operations or capital expenditures. In
    addition, we may not have sufficient financial resources to
    purchase all of the Senior Subordinated Notes. If we are unable
    to satisfy our payment obligations under the Senior Subordinated
    Notes, we may be in default under our Indenture, which, if not
    waived, would result in the acceleration of our debt obligations
    and the exercise of remedies under the Working Capital Facility
    and the Second Lien Facility, which would have a material
    adverse impact on our ability to operate our business and to
    make payments under our debt instruments.

 

    Sales
    of our common stock may result in a “change of
    control” under our credit facility agreements, which
    constitutes an event of default under the agreements, could
    result in the acceleration of our debt obligations under those
    agreements and, absent a waiver of this default, would have a
    material adverse effect on the Company.

 

    Under the terms of our credit facility agreements, any of the
    following events is a “change of control”:

 

			
	 	    • 
	
    any person or group of persons, within the meaning of the
    Securities Exchange Act of 1934, other than Angelo,
    Gordon & Co., L.P. or the holders of our Senior
    Subordinated Notes acquires beneficial ownership of 30% or more
    of our issued and outstanding shares of stock;

	 
	 	    • 
	
    during any period of 12 consecutive calendar months, individuals
    who at the beginning of the period constituted our board of
    directors, together with any new directors elected or nominated
    for election by a vote of at least two-thirds of the directors
    then still in office who either were directors at the beginning
    of the 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

	 
	 	    • 
	
    a “change of control” as defined in the Indenture for
    our Senior Subordinated Notes.

 

    If some or all of the shares beneficially owned by Angelo
    Gordon & Co., L.P. are sold to one or more of our
    existing or new stockholders, it is possible that, following the
    sale, the purchaser would own more than 30% of our common stock.
    This would constitute an event of default under our credit
    facility agreements, which, if not waived, would result in the
    exercise of remedies under these facilities, including the
    acceleration of our debt obligations. This acceleration, in
    turn, would also constitute an event of default under the
    Indenture for the Senior Subordinated

    

    12

Table of Contents

    Notes. An event of default under our credit facility agreements,
    if not waived, would have a material adverse impact on our
    ability to operate our business and to make payments under our
    debt instruments.

 

    The
    sale of shares by our principal stockholder or a combination of
    other stockholders may limit our ability to use net operating
    loss carryforwards to offset future taxable income for federal
    and state income tax purposes, which could have a material
    adverse effect on our cash flow and results of
    operations.

 

    As of December 31, 2009, we had net operating loss
    carryforwards of approximately $152 million from the years
    1998 through 2009 available to offset future federal and state
    taxable income. Our net operating loss carryforwards will expire
    between the years 2018 and 2029. Under Section 382 of the
    U.S. Internal Revenue Code of 1986, as amended, a
    corporation that undergoes an “ownership change” is
    subject to limitations on its ability to utilize its net
    operating losses to offset future taxable income. In general, an
    ownership change occurs if the aggregate stock ownership of
    holders of five percent or more of the corporation’s stock
    increases by more than fifty (50) percentage points over an
    applicable three-year period. The amount of the annual
    limitation generally is equal to the value of the stock of the
    corporation immediately prior to the ownership change multiplied
    by the adjusted federal long-term tax-exempt rate. Our net
    operating loss carryforwards are not currently limited under
    Section 382.

 

    We expect that sales of our common stock by our principal
    stockholder will result in an ownership change or will
    significantly increase the likelihood that an ownership change
    will occur that will limit our ability to use net operating loss
    carryforwards under Section 382. It is also possible that
    an ownership change may result from sales of our common stock by
    other owners of five percent or more of the shares of our common
    stock, or the acquisition of five percent or more of the shares
    of our common stock by other persons (or groups of persons).

 

    We have no control over our stockholders’ ability to buy or
    sell their shares and therefore cannot prevent an ownership
    change from occurring. We also cannot predict the extent to
    which our net operating loss carryforwards will be limited or
    the ultimate impact of these limitations, which will depend on,
    among other things: the identity of any stockholders who buy or
    sell our common stock, the timing of these transactions, the
    number of shares they buy or sell, and our future taxable income.

 

    Limitations on our ability to use net operating loss
    carryforwards to offset future taxable income under
    Section 382 could reduce the benefit of our net operating
    loss carryforwards by requiring us to pay federal and state
    income taxes earlier than we otherwise would have had such a
    change not occurred, and causing part of our net operating loss
    carryforwards to expire without our having fully utilized them.
    Limitations under Section 382 could also limit our use of
    other credits, such as foreign tax credits, in future years.
    Limitations resulting from an ownership change under
    Section 382 could have a material adverse effect on our
    cash flow and results of operations.

 

    We
    rely in large part on independent distributors for sales of our
    products and the continued consolidation of distributors and
    loss of key distributors could materially harm our
    business.

 

    We depend on more than 2,000 independent distributors to sell
    our products and provide service and after-market support to our
    ultimate customers. Distributors play a significant role in
    determining which of our products are stocked at their branch
    locations and the prices at which they are sold, which impacts
    how accessible our products are to end users of our products.
    Almost all of the distributors with whom we do business offer
    competing products and services to end users. There is a trend
    toward consolidation of these distributors, which has been
    escalating in recent years. In 2009, one distributor represented
    11% of our 2009 sales and our top five distributors comprised
    27% of our global net sales in 2009 and 2008. Recent economic
    events could undermine the economic viability of some of our
    customers. These events could also cause our competitors to
    introduce new economic inducements and pricing arrangements that
    may cause our distributors to increase purchases from our
    competitors and reduce purchases from us. The continued
    consolidation of these distributors, the loss of certain key
    distributors, or an increase in the distributors’ sales of
    our competitors’ products to end users could materially
    reduce our sales and earnings.

    

    13

Table of Contents

    Our
    business is highly competitive, and increased competition could
    reduce our sales, earnings and profitability.

 

    We offer products in highly competitive markets. We compete on
    the performance, functionality, price, brand recognition,
    customer service, and support and availability of our products.
    We compete with companies of various sizes, some of which have
    greater financial and other resources than we do. Increased
    competition could force us to lower our prices or to offer
    additional product features or services at a higher cost to us,
    which could reduce our sales and net earnings.

 

    The greater financial resources of certain of our competitors
    may enable them to commit larger amounts of capital in response
    to changing market conditions. Certain competitors may also have
    the ability to develop product innovations that could put us at
    a disadvantage. In addition, some of our competitors have
    achieved substantially more market penetration in certain
    segments of those markets in which we operate. If we are unable
    to compete successfully against other manufacturers in our
    marketplace, we could lose customers, and our sales may decline.
    There can also be no assurance that customers will continue to
    regard our products favorably, that we will be able to develop
    new products that appeal to customers, that we will be able to
    improve or maintain our profit margins or that we will be able
    to continue to compete successfully in maintaining or increasing
    our market share.

 

    We may
    not be able to successfully implement our cost-reduction
    initiatives, which may limit our competitiveness and
    profitability.

 

    We have undertaken and will continue to undertake cost-reduction
    initiatives in response to global competitive conditions. These
    include our ongoing continuous improvement initiatives,
    redesigning products and manufacturing processes, re-evaluating
    the location of certain manufacturing operations and the
    sourcing of vendor purchased components. There can be no
    assurance that these initiatives will be beneficial to us in
    providing the anticipated cost savings from such activities. The
    failure of our cost-reduction efforts to yield sufficient cost
    reductions may have a material adverse effect on our business.

 

    Failure
    to enhance existing products and develop new products may
    adversely impact our financial results.

 

    Our financial and strategic performance depends partially on
    providing new and enhanced products to the global marketplace.
    We may not be able to develop or acquire innovative products or
    otherwise obtain intellectual property in a timely and effective
    manner in order to maintain and grow our position in global
    markets. Furthermore, we cannot be sure that new products or
    product improvements will be met with customer acceptance or
    contribute positively to our financial results. We may not be
    able to continue to support the levels of research and
    development activities and expenditures necessary to improve and
    expand our products. Competitors may be able to direct more
    capital and other resources to new or emerging technologies to
    respond to changes in customer requirements.

 

    If we
    cannot adequately enforce or protect our intellectual property
    rights, our competitive position will suffer and we may incur
    significant additional costs.

 

    We own a number of patents, trademarks and licenses related to
    our products and rights under patents owned by others. While no
    single patent, trademark or license is material to the operation
    of our business as a whole, our ability to enforce our
    intellectual property rights in the U.S. and in foreign
    countries is critical to our competitive position and our
    ability to continue to bring new and enhanced products to the
    marketplace. We rely upon patent, trademark and trade secret
    laws in the United States and similar laws in foreign countries,
    as well as agreements with our employees, customers, suppliers
    and other third parties, to establish and maintain our
    intellectual property rights. Third parties may challenge,
    infringe upon or otherwise circumvent our intellectual property
    rights, which could adversely impact our competitive position.
    Further, the enforceability of our intellectual property rights
    in various foreign countries is uncertain. Accordingly, in
    certain countries, we may be unable to protect our intellectual
    property rights against unauthorized third-party copying or use,
    which could harm our competitive position.

 

    Third parties also may claim that we or our customers are
    infringing upon their intellectual property rights. Defending
    those claims and contesting the validity of third parties’
    asserted intellectual property rights can be time-consuming and
    costly. Claims of intellectual property infringement also might
    require us to redesign affected

    

    14

Table of Contents

    products, enter into costly settlement or license agreements or
    pay costly damage awards, or face a temporary or permanent
    injunction prohibiting us from manufacturing, marketing or
    selling certain of our products.

 

    If our
    consolidated indebtedness increases or EBITDA decreases, our
    interest cost under our Senior Subordinated Notes may increase,
    which would negatively impact our results.

 

    The interest cost for our Senior Subordinated Notes is subject
    to change quarterly based upon our consolidated leverage ratio
    determined on the relationship of debt to the trailing four
    quarters EBITDA, as defined. Under the terms of the Indenture
    for the Senior Subordinated Notes, we are required to pay
    additional Special Interest. The rate of Special Interest
    increases to a maximum of 2.75% if our consolidated leverage
    ratio increases to 7.0. The rate of Special Interest declines
    incrementally to 0% if our consolidated leverage ratio is less
    than 3.0. The rate of Special Interest increases to 2.25%
    effective beginning January 1, 2010, based on our
    consolidated leverage ratio that is above 6.5 as of
    September 30, 2009. The rate will continue at this level
    through June 30, 2010 based on the consolidated leverage
    ratio as of December 31, 2009. We can give no assurance
    that rate of special interest will not increase after
    June 30, 2010.

 

    We are
    subject to risks caused by changes in interest
    rates.

 

    Changes in benchmark interest rates (i.e. LIBOR) will impact the
    interest cost associated with our variable interest rate debt.
    Our variable rate debt includes the borrowings under our Working
    Capital Facility and our Second Lien Facility. Changes in
    interest rates would affect our cost of future borrowings.
    Significant increases in interest rates would adversely affect
    our financial condition and results of operations.

 

    If we
    fail to comply with the financial covenants in our debt
    instruments, our ability to obtain financing and make payments
    under our debt instruments may be adversely
    impacted.

 

    Our credit facility agreements require compliance with certain
    financial covenants. These financial covenants have been amended
    on several occasions and most recently in February 2010. While
    we believe that we will be able to comply with our financial
    covenants in future periods, failure to do so would, unless the
    covenants were further amended or waived, result in defaults
    under our credit agreements. An event of default under our
    credit agreements, if not waived, could result in the
    acceleration of these debt obligations and, consequently, our
    debt obligations under our Senior Subordinated Notes. Such
    acceleration could result in exercise of remedies by our
    creditors, which could have a material adverse impact on our
    ability to operate our business and to make payments under our
    debt instruments. In addition, an event of default under the
    credit facilities, such as the failure to maintain the
    applicable required financial ratios, would prevent additional
    borrowing under our credit agreements, which could have a
    material adverse effect on our ability to operate our business
    and to make payments under our debt instruments.

 

    The
    Company is subject to risks caused by disruptions in the credit
    markets.

 

    Our Working Capital Facility is provided under an agreement with
    G.E. Capital Corporation, which matures in June 2012. Our
    operations are funded through daily borrowings and repayments
    from and to our lender under the Working Capital Facility. The
    temporary or permanent loss of the use of the Working Capital
    Facility or the inability to replace this facility when it
    expires would have a material adverse effect on our business and
    results of operations.

 

    Credit availability for our suppliers and customers has been
    reduced due to the disruptions in the credit markets. This
    decreased availability for our customers and suppliers may have
    an adverse effect on the demand for our products, the collection
    of our accounts receivable and our ability to timely fulfill our
    commitments.

 

    The
    actual or anticipated sale of shares of our common stock may
    cause the market price of our common stock to decline. During
    2008, the Company registered 4,496,555 shares of our common
    stock on behalf of our principal stockholder, and
    1,500,000 shares of our common stock for future offer and
    sale by the Company.

 

    During 2008, the Securities and Exchange Commission declared
    effective the Company’s shelf registration statement
    covering 5,996,555 shares of our common stock. Of the
    5,996,555 shares, 4,496,555 were registered by the Company
    on behalf of Angelo, Gordon & Co., L.P., and
    1,500,000 shares were registered for future offer and

    

    15

Table of Contents

    sale by the Company. As of December 31, 2009, Angelo,
    Gordon & Co., L.P. beneficially owned 33.2% of our
    common stock, which it holds for the account of investment
    advisory clients of Angelo, Gordon & Co., L.P. Other
    investment advisory clients of Angelo, Gordon & Co.,
    L.P. are the sole lenders under our Second Lien Facility, and
    also own a total of $24.2 million principal amount of our
    Senior Subordinated Notes. The Company and Angelo,
    Gordon & Co., L.P. may offer for sale any or all of
    their respective registered shares from time to time prior to
    the expiration of the shelf registration statement.

 

    The sale of these or other shares of our common stock through
    open market transactions or other means may, depending upon the
    timing of the sales, depress the market price of our common
    stock. Moreover, actual or anticipated downward pressure on the
    market price of our common stock due to actual or anticipated
    sales of our common stock could cause some institutions or
    individuals to engage in short sales of our common stock, which
    may itself cause the market price of our common stock to decline.

 

    If our
    relationships with our employees were to deteriorate, we could
    be adversely affected.

 

    Currently, in our U.S. operations (where none of our
    employees is represented by a labor union) and in our foreign
    operations (where the majority of our employees are represented
    by labor unions), we have maintained a positive working
    environment. Although we focus on maintaining a productive
    relationship with our employees, we cannot ensure that unions,
    particularly in the United States, will not attempt to organize
    our employees or that we will not be subject to work stoppages,
    strikes or other types of conflicts with our employees or
    organized labor in the future. Any such event could have a
    material adverse effect on our ability to operate our business
    and serve our customers and could materially impair our
    relationships with key customers and suppliers, which could
    damage our business, results of operations and financial
    condition.

 

    If we
    are unable to retain and hire key employees, we could be
    adversely affected.

 

    Our ability to provide high-quality products and services for
    our customers and to manage the complexity of our business is
    dependent on our ability to retain and to attract skilled
    personnel in the areas of product engineering, manufacturing,
    sales and finance. Our businesses rely heavily on key personnel
    in the engineering, design, formulation and manufacturing of our
    products. Our success is also dependent on the management and
    leadership skills of our senior management team. As with all of
    our employees, we focus on maintaining a productive relationship
    with our key personnel. However, we cannot ensure that our
    employees will remain with us indefinitely. The loss of a key
    employee and the inability to find an adequate replacement could
    materially impair our relationship with key customers and
    suppliers, which could damage our business, results of
    operations and financial condition.

 

    Liabilities
    relating to litigation alleging manganese induced illness could
    reduce our profitability and impair our financial
    condition.

 

    We are a defendant in many cases alleging manganese induced
    illness. Manganese is an essential element of steel and
    contained in all welding filler metals. We are one of a large
    number of defendants in lawsuits filed in the U.S. The
    claimants allege that exposure to manganese contained in the
    welding filler metals caused them to develop adverse
    neurological conditions, including a condition known as
    manganism.

 

    The aggregate long-term impact of the manganese loss
    contingencies on operating cash flows and financial condition is
    difficult to assess, particularly because claims are in many
    different stages of development. While we have contested and
    intend to continue to contest these lawsuits vigorously, there
    are several risks and uncertainties that may affect our
    liability for personal claims relating to exposure to manganese,
    including the possibility that our litigation experience changes
    overall. An adverse change from our litigation experience to
    date could materially diminish our profitability and impair our
    financial condition.

 

    Our
    products involve risks of personal injury and property damage,
    which expose us to potential liability.

 

    Our business exposes us to possible claims for personal injury
    or death and property damage resulting from the products that we
    sell. We maintain insurance for loss (excluding attorneys’
    fees and expenses) through a combination of self-insurance
    retentions and excess insurance coverage. We are not insured
    against punitive

    

    16

Table of Contents

    damage awards and we are not currently insured for liability
    from manganese-induced illness. We monitor claims and potential
    claims of which we become aware and establish reserves for the
    self- insurance amounts based on our liability estimates for
    such claims. We cannot give any assurance that existing or
    future claims will not exceed our estimates for self-insurance
    or the amount of our excess insurance coverage. In addition, we
    cannot give any assurance that insurance will continue to be
    available to us on economically reasonable terms or that our
    insurers would not require us to increase our self-insurance
    amounts. Claims brought against us that are not covered by
    insurance or that result in recoveries in excess of insurance
    coverage could have a material adverse effect on our results of
    operations and financial condition. Moreover, despite any
    insurance coverage, any accident or incident involving our
    products could negatively affect our reputation among customers,
    suppliers, lenders, investors and the public. This may make it
    more difficult for us to operate our business and compete
    effectively.

 

    We are
    subject to various environmental laws and regulations and may
    incur costs that have a material adverse effect on our financial
    condition as a result of violations of or liabilities under
    environmental laws and regulations.

 

    Our operations are subject to federal, state, local and foreign
    laws and regulations relating to the protection of the
    environment, including those governing the discharge of
    pollutants into the air and water, the use, management and
    disposal of hazardous materials resulting from the manufacturing
    process, and employee health and safety. As an owner and
    operator of real property and a generator of hazardous waste, we
    may also be subject to liability for the remediation of
    contaminated sites. While we are not currently aware of any
    outstanding material claims or obligations, we could incur
    substantial costs, including cleanup costs, fines and civil or
    criminal sanctions, and third-party property damage or personal
    injury claims, as a result of violations of or liabilities under
    environmental laws or noncompliance with environmental permits
    required at our facilities.

 

    Contaminants have been detected at some of our present and
    former sites. In addition, we have been named as a potentially
    responsible party at certain Superfund sites. While we are not
    currently aware of any contaminated or Superfund sites as to
    which material outstanding claims or obligations exist, the
    discovery of additional contaminants or the imposition of
    additional cleanup obligations at these or other sites could
    result in significant liability. In addition, the ultimate costs
    under environmental laws and the timing of these costs are
    difficult to predict. Liability under some environmental laws
    relating to contaminated sites, including the Comprehensive
    Environmental Response, Compensation, and Liability Act and
    analogous state laws, can be imposed retroactively and without
    regard to fault. Further, one responsible party could be held
    liable for all costs at a site. Thus, we may incur material
    liabilities under existing environmental laws and regulations or
    environmental laws and regulations that may be adopted in the
    future.

 

		
	
    Item 1B.  
	
    Unresolved
    Staff Comments

 

    None.

 

		
	
    Item 2.  
	
    Properties

 

    We operate manufacturing facilities in the United States, Italy,
    Malaysia, Australia, the People’s Republic of China and
    Mexico and lease distribution facilities in the U.S., England,
    and Canada. All U.S facilities, leases and leasehold interests
    are encumbered by first priority liens securing our obligations
    under our Working Capital Facility and Second Lien Facility. We
    consider our plants and equipment to be modern and well
    maintained and believe our plants have sufficient capacity to
    meet future anticipated expansion needs.

 

    We lease a 19,500 square-foot facility located in St.
    Louis, Missouri, that houses our executive offices, as well as
    some of our centralized services.

    

    17

Table of Contents

    The following table describes the location and general character
    of our principal properties of our continuing operations as of
    December 31, 2009:

 

	 	 	 
	

    Location of Facility

	
 
	

    Building Space/Number of Buildings

	 

	

    West Lebanon, New Hampshire

	
 
	
    153,000 sq. ft./5 buildings (office, manufacturing,
    sales training)

	

    Denton, Texas

	
 
	
    238,960 sq. ft./4 buildings (office, manufacturing,
    storage, sales training center)

	

    Roanoke, Texas

	
 
	
    278,543 sq. ft. / 1 building (manufacturing, warehouse)

	

    Hermosillo, Sonora, Mexico

	
 
	
    178,013 sq. ft. / 1 building (office, manufacturing)

	

    Oakville, Ontario, Canada

	
 
	
    48,710 sq. ft./1 building (office, warehouse)

	

    Cigweld Malaysia/Selangor, Malaysia

	
 
	
    127,575 sq. ft./1 building (office, warehouse)

	

    Melbourne, Australia

	
 
	
    273,425 sq. ft./2 buildings (office, manufacturing,
    warehouse)

	

    Kuala Lumpur, Malaysia

	
 
	
    60,000 sq. ft./1 building (office, manufacturing)

	

    Bowling Green, Kentucky

	
 
	
    188,000 sq. ft./1 building (office, manufacturing,
    warehouse)

	

    Milan, Italy

	
 
	
    32,000 sq. ft./3 buildings (office, manufacturing,
    warehouse)

	

    Chino, California

	
 
	
    30,880 sq. ft./1 building (warehouse)

	

    Ningbo, China

	
 
	
    44,187 sq. ft. /1 buildings (office, manufacturing,
    warehouse)

 

    All of the above facilities are leased, except for the
    manufacturing facilities located in Australia, which facilities
    are owned. We also have additional assembly and warehouse
    facilities in the United Kingdom and Australia.

 

		
	
    Item 3.  
	
    Legal
    Proceedings

 

    Our operations are subject to federal, state, local and foreign
    laws and regulations relating to the protection of the
    environment, including those governing the discharge of
    pollutants into the air and water, the use, management and
    disposal of hazardous materials and employee health and safety.
    We are currently not aware of any citations or claims filed
    against us by any local, state, federal and foreign governmental
    agencies, which, if successful, would have a material adverse
    effect on our financial condition or results of operations.

 

    As an owner or operator of real property, we may be required to
    incur costs relating to remediation of properties, including
    properties at which we dispose waste, and environmental
    conditions could lead to claims for personal injury, property
    damage or damages to natural resources. We are aware of
    environmental conditions at certain properties which we now own
    or lease or previously owned or leased, which are undergoing
    remediation. We do not believe the cost of such remediation will
    have a material adverse effect on our business, financial
    condition or results of operations.

 

    Certain environmental laws, including, but not limited to, the
    Comprehensive Environmental Response, Compensation, and
    Liability Act and analogous state laws, provide for liability
    without regard to fault for investigation and remediation of
    spills or other releases of hazardous materials. Under such
    laws, liability for the entire cleanup can be imposed upon any
    of a number of responsible parties. Such laws may apply to
    conditions at properties presently or formerly owned or operated
    by us or our subsidiaries or by their predecessors or previously
    owned or operated by unaffiliated business entities. We have in
    the past and may in the future be named a potentially
    responsible party at off-site disposal sites to which we have
    sent waste. We do not believe the ultimate cost relating to such
    properties or sites will have a material adverse effect on our
    financial condition or results of operations.

 

    At December 31, 2009, we were a co-defendant in 347 cases
    alleging manganese induced illness. Manganese is an essential
    element of steel and contained in all welding filler metals. We
    are one of a large number of defendants. The claimants allege
    that exposure to manganese contained in the welding filler
    metals caused the plaintiffs to

    

    18

Table of Contents

    develop adverse neurological conditions, including a condition
    known as manganism. As of December 31, 2009, 144 of these
    cases had been filed in, or transferred to, federal court where
    the Judicial Panel on Multidistrict Litigation has consolidated
    these cases for pretrial proceedings in the Northern District of
    Ohio. Between June 1, 2003 and December 31, 2009, we
    were dismissed from 1,135 other cases with similar allegations.
    While there is uncertainty relating to any litigation,
    management is of the opinion that the outcome of such litigation
    will not have a material adverse effect on the Company’s
    financial condition or results of operations.

 

    All other legal proceedings and actions involving us are of an
    ordinary and routine nature and are incidental to the operations
    of the Company. Management believes that such proceedings should
    not, individually or in the aggregate, have a material adverse
    effect on the Company’s business or financial condition or
    on the results of operations.

 

		
	
    Item 4.  
	
    (Removed
    and Reserved).

 

    PART II

 

		
	
    Item 5.  
	
    Market
    for the Registrant’s Common Equity, Related Stockholder
    Matters and Issuer Purchases of Equity Securities

 

    The Company’s common stock is listed on The NASDAQ Capital
    Market under the symbol “THMD.” The following table
    shows, for the periods indicated, the high and low sales or bid
    prices, as the case may be, of a share of Common Stock for 2008
    and 2009, as reported by published financial sources. For each
    quarter in 2008 and 2009, the prices shown below reflect the
    high and low sales prices.

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Sales Prices ($)

	
 
	
 
	
    High
	
 
	
    Low

	 

	

    2008

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    First Quarter

	
 
	
    $
	
    11.50
	
 
	
 
	
    $
	
    7.75
	
 

	

    Second Quarter

	
 
	
 
	
    18.20
	
 
	
 
	
 
	
    8.63
	
 

	

    Third Quarter

	
 
	
 
	
    22.74
	
 
	
 
	
 
	
    14.00
	
 

	

    Fourth Quarter

	
 
	
 
	
    17.21
	
 
	
 
	
 
	
    5.40
	
 

	

    2009

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    First Quarter

	
 
	
    $
	
    8.16
	
 
	
 
	
    $
	
    1.25
	
 

	

    Second Quarter

	
 
	
 
	
    4.81
	
 
	
 
	
 
	
    2.04
	
 

	

    Third Quarter

	
 
	
 
	
    6.98
	
 
	
 
	
 
	
    3.22
	
 

	

    Fourth Quarter

	
 
	
 
	
    7.47
	
 
	
 
	
 
	
    5.88
	
 

 

    On March 3, 2010, the last reported sale price for our
    Common Stock as quoted on NASDAQ was $7.80 per share. As of
    March 3, 2010 there were approximately 520 beneficial
    owners of our Common Stock including the number of individual
    participants in security position listings.

 

    We have historically not paid any cash dividends on our Common
    Stock, and we do not have any present intention to commence
    payment of any cash dividends. We intend to retain earnings to
    provide funds for the operation and expansion of our business
    and to repay outstanding indebtedness. Our debt agreements
    contain certain covenants restricting the payment of dividends
    on or repurchases of Common Stock. See “Management’s
    Discussion and Analysis of Financial Condition and Results of
    Operations — Liquidity and Capital Resources.”

    

    19

Table of Contents

    Performance
    Graph

 

    The following graph shows a comparison of our cumulative total
    returns, the Russell 2000 Stock Index (the “Russell
    2000”) and the Standard & Poor’s Composite
    500 Stock Index (the “S&P 500”) for the period
    from December 31, 2004 to December 31, 2009. A
    compatible peer-group index for the welding industry, in
    general, was not readily available since the industry is
    comprised of a relatively few competitors. The Russell 2000
    represents an index based on a concentration of companies having
    relatively small market capitalization, similar to the Company.
    The comparison assumes $100 was invested on December 31,
    2004 in each of our common stock, the Russell 2000, and the
    S&P 500, and assumes compounded daily returns with
    reinvestment of dividends.

 

    

 

    Value of
    $100 Invested

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    12/31/2004
	
 
	
    12/31/2005
	
 
	
    12/31/2006
	
 
	
    12/31/2007
	
 
	
    12/31/2008
	
 
	
    12/31/2009

	 

	

    Russell 2000

	
 
	
 
	
    100.00
	
 
	
 
	
 
	
    103.32
	
 
	
 
	
 
	
    120.89
	
 
	
 
	
 
	
    117.57
	
 
	
 
	
 
	
    76.65
	
 
	
 
	
 
	
    95.98
	
 

	

    S&P 500

	
 
	
 
	
    100.00
	
 
	
 
	
 
	
    103.00
	
 
	
 
	
 
	
    117.03
	
 
	
 
	
 
	
    121.16
	
 
	
 
	
 
	
    74.53
	
 
	
 
	
 
	
    92.01
	
 

	

    Thermadyne Holdings Corporation

	
 
	
 
	
    100.00
	
 
	
 
	
 
	
    101.14
	
 
	
 
	
 
	
    75.29
	
 
	
 
	
 
	
    87.45
	
 
	
 
	
 
	
    52.24
	
 
	
 
	
 
	
    55.29
	
 

    

    20

Table of Contents

		
	
    Item 6.  
	
    Selected
    Financial Data

 

    The selected financial data for the years ended
    December 31, 2009, 2008, 2007, 2006 and 2005, set forth
    below has been derived from our audited consolidated financial
    statements for such years. The selected financial data should be
    read in conjunction with “Management’s Discussion and
    Analysis of Financial Condition and Results of Operations”
    and our consolidated financial statements and the notes thereto,
    in each case included elsewhere herein. Previously reported
    amounts have been reclassified as a result of the discontinued
    operations.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    For the Years Ended December 31,
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 
	
 
	
    2006
	
 
	
 
	
    2005
	
 

	 

	

    Operating Results Data:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net sales

	
 
	
    $
	
    347.7
	
 
	
 
	
    $
	
    516.9
	
 
	
 
	
    $
	
    494.0
	
 
	
 
	
    $
	
    445.7
	
 
	
 
	
    $
	
    409.6
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income

	
 
	
 
	
    19.7
	
 
	
 
	
 
	
    43.9
	
 
	
 
	
 
	
    44.3
	
 
	
 
	
 
	
    30.0
	
 
	
 
	
 
	
    12.5
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations

	
 
	
 
	
    1.1
	
 
	
 
	
 
	
    10.5
	
 
	
 
	
 
	
    10.6
	
 
	
 
	
 
	
    2.5
	
 
	
 
	
 
	
    (15.8
	
    )

	

    Income (loss) from discontinued operations, net of tax

	
 
	
 
	
    3.1
	
 
	
 
	
 
	
    0.2
	
 
	
 
	
 
	
    (1.9
	
    )
	
 
	
 
	
    (25.5
	
    )
	
 
	
 
	
    (15.6
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    4.2
	
 
	
 
	
    $
	
    10.7
	
 
	
 
	
    $
	
    8.7
	
 
	
 
	
    $
	
    (23.0
	
    )
	
 
	
    $
	
    (31.4
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.08
	
 
	
 
	
    $
	
    0.78
	
 
	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.18
	
 
	
 
	
    $
	
    (1.19
	
    )

	

    Discontinued operations

	
 
	
 
	
    0.22
	
 
	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.15
	
    )
	
 
	
 
	
    (1.91
	
    )
	
 
	
 
	
    (1.17
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    0.30
	
 
	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.64
	
 
	
 
	
    $
	
    (1.73
	
    )
	
 
	
    $
	
    (2.36
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Consolidated Balance Sheet Data (Period end):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital

	
 
	
    $
	
    95.7
	
 
	
 
	
    $
	
    83.4
	
 
	
 
	
    $
	
    97.2
	
 
	
 
	
    $
	
    104.8
	
 
	
 
	
    $
	
    128.7
	
 

	

    Total assets

	
 
	
 
	
    454.9
	
 
	
 
	
 
	
    494.4
	
 
	
 
	
 
	
    497.4
	
 
	
 
	
 
	
    518.9
	
 
	
 
	
 
	
    577.2
	
 

	

    Total debt

	
 
	
 
	
    217.0
	
 
	
 
	
 
	
    234.0
	
 
	
 
	
 
	
    234.6
	
 
	
 
	
 
	
    257.0
	
 
	
 
	
 
	
    258.7
	
 

	

    Total shareholders’ equity

	
 
	
 
	
    127.8
	
 
	
 
	
 
	
    118.3
	
 
	
 
	
 
	
    122.1
	
 
	
 
	
 
	
    103.5
	
 
	
 
	
 
	
    124.0
	
 

	

    Consolidated Cash Flow Data — Continuing Operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
    $
	
    22.1
	
 
	
 
	
    $
	
    17.0
	
 
	
 
	
    $
	
    23.0
	
 
	
 
	
    $
	
    (15.5
	
    )
	
 
	
    $
	
    (13.3
	
    )

	

    Other Data:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Depreciation and amortization

	
 
	
    $
	
    13.0
	
 
	
 
	
    $
	
    12.4
	
 
	
 
	
    $
	
    13.1
	
 
	
 
	
    $
	
    15.7
	
 
	
 
	
    $
	
    19.1
	
 

	

    Capital expenditures

	
 
	
 
	
    (7.7
	
    )
	
 
	
 
	
    (12.8
	
    )
	
 
	
 
	
    (11.4
	
    )
	
 
	
 
	
    (8.5
	
    )
	
 
	
 
	
    (7.9
	
    )

    

    21

Table of Contents

		
	
    Item 7.  
	
    Management’s
    Discussion and Analysis of Financial Condition and Results of
    Operations

 

    Overview

 

    We are a leading global designer and manufacturer of gas and arc
    cutting and welding products, including equipment, accessories
    and consumables. Our products are used by manufacturing,
    construction, fabrication and foundry operations to cut, join
    and reinforce steel, aluminum and other metals. We design,
    manufacture and sell products in five principal categories:
    (1) gas equipment; (2) plasma power supplies, torches
    and consumable parts; (3) welding equipment; (4) arc
    accessories, including torches, guns, consumable parts and
    accessories; and (5) filler metals. We operate our business
    in one reportable segment.

 

    Demand for our products is highly cyclical because many of the
    end users of our products are themselves in highly cyclical
    industries, such as commercial construction, steel shipbuilding,
    petrochemical construction and general manufacturing. The demand
    for our products and, therefore, our results of operations are
    directly related to the level of production in these end-user
    industries. During the fourth quarter of 2008 and throughout
    much of 2009, we experienced declining demand from our customers
    as global economic conditions slowed and steel production, in
    particular, declined substantially. We have entered into a
    recessionary period within our sector of the economy that is of
    an indeterminate depth and duration.

 

    The availability and the cost of the components of our
    manufacturing processes, and particularly raw materials, are key
    determinants in achieving future success in the marketplace and
    in achieving profitability. Principal raw materials used are
    copper, brass, steel and plastic, which are widely available and
    need not be specifically manufactured for use by us. Certain
    other raw materials used in our hardfacing products, such as
    cobalt and chromium, are available primarily from sources
    outside the United States. Historically, we have been able to
    obtain adequate supplies of raw materials at acceptable prices.
    During 2008 and 2007, we experienced higher than historical
    average inflation on materials such as copper, steel and brass,
    which negatively affected margins. In 2009 most commodity costs
    declined dramatically in the global marketplace during the first
    six months, while in the second half of 2009, many commodity
    costs increased but not to the levels seen prior to 2009. We
    have reduced and continue to reduce our overhead and labor costs
    by improving our operational efficiency, relocating jobs,
    consolidating our manufacturing operations and outsourcing
    production of certain components and products.

 

    Our operating profit is affected by the mix of the products we
    sell, as margins are generally higher on torches and guns and
    their replacement parts, as compared to power supplies and
    filler metals.

 

    We sell our products domestically primarily through industrial
    welding distributors, retailers and wholesalers.
    Internationally, we sell our products through our sales force,
    independent distributors and wholesalers.

 

    For the year ended December 31, 2009, approximately 56% of
    our sales were made to customers in the U.S. Approximately
    one-half of our international sales are U.S. export sales
    and are denominated in U.S. dollars. The U.S. dollar
    exchange rate has been volatile but generally weakened relative
    to foreign currencies during 2009. The weakening of the
    U.S. dollar increases our international sales amounts as
    translated into U.S. dollars and also may serve to increase
    our export sales. This weakening of the U.S. dollar may
    also decrease our cost of manufacturing materials in certain of
    our foreign locations. Similarly, the strengthening of the
    U.S. dollar against other currencies may have the opposite
    effects on our international and export sales and the cost of
    certain of our manufacturing materials.

 

    Key
    Indicators

 

    Key economic measures relevant to our business include steel
    consumption, industrial production trends and purchasing manager
    indices. Industries that we believe provide a reasonable
    indication of demand for our products include construction and
    transportation, railcar manufacturing, oil and gas exploration,
    metal fabrication and farm machinery, shipbuilding, and railcar
    manufacturing. The trends in these industries provide important
    data to us in forecasting our business. Indicators with a more
    direct relationship to our business that might provide a
    forward-looking view of market conditions and demand for our
    products are not available.

    

    22

Table of Contents

    Key performance measurements we use to manage the business
    include orders, sales, commodity cost trends, operating expenses
    and efficiencies, inventory levels and fill-rates. The timing of
    these measurements varies but may be daily, weekly and monthly
    depending on the need for management information and the
    availability of data.

 

    Key financial measurements we use to evaluate the results of our
    business as well as the operations of our individual units
    include customer order levels and mix, sales order
    profitability, production volumes and variances, selling,
    general and administrative expenses, earnings before interest,
    taxes, depreciation and amortization, operating cash flows,
    capital expenditures and controllable working capital. We define
    controllable working capital as accounts receivable, inventory,
    and accounts payable. We review these measurements monthly,
    quarterly and annually and compare them over historical periods,
    as well as with objectives that are established by management
    and approved by our Board of Directors.

 

    Discontinued
    Operations

 

    In the years 2005 through 2007, the Company committed to plans
    to dispose of its non-core businesses which included C&G
    Systems (“C&G”), its Brazilian manufacturing
    operations, its South African operations, Soldaduras Soltec
    Limitada (“Soltec”) and Comercializadora Metalservice
    Limitada (“Metalservice”), and GenSet S.P.A. The
    dispositions were completed during the period of 2005 through
    2009. During 2009, the building and land associated with our
    former Brazilian operations were sold and the liability amounts
    recorded for tax matters, employee severance obligations and
    other estimated liabilities were increased. A gain, net of tax,
    of $1.1 million was recorded related to Brazil during 2009
    including a gain of $2.9 million on the sale of the
    facilities, a charge of $1.1 million to revise the
    estimates of the remaining liabilities, and income tax expense
    of $0.7 million. As of December 31, 2009 the Brazilian
    operations show remaining liabilities, primarily associated with
    tax matters, of $2.2 million for which the timing of
    resolution is uncertain. The remaining liabilities have
    classified within Accrued and Other Liabilities as of
    December 31, 2009. Also in 2009, the note received in the
    sale of our South African operations was settled and the Company
    recorded a gain of $1.9 million in discontinued operations
    and $0.5 million of interest income was recorded in
    continuing operations related to this transaction. Further
    details of the discontinued operations are provided in
    Note 3 — Discontinued Operations.

 

    Results
    of Operations

 

    The results of operations set forth in the Income Statement on
    page F-5
    have been adjusted to reflect the impact of discontinued
    operations. See Note 3 — Discontinued
    Operations in our consolidated financial statements.

 

    The following description of results of operations is presented
    for the years ended December 31, 2009, 2008, and 2007.

 

    2009
    Compared to 2008

 

    Net sales from continuing operations for the year ended
    December 31, 2009 were $347.7 million, which was a
    32.7% decrease from net sales of $516.9 million in 2008.
    U.S. sales were $193.4 million for 2009, compared to
    $285.2 million for 2008, which is a decrease of 32.2%.
    International sales were $154.2 million for 2009, compared
    to $231.7 million for 2008, or a decrease of 33.5%. The
    decrease in net sales for the year ended December 31, 2009
    resulted from approximately $170 million in volume declines
    and $10 million in foreign currency translation, offset by
    an approximately $11 million increase due to price
    increases.

 

    Gross margin from continuing operations for the twelve months
    ended December 31, 2009 was $103.8 million, or 29.9%
    of net sales, compared to $159.1 million, or 30.8% of net
    sales, for the same period in 2008. In 2009, the Company
    experienced declines in raw material costs. Under its use of the
    LIFO inventory accounting method, the Company recorded a
    $4.3 million credit to cost of sales in the twelve months
    ended December 31, 2009. During 2008, the Company
    experienced increases in raw material costs and recorded a
    $4.1 million charge to cost of sales under its use of the
    LIFO inventory accounting method. In 2009, the Company reduced
    inventories in 2009 resulting in a liquidation of LIFO inventory
    costs, which reduced cost of sales by approximately
    $1.0 million. Excluding the effects of LIFO, gross margin
    for the twelve months ended December 31, 2009 was
    $99.5 million, or 28.6% of net sales, decreasing from
    $163.1 million, or 31.6%, for the same period in 2008. The
    decrease in the 2009 gross margin percentage as compared to
    2008, excluding LIFO effects, reflects the manufacturing cost
    inefficiencies arising from

    

    23

Table of Contents

    reduced production volumes throughout the year and the high raw
    material costs, particularly during the first three months of
    2009. During 2009, these cost increases were offset in part by
    cost savings from productivity initiatives of an estimated
    $12 million under the Company’s Total Cost
    Productivity (TCP) initiative.

 

    Selling, general and administrative expenses
    (“SG&A”) were $81.5 million, or 23.4% of net
    sales, for the twelve months ended December 31, 2009, as
    compared to $112.1 million, or 21.7% of net sales, for the
    twelve months ended December 31, 2008. SG&A expenses
    in 2009 include restructuring charges for severance expenses of
    $3.8 million, payable to employees who elected to
    participate in an early retirement program and amounts payable
    to manufacturing personnel placed on permanent lay-off status
    and to salaried employees whose positions eliminated in
    connection with further organizational restructurings. The 2008
    SG&A expenses reflect organizational restructuring charges
    for severance expenses of $3.6 million payable to employees
    whose positions were eliminated in connection with cost
    reduction efforts in response to economic and market
    uncertainties. SG&A expenses in 2009 also include a
    $1.1 million charge from the write off of a
    Venezuelan-based customer receivable judged uncollectible and a
    $1.0 million charge for customs duties assessed by a
    foreign jurisdiction relative to prior years.

 

    Interest expense for the twelve months ended December 31,
    2009 was $20.9 million, which compares to
    $20.3 million for the twelve months ended December 31,
    2008. The interest rate increased 80 basis points to an
    average effective interest rate of 10% for 2009 compared to
    2008, due to the higher interest rate under the Second Lien
    Facility and the increase in the Special Interest adjustment to
    the Senior Subordinated Notes. The increased average interest
    rate was partially offset by the lower average debt in 2009 of
    $210 million as compared to $220 million for 2008.

 

    Other income for 2009 includes $5.9 million as a result of
    a settlement gain relating to the termination of a majority of
    the Company’s health care plans for retired employees
    effective July 31, 2009.

 

    An income tax provision of $2.7 million was recorded on
    pretax income from continuing operations of $3.8 million
    for the twelve months ended December 31, 2009 versus an
    income tax provision of $12.1 million on pretax income from
    continuing operations of $22.6 million for 2008. For 2009,
    the effective income tax rate was 70% versus 53% in 2008. For
    2009 and 2008, the incremental effective tax rate arises from
    the effect of deferred U.S. income tax expenses recorded on
    certain foreign earnings in addition to the foreign taxes
    payable currently on those earnings. The currently payable
    income tax provision for 2009 and 2008 relates primarily to
    earnings in foreign countries. Operating loss carryovers offset
    substantially all U.S. currently payable income taxes.

 

    Discontinued operations reported net income of $3.1 million
    for the twelve months ended December 31, 2009 compared to
    net income of $0.2 million for the twelve months ended
    December 31, 2008. The change in results for discontinued
    operations primarily relates to the gain recorded for Brazil on
    the sale of building and land, net of charges to adjust the
    remaining liabilities, and collection of a note receivable
    associated with the sale of the South African business. The
    South African sale closed on May 25, 2007 with
    $13.8 million net cash received at closing along with a
    note due in May 2010 in the amount of 30 million South
    African Rand and bearing 14% interest payable. In April 2009,
    the note was settled and the Company recorded a gain of
    $1.9 million. The Company also recorded $0.5 million
    of interest income in continuing operations related to this
    transaction.

 

    2008
    Compared to 2007

 

    Net sales from continuing operations for the year ended
    December 31, 2008 were $516.9 million, which was a
    4.6% increase over net sales of $494.0 million for the same
    twelve months in 2007. U.S. sales were $285.2 million
    for 2008, compared to $292.6 million for 2007, which is a
    decrease of 2.5%. International sales were $231.7 million
    for the twelve months ended December 31, 2008 compared to
    $201.4 million for the same period of 2007, or an increase
    of 15.0%. Net sales for the twelve months ended
    December 31, 2008 increased approximately $23 million
    with approximately $20 million from price increases,
    $2 million due to foreign currency translation and
    $1 million from volume. In the fourth quarter of 2008, the
    Company’s sales declined substantially from the trends in
    the first three quarters as global economic conditions,
    particularly in steel production, deteriorated. The fourth
    quarter 2008 sales were 16% less than the comparable 2007
    quarter with a $21 million sales decline of which
    approximately $20 million was from volume.

    

    24

Table of Contents

    Gross margin from continuing operations for the twelve months
    ended December 31, 2008 was $159.1 million, or 30.8%
    of net sales, compared to $154.4 million, or 31.2% of net
    sales, for the same period in 2007. The gross margin decline is
    due to increases in the costs of materials such as copper, brass
    and steel partially offset by manufacturing cost savings and
    improved pricing administration consisting of sales price
    increases. The impact of increases in materials and production
    supply cost reduced gross margin by an estimated
    $26 million. These material cost increases were offset in
    part by cost savings from productivity initiatives of an
    estimated $18 million under the Company’s Total Cost
    Productivity (TCP) initiative.

 

    Selling, general and administrative expenses
    (“SG&A”) were $112.1 million, or 21.7% of
    net sales, for the twelve months ended December 31, 2008 as
    compared to $106.0 million, or 21.5% of net sales, for the
    twelve months ended December 31, 2007. The increase in
    SG&A includes severance cost charges of $3.6 million
    arising from the fourth quarter 2008 decision to reduce salaried
    personnel due to the decline in economic conditions. Foreign
    currency transactional gains and losses reflected in SG&A
    for the twelve months ended December 31, 2008 and 2007 were
    losses of $0.7 million and gains of $0.4 million,
    respectively. The remaining increase in SG&A expenses in
    2008 compared to 2007 reflect increases of $1.4 million for
    general cost increases including increases in new product
    development activities and the addition of sales and operations
    personnel throughout the Company’s worldwide facilities.

 

    Interest expense for the twelve months ended December 31,
    2008 was $20.3 million, which compares to
    $26.8 million for the twelve months ended December 31,
    2007. The average indebtedness during 2008 was approximately 10%
    less than in the prior year. In addition, the average effective
    interest rate declined approximately 170 basis points
    during 2008. This decline in the effective interest rate
    reflects the combined benefit of the lower LIBOR rates and the
    reduced interest rate for the Working Capital and the Second
    Lien Facilities, as a result of the amendments to the agreements
    in June 2007. During 2008, approximately 40% of the
    Company’s indebtedness was variable with changes in LIBOR.
    The reduction of the Special Interest Adjustment on the Senior
    Subordinated Notes also resulted in a reduction in interest rate
    in 2008.

 

    An income tax provision of $12.1 million from continuing
    operations was recorded on pretax income of $22.6 million
    for the year ended December 31, 2008. For 2008, the
    effective income tax rate was 53% versus 34% in the comparable
    prior year period. In its income tax expense, the Company
    includes in U.S. taxable income a portion of the
    Company’s foreign earnings without the recognition of the
    related benefit of foreign tax credits, which are carried
    forward. In both years, certain collateral pledges pursuant to
    the Working Capital Facility required inclusion of a portion of
    the foreign earnings in U.S. taxable income. For the year
    ended December 31, 2007, an income tax provision of
    $5.5 million was recorded on a pretax income of
    $16.2 million from continuing operations. An income tax
    benefit of $4.0 million was recognized in 2007 due to the
    reduction of previously recorded state income tax contingencies.

 

    Discontinued operations reported net income of $0.2 million
    for the twelve months ended December 31, 2008 compared to a
    net loss of $2.0 million for the twelve months ended
    December 31, 2007. During 2008, operational activities in
    Brazil ceased early in the year and a contract for sale of the
    Brazilian land and buildings was signed in late 2008. The
    Company closed the sale in September 2009. The year 2007 loss
    results primarily from operational activities of the
    discontinued units. See Note 3 — Discontinued
    Operations to the consolidated financial statements.

 

    Restructuring
    and Other Charges

 

    As of December 31, 2008, the company accrued restructuring
    charges of $3.6 million for severance related expenses
    payable to approximately 110 salaried employees whose positions
    were eliminated in connection with cost reduction efforts in
    response to economic and market uncertainties. At that time,
    this initiative reduced the salaried work force approximately
    13%. As a result, the Company reduced its annual compensation
    and benefit costs by approximately $7.5 million. The
    majority of the severance costs were paid in the first and
    second quarters of 2009.

 

    In the first quarter of 2009, the Company offered a voluntary
    retirement program and accrued restructuring charges for
    $1.3 million in separation pay and COBRA benefits payable
    under the program. Approximately

    

    25

Table of Contents

    50 employees elected to participate. As a result, the
    Company reduced its annual compensation and benefit costs by
    approximately $3.1 million. The amounts were substantially
    paid through August 2009.

 

    Subsequent to the first quarter of 2009, the Company recorded
    additional restructuring charges of $2.4 million for
    severance expenses. The charges relate to manufacturing
    personnel placed on permanent lay-off status, salaried positions
    eliminated in connection with further organizational
    restructurings and additional personnel electing to participate
    in the voluntary retirement program initiated in the first
    quarter. These actions affected approximately
    237 employees, 225 of whom were placed on permanent lay-off
    or had their positions eliminated and 12 of whom participated in
    the early retirement program. As a result, the Company reduced
    its annual compensation and benefit costs by approximately
    $5.5 million.

 

    Liquidity
    and Capital Resources

 

    Liquidity.  Our principal uses of cash are
    capital expenditures, working capital and debt repayment
    obligations, including repayment of debt pursuant to the
    “Excess Cash Flow” provision of our Senior
    Subordinated Notes Indenture. We expect to fund ongoing
    requirements for working capital from operating cash flow and
    borrowings under the Working Capital Facility. This Facility was
    amended in June 2009 and February 2010 and matures in June 2012,
    as discussed below.

 

    In 2009, we generated $3.0 million net cash in conducting
    continuing operations. Net debt repayments were
    $16.3 million, which consisted of $22.9 million in
    repayment of the Working Capital Facility and $2.6 million
    of purchases of our Senior Subordinated Notes, offset by
    increased borrowings under the Second Lien Facility of
    $9.2 million.

 

    In 2010, we anticipate capital expenditures will be
    $15 million to $18 million including $10 million
    to $12 million to expand existing manufacturing facilities.
    Our existing debt service obligations in 2010 excluding interest
    expense and repayments on the Working Capital Facility, will be
    approximately $9 million. This includes $6 million in
    repayments of borrowings under our Second Lien Facility and
    $2 million related to our capital lease obligations. We
    expect our operating cash flows and available borrowings under
    the Working Capital Facility will be sufficient to meet our
    anticipated capital expenditures and debt service requirements.
    Additional debt repayments required, if any, by the Excess Cash
    Flow provision of the Senior Subordinated Notes Indenture, which
    would be payable by April 2011, and our other long-term
    obligations for 2010 would also be funded through operating cash
    flows and the Working Capital Facility.

 

    At December 31, 2009, the Company was in compliance with
    its financial covenants. The Company has sufficient funding to
    fulfill its current debt repayment obligations. The Company has
    funding for capital expenditure commitments and will not proceed
    with other planned capital expenditures unless it is in
    compliance with the fixed charge coverage covenant of the
    Working Capital Facility. To reduce expenses, actions were
    implemented early in 2009 which included layoffs of production
    personnel, reduction of the global salaried work force, deferral
    of salary increases, and broad based efforts to reduce
    discretionary spending. The Company anticipates it will maintain
    a level of expenses aligned with the current reduced sales
    volumes.

 

    Failure to comply with our financial covenants in future periods
    would result in defaults under our credit agreements unless
    covenants are amended or waived. We believe the most restrictive
    financial covenant under our Working Capital Facility is the
    “fixed charge coverage” covenant, which was amended on
    February 23, 2010 in connection with an amendment to the
    Credit Agreement. This covenant requires EBITDA (as defined in
    the Amended Credit Agreement) to be at least 1.10 of Fixed
    Charges (as defined in the Credit Agreement) on a trailing
    twelve months basis except during 2009 and the first two
    quarters of 2010, as described below. Under the Second Lien
    Facility, we believe that the most restrictive financial
    covenant is the “senior leverage ratio” covenant,
    which requires that debt, including total debt less the Senior
    Subordinated Notes and cash, not exceed 2.75 times EBITDA (as
    defined in the Amended Second Lien Agreement). Compliance is
    measured quarterly based on the trailing four quarters. A
    default of the financial covenants under the Working Capital
    Facility or Second Lien Facility would constitute a default
    under the Senior Subordinated Notes. An event of default under
    our credit agreements, if not waived, could result in the
    acceleration of these debt obligations and, consequently, our
    debt obligations under our Senior Subordinated Notes.

    

    26

Table of Contents

    Our debt structure, terms, covenants, and a history of these
    instruments are described below.

 

    Working Capital Facility.  Certain subsidiaries
    of the Company are borrowers under the Third Amended and
    Restated Credit Agreement, dated June 29, 2007 as amended
    (the “Credit Agreement”), with General Electric
    Capital Corporation as agent and lender. The Credit Agreement:
    (i) matures on June 29, 2012; (ii) provides a
    revolving credit commitment of up to $70 million (the
    “Working Capital Facility”), which includes
    (a) an asset based facility and (b) an amortizing
    $10 million property, plant and equipment facility;
    (iii) provides for interest rate percentages applicable to
    the asset base; (iv) limits the senior leverage ratio to
    2.75; (v) provides for an interest rate of
    90-day LIBOR
    plus 4.00%; (vi) includes a prepayment fee of 2% if the
    Facility is terminated prior to June 27, 2010 or 1% prior
    to June 27, 2011; and (vii) includes a minimum fixed
    charge coverage ratio for the twelve-months ended June 30,
    2009 and September 30, 2009 of 0.95 and 0.825,
    respectively, 1.00 for the quarter ended December 31, 2009
    and 1.10 thereafter. With respect to the quarters ending
    December 31, 2009, March 31, 2010 and June 30,
    2010, the calculation is based on the results for the three
    months, six months, and nine months periods ending on such
    dates, respectively. The calculation for quarters ending
    September 30, 2010 and thereafter is based on the twelve
    month periods then ending. Borrowings under the Working Capital
    Facility may not exceed 85% of eligible receivables plus the
    lesser of (i) 85% of the net orderly liquidation value of
    eligible inventories or (ii) 65% of the book value of
    eligible inventories less customary reserves, plus machinery at
    appraised value not to exceed $10 million.

 

    At December 31, 2009, $3.9 million of letters of
    credit were outstanding under the Credit Agreement. Unused
    availability was $35.9 million as of December 31,
    2009. The Working Capital Facility includes a lockbox agreement
    that requires all receipts to be swept daily to reduce
    borrowings outstanding under the revolving line of credit.

 

    Second Lien Facility.  On August 14, 2009,
    the Company entered into the 2009 Amended and Restated Second
    Lien Credit Agreement with the agent and the lenders party
    thereto (the “Amended Second Lien Agreement”). The
    Amended Second Lien Agreement refinanced the loans outstanding
    under the Second Lien Credit Agreement dated July 29, 2004.
    Under the Amended Second Lien Agreement, the Company issued a
    new $25 million Second Lien Facility at 92.346% of the face
    amount, repaid the $14 million balance of the Second Lien
    Facility and realized $9 million of net proceeds. The
    maturity date was extended from November 7, 2010 to
    November 30, 2012,and certain assets of the Company’s
    Australian subsidiaries were added as collateral for the loans.
    The Amended Second Lien Agreement permits a single prepayment of
    as much as $14 million beginning April 1, 2010 through
    August 30, 2010 in lieu of repurchasing outstanding Senior
    Subordinated Notes with excess cash flow, and prepayment of the
    balance beginning August 30, 2010. The applicable interest
    rate was changed to, at the Company’s option, (a) the
    greater of LIBOR or 6%, plus 6% or (b) the greater of the
    prime rate, the federal funds rate plus one half of 1.00% or 6%,
    plus 6%. At issuance and through December 31, 2009, the
    interest rate payable is 12%, and the effective interest rate,
    including amortization of the issuance discount, is 15%. The
    lenders under the previous Second Lien Credit Agreement and
    additional entities each became lenders under the Amended Second
    Lien Agreement.

 

    Senior Subordinated Notes.  The Senior
    Subordinated Notes (the “Notes”) accrue interest at
    9.25% per annum, which is payable semiannually in cash. The
    Notes are guaranteed by our domestic subsidiaries, which are
    also borrowers or guarantors under the Working Capital Facility
    and the Second Lien Facility, and certain of our foreign
    subsidiaries. The Notes contain customary covenants and events
    of default, including covenants that limit our ability and our
    subsidiaries’ abilities to incur debt, pay dividends and
    make certain investments. Subject to certain conditions, we must
    annually use our Excess Cash Flow (as defined in the Indenture)
    either to make permanent repayments of our senior debt or to
    extend a repurchase offer to the holders of the Notes pursuant
    to which we will offer to repurchase outstanding Notes at a
    purchase price of 101% of their principal amount. The
    “Excess Cash Flow” amount for 2009 was
    $6.0 million, and we will repay this amount of Second Lien
    borrowings on or before April 15, 2010 in satisfaction of
    this obligation under the Indenture. The Indenture provides for
    the payment of additional Special Interest on the Senior
    Subordinated Notes, initially at a rate of 1.25% per annum. The
    Special Interest is subject to adjustment increasing to 1.75% if
    the consolidated leverage ratio exceeds 6.00 with incremental
    interest increases to a maximum of 2.75% if the consolidated
    leverage ratio increases to 7.0. The Special Interest declines
    to 0.75% if the consolidated leverage ratio declines below 4.0
    and declines incrementally to 0% when the consolidated leverage
    ratio is less than 3.0.

    

    27

Table of Contents

    Shelf Registration of Common Stock.  During
    2008, the Securities and Exchange Commission declared effective
    the Company’s shelf registration statement covering
    5,996,555 shares of our common stock. Of the
    5,996,555 shares, 4,496,555 were registered by the Company
    on behalf of Angelo, Gordon & Co., L.P. (which
    exercises voting and dispositive powers over certain shares of
    Company common stock held by Angelo, Gordon & Co.,
    L.P. affiliates and clients), and 1,500,000 shares were
    registered for future offer and sale by the Company. The Company
    and Angelo, Gordon & Co., L.P. may offer for sale any
    or all of their respective registered shares from time to time
    prior to the expiration of the shelf registration statement. The
    Company’s ability and willingness to issue securities under
    the aforementioned registration statement will depend on market
    conditions at the time of any desired offering.

 

    Working Capital and Cash Flows.  The operating
    activities of our continuing operations provided
    $22.1 million of cash during the year ended
    December 31, 2009, compared to cash provided of
    $17.6 million during the year ended December 31, 2008.
    This includes the changes in operating assets and liabilities,
    which provided $15.0 million of cash for the year ended
    December 31, 2009, compared to $10.4 million of cash
    used in the year ended December 31, 2008 and consisted of:

 

			
	 	    • 
	
    Accounts receivable decreases provided $19.4 million of
    cash in 2009, compared to $7.1 million of cash provided
    during the year ended December 31, 2008. The decrease in
    accounts receivable in 2009 resulted from the substantial
    decrease in sales during the year.

	 
	 	    • 
	
    Inventory decreases provided $32.3 million of cash in 2009
    compared to the $15.4 million used in the year ended
    December 31, 2008. Inventories were decreased during 2009
    in response to significant declines in customer orders.

	 
	 	    • 
	
    Prepaid expenses increased using $2.9 million of cash in
    2009 compared to $0.8 provided in 2008. The increase arises
    primarily from the asset associated with a U.S. dollar
    currency hedge by our Australian subsidiary.

	 
	 	    • 
	
    Accounts payable reductions used $21.0 million of cash in
    2009, which compares to the use of $1.9 million of cash in
    the year ended December 31, 2008. Throughout 2009, our
    volume of business was severely contracting as a result of the
    global economic decline. Accordingly, during 2009, the Company
    was paying vendors for previous materials purchases while
    reducing new purchases in connection with reducing inventory
    levels. In addition, in December 2009 we accelerated
    approximately $16 million of payments to our vendors and
    service providers.

	 
	 	    • 
	
    Accrued interest and other expense accrual decreases used
    $9.7 million of cash in 2009 compared to $0.2 million
    used in 2008. The accrued liabilities at year end 2009 for
    severance payments, customer rebates and incentive compensation
    were less than at year end 2008 due to declines in the volumes
    of our business and early payment in 2009 of customer rebates
    typically paid in the subsequent year. Accrued other expenses
    also includes approximately $3.0 million for the liability
    associated with a U.S. dollar currency hedge by our
    Australian subsidiary.

 

    Cash used for capital expenditures was $7.7 million during
    the year ended December 31, 2009, compared to
    $13.4 million used for capital expenditures in the year
    ended December 31, 2008.

 

    Financing activities used $12.8 million of cash during 2009
    and used $3.2 million during 2008. Net debt repayments were
    $16.3 million in 2009 and $2.9 million during 2008. In
    2009, financing activities include a $0.5 million use of
    cash associated with the reversal of prior year stock
    compensation and $3.3 million of cash provided in 2008 for
    stock options exercised and non-cash stock compensation charges.
    The Company received a $2.5 million payment in 2009 upon
    terminating an interest rate hedge agreement.

 

    The purchase of the minority interest in our Italian
    manufacturing operations and the purchase of our partner’s
    interest in our Chinese manufacturing venture required an
    aggregate use of $3.9 million of cash in 2008.

    

    28

Table of Contents

    Contractual
    Obligations and Commercial Commitments

 

    In the normal course of business, we enter into contracts and
    commitments that obligate us to make payments in the future. The
    table below sets forth our significant future obligations by
    time period.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Payments Due by Period
	
 

	
 
	
 
	
 
	
 
	
 
	
    Less Than

    
	
 
	
 
	
    1-3

    
	
 
	
 
	
    3-5

    
	
 
	
 
	
    More Than

    
	
 

	

    Contractual Obligations

	
 
	
    Total
	
 
	
 
	
    1 Year
	
 
	
 
	
    Years
	
 
	
 
	
    Years
	
 
	
 
	
    5 Years
	
 

	
 
	
 
	
    (Dollars in thousands)
	
 

	 

	

    Long-term debt

	
 
	
    $
	
    207,155
	
 
	
 
	
    $
	
    16,106
	
 
	
 
	
    $
	
    18,223
	
 
	
 
	
    $
	
    172,826
	
 
	
 
	
    $
	
    —
	
 

	

    Interest payments related to long-term debt

	
 
	
 
	
    69,398
	
 
	
 
	
 
	
    18,956
	
 
	
 
	
 
	
    33,173
	
 
	
 
	
 
	
    17,269
	
 
	
 
	
 
	
    —
	
 

	

    Capital leases

	
 
	
 
	
    9,869
	
 
	
 
	
 
	
    2,452
	
 
	
 
	
 
	
    3,674
	
 
	
 
	
 
	
    3,052
	
 
	
 
	
 
	
    691
	
 

	

    Operating leases

	
 
	
 
	
    33,634
	
 
	
 
	
 
	
    6,832
	
 
	
 
	
 
	
    9,890
	
 
	
 
	
 
	
    8,518
	
 
	
 
	
 
	
    8,394
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total

	
 
	
    $
	
    320,056
	
 
	
 
	
    $
	
    44,346
	
 
	
 
	
    $
	
    64,960
	
 
	
 
	
    $
	
    201,665
	
 
	
 
	
    $
	
    9,085
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The amounts shown for capital leases exclude the effective
    interest expense component. At December 31, 2009, we had
    issued letters of credit totaling $3.9 million under the
    Working Capital Facility. See Note 17 to the consolidated
    financial statements for the Company’s obligation with
    respect to its pension and post-retirement benefit plans.

 

    Market
    Risk and Risk Management Policies

 

    Our earnings and cash flows are subject to exposure to changes
    in the prices of certain commodities, particularly copper, brass
    and steel. Our earnings and cash flows are also impacted by
    fluctuations in foreign currency exchange rates as well as
    changes in the interest rates on our debt arrangements. Our
    Working Capital Facility and Second Lien Facility related
    interest costs are subject to change with changes in LIBOR, and
    the interest rate on the Senior Subordinated Notes is subject to
    change based on our debt to EBITDA leverage ratio. See
    Item 7A. “Quantitative and Qualitative Disclosures
    About Market Risk,” for a further discussion.

 

    Effect of
    Inflation and Deflation; Seasonality

 

    In an environment of decreasing raw material prices and
    recessionary economic pressures, competitive conditions can
    cause sales price discounting before we can recover the higher
    costs of previously purchased materials. Conversely, in an
    environment of increasing raw material costs wherein we are
    increasing prices, we may not be able to increase prices quickly
    enough. Our agreements with customers require 60 to 90 days
    notice and various administrative procedures are necessary to
    implement the changes. To the extent we are unable to maintain
    our sales prices to our customers, or to react as quickly as the
    market may change, our profitability could be adversely affected.

 

    In an environment of increasing raw material prices, competitive
    conditions can affect how much of the price increases we can
    recover in the form of higher unit sales prices. To the extent
    we are unable to pass on any price increases to our customers;
    our profitability could be adversely affected. Furthermore,
    restrictions in the supply of cobalt, chromium and other raw
    materials could adversely affect our operating results. In
    addition, certain of our customers rely heavily on raw
    materials, and to the extent there are fluctuations in prices,
    it could affect orders for our products and our financial
    performance. Our general operating expenses, such as salaries,
    employee benefits and facilities costs, are subject to normal
    inflationary pressures. Our operations are generally subject to
    mild seasonal increases in the second and third calendar
    quarters.

 

    Critical
    Accounting Policies

 

    Our consolidated financial statements are based on the selection
    and application of significant accounting policies, some of
    which require management to make estimates and assumptions. We
    review these estimates and assumptions periodically to assess
    their reasonableness. If necessary, these estimates and
    assumptions may be changed and updated. No material adjustments
    to our accounting policies have been made in 2009. We believe
    the following are the more critical judgmental areas in the
    application of our accounting policies that affect our financial
    condition and results of operations.

    

    29

Table of Contents

    Inventories

 

    Inventories are a significant asset, representing 16% of total
    assets at December 31, 2009. They are valued at the lower
    of cost or market, with our U.S. subsidiaries using the
    last in, first-out (LIFO) method, which represents 70% of
    consolidated inventories, and our foreign subsidiaries using the
    first-in,
    first-out (FIFO) method, which represents 30% of consolidated
    inventories.

 

    We continually apply judgment in valuing our inventories by
    assessing the net realizable value of our inventories based on
    current expected selling prices, as well as factors such as
    obsolescence and excess stock. We provide reserves as judged
    necessary. If we do not achieve our expectations of the net
    realizable value of our inventory, future losses may occur.

 

    Accounts
    Receivable and Allowances

 

    We maintain an allowance for doubtful accounts for estimated
    losses from the failure of our customers to make required
    payments for amounts owed. We estimate this allowance based on
    knowledge and review of historical receivables, write-off trends
    and reserve trends, the financial condition of our customers and
    other pertinent information. If the financial condition of our
    customers deteriorates or an unfavorable trend in receivable
    collections is experienced in the future, additional allowances
    may be required.

 

    Property,
    Plant and Equipment

 

    Property, plant and equipment are carried at cost and are
    depreciated using the straight-line method. The average
    estimated lives utilized in calculating depreciation are as
    follows: buildings — 25 years and machinery and
    equipment — three to ten years. Property, plant and
    equipment recorded under capital leases are depreciated based on
    the lesser of the lease term or the underlying asset’s
    useful life. Impairment losses are recorded on long-lived assets
    when events and circumstances indicate the assets might be
    impaired and the undiscounted cash flows estimated to be
    generated by those assets are less than their carrying amounts.
    During the fourth quarter of 2007, the Company recorded an
    impairment loss related to the decision to dispose of its
    cutting table business. During the fourth quarter of 2006, the
    Company recorded an impairment loss related to the decision to
    dispose of the South Africa and Brazil businesses. These
    impairment losses were recorded as the fair value of the
    businesses was determined to be below the carrying value of the
    net assets. See Note 3 — Discontinued
    Operations. No such losses were incurred as of
    December 31, 2008 or 2009.

 

    Intangible
    Assets

 

    Patents and customer relationships are amortized on a
    straight-line basis over their estimated useful lives, which
    generally range from 10 to 20 years. We account for these
    intangible assets in accordance with generally accepted
    accounting principles, which require us to assess the
    recoverability of these assets when events or changes in
    circumstances indicate that the carrying amount of the
    long-lived asset group might not be recoverable. If impairment
    indicators exist, we determine whether the projected
    undiscounted cash flows will be sufficient to recover the
    carrying value of such assets. This requires us to make
    significant judgments about the expected future cash flows of
    the asset group. The future cash flows are dependent on general
    and economic conditions and are subject to change.

 

    Goodwill and trademarks are tested for impairment annually, as
    of October 1st, or more frequently if events occur or
    circumstances change that would, more likely than not, reduce
    the fair value of the reporting unit below its carrying value.
    The impairment analysis is performed on a consolidated
    enterprise level based on one reporting unit. The impairment
    test involves the comparison of our updated estimate of the
    enterprise fair value to the carrying amount. An impairment
    would be recorded if the carrying amount exceeded the estimated
    enterprise fair value. To estimate enterprise fair value,
    management relies primarily on its determination of the present
    value of expected future cash flows. Significant judgments and
    estimates about current and future conditions are used to
    estimate the fair value. In estimating future cash flows,
    management estimates future sales volumes, sales prices, changes
    in commodity costs and the weighted cost of capital. Management
    also considers market value comparables and the current market
    capitalization of the Company in determining whether an
    impairment exists. Due to the deterioration of global economic
    conditions during 2009, we performed impairment testing
    quarterly in 2009. An impairment

    

    30

Table of Contents

    analysis was completed in the fourth quarter, and no adjustment
    to the carrying value of goodwill was deemed necessary during
    2009 based on estimates of future cash flows. Unforeseen events
    and changes in circumstances and market conditions, including
    general economic and competitive conditions could cause actual
    results to vary significantly from the estimates. See
    Note 7 — Intangible Assets.

 

    Trademarks are generally associated with the Company’s
    product brands, and cash flows associated with these products
    are expected to continue indefinitely. The Company has placed no
    limit on the end of the Company’s trademarks’ useful
    lives. As of December 31, 2009, there was no impairment of
    trademarks.

 

    Revenue
    Recognition

 

    The Company sells a majority of its products through
    distributors with standard terms of sale of FOB shipping point
    or FOB destination. Under all circumstances, revenue is
    recognized when persuasive evidence of an arrangement exists,
    the seller’s price is fixed and determinable, and
    collectibility is reasonably assured.

 

    The Company sponsors a number of annual incentive programs to
    augment distributor sales efforts including certain rebate
    programs and sales and market share growth incentive programs.
    Rebate programs established by the Company are communicated to
    distributors at the beginning of the year and are earned by
    qualifying distributors based on increases in purchases of
    identified product categories and based on relative market share
    of the Company’s products in the distributor’s service
    area. We accrue the estimated costs throughout the year and the
    costs associated with these sales programs are recorded as a
    reduction of revenue. Rebates are paid periodically during the
    year.

 

    Terms of sale to generally include
    30-day
    payment terms, return provisions and standard warranties for
    which reserves, based upon estimated warranty liabilities from
    historical experience, have been recorded. For a product that is
    returned due to issues outside the scope of the Company’s
    warranty agreements, restocking charges will generally be
    assessed.

 

    Research
    and Development Costs

 

    Research and development is conducted in connection with new
    product development with costs of approximately
    $2.7 million and $4.3 million in 2009 and 2008,
    respectively. The costs relate to materials used in the
    development process and allocated engineering personnel costs
    and are reflected in “Selling, general &
    administrative expenses” as incurred.

 

    Income
    Taxes

 

    We establish provisions for taxes to take into account the
    effects of timing differences between financial and tax
    reporting. These differences relate primarily to the excess of
    the fresh-start accounting valuation over the tax basis of our
    primary operating subsidiary, net operating loss carryforwards,
    fixed assets, intangible assets and post-employment benefits.

 

    We record a valuation allowance when, in our assessment, it is
    more likely than not that a portion or all of our deferred tax
    assets will not be realized. In making this assessment we
    consider the scheduled reversal of deferred tax liabilities, tax
    planning strategies and projected future taxable income. At
    December 31, 2009, a valuation allowance has been recorded
    against our deferred tax assets which consist primarily of
    U.S. net operating loss carryovers. The amount of the
    deferred tax assets considered realizable could change in the
    future if our assessment of future taxable income or tax
    planning strategies changes.

 

    A substantial portion of the earnings of our foreign
    subsidiaries are included in our U.S. income tax return
    under I.R.C. Section 956. This requires the earnings of a
    foreign subsidiary which guarantees the borrowings of its
    U.S. parent to be included in U.S. income. Upon actual
    distribution of those earnings previously taxed under I.R.C.
    Section 956, we are not subject to U.S. income taxes
    but may be subject to withholding taxes payable in the foreign
    jurisdiction. See Note 13 — Income Taxes
    to the consolidated financial statements.

 

    For the undistributed earnings of
    non-U.S. subsidiaries
    not subject to I.R.C. Section 956, no provision is made for
    U.S. income taxes. These earnings are permanently invested
    or otherwise indefinitely retained for continuing

    

    31

Table of Contents

    international operations. Determination of the amount of taxes
    that might be paid on these undistributed earnings is not
    practicable.

 

    We are periodically audited by U.S. and foreign tax
    authorities regarding the amount of taxes due. In evaluating
    issues raised in such audits, reserves are provided for
    exposures as appropriate. To the extent we were to prevail in
    matters for which accruals have been established or be required
    to pay amounts in excess of reserves, the effective tax rate in
    a given financial statement period may be impacted.

 

    As a result of the 2003 bankruptcy restructuring, the Company
    recognized cancellation of indebtedness income. Under Internal
    Revenue Code Section 108, this cancellation of indebtedness
    income is not recognized for income tax purposes, but reduced
    various tax attributes, primarily the tax basis in the stock of
    a subsidiary, for which a deferred tax liability was recorded.
    The final determination of the reduction in the tax attributes
    was made following the bankruptcy restructuring with the filing
    of the Company’s federal tax return.

 

    Factors
    That May Affect Future Results

 

    For a discussion of factors that may affect future results see
    “Risk Factors.”

 

    Recently
    Issued Accounting Standards

 

    Business Combinations.  The Company adopted
    Accounting Standards Codification (“ASC”) Topic 805,
    “Business Combinations,” effective January 1,
    2009. This establishes principles and requirements for how an
    acquirer recognizes and measures in its financial statements the
    identifiable assets acquired, the liabilities assumed, any
    noncontrolling interest in the acquiree and the goodwill
    acquired. After adoption of this pronouncement, the benefit of
    net operating loss carryovers reduces income tax expense as the
    carryovers are utilized.

 

    Subsequent Events.  The Company adopted ASC
    Subtopic
    855-10,
    “Subsequent Events” effective June 15, 2009. This
    establishes general standards of accounting for and disclosure
    of events that occur after the balance sheet date but before
    financial statements are issued or are available to be issued.
    The adoption of this statement did not have a material effect on
    the Company’s financial statements.

 

    The Company has determined that all other recently issued
    accounting pronouncements will not have a material impact on its
    consolidated financial position, results of operations and cash
    flows, or do not apply to its operations.

 

		
	
    Item 7A.  
	
    Quantitative
    and Qualitative Disclosures About Market Risk

 

    Our primary financial market risks relate to fluctuations in
    commodity prices, currency exchange rates and interest rates.

 

    Copper, brass and steel constitute a significant portion of our
    raw material costs. These commodities are subject to price
    fluctuations which we may not be able to recover and maintain
    historical margins depending upon competitive pricing conditions
    at the time. When feasible, we attempt to establish fixed price
    purchase commitments with suppliers to provide stability in our
    materials component costs for periods of three to six months. We
    have not experienced and do not anticipate constraints on the
    availability of these commodities.

 

    Approximately one-half of our international sales are export
    sales from the United States which are primarily denominated in
    U.S. dollars. The balance of the international sales arises
    from sales conducted primarily in Australia/Asia, Canada and
    Europe. Our exposure to foreign currency transactions is
    partially mitigated through our manufacturing locations in
    Australia, China, Italy, Malaysia, and Mexico. Our Australian
    operations execute 60 and 90 day forward purchase
    commitments for U.S. dollars to help provide stability in
    the cost of purchased materials and components. However, our
    financial results could be significantly affected by changes in
    foreign currency exchange rates in the foreign markets. We are
    most susceptible to a strengthening U.S. dollar, which
    would have a negative effect on our export sales and a negative
    effect on the translation of local currency financial statements
    into U.S. dollars, our reporting currency. We may also
    incur transaction gains or losses resulting from changes in
    foreign currency exchange rates primarily between our U.K.
    distribution operations and continental Europe, but we do not
    expect these to be material to our financial results.

    

    32

Table of Contents

    We are exposed to changes in interest rates through our Working
    Capital Facility which has LIBOR-based variable interest rates.
    At December 31, 2009, borrowings under this agreement were
    $9.6 million. With this amount of variable rate debt, a
    hypothetical 100 basis point change in LIBOR would result
    in a change in interest expense of approximately $100 thousand
    annually. On February 1, 2009, the counterparty terminated
    the $50 million notational
    fixed-to-variable
    swap agreement related to our Senior Subordinated Notes. Our
    Second Lien Credit Agreement interest rate is also variable with
    LIBOR but includes a 6% floor and we do not anticipate changes
    in this rate resulting from changes in LIBOR for the foreseeable
    future.

 

		
	
    Item 8.  
	
    Financial
    Statements and Supplementary Data

 

    The financial statements that are filed as part of this Annual
    Report on
    Form 10-K
    are set forth in the Index to Consolidated Financial Statements
    at
    page F-1
    hereof.

 

		
	
    Item 9.  
	
    Changes
    in and Disagreements with Accountants on Accounting and
    Financial Disclosure

 

    None

 

		
	
    Item 9A.  
	
    Controls
    and Procedures

 

		
	
    (a)  
	
    Evaluation
    of Disclosure Controls and Procedures

 

    The Company’s management maintains disclosure controls and
    procedures that are designed to provide reasonable assurances
    that information required to be disclosed in the reports we file
    or submit under the Securities Exchange Act of 1934 is recorded,
    processed, summarized and reported within the time periods
    specified in the Commission’s rules and forms. These
    controls and procedures are also designed to ensure that such
    information is accumulated and communicated to our management,
    including our principal executive and principal financial
    officer, or persons performing similar functions as appropriate,
    to allow timely decisions regarding required disclosure. In
    designing and evaluating disclosure controls and procedures, we
    have recognized that any controls and procedures, no matter how
    well designed and operated, can provide only reasonable
    assurance of achieving the desired control objective. Management
    is required to apply judgment in evaluating its controls and
    procedures.

 

    Under the supervision of and with the participation of
    management, including the President and the Chief Financial
    Officer, the Company conducted an evaluation of the
    effectiveness of the design and operation of our disclosure
    controls and procedures, as such term is defined in
    Rules 13a-15(e)
    and
    15d-15(e) of
    the Securities Exchange Act of 1934, as of December 31,
    2009. Based on this evaluation, the President and the Chief
    Financial Officer concluded that the Company’s disclosure
    controls and procedures were effective as of December 31,
    2009.

 

		
	
    (b)  
	
    Management’s
    Assessment of Internal Control Over Financial
    Reporting

 

    The Company’s management is responsible for establishing
    and maintaining adequate internal control over financial
    reporting, as such term is defined in Exchange Act
    Rules 13a-15(f)
    and
    15d-15(f).
    Under the supervision and with the participation of the
    Company’s management, including the President and the Chief
    Financial Officer, the Company conducted an evaluation of the
    effectiveness of internal control over financial reporting as of
    December 31, 2009 based on the framework in “Internal
    Control — Integrated Framework” issued by the
    Committee of Sponsoring Organizations of the Treadway Commission
    (COSO). Based on the Company’s evaluation under such
    framework, management concluded that the Company’s internal
    control over financial reporting was effective as of
    December 31, 2009.

 

    The Company’s auditors KPMG LLP, an independent registered
    public accounting firm, have issued an audit report on the
    effectiveness of the Company’s internal control over
    financial reporting as of December 31, 2009, which is
    included below.

 

		
	
    (c)  
	
    Changes
    in Internal Control Over Financial Reporting

 

    There have been no changes in the Company’s internal
    control over financial reporting that occurred during the fourth
    quarter of 2009 that materially affected, or are reasonably
    likely to materially affect, the Company’s internal control
    over financial reporting.

    

    33

Table of Contents

    Report of
    Independent Registered Public Accounting Firm

 

    The Board of Directors and Stockholders

    Thermadyne Holdings Corporation:

 

    We have audited Thermadyne Holdings Corporation’s internal
    control over financial reporting as of December 31, 2009,
    based on criteria established in Internal Control —
    Integrated Framework issued by the Committee of Sponsoring
    Organizations of the Treadway Commission (COSO). Thermadyne
    Holdings Corporation’s management is responsible for
    maintaining effective internal control over financial reporting
    and for its assessment of the effectiveness of internal control
    over financial reporting, included in the accompanying
    Management’s Assessment of Internal Control over Financial
    Reporting. Our responsibility is to express an opinion on the
    Company’s internal control over financial reporting based
    on our audit.

 

    We conducted our audit in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether effective internal control
    over financial reporting was maintained in all material
    respects. Our audit included obtaining an understanding of
    internal control over financial reporting, assessing the risk
    that a material weakness exists, and testing and evaluating the
    design and operating effectiveness of internal control based on
    the assessed risk. Our audit also included performing such other
    procedures as we considered necessary in the circumstances. We
    believe that our audit provides a reasonable basis for our
    opinion.

 

    A company’s internal control over financial reporting is a
    process designed to provide reasonable assurance regarding the
    reliability of financial reporting and the preparation of
    financial statements for external purposes in accordance with
    generally accepted accounting principles. A company’s
    internal control over financial reporting includes those
    policies and procedures that (1) pertain to the maintenance
    of records that, in reasonable detail, accurately and fairly
    reflect the transactions and dispositions of the assets of the
    company; (2) provide reasonable assurance that transactions
    are recorded as necessary to permit preparation of financial
    statements in accordance with generally accepted accounting
    principles, and that receipts and expenditures of the company
    are being made only in accordance with authorizations of
    management and directors of the company; and (3) provide
    reasonable assurance regarding prevention or timely detection of
    unauthorized acquisition, use, or disposition of the
    company’s assets that could have a material effect on the
    financial statements.

 

    Because of its inherent limitations, internal control over
    financial reporting may not prevent or detect misstatements.
    Also, projections of any evaluation of effectiveness to future
    periods are subject to the risk that controls may become
    inadequate because of changes in conditions, or that the degree
    of compliance with the policies or procedures may deteriorate.

 

    In our opinion, Thermadyne Holdings Corporation maintained, in
    all material respects, effective internal control over financial
    reporting as of December 31, 2009, based on criteria
    established in Internal Control — Integrated
    Framework issued by the Committee of Sponsoring
    Organizations of the Treadway Commission.

 

    We also have audited, in accordance with the standards of the
    Public Company Accounting Oversight Board (United States), the
    consolidated balance sheets of Thermadyne Holdings Corporation
    as of December 31, 2009 and 2008, and the related
    consolidated statements of operations, shareholders’
    equity, and cash flows for each of the years in the three-year
    period ended December 31, 2009, and our report dated
    March 8, 2010 expressed an unqualified opinion on those
    consolidated financial statements.

 

    KPMG
    LLP

    

 

    St. Louis, Missouri

    March 8, 2010

    

    34

Table of Contents

		
	
    Item 9B.  
	
    Other
    Information

 

    None

 

    PART III

 

		
	
    Item 10.  
	
    Directors,
    Executive Officers and Corporate Governance

 

    The Company plans to file the 2010 Proxy Statement pursuant to
    Regulation 14A of the Exchange Act prior to April 30,
    2010. Except for the information set forth in this Item 10
    and the information concerning our executive officers set forth
    in Part I, Item 1, Business
    — Executive Officers of the Registrant, of this
    annual report on
    Form 10-K
    for the fiscal year ended December 31, 2009, which
    information is incorporated herein by reference, the information
    required by this item is incorporated by reference from the 2010
    Proxy Statement.

 

    The Company has adopted a code of ethics applicable to certain
    members of Company management, including its principal executive
    officer, principal financial officer, principal accounting
    officer and controller, or persons performing similar functions.
    The code of ethics is available on the Company’s website at
    www.thermadyne.com. The Company will provide to any person
    without charge, upon request, a copy of the code of ethics. A
    request for the code of ethics should be made by writing to the
    Company’s Secretary,
    c/o Thermadyne
    Holdings Corporation, 16052 Swingley Ridge Road, Suite 300,
    Chesterfield, Missouri 63017. The Company intends to satisfy the
    disclosure requirement under Item 10 (now
    item 5.05(c)) of
    Form 8-K
    regarding the amendment to, or a waiver from, a provision of
    this code of ethics that applies to the Company’s principal
    executive officer, principal financial officer, principal
    accounting officer or controller, or persons performing similar
    functions and that relates to any element of the code of ethics
    definition enumerated in Item 406(b) of
    Regulation S-K
    by posting such information on its website at www.thermadyne.com.

 

    There have been no material changes to the procedures by which
    security holders may recommend nominees to the Company’s
    board of directors since the filing of the Company’s
    quarterly report on
    Form 10-Q
    for the fiscal quarter ended September 30, 2009.

 

    The board of directors has determined that Ms. Gordon is
    (i) an audit committee financial expert, as such term is
    defined in Item 407(d)(5)(ii) of
    Regulation S-K,
    and (ii) “independent,” as such term is defined
    in the listing standards of the NASDAQ Stock Market.

 

		
	
    Item 11.  
	
    Executive
    Compensation

 

    Information required by this item is set forth under the
    captions “Compensation Discussion and Analysis,”
    “Compensation Committee Report,” “Compensation of
    Directors,” “2009 Summary Compensation Table,”
    “2009 Grants of Plan-Based Awards,” “Outstanding
    Equity Awards at 2009 Fiscal Year-End,” “Employment
    Agreements,” “Potential Payments upon Termination or
    Change in Control” and “Compensation Committee
    Interlocks and Insider Participation” in the 2010 Proxy
    Statement and is incorporated herein by reference.

 

		
	
    Item 12.  
	
    Security
    Ownership of Certain Beneficial Owners and Management and
    Related Stockholder Matters

 

    Certain information required by this item is set forth under the
    caption “Information about Stock Ownership” in the
    2010 Proxy Statement and is incorporated herein by reference.

    

    35

Table of Contents

    Information concerning securities authorized for issuance under
    the Company’s equity compensation plans is set forth in the
    table below:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Number of

    

	
 
	
 
	
 
	
 
	
 
	
 
	
    Securities

    

	
 
	
 
	
 
	
 
	
 
	
 
	
    Remaining Available

    

	
 
	
 
	
    Number of

    
	
 
	
 
	
 
	
    for Future Issuance

    

	
 
	
 
	
    Securities to be

    
	
 
	
 
	
 
	
    Under Equity

    

	
 
	
 
	
    Issued Upon

    
	
 
	
    Weighted-Average

    
	
 
	
    Compensation Plans

    

	
 
	
 
	
    Exercise of

    
	
 
	
    Exercise Price of

    
	
 
	
    (Excluding

    

	
 
	
 
	
    Outstanding

    
	
 
	
    Outstanding

    
	
 
	
    Securities

    

	
 
	
 
	
    Options, Warrants

    
	
 
	
    Options, Warrants

    
	
 
	
    Reflected in Column

    

	
 
	
 
	
    and Rights

    
	
 
	
    and Rights

    
	
 
	
    (a))

    

	

    Plan Category

	
 
	
    (a)
	
 
	
    (b)
	
 
	
    (c)

	 

	

    Equity compensation plans approved by security holders

	
 
	
 
	
    1,190,578
	
 
	
 
	
    $
	
    12.72
	
 
	
 
	
 
	
    436,456
	
 

	

    Equity compensation plans not approved by security holders

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Total

	
 
	
 
	
    1,190,578
	
 
	
 
	
    $
	
    12.72
	
 
	
 
	
 
	
    436,456
	
 

 

		
	
    Item 13.  
	
    Certain
    Relationships and Related Transactions, and Director
    Independence

 

    The information required by this item is set forth under the
    captions “Certain Relationships and Related
    Transactions” and “Board and Committee
    Meetings-Independent Directors” in the 2010 Proxy Statement
    and is incorporated herein by reference.

 

		
	
    Item 14.  
	
    Principal
    Accountant Fees and Services

 

    The information required by this item is set forth under the
    caption “Independent Registered Public Accountant Fees and
    Other Matters” in the 2010 Proxy Statement and is
    incorporated herein by reference.

    

    36

 

 

    PART IV

 

		
	
    Item 15.  
	
    Exhibits
    and Financial Statement Schedules

 

    Financial
    Statements and Schedules

 

    The following documents are filed as part of this report:

 

	 	 	 	 	 
	
 
	
 
	
    Page

	 

	

    Report of Independent Registered Public
    Accounting Firm — KPMG LLP

	
 
	 
	
    39
	 

	

    Consolidated Balance Sheets as of
    December 31, 2009 and 2008

	
 
	 
	
    40
	 

	

    Consolidated Statements of Operations for the
    years ended December 31, 2009, December 31, 2008, and
    December 31, 2007

	
 
	 
	
    41
	 

	

    Consolidated Statements of Stockholders’
    Equity for the years ended December 31, 2009,
    December 31, 2008, and December 31, 2007

	
 
	 
	
    42
	 

	

    Consolidated Statements of Cash Flows for the
    years ended December 31, 2009, December 31, 2008, and
    December 31, 2007

	
 
	 
	
    43
	 

	

    Notes to Consolidated Financial Statements

	
 
	 
	
    44
	 

 

    All schedules for which provision is made in the applicable
    accounting regulation of the Commission are not required under
    the related instructions, are included in the financial
    statements or are inapplicable and therefore have been omitted.

 

    Exhibits

 

    See “Exhibit Index” immediately following
    “Signatures,” below, which is hereby incorporated by
    reference thereto.

    

    37

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    INDEX TO
    CONSOLIDATED FINANCIAL STATEMENTS

 

	 	 	 	 	 
	
 
	
 
	
    Page

	 

	

    Report of Independent Registered Public
    Accounting Firm — KPMG LLP

	
 
	 
	
    39
	 

	

    Consolidated Balance Sheets as of
    December 31, 2009 and 2008

	
 
	 
	
    40
	 

	

    Consolidated Statements of Operations for the
    years ended December 31, 2009, 2008, and 2007

	
 
	 
	
    41
	 

	

    Consolidated Statements of Stockholders’
    Equity for the years ended December 31, 2009, 2008, and
    2007

	
 
	 
	
    42
	 

	

    Consolidated Statements of Cash Flows for the
    years ended December 31, 2009, 2008, and 2007

	
 
	 
	
    43
	 

	

    Notes to Consolidated Financial Statements

	
 
	 
	
    44
	 

    

    38

Table of Contents

 

    REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

    The Board of Directors and Stockholders

    Thermadyne Holdings Corporation:

 

    We have audited the accompanying consolidated balance sheets of
    Thermadyne Holdings Corporation (the Company) as of
    December 31, 2009 and 2008, and the related consolidated
    statements of operations, shareholders’ equity, and cash
    flows for each of the years in the three-year period ended
    December 31, 2009. These consolidated financial statements
    are the responsibility of the Company’s management. Our
    responsibility is to express an opinion on these consolidated
    financial statements based on our audits.

 

    We conducted our audits in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. An audit includes examining, on a
    test basis, evidence supporting the amounts and disclosures in
    the financial statements. An audit also includes assessing the
    accounting principles used and significant estimates made by
    management, as well as evaluating the overall financial
    statement presentation. We believe that our audits provide a
    reasonable basis for our opinion.

 

    In our opinion, the consolidated financial statements referred
    to above present fairly, in all material respects, the financial
    position of Thermadyne Holdings Corporation as of
    December 31, 2009 and 2008, and the results of their
    operations and their cash flows for each of the years in the
    three-year period ended December 31, 2009, in conformity
    with U.S. generally accepted accounting principles.

 

    We also have audited, in accordance with the standards of the
    Public Company Accounting Oversight Board (United States), the
    Company’s internal control over financial reporting as of
    December 31, 2009, based on criteria established in
    Internal Control — Integrated Framework issued
    by the Committee of Sponsoring Organizations of the Treadway
    Commission (COSO), and our report dated March 8, 2010
    expressed an unqualified opinion on the effectiveness of the
    Company’s internal control over financial reporting.

 

    As discussed in note 2 to the consolidated financial
    statements, effective as of January 1, 2009 the Company
    adopted Accounting Standards Codification (“ASC”)
    Topic 805, “Business Combinations”.

 

    KPMG
    LLP

    

 

    St. Louis, Missouri

    March 8, 2010

    

    39

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONSOLIDATED
    BALANCE SHEETS

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	
 
	
 
	
    (Dollars in thousands,

    
	
 

	
 
	
 
	
    except share data)
	
 

	 

	

    Current Assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents

	
 
	
    $
	
    14,886
	
 
	
 
	
    $
	
    11,916
	
 

	

    Accounts receivable, less allowance for doubtful accounts of
    $400 and $900, respectively

	
 
	
 
	
    56,589
	
 
	
 
	
 
	
    72,044
	
 

	

    Inventories

	
 
	
 
	
    74,381
	
 
	
 
	
 
	
    102,479
	
 

	

    Prepaid expenses and other

	
 
	
 
	
    9,255
	
 
	
 
	
 
	
    5,443
	
 

	

    Assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    916
	
 

	

    Deferred tax assets

	
 
	
 
	
    3,008
	
 
	
 
	
 
	
    2,277
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current assets

	
 
	
 
	
    158,119
	
 
	
 
	
 
	
    195,075
	
 

	

    Property, plant and equipment, net of accumulated depreciation
    of $55,082 and $46,653, respectively

	
 
	
 
	
    46,687
	
 
	
 
	
 
	
    47,501
	
 

	

    Goodwill

	
 
	
 
	
    187,818
	
 
	
 
	
 
	
    184,043
	
 

	

    Intangibles, net

	
 
	
 
	
    58,451
	
 
	
 
	
 
	
    60,783
	
 

	

    Other assets

	
 
	
 
	
    3,870
	
 
	
 
	
 
	
    6,967
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total assets

	
 
	
    $
	
    454,945
	
 
	
 
	
    $
	
    494,369
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Current Liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital facility

	
 
	
    $
	
    9,643
	
 
	
 
	
    $
	
    32,531
	
 

	

    Current maturities of long-term obligations

	
 
	
 
	
    8,915
	
 
	
 
	
 
	
    2,060
	
 

	

    Accounts payable

	
 
	
 
	
    9,598
	
 
	
 
	
 
	
    30,823
	
 

	

    Accrued and other liabilities

	
 
	
 
	
    23,119
	
 
	
 
	
 
	
    28,295
	
 

	

    Accrued interest

	
 
	
 
	
    7,608
	
 
	
 
	
 
	
    6,558
	
 

	

    Income taxes payable

	
 
	
 
	
    705
	
 
	
 
	
 
	
    2,849
	
 

	

    Deferred tax liability

	
 
	
 
	
    2,793
	
 
	
 
	
 
	
    3,253
	
 

	

    Liabilities related to assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,266
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current liabilities

	
 
	
 
	
    62,381
	
 
	
 
	
 
	
    111,635
	
 

	

    Long-term obligations, less current maturities

	
 
	
 
	
    198,466
	
 
	
 
	
 
	
    199,454
	
 

	

    Deferred tax liabilities

	
 
	
 
	
    52,835
	
 
	
 
	
 
	
    47,292
	
 

	

    Other long-term liabilities

	
 
	
 
	
    13,471
	
 
	
 
	
 
	
    17,685
	
 

	

    Stockholders’ equity:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Common stock, $0.01 par value:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Authorized — 25,000,000 shares

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Issued and outstanding — 13,539,998 shares at
    December 31, 2009 and 13,509,698 shares at
    December 31, 2008

	
 
	
 
	
    135
	
 
	
 
	
 
	
    135
	
 

	

    Additional paid-in capital

	
 
	
 
	
    188,791
	
 
	
 
	
 
	
    189,256
	
 

	

    Accumulated deficit

	
 
	
 
	
    (65,063
	
    )
	
 
	
 
	
    (69,245
	
    )

	

    Accumulated other comprehensive income/(loss)

	
 
	
 
	
    3,929
	
 
	
 
	
 
	
    (1,843
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total shareholders’ equity

	
 
	
 
	
    127,792
	
 
	
 
	
 
	
    118,303
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total liabilities and shareholders’ equity

	
 
	
    $
	
    454,945
	
 
	
 
	
    $
	
    494,369
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    40

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONSOLIDATED
    STATEMENTS OF OPERATIONS

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	
 
	
 
	
    (Dollars in thousands, except per share data)
	
 

	 

	

    Net sales

	
 
	
    $
	
    347,655
	
 
	
 
	
    $
	
    516,908
	
 
	
 
	
    $
	
    493,975
	
 

	

    Cost of goods sold

	
 
	
 
	
    243,861
	
 
	
 
	
 
	
    357,855
	
 
	
 
	
 
	
    339,622
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gross margin

	
 
	
 
	
    103,794
	
 
	
 
	
 
	
    159,053
	
 
	
 
	
 
	
    154,353
	
 

	

    Selling, general and administrative expenses

	
 
	
 
	
    81,466
	
 
	
 
	
 
	
    112,122
	
 
	
 
	
 
	
    106,033
	
 

	

    Amortization of intangibles

	
 
	
 
	
    2,693
	
 
	
 
	
 
	
    2,675
	
 
	
 
	
 
	
    2,921
	
 

	

    Net periodic postretirement benefits

	
 
	
 
	
    (45
	
    )
	
 
	
 
	
    322
	
 
	
 
	
 
	
    1,087
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income

	
 
	
 
	
    19,680
	
 
	
 
	
 
	
    43,934
	
 
	
 
	
 
	
    44,312
	
 

	

    Other income (expenses):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest, net

	
 
	
 
	
    (20,850
	
    )
	
 
	
 
	
    (20,304
	
    )
	
 
	
 
	
    (26,799
	
    )

	

    Amortization of deferred financing costs

	
 
	
 
	
    (1,052
	
    )
	
 
	
 
	
    (938
	
    )
	
 
	
 
	
    (1,444
	
    )

	

    Settlement of retiree medical obligations

	
 
	
 
	
    5,863
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Other

	
 
	
 
	
    147
	
 
	
 
	
 
	
    (80
	
    )
	
 
	
 
	
    82
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income from continuing operations before income tax provision
    and discontinued operations

	
 
	
 
	
    3,788
	
 
	
 
	
 
	
    22,612
	
 
	
 
	
 
	
    16,151
	
 

	

    Income tax provision

	
 
	
 
	
    2,657
	
 
	
 
	
 
	
    12,089
	
 
	
 
	
 
	
    5,515
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income from continuing operations

	
 
	
 
	
    1,131
	
 
	
 
	
 
	
    10,523
	
 
	
 
	
 
	
    10,636
	
 

	

    Income (loss) from discontinued operations, net of tax

	
 
	
 
	
    3,051
	
 
	
 
	
 
	
    185
	
 
	
 
	
 
	
    (1,971
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    4,182
	
 
	
 
	
    $
	
    10,708
	
 
	
 
	
    $
	
    8,665
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.08
	
 
	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.80
	
 

	

    Discontinued operations

	
 
	
 
	
    0.23
	
 
	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.15
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    0.31
	
 
	
 
	
    $
	
    0.80
	
 
	
 
	
    $
	
    0.65
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.08
	
 
	
 
	
    $
	
    0.78
	
 
	
 
	
    $
	
    0.79
	
 

	

    Discontinued operations

	
 
	
 
	
    0.22
	
 
	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.15
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    0.30
	
 
	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.64
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    41

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONSOLIDATED
    STATEMENTS OF STOCKHOLDERS’ EQUITY

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Accumulated

    
	
 
	
 
	
 
	
 

	
 
	
 
	
    Common Stock
	
 
	
 
	
    Additional

    
	
 
	
 
	
 
	
 
	
 
	
    Other

    
	
 
	
 
	
    Total

    
	
 

	
 
	
 
	
    Number of

    
	
 
	
 
	
    Par

    
	
 
	
 
	
    Paid-In

    
	
 
	
 
	
    Accumulated

    
	
 
	
 
	
    Comprehensive

    
	
 
	
 
	
    Stockholders’

    
	
 

	
 
	
 
	
    Shares
	
 
	
 
	
    Value
	
 
	
 
	
    Capital
	
 
	
 
	
    Deficit
	
 
	
 
	
    Income (Loss)
	
 
	
 
	
    Equity
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    (Dollars in thousands, except share data)
	
 
	
 
	
 
	
 

	 

	

    December 31, 2006

	
 
	
 
	
    13,336
	
 
	
 
	
    $
	
    133
	
 
	
 
	
    $
	
    184,804
	
 
	
 
	
    $
	
    (88,618
	
    )
	
 
	
    $
	
    7,185
	
 
	
 
	
    $
	
    103,504
	
 

	

    Comprehensive income (loss):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,665
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,665
	
 

	

    Foreign currency translation, net of tax

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,873
	
 
	
 
	
 
	
    5,873
	
 

	

    Minimum pension liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (877
	
    )
	
 
	
 
	
    (877
	
    )

	

    Minimum post retirement liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,892
	
 
	
 
	
 
	
    2,892
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive income

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    16,553
	
 

	

    Common stock issuance-Employee stock

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    purchase plan

	
 
	
 
	
    10
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    138
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    138
	
 

	

    Exercise of stock options

	
 
	
 
	
    22
	
 
	
 
	
 
	
    1
	
 
	
 
	
 
	
    279
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    280
	
 

	

    Stock compensation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,609
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,609
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    December 31, 2007

	
 
	
 
	
    13,368
	
 
	
 
	
    $
	
    134
	
 
	
 
	
    $
	
    186,830
	
 
	
 
	
    $
	
    (79,953
	
    )
	
 
	
    $
	
    15,073
	
 
	
 
	
    $
	
    122,084
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive income (loss):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    10,708
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    10,708
	
 

	

    Foreign currency translation, net of tax

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (10,990
	
    )
	
 
	
 
	
    (10,990
	
    )

	

    Minimum pension liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,098
	
    )
	
 
	
 
	
    (7,098
	
    )

	

    Minimum post retirement liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,172
	
 
	
 
	
 
	
    1,172
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive loss

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    (6,208
	
    )

	

    Common stock issuance-Employee stock

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    purchase plan

	
 
	
 
	
    11
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    130
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    130
	
 

	

    Exercise of stock options

	
 
	
 
	
    131
	
 
	
 
	
 
	
    1
	
 
	
 
	
 
	
    1,818
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,819
	
 

	

    Stock compensation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    478
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    478
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    December 31, 2008

	
 
	
 
	
    13,510
	
 
	
 
	
    $
	
    135
	
 
	
 
	
    $
	
    189,256
	
 
	
 
	
    $
	
    (69,245
	
    )
	
 
	
    $
	
    (1,843
	
    )
	
 
	
    $
	
    118,303
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive income (loss):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    4,182
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    4,182
	
 

	

    Foreign currency translation, net of tax

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    7,279
	
 
	
 
	
 
	
    7,279
	
 

	

    Minimum pension liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    318
	
 
	
 
	
 
	
    318
	
 

	

    Minimum post retirement liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,825
	
    )
	
 
	
 
	
    (1,825
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive loss

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    9,954
	
 

	

    Common stock issuance-Employee stock

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    purchase plan

	
 
	
 
	
    30
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    114
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    114
	
 

	

    Exercise of stock options

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Stock compensation

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (579
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (579
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    December 31, 2009

	
 
	
 
	
    13,540
	
 
	
 
	
    $
	
    135
	
 
	
 
	
    $
	
    188,791
	
 
	
 
	
    $
	
    (65,063
	
    )
	
 
	
    $
	
    3,929
	
 
	
 
	
    $
	
    127,792
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    42

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONSOLIDATED
    STATEMENTS OF CASH FLOWS

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	
 
	
 
	
    (Dollars in thousands)
	
 

	 

	

    Cash flows from continuing operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from operating activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    4,182
	
 
	
 
	
    $
	
    10,708
	
 
	
 
	
    $
	
    8,665
	
 

	

    Adjustments to reconcile net income to net cash provided by
    (used in) operating activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    (Income)/loss from discontinued operations

	
 
	
 
	
    (3,051
	
    )
	
 
	
 
	
    (185
	
    )
	
 
	
 
	
    1,971
	
 

	

    Depreciation and amortization

	
 
	
 
	
    12,962
	
 
	
 
	
 
	
    12,365
	
 
	
 
	
 
	
    13,117
	
 

	

    Deferred income taxes

	
 
	
 
	
    (1,069
	
    )
	
 
	
 
	
    4,850
	
 
	
 
	
 
	
    (1,233
	
    )

	

    Net periodic post-retirement benefits

	
 
	
 
	
    (5,908
	
    )
	
 
	
 
	
    322
	
 
	
 
	
 
	
    1,087
	
 

	

    Changes in operating assets and liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accounts receivable

	
 
	
 
	
    19,351
	
 
	
 
	
 
	
    7,052
	
 
	
 
	
 
	
    (2,001
	
    )

	

    Inventories

	
 
	
 
	
    32,264
	
 
	
 
	
 
	
    (15,440
	
    )
	
 
	
 
	
    9,076
	
 

	

    Prepaids

	
 
	
 
	
    (2,935
	
    )
	
 
	
 
	
    762
	
 
	
 
	
 
	
    540
	
 

	

    Accounts payable

	
 
	
 
	
    (20,998
	
    )
	
 
	
 
	
    (2,519
	
    )
	
 
	
 
	
    (1,268
	
    )

	

    Accrued and other liabilities

	
 
	
 
	
    (10,835
	
    )
	
 
	
 
	
    1,242
	
 
	
 
	
 
	
    (5,795
	
    )

	

    Accrued interest

	
 
	
 
	
    1,156
	
 
	
 
	
 
	
    (1,474
	
    )
	
 
	
 
	
    (225
	
    )

	

    Accrued taxes

	
 
	
 
	
    (2,367
	
    )
	
 
	
 
	
    103
	
 
	
 
	
 
	
    2,972
	
 

	

    Other long-term liabilities

	
 
	
 
	
    (669
	
    )
	
 
	
 
	
    (838
	
    )
	
 
	
 
	
    (3,453
	
    )

	

    Other, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    80
	
 
	
 
	
 
	
    (440
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by operating activities

	
 
	
 
	
    22,083
	
 
	
 
	
 
	
    17,028
	
 
	
 
	
 
	
    23,013
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from investing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Capital expenditures

	
 
	
 
	
    (7,695
	
    )
	
 
	
 
	
    (12,776
	
    )
	
 
	
 
	
    (11,358
	
    )

	

    Proceeds from sales of discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    500
	
 
	
 
	
 
	
    13,783
	
 

	

    Purchase of minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (838
	
    )
	
 
	
 
	
    —
	
 

	

    Purchase of outside interest in joint venture

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (3,055
	
    )
	
 
	
 
	
    —
	
 

	

    Other

	
 
	
 
	
    (361
	
    )
	
 
	
 
	
    (757
	
    )
	
 
	
 
	
    (487
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    (8,056
	
    )
	
 
	
 
	
    (16,926
	
    )
	
 
	
 
	
    1,938
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from financing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Borrowings under Working Capital Facility

	
 
	
 
	
    8,923
	
 
	
 
	
 
	
    27,751
	
 
	
 
	
 
	
    20,041
	
 

	

    Repayments of Working Capital Facility

	
 
	
 
	
    (31,811
	
    )
	
 
	
 
	
    (7,878
	
    )
	
 
	
 
	
    (24,989
	
    )

	

    Repurchase of Senior Subordinated Notes

	
 
	
 
	
    (2,632
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Borrowings under Second-Lien Facility and other

	
 
	
 
	
    25,075
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Repayments of Second-Lien Facility and other

	
 
	
 
	
    (15,823
	
    )
	
 
	
 
	
    (22,789
	
    )
	
 
	
 
	
    (16,725
	
    )

	

    Stock compensation expense

	
 
	
 
	
    (579
	
    )
	
 
	
 
	
    1,362
	
 
	
 
	
 
	
    1,609
	
 

	

    Exercise of employee stock purchases

	
 
	
 
	
    114
	
 
	
 
	
 
	
    1,949
	
 
	
 
	
 
	
    417
	
 

	

    Advances from (to) discontinued operations

	
 
	
 
	
    2,539
	
 
	
 
	
 
	
    (2,657
	
    )
	
 
	
 
	
    (837
	
    )

	

    Termination payment from derivative counterparty

	
 
	
 
	
    2,313
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Other, net

	
 
	
 
	
    (925
	
    )
	
 
	
 
	
    (891
	
    )
	
 
	
 
	
    (362
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash used in financing activities

	
 
	
 
	
    (12,806
	
    )
	
 
	
 
	
    (3,153
	
    )
	
 
	
 
	
    (20,846
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    1,749
	
 
	
 
	
 
	
    (1,192
	
    )
	
 
	
 
	
    744
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    2,970
	
 
	
 
	
 
	
    (4,243
	
    )
	
 
	
 
	
    4,849
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from discontinued operations

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
 
	
    337
	
 
	
 
	
 
	
    (2,574
	
    )
	
 
	
 
	
    812
	
 

	

    Net cash provided by sales of discontinued operations

	
 
	
 
	
    1,783
	
 
	
 
	
 
	
    500
	
 
	
 
	
 
	
    5,084
	
 

	

    Advances from (to) continuing operations

	
 
	
 
	
    (2,933
	
    )
	
 
	
 
	
    2,538
	
 
	
 
	
 
	
    (5,650
	
    )

	

    Effect of exchange rates on cash and cash equivalents

	
 
	
 
	
    228
	
 
	
 
	
 
	
    (155
	
    )
	
 
	
 
	
    30
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) discontinued operations

	
 
	
 
	
    (585
	
    )
	
 
	
 
	
    309
	
 
	
 
	
 
	
    276
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total increase (decrease) in cash and cash equivalents

	
 
	
 
	
    2,385
	
 
	
 
	
 
	
    (3,934
	
    )
	
 
	
 
	
    5,125
	
 

	

    Total cash and cash equivalents beginning of period

	
 
	
 
	
    12,501
	
 
	
 
	
 
	
    16,435
	
 
	
 
	
 
	
    11,310
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total cash and cash equivalents end of period

	
 
	
    $
	
    14,886
	
 
	
 
	
    $
	
    12,501
	
 
	
 
	
    $
	
    16,435
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents beginning of period

	
 
	
    $
	
    11,916
	
 
	
 
	
    $
	
    16,159
	
 
	
 
	
    $
	
    11,310
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    2,970
	
 
	
 
	
 
	
    (4,243
	
    )
	
 
	
 
	
    4,849
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents end of period

	
 
	
    $
	
    14,886
	
 
	
 
	
    $
	
    11,916
	
 
	
 
	
    $
	
    16,159
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Discontinued operations

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents beginning of period

	
 
	
    $
	
    585
	
 
	
 
	
    $
	
    276
	
 
	
 
	
    $
	
    —
	
 

	

    Net cash provided by (used in) discontinued operations

	
 
	
 
	
    (585
	
    )
	
 
	
 
	
    309
	
 
	
 
	
 
	
    276
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents end of period

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    585
	
 
	
 
	
    $
	
    276
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    See accompanying notes to consolidated financial statements.

    

    43

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS

    

    (In
    thousands, except share data)

 

		
	
    1.  
	
    The
    Company

 

    Thermadyne Holdings Corporation (“Thermadyne” or the
    “Company”), a Delaware corporation, is a global
    designer and manufacturer of gas and arc cutting and welding
    products, including equipment, accessories and consumables. Our
    products are used by manufacturing, construction, fabrication
    and foundry operations to cut, join and reinforce steel,
    aluminum and other metals. Common applications for the
    Company’s products include shipbuilding, railcar
    manufacturing, offshore oil and gas rig construction,
    fabrication and the repair and maintenance of manufacturing
    equipment and facilities. Welding and cutting products are
    critical to the operations of most businesses that fabricate
    metal, and the Company has well established and widely
    recognized brands.

 

		
	
    2.  
	
    Significant
    Accounting Policies

 

    Principles of consolidation.  The consolidated
    financial statements include the Company’s accounts and
    those of the majority-owned subsidiaries. All material
    intercompany balances and transactions have been eliminated in
    consolidation. Unconsolidated subsidiaries and investments are
    accounted for under the equity method.

 

    Estimates.  Preparation of financial statements
    in conformity with U.S. generally accepted accounting
    principles requires certain estimates and assumptions to be made
    that affect the reported amounts of assets and liabilities at
    the date of the financial statements and the reported amounts of
    revenues and expenses during the reporting period. Actual
    results could differ from those estimates. Any significant
    unanticipated changes in business or market conditions that vary
    from current expectations could have an impact on the fair
    market value of assets and result in a potential impairment loss.

 

    Inventories.  Inventories are valued at the
    lower of cost or market. Cost is determined using the
    last-in,
    first-out (“LIFO”) method for domestic subsidiaries
    and the
    first-in,
    first-out (“FIFO”) method for the Company’s
    foreign subsidiaries.

 

    Property, Plant and Equipment.  Property, plant
    and equipment are carried at cost and are depreciated using the
    straight-line method. The average estimated lives utilized in
    calculating depreciation are as follows: buildings —
    25 years and machinery and equipment — three to
    ten years. Property, plant and equipment recorded under capital
    leases are depreciated based on the lesser of the lease term or
    the underlying asset’s useful life. Impairment losses are
    recorded on long-lived assets when events and circumstances
    indicate the assets might be impaired and the undiscounted cash
    flows estimated to be generated by those assets are less than
    their carrying amounts.

 

    Deferred Financing Costs.  Loan origination
    fees and other costs incurred arranging long-term financing are
    capitalized as deferred financing costs and amortized on a
    straight-line basis over the term of the credit agreement.
    Deferred financing costs totaled $11,342 and $10,501, less
    related accumulated amortization of $7,864 and $6,890, at
    December 31, 2009 and 2008, respectively, and are
    classified as other assets in the accompanying consolidated
    balance sheets.

 

    Intangibles.  Goodwill and trademarks have
    indefinite lives. Patents and customer relationships are
    amortized on a straight-line basis over their estimated useful
    lives, which generally range from 10 to 20 years.

 

    Goodwill and trademarks are tested for impairment annually, as
    of October 1st, or more frequently if events occur or
    circumstances change that would, more likely than not, reduce
    the fair value of the reporting unit below its carrying value.
    The impairment analysis is performed on a consolidated
    enterprise level based on one reporting unit. The impairment
    test involves the comparison of our updated estimate of the
    enterprise fair value to the carrying amount. An impairment
    would be recorded if the carrying amount exceeded the estimated
    enterprise fair value. To estimate enterprise fair value,
    management relies primarily on its determination of the present
    value of expected future cash flows. Significant judgments and
    estimates about current and future conditions are used to
    estimate the fair value. In estimating future cash flows,
    management estimates future sales volumes, sales prices, changes
    in

    

    44

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    commodity costs and the weighted cost of capital. Management
    also considers market value comparables and the current market
    capitalization of the Company in determining whether an
    impairment exists. The annual impairment analysis was completed
    in the fourth quarter, and no adjustment to the carrying value
    of goodwill was deemed necessary based on estimates of future
    cash flows. Unforeseen events and changes in circumstances and
    market conditions, including general economic and competitive
    conditions could cause actual results to vary significantly from
    the estimates.

 

    Trademarks are generally associated with the Company’s
    product brands, and cash flows associated with these products
    are expected to continue indefinitely. The Company has placed no
    limit on the end of the Company’s trademarks’ useful
    lives. As of December 31, 2009, there was no impairment of
    trademarks. Se Note 7 — Intangible Assets.

 

    Product Warranty Programs.  Various products
    are sold with product warranty programs. Provisions for warranty
    programs are made as the products are sold and adjusted
    periodically based on current estimates of anticipated warranty
    costs. The following table provides the activity in the warranty
    accrual:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Years Ended December 31,
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Balance at beginning of period

	
 
	
    $
	
    2,961
	
 
	
 
	
    $
	
    3,072
	
 
	
 
	
    $
	
    2,978
	
 

	

    Charged to expenses

	
 
	
 
	
    2,053
	
 
	
 
	
 
	
    3,217
	
 
	
 
	
 
	
    3,548
	
 

	

    Warranty payments

	
 
	
 
	
    (2,714
	
    )
	
 
	
 
	
    (3,328
	
    )
	
 
	
 
	
    (3,454
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Balance at end of period

	
 
	
    $
	
    2,300
	
 
	
 
	
    $
	
    2,961
	
 
	
 
	
    $
	
    3,072
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Derivative Instruments.  The Company records
    derivatives and hedging activities on the balance sheet at their
    respective fair values. The Company does not use derivative
    instruments for trading or speculative purposes. The Company
    designates and documents all relationships between hedging
    instruments and hedged items, as well as its risk management
    objectives and strategies for undertaking hedge transactions.
    The Company also assesses, both at the inception of the hedge
    and on an on-going basis, whether the hedge is effective.

 

    Income Taxes.  Deferred tax assets and
    liabilities are recognized for the estimated future tax
    consequences attributable to temporary differences between the
    carrying value of assets and liabilities for financial reporting
    purposes and their tax basis. The measurement of current and
    deferred tax assets and liabilities is based on provisions of
    the enacted tax law; the effects of future changes in tax laws
    or rates are not anticipated. Based on available evidence, the
    measurement of deferred tax assets is reduced, if necessary, by
    the amount of any tax benefits that are not expected to be
    realized. The Company’s effective tax rate includes the
    impact of certain of the undistributed foreign earnings for
    which U.S. taxes have been provided because of the
    applicability of I.R.C. Section 956 for earnings of foreign
    entities which guarantee the indebtedness of a U.S. parent.
    See Note 12 — Income Tax to the
    consolidated financial statements.

 

    Stock Option Accounting.  All share-based
    payments to employees, including grants of employee stock
    options, to be recognized in the income statement based on their
    fair values. The Company utilizes the modified prospective
    method in which compensation cost is recognized beginning with
    the effective date (a) based on the requirements for all
    share-based payments granted after the effective date and
    (b) based on the requirements for all awards granted to
    employees prior to the effective date that remain unvested on
    the effective date. See Note 14 — Stock
    Options and Stock-Based Compensation to the consolidated
    financial statements.

 

    Revenue Recognition.  The Company sells a
    majority of its products through distributors with standard
    terms of sale of FOB shipping point or FOB destination. Under
    all circumstances, revenue is recognized when persuasive
    evidence of an arrangement exists, the seller’s price is
    fixed and determinable, and collectibility is reasonably assured.

    

    45

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    The Company sponsors a number of annual incentive programs to
    augment distributor sales efforts including certain rebate
    programs and sales and market share growth incentive programs.
    Rebate programs established by the Company are communicated to
    distributors at the beginning of the year and are earned by
    qualifying distributors based on increases in purchases of
    identified product categories and based on relative market share
    of the Company’s products in the distributor’s service
    area. We accrue the estimated costs throughout the year and the
    costs associated with these sales programs are recorded as a
    reduction of revenue. Rebates are paid periodically during the
    year.

 

    In both 2009 and 2008, the Company had one customer that
    comprised 11% of the Company’s global net sales. Our top
    five distributors comprised 27% of our global net sales in 2009
    and 2008

 

    Terms of sale generally include
    30-day
    payment terms, return provisions and standard warranties for
    which reserves, based upon estimated warranty liabilities from
    historical experience, have been recorded. For a product that is
    returned due to issues outside the scope of the Company’s
    warranty agreements, restocking charges will generally be
    assessed.

 

    Research and development costs .  Research and
    development is conducted in connection with new product
    development with costs of approximately $2,700 and $4,300 in
    2009 and 2008, respectively. The costs relate to materials used
    in the development process and allocated engineering personnel
    costs and are reflected in “Selling, general &
    administrative expenses” as incurred.

 

    Cash Equivalents.  All highly liquid
    investments purchased with a maturity of three months or less
    are considered to be cash equivalents.

 

    Foreign Currency Translation.  Local currencies
    have been designated as the functional currencies for all
    subsidiaries with the exception of the Company’s
    Hermosillo, Mexico operation whose functional currency has been
    designated the U.S. dollar. Accordingly, assets and
    liabilities of the other foreign subsidiaries are translated at
    the rates of exchange at the balance sheet date. Income and
    expense items of these subsidiaries are translated at average
    monthly rates of exchange.

 

    During the second quarter of 2008, the Company recorded an
    adjustment related to foreign currency translation. The impact
    of foreign currency in these items included an increase to
    goodwill of $1,174 and an increase to accumulated other
    comprehensive income of $920 net of $2,094 of deferred
    taxes at June 30, 2008. The effect of this adjustment would
    have increased goodwill by $4,558 and increased accumulated
    other comprehensive income by $2,072 net of $6,630 of
    deferred income taxes at December 31, 2007, a portion of
    which related to prior periods. This adjustment did not impact
    the Company’s net income or cash flows from operating,
    financing or investing activities for the periods.

 

    Accumulated Other Comprehensive Income.  Other
    comprehensive income (loss) is recorded as a component of
    stockholders equity. As of December 31, it consists of:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2008
	
 
	
 
	
    2009
	
 

	
 
	
 
	
 
	
 
	
 
	
    Increase

    
	
 
	
 
	
    Balance at

    
	
 
	
 
	
    Increase

    
	
 
	
 
	
    Balance at

    
	
 

	
 
	
 
	
    January 1
	
 
	
 
	
    (Decrease)
	
 
	
 
	
    December 31
	
 
	
 
	
    (Decrease)
	
 
	
 
	
    December 31
	
 

	 

	

    Net income

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cumulative foreign currency translation gains (losses), net of
    tax

	
 
	
    $
	
    12,889
	
 
	
 
	
    $
	
    (10,990
	
    )
	
 
	
    $
	
    1,899
	
 
	
 
	
    $
	
    7,279
	
 
	
 
	
    $
	
    9,179
	
 

	

    Minimum pension liability, net of tax

	
 
	
 
	
    (1,152
	
    )
	
 
	
 
	
    (7,098
	
    )
	
 
	
 
	
    (8,250
	
    )
	
 
	
 
	
    318
	
 
	
 
	
 
	
    (7,932
	
    )

	

    Minimum post-retirement liability, net of tax

	
 
	
 
	
    3,336
	
 
	
 
	
 
	
    1,172
	
 
	
 
	
 
	
    4,508
	
 
	
 
	
 
	
    (1,825
	
    )
	
 
	
 
	
    2,683
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Comprehensive income (loss)

	
 
	
    $
	
    15,073
	
 
	
 
	
    $
	
    (16,916
	
    )
	
 
	
    $
	
    (1,843
	
    )
	
 
	
    $
	
    5,772
	
 
	
 
	
    $
	
    3,929
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    46

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    Fair Value.  The Company does apply the fair
    value option to financial instruments which measures and reports
    unrealized gains and losses in earnings. In December 2009, the
    Company’s Australian subsidiary entered into a forward
    purchase agreement with Commonwealth Bank to purchase $3,000
    U.S. dollars over a
    3-month
    period. At December 31, 2008 the Company had a
    $50 million notional amount interest rate swap accounted
    for and reported as a fair value hedge. This swap agreement was
    terminated by the counter party on February 1, 2009
    pursuant to the call provisions of the agreement with a
    $3.0 million termination payment to Thermadyne.

 

    The carrying values of the obligations outstanding under the
    Working Capital Facility, the Second Lien Facility and other
    long-term obligations, excluding the Senior Subordinated Notes,
    are estimated to approximate fair values since these obligations
    are fully secured and have varying interest charges based on
    current market rates. The Company’s Senior Subordinated
    Notes traded at 95% and 56% at December 31, 2009, and 2008,
    respectively, based on available market information.

 

    Effect
    of New Accounting Standards

 

    Business Combinations.  The Company adopted
    Accounting Standards Codification (“ASC”) Topic 805,
    “Business Combinations,” effective January 1,
    2009. This establishes principles and requirements for how an
    acquirer recognizes and measures in its financial statements the
    identifiable assets acquired, the liabilities assumed, any
    noncontrolling interest in the acquiree and the goodwill
    acquired. In addition, due to its previous application of Fresh
    Start Accounting, the Company, after adoption of this
    pronouncement, recognizes the benefit of net operating loss
    carryovers to reduce income tax expense as the carryovers are
    utilized.

 

    Subsequent Events.  The Company adopted ASC
    Subtopic
    855-10,
    “Subsequent Events” effective June 15, 2009. This
    establishes general standards of accounting for and disclosure
    of events that occur after the balance sheet date but before
    financial statements are issued or are available to be issued.
    The adoption of this statement did not have a material effect on
    the Company’s financial statements.

 

    The Company has determined that all other recently issued
    accounting pronouncements will not have a material impact on its
    consolidated financial position, results of operations and cash
    flows, or do not apply to its operations.

 

		
	
    3.  
	
    Discontinued
    Operations

 

    On December 21, 2007, the Company committed to a plan to
    dispose of its cutting table business, C&G Systems
    (“C&G”). A definitive sales agreement was signed
    with closing occurring on January 18, 2008. Based on the
    sales price of $500, a loss of $570 (net of $350 of tax) was
    recorded in 2007 as a component of discontinued operations.

 

    On December 30, 2006, the Company committed to a plan to
    sell its Brazilian manufacturing operations. A loss of
    approximately $15,200 (net of $1,200 of tax) was recorded as a
    component of discontinued operations in the fourth quarter of
    2006 based on the estimated net realizable value of the assets
    related to the operation. The Company closed the Brazilian
    manufacturing operations in the fourth quarter of 2007,
    disposing of its cutting table business and auctioning various
    remaining inventory and equipment. Sale of the building and land
    was completed in the quarter ended September 30, 2009. In
    addition, remaining unresolved liabilities were revised to
    adjust the estimates of liabilities from tax matters, employee
    severance obligations and other estimated liabilities. As of
    September 30, 2009 the Brazilian operations show remaining
    liabilities, primarily associated with tax matters, of $4,232
    for which the timing of resolution is uncertain. A gain, net of
    tax, of $1,118 was recorded in the third quarter of 2009
    including a gain of $2,876 on the sale of the facilities, a
    charge of $1,072 to revise the estimates of the remaining
    liabilities, and income tax expense of $686. The remaining
    assets and liabilities have been classified within Accrued and
    Other Liabilities as of December 31, 2009. As of
    December 31, 2009, the Brazilian operations

    

    47

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    show remaining liabilities, primarily associated with tax
    matters, of $2.2 million for which the timing of resolution
    is uncertain.

 

    On December 30, 2006, the Company committed to a plan to
    sell its South African operations. On February 5, 2007, the
    Company entered into an agreement to sell its South African
    subsidiaries. A loss of $9,200 (net of $6,300 of tax) was
    recorded in 2006 as a component of discontinued operations. The
    sale closed on May 25, 2007 with receipt of
    $13,800 net cash received at closing and a note payable May
    2010 in the amount of 30,000 South African Rand and bearing 14%
    interest which was worth U.S. $3,200 at December 31,
    2008. In April 2009, the note was settled and the Company
    recorded a gain of $1,933. The Company also recorded $522 of
    interest income in continuing operations related to this
    transaction.

 

    On January 2, 2006, the Company completed the disposition
    of Soldaduras Soltec Limitada (“Soltec”) and
    Comercializadora Metalservice Limitada
    (“Metalservice”), both indirect wholly-owned
    subsidiaries which distribute cutting and welding equipment, to
    Soldaduras PCR Soltec Limitada, and Penta Capital de Riesgo S.A.
    On December 29, 2005, the Company completed the disposition
    of GenSet S.P.A. (“GenSet”), an indirect wholly-owned
    subsidiary.

 

    The tables below set forth the net income (loss) related to the
    C&G, Brazil, South Africa, Soltec and Genset operations
    included in discontinued operations:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
    South

    
	
 
	
    Soltec/

    
	
 
	
 

	
 
	
 
	
    C&G
	
 
	
    Brazil
	
 
	
    Africa
	
 
	
    Genset
	
 
	
    Total

	 

	

    Twelve months ended December 31, 2009

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    1,118
	
 
	
 
	
    $
	
    1,933
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    3,051
	
 

	

    Twelve months ended December 31, 2008

	
 
	
 
	
    (127
	
    )
	
 
	
 
	
    349
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (37
	
    )
	
 
	
 
	
    185
	
 

	

    Twelve months ended December 31, 2007

	
 
	
 
	
    (1,258
	
    )
	
 
	
 
	
    (2,067
	
    )
	
 
	
 
	
    2,017
	
 
	
 
	
 
	
    (663
	
    )
	
 
	
 
	
    (1,971
	
    )

 

    Selected balance sheet items for the discontinued operations
    classified as held for sale are as follows:

 

	 	 	 	 	 
	
 
	
 
	
    December 31, 2008
	
 

	 

	

    Cash

	
 
	
    $
	
    585
	
 

	

    Deposits on tax liabilities

	
 
	
 
	
    331
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    916
	
 

	
 
	
 
	
 
	
 
	
 

	

    Tax liabilities, severance payable, and accrued closing costs

	
 
	
    $
	
    5,266
	
 

	
 
	
 
	
 
	
 
	
 

    

    48

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

 

		
	
    4.  
	
    Accounts
    Receivable

 

    Accounts receivable are recorded at the amounts invoiced to
    customers less an allowance for discounts and doubtful accounts.
    Management estimates the allowance based on a review of the
    portfolio taking into consideration historical collection
    patterns, the economic climate and aging statistics based on
    contractual due dates. Accounts are written off to the allowance
    once collection efforts are exhausted.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Balance at

    
	
 
	
 
	
 
	
    Net

    
	
 
	
 

	
 
	
 
	
    Beginning

    
	
 
	
    (Recovery)

    
	
 
	
    Write-Offs &

    
	
 
	
    Balance at End

    

	
 
	
 
	
    of Year
	
 
	
    Provision
	
 
	
    Adjustments
	
 
	
    of Year

	 

	

    Allowance for Discounts and Doubtful Accounts

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Year ended December 31, 2009

	
 
	
    $
	
    900
	
 
	
 
	
 
	
    1,139
	
 
	
 
	
 
	
    (1,639
	
    )
	
 
	
 
	
    400
	
 

	

    Year ended December 31, 2008

	
 
	
 
	
    1,000
	
 
	
 
	
 
	
    284
	
 
	
 
	
 
	
    (384
	
    )
	
 
	
 
	
    900
	
 

	

    Year ended December 31, 2007

	
 
	
 
	
    2,385
	
 
	
 
	
 
	
    (341
	
    )
	
 
	
 
	
    (1,044
	
    )
	
 
	
 
	
    1,000
	
 

 

    In the fourth quarter of 2009, the Company wrote off a
    receivable from a Venezuelan-based customer in the amount of
    $1,287.

 

		
	
    5.  
	
    Inventories

 

    The composition of inventories at December 31 is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	 

	

    Raw materials and component parts

	
 
	
    $
	
    25,410
	
 
	
 
	
    $
	
    41,185
	
 

	

    Work-in-process

	
 
	
 
	
    4,216
	
 
	
 
	
 
	
    5,340
	
 

	

    Finished goods

	
 
	
 
	
    53,272
	
 
	
 
	
 
	
    70,473
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    82,898
	
 
	
 
	
 
	
    116,998
	
 

	

    LIFO reserve

	
 
	
 
	
    (8,517
	
    )
	
 
	
 
	
    (14,519
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    74,381
	
 
	
 
	
    $
	
    102,479
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The carrying value of inventories accounted for by the LIFO
    inventory method exclusive of the LIFO reserve was $61,395 at
    December 31, 2009 and $86,129 at December 31, 2008.
    The remaining inventory amounts are held in foreign locations
    and accounted for using the
    first-in
    first-out method.

 

    During 2009, inventory quantities were reduced below their
    levels in prior periods. The resulting liquidation of LIFO
    inventory costs computed based on lower prior years’
    acquisition costs reduced the LIFO reserve and cost of sales by
    approximately $1,000. During 2009, the Company also experienced
    deflation in material costs which contributed to the reduction
    in the LIFO reserve. During 2008, the LIFO reserve increased
    $4,100 as the Company experienced inflation in its costs as
    contrasted with declines in costs during 2009.

 

    The presentation of the composition of inventories has been
    revised for 2008 to reclassify certain amounts from work-in
    process to finished goods of approximately $6,900 to be
    consistent with the 2009 presentation.

    

    49

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

 

		
	
    6.  
	
    Property,
    Plant, and Equipment

 

    The composition of property, plant and equipment at December 31
    is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	 

	

    Land

	
 
	
    $
	
    5,426
	
 
	
 
	
    $
	
    4,608
	
 

	

    Building

	
 
	
 
	
    16,966
	
 
	
 
	
 
	
    16,271
	
 

	

    Machinery and equipment

	
 
	
 
	
    79,377
	
 
	
 
	
 
	
    73,275
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    101,769
	
 
	
 
	
 
	
    94,154
	
 

	

    Accumulated depreciation

	
 
	
 
	
    (55,082
	
    )
	
 
	
 
	
    (46,653
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    46,687
	
 
	
 
	
    $
	
    47,501
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    In 2008, Leasehold improvements were incorrectly classified as
    Land and these amounts have been revised in this report. As a
    result, the prior year amount for Land has been reduced by $538
    and the prior year amount for Building has been increased by the
    same amount.

 

    Assets recorded under capitalized leases were $14,578
    ($6,911 net of accumulated depreciation) and $12,780
    ($6,436 net of accumulated depreciation) at
    December 31, 2009 and 2008, respectively.

 

		
	
    7.  
	
    Intangible
    Assets

 

    The composition of intangible assets at December 31 is as
    follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	 

	

    Goodwill

	
 
	
    $
	
    187,818
	
 
	
 
	
    $
	
    184,043
	
 

	

    Patents and customer relationships

	
 
	
 
	
    42,741
	
 
	
 
	
 
	
    42,380
	
 

	

    Trademarks

	
 
	
 
	
    33,403
	
 
	
 
	
 
	
    33,403
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    263,962
	
 
	
 
	
 
	
    259,826
	
 

	

    Accumulated amortization of patents and customer relationships

	
 
	
 
	
    (17,693
	
    )
	
 
	
 
	
    (15,000
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    246,269
	
 
	
 
	
    $
	
    244,826
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Amortization expense amounted to $2,693, $2,675, $2,921 for the
    years ended December 31, 2009, 2008 and 2007, respectively.
    Amortization expense for patents and customer relationships is
    expected to be approximately $2,700 for each of the next five
    fiscal years.

 

    Goodwill and trademarks are tested for impairment annually, as
    of October 1st, or more frequently if events occur or
    circumstances change that would, more likely than not, reduce
    the fair value of the reporting unit below its carrying value.
    The impairment analysis is performed on a consolidated
    enterprise level based on one reporting unit. The first step of
    the impairment test involves the comparison of our updated
    estimate of the enterprise fair value to the carrying amount. If
    the carrying value exceeds the estimated fair value in the first
    phase, the second phase is performed in which the Company’s
    goodwill is written down to its implied fair value. To estimate
    enterprise fair value, management relies primarily on its
    determination of the present value of expected future cash
    flows. Significant judgments and estimates about current and
    future conditions are used to estimate the fair value. In
    estimating future cash flows, management estimates future sales
    volumes, sales prices, changes in commodity costs and the
    weighted cost of capital. Management also considers market value
    comparables and the current market capitalization of the Company
    in determining whether an impairment exists. Unforeseen events
    and changes in circumstances and market conditions, including
    general economic and competitive conditions could cause actual
    results to vary significantly from the estimates. The annual
    impairment analysis was completed in the fourth quarter, and no
    adjustment to the carrying value of goodwill was deemed
    necessary as of October 1, 2009 or December 31, 2009.

 

    During the fourth quarter 2008, the stock price of Thermadyne
    reported on NASDAQ declined from $16.48 per share as of
    October 1, 2008 to $6.87 per share at December 31,
    2008. During the nine months ended September 30,

    

    50

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    2009, the stock price closed as low as $1.71 per share on
    March 11, 2009 and thereafter closed at $7.27 per share on
    December 31, 2009. It averaged $6.79 per share in December
    2009. Stock price is an important consideration in
    management’s impairment assessment. If this assessment were
    based solely on the December 31, 2009 stock price of $7.27
    per share and an assumed reasonable control premium, an
    impairment would not exist. The stock price averaged $7.81 per
    share in January 2010.

 

    We believe the trading prices for our stock were abnormally
    disrupted due to extraordinary selling pressures from certain
    institutional investors who liquidated their operations late in
    2008 and early in 2009 and the institutional investors who
    liquidated their positions in June 2009 with the removal of
    Thermadyne from the Russell 3000 Index. Consequently, in
    performing the impairment assessment, management shifted its
    relative weighting to rely primarily upon its determination of
    the present value of expected future cash flows to estimate fair
    value. In consideration of the recent declines in global
    business conditions, the expected future cash flows were updated
    quarterly during 2009 to reflect management’s ongoing
    re-assessment of the impact of these declines. The demand for
    the Company’s products has historically had a direct
    correlation with the performance of the steel industry. In
    developing our various assumptions, we utilized the findings of
    a study in December 2008 of the impacts on prices, volumes and
    the duration of the recessionary period for the steel industry
    during the five major recessions which have occurred since 1958.
    We also increased our assumed cost of capital in the revised
    five year forecasts based on the uncertain financial market
    conditions. For the purpose of this assessment, our assumed
    scenario for economic recovery in the steel industry over the
    future three year period was slower than any recession dating
    back to 1958. Based on the analyses, no impairment charges were
    recorded. If current global economic recessionary conditions or
    our economic results deteriorate from the assumptions in
    management’s analysis, the Company may be required to
    record an impairment.

 

    The change in the carrying amount of goodwill was as follows:

 

	 	 	 	 	 
	
 
	
 
	
    Carrying Amount

    
	
 

	
 
	
 
	
    of Goodwill
	
 

	 

	

    Balance as of December 31, 2007

	
 
	
    $
	
    182,163
	
 

	

    Increase in balance due to acquisitions

	
 
	
 
	
    2,500
	
 

	

    Reduction in balance due to utilization of pre-emergence
    bankruptcy deferred tax assets

	
 
	
 
	
    (958
	
    )

	

    Foreign currency translation

	
 
	
 
	
    338
	
 

	
 
	
 
	
 
	
 
	
 

	

    Balance as of December 31, 2008

	
 
	
 
	
    184,043
	
 

	

    Foreign currency translation

	
 
	
 
	
    3,775
	
 

	
 
	
 
	
 
	
 
	
 

	

    Balance as of December 31, 2009

	
 
	
    $
	
    187,818
	
 

	
 
	
 
	
 
	
 
	
 

 

		
	
    8.  
	
    Debt and
    Capital Lease Obligations

 

    The composition of debt and capital lease obligations at
    December 31 is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	 

	

    Working Capital Facility

	
 
	
    $
	
    9,643
	
 
	
 
	
    $
	
    32,531
	
 

	

    Second Lien Facility

	
 
	
 
	
    25,000
	
 
	
 
	
 
	
    14,000
	
 

	

    Issuance discount on Second Lien Facility

	
 
	
 
	
    (1,703
	
    )
	
 
	
 
	
    —
	
 

	

    Senior Subordinated Notes, due February 1, 2014,
    91/4%
    interest payable semiannually on February 1 and August 1

	
 
	
 
	
    172,327
	
 
	
 
	
 
	
    175,000
	
 

	

    Capital leases

	
 
	
 
	
    9,869
	
 
	
 
	
 
	
    9,524
	
 

	

    Other

	
 
	
 
	
    1,888
	
 
	
 
	
 
	
    2,990
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    217,024
	
 
	
 
	
 
	
    234,045
	
 

	

    Current maturities and working capital facility

	
 
	
 
	
    (18,558
	
    )
	
 
	
 
	
    (34,591
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    198,466
	
 
	
 
	
    $
	
    199,454
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    51

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    At December 31, 2009, the schedule of principal payments of
    debt is as follows:

 

	 	 	 	 	 
	

    2010

	
 
	
    $
	
    18,558
	
 

	

    2011

	
 
	
 
	
    2,536
	
 

	

    2012

	
 
	
 
	
    19,361
	
 

	

    2013

	
 
	
 
	
    2,063
	
 

	

    2014

	
 
	
 
	
    173,815
	
 

	

    Thereafter

	
 
	
 
	
    691
	
 

 

    The 2010 principal payments include $6,000 payable with respect
    to 2009 under the Excess Cash Flow provision of the Senior
    Subordinated Notes as described below. This excludes additional
    note repurchase obligations, if any, that may result subsequent
    to 2010 from the “Excess Cash Flow” provision. The
    2010 principal payments also include the outstanding balance of
    the Working Capital Facility.

 

    Interest paid for each of the years ended December 31,
    2009, 2008, and 2007 was $19,957, $21,906, and $25,423,
    respectively.

 

    Working
    Capital Facility

 

    Certain subsidiaries of the Company are borrowers under the
    Third Amended and Restated Credit Agreement dated June 29,
    2007 as amended (the “Credit Agreement”), with General
    Electric Capital Corporation as agent and lender. The Credit
    Agreement: (i) matures on June 29, 2012;
    (ii) provides a revolving credit commitment of up to
    $70 million (the “Working Capital Facility”),
    which includes (a) an asset based facility and (b) an
    amortizing $10 million property, plant and equipment
    facility; (iii) provides for interest rate percentages
    applicable to the asset base; (iv) limits the senior
    leverage ratio to 2.75; (v) provides for an interest rate
    of 90-day
    LIBOR plus 4.00%; (vi) includes a prepayment fee of 2% if
    the Facility is terminated prior to June 27, 2010 or 1%
    prior to June 27, 2011; and (vii) includes a minimum
    fixed charge coverage ratio for the twelve-months ended
    June 30, 2009 and September 30, 2009 of 0.95 and
    0.825, respectively, 1.00 for the quarter ended
    December 31, 2009 and 1.10 thereafter. With respect to the
    quarters ending December 31, 2009, March 31, 2010 and
    June 30, 2010, the calculation is based on the results for
    the three months, six months, and nine months periods ending on
    such dates, respectively. The calculation for quarters ending
    September 30, 2010 and thereafter is based on the twelve
    month periods then ending. Borrowings under the Working Capital
    Facility may not exceed 85% of eligible receivables plus the
    lesser of (i) 85% of the net orderly liquidation value of
    eligible inventories or (ii) 65% of the book value of
    eligible inventories less customary reserves, plus machinery at
    appraised value not to exceed $10 million.

 

    At December 31, 2009, $3,913 of letters of credit were
    outstanding under the Credit Agreement. Unused availability, net
    of these letters of credit, was $35,885 under the Working
    Capital Facility.

 

    The Working Capital Facility includes a lockbox agreement which
    requires all receipts to be swept daily to reduce borrowings
    outstanding under the revolving line of credit. These
    agreements, combined with the existence of a subjective Material
    Adverse Effect (“MAE”) clause, cause the Working
    Capital Facility to be classified as a current liability.
    However, the Company does not expect to repay, or be required to
    repay, within one year, the balance of the Working Capital
    Facility classified as a current liability. The Company’s
    intent is to continually use the Working Capital Facility
    throughout the life of the agreement to fund working capital
    needs. The MAE clause, which is a typical requirement in
    commercial credit agreements, allows the lender to require the
    loan to become due if it determines there has been a material
    adverse effect on the Company’s operations, business,
    assets or prospects.

 

    For the years ended December 31, 2009, 2008 and 2007, the
    Company’s weighted average interest rate on its short-term
    borrowings was 6.45%, 5.79%, and 8.31%, respectively.

    

    52

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    Second
    Lien Facility

 

    Also on June 29, 2007, certain subsidiaries of the Company
    entered into Amendment No. 19 and Waiver to the Second Lien
    Credit Agreement between the Company and Credit Suisse, as
    administrative agent and collateral agent, and the lenders party
    thereto (the “Second Lien Facility Amendment”) to:
    (i) extend the maturity date to November 7, 2010 and
    (ii) lower the interest rates from LIBOR plus 4.50% to
    LIBOR plus 2.75%. The lender for the Second Lien Facility
    Amendment is an affiliate of the holder of approximately 33% of
    the Company’s outstanding shares of common stock. The
    stockholder employs one of the Company’s directors. The
    terms of the Second Lien Credit Agreement, as amended, were
    negotiated at arms-length, and the Company believes that the
    terms of the Second Lien Facility are as favorable as could be
    obtained from an unaffiliated lender.

 

    On August 14, 2009, the Company entered into the 2009
    Amended and Restated Second Lien Credit Agreement with the agent
    and the lenders party thereto (the “Amended Second Lien
    Agreement”). The Amended Second Lien Agreement refinanced
    the loans outstanding under the Second Lien Credit Agreement
    dated July 29, 2004. Under the Amended Second Lien
    Agreement, the Company issued a new $25,000 Second Lien Facility
    at 92.346% of the face amount, repaid the $14,000 balance of the
    Second Lien Facility and realized $9,000 of net proceeds. The
    maturity date was extended from November 7, 2010 to
    November 30, 2012, and certain assets of the Company’s
    Australian subsidiaries were added as collateral for the loans.
    The Agreement permits a single prepayment of as much as $14,000
    beginning April 1, 2010 through August 30, 2010 in
    lieu of repurchasing outstanding Senior Subordinated Notes with
    excess cash flow, and prepayment of the balance beginning
    August 30, 2010. The applicable interest rate was changed
    to, at the Company’s option, (a) the greater of LIBOR
    or 6%, plus 6% or (b) the greater of the prime rate, the
    federal funds rate plus one half of 1.00% or 6%, plus 6%. At
    issuance and through December 31, 2009, the interest rate
    payable is 12%, and the effective interest rate, including
    amortization of the issuance discount, is 15%. The lenders under
    the previous Second Lien Credit Agreement and additional
    entities each became lenders under the Amended Second Lien
    Agreement.

 

    Covenant
    Compliance

 

    Failure to comply with our financial covenants in future periods
    would result in defaults under our credit agreements unless
    covenants are further amended or waived. The most restrictive
    financial covenant is the “fixed charge coverage”
    covenant under our Working Capital Facility which requires
    EBITDA, as defined, to be at least 1.10 of Fixed Charges, as
    defined, except in 2009, as described above. Under the Second
    Lien Facility, the most restrictive financial covenant is the
    “senior leverage ratio” covenant which requires that
    debt, including total debt less the Senior Subordinated Notes
    and cash, not exceed 2.75 of EBITDA, as defined. Compliance is
    measured quarterly based on the trailing four quarters. A
    default of the financial covenants under the Working Capital
    Facility or Second Lien Facility would constitute a default
    under the Senior Subordinated Notes.

 

    At December 31, 2009, the Company was in compliance with
    its financial covenants and the Company expects to remain in
    compliance. The Company has funding for its debt repayment
    obligations and for its capital expenditure commitments and will
    not proceed with other planned capital expenditures unless in
    compliance with the fixed charge coverage covenant of the
    Working Capital Facility. To reduce expenses to the current
    levels, actions were implemented in 2009 which included layoffs
    of production personnel, reduction of the global salaried work
    force, deferral of salary increases, and broad based efforts to
    reduce discretionary spending. The Company anticipates it will
    maintain a level of expenses aligned with the current reduced
    sales volumes.

 

    Senior
    Subordinated Notes

 

    The Company is the issuer of $175,000 in aggregate principal of
    9.25% Senior Subordinated Notes due in 2014 (the
    “Senior Subordinated Notes”). The Senior Subordinated
    Notes are unsecured senior subordinated obligations and are
    subordinated in right of payment to all existing and future
    Senior Indebtedness (as defined in the Indenture). Interest
    accrues at the rate of
    91/4%
    per annum and is payable semi-annually in arrears on February 1
    and August 1 of each year. The Senior Subordinated Notes contain
    customary covenants and events of default, including covenants

    

    53

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    that limit the Company’s ability to incur debt, pay
    dividends and make certain investments. Upon a change of
    control, as defined in the Indenture, each holder of our Senior
    Subordinated Notes has the right to require us to purchase the
    Senior Subordinated Notes at a purchase price in cash equal to
    101% of the principal, plus accrued and unpaid interest. Under
    the Indenture, a “change of control” occurs if any
    person other than Angelo, Gordon & Co., L.P. and its
    affiliates becomes the direct or indirect beneficial owner of
    more than 35% of the total voting power of our capital stock
    then outstanding and entitled to vote in the election of our
    directors, and Angelo, Gordon & Co., L.P. beneficially
    owns a lesser percentage of the total voting power of our voting
    capital stock than the acquiring person and does not have the
    right or ability by voting power, contract or otherwise, to
    elect or designate for election a majority of our board of
    directors. Subject to certain conditions we must annually use
    our “Excess Cash Flow” (as defined in the Indenture)
    either to make permanent repayments of our senior debt or to
    extend a repurchase offer to the holders of the Senior
    Subordinated Notes pursuant to which we will offer to repurchase
    outstanding Senior Subordinated Notes at a purchase price of
    101% of their principal amount. The “Excess Cash Flow”
    amount for 2009 was $6,000, and we will repay this amount of
    Second Lien borrowings on or before April 15, 2010 in
    satisfaction of this obligation under the Indenture. The
    Indenture provides for the payment of additional Special
    Interest. The Special Interest is subject to adjustment based on
    the consolidated leverage ratio. If the leverage ratio exceeds
    6.5 the incremental interest is 2.25% and increases to 2.75% if
    the consolidated leverage ratio increases to 7.0. The Special
    Interest declines to 1.75 if the leverage ratio is less than
    6.5, to 1.25% if the leverage ratio is less than 6.0, to .75% if
    the leverage ratio is less than 4.0, to .25% if the leverage
    ratio is less than 3.5 and declines to 0% if leverage ratio is
    less than 3.0. The quarterly Special Interest Adjustment
    calculated as of December 31, 2009, based on the leverage
    ratio, as defined, was 2.25% and is effective as of
    April 1, 2010.

 

    The Notes are redeemable at the Company’s option during the
    12 month periods beginning on February 1, 2009 at
    104.625%, February 1, 2010 at 103.083%, February 1,
    2011 at 101.542%, and after February 1, 2012 at 100% of the
    principal amount thereof.

 

    In December 2009, the Company purchased $2,673 of Notes in open
    market transactions at 95% of the face amount and retired such
    Senior Subordinated Notes.

 

    Parent
    Company Financial Information

 

    Borrowings under the Company’s financing agreements are the
    obligations of Thermadyne Industries, Inc.
    (“Industries”), the Company’s principal operating
    subsidiary and certain of Industries’ subsidiaries. Certain
    borrowing agreements contain restrictions on the ability for the
    subsidiaries to dividend cash and other assets to the parent
    company, Thermadyne Holdings Corporation. At December 31,
    2009 and December 31, 2008, the only asset carried on the
    parent company books of Thermadyne Holdings Corporation was its
    investment in its operating subsidiaries and the only
    liabilities were the $172,327 of Senior Subordinated Notes. As a
    result of the limited assets and liabilities at the parent
    company level, separate financial statements have not been
    presented for Thermadyne Holdings Corporation except as shown in
    Note 20, Condensed Consolidating Financial Statements.

 

		
	
    9.  
	
    Derivative
    Instrument

 

    In February 2004, the Company entered into an interest rate swap
    arrangement to convert a portion of the fixed rate exposure on
    its Senior Subordinated Notes to variable rates. On
    February 1, 2009, the swap arrangement was terminated by
    the counterparty pursuant to terms of the arrangement and a
    $3,000 payment was received by the Company in conjunction with
    this termination. The Company recorded a fair value adjustment
    to the portion of its Senior Subordinated Notes that was hedged
    and this effect is amortized as a reduction of interest expense
    over the remaining term of the Senior Subordinated Notes.

    

    54

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

 

		
	
    10.  
	
    Financial
    Instruments

 

    Concentrations
    of Credit Risk

 

    Financial instruments that potentially subject the Company to
    significant concentrations of credit risk consist principally of
    cash and trade accounts receivable.

 

    The Company maintains cash and cash equivalents with various
    financial institutions. These financial institutions are located
    in different parts of the world, and the Company’s policy
    is designed to limit exposure to any one institution. The
    Company performs periodic evaluations of the relative credit
    standing of these financial institutions. The Company does not
    require collateral on these financial instruments.

 

    Concentrations of credit risk with respect to trade accounts
    receivable are limited due to the large number of entities
    comprising the Company’s customer base. The Company does
    not require collateral for trade accounts receivable.

 

    Fair
    Value

 

    The following methods and assumptions were used in estimating
    fair value disclosures for financial instruments:

 

    Cash and cash equivalents:  The carrying amount
    reported in the balance sheets for cash and cash equivalents
    approximates fair value.

 

    Accounts receivable and accounts payable:  The
    carrying amounts reported in the balance sheets for accounts
    receivable and accounts payable approximate their fair value.

 

    Debt:  The carrying values of the obligations
    outstanding under the Working Capital Facility, the Second Lien
    Facility and other long-term obligations, excluding the Senior
    Subordinated Notes, approximate fair values since these
    obligations are fully secured and have varying interest charges
    based on current market rates. The Company’s Senior
    Subordinated Notes traded at 95% and 56% at December 31,
    2009, and 2008, respectively, based on available market
    information.

 

		
	
    11.  
	
    Leases

 

    Future minimum lease payments under leases with initial or
    remaining non-cancelable lease terms in excess of one year at
    December 31, 2009 are as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Capital

    
	
 
	
 
	
    Operating

    
	
 

	
 
	
 
	
    Leases
	
 
	
 
	
    Leases
	
 

	 

	

    2010

	
 
	
    $
	
    3,374
	
 
	
 
	
    $
	
    6,832
	
 

	

    2011

	
 
	
 
	
    2,737
	
 
	
 
	
 
	
    5,262
	
 

	

    2012

	
 
	
 
	
    2,076
	
 
	
 
	
 
	
    4,628
	
 

	

    2013

	
 
	
 
	
    1,908
	
 
	
 
	
 
	
    4,389
	
 

	

    2014

	
 
	
 
	
    1,593
	
 
	
 
	
 
	
    4,129
	
 

	

    Thereafter

	
 
	
 
	
    702
	
 
	
 
	
 
	
    8,394
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total minimum lease payments

	
 
	
 
	
    12,390
	
 
	
 
	
    $
	
    33,634
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Amount representing interest

	
 
	
 
	
    (2,521
	
    )
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Present value of net minimum lease payments, including current
    obligations of $2,452

	
 
	
    $
	
    9,869
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Rent expense under operating leases amounted to $8,937, $8,712,
    and $8,638 for each of the years ended December 31, 2009,
    2008, and 2007, respectively.

    

    55

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

 

		
	
    12.  
	
    Income
    Taxes

 

    Pretax income (loss) from continuing operations was allocated
    under the following jurisdictions:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Domestic loss

	
 
	
    $
	
    (5,272
	
    )
	
 
	
    $
	
    (1,351
	
    )
	
 
	
    $
	
    (3,076
	
    )

	

    Foreign income

	
 
	
 
	
    9,060
	
 
	
 
	
 
	
    23,963
	
 
	
 
	
 
	
    19,227
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income from continuing operations before income taxes

	
 
	
    $
	
    3,788
	
 
	
 
	
    $
	
    22,612
	
 
	
 
	
    $
	
    16,151
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The provision (benefit) for income taxes for continuing
    operations is as follows:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Current:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Federal

	
 
	
    $
	
    (242
	
    )
	
 
	
    $
	
    583
	
 
	
 
	
    $
	
    160
	
 

	

    Foreign

	
 
	
 
	
    3,976
	
 
	
 
	
 
	
    6,451
	
 
	
 
	
 
	
    6,220
	
 

	

    State and local

	
 
	
 
	
    17
	
 
	
 
	
 
	
    219
	
 
	
 
	
 
	
    (124
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current

	
 
	
 
	
    3,751
	
 
	
 
	
 
	
    7,253
	
 
	
 
	
 
	
    6,256
	
 

	

    Deferred

	
 
	
 
	
    (1,094
	
    )
	
 
	
 
	
    4,836
	
 
	
 
	
 
	
    (741
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income tax provision (benefit) — continuing operations

	
 
	
    $
	
    2,657
	
 
	
 
	
    $
	
    12,089
	
 
	
 
	
    $
	
    5,515
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The composition of deferred tax assets and liabilities at
    December 31 is as follows:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	 

	

    Deferred tax assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Post-employment benefits

	
 
	
    $
	
    461
	
 
	
 
	
    $
	
    2,571
	
 

	

    Accrued liabilities

	
 
	
 
	
    3,291
	
 
	
 
	
 
	
    5,139
	
 

	

    Other

	
 
	
 
	
    1,230
	
 
	
 
	
 
	
    597
	
 

	

    Fixed assets

	
 
	
 
	
    319
	
 
	
 
	
 
	
    740
	
 

	

    Net operating loss carryforwards-foreign and U.S. 

	
 
	
 
	
    60,431
	
 
	
 
	
 
	
    57,640
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total deferred tax assets

	
 
	
 
	
    65,732
	
 
	
 
	
 
	
    66,687
	
 

	

    Valuation allowance for deferred tax assets

	
 
	
 
	
    (43,141
	
    )
	
 
	
 
	
    (42,965
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net deferred tax assets

	
 
	
 
	
    22,591
	
 
	
 
	
 
	
    23,722
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Deferred tax liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Intangibles

	
 
	
 
	
    (16,343
	
    )
	
 
	
 
	
    (16,916
	
    )

	

    Inventories

	
 
	
 
	
    (3,047
	
    )
	
 
	
 
	
    (4,072
	
    )

	

    Other

	
 
	
 
	
    (5,819
	
    )
	
 
	
 
	
    (1,191
	
    )

	

    Investment in subsidiary

	
 
	
 
	
    (49,696
	
    )
	
 
	
 
	
    (49,526
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total deferred tax liabilities

	
 
	
 
	
    (74,905
	
    )
	
 
	
 
	
    (71,705
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net deferred tax assets (liabilities)

	
 
	
    $
	
    (52,314
	
    )
	
 
	
    $
	
    (47,983
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Income taxes paid during each of the years ended
    December 31, 2009, 2008 and 2007 were $5,924, $7,270, and
    $4,507, respectively.

    

    56

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    The provision for income tax differs from the amount of income
    taxes determined by applying the applicable U.S. statutory
    federal income tax rate to pretax income excluding the gain on
    reorganization and adoption of fresh-start accounting as a
    result of the following differences:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Tax at U.S. statutory rates

	
 
	
    $
	
    1,326
	
 
	
 
	
    $
	
    7,914
	
 
	
 
	
    $
	
    5,653
	
 

	

    Foreign deemed dividends (Section 956)

	
 
	
 
	
    2,101
	
 
	
 
	
 
	
    2,366
	
 
	
 
	
 
	
    3,998
	
 

	

    Nondeductible expenses and other exclusions

	
 
	
 
	
    (599
	
    )
	
 
	
 
	
    (26
	
    )
	
 
	
 
	
    351
	
 

	

    Valuation allowance for deferred tax benefits

	
 
	
 
	
    —
	
 
	
 
	
 
	
    21
	
 
	
 
	
 
	
    —
	
 

	

    Foreign Currency on Gain on Previously Taxed Income Distribution

	
 
	
 
	
    —
	
 
	
 
	
 
	
    572
	
 
	
 
	
 
	
    —
	
 

	

    Foreign tax rate differences and nonrecognition of foreign tax
    loss benefits

	
 
	
 
	
    300
	
 
	
 
	
 
	
    (950
	
    )
	
 
	
 
	
    (1,608
	
    )

	

    State income taxes

	
 
	
 
	
    (24
	
    )
	
 
	
 
	
    201
	
 
	
 
	
 
	
    (3,646
	
    )

	

    Change in basis difference in investment of subsidiary

	
 
	
 
	
    (447
	
    )
	
 
	
 
	
    1,991
	
 
	
 
	
 
	
    767
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income tax provision (benefit)

	
 
	
    $
	
    2,657
	
 
	
 
	
    $
	
    12,089
	
 
	
 
	
    $
	
    5,515
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    As of December 31, 2009, the Company has net operating loss
    carryforwards from the years 1998 through 2009 available to
    offset future U.S. taxable income of approximately
    $152,000. The Company has recorded a related deferred tax asset
    of approximately $60,000 with a $43,000 valuation allowance,
    given the uncertainties regarding utilization of these net
    operating loss carryforwards. The net operating losses in the
    U.S. will expire between the years 2018 and 2029. Assumed
    tax planning strategies related to inventories and intangible
    assets reduce the valuation allowance by $17,000 as of
    December 31, 2009. The Company adopted Accounting Standards
    Codification (“ASC”) Topic 805, “Business
    Combinations,” effective January 1, 2009. This
    establishes principles and requirements for how an acquirer
    recognizes and measures in its financial statements the
    identifiable assets acquired, the liabilities assumed, any
    noncontrolling interest in the acquiree and the goodwill
    acquired. After adoption of this pronouncement, the benefit of
    net operating loss carryovers reduces income tax expense as the
    carryovers are utilized.

 

    In June 2006, the FASB issued FASB Interpretation No. 48,
    “Accounting for Uncertainty in Income Taxes”
    (“FIN 48”). FIN 48 prescribes the income tax
    amounts to be recorded in the financial statements as the amount
    most likely to be realized assuming a review by tax authorities
    having all relevant information and applying current
    conventions. FIN 48 also clarifies the financial statement
    classification of potential tax-related penalties and interest
    and sets forth new disclosures regarding unrecognized tax
    benefits. The Company adopted the Interpretation as of
    January 1, 2007.

 

    The Company’s policy is to include both interest and
    penalties on underpayments of income taxes in its income tax
    provision. This policy was continued after the adoption of
    FIN 48. At January 1, 2009, the total interest accrued
    was $265. At December 31, 2009 the total interest accrued
    was $245. No penalties were accrued for either date by the
    Company.

 

    The adoption of FIN 48 in 2007 did not result in a
    significant adjustment to the opening balance in the
    Company’s Reserve for Uncertain Tax Positions. A
    reconciliation of the reserve for 2008 is as follows:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Balance at January 1

	
 
	
    $
	
    1,731
	
 
	
 
	
    $
	
    2,099
	
 
	
 
	
    $
	
    7,520
	
 

	

    Additions based on tax positions related to the current year

	
 
	
 
	
    100
	
 
	
 
	
 
	
    186
	
 
	
 
	
 
	
    290
	
 

	

    Reductions for tax positions of prior years

	
 
	
 
	
    (361
	
    )
	
 
	
 
	
    (554
	
    )
	
 
	
 
	
    (5,711
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Balance at December 31

	
 
	
    $
	
    1,470
	
 
	
 
	
    $
	
    1,731
	
 
	
 
	
    $
	
    2,099
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    57

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    The $361 of reductions for 2009 reduced the 2009 income tax
    provision expense. The Company does not expect to make payments
    related to the Reserve for Uncertain Tax Positions in the next
    twelve months.

 

    The Company’s U.S. federal income tax returns for tax
    years 2006 and beyond remain subject to examination by the
    Internal Revenue Service. The Company’s state income tax
    returns for 2005 through 2009 remain subject to examination by
    various state taxing authorities. The Company’s significant
    foreign subsidiaries’ local country tax filings remain open
    to examination as follows: Australia
    (2005-2009),
    Canada
    (2004-2009),
    United Kingdom
    (2003-2009)
    and Italy
    (2002-2009).
    No extensions of the various statutes of limitations have
    currently been granted.

 

    The Company’s foreign subsidiaries have undistributed
    earnings at December 31, 2009 of approximately $36,000. The
    Company has recognized the estimated U.S. income tax
    liability associated with approximately $27,000 of these foreign
    earnings because of the applicability of I.R.C. Section 956
    for earnings of foreign entities which guarantee the
    indebtedness of a U.S. parent. Upon distribution of those
    earnings in the form of dividends or otherwise, the Company may
    be subject to withholding taxes payable to the various foreign
    countries estimated as $1,500.

 

		
	
    13.  
	
    Contingencies

 

    The Company and certain of its wholly-owned subsidiaries are
    defendants in various legal actions, primarily related to
    product liability. At December 31, 2009, the Company was
    co-defendant in 347 cases alleging manganese-induced illness.
    Manganese is an essential element of steel and is contained in
    all welding filler metals. The Company is one of a large number
    of defendants. The claimants allege that exposure to manganese
    contained in welding filler metals cause the plaintiffs to
    develop adverse neurological conditions, including a condition
    known as manganism. As of December 31, 2009, 144 of these
    cases had been filed in, or transferred to, federal court where
    the Judicial Panel on Multidistrict Litigation has consolidated
    these cases for pretrial proceedings in the North District of
    Ohio. Between June 1, 2003 and December 31, 2009, the
    Company was dismissed from 1,135 similar cases. To date the
    Company has made no payments or settlements to plaintiffs for
    these allegations. While there is uncertainty relating to any
    litigation, management is of the opinion that the outcome of
    such litigation will not have a material adverse effect on the
    Company’s financial condition or results of operations.

 

    The Company is party to certain environmental matters, although
    no claims are currently pending. Any related obligations are not
    expected to have a material effect on the Company’s
    business or financial condition or results of operations.

 

    The Company has initiated a comprehensive review of its
    compliance with foreign and U.S. duties requirements in
    light of the assessments by a foreign jurisdiction in the third
    quarter of 2009. It is premature to assess the ultimate
    resolution of the compliance review but management believes it
    will not have a material adverse effect on the Company’s
    business or financial condition.

 

    All other legal proceedings and actions involving the Company
    are of an ordinary and routine nature and are incidental to the
    operations of the Company. Management believes that such
    proceedings should not, individually or in the aggregate, have a
    material adverse effect on the Company’s business or
    financial condition or on the results of operations.

 

		
	
    14.  
	
    Stock
    Options and Stock-Based Compensation

 

    The Company utilizes the modified prospective method of
    accounting for stock compensation, and accordingly recognized
    compensation cost for all share-based payments, which consist of
    stock options and restricted stock, granted after
    January 1, 2006. For the year ended December 31, 2009,
    stock compensation cost included in selling, general and
    administrative expense was a net credit of $579 due to the
    failure to achieve required performance targets and the
    resulting reversals of prior performance-based accruals. This
    compares to expense of $1,362 and $1,586 for the years ended
    December 31, 2008 and 2007, respectively. The compensation
    cost was

    

    58

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    calculated using fair market value of the Company’s stock
    on the grant date. Options granted are valued using the
    Black-Scholes valuation model. Restricted stock grants are
    valued at the closing price on the grant date.

 

    As of December 31, 2009, total stock-based compensation
    cost related to nonvested awards not yet recognized was
    approximately $445 and the weighted average period over which
    this amount is expected to be recognized was approximately
    2.1 years.

 

    No significant modifications to equity awards occurred during
    the fiscal year ending December 31, 2009.

 

    Stock
    Options and Restricted Stock

 

    The Company has available various equity-based compensation
    programs to provide long-term performance incentives for its
    global workforce. Currently, these incentives consist of stock
    options and performance-based restricted stock awards.
    Additionally, Company awarded stock options to its outside
    directors. These awards are administered through several plans,
    as described within this Note.

 

    The 2004 Non-Employee Directors Stock Option Plan (the
    “Directors Plan”) was adopted in May 2004 for the
    Company’s Board of Directors. Up to 200,000 shares of
    the Company’s common stock with a maximum contractual term
    of 10 years may be issued pursuant to awards granted by the
    Compensation Committee under the Directors Plan.

 

    The 2004 Stock Incentive Plan (the “Stock Incentive
    Plan”) was adopted in May 2004 for the Company’s
    employees. Up to 1.478 million shares of the Company’s
    common stock with a maximum contractual term of 10 years
    may be issued pursuant to awards granted by the Compensation
    Committee under the Stock Incentive Plan. The Stock Incentive
    Plan provides for the grant of (a) incentive stock options
    intended to qualify under Section 422 of the Internal
    Revenue Code of 1986, (b) non-statutory stock options,
    (c) stock appreciation rights (“SARs”),
    (d) restricted stock, (e) stock units and
    (f) performance awards. Under the grants awarded pursuant
    to the Company’s 2004 Stock Incentive Plan, unvested
    options terminate immediately upon the employee’s
    resignation or retirement. In May 2008, the Plan was amended and
    the number of shares authorized for issuance was increased from
    1.478 million shares to 1.978 million shares.

 

    The Company awarded 40,000 options under the Directors Plan
    during 2009. The weighted-average grant-date fair value was
    $2.71. One-third of these grants vested at December 31,
    2009 and the remaining will vest equally on the first and second
    anniversaries of the grant date. In addition during 2009, the
    Company awarded 69,653 options under the Stock Incentive
    Plan with weighted-average grant-date fair value of $1.21 and
    which generally vest ratably over three years.

 

    As of December 31, 2009, 1,190,578 options to purchase
    shares were issued and outstanding under the Directors’
    Plan, the Stock Incentive Plan and other specific agreements. In
    addition, restricted stock grants to employees totaling
    383,628 shares were outstanding at December 31, 2009
    with vesting determined in 2010, 2011, 2012, and 2013 based on
    performance goals related to return on invested operating
    capital.

 

    During the periods presented, stock options were granted to
    eligible employees under the 2004 Stock Incentive Plan with
    exercise prices equal to the fair market value of the
    Company’s stock on the grant date. For the years presented,
    management estimated the fair value of each annual stock option
    award on the date of grant using Black-Scholes stock option
    valuation model. Composite assumptions are presented in the
    following table. Weighted-average values are disclosed for
    certain inputs which incorporate a range of assumptions.
    Expected volatilities are based principally on historical
    volatility of the Company’s stock and correspond to the
    expected term. The Company generally uses historical data to
    estimate option exercise and employee termination within the
    valuation model. The expected term of options granted represents
    the period of time that options granted are expected to be
    outstanding; the weighted-average expected term for all employee
    groups is presented in the following table. The risk-free rate
    for periods within the contractual life of the options is based
    on the U.S. Treasury yield curve in effect

    

    59

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    at the time of grant. Stock option expense is recognized in the
    consolidated condensed statements of operations ratably over the
    three-year vesting period based on the number of options that
    are expected to ultimately vest.

 

    The following table presents the assumptions used in valuing
    options granted during the twelve months ended December 31,
    2009, 2008 and 2007:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2009
	
 
	
    2008
	
 
	
    2007

	 

	

    Weighted average fair value

	
 
	
    $
	
    1.75
	
 
	
 
	
    $
	
    6.75
	
 
	
 
	
    $
	
    6.02
	
 

	

    Assumptions used:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Expected dividend yield

	
 
	
 
	
    0.00
	
    %
	
 
	
 
	
    0.00
	
    %
	
 
	
 
	
    0.00
	
    %

	

    Expected volatility

	
 
	
 
	
    57.48
	
    %
	
 
	
 
	
    41.12
	
    %
	
 
	
 
	
    38.22
	
    %

	

    Risk-free interest rate

	
 
	
 
	
    2.81
	
    %
	
 
	
 
	
    3.44
	
    %
	
 
	
 
	
    4.51
	
    %

	

    Expected life

	
 
	
 
	
    6.5 years
	
 
	
 
	
 
	
    6.5 years
	
 
	
 
	
 
	
    6 years
	
 

 

    A summary of option activity for the year ended
    December 31, 2009 is presented in the following table:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Weighted-

    
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
    Weighted

    
	
 
	
 
	
    Average

    
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
    Average

    
	
 
	
 
	
    Remaining

    
	
 
	
 
	
    Aggregate

    
	
 

	
 
	
 
	
 
	
 
	
 
	
    Exercise

    
	
 
	
 
	
    Contractual

    
	
 
	
 
	
    Intrinsic

    
	
 

	

    Non-Vested Stock Options

	
 
	
    Shares
	
 
	
 
	
    Price
	
 
	
 
	
    Term
	
 
	
 
	
    Value
	
 

	 

	

    Non-vested options outstanding at January 1, 2009

	
 
	
 
	
    611,927
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Granted

	
 
	
 
	
    109,653
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Vested

	
 
	
 
	
    (89,069
	
    )
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Forfeited or expired

	
 
	
 
	
    (93,907
	
    )
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Non-vested options outstanding at December 31, 2009

	
 
	
 
	
    538,604
	
 
	
 
	
    $
	
    12.19
	
 
	
 
	
 
	
    6.4
	
 
	
 
	
    $
	
    206
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total Employee and Director Stock Options

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Options outstanding at January 1, 2009

	
 
	
 
	
    1,249,497
	
 
	
 
	
    $
	
    13.61
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Granted

	
 
	
 
	
    109,653
	
 
	
 
	
    $
	
    4.99
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Exercised

	
 
	
 
	
    —
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Forfeited or expired

	
 
	
 
	
    (168,572
	
    )
	
 
	
    $
	
    14.31
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Options outstanding at December 31, 2009

	
 
	
 
	
    1,190,578
	
 
	
 
	
    $
	
    12.72
	
 
	
 
	
 
	
    5.5
	
 
	
 
	
    $
	
    239
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Vested options exercisable at December 31, 2009

	
 
	
 
	
    651,974
	
 
	
 
	
    $
	
    13.15
	
 
	
 
	
 
	
    4.9
	
 
	
 
	
    $
	
    33
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The total intrinsic value of options exercised during the years
    ended December 31, 2009, 2008 and 2007 was approximately
    $0, $1,702 and $279, respectively. The total grant date fair
    value of stock options vested during the year ended
    December 31, 2009 was $537.

    

    60

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    Following is a summary of stock options outstanding as of
    December 31, 2009:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Number of

    
	
 
	
 
	
    Remaining Life

    
	
 
	
 
	
    Shares

    
	
 

	
 
	
 
	
    Options
	
 
	
 
	
    (In Years)
	
 
	
 
	
    Exercisable
	
 

	 

	

    Options outstanding:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Exercise Price below $10.00

	
 
	
 
	
    107,353
	
 
	
 
	
 
	
    9.3
	
 
	
 
	
 
	
    15,833.0
	
 

	

    Exercise Price between $10.00 and $12.99

	
 
	
 
	
    312,267
	
 
	
 
	
 
	
    5.6
	
 
	
 
	
 
	
    223,011.0
	
 

	

    Exercise Price between $13.00 and $14.99

	
 
	
 
	
    425,610
	
 
	
 
	
 
	
    4.4
	
 
	
 
	
 
	
    262,084.0
	
 

	

    Exercise Price between $15.00 and $17.00

	
 
	
 
	
    345,348
	
 
	
 
	
 
	
    6.8
	
 
	
 
	
 
	
    151,046.0
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    1,190,578
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    651,974
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

		
	
    15.  
	
    Earnings
    (Loss) Per Share

 

    The calculation of income (loss) per share follows:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Numerator:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) applicable to common shares

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    1,131
	
 
	
 
	
    $
	
    10,523
	
 
	
 
	
    $
	
    10,636
	
 

	

    Discontinued operations

	
 
	
 
	
    3,051
	
 
	
 
	
 
	
    185
	
 
	
 
	
 
	
    (1,971
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    4,182
	
 
	
 
	
    $
	
    10,708
	
 
	
 
	
    $
	
    8,665
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Denominator:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Weighted average shares for basic earnings per share

	
 
	
 
	
    13,528,996
	
 
	
 
	
 
	
    13,434,609
	
 
	
 
	
 
	
    13,353,742
	
 

	

    Dilutive effect of stock options

	
 
	
 
	
    6,124
	
 
	
 
	
 
	
    126,245
	
 
	
 
	
 
	
    77,631
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Weighted average shares for diluted earnings per share

	
 
	
 
	
    13,535,120
	
 
	
 
	
 
	
    13,560,854
	
 
	
 
	
 
	
    13,431,373
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share amounts:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.08
	
 
	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.80
	
 

	

    Discontinued operations

	
 
	
 
	
    0.23
	
 
	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.15
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income per share

	
 
	
    $
	
    0.31
	
 
	
 
	
    $
	
    0.80
	
 
	
 
	
    $
	
    0.65
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share amounts:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.08
	
 
	
 
	
    $
	
    0.78
	
 
	
 
	
    $
	
    0.79
	
 

	

    Discontinued operations

	
 
	
 
	
    0.22
	
 
	
 
	
 
	
    0.01
	
 
	
 
	
 
	
    (0.15
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income per share

	
 
	
    $
	
    0.30
	
 
	
 
	
    $
	
    0.79
	
 
	
 
	
    $
	
    0.64
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The calculation of weighted average shares for the years ended
    December 31, 2009, 2008, and 2007 excludes common shares of
    1.5 million, 1.4 million, and 1.5 million stock
    options and restricted stock, respectively, because their effect
    was considered to be antidilutive or performance conditions had
    not been satisfied.

    

    61

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

 

		
	
    16.  
	
    Employee
    Benefit Plans

 

    401(k) Retirement Plan.  The 401(k) Retirement
    Plan covers the majority of the Company’s domestic
    employees. At its discretion, the Company can make a base
    contribution of 1% of each employee’s compensation and an
    additional contribution equal to as much as 4% of the
    employee’s compensation. At the employee’s discretion,
    an additional 1% to 15% voluntary employee contribution can be
    made. The Plan was revised effective April 1, 2009 such
    that the Company matching contributions are discretionary and
    determined as of year end based on Company financial
    performance. Total expense for this plan was approximately $388,
    $1,231, and $1,459 for the years ended December 31, 2009,
    2008, and 2007, respectively.

 

    Deferred Compensation Plan.  Each director,
    other than the Company’s Chairman and Chief Executive
    Officer, is entitled to receive a $75 annual fee. Forty percent
    of this annual fee is deposited into the Company’s Non
    Employee Director Deferred Compensation Plan (the “Deferred
    Compensation Plan”). Under the Deferred Compensation Plan,
    deferral amounts are credited to an account and converted into
    an amount of units equal to the amount deferred divided by the
    fair market value of our common stock on the deferral date. A
    director’s account is distributed pursuant to the terms of
    the Deferred Compensation Plan upon his or her termination or a
    change in control; otherwise, the account is distributed as soon
    as administratively feasible after the date specified by the
    director. Directors may elect to receive the units in their
    accounts at the then current stock price in either a lump sum or
    substantially equal installments over a period not to exceed
    five years.

 

    Pension Plans.  The Company’s subsidiaries
    have had various noncontributory defined benefit pension plans
    which covered substantially all U.S. employees. The Company
    froze and combined its three noncontributory defined benefit
    pension plans through amendments to such plans effective
    December 31, 1989 (the “Retirement Plan”). All
    former participants of these plans became eligible to
    participate in the 401(k) Retirement Plan effective
    January 1, 1990.

 

    Other Postretirement Benefits.  The Company has
    a retirement plan covering certain salaried and non-salaried
    retired employees, which provides postretirement health care
    benefits (medical and dental) and life insurance benefits. The
    postretirement health care portion is contributory, with retiree
    contributions adjusted annually as determined based on claim
    costs. The postretirement life insurance portion is
    noncontributory. The Company recognizes the cost of
    postretirement benefits on the accrual basis as employees render
    service to earn the benefit. The Company continues to fund the
    cost of health care in the year incurred.

 

    The Company’s postretirement health care plan provided
    coverage for retirees and active employees who had attained
    age 62 and completed 15 years of service as of
    December 31, 2005. During the quarter ended
    September 30, 2009, the Company terminated its commitments
    to provide future supplemental medical benefits for certain
    retirees. As a result, the Company recorded a settlement gain
    totaling $5,863 in 2009 that reduced previously recorded
    liabilities by $4,523 and related amounts recorded in Other
    Comprehensive Income by $1,340.

    

    62

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    Net periodic costs include the following components:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Pension Benefits
	
 
	
 
	
    Other Postretirement Benefits
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	 

	

    Components of the net periodic benefit cost:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest cost

	
 
	
    $
	
    1,283
	
 
	
 
	
    $
	
    1,245
	
 
	
 
	
    $
	
    273
	
 
	
 
	
    $
	
    433
	
 

	

    Expected return on plan assets

	
 
	
 
	
    (938
	
    )
	
 
	
 
	
    (1,461
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Amortization of net (gain) or loss

	
 
	
 
	
    644
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (312
	
    )
	
 
	
 
	
    (226
	
    )

	

    Settlement gain

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (5,863
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Benefit cost (credit)

	
 
	
    $
	
    989
	
 
	
 
	
    $
	
    (216
	
    )
	
 
	
    $
	
    (5,902
	
    )
	
 
	
    $
	
    207
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Other changes in plan assets and benefit obligations recognized
    in other comprehensive income (OCI):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net (gain) or loss

	
 
	
    $
	
    (675
	
    )
	
 
	
    $
	
    6,978
	
 
	
 
	
    $
	
    1,825
	
 
	
 
	
    $
	
    (1,173
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total recognized in other comprehensive income

	
 
	
    $
	
    (675
	
    )
	
 
	
    $
	
    6,978
	
 
	
 
	
    $
	
    1,825
	
 
	
 
	
    $
	
    (1,173
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total recognized in net periodic postretirement cost and OCI

	
 
	
    $
	
    313
	
 
	
 
	
    $
	
    6,762
	
 
	
 
	
    $
	
    (4,077
	
    )
	
 
	
    $
	
    (965
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Estimated amortizations from the AOCI into net periodic
    postretirement benefit cost over the next fiscal year:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Amortization of net (gain) or loss

	
 
	
    $
	
    587
	
 
	
 
	
    $
	
    644
	
 
	
 
	
    $
	
    (254
	
    )
	
 
	
    $
	
    (367
	
    )

 

    A one-percentage-point change in the assumed health care cost
    trend rate would have the following effects:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Dec. 31, 2009
	
 
	
    Dec. 31, 2008

	 

	

    1-Percentage point increase

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Effect on total service and interest cost

	
 
	
    $
	
    30
	
 
	
 
	
    $
	
    37
	
 

	

    Effect on postretirement benefit obligation

	
 
	
    $
	
    74
	
 
	
 
	
    $
	
    473
	
 

	

    1-Percentage point decrease

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Effect on total service and interest cost

	
 
	
    $
	
    (26
	
    )
	
 
	
    $
	
    (32
	
    )

	

    Effect on postretirement benefit obligation

	
 
	
    $
	
    (68
	
    )
	
 
	
    $
	
    (418
	
    )

 

    The measurement date used to determine pension and other
    postretirement measurements for the plan assets and benefit
    obligations is December 31. The following table provides a
    reconciliation of benefit obligations, plan assets and status of
    the pension and other post-retirement benefit plans as
    recognized in the consolidated balance sheets for the years
    ended December 31, 2009 and 2008:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
    Other Postretirement

    
	
 

	
 
	
 
	
    Pension Benefits
	
 
	
 
	
    Benefits
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	 

	

    Change in benefit obligation:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Benefit obligation at beginning of year

	
 
	
    $
	
            21,147
	
 
	
 
	
    $
	
            21,327
	
 
	
 
	
    $
	
            6,488
	
 
	
 
	
    $
	
            7,557
	
 

	

    Interest Cost

	
 
	
 
	
    1,283
	
 
	
 
	
 
	
    1,245
	
 
	
 
	
 
	
    273
	
 
	
 
	
 
	
    433
	
 

	

    Participant contributions

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    144
	
 
	
 
	
 
	
    474
	
 

	

    Settlement gain

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (4,523
	
    )
	
 
	
 
	
 
	
 

	

    Actuarial (gain) loss

	
 
	
 
	
    1,685
	
 
	
 
	
 
	
    (280
	
    )
	
 
	
 
	
    173
	
 
	
 
	
 
	
    (1,399
	
    )

	

    Benefits paid

	
 
	
 
	
    (1,189
	
    )
	
 
	
 
	
    (1,145
	
    )
	
 
	
 
	
    (472
	
    )
	
 
	
 
	
    (577
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Benefit obligation at end of year

	
 
	
    $
	
    22,926
	
 
	
 
	
    $
	
    21,147
	
 
	
 
	
    $
	
    2,083
	
 
	
 
	
    $
	
    6,488
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    63

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
    Other Postretirement

    
	
 

	
 
	
 
	
    Pension Benefits
	
 
	
 
	
    Benefits
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	 

	

    Change in plan assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Fair value of plan assets at beginning of year

	
 
	
    $
	
    12,180
	
 
	
 
	
    $
	
    18,248
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 

	

    Actual return on plan assets

	
 
	
 
	
    2,655
	
 
	
 
	
 
	
    (5,797
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Employer contributions

	
 
	
 
	
    316
	
 
	
 
	
 
	
    874
	
 
	
 
	
 
	
    328
	
 
	
 
	
 
	
    103
	
 

	

    Participant contributions

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    144
	
 
	
 
	
 
	
    474
	
 

	

    Benefits paid

	
 
	
 
	
    (1,189
	
    )
	
 
	
 
	
    (1,145
	
    )
	
 
	
 
	
    (472
	
    )
	
 
	
 
	
    (577
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Fair value of plan assets at end of year

	
 
	
    $
	
    13,962
	
 
	
 
	
    $
	
    12,180
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Funded status of the plan (underfunded)

	
 
	
    $
	
    (8,964
	
    )
	
 
	
    $
	
    (8,967
	
    )
	
 
	
    $
	
    (2,083
	
    )
	
 
	
    $
	
    (6,488
	
    )

	

    Amounts recognized in the balance sheet:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Current liabilities

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    (273
	
    )
	
 
	
    $
	
    (645
	
    )

	

    Noncurrent liabilities

	
 
	
 
	
    (8,964
	
    )
	
 
	
 
	
    (8,967
	
    )
	
 
	
 
	
    (1,810
	
    )
	
 
	
 
	
    (5,843
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net amount recognized

	
 
	
    $
	
    (8,964
	
    )
	
 
	
    $
	
    (8,967
	
    )
	
 
	
    $
	
    (2,083
	
    )
	
 
	
    $
	
    (6,488
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Amounts recognized in accumulated other comprehensive income
    consist of:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net (gain) loss

	
 
	
    $
	
    7,455
	
 
	
 
	
    $
	
    8,130
	
 
	
 
	
    $
	
    (2,683
	
    )
	
 
	
    $
	
    (4,508
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accumulated other comprehensive income

	
 
	
    $
	
    7,455
	
 
	
 
	
    $
	
    8,130
	
 
	
 
	
    $
	
    (2,683
	
    )
	
 
	
    $
	
    (4,508
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accumulated Benefit Obligation

	
 
	
    $
	
    22,926
	
 
	
 
	
    $
	
    21,147
	
 
	
 
	
 
	
    N/A
	
 
	
 
	
 
	
    N/A
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	 	 	 	 	 	 	 	 	 
	

    Weighted-average assumptions used to determine benefit
    obligations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Measurement date

	
 
	
    Dec. 31, 2009
	
 
	
    Dec. 31, 2008
	
 
	
    Dec. 31, 2009
	
 
	
    Dec. 31, 2008

	

    Discount rate

	
 
	
    5.70%
	
 
	
    6.25%
	
 
	
    5.70%
	
 
	
    6.25%

	

    Rate of compensation increase

	
 
	
    N/A
	
 
	
    N/A
	
 
	
    N/A
	
 
	
    N/A

	

    Health care cost trend rate assumed for next year

	
 
	
    N/A
	
 
	
    N/A
	
 
	
    7.00%
	
 
	
    8.00%

	

    Ultimate health care cost trend rate

	
 
	
    N/A
	
 
	
    N/A
	
 
	
    5.00%
	
 
	
    5.00%

	

    Year that the rate reaches the ultimate trend rate

	
 
	
    N/A
	
 
	
    N/A
	
 
	
    2012
	
 
	
    2012

	

    Weighted-average assumptions used to determine net periodic
    postretirement benefit cost:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Measurement date

	
 
	
    Dec. 31, 2008
	
 
	
    Dec. 31, 2007
	
 
	
    Dec. 31, 2008
	
 
	
    Dec. 31, 2007

	

    Discount rate

	
 
	
    6.25%
	
 
	
    6.00%
	
 
	
    6.25%/5.75%*
	
 
	
    6.00%

	

    Expected long-term rate of return on plan assets

	
 
	
    8.00%
	
 
	
    8.00%
	
 
	
    0.00%
	
 
	
    0.00%

	

    Rate of compensation increase

	
 
	
    N/A
	
 
	
    N/A
	
 
	
    N/A
	
 
	
    N/A

	

    Health care cost trend rate assumed for next year

	
 
	
    N/A
	
 
	
    N/A
	
 
	
    8.00%
	
 
	
    9.00%

	

    Ultimate health care cost trend rate

	
 
	
    N/A
	
 
	
    N/A
	
 
	
    5.00%
	
 
	
    5.00%

	

    Year that the rate reaches the ultimate trend rate

	
 
	
    N/A
	
 
	
    N/A
	
 
	
    2012
	
 
	
    2012

 

 

			
	
    * 		
    As of July 31, 2009, a discount rate of 5.75% was used for
    the settlement gain/loss.

    64

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

 

    The defined benefit pension plan’s weighted average asset
    allocations by asset category at December 31, 2009 and 2008
    are as follows:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Target

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    2010
	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	 

	

    Equity securities

	
 
	
 
	
    60
	
    %
	
 
	
 
	
    57
	
    %
	
 
	
 
	
    51
	
    %

	

    Debt securities

	
 
	
 
	
    30
	
    %
	
 
	
 
	
    33
	
    %
	
 
	
 
	
    40
	
    %

	

    Real Estate

	
 
	
 
	
    10
	
    %
	
 
	
 
	
    10
	
    %
	
 
	
 
	
    9
	
    %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total

	
 
	
 
	
    100
	
    %
	
 
	
 
	
    100
	
    %
	
 
	
 
	
    100
	
    %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    The assets of the defined benefit pension plan are invested in a
    manner consistent with the fiduciary standards of the Employee
    Retirement Income Security Act of 1974 (ERISA); namely,
    (a) the safeguards and diversity to which a prudent
    investor would adhere must be present and (b) all
    transactions undertaken on behalf of the Fund must be for the
    sole benefit of plan participants and their beneficiaries.

 

    The following table sets forth the pension plans’ assets by
    level within the fair value hierarchy:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Penison Plan’s Assets at Fair Value as of
    December 31, 2009
	
 

	
 
	
 
	
    Quoted Prices in

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Active Markets for

    
	
 
	
 
	
    Significant Other

    
	
 
	
 
	
 
	
 

	
 
	
 
	
    Identical Assets

    
	
 
	
 
	
    Observable Inputs

    
	
 
	
 
	
 
	
 

	
 
	
 
	
    (Level 1)
	
 
	
 
	
    (Level 2)
	
 
	
 
	
    Total
	
 

	 

	

    Cash and cash equivalents

	
 
	
    $
	
    1,565
	
 
	
 
	
 
	
 
	
 
	
 
	
    $
	
    965
	
 

	

    Mutual Funds

	
 
	
 
	
    7,321
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    7,921
	
 

	

    Trust Funds

	
 
	
 
	
 
	
 
	
 
	
 
	
    5,076
	
 
	
 
	
 
	
    5,076
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    8,886
	
 
	
 
	
    $
	
    5,076
	
 
	
 
	
    $
	
    13,962
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Accounting literature classifies the inputs used to measure fair
    value into the following hierarchy:

 

    Level 1 — Unadjusted quoted prices in active
    markets for identical assets or liabilities.

 

    Level 2 — Unadjusted quoted prices in active
    markets for similar assets or liabilities, or unadjusted quoted
    prices for identical or similar assets or liabilities in markets
    that are not active, or inputs other than quoted prices that are
    observable for the asset or liability.

 

    The expected long-term rate of return on plan assets is 8%. In
    setting this rate, the Company considered the historical returns
    of the plan’s fund, anticipated future market conditions
    including inflation and the target asset allocation of the
    plan’s portfolio.

 

    The required funding to the Retirement Plan for the year ending
    December 31, 2010 is approximately $1,500.

 

    The following table presents the benefits expected to be paid in
    the next ten fiscal years:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
    Other

    

	
 
	
 
	
    Pension

    
	
 
	
    Postretirement

    

	

    Year

	
 
	
    Benefits
	
 
	
    Benefits

	 

	

    2010

	
 
	
    $
	
    1,299
	
 
	
 
	
    $
	
    273
	
 

	

    2011

	
 
	
    $
	
    1,344
	
 
	
 
	
    $
	
    260
	
 

	

    2012

	
 
	
    $
	
    1,390
	
 
	
 
	
    $
	
    245
	
 

	

    2013

	
 
	
    $
	
    1,454
	
 
	
 
	
    $
	
    230
	
 

	

    2014

	
 
	
    $
	
    1,544
	
 
	
 
	
    $
	
    214
	
 

	

    Next 5 years

	
 
	
    $
	
    8,392
	
 
	
 
	
    $
	
    855
	
 

    

    65

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

    Other Plans.  The Company’s Australian
    subsidiary has a Superannuation Fund (the “Fund”)
    established by a Trust Deed. Pension benefits are
    actuarially determined and are funded through mandatory
    participant contributions and the Company’s actuarially
    determined contributions. The Company made contributions to the
    Fund of $385, $191 and $226 for the years ended
    December 31, 2009, 2008, and 2007, respectively. The assets
    at December 31, 2009 were $3,307 and the liabilities at
    December 31, 2008 were $1,863. The assets or liabilities
    are not included in the table above or in the balance sheet, as
    the Company has no legal right to amounts included in this fund.
    In addition, upon dissolution of the Fund, any excess funds are
    required to be allocated to the participants as determined by
    the actuary. Accordingly, the Company accounts for this fund as
    a defined contribution plan. The actuarial assumptions used to
    determine the Company’s contribution, the funded status,
    and the retirement benefits are consistent with previous years.

 

    The Company’s Canadian subsidiary has a defined benefit
    pension plan for which the Company recognized $109 and $133 of
    pension expense in 2009 and 2008, respectively. The Company made
    contributions to the plan of $487 and $237 for the years ended
    December 31, 2009 and 2008, respectively. The plan assumes
    future earnings on assets of 7.5% and benefit obligations are
    discounted at 5.5% in 2009 and 7.0% in 2008. In summary, the
    plan consists of the following:

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	 

	

    Projected Benefit Obligation

	
 
	
    $
	
    3,334
	
 
	
 
	
    $
	
    2,304
	
 

	

    Plan Assets

	
 
	
 
	
    3,110
	
 
	
 
	
 
	
    2,051
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Unfunded Projected Benefit Obligation

	
 
	
    $
	
    224
	
 
	
 
	
    $
	
    253
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Accumulated Other Comprehensive Income

	
 
	
    $
	
    477
	
 
	
 
	
    $
	
    120
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Stock Purchase Plan.  The Company adopted an
    employee stock purchase plan effective during the third quarter
    of 2005 that allows any eligible employee to purchase from the
    Company shares of the Company’s common stock at the end of
    each quarter at 95% of the market price at the end of the
    quarter. For the year ended December 31, 2009 and 2008,
    30,300 and 10,700 shares, respectively, were purchased
    under this plan.

 

		
	
    17.  
	
    Segment
    Information

 

    The Company’s continuing operations are comprised of
    several product lines manufactured and sold in various
    geographic locations. The market channels and end users for
    products are similar. The production processes are shared across
    the majority of the products. Management evaluates performance
    and allocates resources on a combined basis and not as separate
    business units or profit centers. Accordingly, management has
    concluded the Company operates in one reportable segment.

 

    Geographic
    Information

 

    Reportable geographic regions are the Americas (United States,
    Canada, Mexico, Latin America and South America), Europe/Middle
    East and Australia/Asia. Summarized financial information
    concerning the Company’s geographic segments for its
    continuing operations is shown in the following tables:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	

    Net Sales:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    U.S. 

	
 
	
    $
	
    193,435
	
 
	
 
	
    $
	
    285,167
	
 
	
 
	
    $
	
    292,560
	
 

	

    International:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Australia

	
 
	
 
	
    70,420
	
 
	
 
	
 
	
    90,888
	
 
	
 
	
 
	
    81,633
	
 

	

    Other

	
 
	
 
	
    83,800
	
 
	
 
	
 
	
    140,853
	
 
	
 
	
 
	
    119,782
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    154,220
	
 
	
 
	
 
	
    231,741
	
 
	
 
	
 
	
    201,415
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total

	
 
	
    $
	
    347,655
	
 
	
 
	
    $
	
    516,908
	
 
	
 
	
    $
	
    493,975
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    66

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    December 31,

    
	
 
	
 
	
    December 31,

    
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 

	 

	

    Identifiable Assets (excluding working capital and intangibles):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Americas

	
 
	
    $
	
    40,365
	
 
	
 
	
    $
	
    44,992
	
 

	

    Asia-Pacific

	
 
	
 
	
    8,043
	
 
	
 
	
 
	
    6,958
	
 

	

    Europe/Middle East

	
 
	
 
	
    1,844
	
 
	
 
	
 
	
    2,182
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    50,252
	
 
	
 
	
    $
	
    54,132
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Product
    Line Information

 

    The Company sells a variety of products, substantially all of
    which are used by manufacturing, construction and foundry
    operations to cut, join and reinforce steel, aluminum and other
    metals in various applications including construction, oil, gas
    rig and pipeline construction, repair and maintenance of
    manufacturing equipment, and shipbuilding. The following table
    shows sales from continuing operations for each of the
    Company’s key product lines:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Year Ended December 31,
	
 

	
 
	
 
	
    2009
	
 
	
 
	
    2008
	
 
	
 
	
    2007
	
 

	 

	

    Gas equipment

	
 
	
    $
	
    122,370
	
 
	
 
	
    $
	
    191,256
	
 
	
 
	
    $
	
    182,771
	
 

	

    Filler metals including hardfacing

	
 
	
 
	
    78,952
	
 
	
 
	
 
	
    98,213
	
 
	
 
	
 
	
    88,915
	
 

	

    Arc accessories including torches, related consumable parts and
    accessories

	
 
	
 
	
    60,332
	
 
	
 
	
 
	
    98,212
	
 
	
 
	
 
	
    103,735
	
 

	

    Plasma power supplies, torches and related consumable parts

	
 
	
 
	
    52,872
	
 
	
 
	
 
	
    77,536
	
 
	
 
	
 
	
    69,157
	
 

	

    Welding equipment

	
 
	
 
	
    33,129
	
 
	
 
	
 
	
    51,691
	
 
	
 
	
 
	
    49,397
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    $
	
    347,655
	
 
	
 
	
    $
	
    516,908
	
 
	
 
	
    $
	
    493,975
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

		
	
    18.  
	
    Quarterly
    Results of Operations (Unaudited)

 

    The following is a summary of the quarterly results of
    operations for the years ended December 31, 2009 and 2008.
    All amounts presented below have been adjusted for the
    Company’s discontinued operations as described in
    Note 3 — Discontinued Operations.

 

    In the third quarter of 2009, the Company terminated commitments
    to provide future supplemental medical benefits for certain
    retirees. The Company reduced recorded liabilities and
    accumulated other comprehensive income by a combined $7,150 and
    recorded a settlement gain of $7,150. Subsequent to the third
    quarter management has determined that $1,287 of the gain should
    not be recognized in income but reflected in shareholders’
    equity as accumulated other comprehensive income to be
    recognized over an estimated six to seven year period.
    Accordingly, the gain previously recognized in the third quarter
    of 2009 has been revised from $7,150 to $5,863 with a
    corresponding increase in the accumulated other comprehensive
    income account. The adjustment of the settlement gain did not
    impact the amount of the reduction in the benefits payable or
    the consolidated statements of cash flows as previously
    reported. Management believes the revision of the third quarter
    presentation is appropriate and immaterial.

 

    The quarters of 2009 reflect several unusual adjustments.
    Expenses related to severance and reorganization costs of
    $1,309, $1,377, and $832 were recorded in the first, third, and
    fourth quarters of 2009, respectively. The third quarter of 2009
    included a $1,000 charge for customs duties assessed by a
    foreign jurisdiction relative to prior years. The fourth quarter
    of 2009 included $1,100 charge for the write off of bad debts
    from an uncollectible receivable from a Venezuelan-based
    customer.

 

    

    67

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    March 31
	
 
	
 
	
    June 30
	
 
	
 
	
    September 30
	
 
	
 
	
    December 31
	
 

	 

	

    2009

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing Operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net sales

	
 
	
    $
	
    83,311
	
 
	
 
	
    $
	
    84,805
	
 
	
 
	
    $
	
    89,501
	
 
	
 
	
    $
	
    90,038
	
 

	

    Gross profit

	
 
	
 
	
    21,360
	
 
	
 
	
 
	
    24,945
	
 
	
 
	
 
	
    28,795
	
 
	
 
	
 
	
    28,694
	
 

	

    Operating income

	
 
	
 
	
    1,247
	
 
	
 
	
 
	
    6,005
	
 
	
 
	
 
	
    6,355
	
 
	
 
	
 
	
    6,073
	
 

	

    Settlement of retiree medical obligations

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    5,863
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
 
	
    (2,496
	
    )
	
 
	
 
	
    582
	
 
	
 
	
 
	
    3,726
	
 
	
 
	
 
	
    (681
	
    )

	

    Discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,933
	
 
	
 
	
 
	
    1,118
	
 
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    (2,496
	
    )
	
 
	
    $
	
    2,515
	
 
	
 
	
    $
	
    4,844
	
 
	
 
	
    $
	
    (681
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    (0.18
	
    )
	
 
	
    $
	
    0.04
	
 
	
 
	
    $
	
    0.27
	
 
	
 
	
    $
	
    (0.05
	
    )

	

    Discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    0.14
	
 
	
 
	
 
	
    0.09
	
 
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    (0.18
	
    )
	
 
	
    $
	
    0.18
	
 
	
 
	
    $
	
    0.36
	
 
	
 
	
    $
	
    (0.05
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    (0.18
	
    )
	
 
	
    $
	
    0.04
	
 
	
 
	
    $
	
    0.27
	
 
	
 
	
    $
	
    (0.05
	
    )

	

    Discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    0.14
	
 
	
 
	
 
	
    0.08
	
 
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income

	
 
	
    $
	
    (0.18
	
    )
	
 
	
    $
	
    0.18
	
 
	
 
	
    $
	
    0.35
	
 
	
 
	
    $
	
    (0.05
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    March 31
	
 
	
 
	
    June 30
	
 
	
 
	
    September 30
	
 
	
 
	
    December 31
	
 

	 

	

    2008

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing Operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net sales

	
 
	
    $
	
    130,767
	
 
	
 
	
    $
	
    142,135
	
 
	
 
	
    $
	
    139,373
	
 
	
 
	
    $
	
    104,633
	
 

	

    Gross profit

	
 
	
 
	
    42,279
	
 
	
 
	
 
	
    47,167
	
 
	
 
	
 
	
    43,896
	
 
	
 
	
 
	
    25,711
	
 

	

    Operating income

	
 
	
 
	
    14,109
	
 
	
 
	
 
	
    16,772
	
 
	
 
	
 
	
    12,881
	
 
	
 
	
 
	
    172
	
 

	

    Income (loss) applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
 
	
    4,717
	
 
	
 
	
 
	
    6,245
	
 
	
 
	
 
	
    3,038
	
 
	
 
	
 
	
    (3,477
	
    )

	

    Discontinued operations

	
 
	
 
	
    (192
	
    )
	
 
	
 
	
    (283
	
    )
	
 
	
 
	
    (320
	
    )
	
 
	
 
	
    980
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
    $
	
    4,525
	
 
	
 
	
    $
	
    5,962
	
 
	
 
	
    $
	
    2,718
	
 
	
 
	
    $
	
    (2,497
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Basic income (loss) per share applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.35
	
 
	
 
	
    $
	
    0.47
	
 
	
 
	
    $
	
    0.22
	
 
	
 
	
    $
	
    (0.25
	
    )

	

    Discontinued operations

	
 
	
 
	
    (0.01
	
    )
	
 
	
 
	
    (0.03
	
    )
	
 
	
 
	
    (0.02
	
    )
	
 
	
 
	
    0.07
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
    $
	
    0.34
	
 
	
 
	
    $
	
    0.44
	
 
	
 
	
    $
	
    0.20
	
 
	
 
	
    $
	
    (0.18
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Diluted income (loss) per share applicable to common shares:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Continuing operations

	
 
	
    $
	
    0.35
	
 
	
 
	
    $
	
    0.47
	
 
	
 
	
    $
	
    0.22
	
 
	
 
	
    $
	
    (0.26
	
    )

	

    Discontinued operations

	
 
	
 
	
    (0.01
	
    )
	
 
	
 
	
    (0.03
	
    )
	
 
	
 
	
    (0.02
	
    )
	
 
	
 
	
    0.07
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net loss

	
 
	
    $
	
    0.34
	
 
	
 
	
    $
	
    0.44
	
 
	
 
	
    $
	
    0.20
	
 
	
 
	
    $
	
    (0.19
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    68

Table of Contents

 

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)

 

 

		
	
    19.  
	
    Restructuring
    and Other Charges

 

    As of December 31, 2008, the company accrued restructuring
    charges of $3,600 for severance related expenses payable to
    approximately 110 salaried employees whose positions were
    eliminated in connection with cost reduction efforts in response
    to economic and market uncertainties. At that time, this
    initiative reduced the salaried work force approximately 13%. As
    a result, the Company reduced annual compensation and benefit
    costs by approximately $7,500. The majority of the severance
    costs were paid in the first and second quarters of 2009.

 

    In the first quarter of 2009, the Company offered a voluntary
    retirement program and accrued restructuring charges for $1,300
    in separation pay and COBRA benefits payable under the program.
    Approximately 50 employees elected to participate. As a
    result, the Company reduced annual compensation and benefit
    costs by approximately $3,100. The amounts have been
    substantially paid through August 2009.

 

    Subsequent to the first quarter, the Company recorded additional
    restructuring charges of $2,400 for severance expenses. The
    charges relate to manufacturing personnel placed on permanent
    lay-off status, salaried positions eliminated in connection with
    further organizational restructurings and additional personnel
    electing to participate in the voluntary retirement program
    initiated in the first quarter. These actions affected
    approximately 240 employees, and the Company expects to
    reduce annual compensation and benefit costs by approximately
    $5,500.

 

		
	
    20.  
	
    Subsequent
    Events

 

    On February 23, 2010, Thermadyne Holdings Corporation (the
    “Company”), its domestic subsidiaries and certain of
    its foreign subsidiaries amended its Working Capital Facility
    and Second Lien Credit Agreements. The amendments are intended
    to facilitate the purchase of equipment and building
    improvements in existing manufacturing facilities during 2010
    through the use of existing funds and financing arrangements. In
    addition, the amendments provide added flexibility for the
    repatriation of funds from foreign subsidiaries and the
    reinvestment of funds in foreign locations. The changes to the
    agreements have been reflected in the description of the working
    capital facility and second lien facility credit agreements
    presented in Note 8 — Debt and Capital Lease
    Obligations.

 

    Subsequent events were evaluated through March 9, 2010, the
    date these financial statements were issued.

 

		
	
    21.  
	
    Condensed
    Consolidating Financial Statements

 

    On February 5, 2004, the Company completed a private
    placement of $175,000 in aggregate principal of
    91/4% Senior
    Subordinated Notes due 2014. The Company’s domestic, wholly
    owned subsidiaries (“Guarantor Subsidiaries”) fully
    and unconditionally guarantee the Senior Subordinated Notes and
    are jointly and severally liable for all payments under the
    Senior Subordinated Notes. Each of the Guarantor Subsidiaries is
    wholly owned by the Company.

 

    In connection with the Amended Credit Agreement, the
    Company’s foreign subsidiaries in Australia and Canada also
    guaranteed the Company’s $175,000 9.25% Senior
    Subordinated Notes.

 

    The following financial information presents the guarantors and
    non-guarantors of the 9.25% Senior Subordinated Notes, in
    accordance with
    Rule 3-10
    of
    Regulation S-X.
    The condensed consolidating financial information includes the
    accounts of the Company, which has no independent assets or
    operations, the combined accounts of the Guarantor Subsidiaries
    and the combined accounts of the non-guarantor subsidiaries for
    the periods indicated. Separate financial statements of each of
    the Guarantor Subsidiaries are not presented because management
    has determined such information is not material in assessing the
    financial condition, cash flows or results of operations of the
    Company and its subsidiaries. This information was prepared on
    the same basis as the consolidated financial statements.

    

    69

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONDENSED
    CONSOLIDATING BALANCE SHEET

    

    DECEMBER
    31, 2009

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    ASSETS

	

    Current Assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    11,740
	
 
	
 
	
    $
	
    3,146
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    14,886
	
 

	

    Accounts receivable, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    50,422
	
 
	
 
	
 
	
    6,167
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    56,589
	
 

	

    Inventories

	
 
	
 
	
    —
	
 
	
 
	
 
	
    66,205
	
 
	
 
	
 
	
    8,176
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    74,381
	
 

	

    Prepaid expenses and other

	
 
	
 
	
    —
	
 
	
 
	
 
	
    7,714
	
 
	
 
	
 
	
    1,541
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    9,255
	
 

	

    Deferred tax assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,008
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,008
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    139,089
	
 
	
 
	
 
	
    19,030
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    158,119
	
 

	

    Property, plant and equipment, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    43,233
	
 
	
 
	
 
	
    3,454
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    46,687
	
 

	

    Goodwill

	
 
	
 
	
    —
	
 
	
 
	
 
	
    187,818
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    187,818
	
 

	

    Intangibles, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    50,737
	
 
	
 
	
 
	
    7,714
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    58,451
	
 

	

    Other assets

	
 
	
 
	
    2,019
	
 
	
 
	
 
	
    1,851
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,870
	
 

	

    Investment in and advances to subsidiaries

	
 
	
 
	
    225,881
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (225,881
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total assets

	
 
	
    $
	
    227,900
	
 
	
 
	
    $
	
    422,728
	
 
	
 
	
    $
	
    30,198
	
 
	
 
	
    $
	
    (225,881
	
    )
	
 
	
    $
	
    454,945
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 

	
    LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

	

    Current Liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital facility

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    9,643
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    9,643
	
 

	

    Current maturities of long-term obligations

	
 
	
 
	
    463
	
 
	
 
	
 
	
    8,239
	
 
	
 
	
 
	
    213
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,915
	
 

	

    Accounts payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,953
	
 
	
 
	
 
	
    2,645
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    9,598
	
 

	

    Accrued and other liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    19,275
	
 
	
 
	
 
	
    3,844
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    23,119
	
 

	

    Accrued interest

	
 
	
 
	
    7,527
	
 
	
 
	
 
	
    81
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    7,608
	
 

	

    Income taxes payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    896
	
 
	
 
	
 
	
    (191
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    705
	
 

	

    Deferred tax liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,793
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,793
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current liabilities

	
 
	
 
	
    7,990
	
 
	
 
	
 
	
    47,880
	
 
	
 
	
 
	
    6,511
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    62,381
	
 

	

    Long-term obligations, less current maturities

	
 
	
 
	
    172,327
	
 
	
 
	
 
	
    25,569
	
 
	
 
	
 
	
    570
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    198,466
	
 

	

    Deferred tax liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    52,835
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    52,835
	
 

	

    Other long-term liabilities

	
 
	
 
	
    1,426
	
 
	
 
	
 
	
    11,430
	
 
	
 
	
 
	
    615
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    13,471
	
 

	

    Shareholders’ equity (deficit):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Common stock

	
 
	
 
	
    135
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    135
	
 

	

    Additional
    paid-in-capital

	
 
	
 
	
    188,791
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    188,791
	
 

	

    Accumulated deficit

	
 
	
 
	
    (65,062
	
    )
	
 
	
 
	
    54,870
	
 
	
 
	
 
	
    (67,783
	
    )
	
 
	
 
	
    12,912
	
 
	
 
	
 
	
    (65,063
	
    )

	

    Accumulated other comprehensive income (loss)

	
 
	
 
	
    3,929
	
 
	
 
	
 
	
    (22,636
	
    )
	
 
	
 
	
    (6,312
	
    )
	
 
	
 
	
    28,948
	
 
	
 
	
 
	
    3,929
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total shareholders’ equity (deficit)

	
 
	
 
	
    127,793
	
 
	
 
	
 
	
    32,234
	
 
	
 
	
 
	
    (74,095
	
    )
	
 
	
 
	
    41,860
	
 
	
 
	
 
	
    127,792
	
 

	

    Net equity (deficit) and advances to / from subsidiaries

	
 
	
 
	
    (81,636
	
    )
	
 
	
 
	
    252,780
	
 
	
 
	
 
	
    96,597
	
 
	
 
	
 
	
    (267,741
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total liabilities and shareholders’ equity (deficit)

	
 
	
    $
	
    227,900
	
 
	
 
	
    $
	
    422,728
	
 
	
 
	
    $
	
    30,198
	
 
	
 
	
    $
	
    (225,881
	
    )
	
 
	
    $
	
    454,945
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    70

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

    

 

    CONDENSED
    CONSOLIDATING BALANCE SHEET

    

    DECEMBER
    31, 2008

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    ASSETS

	

    Current Assets:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash and cash equivalents

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    6,301
	
 
	
 
	
    $
	
    5,615
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    11,916
	
 

	

    Accounts receivable, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    63,760
	
 
	
 
	
 
	
    8,284
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    72,044
	
 

	

    Inventories

	
 
	
 
	
    —
	
 
	
 
	
 
	
    90,220
	
 
	
 
	
 
	
    12,259
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    102,479
	
 

	

    Prepaid expenses and other

	
 
	
 
	
    —
	
 
	
 
	
 
	
    4,653
	
 
	
 
	
 
	
    790
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,443
	
 

	

    Assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    916
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    916
	
 

	

    Deferred tax assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,277
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,277
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    167,211
	
 
	
 
	
 
	
    27,864
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    195,075
	
 

	

    Property, plant and equipment, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    43,295
	
 
	
 
	
 
	
    4,206
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    47,501
	
 

	

    Goodwill

	
 
	
 
	
    —
	
 
	
 
	
 
	
    184,043
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    184,043
	
 

	

    Intangibles, net

	
 
	
 
	
    —
	
 
	
 
	
 
	
    53,166
	
 
	
 
	
 
	
    7,617
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    60,783
	
 

	

    Other assets

	
 
	
 
	
    5,541
	
 
	
 
	
 
	
    1,426
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,967
	
 

	

    Investment in and advances to subsidiaries

	
 
	
 
	
    191,869
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (191,869
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total assets

	
 
	
    $
	
    197,410
	
 
	
 
	
    $
	
    449,141
	
 
	
 
	
    $
	
    39,687
	
 
	
 
	
    $
	
    (191,869
	
    )
	
 
	
    $
	
    494,369
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 

	
    LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

	

    Current Liabilities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Working capital facility

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    32,531
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    32,531
	
 

	

    Current maturities of long-term obligations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,702
	
 
	
 
	
 
	
    358
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,060
	
 

	

    Accounts payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    26,132
	
 
	
 
	
 
	
    4,691
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    30,823
	
 

	

    Accrued and other liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    26,673
	
 
	
 
	
 
	
    1,622
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    28,295
	
 

	

    Accrued interest

	
 
	
 
	
    6,412
	
 
	
 
	
 
	
    146
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,558
	
 

	

    Income taxes payable

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,798
	
 
	
 
	
 
	
    51
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,849
	
 

	

    Deferred tax liability

	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,253
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,253
	
 

	

    Liabilities related to assets held for sale

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,266
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,266
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total current liabilities

	
 
	
 
	
    6,412
	
 
	
 
	
 
	
    93,235
	
 
	
 
	
 
	
    11,988
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    111,635
	
 

	

    Long-term obligations, less current maturities

	
 
	
 
	
    175,000
	
 
	
 
	
 
	
    23,761
	
 
	
 
	
 
	
    693
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    199,454
	
 

	

    Deferred tax liabilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    47,292
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    47,292
	
 

	

    Other long-term liabilities

	
 
	
 
	
    2,991
	
 
	
 
	
 
	
    14,155
	
 
	
 
	
 
	
    539
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    17,685
	
 

	

    Shareholders’ equity (deficit):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Common stock

	
 
	
 
	
    135
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    135
	
 

	

    Additional
    paid-in-capital

	
 
	
 
	
    189,256
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    189,256
	
 

	

    Accumulated deficit

	
 
	
 
	
    (69,244
	
    )
	
 
	
 
	
    34,540
	
 
	
 
	
 
	
    (67,892
	
    )
	
 
	
 
	
    33,351
	
 
	
 
	
 
	
    (69,245
	
    )

	

    Accumulated other comprehensive income (loss)

	
 
	
 
	
    (1,844
	
    )
	
 
	
 
	
    (16,065
	
    )
	
 
	
 
	
    (4,060
	
    )
	
 
	
 
	
    20,126
	
 
	
 
	
 
	
    (1,843
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total shareholders’ equity (deficit)

	
 
	
 
	
    118,303
	
 
	
 
	
 
	
    18,475
	
 
	
 
	
 
	
    (71,952
	
    )
	
 
	
 
	
    53,477
	
 
	
 
	
 
	
    118,303
	
 

	

    Net equity (deficit) and advances to / from subsidiaries

	
 
	
 
	
    (105,296
	
    )
	
 
	
 
	
    252,223
	
 
	
 
	
 
	
    98,419
	
 
	
 
	
 
	
    (245,346
	
    )
	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total liabilities and shareholders’ equity (deficit)

	
 
	
    $
	
    197,410
	
 
	
 
	
    $
	
    449,141
	
 
	
 
	
    $
	
    39,687
	
 
	
 
	
    $
	
    (191,869
	
    )
	
 
	
    $
	
    494,369
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    71

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

     

    CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

    YEAR ENDED DECEMBER 31, 2009

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Net sales

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    355,864
	
 
	
 
	
    $
	
    29,111
	
 
	
 
	
    $
	
    (37,320
	
    )
	
 
	
    $
	
    347,655
	
 

	

    Cost of goods sold

	
 
	
 
	
    —
	
 
	
 
	
 
	
    259,473
	
 
	
 
	
 
	
    22,433
	
 
	
 
	
 
	
    (38,045
	
    )
	
 
	
 
	
    243,861
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gross margin

	
 
	
 
	
    —
	
 
	
 
	
 
	
    96,391
	
 
	
 
	
 
	
    6,678
	
 
	
 
	
 
	
    725
	
 
	
 
	
 
	
    103,794
	
 

	

    Selling, general and administrative expenses

	
 
	
 
	
    (578
	
    )
	
 
	
 
	
    74,870
	
 
	
 
	
 
	
    7,174
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    81,466
	
 

	

    Amortization of intangibles

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,693
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,693
	
 

	

    Net periodic postretirement benefits

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (45
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (45
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income (loss)

	
 
	
 
	
    578
	
 
	
 
	
 
	
    18,873
	
 
	
 
	
 
	
    (496
	
    )
	
 
	
 
	
    725
	
 
	
 
	
 
	
    19,680
	
 

	

    Other income (expense):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest, net

	
 
	
 
	
    (17,176
	
    )
	
 
	
 
	
    (3,750
	
    )
	
 
	
 
	
    76
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (20,850
	
    )

	

    Amortization of deferred financing costs

	
 
	
 
	
    (531
	
    )
	
 
	
 
	
    (521
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,052
	
    )

	

    Equity in net income (loss) of subsidiaries

	
 
	
 
	
    21,164
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (21,164
	
    )
	
 
	
 
	
    —
	
 

	

    Settlement of retiree medical obligations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,863
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,863
	
 

	

    Other

	
 
	
 
	
    147
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    147
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations before income tax
    provision and discontinued operations

	
 
	
 
	
    4,182
	
 
	
 
	
 
	
    20,465
	
 
	
 
	
 
	
    (420
	
    )
	
 
	
 
	
    (20,439
	
    )
	
 
	
 
	
    3,788
	
 

	

    Income tax provision

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,089
	
 
	
 
	
 
	
    568
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,657
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations

	
 
	
 
	
    4,182
	
 
	
 
	
 
	
    18,376
	
 
	
 
	
 
	
    (988
	
    )
	
 
	
 
	
    (20,439
	
    )
	
 
	
 
	
    1,131
	
 

	

    Gain from discontinued operations, net of tax

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,954
	
 
	
 
	
 
	
    1,097
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,051
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    4,182
	
 
	
 
	
    $
	
    20,330
	
 
	
 
	
    $
	
    109
	
 
	
 
	
    $
	
    (20,439
	
    )
	
 
	
    $
	
    4,182
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    72

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

     

    CONDENSED CONSOLIDATING STATEMENT OF
    OPERATIONS — (Continued)

    YEAR ENDED DECEMBER 31, 2008

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Net sales

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    589,422
	
 
	
 
	
    $
	
    49,774
	
 
	
 
	
    $
	
    (122,288
	
    )
	
 
	
    $
	
    516,908
	
 

	

    Cost of goods sold

	
 
	
 
	
    —
	
 
	
 
	
 
	
    443,662
	
 
	
 
	
 
	
    36,792
	
 
	
 
	
 
	
    (122,599
	
    )
	
 
	
 
	
    357,855
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gross margin

	
 
	
 
	
    —
	
 
	
 
	
 
	
    145,760
	
 
	
 
	
 
	
    12,982
	
 
	
 
	
 
	
    311
	
 
	
 
	
 
	
    159,053
	
 

	

    Selling, general and administrative expenses

	
 
	
 
	
    180
	
 
	
 
	
 
	
    104,364
	
 
	
 
	
 
	
    7,578
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    112,122
	
 

	

    Amortization of intangibles

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,675
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,675
	
 

	

    Net periodic postretirement benefits

	
 
	
 
	
    —
	
 
	
 
	
 
	
    322
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    322
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income (loss)

	
 
	
 
	
    (180
	
    )
	
 
	
 
	
    38,399
	
 
	
 
	
 
	
    5,404
	
 
	
 
	
 
	
    311
	
 
	
 
	
 
	
    43,934
	
 

	

    Other income (expense):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest, net

	
 
	
 
	
    (16,125
	
    )
	
 
	
 
	
    (4,121
	
    )
	
 
	
 
	
    (58
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (20,304
	
    )

	

    Amortization of deferred financing costs

	
 
	
 
	
    (500
	
    )
	
 
	
 
	
    (438
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (938
	
    )

	

    Equity in net income (loss) of subsidiaries

	
 
	
 
	
    27,513
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (27,513
	
    )
	
 
	
 
	
    —
	
 

	

    Other

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (37
	
    )
	
 
	
 
	
    (43
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (80
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations before income tax
    provision and discontinued operations

	
 
	
 
	
    10,708
	
 
	
 
	
 
	
    33,803
	
 
	
 
	
 
	
    5,303
	
 
	
 
	
 
	
    (27,202
	
    )
	
 
	
 
	
    22,612
	
 

	

    Income tax provision

	
 
	
 
	
    —
	
 
	
 
	
 
	
    10,569
	
 
	
 
	
 
	
    1,520
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    12,089
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations

	
 
	
 
	
    10,708
	
 
	
 
	
 
	
    23,234
	
 
	
 
	
 
	
    3,783
	
 
	
 
	
 
	
    (27,202
	
    )
	
 
	
 
	
    10,523
	
 

	

    Loss from discontinued operations, net of tax

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    185
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    185
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    10,708
	
 
	
 
	
    $
	
    23,234
	
 
	
 
	
    $
	
    3,968
	
 
	
 
	
    $
	
    (27,202
	
    )
	
 
	
    $
	
    10,708
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    73

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

     

    CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

    YEAR ENDED DECEMBER 31, 2007

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Net sales

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    557,801
	
 
	
 
	
    $
	
    29,338
	
 
	
 
	
    $
	
    (93,164
	
    )
	
 
	
    $
	
    493,975
	
 

	

    Cost of goods sold

	
 
	
 
	
    —
	
 
	
 
	
 
	
    411,673
	
 
	
 
	
 
	
    21,225
	
 
	
 
	
 
	
    (93,276
	
    )
	
 
	
 
	
    339,622
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Gross margin

	
 
	
 
	
    —
	
 
	
 
	
 
	
    146,128
	
 
	
 
	
 
	
    8,113
	
 
	
 
	
 
	
    112
	
 
	
 
	
 
	
    154,353
	
 

	

    Selling, general and administrative expenses

	
 
	
 
	
    1,609
	
 
	
 
	
 
	
    99,527
	
 
	
 
	
 
	
    4,897
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    106,033
	
 

	

    Amortization of intangibles

	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,921
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,921
	
 

	

    Net periodic postretirement benefits

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,087
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,087
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Operating income (loss)

	
 
	
 
	
    (1,609
	
    )
	
 
	
 
	
    42,593
	
 
	
 
	
 
	
    3,216
	
 
	
 
	
 
	
    112
	
 
	
 
	
 
	
    44,312
	
 

	

    Other income (expense):

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest, net

	
 
	
 
	
    (18,731
	
    )
	
 
	
 
	
    (8,146
	
    )
	
 
	
 
	
    78
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (26,799
	
    )

	

    Amortization of deferred financing costs

	
 
	
 
	
    (500
	
    )
	
 
	
 
	
    (944
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,444
	
    )

	

    Equity in net income (loss) of subsidiaries

	
 
	
 
	
    29,505
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (29,505
	
    )
	
 
	
 
	
    —
	
 

	

    Minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    82
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    82
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations before income tax
    provision and discontinued operations

	
 
	
 
	
    8,665
	
 
	
 
	
 
	
    33,585
	
 
	
 
	
 
	
    3,294
	
 
	
 
	
 
	
    (29,393
	
    )
	
 
	
 
	
    16,151
	
 

	

    Income tax provision (benefit)

	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,646
	
 
	
 
	
 
	
    1,869
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,515
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Income (loss) from continuing operations

	
 
	
 
	
    8,665
	
 
	
 
	
 
	
    29,939
	
 
	
 
	
 
	
    1,425
	
 
	
 
	
 
	
    (29,393
	
    )
	
 
	
 
	
    10,636
	
 

	

    Loss from discontinued operations, net of tax

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,971
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,971
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net income (loss)

	
 
	
    $
	
    8,665
	
 
	
 
	
    $
	
    29,939
	
 
	
 
	
    $
	
    (546
	
    )
	
 
	
    $
	
    (29,393
	
    )
	
 
	
    $
	
    8,665
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    74

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

 

    

    CONDENSED
    CONSOLIDATING STATEMENT OF CASH FLOWS

    YEAR ENDED DECEMBER 31, 2009

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Cash flows from continuing operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
    $
	
    4,369
	
 
	
 
	
    $
	
    36,640
	
 
	
 
	
    $
	
    1,513
	
 
	
 
	
    $
	
    (20,439
	
    )
	
 
	
    $
	
    22,083
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from investing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Capital expenditures

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,669
	
    )
	
 
	
 
	
    (26
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,695
	
    )

	

    Proceeds from sales of assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 

	

    Other

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (264
	
    )
	
 
	
 
	
    (97
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (361
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash used in investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,933
	
    )
	
 
	
 
	
    (123
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (8,056
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from financing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Borrowings under Working Capital Facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,923
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    8,923
	
 

	

    Repayments under Working Capital Facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (31,811
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (31,811
	
    )

	

    Repurchase of Notes

	
 
	
 
	
    (2,632
	
    )
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    (2,632
	
    )

	

    Borrowings of Second-Lien Facility and other

	
 
	
 
	
 
	
 
	
 
	
 
	
    25,075
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    25,075
	
 

	

    Repayments of Second-Lien Facility and other

	
 
	
 
	
    1,565
	
 
	
 
	
 
	
    (17,111
	
    )
	
 
	
 
	
    (277
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (15,823
	
    )

	

    Stock compensation expense

	
 
	
 
	
    (579
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (579
	
    )

	

    Exercise of employee stock purchases

	
 
	
 
	
    114
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    114
	
 

	

    Changes in net equity and advances to / from discontinued
    operations

	
 
	
 
	
    (5,150
	
    )
	
 
	
 
	
    (9,031
	
    )
	
 
	
 
	
    (3,719
	
    )
	
 
	
 
	
    20,439
	
 
	
 
	
 
	
    2,539
	
 

	

    Termination payment from derivative counterparty

	
 
	
 
	
    2,313
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,313
	
 

	

    Other

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (925
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (925
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    (4,369
	
    )
	
 
	
 
	
    (24,880
	
    )
	
 
	
 
	
    (3,996
	
    )
	
 
	
 
	
    20,439
	
 
	
 
	
 
	
    (12,806
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,612
	
 
	
 
	
 
	
    137
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,749
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,439
	
 
	
 
	
 
	
    (2,469
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,970
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from discontinued operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by operating activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    337
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    337
	
 

	

    Net cash provided by sales of discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,783
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,783
	
 

	

    Advances from (to) continuing operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,933
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,933
	
    )

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    228
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    228
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash used in discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (585
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (585
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total increase (decrease) in cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,439
	
 
	
 
	
 
	
    (3,054
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,385
	
 

	

    Total cash and cash equivalents beginning of period

	
 
	
 
	
    —
	
 
	
 
	
 
	
    6,301
	
 
	
 
	
 
	
    6,200
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    12,501
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total cash and cash equivalents end of period

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    11,740
	
 
	
 
	
    $
	
    3,146
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    14,886
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    75

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

     

    CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

    YEAR ENDED DECEMBER 31, 2008

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Cash flows from continuing operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
    $
	
    9,765
	
 
	
 
	
    $
	
    29,800
	
 
	
 
	
    $
	
    4,666
	
 
	
 
	
    $
	
    (27,203
	
    )
	
 
	
    $
	
    17,028
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from investing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Capital expenditures

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (15,071
	
    )
	
 
	
 
	
    2,295
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (12,776
	
    )

	

    Proceeds from sales of assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    500
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    500
	
 

	

    Purchase of minority interest

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    (838
	
    )
	
 
	
 
	
 
	
 
	
 
	
 
	
    (838
	
    )

	

    Purchase of outside interest in joint venture

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (3,055
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (3,055
	
    )

	

    Other

	
 
	
 
	
    (253
	
    )
	
 
	
 
	
    (67
	
    )
	
 
	
 
	
    (437
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (757
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    (253
	
    )
	
 
	
 
	
    (15,138
	
    )
	
 
	
 
	
    (1,535
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (16,926
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from financing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Borrowings under Working Capital Facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    27,751
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    27,751
	
 

	

    Repayments under Working Capital Facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,878
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (7,878
	
    )

	

    Repayments of other debt

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (23,185
	
    )
	
 
	
 
	
    396
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (22,789
	
    )

	

    Changes in net equity and advances to / from discontinued
    operations

	
 
	
 
	
    (11,939
	
    )
	
 
	
 
	
    (18,691
	
    )
	
 
	
 
	
    770
	
 
	
 
	
 
	
    27,203
	
 
	
 
	
 
	
    (2,657
	
    )

	

    Other

	
 
	
 
	
    2,427
	
 
	
 
	
 
	
    (7
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,420
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    (9,512
	
    )
	
 
	
 
	
    (22,010
	
    )
	
 
	
 
	
    1,166
	
 
	
 
	
 
	
    27,203
	
 
	
 
	
 
	
    (3,153
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (988
	
    )
	
 
	
 
	
    (204
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (1,192
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (8,336
	
    )
	
 
	
 
	
    4,093
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (4,243
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from discontinued operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash used in operating activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,574
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (2,574
	
    )

	

    Net cash provided by sales of discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    500
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    500
	
 

	

    Advances from (to) continuing operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,538
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    2,538
	
 

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (155
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (155
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash used in discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    309
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    309
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total increase (decrease) in cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (8,336
	
    )
	
 
	
 
	
    4,402
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (3,934
	
    )

	

    Total cash and cash equivalents beginning of period

	
 
	
 
	
    —
	
 
	
 
	
 
	
    14,637
	
 
	
 
	
 
	
    1,798
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    16,435
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total cash and cash equivalents end of period

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    6,301
	
 
	
 
	
    $
	
    6,200
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    12,501
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    76

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

     

    CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

    YEAR ENDED DECEMBER 31, 2007

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    Parent

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Thermadyne

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Holdings

    
	
 
	
 
	
 
	
 
	
 
	
    Non-

    
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    Corporation
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Guarantors
	
 
	
 
	
    Eliminations
	
 
	
 
	
    Consolidated
	
 

	 

	

    Cash flows from continuing operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) operating activities

	
 
	
    $
	
    9,140
	
 
	
 
	
    $
	
    52,190
	
 
	
 
	
    $
	
    (28,083
	
    )
	
 
	
    $
	
    (10,234
	
    )
	
 
	
    $
	
    23,013
	
 

	

    Cash flows from investing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Capital expenditures

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (10,013
	
    )
	
 
	
 
	
    (1,345
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (11,358
	
    )

	

    Proceeds from sales of assets

	
 
	
 
	
    —
	
 
	
 
	
 
	
    13,783
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    13,783
	
 

	

    Acquisition of minority interest

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (487
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (487
	
    )

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    3,283
	
 
	
 
	
 
	
    (1,345
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,938
	
 

	

    Cash flows from financing activities:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Borrowings under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    20,041
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    20,041
	
 

	

    Repayments under revolving credit facility

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (24,989
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (24,989
	
    )

	

    Repayments of other credit facilities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    (15,415
	
    )
	
 
	
 
	
    (1,310
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (16,725
	
    )

	

    Changes in net equity and advances to/from subsidiaries

	
 
	
 
	
    (11,166
	
    )
	
 
	
 
	
    (29,343
	
    )
	
 
	
 
	
    29,438
	
 
	
 
	
 
	
    10,234
	
 
	
 
	
 
	
    (837
	
    )

	

    Other

	
 
	
 
	
    2,026
	
 
	
 
	
 
	
    (362
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    1,664
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) financing activities

	
 
	
 
	
    (9,140
	
    )
	
 
	
 
	
    (50,068
	
    )
	
 
	
 
	
    28,128
	
 
	
 
	
 
	
    10,234
	
 
	
 
	
 
	
    (20,846
	
    )

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    25
	
 
	
 
	
 
	
    719
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    744
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by (used in) continuing operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,430
	
 
	
 
	
 
	
    (581
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    4,849
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash flows from discontinued operations:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash provided by operating activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    812
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    812
	
 

	

    Net cash used in investing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,084
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,084
	
 

	

    Net cash used in financing activities

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (5,650
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    (5,650
	
    )

	

    Effect of exchange rate changes on cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    30
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    30
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Net cash used in discontinued operations

	
 
	
 
	
    —
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    276
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    276
	
 

	

    Total increase (decrease) in cash and cash equivalents

	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,430
	
 
	
 
	
 
	
    (305
	
    )
	
 
	
 
	
    —
	
 
	
 
	
 
	
    5,125
	
 

	

    Total cash and cash equivalents beginning of period

	
 
	
 
	
    —
	
 
	
 
	
 
	
    9,207
	
 
	
 
	
 
	
    2,103
	
 
	
 
	
 
	
    —
	
 
	
 
	
 
	
    11,310
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total cash and cash equivalents end of period

	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    14,637
	
 
	
 
	
    $
	
    1,798
	
 
	
 
	
    $
	
    —
	
 
	
 
	
    $
	
    16,435
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

    

    77

Table of Contents

 

    SIGNATURES

 

    Pursuant to the requirements of Section 13 or 15(d) of the
    Securities Exchange Act of 1934, the registrant has duly caused
    this report to be signed on its behalf by the undersigned,
    thereunto duly authorized.

 

    THERMADYNE HOLDINGS CORPORATION

 

			
	 	    By: 
	
    /s/  STEVEN
    A. SCHUMM

    Steven A. Schumm

    Executive Vice President, Chief Financial and 

    Administrative Officer

 

    Date: March 9, 2010

 

    Pursuant to the requirements of the Securities Exchange Act of
    1934, this report has been signed below by the following persons
    on behalf of the registrant and in the capacities and on the
    dates indicated.

 

	 	 	 	 	 	 	 
	

    Name

	
 
	

    Title

	
 
	

    Date

	 

	
 
	
 
	
 
	
 
	
 

	
    /s/  MARTIN
    QUINN

    
Martin
    Quinn
	
 
	
    President (Principal Executive Officer)
	
 
	
    March 9, 2010

	
 
	
 
	
 
	
 
	
 

	
    /s/  STEVEN
    A. SCHUMM

    
Steven
    A. Schumm
	
 
	
    Executive Vice President, Chief Financial and Administrative
    Officer (Principal Financial and Accounting Officer)
	
 
	
    March 9, 2010

	
 
	
 
	
 
	
 
	
 

	
    /s/  PAUL
    D. MELNUK

    
Paul
    D. Melnuk
	
 
	
    Director and Chairman of the Board
	
 
	
    March 9, 2010

	
 
	
 
	
 
	
 
	
 

	
    /s/  J.
    JOE ADORJAN

    
J.
    Joe Adorjan
	
 
	
    Director
	
 
	
    March 9, 2010

	
 
	
 
	
 
	
 
	
 

	
    /s/  ANDREW
    L. BERGER

    
Andrew
    L. Berger
	
 
	
    Director
	
 
	
    March 9, 2010

	
 
	
 
	
 
	
 
	
 

	
    /s/  JAMES
    B. GAMACHE

    
James
    B. Gamache
	
 
	
    Director
	
 
	
    March 9, 2010

	
 
	
 
	
 
	
 
	
 

	
    /s/  MARNIE
    S. GORDON

    
Marnie
    S. Gordon
	
 
	
    Director
	
 
	
    March 9, 2010

	
 
	
 
	
 
	
 
	
 

	
    /s/  CHRISTOPHER
    P. HARTMANN

    
Christopher
    P. Hartmann
	
 
	
    Director
	
 
	
    March 9, 2010

	
 
	
 
	
 
	
 
	
 

	
    /s/  BRADLEY
    G. PATTELLI

    
Bradley
    G. Pattelli
	
 
	
    Director
	
 
	
    March 9, 2010

    

    78

Table of Contents

    THERMADYNE
    HOLDINGS CORPORATION

 

    

    2009
    10-K
    EXHIBIT INDEX

 

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    2
	
    .1
	
 
	
    —
	
 
	
    First Amended and Restated Disclosure Statement, dated January
    17, 2003, Solicitation of Votes on the Debtors’ First
    Amended and Restated Joint Plan of Reorganization Under Chapter
    11 of the Bankruptcy Code of Thermadyne Holdings Corporation
    (the “Company”) and its wholly owned direct and
    indirect subsidiaries, Thermadyne Mfg. LLC, Thermadyne Capital
    Corp., Thermadyne Industries, Inc., Victor Equipment Company,
    Thermadyne International Corp., Thermadyne Cylinder Co., Thermal
    Dynamics Corporation, C&G Systems Holding, Inc., MECO
    Holding Company, Tweco Products, Inc., Tag Realty, Inc.,
    Victor-Coyne International, Inc., Victor Gas Systems, Inc.,
    Stoody Company, Thermal Arc, Inc., C&G Systems, Inc.,
    Marison Cylinder Company, Wichita Warehouse Corporation, Coyne
    Natural Gas Systems, Inc., and Modern Engineering Company, Inc.
    (incorporated by reference to Exhibit 2.1 to  the
    Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on February 7, 2003).

	
 
	
    2
	
    .2
	
 
	
    —
	
 
	
    First Amended and Restated Plan of Reorganization dated January
    17, 2003 (incorporated by reference to Exhibit 2.1 to the
    Company’s Current Report on Form 8-K (File No. 0-23378)
    filed on April 11, 2003).

	
 
	
    2
	
    .3
	
 
	
    —
	
 
	
    Confirmation Order dated April 3, 2003 and signed by the
    Bankruptcy Court (incorporated by reference to Exhibit 2.2
    to the Company’s Current Report on Form 8-K (File No.
    0-23378) filed on April 11, 2003).

	
 
	
    3
	
    .1
	
 
	
    —
	
 
	
    Amended and Restated Certificate of Incorporation of the Company
    dated as of May 23, 2003 (incorporated by reference to
    Exhibit 3.1 to the Company’s Quarterly Report on Form
    10-Q
    (File No. 0-23378)
    for the quarter ended June 30, 2003).

	
 
	
    3
	
    .2
	
 
	
    —
	
 
	
    Amended and Restated Bylaws of the Company dated as of March 29,
    2007 (incorporated by reference to Exhibit 3.2 to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2006).

	
 
	
    4
	
    .1
	
 
	
    —
	
 
	
    Indenture dated as of February 5, 2004 among the Company, as
    issuer, the subsidiary guarantors named therein and U.S. Bank
    National Association, as trustee (incorporated by reference to
    Exhibit 4.10 to the Company’s Annual Report on Form
    10-K (File No. 0-23378) for the year ended December 31, 2003).

	
 
	
    4
	
    .2
	
 
	
    —
	
 
	
    Supplemental Indenture dated as of May 16, 2006 among the
    Company, the subsidiary guarantors named therein and U.S. Bank
    National Association as trustee (incorporated by reference to
    Exhibit 4.1 to the Company’s Current Report on Form
    8-K (File No. 0-23378) filed on May 23, 2006).

	
 
	
    4
	
    .3
	
 
	
    —
	
 
	
    Second Supplemental Indenture dated as of August 2, 2006 among
    the Company, the subsidiary guarantors named therein and U.S.
    Bank National Association as trustee (incorporated by reference
    to Exhibit 4.1 to the Company’s Current Report on Form
    8-K (File No. 0-23378) filed on August 3, 2006).

	
 
	
    4
	
    .4
	
 
	
    —
	
 
	
    Third Amended and Restated Credit Agreement dated as of June 29,
    2007 by and among Thermadyne Industries, Inc., Thermal Dynamics
    Corporation, Tweco Products, Inc., Victor Equipment Company,
    C&G Systems, Inc., Stoody Company, ProTip Corporation, and
    Thermadyne International Corp., as borrowers, the credit parties
    signatory thereto, the lenders signatory thereto, and General
    Electric Capital Corporation, as agent and lender, and GECC
    Capital Markets Group, Inc., as lead arranger (incorporated by
    reference to Exhibit 4.1 to the Company’s Current Report on
    Form 8-K (File No. 0-23378) filed on July 2, 2007).

	
 
	
    4
	
    .5
	
 
	
    —
	
 
	
    First Amendment to Third Amended and Restated Credit Agreement
    dated as of October 7, 2008, by and among Thermadyne Industries,
    Inc., Thermal Dynamics Corporation, Victor Equipment Company, C
    & G Systems, Inc., Stoody Company, Thermadyne International
    Corp., as borrowers, the Company and the other credit parties
    signatory thereto, and General Electric Capital Corporation, as
    agent and lender (incorporated by reference to Exhibit 4.1 to
    the Company’s Quarterly Report on Form 10-Q (File No.
    001-13023) for the quarter ended September 30, 2008).

    

    79

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    4
	
    .6
	
 
	
    —
	
 
	
    Second Amendment to Third Amended and Restated Credit Agreement
    dated as of June 15, 2009 by and among Thermadyne Industries,
    Inc., Thermal Dynamics Corporation, Victor Equipment Company, C
    & G Systems, Inc., Stoody Company, Thermadyne International
    Corp., as borrowers, the Company and the other credit parties
    signatory thereto, and General Electric Capital Corporation, as
    agent and lender (incorporated by reference to Exhibit 10.1 to
    the Company’s Current Report on Form 8-K (File No.
    001-13023) filed on June 18, 2009).

	
 
	
    4
	
    .7
	
 
	
    —
	
 
	
    Third Amendment to Third Amended and Restated Credit Agreement
    dated as of February 23, 2010 by and among Thermadyne
    Industries, Inc., Thermal Dynamics Corporation, Victor Equipment
    Company, C & G Merger Co., Stoody Company, Thermadyne
    International Corp., as borrowers, the credit parties signatory
    thereto, and General Electric Capital Corporation, as agent and
    lender (incorporated by reference to Exhibit 10.1 to the
    Company’s Current Report on Form 8-K (File No.
    001-13023) filed on February 26, 2010).

	
 
	
    4
	
    .8
	
 
	
    —
	
 
	
    2009 Amended and Restated Second Lien Credit Agreement dated as
    of August 14, 2009, by and among Thermadyne Industries, Inc.,
    Thermal Dynamics Corporation, Victor Equipment Company, C&G
    Merger Co., Stoody Company, and Thermadyne International Corp.,
    as borrowers, the guarantors party thereto, the lenders parties
    thereto, and Regions Bank, as administrative agent, collateral
    agent and funding agent.*

	
 
	
    4
	
    .9
	
 
	
    —
	
 
	
    Amendment Number One to 2009 Amended and Restated Second Lien
    Credit Agreement dated as of February 23, 2010 by and among
    Thermadyne Industries, Inc., Thermal Dynamics Corporation,
    Victor Equipment Company, C & G Merger Co., Stoody Company,
    and Thermadyne International Corp., as borrowers, the guarantors
    signatory thereto, the lenders signatory thereto, and Regions
    Bank as agent (incorporated by reference to Exhibit 10.2 to the
    Company’s Current Report on Form 8-K (File No. 001-13023)
    filed on February 26, 2010).

	
 
	
    10
	
    .1
	
 
	
    —
	
 
	
    Registration Rights Agreement dated as of May 23, 2003 among the
    Company, Angelo Gordon & Co., L.P., Sigler & Co.,
    Silver Oak Capital, LLC, Credit Suisse First Boston and Goldman
    Sachs Credit Partners, L.P. (incorporated by reference to
    Exhibit 4.3 to the registrant’s Quarterly Report on
    Form 10-Q (File No. 0-23378) for the quarter ended June 30,
    2003).

	
 
	
    10
	
    .2
	
 
	
    —
	
 
	
    Omnibus Agreement dated as of June 3, 1988, among Palco
    Acquisition Company (now Thermadyne Holdings Corporation) and
    its subsidiaries and National Warehouse Investment Company
    (incorporated by reference to Exhibit 10.39 to the
    Company’s Registration Statement on Form 10/A,
    Amendment No. 2 (File No. 0-23378) filed under Section 12(g) of
    the Exchange Act on April 28, 1994).

	
 
	
    10
	
    .3
	
 
	
    —
	
 
	
    Escrow Agreement dated as of August 11, 1988, among National
    Warehouse Investment Company, Palco Acquisition Company (now
    Thermadyne Holdings Corporation) and Title Guaranty Escrow
    Services, Inc. (incorporated by reference to Exhibit 10.40 to
    the Company’s Registration Statement on Form 10/A,
    Amendment No. 2 (File No. 0-23378) filed under Section 12(g) of
    the Exchange Act on April 28, 1994).

	
 
	
    10
	
    .4
	
 
	
    —
	
 
	
    Amended and Restated Continuing Lease Guaranty, made as of
    August 11, 1988, by Palco Acquisition Company (now Thermadyne
    Holdings Corporation) for the benefit of National Warehouse
    Investment Company (incorporated by reference to Exhibit 10.43
    to the Company’s Registration Statement on Form 10/A,
    Amendment No. 2 (File No. 0-23378) filed under Section 12(g) of
    the Exchange Act on April 28, 1994).

	
 
	
    10
	
    .5
	
 
	
    —
	
 
	
    Schedule of substantially identical lease guarantees
    (incorporated by reference to Exhibit 10.44 to the
    Company’s Registration Statement on Form 10/A, Amendment
    No. 2 (File No. 0-23378) filed under Section 12(g) of the
    Exchange Act on April 28, 1994).

    80

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    10
	
    .6
	
 
	
    —
	
 
	
    Lease Agreement, dated as of October 10, 1990, between Stoody
    Deloro Stellite and Bowling
    Green-Warren
    County Industrial Park Authority, Inc. (incorporated by
    reference to Exhibit 10.46 to the Company’s Registration
    Statement on Form 10/A, Amendment No. 2 (File No. 0-23378) filed
    under Section 12(g) of the Exchange Act on April 28, 1994).

	
 
	
    10
	
    .7
	
 
	
 
	
 
	
    Lease Modification and Extension Agreement effective October 1,
    2009, by and among Bowling Green Area Economic Development
    Authority, Inc., successor to Bowling Green-Warren County
    Industrial Park Authority, Inc., Stoody Company, Themadyne
    Industries, Inc. and Thermadyne Holdings Corporation
    (incorporated by reference to Exhibit 10.1 to the Company’s
    Current Report on Form 8-K (File No. 1-13023) filed on October
    8, 2009).

	
 
	
    10
	
    .8
	
 
	
    —
	
 
	
    Lease Agreement between Alliance Gateway No. 58 Ltd. and Victor
    Equipment Company, dated September 22, 2003 (incorporated by
    reference to Exhibit 10.7 to the Company’s Annual
    Report on Form 10-K (File No. 0-23378) for the year ended
    December 31, 2004).

	
 
	
    10
	
    .9
	
 
	
    —
	
 
	
    First Amendment to Lease between Alliance Gateway No. 58 Ltd.
    and Victor Equipment Company, dated May 1, 2004 (incorporated by
    reference to Exhibit 10.8 to the Company’s Annual
    Report on Form 10-K (File No. 0-23378) for the year ended
    December 31, 2004).

	
 
	
    10
	
    .10
	
 
	
    —
	
 
	
    Lease Agreement between Ningbo Longxing Group Co., Ltd. and
    Ningbo Fulida Gas Equipment Co. Ltd., dated January 19, 2005
    (incorporated by reference to Exhibit 10.9 to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2004).

	
 
	
    10
	
    .11
	
 
	
    —
	
 
	
    Lease Agreement between Ningbo Longxing Group Co., Ltd. and
    Thermadyne (Ningbo) Cutting and Welding Equipment Manufacturing
    Company, Ltd., dated December 28, 2004 (incorporated by
    reference to Exhibit 10.10 to the Company’s Annual
    Report on Form 10-K (File No. 0-23378) for the year ended
    December 31, 2004).

	
 
	
    10
	
    .12
	
 
	
    —
	
 
	
    First Amended and Restated Industrial Real Property Lease
    between 2800 Airport Road Limited Partnership and Victor
    Equipment Company dated August 1, 2007 (incorporated by
    reference to Exhibit 10.2 to the Company’s Quarterly
    Report on Form 10-Q (File No. 0-23378) for the quarter ended
    September 30, 2007).

	
 
	
    10
	
    .13
	
 
	
    —
	
 
	
    Second Amendment to Amended and Restated Industrial Real
    Property Lease between Benning Street, LLC and Thermal Dynamics
    Corporation dated August 1, 2007 (incorporated by reference to
    Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q
    (File No. 1-13023) for the quarter ended September 30, 2007).

	
 
	
    10
	
    .14
	
 
	
    —
	
 
	
    Lease Agreement between Holman/Shidler Investment Corporation,
    Thermadyne Welding Products Canada, Ltd., and the Company dated
    October 25, 2007 (incorporated by reference to Exhibit 10.13  to
    the Company’s Annual Report on Form 10-K (File No. 1-13023)
    for the year ended December 31, 2007).

	
 
	
    10
	
    .15
	
 
	
    —
	
 
	
    Contract to Establish an Equity Joint Venture Enterprise by and
    between Ningbo Longxing Group Corporation Limited and the
    Company, dated December 28, 2004 (incorporated by reference to
    the Company’s Annual Report on Form 10-K (File No. 0-23378)
    for the year ended December 31, 2004).

	
 
	
    10
	
    .16†
	
 
	
    —
	
 
	
    Amended and Restated Employment Agreement by and among
    Thermadyne Holdings Corporation, its subsidiaries and Paul
    Melnuk, dated August 17, 2009 (incorporated by reference to
    Exhibit 10.3 to the Company’s Current Report on Form 8-K
    (File No. 1-13023) filed on August 21, 2009).

	
 
	
    10
	
    .17†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive Employment
    Agreement between the Company and Paul D. Melnuk, dated December
    31, 2008 (incorporated by reference to Exhibit 10.26 to the
    Company’s Annual Report on Form 10-K (File No. 1-13023) for
    the year ended December 31, 2008).

	
 
	
    10
	
    .19†
	
 
	
    —
	
 
	
    Amended and Restated Employment Agreement by and among
    Thermadyne Holdings Corporation, its subsidiaries and Martin
    Quinn, dated August 17, 2009 (incorporated by reference to
    Exhibit 10.1 to the Company’s Current Report on Form 8-K
    (File No. 1-13023) filed on August 21, 2009).

	
 
	
    10
	
    .20†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive Employment
    Agreement between the Company and Martin Quinn, dated December
    31, 2008 (incorporated by reference to Exhibit 10.30 to the
    Company’s Annual Report on Form 10-K (File No. 1-13023) for
    the year ended December 31, 2008).

    81

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    10
	
    .21†
	
 
	
    —
	
 
	
    Third Amended and Restated Employment Agreement by and among
    Thermadyne Holdings Corporation, its subsidiaries and Terry
    Downes, dated August 17, 2009 (incorporated by reference to
    Exhibit 10.2 to the Company’s Current Report on Form 8-K
    (File No. 1-13023) filed on August 21, 2009).

	
 
	
    10
	
    .22†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive Employment
    Agreement between the Company and Terry Downes, dated December
    31, 2008 (incorporated by reference to Exhibit 10.28 to the
    Company’s Annual Report on Form 10-K (File No. 1-13023) for
    the year ended December 31, 2008).

	
 
	
    10
	
    .23†
	
 
	
    —
	
 
	
    Executive Employment Agreement between the Company and Steven A.
    Schumm, dated August 7, 2006 (incorporated by reference to
    Exhibit 10.23 to the Company’s Annual Report on Form 10-K
    (File No. 1-13023) for the year ended December 31, 2008).

	
 
	
    10
	
    .24†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive Employment
    Agreement between the Company and Steven A. Schumm, dated
    December 31, 2008 (incorporated by reference to
    Exhibit 10.31 to the Company’s Annual Report on Form
    10-K (File No. 1-13023) for the year ended December 31, 2008).

	
 
	
    10
	
    .25†
	
 
	
    —
	
 
	
    Executive Employment Agreement between the Company and Terry A.
    Moody, dated July 12, 2007 (incorporated by reference to
    Exhibit 10.1 to the Company’s Quarterly Report on Form
    10-Q (File No. 0-23378) for the quarter ended September 30,
    2007).

	
 
	
    10
	
    .26†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive Employment
    Agreement between the Company and Terry A. Moody, dated December
    31, 2008 (incorporated by reference to Exhibit 10.29 to the
    Company’s Annual Report on Form 10-K (File No. 1-13023) for
    the year ended December 31, 2008).

	
 
	
    10
	
    .27†
	
 
	
    —
	
 
	
    Second Amended and Restated Executive Employment Agreement
    between the Company and John Boisvert, dated January 1, 2004
    (incorporated by reference to Exhibit 10.16 to the
    Company’s Annual Report on Form 10-K (File No. 0-23378) for
    the year ended December 31, 2004).

	
 
	
    10
	
    .28†
	
 
	
    —
	
 
	
    Amendment Regarding IRC Section 409A to Executive Employment
    Agreement between the Company and John Boisvert, dated December
    31, 2008 (incorporated by reference to Exhibit 10.27 to the
    Company’s Annual Report on Form 10-K (File No. 1-13023) for
    the year ended December 31, 2008).

	
 
	
    10
	
    .29†
	
 
	
    —
	
 
	
    Amended and Restated Executive Employment Agreement between the
    Company and Dennis Klanjscek, dated June 13, 2002 (incorporated
    by reference to Exhibit 10.13 to the Company’s Annual
    Report on Form 10-K (File No. 0-23378) for the year ended
    December 31, 2004).

	
 
	
    10
	
    .30†
	
 
	
    —
	
 
	
    Thermadyne Holdings Corporation Non-Employee Director’s
    Stock Option Agreement (incorporated by reference to Exhibit
    10.1 to the Company’s Quarterly Report on Form 10-Q (File
    No. 0-23378) for the quarter ended September 30, 2003).

	
 
	
    10
	
    .31†
	
 
	
    —
	
 
	
    Thermadyne Holdings Corporation Non-Employee Directors’
    Deferred Stock Compensation Plan (incorporated by reference to
    Exhibit 10.15 to the Company’s Annual Report on Form 10-K
    (File No. 0-23378)
    for the year ended December 31, 2003).

	
 
	
    10
	
    .32†
	
 
	
    —
	
 
	
    Amended and Restated Thermadyne Holdings Corporation
    Non-Employee Directors’ Deferred Fee Plan (incorporated by
    reference to Exhibit 10.34 to the Company’s Annual Report
    on Form 10-K (File No. 1-13023) for the year ended December
    31, 2008).

	
 
	
    10
	
    .33†
	
 
	
    —
	
 
	
    2004 Non-Employee Directors Stock Option Plan (incorporated by
    reference to the Company’s Definitive Proxy Statement on
    Schedule 14A (File No. 0-23378) filed on March 24, 2004).

	
 
	
    10
	
    .34†
	
 
	
    —
	
 
	
    Form of 2004 Non-Employee Directors Stock Option Agreement
    (incorporated by reference to Exhibit 10.27 to the
    Company’s Annual Report on Form 10-K (File No. 1-13023) for
    the year ended December 31, 2008).

	
 
	
    10
	
    .35†
	
 
	
    —
	
 
	
    Thermadyne Holdings Corporation 2004 Stock Incentive Plan
    (incorporated by reference to the Company’s Definitive
    Proxy Statement on Schedule 14A (File No. 0-23378) filed on
    March 24, 2004).

	
 
	
    10
	
    .36†
	
 
	
    —
	
 
	
    Thermadyne Holdings Corporation Amended and Restated 2004 Stock
    Incentive Plan (incorporated by reference to the Company’s
    Definitive Proxy Statement on Schedule 14A (File No. 1-13023)
    filed on April 21, 2008).

    82

Table of Contents

	 	 	 	 	 	 	 
	
    Exhibit

    
	
 
	
 
	
 
	
 

	

    No.

	
 
	
 
	
 
	

    Exhibit

	 

	
 
	
    10
	
    .37†
	
 
	
    —
	
 
	
    Form of 2004 Stock Incentive Plan Option Agreement (incorporated
    by reference to Exhibit 10.39 to the Company’s Annual
    Report on Form 10-K (File No. 0-23378) for the year ended
    December 31, 2006).

	
 
	
    10
	
    .38†
	
 
	
    —
	
 
	
    Form of 2004 Stock Incentive Plan Restricted Stock Agreement
    (incorporated by reference to Exhibit 10.40 to the
    Company’s Annual Report on Form 10-K (File No. 1-13023) for
    the year ended December 31, 2008).

	
 
	
    10
	
    .39
	
 
	
    —
	
 
	
    Form of Indemnification Agreement (incorporated by reference to
    Exhibit 10.1 to the Company’s Current Report on Form
    8-K (File No. 1-13023) filed on October 9, 2007).

	
 
	
    10
	
    .40
	
 
	
    —
	
 
	
    Acquisition Agreement dated as of December 22, 2005, by and
    between Thermadyne Italia, S.R.L., as seller, and Mase
    Generators S.P.A., as buyer (incorporated by reference to
    Exhibit 10.1 to the Company’s Current Report on Form
    8-K (File No. 0-23378) filed on December 28, 2005).

	
 
	
    10
	
    .41
	
 
	
    —
	
 
	
    Purchase Agreement dated as of December 22, 2005, by and among
    Thermadyne Chile Holdings, Ltd. and Thermadyne South America
    Holdings, Ltd., as sellers, and Soldaduras PCR Soltec Limitada
    and Penta Capital de Riesgo S.A., as buyers (incorporated by
    reference to Exhibit 10.2 to the Company’s Current
    Report on Form 8-K (File No. 0-23378) filed on December 28,
    2005).

	
 
	
    10
	
    .42
	
 
	
    —
	
 
	
    Sale Agreement dated March 9, 2006 between The HG A Van Zyl
    Familie Trust and Hendrik Gert Van Zyl and Thermadyne South
    Africa (Pty) Limited t/a Unique Welding Alloys and Renttech S.A.
    (Pty) Limited and Unique Welding Alloys Rustenburg (Proprietary)
    Limited t/a Thermadyne Plant Rental South Africa and Thermadyne
    Industries Inc. and Pieter Malan (incorporated by reference to
    Exhibit 10.27 to the Company’s Annual Report on Form
    10-K (File No. 0-23378) for the year ended December 31, 2006).

	
 
	
    10
	
    .43
	
 
	
    —
	
 
	
    Share Sale Agreement dated March 9, 2006 between Marthinus
    Johannes Crous and Thermadyne Industries, Inc and Thermadyne
    South Africa (Pty) Limited trading as Unique and Unique Welding
    Alloys Rustenburg (Pty) Limited trading as Thermadyne Plant
    Rental South Africa and Maxweld & Braze (Pty) Limited and
    Selrod Welding (Pty) Limited (incorporated by reference to
    Exhibit 10.28 to the Company’s Annual Report on Form
    10-K (File No. 0-23378) for the year ended December 31, 2006).

	
 
	
    10
	
    .44
	
 
	
    —
	
 
	
    Acquisition Agreement dated April 6, 2006 between Thermadyne
    Italia S.r.l. and SIGEFI Societe para Actions Simplifiee, acting
    on behalf of Siparex Italia, Fonds Commun de Placement a Risque
    and Giorgio Bassi (incorporated by reference to
    Exhibit 10.29 to the Company’s Annual Report on Form
    10-K (File No. 0-23378) for the year ended December 31, 2006).

	
 
	
    10
	
    .45
	
 
	
    —
	
 
	
    Sale of Shares and Claims Agreement dated February 5, 2007
    between Thermadyne Industries, Inc. and Thermaweld Industries
    (Proprietary) Limited (incorporated by reference to
    Exhibit 10.1 to the Company’s Current Report on Form
    8-K (File No. 0-23398) filed on June 1, 2007).

	
 
	
    21
	
 
	
 
	
    —
	
 
	
    Subsidiaries of the Company.*

	
 
	
    23
	
 
	
 
	
    —
	
 
	
    Consent of Independent Registered Public Accounting Firm.*

	
 
	
    31
	
    .1
	
 
	
    —
	
 
	
    Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
    of 2002.*

	
 
	
    31
	
    .2
	
 
	
    —
	
 
	
    Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
    of 2002.*

	
 
	
    32
	
    .1
	
 
	
    —
	
 
	
    Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted by Section 906 of the Sarbanes-Oxley Act of 2002.*

	
 
	
    32
	
    .2
	
 
	
    —
	
 
	
    Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted by Section 906 of the Sarbanes-Oxley Act of 2002.*

 

 

			
	
    † 		
    Indicates a management contract or compensatory plan or
    arrangement.
	 
	
    * 		
    Filed herewith.

    83

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

	 	 	 
	þ 	 	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2010

OR

	 	 	 
	o 	 	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to

Commission file number 001-13023

Thermadyne Holdings Corporation

(Exact Name of Registrant as Specified in Its Charter)

	 	 	 

	Delaware
	 	74-2482571
	(State or Other Jurisdiction of
Incorporation or
 Organization)
	 	(I.R.S. Employer Identification No.)
	 
	16052 Swingley Ridge Road, Suite 300,
Chesterfield,
 MO
	 	
63017
	(Address of Principal Executive Offices)
	 	(Zip Code)

Registrant’s Telephone Number, Including Area Code (636) 728-3000

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

Yes þ      No o

Indicate by checkmark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period
that the registrant was required to submit and post such files).

Yes o      No þ

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See definition of “large accelerated
filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

	 	 	 	 	 	 	 

	Large accelerated filer o
	 	Accelerated filer o
	 	Non-accelerated filer o
(Do not check if a smaller reporting company)
	 	Smaller reporting company þ

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).

Yes o      No þ

The number of shares outstanding of the issuer’s common stock, par value $0.01 per share, on April
23, 2010 was 13,546,065.

 

 

 

 

THERMADYNE HOLDINGS CORPORATION

INDEX

	 	 	 	 	 
	 	 	 	Page	 
	PART I — FINANCIAL INFORMATION
	 	 	 	 
	 
	 	 	 	 
	Item 1. Financial Statements
	 	 	 	 
	Condensed Consolidated Balance Sheets
	 	 	3	 
	Condensed Consolidated Statements of Operations
	 	 	4	 
	Condensed Consolidated Statements of Cash Flows
	 	 	5	 
	Notes to Condensed Consolidated Financial Statements
	 	 	6	 
	 
	 	 	 	 
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
	 	 	20	 
	 
	 	 	 	 
	Item 3. Quantitative and Qualitative Disclosures About Market Risk
	 	 	24	 
	 
	 	 	 	 
	Item 4. Controls and Procedures
	 	 	24	 
	 
	 	 	 	 
	PART II — OTHER INFORMATION
	 	 	 	 
	 
	 	 	 	 
	Item 1. Legal Proceedings
	 	 	26	 
	 
	 	 	 	 
	Item 6. Exhibits
	 	 	26	 
	 
	 	 	 	 
	SIGNATURES
	 	 	27	 
	 
	 	 	 	 
	EX - 10.4
	 	 	 	 
	EX - 10.5
	 	 	 	 
	EX - 10.6
	 	 	 	 
	EX - 10.7
	 	 	 	 
	EX - 10.8
	 	 	 	 
	EX - 31.1
	 	 	 	 
	EX - 31.2
	 	 	 	 
	EX - 32.1
	 	 	 	 
	EX - 32.2
	 	 	 	 

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.

THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	 	 	 	 	 	 	 	 	 
	 	 	March 31,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	 	 	(unaudited)	 	 	 	 	 
	Current Assets:
	 	 	 	 	 	 	 	 
	Cash and cash equivalents
	 	$	22,352	 	 	$	14,886	 
	Accounts receivable, less allowance for doubtful accounts of
$500 and $400, respectively
	 	 	62,248	 	 	 	56,589	 
	Inventories
	 	 	75,540	 	 	 	74,381	 
	Prepaid expenses and other
	 	 	7,753	 	 	 	9,255	 
	Deferred tax assets
	 	 	3,008	 	 	 	3,008	 
	 
	 	 	 	 	 	 
	Total current assets
	 	 	170,901	 	 	 	158,119	 
	 
	 	 	 	 	 	 	 	 
	Property, plant and equipment, net of accumulated depreciation
of $57,075 and $55,082, respectively
	 	 	46,493	 	 	 	46,687	 
	Goodwill
	 	 	187,880	 	 	 	187,818	 
	Intangibles, net
	 	 	57,855	 	 	 	58,451	 
	Other assets
	 	 	3,606	 	 	 	3,870	 
	 
	 	 	 	 	 	 
	Total assets
	 	$	466,735	 	 	$	454,945	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Current Liabilities:
	 	 	 	 	 	 	 	 
	Working capital facility
	 	$	—	 	 	$	9,643	 
	Current maturities of long-term obligations
	 	 	17,089	 	 	 	8,915	 
	Accounts payable
	 	 	29,727	 	 	 	9,598	 
	Accrued and other liabilities
	 	 	25,391	 	 	 	23,119	 
	Accrued interest
	 	 	3,375	 	 	 	7,608	 
	Income taxes payable
	 	 	1,938	 	 	 	705	 
	Deferred tax liabilities
	 	 	2,793	 	 	 	2,793	 
	 
	 	 	 	 	 	 
	Total current liabilities
	 	 	80,313	 	 	 	62,381	 
	 
	 	 	 	 	 	 	 	 
	Long-term obligations, less current maturities
	 	 	190,235	 	 	 	198,466	 
	Deferred tax liabilities
	 	 	52,384	 	 	 	52,835	 
	Other long-term liabilities
	 	 	13,106	 	 	 	13,471	 
	Stockholders’ equity:
	 	 	 	 	 	 	 	 
	Common stock, $0.01 par value:
	 	 	 	 	 	 	 	 
	Authorized — 25,000,000 shares
	 	 	 	 	 	 	 	 
	Issued and outstanding — 13,543,068 shares at March 31, 2010 and
13,539,998 shares at December 31, 2009
	 	 	135	 	 	 	135	 
	Additional paid-in capital
	 	 	188,828	 	 	 	188,791	 
	Accumulated deficit
	 	 	(62,767	)	 	 	(65,063	)
	Accumulated other comprehensive income
	 	 	4,501	 	 	 	3,929	 
	 
	 	 	 	 	 	 
	Total shareholders’ equity
	 	 	130,697	 	 	 	127,792	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Total liabilities and shareholders’ equity
	 	$	466,735	 	 	$	454,945	 
	 
	 	 	 	 	 	 

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended March 31,	 
	 	 	2010	 	 	2009	 
	Net sales
	 	$	96,617	 	 	$	83,311	 
	Cost of goods sold
	 	 	64,232	 	 	 	61,951	 
	 
	 	 	 	 	 	 
	Gross margin
	 	 	32,385	 	 	 	21,360	 
	 
	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	21,767	 	 	 	19,442	 
	Amortization of intangibles
	 	 	677	 	 	 	671	 
	 
	 	 	 	 	 	 
	Operating income
	 	 	9,941	 	 	 	1,247	 
	 
	 	 	 	 	 	 	 	 
	Other income (expenses):
	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(6,336	)	 	 	(4,633	)
	Amortization of deferred financing costs
	 	 	(264	)	 	 	(236	)
	 
	 	 	 	 	 	 
	Income (loss) before income tax provision
	 	 	3,341	 	 	 	(3,622	)
	 
	 	 	 	 	 	 	 	 
	Income tax provision
	 	 	1,045	 	 	 	(1,126	)
	 
	 	 	 	 	 	 
	Net income (loss)
	 	$	2,296	 	 	$	(2,496	)
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Basic and Diluted income (loss) per share
	 	$	0.17	 	 	$	(0.18	)
	 
	 	 	 	 	 	 

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended March 31,	 
	 	 	2010	 	 	2009	 
	Cash flows from continuing operations:
	 	 	 	 	 	 	 	 
	Cash flows from operating activities:
	 	 	 	 	 	 	 	 
	Net income/(loss)
	 	$	2,296	 	 	$	(2,496	)
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	 	 	 	 	 	 	 	 
	Depreciation and amortization
	 	 	3,467	 	 	 	3,002	 
	Deferred income taxes
	 	 	(513	)	 	 	(1,270	)
	Net periodic post-retirement benefits
	 	 	(35	)	 	 	4	 
	Changes in operating assets and liabilities:
	 	 	 	 	 	 	 	 
	Accounts receivable
	 	 	(5,571	)	 	 	10,850	 
	Inventories
	 	 	(885	)	 	 	12,155	 
	Prepaids
	 	 	1,687	 	 	 	528	 
	Accounts payable
	 	 	19,575	 	 	 	(8,341	)
	Accrued and other liabilities
	 	 	2,088	 	 	 	(7,505	)
	Accrued interest
	 	 	(4,233	)	 	 	(3,688	)
	Accrued taxes
	 	 	1,230	 	 	 	(132	)
	Other long-term liabilities
	 	 	(475	)	 	 	(108	)
	 
	 	 	 	 	 	 
	Net cash provided by operating activities
	 	 	18,631	 	 	 	2,999	 
	 
	 	 	 	 	 	 
	Cash flows from investing activities:
	 	 	 	 	 	 	 	 
	Capital expenditures
	 	 	(1,636	)	 	 	(2,238	)
	Other
	 	 	(81	)	 	 	(55	)
	 
	 	 	 	 	 	 
	Net cash used in investing activities
	 	 	(1,717	)	 	 	(2,293	)
	 
	 	 	 	 	 	 
	Cash flows from financing activities:
	 	 	 	 	 	 	 	 
	Borrowings under Working Capital Facility
	 	 	—	 	 	 	8,923	 
	Repayments of Working Capital Facility
	 	 	(9,643	)	 	 	(7,193	)
	Borrowings under Second-Lien Facility and other
	 	 	—	 	 	 	75	 
	Repayments of Second-Lien Facility and other
	 	 	(72	)	 	 	(518	)
	Stock compensation expense
	 	 	17	 	 	 	(602	)
	Exercise of employee stock purchases
	 	 	20	 	 	 	35	 
	Termination payment from derivative counterparty
	 	 	—	 	 	 	2,157	 
	Other, net
	 	 	35	 	 	 	36	 
	 
	 	 	 	 	 	 
	Net cash provided by (used in) financing activities
	 	 	(9,643	)	 	 	2,913	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Effect of exchange rate changes on cash and cash equivalents
	 	 	195	 	 	 	(288	)
	 
	 	 	 	 	 	 
	Net cash provided by continuing operations
	 	 	7,466	 	 	 	3,331	 
	 
	 	 	 	 	 	 
	Net cash provided by discontinued operations
	 	 	—	 	 	 	314	 
	 
	 	 	 	 	 	 
	Total increase in cash and cash equivalents
	 	 	7,466	 	 	 	3,645	 
	Total cash and cash equivalents beginning of period
	 	 	14,886	 	 	 	12,501	 
	 
	 	 	 	 	 	 
	Total cash and cash equivalents end of period
	 	$	22,352	 	 	$	16,146	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Income taxes paid
	 	$	544	 	 	$	530	 
	 
	 	 	 	 	 	 
	Interest paid
	 	$	10,210	 	 	$	9,027	 
	 
	 	 	 	 	 	 

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

THERMADYNE HOLDINGS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except share data)

	1.	 	Organization and Basis of Presentation

	 	 	Thermadyne Holdings Corporation (“Thermadyne” or the “Company”), a Delaware corporation, is
a global designer and manufacturer of cutting and welding products, including equipment,
accessories and consumables.

	 	 	The accompanying unaudited condensed consolidated financial statements have been prepared in
accordance with U.S. generally accepted accounting principles for interim financial
information and the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required by U.S.
generally accepted accounting principles for complete financial statements. In the opinion
of management, all adjustments, consisting of normal recurring accruals, considered
necessary for a fair presentation have been included in these condensed consolidated
financial statements. The combined results of operations of the Company for the three months
ended March 31, 2010 are not necessarily indicative of the results that may be expected for
the year ending December 31, 2010. For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company’s annual report on Form
10-K for the year ended December 31, 2009.

	 	 	The preparation of financial statements requires the use of estimates and assumptions that
affect the amounts reported in Thermadyne’s condensed consolidated financial statements and
accompanying notes. Actual results could differ from these estimates.

	2.	 	Significant Accounting Policies

	 	 	Product Warranty Programs
	 
	 	 	Various products are sold with product warranty programs. Provisions for warranty programs
are made based on historical experience as the products are sold and such provisions are
adjusted periodically based on current estimates of anticipated warranty costs. The
following table provides the activity in the warranty accrual for the three months ended
March 31, 2010 and 2009:

	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended	 
	 	 	March 31,	 
	 	 	2010	 	 	2009	 
	Balance at beginning of period
	 	$	2,300	 	 	$	2,961	 
	Charged to expenses
	 	 	705	 	 	 	(32	)
	Warranty payments
	 	 	(605	)	 	 	(220	)
	 
	 	 	 	 	 	 
	Balance at end of period
	 	$	2,400	 	 	$	2,709	 
	 
	 	 	 	 	 	 

	 	 	Fair Value
	 
	 	 	The carrying values of the obligations outstanding under the Working Capital Facility and
the Second Lien Facility, approximate fair values because these obligations have varying
interest charges based on current market rates and were recently renegotiated. The Company’s
Senior Subordinated Notes traded at 100.5% and 95% at March 31, 2010, and December 31, 2009,
respectively, based on available market information.
	 
	 	 	Recent Accounting Pronouncements
	 
	 	 	The Company has determined that all recently issued accounting pronouncements will not have
a material impact on its consolidated financial position, results of operations and cash
flows, or do not apply to its operations.

6

Table of Contents

	3.	 	Inventories

	 	 	The composition of inventories was as follows:

	 	 	 	 	 	 	 	 	 
	 	 	March 31,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	Raw materials and component parts
	 	$	26,911	 	 	$	25,410	 
	Work-in-process
	 	 	4,318	 	 	 	4,216	 
	Finished goods
	 	 	52,943	 	 	 	53,272	 
	 
	 	 	 	 	 	 
	 
	 	 	84,172	 	 	 	82,898	 
	LIFO reserve
	 	 	(8,632	)	 	 	(8,517	)
	 
	 	 	 	 	 	 
	 
	 	$	75,540	 	 	$	74,381	 
	 
	 	 	 	 	 	 

	4.	 	Intangible Assets

	 	 	The composition of intangibles was as follows:

	 	 	 	 	 	 	 	 	 
	 	 	March 31,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	Goodwill
	 	$	187,880	 	 	$	187,818	 
	Patents and customer relationships
	 	 	42,822	 	 	 	42,741	 
	Trademarks
	 	 	33,403	 	 	 	33,403	 
	 
	 	 	 	 	 	 
	 
	 	 	264,105	 	 	 	263,962	 
	Accumulated amortization of
patents and customer
relationships
	 	 	(18,370	)	 	 	(17,693	)
	 
	 	 	 	 	 	 
	 
	 	$	245,735	 	 	$	246,269	 
	 
	 	 	 	 	 	 

	 	 	Amortization of patents and customer relationships amounted to $677 and $671 for the three
month periods ended March 31, 2010 and 2009, respectively.

	 	 	Goodwill and trademarks are tested for impairment annually, as of October 1st, or more
frequently if events occur or circumstances change that would, more likely than not, reduce
the fair value of the reporting unit below its carrying value. The impairment analysis is
performed on a consolidated enterprise level based on one reporting unit. The annual
impairment analysis was completed in the fourth quarter, and no adjustment to the carrying
value of goodwill was deemed necessary as of October 1, 2009. As
of March 31, 2010, the Company considered possible impairment
triggering events since the impairment test date, including its
market capitalization relative to the carrying value of its net
assets, as well as other relevant factors, and concluded that no
triggering events or goodwill impairment were indicated at that date.

	 	 	The change in the carrying amount of goodwill during the three-month period was as follows:

	 	 	 	 	 
	 	 	Carrying Amount	 
	 	 	of Goodwill	 
	Balance as of January 1, 2010
	 	$	187,818	 
	Foreign currency translation
	 	 	62	 
	 
	 	 	 
	Balance as of March 31, 2010
	 	$	187,880	 
	 
	 	 	 

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	5.	 	Debt and Capital Lease Obligations

	 	 	The composition of debt and capital lease obligations was as follows:

	 	 	 	 	 	 	 	 	 
	 	 	March 31,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	Working Capital Facility
	 	$	—	 	 	$	9,643	 
	Second Lien Facility
	 	 	25,000	 	 	 	25,000	 
	Issuance discount on Second Lien Facility
	 	 	(1,562	)	 	 	(1,703	)
	Senior Subordinated Notes, due February 1, 2014, 9 1/4% interest
payable semiannually on February 1 and August 1
	 	 	172,327	 	 	 	172,327	 
	Capital leases
	 	 	9,786	 	 	 	9,869	 
	Other
	 	 	1,773	 	 	 	1,888	 
	 
	 	 	 	 	 	 
	 
	 	 	207,324	 	 	 	217,024	 
	 
	 	 	 	 	 	 	 	 
	Current maturities and working capital facility
	 	 	(17,089	)	 	 	(18,558	)
	 
	 	 	 	 	 	 
	 
	 	$	190,235	 	 	$	198,466	 
	 
	 	 	 	 	 	 

	 	 	Working Capital Facility
	 
	 	 	Certain subsidiaries of the Company are borrowers under the Third Amended and Restated
Credit Agreement dated June 29, 2007 as amended (the “Credit Agreement”), with General
Electric Capital Corporation as agent and lender. The Credit Agreement: (i) matures on
June 29, 2012; (ii) provides a revolving credit commitment of up to $70,000 (the “Working
Capital Facility”), which includes (a) an asset based facility and (b) an amortizing $10,000
property, plant and equipment facility; (iii) provides for interest rate percentages
applicable to the asset base; (iv) limits the senior leverage ratio to 2.75; (v) provides
for an interest rate of 90-day LIBOR plus 4.00%; (vi) includes a prepayment fee of 2% if the
Facility is terminated prior to June 27, 2010 or 1% prior to June 27, 2011; and (vii)
includes a minimum fixed charge coverage ratio for the twelve-months ended June 30, 2009 and
September 30, 2009 of 0.95 and 0.825, respectively, 1.00 for the quarter ended December 31,
2009 and 1.10 thereafter. With respect to the quarters ending March 31, 2010 and June 30,
2010, the calculation is based on the results for the six months and nine months periods
ending on such dates, respectively. The calculation for quarters ending September 30, 2010
and thereafter is based on the twelve month periods then ending. Borrowings under the
Working Capital Facility may not exceed 85% of eligible receivables plus the lesser of (i)
85% of the net orderly liquidation value of eligible inventories or (ii) 65% of the book
value of eligible inventories less customary reserves, plus machinery at appraised value not
to exceed $10,000.
	 
	 	 	At March 31, 2010, $3,878 of letters of credit were outstanding under the Credit Agreement.
Unused availability, net of these letters of credit, was $49,167 under the Working Capital
Facility.
	 
	 	 	Second Lien Agreement
	 
	 	 	Under the 2009 Amended and Restated Second Lien Credit Agreement, as amended (the “Second
Lien Agreement”), the Company has borrowed $25,000 which has a maturity date of November 30,
2012. The Agreement permits a single prepayment of as much as $14,000 beginning April 1, 2010 through
August 30, 2010 and prepayment of the balance beginning August 31, 2010. The Company repaid
$14,000 of the Second Lien indebtedness in April 2010 and the amount is shown in current
maturities as of March 31, 2010. The applicable interest rate is, at the Company’s option,
(a) the greater of LIBOR or 6%, plus 6% or (b) the greater of the prime rate, the federal
funds rate plus one half of 1.00% or 6%, plus 6%. The interest rate payable is 12%, and the
effective interest rate, including amortization of the issuance discount, is 15%.
	 
	 	 	Covenant Compliance
	 
	 	 	At March 31, 2010, the Company was in compliance with its financial covenants. Failure to
comply with our financial covenants in future periods would result in defaults under our
credit agreements unless covenants are further amended or waived. The most restrictive
financial covenant is the “fixed charge coverage” covenant under our Working Capital
Facility which requires EBITDA, as defined, to be at least 1.10 of Fixed Charges, as
defined, except in 2009, as described above. Under the Second Lien Agreement, the most
restrictive financial covenant is the “senior leverage ratio” covenant which requires that
senior debt, consisting of total debt less the Senior Subordinated

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	 	 	Notes and cash, not exceed 2.75 of EBITDA, as defined. Compliance is measured quarterly based on the trailing
four quarters. A default of the financial covenants under the Working Capital Facility or
Second Lien Agreement would constitute a default under the Senior Subordinated Notes.
	 
	 	 	Senior Subordinated Notes

	 	 	The Company is the issuer of 9.25% Senior Subordinated Notes due in 2014 (the “Senior
Subordinated Notes”) with an aggregate principal outstanding of $172,327. The Senior
Subordinated Notes are unsecured senior subordinated obligations and are subordinated in
right of payment to all existing and future Senior Indebtedness (as defined in the
Indenture). Interest accrues at the rate of 9.25% per annum and is payable semi-annually in
arrears on February 1 and August 1 of each year. An additional Special Interest is payable
semi-annually and accrues at a rate subject to adjustment based on the consolidated leverage
ratio which is calculated each calendar quarter. The Special Interest accrual rate through
June 30, 2010 is 2.25% with 1.25% effective for the calendar quarter beginning July 1, 2010.

	 	 	The Senior Subordinated Notes contain customary covenants and events of default, including
covenants that limit the Company’s ability to incur debt, pay dividends and make certain
investments. Subject to certain conditions we must annually use our “Excess Cash Flow” (as
defined in the Indenture) either to make permanent repayments of our senior debt or to
extend a repurchase offer to the holders of the Senior Subordinated Notes pursuant to which
we will offer to repurchase outstanding Senior Subordinated Notes at a purchase price of
101% of their principal amount. The debt repayment obligation from the “Excess Cash Flow”
amount for 2009 was $6,000 and was paid on April 1, 2010 through a repayment of Second Lien
borrowings.
	 
	 	 	Parent Company Financial Information

	 	 	Borrowings under the Company’s financing agreements are the obligations of Thermadyne
Industries, Inc. (“Industries”), the Company’s principal operating subsidiary, and certain
of Industries’ subsidiaries. Certain borrowing agreements contain restrictions on the
ability of the subsidiaries to dividend cash and other assets to the parent company,
Thermadyne Holdings Corporation. At March 31, 2010 and December 31, 2009, the primary asset
carried on the parent company books of Thermadyne Holdings Corporation was its investment in
its operating subsidiaries and the primary liability was the $172,327 of Senior Subordinated
Notes. As a result of the limited assets and liabilities at the parent company level,
separate financial statements have not been presented for Thermadyne Holdings Corporation
except as shown in Note 15, Condensed Consolidating Financial Statements.

	6.	 	Derivative Instruments

	 	 	In February 2004, the Company entered into an interest rate swap arrangement to convert a
portion of the fixed rate exposure on its Senior Subordinated Notes to variable rates. On
February 1, 2009, the swap arrangement was terminated by the counterparty pursuant to terms
of the arrangement and a $3,000 payment was received by the Company in conjunction with this
termination and is amortized as a reduction of interest expense over the remaining term of
the Notes.

	7.	 	Comprehensive Income

	 	 	Comprehensive income for the three months ended March 31, 2010 and 2009 was as follows:

	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended March 31,	 
	 	 	2010	 	 	2009	 
	Net income
	 	$	2,296	 	 	$	(2,496	)
	Cumulative foreign currency translation gains (losses),
net of tax
	 	 	501	 	 	 	(1,285	)
	Minimum pension and post-retirement liabilties, net of tax
	 	 	71	 	 	 	72	 
	 
	 	 	 	 	 	 
	Comprehensive income (loss)
	 	$	2,868	 	 	$	(3,709	)
	 
	 	 	 	 	 	 

	8.	 	Income Taxes

	 	 	The Company accounts for income taxes by recognizing deferred tax assets and liabilities
using enacted tax rates for the effect of temporary differences between the financial
reporting and tax bases of recorded assets and liabilities.

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	 	 	Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion of or all of the
deferred tax asset will not be realized.

	 	 	The Company adopted ASC Topic 805, “Business Combinations” effective January 1, 2009. Among
other matters, this establishes that the benefit of net operating loss carryovers reduce
current year income tax expense as the carryovers are utilized. In 2008 and prior, the tax
benefit from net operating loss carryovers from periods prior to emergence from bankruptcy
did not reduce the Company’s current year provision for taxes, but instead adjusted the
goodwill amount.

	 	 	At the beginning of 2010 the Company had approximately $152,000 in U.S. net operating
losses. For 2010, the Company’s management estimates that actual cash income tax payments
will, as in prior years, primarily relate to state and foreign taxes due to the use of net
operating loss carryovers to offset U.S. taxable income.

	9.	 	Contingencies

	 	 	The Company and certain of its wholly owned subsidiaries are defendants in various legal
actions, primarily related to welding fumes and other product liability claims. While there
is uncertainty relating to any litigation, management is of the opinion that the outcome of
this litigation will not have a material adverse effect on the Company’s financial condition
or results of operations.

	 	 	The Company is party to certain environmental matters. Any related obligations are not
expected to have a material adverse effect on the Company’s financial condition or results
of operations.

	 	 	The Company has initiated a comprehensive review of its compliance with foreign and U.S.
duties requirements in light of the assessments by a foreign jurisdiction in the third
quarter of 2009. It is premature to assess the ultimate resolution of the compliance review
but management believes it will not have a material adverse effect on the Company’s business
or financial condition.

	 	 	All other legal proceedings and actions involving the Company are of an ordinary and routine
nature and are incidental to the operations of the Company. Management believes that such
proceedings should not, individually or in the aggregate, have a material adverse effect on
the Company’s financial condition or on the results of operations.

	10.	 	Stock Options and Stock-Based Compensation

	 	 	The Company utilizes the modified prospective method of accounting for stock compensation,
and accordingly recognizes compensation cost for all share-based payments, which consist of
stock options and restricted stock, granted after January 1, 2006. Stock compensation cost
included in selling, general and administrative expense was $17 of expense for the three
months ended March 31, 2010. For the three months ended March 31, 2009, stock compensation
cost was a credit of $602 resulting from the reversal of prior performance-based accruals
offset partially by $161 of charges.

	 	 	The fair value of the restricted stock awards is estimated as the closing price of the stock
on the date of the awards. The estimated fair value of stock option grants is computed
using the Black-Scholes-Merton option-pricing model. Expected volatility is based on
historical periods generally commensurate with the expected life of options. The expected
life is based on historical experience. Stock option expense is recognized in the
consolidated condensed statements of operations ratably over the vesting period based on the
number of options that are expected to ultimately vest.

	 	 	As of March 31, 2010, 1,134,443 options to purchase shares were issued and outstanding under
the 2004 Non-Employee Directors Stock Option Plan, the Amended and Restated 2004 Stock
Incentive Plan and other specific agreements. In addition, restricted stock grants to
employees totaling 426,729 shares were outstanding at March 31, 2010 of which 332,088 shares
have vesting determined in 2010, 2011, 2012 and 2013 based on performance targets related to
return on invested operating capital and the remaining 94,641 shares vest ratably over the
three years ending March 2013.

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	 	 	Changes in stock options during the three months ended March 31, 2010 were as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Weighted-	 	 	 	 
	 	 	 	 	 	 	Weighted	 	 	Average	 	 	 	 
	 	 	 	 	 	 	Average	 	 	Remaining	 	 	Aggregate	 
	 	 	 	 	 	 	Exercise	 	 	Contractual	 	 	Intrinsic	 
	Non-Vested Stock Options	 	Shares	 	 	Price	 	 	Term	 	 	Value	 
	Non-vested options outstanding at January
1, 2010
	 	 	538,604	 	 	 	 	 	 	 	 	 	 	 	 	 
	Granted
	 	 	196,313	 	 	 	 	 	 	 	 	 	 	 	 	 
	Vested
	 	 	(21,812	)	 	 	 	 	 	 	 	 	 	 	 	 
	Forfeited or expired
	 	 	(237,948	)	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Non-vested options outstanding at March 31,
2010
	 	 	475,157	 	 	$	9.44	 	 	 	6.9	 	 	$	155	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Employee and Director Stock Options	 	 	 	 	 	 	 	 	 	 	 	 
	Options outstanding at January 1, 2010
	 	 	1,190,578	 	 	$	12.72	 	 	 	 	 	 	 	 	 
	Granted
	 	 	196,313	 	 	$	7.71	 	 	 	 	 	 	 	 	 
	Exercised
	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 
	Forfeited or expired
	 	 	(252,448	)	 	$	14.87	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Options outstanding at March 31, 2010
	 	 	1,134,443	 	 	$	11.43	 	 	 	5.5	 	 	$	235	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Vested options exercisable at March 31, 2010
	 	 	659,286	 	 	$	12.86	 	 	 	4.7	 	 	$	80	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	No options were exercised in the three month period ended March 31, 2010 or March 31, 2009.
The fair value of options vested during the three month period ended March 31, 2010 was $31.

	 	 	The Company granted 196,313 stock options and 113,957 restricted shares in March 2010 to
various salaried employees all of which option shares and 94,641 restricted shares are
time-based and will vest ratably over three years beginning on the first anniversary of the
grant date. The remaining 19,316 restricted shares will fully vest if the targeted return on
invested operating capital (ROIOC) of 39.4% is achieved in the period ending December 31,
2012. Proportionate vesting occurs for ROIOC performance between 39.4% and 31.5% at the end
of 2012.

	 	 	At March 31, 2010, the total stock-based compensation cost related to non-vested awards not
yet recognized is approximately $1,374 and the weighted average period over which this amount
is expected to be recognized is approximately 3.2 years.

	11.	 	Earnings (Loss) Per Share

	 	 	The calculation of net income (loss) per share follows:

	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended March 31,	 
	 	 	2010	 	 	2009	 
	Numerator:
	 	 	 	 	 	 	 	 
	Income (loss) applicable to common shares
	 	 	 	 	 	 	 	 
	Continuing operations
	 	$	2,296	 	 	$	(2,496	)
	 
	 	 	 	 	 	 
	Net income
	 	$	2,296	 	 	$	(2,496	)
	 
	 	 	 	 	 	 
	Denominator:
	 	 	 	 	 	 	 	 
	Weighted average shares for basic earnings per share
	 	 	13,542,829	 	 	 	13,513,154	 
	Dilutive effect of stock options
	 	 	58,905	 	 	 	22,039	 
	 
	 	 	 	 	 	 
	Weighted average shares for diluted earnings per
share
	 	 	13,601,734	 	 	 	13,535,193	 
	 
	 	 	 	 	 	 
	Basic and diluted income (loss) per share amounts:
	 	 	 	 	 	 	 	 
	Continuing operations
	 	$	0.17	 	 	$	(0.18	)
	 
	 	 	 	 	 	 
	Net income per share
	 	$	0.17	 	 	$	(0.18	)
	 
	 	 	 	 	 	 

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	 	 	The calculation of weighted average shares for the three months ended March 31, 2010
and 2009 excludes common shares of 1.5 million  and 1.7 million
stock options and restricted stock, respectively, because their effect was considered
to be antidilutive or performance conditions had not been satisfied.

	12.	 	Employee Benefit Plans

	 	 	Net periodic pension and other postretirement benefit costs include the following
components:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Pension Benefits	 	 	Other Postretirement Benefits	 
	 	 	Three Months Ended March 31,	 	 	Three Months Ended March 31,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Components of the net periodic benefit cost:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest Cost
	 	$	318	 	 	$	321	 	 	$	—	 	 	$	4	 
	Expected return on plan assets
	 	 	(279	)	 	 	(235	)	 	 	—	 	 	 	—	 
	Recognized (gain) loss
	 	 	146	 	 	 	161	 	 	 	(35	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net periodic benefit cost
	 	$	185	 	 	$	247	 	 	$	(35	)	 	$	4	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

	13.	 	Segment Information

	 	 	The Company’s continuing operations are comprised of several product lines manufactured and
sold in various geographic locations. The market channels and end users for products are
similar. The production processes are shared across the majority of the products.
Management evaluates performance and allocates resources on a combined basis and not as
separate business units or profit centers. Accordingly, management has concluded the Company
operates in one reportable segment.

	 	 	Geographic Information

	 	 	The reportable geographic regions are the Americas (United States, Canada, Mexico, Latin
America and South America), Europe/Middle East and Asia-Pacific. The following tables
provide summarized financial information concerning the Company’s geographic segments:

	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended March 31,	 
	 	 	2010	 	 	2009	 
	Americas (U.S. 79% and 83%, respectively)
	 	$	67,320	 	 	$	60,709	 
	Asia-Pacific (Australia 82% and 81%,
respectively)
	 	 	23,335	 	 	 	16,303	 
	Europe/ Middle East
	 	 	5,962	 	 	 	6,299	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Total
	 	$	96,617	 	 	$	83,311	 
	 
	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	 	 	March 31,
2010	 	 	December 31,
2009	 
	Identifiable Assets (excluding working capital and intangibles):
	 		 	 	 	 	 	 
	Americas
	 	$	39,973	 	 	$	40,365	 
	Asia-Pacific
	 	 	8,192	 	 	 	8,043	 
	Europe/Middle East
	 	 	1,629	 	 	 	1,844	 
	 
	 	 	 	 	 	 
	 
	 	$	49,794	 	 	$	50,252	 
	 
	 	 	 	 	 	 

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	 	 	Product Line Information

	 	 	The Company sells a variety of products, substantially all of which are used by
manufacturing, construction and foundry operations to cut, join and reinforce steel, aluminum
and other metals in various applications including construction, oil, gas rig and pipeline
construction, repair and maintenance of manufacturing equipment, and shipbuilding. The
following table shows sales for each of the product lines:

	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended March 31,	 
	 	 	2010	 	 	2009	 
	Gas equipment
	 	$	34,842	 	 	$	29,475	 
	Filler metals including hardfacing
	 	 	21,288	 	 	 	18,894	 
	Arc accessories including torches, related consumable
parts and accessories
	 	 	15,758	 	 	 	15,310	 
	Plasma power supplies, torches and related consumable parts
	 	 	15,228	 	 	 	13,032	 
	Welding equipment
	 	 	9,501	 	 	 	6,600	 
	 
	 	 	 	 	 	 
	 
	 	$	96,617	 	 	$	83,311	 
	 
	 	 	 	 	 	 

	14.	 	Restructuring and Other Charges

	 	 	In the first quarter of 2009, the Company offered a voluntary retirement program in which
approximately 50 employees elected to participate. As a result, the Company accrued
restructuring charges for $1,300 in separation pay and COBRA benefits payable under the
program. As a result, the Company
reduced annual compensation and benefit costs by approximately $3,100. The amounts were
substantially paid through August 2009.

	15.	 	Condensed Consolidating Financial Statements

	 	 	Certain of the Company’s wholly owned subsidiaries (“Guarantor Subsidiaries”) fully and
unconditionally provided guarantees under the Company’s various borrowing arrangements and
are jointly and severally liable for certain payments under these agreements. Each of the
Guarantor Subsidiaries is wholly owned by the Company.

	 	 	The following financial information as of March 31, 2010 and December 31, 2009 presents
guarantors and non-guarantors, in accordance with Rule 3-10 of Regulation S-X. The condensed
consolidating financial information includes the accounts of the Company, which has no
independent assets or operations, the combined accounts of the Guarantor Subsidiaries and
the combined accounts of the non-guarantor subsidiaries for the periods indicated. Separate
financial statements of each of the Guarantor Subsidiaries are not presented because
management has determined such information is not material in assessing the financial
condition, cash flows or results of operations of the Company and its subsidiaries. This
information was prepared on the same basis as the consolidated financial statements.

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

MARCH 31, 2010

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	ASSETS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Assets:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash and cash equivalents
	 	$	—	 	 	$	18,492	 	 	$	3,860	 	 	$	—	 	 	$	22,352	 
	Accounts receivable, net
	 	 	—	 	 	 	56,568	 	 	 	5,680	 	 	 	—	 	 	 	62,248	 
	Inventories
	 	 	—	 	 	 	67,162	 	 	 	8,378	 	 	 	—	 	 	 	75,540	 
	Prepaid expenses and other
	 	 	—	 	 	 	6,041	 	 	 	1,712	 	 	 	—	 	 	 	7,753	 
	Deferred tax assets
	 	 	—	 	 	 	3,008	 	 	 	—	 	 	 	—	 	 	 	3,008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current assets
	 	 	—	 	 	 	151,271	 	 	 	19,630	 	 	 	—	 	 	 	170,901	 
	Property, plant and equipment, net
	 	 	—	 	 	 	43,215	 	 	 	3,278	 	 	 	—	 	 	 	46,493	 
	Goodwill
	 	 	—	 	 	 	187,880	 	 	 	—	 	 	 	—	 	 	 	187,880	 
	Intangibles, net
	 	 	—	 	 	 	50,498	 	 	 	7,357	 	 	 	—	 	 	 	57,855	 
	Other assets
	 	 	1,895	 	 	 	5,644	 	 	 	—	 	 	 	(3,933	)	 	 	3,606	 
	Investment in and advances to subsidiaries
	 	 	227,820	 	 	 	—	 	 	 	—	 	 	 	(227,820	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total assets
	 	$	229,715	 	 	$	438,508	 	 	$	30,265	 	 	$	(231,753	)	 	$	466,735	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
	 
	Current Liabilities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Working capital facility
	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 
	Current maturities of long-term obligations
	 	 	463	 	 	 	16,393	 	 	 	233	 	 	 	—	 	 	 	17,089	 
	Accounts payable
	 	 	—	 	 	 	25,746	 	 	 	3,981	 	 	 	—	 	 	 	29,727	 
	Accrued and other liabilities
	 	 	—	 	 	 	21,644	 	 	 	3,747	 	 	 	—	 	 	 	25,391	 
	Accrued interest
	 	 	3,303	 	 	 	72	 	 	 	—	 	 	 	—	 	 	 	3,375	 
	Income taxes payable
	 	 	—	 	 	 	1,977	 	 	 	(39	)	 	 	—	 	 	 	1,938	 
	Deferred tax liabilities
	 	 	—	 	 	 	2,793	 	 	 	—	 	 	 	—	 	 	 	2,793	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current liabilities
	 	 	3,766	 	 	 	68,625	 	 	 	7,922	 	 	 	—	 	 	 	80,313	 
	Long-term obligations, less current maturities
	 	 	172,327	 	 	 	17,424	 	 	 	484	 	 	 	—	 	 	 	190,235	 
	Deferred tax liabilities
	 	 	—	 	 	 	52,384	 	 	 	—	 	 	 	—	 	 	 	52,384	 
	Other long-term liabilities
	 	 	1,310	 	 	 	11,190	 	 	 	606	 	 	 	—	 	 	 	13,106	 
	Shareholders’ equity (deficit):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Common stock
	 	 	135	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	135	 
	Additional paid-in-capital
	 	 	188,828	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	188,828	 
	Accumulated deficit
	 	 	(62,766	)	 	 	62,208	 	 	 	(67,556	)	 	 	5,347	 	 	 	(62,767	)
	Accumulated other comprehensive income
(loss)
	 	 	4,501	 	 	 	(29,592	)	 	 	(7,660	)	 	 	37,252	 	 	 	4,501	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total shareholders’ equity (deficit)
	 	 	130,698	 	 	 	32,616	 	 	 	(75,216	)	 	 	42,599	 	 	 	130,697	 
	Net equity (deficit) and advances to / from subsidiaries
	 	 	(78,386	)	 	 	256,269	 	 	 	96,469	 	 	 	(274,352	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total liabilities and shareholders’ equity (deficit)
	 	$	229,715	 	 	$	438,508	 	 	$	30,265	 	 	$	(231,753	)	 	$	466,735	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2009

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	ASSETS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Assets:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash and cash equivalents
	 	$	—	 	 	$	11,740	 	 	$	3,146	 	 	$	—	 	 	$	14,886	 
	Accounts receivable, net
	 	 	—	 	 	 	50,422	 	 	 	6,167	 	 	 	—	 	 	 	56,589	 
	Inventories
	 	 	—	 	 	 	66,205	 	 	 	8,176	 	 	 	—	 	 	 	74,381	 
	Prepaid expenses and other
	 	 	—	 	 	 	7,714	 	 	 	1,541	 	 	 	—	 	 	 	9,255	 
	Deferred tax assets
	 	 	—	 	 	 	3,008	 	 	 	—	 	 	 	—	 	 	 	3,008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current assets
	 	 	—	 	 	 	139,089	 	 	 	19,030	 	 	 	—	 	 	 	158,119	 
	Property, plant and equipment, net
	 	 	—	 	 	 	43,233	 	 	 	3,454	 	 	 	—	 	 	 	46,687	 
	Goodwill
	 	 	—	 	 	 	187,818	 	 	 	—	 	 	 	—	 	 	 	187,818	 
	Intangibles, net
	 	 	—	 	 	 	50,737	 	 	 	7,714	 	 	 	—	 	 	 	58,451	 
	Other assets
	 	 	2,019	 	 	 	1,851	 	 	 	—	 	 	 	—	 	 	 	3,870	 
	Investment in and advances to subsidiaries
	 	 	225,881	 	 	 	—	 	 	 	—	 	 	 	(225,881	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total assets
	 	$	227,900	 	 	$	422,728	 	 	$	30,198	 	 	$	(225,881	)	 	$	454,945	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Liabilities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Working capital facility
	 	$	—	 	 	$	9,643	 	 	$	—	 	 	$	—	 	 	$	9,643	 
	Current maturities of long-term obligations
	 	 	463	 	 	 	8,239	 	 	 	213	 	 	 	—	 	 	 	8,915	 
	Accounts payable
	 	 	—	 	 	 	6,953	 	 	 	2,645	 	 	 	—	 	 	 	9,598	 
	Accrued and other liabilities
	 	 	—	 	 	 	19,275	 	 	 	3,844	 	 	 	—	 	 	 	23,119	 
	Accrued interest
	 	 	7,527	 	 	 	81	 	 	 	—	 	 	 	—	 	 	 	7,608	 
	Income taxes payable
	 	 	—	 	 	 	896	 	 	 	(191	)	 	 	—	 	 	 	705	 
	Deferred tax liabilities
	 	 	—	 	 	 	2,793	 	 	 	—	 	 	 	—	 	 	 	2,793	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current liabilities
	 	 	7,990	 	 	 	47,880	 	 	 	6,511	 	 	 	—	 	 	 	62,381	 
	Long-term obligations, less current maturities
	 	 	172,327	 	 	 	25,569	 	 	 	570	 	 	 	—	 	 	 	198,466	 
	Deferred tax liabilities
	 	 	—	 	 	 	52,835	 	 	 	—	 	 	 	—	 	 	 	52,835	 
	Other long-term liabilities
	 	 	1,426	 	 	 	11,430	 	 	 	615	 	 	 	—	 	 	 	13,471	 
	Shareholders’ equity (deficit):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Common stock
	 	 	135	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	135	 
	Additional paid-in-capital
	 	 	188,791	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	188,791	 
	Accumulated deficit
	 	 	(65,062	)	 	 	54,870	 	 	 	(67,783	)	 	 	12,912	 	 	 	(65,063	)
	Accumulated other comprehensive income
(loss)
	 	 	3,929	 	 	 	(22,636	)	 	 	(6,312	)	 	 	28,948	 	 	 	3,929	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total shareholders’ equity (deficit)
	 	 	127,793	 	 	 	32,234	 	 	 	(74,095	)	 	 	41,860	 	 	 	127,792	 
	Net equity (deficit) and advances to / from subsidiaries
	 	 	(81,636	)	 	 	252,780	 	 	 	96,597	 	 	 	(267,741	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total liabilities and shareholders’ equity (deficit)
	 	$	227,900	 	 	$	422,728	 	 	$	30,198	 	 	$	(225,881	)	 	$	454,945	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2010

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Net sales
	 	$	—	 	 	$	106,219	 	 	$	8,961	 	 	$	(18,563	)	 	$	96,617	 
	Cost of goods sold
	 	 	—	 	 	 	76,209	 	 	 	6,360	 	 	 	(18,337	)	 	 	64,232	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	—	 	 	 	30,010	 	 	 	2,601	 	 	 	(226	)	 	 	32,385	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	17	 	 	 	19,625	 	 	 	2,125	 	 	 	—	 	 	 	21,767	 
	Amortization of intangibles
	 	 	—	 	 	 	677	 	 	 	—	 	 	 	—	 	 	 	677	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income (loss)
	 	 	(17	)	 	 	9,708	 	 	 	476	 	 	 	(226	)	 	 	9,941	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expense):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(4,902	)	 	 	(1,399	)	 	 	(35	)	 	 	—	 	 	 	(6,336	)
	Amortization of deferred financing costs
	 	 	(124	)	 	 	(140	)	 	 	—	 	 	 	—	 	 	 	(264	)
	Equity in net income (loss) of subsidiaries
	 	 	7,339	 	 	 	—	 	 	 	—	 	 	 	(7,339	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income
tax provision and discontinued operations
	 	 	2,296	 	 	 	8,169	 	 	 	441	 	 	 	(7,565	)	 	 	3,341	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax provision
	 	 	—	 	 	 	831	 	 	 	214	 	 	 	—	 	 	 	1,045	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss)
	 	$	2,296	 	 	$	7,338	 	 	$	227	 	 	$	(7,565	)	 	$	2,296	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2009

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Net sales
	 	$	—	 	 	$	90,025	 	 	$	5,597	 	 	$	(12,311	)	 	$	83,311	 
	Cost of goods sold
	 	 	—	 	 	 	69,646	 	 	 	4,583	 	 	 	(12,278	)	 	 	61,951	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	—	 	 	 	20,379	 	 	 	1,014	 	 	 	(33	)	 	 	21,360	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	(602	)	 	 	18,759	 	 	 	1,285	 	 	 	—	 	 	 	19,442	 
	Amortization of intangibles
	 	 	—	 	 	 	671	 	 	 	—	 	 	 	—	 	 	 	671	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income (loss)
	 	 	602	 	 	 	949	 	 	 	(271	)	 	 	(33	)	 	 	1,247	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expense):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(3,983	)	 	 	(638	)	 	 	(12	)	 	 	—	 	 	 	(4,633	)
	Amortization of deferred financing costs
	 	 	(125	)	 	 	(111	)	 	 	—	 	 	 	—	 	 	 	(236	)
	Equity in net income (loss) of subsidiaries
	 	 	1,010	 	 	 	—	 	 	 	—	 	 	 	(1,010	)	 	 	—	 
	Income (loss) from continuing operations before income
tax provision and discontinued operations
	 	 	(2,496	)	 	 	200	 	 	 	(283	)	 	 	(1,043	)	 	 	(3,622	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax provision
	 	 	—	 	 	 	(1,242	)	 	 	116	 	 	 	—	 	 	 	(1,126	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss)
	 	$	(2,496	)	 	$	1,442	 	 	$	(399	)	 	$	(1,043	)	 	$	(2,496	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2010

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Cash flows from continuing operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) operating activities
	 	$	(1,920	)	 	$	25,587	 	 	$	2,529	 	 	$	(7,565	)	 	$	18,631	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from investing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Capital expenditures
	 	 	—	 	 	 	(1,662	)	 	 	26	 	 	 	—	 	 	 	(1,636	)
	Other
	 	 	—	 	 	 	—	 	 	 	(81	)	 	 	—	 	 	 	(81	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash used in investing activities
	 	 	—	 	 	 	(1,662	)	 	 	(55	)	 	 	—	 	 	 	(1,717	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from financing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Repayments under Working Capital Facility
	 	 	—	 	 	 	(9,643	)	 	 	—	 	 	 	—	 	 	 	(9,643	)
	Repayments of Second-Lien Facility and other
	 	 	—	 	 	 	(54	)	 	 	(18	)	 	 	—	 	 	 	(72	)
	Stock compensation expense
	 	 	17	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	17	 
	Exercise of employee stock purchases
	 	 	20	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	20	 
	Other
	 	 	1,883	 	 	 	(7,713	)	 	 	(1,700	)	 	 	7,565	 	 	 	35	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) financing activities
	 	 	1,920	 	 	 	(17,410	)	 	 	(1,718	)	 	 	7,565	 	 	 	(9,643	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effect of exchange rate changes on cash and cash equivalents
	 	 	—	 	 	 	237	 	 	 	(42	)	 	 	—	 	 	 	195	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) continuing operations
	 	 	—	 	 	 	6,752	 	 	 	714	 	 	 	—	 	 	 	7,466	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total increase (decrease) in cash and cash equivalents
	 	 	—	 	 	 	6,752	 	 	 	714	 	 	 	—	 	 	 	7,466	 
	Total cash and cash equivalents beginning of period
	 	 	—	 	 	 	11,740	 	 	 	3,146	 	 	 	—	 	 	 	14,886	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total cash and cash equivalents end of period
	 	$	—	 	 	$	18,492	 	 	$	3,860	 	 	$	—	 	 	$	22,352	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2009

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Cash flows from continuing operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) operating activities
	 	$	(6,012	)	 	$	8,494	 	 	$	1,560	 	 	$	(1,043	)	 	$	2,999	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from investing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Capital expenditures
	 	 	—	 	 	 	(2,059	)	 	 	(179	)	 	 	—	 	 	 	(2,238	)
	Other
	 	 	—	 	 	 	(55	)	 	 	—	 	 	 	—	 	 	 	(55	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) investing activities
	 	 	—	 	 	 	(2,114	)	 	 	(179	)	 	 	—	 	 	 	(2,293	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from financing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Borrowings under Working Capital Facility
	 	 	—	 	 	 	8,923	 	 	 	—	 	 	 	—	 	 	 	8,923	 
	Repayments under Working Capital Facility
	 	 	—	 	 	 	(7,193	)	 	 	—	 	 	 	—	 	 	 	(7,193	)
	Borrowings of other debt
	 	 	—	 	 	 	75	 	 	 	—	 	 	 	—	 	 	 	75	 
	Repayments of other debt
	 	 	463	 	 	 	(908	)	 	 	(73	)	 	 	—	 	 	 	(518	)
	Changes in net equity and advances to / from
discontinued operations
	 	 	4,343	 	 	 	(4,941	)	 	 	(445	)	 	 	1,043	 	 	 	—	 
	Other
	 	 	1,206	 	 	 	420	 	 	 	—	 	 	 	—	 	 	 	1,626	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) financing activities
	 	 	6,012	 	 	 	(3,624	)	 	 	(518	)	 	 	1,043	 	 	 	2,913	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effect of exchange rate changes on cash and cash equivalents
	 	 	—	 	 	 	(158	)	 	 	(130	)	 	 	—	 	 	 	(288	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) continuing operations
	 	 	—	 	 	 	2,598	 	 	 	733	 	 	 	—	 	 	 	3,331	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash used in discontinued operations
	 	 	—	 	 	 	—	 	 	 	314	 	 	 	—	 	 	 	314	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total increase (decrease) in cash and cash equivalents
	 	 	—	 	 	 	2,598	 	 	 	1,047	 	 	 	—	 	 	 	3,645	 
	Total cash and cash equivalents beginning of period
	 	 	—	 	 	 	6,302	 	 	 	6,199	 	 	 	—	 	 	 	12,501	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total cash and cash equivalents end of period
	 	$	—	 	 	$	8,900	 	 	$	7,246	 	 	$	—	 	 	$	16,146	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

We are a leading global designer and manufacturer of gas and arc cutting and welding products,
including equipment, accessories and consumables. Our products are used by manufacturing,
construction, fabrication and foundry operations to cut, join and reinforce steel, aluminum and
other metals. We design, manufacture and sell products in five principal categories: (1) gas
equipment; (2) filler materials, including hardfacing; (3) arc accessories, including torches,
guns, related consumable parts and accessories; (4) plasma power supplies, torches and related
consumable parts; and (5) welding equipment. We operate our business in one reportable segment.
Our products are sold domestically primarily through industrial welding distributors, retailers and
wholesalers. Internationally, we sell our products through our sales force, independent
distributors and wholesalers. Our operating profit is affected by the mix of our products sold
during a period as margins vary between torches, guns, power supplies, consumables and replacement
parts.

Demand for our products is highly cyclical because many of the end-users of our products are
themselves in highly cyclical industries, such as commercial construction, steel shipbuilding,
petrochemical construction and general manufacturing. The demand for our products and, therefore,
our results of operations are directly related to the level of production in these end-user
industries.

Our manufacturing costs, particularly raw material costs, are one of the key determinants in
achieving future success in the marketplace and profitability. Principal raw materials used are
copper, brass, steel and plastic, which are widely available and need not be specifically
manufactured for our use. Certain other raw materials used in our hardfacing products, such as
cobalt and chromium, are available primarily from sources outside the United States. Historically,
we have been able to obtain adequate supplies of raw materials at acceptable prices. We typically
maintain purchase commitments with respect to a portion of our material purchases for purchase
volumes of three to six months. At times, pricing and supply can be volatile due to a number of
factors beyond our control, including global demand, general economic and political conditions,
mine closures and labor unrest in various countries, activities in the financial commodity markets,
labor costs, competition, import duties and tariffs and currency exchange rates. This volatility
can significantly affect our raw material costs. An environment of volatile raw material prices
and competitive conditions can adversely affect our profitability if we fail to adjust pricing in
concert with changes in material costs.

Cautionary Statement Concerning Forward-looking Statements

The statements in this Quarterly Report on Form 10-Q that relate to future plans, events or
performance are forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation
Reform Act of 1995, including statements regarding our future prospects. These statements may be
identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,”
“continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will” and similar expressions
that relate to future events and occurrences. Actual results could differ materially due to a
variety of factors and the other risks described in this Quarterly Report and the other documents
we file from time to time with the Securities and Exchange Commission. Factors that could cause
actual results to differ materially from those expressed or implied in such statements include, but
are not limited to, the following and those discussed under the Risk Factors section of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2009: (a) the impact of uncertain
global economic conditions on our business and those of our customers, (b)the cost and availability
of raw materials, (c) operational and financial developments and restrictions affecting our
international sales and operations, (d) the impact of currency fluctuations, exchange controls, and
devaluations, (e) the impact of a change of control under our debt instruments and potential limits
on our ability to use net operating loss carryforwards, (f) consolidation within our customer base
and the resulting increased concentration of our sales, (g) actions taken by our competitors that
affect our ability to retain our customers, (h) the effectiveness of our cost reduction initiatives
in our continuous improvement program, (i) our ability to meet customer needs by introducing new
and enhanced products, (j) our ability to adequately enforce or protect our intellectual property
rights, (k) the detrimental cash flow impact of increasing interest rates and our ability to comply
with financial covenants in our debt instruments, (l) disruptions in the credit markets, (m) the
impact of the sale of a large number of shares of our common stock on the market price of our
stock, (n) our relationships with our employees and our ability to retain and attract qualified
personnel, (o) liabilities arising from litigation, including product liability risks, and (p) the
costs of compliance with and liabilities arising under environmental laws and

20

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regulations. Readers are cautioned not to place undue reliance on any forward-looking statements contained herein, which
speak only as of the date hereof and are not guarantees of performance or results. We undertake no
obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or that reflect the occurrence of unanticipated
events. For a more complete discussion of factors that may affect future results, see the “Risk
Factors” section in our Annual Report on Form 10-K for the year ended December 31, 2009.

Key Indicators

Key economic measures relevant to our business include steel consumption, industrial production
trends and purchasing manager indices. Industries that we believe provide a reasonable indication
of demand for our products include construction and transportation, mining, oil and gas
exploration, metal fabrication, farm machinery, railcar manufacturing and shipbuilding. The trends
in these industries provide important data to us in forecasting our business. Indicators with a
more direct relationship to our business that might provide a forward-looking view of market
conditions and demand for our products are not available.

Key performance measurements we use to manage the business include orders, sales, commodity cost
trends, operating expenses and efficiencies, inventory levels and fill-rates. The timing of these
measurements varies, but may be daily, weekly and monthly depending on the need for management
information and the availability of data.

Key financial measurements we use to evaluate the results of our business as well as the operations
of our individual units include customer order levels and mix, sales order profitability,
production volumes and variances, selling, general and administrative expenses, earnings before
interest, taxes, and depreciation and amortization, operating cash flows, capital expenditures and
controllable working capital. We define controllable working capital as accounts receivable,
inventory and accounts payable. These measurements are reviewed monthly, quarterly and annually and
are compared with historical periods, as well as objectives that are established by management and
approved by our Board of Directors.

RESULTS OF OPERATIONS

The following is a discussion of the results of continuing operations for the three months ended
March 31, 2010, and 2009.

Net sales

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended March 31,	 	 	 	 
	(Dollars in thousands)	 	2010	 	 	2009	 	 	% Change	 
	Net sales summary:
	 	 	 	 	 	 	 	 	 	 	 	 
	U.S.
	 	$	52,920	 	 	$	50,451	 	 	 	4.9	%
	International
	 	 	43,697	 	 	 	32,860	 	 	 	33.0	%
	 
	 	 	 	 	 	 	 	 	 
	Consolidated
	 	$	96,617	 	 	$	83,311	 	 	 	16.0	%
	 
	 	 	 	 	 	 	 	 	 	 

Net sales for the three months ended March 31, 2010 increased $13.3 million as compared to the
three months for the same period in 2009 with approximately $8.1 million from increased demand and
$5.2 million due to foreign currency translation.

Gross margin

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended March 31,	 	 	 	 
	(Dollars in thousands)	 	2010	 	 	2009	 	 	% Change	 
	Gross margin
	 	$	32,385	 	 	$	21,360	 	 	 	51.6	%
	Gross margin as a percent of net sales
	 	 	33.5	%	 	 	25.6	%	 	 	 	 

Gross margin as a percent of sales increased for the first quarter of 2010 as compared to the same
period in 2009 due to the favorable impact on cost of sales of declines in raw material costs along
with reduced manufacturing costs and the beneficial impact of manufacturing efficiencies arising
from the increased volumes of activity in 2010.

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Selling, general and administrative expenses

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended March 31,	 	 	 	 
	(Dollars in thousands)	 	2010	 	 	2009	 	 	% Change	 
	Selling, general and
administrative expenses
	 	$	21,767	 	 	$	19,442	 	 	 	12.0	%
	SG&A as a percent of net sales
	 	 	22.5	%	 	 	23.3	%	 	 	 	 

The SG&A expenses in the first quarter of 2010 include $0.3 million of severance costs and $2.6
million for incentive compensation and commission expense. The SG&A expense for the three months
ended March 31, 2009 include $1.3 million of charges for severance amounts payable to employees who
elected to participate in an early retirement program offered by the Company and include $1.2
million of credits from reversal of previously accrued performance-based stock and incentive
compensation. The SG&A expenses in the first quarter of 2010 are $1.0 million higher as compared
to the first quarter of 2009 due to foreign currency translation.

Interest, net

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended March 31,	 	 	 	 
	(Dollars in thousands)	 	2010	 	 	2009	 	 	% Change	 
	Interest, net
	 	$	6,336	 	 	$	4,633	 	 	 	36.8	%

Interest expense for the three months ended March 31, 2010 was $6.3 million, increasing from $4.6
million for the three months ended March 31, 2009. The effective interest rate on senior debt
increased approximately 400 basis points to 12% due to the Special Interest adjustment of 2.25% on
the Senior Subordinated Notes as compared to 0.25% in the first quarter of 2009 and increased
interest for the Second Lien indebtedness refinanced in August 2009.

Income tax provision (benefit)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended March 31,	 	 	 	 
	(Dollars in thousands)	 	2010	 	 	2009	 	 	% Change	 
	Income tax provision (benefit)
	 	$	1,045	 	 	$	(1,126	)	 	 	(192.8	%)

For the 2010 first quarter, the effective income tax rate was 31.3% versus 31.1% in the comparable
prior year period.

RECENT ACCOUNTING PRONOUNCEMENTS

The Company has determined that all recently issued accounting pronouncements will not have a
material impact on its consolidated financial position, results of operations and cash flows, or do
not apply to its operations.

LIQUIDITY AND CAPITAL RESOURCES

Our principal uses of cash are capital expenditures and debt repayment obligations, including
repayment of debt pursuant to the “Excess Cash Flow” provision of the Senior Subordinated Notes.
We expect that ongoing requirements for working capital, debt service, and additional equipment
purchases will be funded from operating cash flow and borrowings under the Working Capital
Facility.

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The Company’s cash flows from continuing operations for operating, investing and financing
activities, as reflected in the Condensed Consolidated Statements of Cash Flows, are summarized in
the following table:

	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended	 
	 	 	March 31,	 
	(Dollars in thousands)	 	2010	 	 	2009	 
	Net cash provided by (used in):
	 	 	 	 	 	 	 	 
	Operating activities
	 	$	18,631	 	 	$	2,999	 
	Investing activities
	 	 	(1,717	)	 	 	(2,293	)
	Financing activities
	 	 	(9,643	)	 	 	2,913	 
	Effect of exchange rates
	 	 	195	 	 	 	(288	)
	 
	 	 	 	 	 	 
	Cash provided
	 	$	7,466	 	 	$	3,331	 
	 
	 	 	 	 	 	 

Operating Activities

Cash provided by operating activities for the first three months of 2010 was $18.6 million compared
to the $3.0 million of cash provided during the same period in 2009. The change in operating assets
and liabilities provided $13.4 million of cash during the three months ended March 31, 2010
compared to the $3.8 million of cash provided in the three months ended March 31, 2009. The
changes in operating assets and liabilities, excluding foreign currency translation effects,
included:

	 	•	 	Accounts receivable increased $5.6 million during the three months ended March 31, 2010
due to increased sales, compared to the $10.9 million decrease during the same period in
2009 during which sales declined substantially.
	 
	 	•	 	Inventory increases used $0.9 million of cash through the first three months of 2010 due
to increased customer demand. Inventory declined in 2009 due to substantial declines in
demand and provided $12.2 million of cash.
	 
	 	•	 	Accounts payable increased in the first three months of 2010 providing $19.8 million of
cash which includes the beneficial impact of approximately $14 million of early payment of
supplier invoices during the fourth quarter of 2009. These early payments reduced the cash
usage requirements in the first quarter of 2010. In the first three months of 2009
accounts payable were reduced, utilizing $8.3 million of cash. During 2009, the Company
was paying vendors for previous materials purchases while reducing new purchases in
connection with reducing inventory levels.
	 
	 	•	 	Accrued liabilities decreased in the first three months of 2010, using $0.9 million of
cash, which reflected the net effect of the $9.2 million for payment of the semi-annual
interest due on the Senior Subordinated Notes and accruals during the quarter for interest
and incentive compensation. The reduction of accrued liabilities during the first three
months of 2009 used $11.3 million in cash, consisting of severance payments, customer
rebates, incentive compensation and the $8.5 million of semi-annual interest due on the
Senior Subordinated Notes.

Investing Activities

Investing activities used $1.7 million of cash for the three months ended March 31, 2010 compared
to net cash used of $2.3 million for the first three months of 2009. Cash used in investing
activities in 2010 and 2009 primarily reflected capital expenditures for manufacturing equipment
purchases.

Financing Activities

During the three months ended March 31, 2010, there was $9.6 million of net repayments under the
Working Capital Facility. For the same period in 2009, the Company had net borrowings of $1.7
million under the Working Capital Facility, which when combined with cash on hand and cash flow from operations, were used to fund working capital
and capital expenditures.

On February 23, 2010, the Company, Thermadyne Industries, Inc., their domestic subsidiaries and
certain of their foreign subsidiaries (together with the Company, the “Thermadyne Parties”) entered
into the Third Amendment to Third Amended and Restated Credit Agreement with General Electric
Capital Corporation as agent and lender (as amended, the “Amended GE Credit Agreement”) to, among
other things: (i) increase the permitted amount of foreign investments from $5 million to $10
million, subject to certain restrictions, including a $3 million limitation on investment in
non-affiliated foreign persons; and (ii) adjust the minimum quarterly Fixed Charge Coverage Ratio
requirements so as to compute such ratio as of March 31,

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2010 and June 30, 2010 based on the results for the six months and nine months then ended. For September 30, 2010 and for each calendar
quarter thereafter, the computation is based on the twelve month period then ending. The minimum
Fixed Charge Coverage Ratio required for all calendar quarters after December 31, 2009 is 1.10.
The Amended GE Credit Agreement, under which our Working Capital Facility is governed, was filed as
Exhibit 10.1 to the Company’s February 26, 2010 Current Report on Form 8-K and is incorporated
herein by reference.

At March 31, 2010, $3.9 million of letters of credit were outstanding. Unused availability, net of
these letters of credit, was $49.2 under the Working Capital Facility.

Also on February 23, 2010, the Thermadyne Parties entered into Amendment Number One to 2009 Amended
and Restated Second Lien Credit Agreement with Regions Bank, as administrative agent, collateral
agent and funding agent, and the lenders party thereto (as amended, the “Amended Second Credit
Agreement”) to, among other things, increase the permitted amount of foreign investments from $5
million to $10 million, subject to certain restrictions, including a $3 million limitation on
investment in non-affiliated foreign persons. The Amended Second Lien Credit Agreement was filed
as Exhibit 10.2 to the Company’s February 26, 2010 Current Report on Form 8-K and is incorporated
herein by reference.

We anticipate capital expenditures of $15 to $18 million in 2010, including $10 million to $12
million to expand existing manufacturing facilities. For the three months ended March 31, 2010, we
have incurred $1.6 million in capital expenditures.

At March 31, 2010, the Company was in compliance with its financial covenants. The Company has
sufficient funding to satisfy its operating needs, to fulfill its current debt repayment
obligations, and to fund capital expenditure commitments.

Failure to comply with our financial covenants in future periods would result in defaults under our
credit agreements unless covenants are further amended or waived. The most restrictive financial
covenant is the “fixed charge coverage” covenant under our Working Capital Facility. This covenant
requires EBITDA, as defined in the Amended GE Credit Agreement, to be at least 1.10 of Fixed
Charges, as defined, except during 2009 as described above. Under the Amended Second Lien Credit
Agreement, the most restrictive financial covenant is the “senior leverage ratio” covenant which
requires that debt, including total debt less the Notes and cash, not exceed 2.75 of EBITDA, as
defined in the Amended Second Lien Credit Agreement. Compliance is measured quarterly based on the
trailing four quarters. A default of the financial covenants under the Working Capital Facility
or Second Lien Facility would constitute a default under the Senior Subordinated Notes. An event
of default under our credit agreements, if not waived, could result in the acceleration of these
debt obligations and, consequently, our debt obligations under our Senior Subordinated Notes.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our primary financial market risk relates to fluctuations in currency exchange rates, commodity
price risks and interest rates.

We believe our exposure to transaction gains or losses resulting from changes in foreign currency
exchange rates are not material to our financial statements. Our sales are predominantly U.S.
dollar denominated. A portion of our sales reflect pound sterling versus Euro transactional risk
and the purchase of materials reflect U.S. dollar versus Euro transactional risk. Materials
purchases for our Asia Pacific region have Australian dollar versus U.S. dollar exchange risk which
we mitigate through forward U.S. dollar purchase contracts by our Australian operations.

Copper, brass and steel constitute a significant portion of our raw material costs. These
commodities are subject to price fluctuations which we may not be able to pass onto our customers.
When feasible, we attempt to establish fixed price commitments to provide stability in our cost.
Such commitments typically extend three to six months.

For a more complete discussion of factors that may affect future results, see the “Risk Factors”
section in our Annual Report on Form 10-K for the year ended December 31, 2009.

Item 4. Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s
President and Chief Financial Officer, carried out an evaluation of the effectiveness of the design
and operation of the Company’s disclosure controls and procedures as of March 31, 2010. Based upon
their evaluation, the Company’s President and Chief Financial Officer concluded that the Company’s
disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) are effective as of
that date to provide reasonable assurance that the information required to be disclosed by the
Company in the

24

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reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and
that information required to be disclosed by the Company in the reports it files or submits under
the Exchange Act is accumulated and communicated to the Company’s management, including its
President and Chief Financial Officer, as appropriate to allow timely decisions regarding required
disclosure. They have also determined in their evaluation that there was no change in the
Company’s internal controls over financial reporting that has materially affected or is reasonably
likely to materially affect the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The information contained in Note 9 — Contingencies to the Company’s condensed consolidated
financial statements is incorporated by reference herein.

Item 6. Exhibits

	 	 	 	 	 

	3.1

	 	—
	 	Amended and Restated Bylaws of Thermadyne Holdings Corporation, effective
March 9, 2010 (incorporated by reference to Exhibit 3.1 to the Company’s
Current Report on Form 8-K (File No. 001-13023), filed on March 15,
2010).
	 
	 	 	 	 
	10.1

	 	—
	 	Third Amendment to Third Amended and Restated Credit Agreement dated as
of February 23, 2010 by and among Thermadyne Industries, Inc., Thermal
Dynamics Corporation, Victor Equipment Company, C & G Merger Co., Stoody
Company, Thermadyne International Corp., as borrowers, the credit parties
signatory thereto, and General Electric Capital Corporation, as agent and
lender (incorporated by reference to Exhibit 10.1 to the Company’s
Current Report on Form 8-K (File No. 001-13023), filed on February 26,
2010).
	 
	 	 	 	 
	10.2

	 	—
	 	Amendment Number One to 2009 Amended and Restated Second Lien Credit
Agreement dated as of February 23, 2010 by and among Thermadyne
Industries, Inc., Thermal Dynamics Corporation, Victor Equipment Company,
C & G Merger Co., Stoody Company, and Thermadyne International Corp., as
borrowers, the guarantors signatory thereto, the lenders signatory
thereto, and Regions Bank as agent (incorporated by reference to Exhibit
10.2 to the Company’s Current Report on Form 8-K (File No. 001-13023),
filed on February 26, 2010).
	 
	 	 	 	 
	†10.3

	 	—
	 	Severance Agreement and Release by and between John Boisvert and
Thermadyne Holdings Corporation dated effective March 12, 2010
(incorporated by reference to Exhibit 10.1 to the Company’s Current
Report on Form 8-K (File No. 001-13023), filed on March 15, 2010).
	 
	 	 	 	 
	†*10.4

	 	—
	 	Form of Non-Qualified Stock Option Agreement dated March 9, 2010, between
Thermadyne Holdings Corporation and each of Messrs. Martin Quinn, Terry
Downes, Terry A. Moody and Steven A. Schumm.
	 
	 	 	 	 
	†*10.5

	 	—
	 	Form of Restricted Award Agreement dated March 9, 2010, between
Thermadyne Holdings Corporation and each of Messrs. Martin Quinn, Terry
Downes, Terry A. Moody and Steven A. Schumm.
	 
	 	 	 	 
	†*10.6

	 	—
	 	Form of Restricted Cash Award Agreement dated March 9, 2010, between
Thermadyne Holdings Corporation and each of Messrs. Martin Quinn, Terry
Downes, Terry A. Moody and Steven A. Schumm.
	 
	 	 	 	 
	†*10.7

	 	—
	 	Form of Restricted Award Agreement dated March 9, 2010, between
Thermadyne Holdings Corporation and each of Messrs. Martin Quinn and
Terry Downes.
	 
	 	 	 	 
	†*10.8

	 	—
	 	Form of Restricted Cash Award Agreement dated March 9, 2010, between
Thermadyne Holdings Corporation and each of Messrs. Martin Quinn and
Terry Downes.
	 
	 	 	 	 
	*31.1

	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
	 
	 	 	 	 
	*31.2

	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
	 
	 	 	 	 
	*32.1

	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002. *
	 
	 	 	 	 
	*32.2

	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002.*

 

			
	†	 	Indicates a management contract or compensatory plan or arrangement.
	 
	*	 	Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION

 	 
	 	By:  	/s/ Steven A. Schumm
 	 
	 	 	Steven A. Schumm 	 
	 	 	Executive Vice President, Chief Financial and

Administrative Officer

(Principal Financial and Accounting Officer) 	 
	 

Date: April 27, 2010

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THERMADYNE HOLDINGS CORPORATION

EXHIBIT INDEX

	 	 	 	 	 
	Exhibit No.	 	 	 	Exhibit
	3.1

	 	—
	 	Amended and Restated Bylaws of Thermadyne Holdings Corporation, effective
March 9, 2010 (incorporated by reference to Exhibit 3.1 to the Company’s
Current Report on Form 8-K (File No. 001-13023), filed on March 15,
2010).
	 
	 	 	 	 
	10.1

	 	—
	 	Third Amendment to Third Amended and Restated Credit Agreement dated as
of February 23, 2010 by and among Thermadyne Industries, Inc., Thermal
Dynamics Corporation, Victor Equipment Company, C & G Merger Co., Stoody
Company, Thermadyne International Corp., as borrowers, the credit parties
signatory thereto, and General Electric Capital Corporation, as agent and
lender (incorporated by reference to Exhibit 10.1 to the Company’s
Current Report on Form 8-K (File No. 001-13023), filed on February 26,
2010).
	 
	 	 	 	 
	10.2

	 	—
	 	Amendment Number One to 2009 Amended and Restated Second Lien Credit
Agreement dated as of February 23, 2010 by and among Thermadyne
Industries, Inc., Thermal Dynamics Corporation, Victor Equipment Company,
C & G Merger Co., Stoody Company, and Thermadyne International Corp., as
borrowers, the guarantors signatory thereto, the lenders signatory
thereto, and Regions Bank as agent (incorporated by reference to Exhibit
10.2 to the Company’s Current Report on Form 8-K (File No. 001-13023),
filed on February 26, 2010).
	 
	 	 	 	 
	†10.3

	 	—
	 	Severance Agreement and Release by and between John Boisvert and
Thermadyne Holdings Corporation dated effective March 12, 2010
(incorporated by reference to Exhibit 10.1 to the Company’s Current
Report on Form 8-K (File No. 001-13023), filed on March 15, 2010).
	 
	 	 	 	 
	†*10.4

	 	—
	 	Form of Non-Qualified Stock Option Agreement dated March 9, 2010, between
Thermadyne Holdings Corporation and each of Messrs. Martin Quinn, Terry
Downes, Terry A. Moody and Steven A. Schumm.
	 
	 	 	 	 
	†*10.5

	 	—
	 	Form of Restricted Award Agreement dated March 9, 2010, between
Thermadyne Holdings Corporation and each of Messrs. Martin Quinn, Terry
Downes, Terry A. Moody and Steven A. Schumm.
	 
	 	 	 	 
	†*10.6

	 	—
	 	Form of Restricted Cash Award Agreement dated March 9, 2010, between
Thermadyne Holdings Corporation and each of Messrs. Martin Quinn, Terry
Downes, Terry A. Moody and Steven A. Schumm.
	 
	 	 	 	 
	†*10.7

	 	—
	 	Form of Restricted Award Agreement dated March 9, 2010, between
Thermadyne Holdings Corporation and each of Messrs. Martin Quinn and
Terry Downes.
	 
	 	 	 	 
	†*10.8

	 	—
	 	Form of Restricted Cash Award Agreement dated March 9, 2010, between
Thermadyne Holdings Corporation and each of Messrs. Martin Quinn and
Terry Downes.
	 
	 	 	 	 
	*31.1

	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
	 
	 	 	 	 
	*31.2

	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
	 
	 	 	 	 
	*32.1

	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002. *
	 
	 	 	 	 
	*32.2

	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002.*

 

			
	†	 	Indicates a management contract or compensatory plan or arrangement.
	 
	*	 	Filed herewith.

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Exhibit 10.4

2010 NON-QUALIFIED STOCK OPTION AGREEMENT

THERMADYNE HOLDINGS CORPORATION

AMENDED AND RESTATED

2004 STOCK INCENTIVE PLAN

     THIS NON-QUALIFIED STOCK OPTION PLAN AGREEMENT (this “Agreement”) dated March 9, 2010 (the
“Grant Date”), between Thermadyne Holdings Corporation (the “Company”), a Delaware corporation, and
                     
           
         (the “Optionee”), an officer or key employee of the Company or one of its
subsidiary corporations (individually, a “Subsidiary Corporation” and collectively, the “Subsidiary
Corporations”) within the meaning of Section 424(f) of the Internal Revenue Code (“the Code”) .

     RECITALS:

     WHEREAS, the Compensation Committee or the Board of Directors of the Company (“Board”) acting
as the Compensation Committee (in either case, the “Committee”) has determined that the Optionee is
one of the key personnel (officer or key employee) of the Company or one of its Subsidiary
Corporations; and

     WHEREAS, the Committee believes the goals and objectives of the Company’s Long Term Incentive
Award program will be furthered by granting to the Optionee a right to purchase shares of Common
Stock (the “Stock Option”) under the Amended and Restated 2004 Stock Incentive Plan (the “Plan”).

     NOW, THEREFORE, in consideration of the foregoing and of the mutual undertakings set forth in
this Agreement, the Company and the Optionee agree as follows:

Section 1. Terms of Plan to Control

     This Agreement is subject to all the terms and conditions of the Plan, a copy of which is
available upon request. Capitalized terms herein and not otherwise defined shall have the meaning
set forth in the Plan. In the event of a conflict between the Plan and this Agreement, the terms
of the Plan shall control.

Section 2. Grant of Option

     2.1 Subject to the terms and conditions set forth in the Plan, and subject to the restrictions
and risk of forfeiture set forth in this Agreement, the Company hereby grants to the Optionee a
Stock Option to
purchase                     shares of Common Stock of the Company. The per share exercise
price of the Stock Option is $7.71, the closing per share sales price of Common Stock quoted on the
Nasdaq Stock Market on March 9, 2010.

     2.2 The Stock Option granted hereby is intended to be a Nonqualified Stock Option subject to
the provisions of Section 83 of the Code.

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Section 3. Exercisability

     3.1 The Stock Options will become vested and exercisable, in three equal annual installments,
on each of the next three anniversaries of the date of grant (March 9 of 2011, 2012, and 2013);
provided however, that Options will vest only for those Optionees continuously employed by the
Company through the scheduled date(s) of vesting.

     3.2 Subject to Section 5, the Stock Option shall expire and cease to be exercisable ten years
after the date of this Agreement, or on such earlier date as may be provided herein.

     3.3 The Stock Option may be partially exercised from time to time within the limits on
exercisability set forth in Section 3.1.

Section 4. Method of Exercise

     The Stock Option or any part thereof may be exercised only by the giving of written notice to
the Secretary of the Company, which notice shall state the election to exercise the Stock Option
and the number of whole shares of Common Stock with respect to which the Stock Option is being
exercised. Such notice must be accompanied by payment of the full purchase price for the number of
shares of Common Stock purchased. Such payment shall be made (a) in immediately available funds
(or the equivalent thereof acceptable to the Company) or (b) in such other consideration as the
Committee deems appropriate, including, but not limited to, shares of Common Stock owned by the
Optionee, or a combination of cash and other consideration having a total Fair Market Value, as so
determined, equal to the full purchase price. Subject to Section 6 and as soon as practicable
after it receives payment of the purchase price, the Company shall deliver to the Optionee a
certificate or certificates for the shares of Common Stock so purchased.

Section 5. Termination of Employment

     5.1 Termination for Cause; Voluntary Resignation Without Consent. If the Optionee’s
employment from the Company or a Subsidiary corporation is terminated by reason of dismissal for
cause (as defined herein), or by resignation from employment without the Company’s prior consent,
any portion of the Stock Option that has not previously been exercised, or otherwise forfeited,
shall terminate upon the date of the Optionee’s termination of employment with the Company or a
Subsidiary corporation, and shall not be exercisable after such date.

     5.2 Termination Without Cause. If the Optionee’s employment terminates with the Company or a
Subsidiary Corporation without cause (e.g., retirement, disability, voluntary resignation with
notice and consent, involuntary termination without cause), then the Optionee may thereafter
exercise the Stock Option granted hereby only on the following terms and conditions: (a) such
exercise may be made only to the extent the Optionee is entitled to exercise such Stock Option on
the date his or her employment terminates; and (b) such exercise must be made by the earlier of (i)
the expiration date of such Stock Option, determined pursuant to Section 3, or (ii) the ninetieth
(90th) day after his or her employment terminates; provided, that if the Optionee’s employment
terminates by reason of disability described in Section 22(e)(3) of the Code, the foregoing ninety
day period shall be increased to one year. Notwithstanding the foregoing, to the extent that a
Company-imposed blackout period is in effect at any point during

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the 30-day period immediately prior to the expiration of the 90-day period contemplated in
clause (b) (ii) above, such Stock Option shall be exercisable for thirty (30) calendar days
immediately following expiration of such blackout period but no later than ten (10) years after the
grant date.

     5.3 Termination by Death; Death following Termination Without Cause. If the Optionee dies
while in the employ of the Company or a Subsidiary Corporation, or dies after his or her employment
terminates and during a period in which the Stock Option is exercisable pursuant to Section 5.2,
the Stock Option granted hereby shall be exercisable on the following terms and conditions: (a)
such exercise may be made only to the extent the Optionee is or was entitled to exercise such Stock
Option on the date of termination of employment; and (b) such exercise must be made by the earlier
of the expiration date of such Stock Option or ninety (90) days after the date of the Optionee’s
death, to the extent that the Optionee was entitled to exercise such Stock Option on the date of
death. The Optionee may designate a beneficiary or beneficiaries (“Designated Beneficiary or
Beneficiaries”) on the Designated Beneficiary form attached to this Agreement to exercise the
Option after the Optionee’s death and to receive the shares of Common Stock acquired pursuant to
such exercise. If the Optionee does not complete the Beneficiary Designation form or the
Designated Beneficiary or Beneficiaries has or have predeceased the Optionee or cannot be located,
the Option shall be transferred in accordance with the Optionee’s will or, if the Optionee has no
will, in accordance with the applicable state laws of descent and distribution. In this case, the
Option shall be exercisable by the Optionee’s testamentary transferee or transferees after his or
her death and shares of Common Stock acquired in connection with the exercise of the Options shall
be transferred to such Transferee or Transferees. Any person or entity acquiring stock pursuant to
the exercise of the Option after the Optionee’s death shall be bound by all the terms and
conditions of the Plan and this Agreement which would have applied to the Optionee’s exercise of
the Stock Option granted hereby (if he or she had lived) including, without limitation, the
provisions of Section 6 and Section 11.

     5.4 References herein to an individual’s employment shall include any and all periods during
which such individual is considered an employee of the Company or a Subsidiary Corporation. The
Optionee shall be deemed to have terminated employment when the Optionee completely ceases to be
employed (within the meaning of the preceding sentence) by the Company and all of its Subsidiary
Corporations. The Committee may in its discretion determine (a) whether any leave of absence
constitutes a termination of employment within the meaning of this Agreement, and (b) the impact,
if any, of any such leave of absence on the Stock Option granted under this Agreement.

     5.5 The term “dismissal for cause” as used herein shall mean:

	 	a.	 	an act or omission by the Optionee that causes material harm to
the Company or a Subsidiary Corporation of which the Optionee is notified in
writing by the Company and the Optionee has not corrected within ten (10) days
of such notification;
	 
	 	b.	 	any continued neglect of, or failure to perform, duties by the
Optionee of which the Optionee is notified in writing by the Company and the
Optionee has not corrected within ten (10) days of such notification;

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	 	c.	 	the Optionee’s performing services for any other corporation or
person which competes with the Company or a Subsidiary Corporation while he or
she is employed by the Company or a Subsidiary Corporation and without the
written approval of the chief executive officer of the Company; or
	 
	 	d.	 	any conviction of the Optionee or plea of guilty (or nolo
contendere) by the Optionee to a felonious crime;

provided, however, that if, at the time in question the Optionee is a party to an employment
agreement with the Company or any of its Subsidiary Corporations which contains a definition of
“cause” which is inconsistent with the provisions of this Section 5.5, the terms of such employment
agreement shall define “dismissal for cause” for the purposes of this Plan Agreement.

			
	Section 6.	 	Securities Law Restrictions and Other Restrictions on Transfer of Shares of Company
Common Stock Purchased Pursuant to this Agreement

     The Optionee represents that upon exercise of a Stock Option, shares of Common Stock shall be
purchased for the Optionee’s own account and not on behalf of others. Federal and state securities
laws govern and restrict the Optionee’s right to offer, sell or otherwise dispose of any such
shares unless the shares are first registered under the Securities Act of 1933 (the “Securities
Act”) or any applicable state securities laws, or in the opinion of the Company’s counsel, such
offer, sale or other disposition is exempt from registration or qualification thereunder. The
Optionee shall not offer, sell or otherwise dispose of any shares purchased pursuant to this
Agreement in any manner unless they are first registered under the Securities Act and any
applicable state securities laws except in a transaction which, in the opinion of counsel to the
Company, is exempt from the registration requirements.

Section 7. Restrictive Legend

     Except as may be otherwise determined by legal counsel to the Company, the certificates
representing the shares of Common Stock purchased pursuant to this Agreement shall bear the
following legend, plus such other legends the Company deems necessary or desirable in connection
with securities laws or other rules, regulations or laws.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (THE “ACT”) AND ARE “RESTRICTED SECURITIES” AS DEFINED IN RULE 144 PROMULGATED UNDER THE ACT.
THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE OR OTHERWISE DISTRIBUTED EXCEPT (i) IN CONJUNCTION
WITH AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT, OR (ii) IN COMPLIANCE
WITH RULE 144, OR (iii) PURSUANT TO AN OPINION OF COUNSEL TO THE CORPORATION THAT SUCH REGISTRATION
OR COMPLIANCE IS NOT REQUIRED AS TO SAID SALE, OFFER OR DISTRIBUTION.

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Section 8. Non-Assignability

     No right granted to the Optionee under the Plan or this Agreement, except as otherwise
provided in this Agreement, shall be assignable or transferable (whether by operation of law or
otherwise and whether voluntarily or involuntarily), other than by will or by the laws of descent
and distribution. During the life of the Optionee, all rights granted to the Optionee under the
Plan or under this Agreement shall be exercisable only by the Optionee.

Section 9. Withholding Taxes

     Whenever under the Plan and this Agreement shares of Common Stock are to be delivered upon
exercise of a Stock Option, the Company shall be entitled to require as a condition of delivery
that the Optionee remit an amount sufficient to satisfy all federal, state and other governmental
withholding tax requirements related thereto (including such taxes attributable to an election
under Section 10 of this Agreement); provided, that in lieu of or in addition to the foregoing, the
Company shall have the right to withhold such sums from compensation or other amounts otherwise due
to the Optionee.

Section 10. Requirement of Notification on Section 83(b) Election

     If the Optionee shall, in connection with the exercise of a Stock Option, make the election
permitted under Section 83(b) of the Code (i.e., an election to include in his or her gross income
in the year of transfer the amounts specified in section 83(b) of the Code), he or she shall notify
the Company of such election within ten days of filing notice of the election with the Internal
Revenue Service, in addition to any filing and notification required pursuant to regulations issued
under the authority of Section 83(b) of the Code.

Section 11. Adjustments Upon Changes in Capitalization

     In the event of any increase or decrease, after the date of this Agreement, in the number of
issued shares of Common Stock resulting from the subdivision or combination of shares of Common
Stock or other capital adjustments, or the payment of a stock dividend, or other increase or
decrease in such shares effected without receipt of consideration by the Company, the Committee
shall proportionately adjust the number of shares subject to the Stock Option, the exercise price
set forth in Section 2.1, and any and all other matters deemed appropriate by the Committee;
provided, however, that any Stock Option to purchase fractional shares resulting from any such
adjustment shall be eliminated. Adjustments under this Section shall be made by the Committee,
whose determination as to what adjustments shall be made, and the extent thereof, shall be final,
binding and conclusive.

Section 12. Reorganization

     In the event of a Change in Control of the Company, then the Stock Option shall vest and
become exercisable in full, and thereafter, the Committee may in its discretion (a) by written
notice to the Optionee, provide that the Stock Option will be terminated unless exercised within
thirty (30) days (or such longer period as the Committee shall determine in its sole discretion)
after the date of such notice, and/or (b) provide that such holder shall receive, with respect to

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each share of Common Stock subject to such Stock Option an amount equal to the excess of the
Fair Market Value of such shares of Common Stock immediately prior to the occurrence of such event
over the exercise price per share underlying such Stock Option with such amount payable in cash, in
one or more kinds of property (including the property, if any, payable in the transaction) or in a
combination thereof. Wherever deemed appropriate by the Committee, any such action may be made
conditional upon the consummation of the event constituting the Change in Control.

Section 13. Right of Discharge Reserved

     Nothing in the Plan or in this Agreement shall confer upon the Optionee the right to continue
in the employment, or service of the Company or any of its Subsidiary Corporations, or affect any
right which the Company or any of its Subsidiary Corporations may have to terminate the employment
or service of the Optionee. The parties agree and acknowledge that the Optionee is an at-will
employee of the Company or a Subsidiary Corporation. The Optionee and the Company each retain the
right to terminate such employment relationship at any time.

Section 14. No Rights as a Stockholder

     Neither the Optionee nor any person succeeding to the Optionee’s rights hereunder shall have
any rights as a stockholder with respect to any shares of Common Stock subject to the Stock Option
until the date of the issuance of a stock certificate to him or her for such shares. Except for
adjustments made pursuant to Section 11, no adjustment shall be made for dividends, distributions
or other rights (whether ordinary or extraordinary, and whether in cash, securities or other
property) for which the record date is prior to the date such stock certificate is issued.

Section 15. Nature of Payments

     Any and all grants of Stock Options and issuance of shares of Common Stock hereunder shall be
in consideration of services performed by the Optionee for the Company or for its Subsidiary
Corporations.

     Any and all issuances of shares of Common Stock hereunder shall constitute a special incentive
payment to the Optionee. Such issuances and/or income realized upon exercise of a Stock Option
shall not be taken into account in computing the amount of salary or compensation of the Optionee
for the purposes of determining any pension, retirement, death or other benefits under (a) any
401(k), pension, retirement, profit-sharing, bonus, life insurance, disability or other benefit
plan of the Company or any Subsidiary Corporation or (b) any agreement between the Company or any
Subsidiary Corporation, on the one hand, and the Optionee, on the other hand, except as such plan
or agreement shall otherwise expressly provide.

Section 16. Committee Determinations

     The Committee’s determinations under the Plan and this Agreement need not be uniform and may
be made by it selectively among persons who receive, or are eligible to receive, awards under the
Plan (whether or not such persons are similarly situated). All decisions, interpretations and
determinations by the Committee with regard to any question or matter arising hereunder or under
the Plan shall be conclusive and binding upon the Company and the Optionee.

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Section 17. Section Headings

     The Section headings contained herein are for the purpose of convenience only and are not
intended to define or limit the contents of said sections.

Section 18. Notices

     Any notice to be given to the Company or the Committee hereunder shall be in writing and shall
be addressed to the Secretary of the Company at Thermadyne Holdings Corporation, 16052 Swingley
Ridge Road, Suite 300, Chesterfield, MO 63017, or at such other address as the Company may
hereafter designate to the Optionee by notice as provided herein. Any notice to be given to the
Optionee hereunder shall be addressed to the Optionee at the last known address, or at such other
address as the Optionee may hereafter designate to the Company by notice as provided herein.
Notices hereunder shall be deemed to have been duly given when personally delivered or mailed by
registered or certified mail to the party entitled to receive the same.

Section 19. Successors and Assigns

     This Agreement shall be binding upon and inure to the benefit of the parties hereto and the
successors and assigns of the Company and, as contemplated in Section 5.3, the heirs and personal
representatives of the Optionee.

Section 20. Other Payments or Awards

     Nothing contained in this Agreement shall be deemed in any way to limit or restrict the
Company or any Subsidiary Corporations from making any award or payment to the Optionee under any
other plan, arrangement or understanding, whether now existing or hereafter in effect.

Section 21. Governing Law and Venue

     This Agreement shall be governed by and construed in accordance with the laws of the state of
Missouri despite any laws of that state that would apply the laws of a different state. In the
event of litigation arising in connection with this Agreement and/or the Plan, the parties hereto
agree to submit to the jurisdiction of state and Federal courts located in the state of Missouri.

Section 22. Severability

     If any term or provision of this Agreement, or the application of this Agreement to any person
or circumstances, shall at any time or to any extent be invalid, illegal or unenforceable in any
respect as written, both parties intend for any court construing this Agreement to modify or limit
that provision so as to render it valid and enforceable to the fullest extent allowed by law. Any
provision that is not susceptible of reformation shall be ignored so as to not affect any other
term or provision of this Agreement, and the remainder of this Agreement, or the application of
that term or provision to persons or circumstances other than those as to which it is held invalid,
illegal or unenforceable, shall not be affected thereby and each term and provision of this
Agreement shall be valid and enforced to the fullest extent permitted by law.

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Section 23. Entire Agreement; Modification

     The Plan and this Agreement contain the entire agreement between the parties with respect to
the subject matter contained in this Agreement and may not be modified, except as provided in the
Plan, as it may be amended from time to time in the manner provided in the Plan, or in this
Agreement, as it may be amended from time to time by a written document signed by each of the
parties to this Agreement. Any oral or written agreements, representations, warranties, written
inducements or other communications with respect to the subject matter contained in this Agreement
made before the signing of this Agreement shall be void and ineffective for all purposes.

Section 24. Authority to Receive Payments

     Any amount payable to or for the benefit of a minor, an incompetent person or other person
incapable of receipting therefore shall be deemed paid when paid to the conservator of such
person’s estate or to the party providing or reasonably appearing to provide for the care of such
person, and such payment shall fully discharge the Company, members of the Committee and the Board
with respect thereto.

Section 25. Counterparts

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

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

	 	 	 	 	 	 	 

	THERMADYNE HOLDINGS
CORPORATION	 	GRANTEE	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	By:
	 	 
	 

	 	 

Nick H. Varsam
	 	Grantee’s Name:

	 	 
	 

	 	General Counsel & Secretary
	 	Date of Signature:

	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Grantee’s Address:	 	 

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2010 NON-QUALIFIED STOCK OPTION AGREEMENT

THERMADYNE HOLDINGS CORPORATION

BENEFICIARY DESIGNATION

To the Secretary of Thermadyne Holdings Corporation (“Company”)

I hereby designate the following person, persons or entity as the primary and secondary Designated
Beneficiaries of any rights that may be transferred under the Thermadyne Long Term Incentive Award
program, the Thermadyne Holdings Corporation Amended and Restated 2004 Stock Incentive Plan (the
“Plan”), and the 2010 Non-Qualified Stock Option Agreement (“Agreement”) between the Company and me
dated March 9, 2010, upon my death:

Primary Beneficiary [include address and relationship]:

Secondary Beneficiary [include address and relationship]:

Unless provided otherwise in this Beneficiary Designation, the Company shall transfer all options
on shares of Common Stock to be transferred to more than one Designated Beneficiary equally to the
living Designated Beneficiaries, at the time of my death.

I RESERVE THE RIGHT TO REVOKE OR CHANGE ANY BENEFICIARY DESIGNATION. I HEREBY REVOKE ALL PRIOR
DESIGNATIONS (IF ANY) OF BENEFICIARIES AND SECONDARY BENEFICIARIES.

Pursuant to the Agreement, the Company shall cause options on all shares of Common Stock to be
transferred by reason of my death pursuant to the Agreement to the Primary Beneficiary, if he, she
or it survives me, and if no Primary Designated Beneficiary shall survive me, then to my Secondary
Designated Beneficiary. If no named Designated Beneficiary survives me, then all such shares shall
be transferred in accordance with the terms of the Agreement.

This Beneficiary Designation shall be controlled by the laws of the State of Missouri and
particularly RSMo Chapter 461 thereof.

	 	 	 	 	 

	 
	 

Date of this Designation

	 	 

Signature of Participant
	 	 

NOTE: Unless provided otherwise in this Beneficiary Designation, the Company shall transfer all
shares of Common Stock to be transferred to more than one Designated Beneficiary equally to the
living Designated Beneficiaries.

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Exhibit 10.5

2010 RESTRICTED STOCK AWARD AGREEMENT

THERMADYNE HOLDINGS CORPORATION

2004 STOCK INCENTIVE PLAN

     THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) dated March 9, 2010, between
Thermadyne Holdings Corporation (the “Company”), a Delaware corporation, and _________
(the “Grantee”), an officer or key employee of the Company or one of its subsidiary corporations
(“Subsidiary Corporation”) within the meaning of Section 424(f) of the Internal Revenue Code (“the
Code”).

     RECITALS:

     WHEREAS, the Compensation Committee or the Board of Directors of the Company (“Board”) acting
as the Compensation Committee (in either case, the “Committee”) has determined that the Grantee is
one of the key personnel (officer or key employee) of the Company or one of its Subsidiary
Corporations, and

     WHEREAS, the Committee believes the goals and objectives of the Company’s Long Term Incentive
Award program will be furthered by granting to the Grantee shares of Common Stock (“Restricted
Stock”) under the Amended and Restated 2004 Stock Incentive Plan (the“Plan”).

     NOW, THEREFORE, in consideration of the foregoing and of the mutual undertakings set forth in
this Plan Agreement, the Company and the Grantee agree as follows:

Section 1. Terms of Plan to Control

     This Agreement is subject to all the terms and conditions of the Plan, a copy of which is
available upon request. Capitalized terms used in this Agreement and not otherwise defined in the
Agreement are defined in the Plan. In the event of a conflict between the Plan and this Agreement,
the terms of the Plan shall control.

Section 2. Grant of Restricted Stock

     2.1 Subject to the restrictions and risk of forfeiture set forth in this Agreement, the
Company hereby grants to the Grantee _________shares of Restricted Stock.

     2.2 Subject to the provisions of this Agreement, and except for any shares of Restricted Stock
to be held in book entry form, the Company shall issue and register on its books and records in the
name of the Grantee a certificate(s) in the number of shares of Restricted Stock subject to this
Agreement as set forth above. Each certificate shall bear a legend, substantially in the following
form:

“The sale or other transfer of the shares of stock represented by this certificate, whether
voluntary, involuntary or by operation of law, is subject to certain restrictions on transfer as
set forth in the Thermadyne Holdings Corporation Amended and Restated 2004 Stock Incentive Plan and
in the associated Agreement evidencing the award of such shares under
this Plan. A

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copy of this
Plan and such Agreement may be obtained from Thermadyne Holdings Corporation.”

The certificate(s) shall be retained by the Company (or its designee) until the time that all
restrictions or conditions applicable to the shares of Restricted Stock have been satisfied or
lapsed. The Grantee agrees to (i) deliver to the Company, as a precondition to the issuance of any
certificate(s) with respect to Unvested Shares, one or more stock powers, endorsed in blank, with
respect to such shares, (ii) sign such other powers and take such other actions as the Company may
reasonably request to accomplish the transfer or forfeiture of any Unvested Shares that are
forfeited under this Agreement, and (iii) authorize the Company to cause such Unvested Shares to be
cancelled or transferred in the event they are forfeited pursuant to this Agreement. “Unvested
Shares” means shares of Common Stock which are subject to forfeiture under this Agreement. If
Unvested Shares are held in book entry form, certificate(s) shall not be issued under this Section
and the Grantee agrees that the Company may give stop transfer instructions to the depository of
such shares of Restricted Stock to ensure compliance with the provisions of this Agreement. The
Grantee hereby (i) acknowledges that the Unvested Shares may be held in book entry form on the
books of the Company’s depository (or another institution specified by the Company), (ii)
irrevocably authorizes the Company to take such actions as may be necessary or appropriate to
effect a transfer or cancellation of the record ownership of such Unvested Shares that are
forfeited, (iii) agrees to sign such powers and take such other actions as the Company may
reasonably request to accomplish the forfeiture of any Unvested Shares that are forfeited under
this Agreement, and (iv) authorizes the Company to cause such shares of Common Stock to be
cancelled or transferred in the event they are forfeited pursuant to this Agreement.

Section 3. Rights and Restrictions

     3.1 Subject to the terms and conditions of this Agreement and the Plan, the shares of
Restricted Stock shall be subject to the following restrictions:

	 	a.	 	None of (i) the shares of Restricted Stock or any interest in
them, (ii) the right to vote such shares, (iii) the right to receive dividends
on such shares, or (iv) any other rights under this Agreement, may be sold,
transferred, donated, exchanged, pledged, hypothecated, assigned or otherwise
transferred, alienated or encumbered, by operation of law or otherwise, until
(and then only to the extent of) such shares are actually delivered to the
Grantee or, in the event of Grantee’s death, the Grantee’s testamentary
transferee or transferees, in accordance with this Agreement.
	 
	 	b.	 	The Grantee shall have, with respect to the shares of
Restricted Stock, all of the rights of a holder of such shares, including the
right to vote such shares and to receive any cash dividends thereon.
Additional shares of Company common stock resulting from adjustments under
Section 12 of the Plan with respect to shares of Restricted Stock subject to this
Agreement shall be treated as additional shares of Restricted Stock subject
to the same restrictions and other terms of this Agreement. Cash dividends
paid on Unvested Shares are taxable to the Grantee as compensation

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	 	 	 	income,
and not dividend income, and are deductible by the Company or a Subsidiary
Corporation for income tax purposes as compensation income.
	 
	 	c.	 	During the Grantee’s lifetime, shares of Restricted Stock shall
only be delivered to him or her. Any such shares transferred in accordance
with this Agreement shall continue to be subject to the terms and conditions of
this Agreement. Any transfer permitted under this Agreement shall be promptly
reported in writing to the Company’s Secretary.

     3.2 The shares of Restricted Stock will become vested (and thereby no longer subject to
forfeiture hereunder), in three equal annual installments, on each of the next three anniversaries
of the date of grant (March 9 of 2011, 2012, and 2013); provided however, that Restricted Stock
will vest only if the Grantee is continuously employed by the Company through the scheduled date(s)
of vesting.

     3.3 Notwithstanding anything in this Agreement to the contrary, all restrictions, except those
under Section 5, if any, on shares of Restricted Stock granted under this Agreement shall lapse
upon the consummation of a Change of Control (as defined in the Plan) and certificate(s) or other
evidence of ownership of such shares shall be delivered to the Grantee or, in the event of his or
her death, to his or her Designated Beneficiary or Beneficiaries or testamentary transferees.

     3.4 The Grantee may designate a beneficiary or beneficiaries (“Designated Beneficiary or
Beneficiaries”) on the Designated Beneficiary form attached to this Agreement to receive Restricted
Stock under this Agreement upon the Grantee’s death. If the Grantee does not complete the
Beneficiary Designation form, or the Designated Beneficiary or Beneficiaries has or have
predeceased the Grantee or cannot be located, the shares of Restricted Stock shall be transferred
in accordance with the Grantee’s will or, if the Grantee has no will, in accordance with the
applicable state laws of descent and distribution. Any person or entity acquiring Restricted Stock
after the Grantee’s death shall be bound by all the terms and conditions of the Plan and this
Agreement which would have applied to such shares if the Grantee had lived including, without
limitation, the provisions of Section 5.

Section 4. Termination of Employment

     4.1 All shares of Restricted Stock, to the extent not previously forfeited or vested, shall be
forfeited on the Grantee’s termination of employment with the Company or a Subsidiary Corporation.

     4.2 With respect to any shares of Restricted Stock that have vested but have not been
transferred to Grantee as of the last day of Grantee’s employment, the certificate(s) evidencing
ownership shall be delivered to the Grantee, or the shares held in book entry form shall be
transferred in accordance with the reasonable instructions of the Grantee, as the case may be,
as soon as practicable, subject to applicable securities laws.

     4.3 If the Grantee dies while in the employ of the Company or a Subsidiary Corporation, or
dies after his or her employment terminates but prior to the time the shares of Restricted Stock
are to be transferred to him or her under Section 4.2, subject to applicable

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securities laws,
shares of Restricted Stock shall be transferred to his or her testamentary transferee at the time
and in the manner described in Section 3.4.

     4.4 References herein to an individual’s employment shall include any and all periods during
which such individual is considered an employee of the Company or a Subsidiary Corporation. The
Grantee shall be deemed to have terminated employment when the Grantee completely ceases to be
employed by the Company and all of its Subsidiary Corporations. The Committee may in its discretion
determine (a) whether any leave of absence constitutes a termination of employment within the
meaning of this Agreement, and (b) the impact, if any, of any such leave of absence on the shares
of Restricted Stock granted under this Agreement.

			
	Section 5.	 	Securities Law Restrictions and Other Restrictions on Transfer of Shares of
Restricted Stock Pursuant to this Agreement

	 	a.	 	The Grantee represents that upon receipt of shares of
Restricted Stock, such shares shall be for the Grantee’s own account and not on
behalf of others. Federal and state securities laws govern and restrict the
Grantee’s right to offer, sell or otherwise dispose of any such shares unless
the shares are first registered under the Securities Act of 1933 (the
“Securities Act”) and state securities laws (which the Company is not required
to do), or in the opinion of the Company’s counsel, such offer, sale or other
disposition is exempt from registration or qualification thereunder. The
Grantee shall not offer, sell or otherwise dispose of any shares purchased
pursuant to this Agreement in any manner unless they are first registered under
the Securities Act and any applicable state securities laws except in a
transaction which, in the opinion of counsel to the Company, is exempt from the
registration requirements.

	 	b.	 	Restrictive Legend. Except as may be otherwise
determined by legal counsel to the Company, the certificates representing the
shares of Common Stock granted pursuant to this Agreement shall bear the
following legend, plus other legends the Company deems necessary or desirable
in connection with securities laws or other rules, regulations or laws.

	 	 	 	THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND ARE “RESTRICTED SECURITIES”
AS DEFINED IN RULE 144 PROMULGATED UNDER THE ACT. THE SECURITIES MAY NOT BE
SOLD, OFFERED FOR SALE OR
OTHERWISE DISTRIBUTED EXCEPT (i) IN CONJUNCTION WITH AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT, OR (ii) IN
COMPLIANCE WITH RULE 144, OR (iii) PURSUANT TO AN OPINION OF COUNSEL TO THE
CORPORATION THAT SUCH REGISTRATION OR COMPLIANCE IS NOT REQUIRED AS TO SAID
SALE, OFFER OR DISTRIBUTION.

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Section 6. Non-Assignability

     No right granted to the Grantee under the Plan or this Agreement, except as otherwise provided
in this Agreement, shall be assignable or transferable (whether by operation of law or otherwise
and whether voluntarily or involuntarily), other than by will or by the laws of descent and
distribution. During the life of the Grantee, all rights granted to the Grantee under the Plan or
under this Agreement shall inure only by the Grantee.

Section 7. Withholding Taxes

     Whenever under the Plan and this Agreement shares of Common Stock are to be delivered, the
Company shall be entitled to require as a condition of delivery that the Grantee remit an amount
sufficient to satisfy all federal, state and other governmental withholding tax requirements
related thereto (including such taxes attributable to an election under Section 8 of this
Agreement); provided, that in lieu of or in addition to the foregoing, the Company shall have the
right to withhold such sums from compensation or other amounts otherwise due to the Grantee.

Section 8. Requirement of Notification on Section 83(b) Election

     If the Grantee shall, in connection with the receipt of Restricted Stock, make the election
permitted under Section 83(b) of the Code (i.e., an election to include in his or her gross income
in the year of transfer the amounts specified in Section 83(b) of the Code), he or she shall notify
the Company of such election within ten days of filing notice of the election with the Internal
Revenue Service, in addition to any filing and notification required pursuant to regulations issued
under the authority of Section 83(b) of the Code.

Section 9. Adjustments Upon Changes in Capitalization

     In the event of any increase or decrease, after the date of this Agreement, in the number of
issued shares of Common Stock resulting from the subdivision or combination of shares of Common
Stock or other capital adjustments, or the payment of a stock dividend, or other increase or
decrease in such shares effected without receipt of consideration by the Company, the Committee
shall proportionately adjust the number of shares of Restricted Stock and any and all other matters
deemed appropriate by the Committee; provided, however, that any fractional shares resulting from
any such adjustment shall be eliminated. Adjustments under this Section shall be made by the
Committee, whose determination as to what adjustments shall be made, and the extent thereof, shall
be final, binding and conclusive.

Section 10. Right of Discharge Reserved

     Nothing in the Plan or in this Agreement shall confer upon the Grantee the right to continue
in the employment, or service of the Company or any of its Subsidiary Corporations, or affect any
right which the Company or any of its Subsidiary Corporations may have to terminate the employment
or service of the Grantee. The parties agree and acknowledge that the Grantee is an at-will
employee of the Company or Subsidiary Corporation. The Company and the Grantee retain the right to
terminate such employment relationship at any time.

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Section 11. Nature of Payments

     11.1 Any and all grants of shares of Restricted Stock hereunder shall be in consideration of
services performed by the Grantee for the Company or for its Subsidiary Corporations.

     11.2 Any and all issuances of shares of Restricted Stock hereunder shall constitute a special
incentive payment to the Grantee. Such issuances and/or income realized upon the grant of shares of
Restricted Stock shall not be taken into account in computing the amount of salary or compensation
of the Grantee for the purposes of determining any pension, retirement, death or other benefits
under (a) any 401(k), pension, retirement, profit-sharing, bonus, life insurance, disability or
other benefit plan of the Company or any Subsidiary Corporation or (b) any agreement between the
Company or any Subsidiary Corporation, on the one hand, and the Grantee, on the other hand, except
as such plan or agreement shall otherwise expressly provide.

Section 12. Committee Determinations

     The Committee’s determinations under the Plan and this Agreement need not be uniform and may
be made by it selectively among persons who receive, or are eligible to receive, awards under the
Plan (whether or not such persons are similarly situated). All decisions, interpretations and
determinations by the Committee with regard to any question or matter arising hereunder or under
the Plan shall be conclusive and binding upon the Company and the Grantee and his or her
transferees.

Section 13. Section Headings

     The Section headings contained herein are for the purpose of convenience only and are not
intended to define or limit the contents of said sections.

Section 14. Notices

     Any notice to be given to the Company or the Committee hereunder shall be in writing and shall
be addressed to the Secretary of the Company at Thermadyne Holdings Corporation, 16052 Swingley
Ridge Court, Suite 300, Chesterfield, MO 63017, or at such other address as the Company may
hereafter designate to the Grantee by notice as provided herein. Any notice to be given to the
Grantee hereunder shall be addressed to the Grantee at the address set forth beneath his signature
hereto, or at such other address as the Grantee may hereafter designate to the Company by notice as
provided herein. Notices hereunder shall be deemed to have been duly given when personally
delivered or mailed by registered or certified mail to the party entitled to receive the same.

Section 15. Successors and Assigns

     This Agreement shall be binding upon and inure to the benefit of the parties hereto and the
successors and assigns of the Company and, as contemplated in Section 3.4, the heirs and personal
representatives of the Grantee.

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Section 16. Other Payments or Awards

     Nothing contained in this Agreement shall be deemed in any way to limit or restrict the
Company or any Subsidiary Corporations from making any award or payment to the Grantee under any
other plan, arrangement or understanding, whether now existing or hereafter in effect.

Section 17. Governing Law and Venue

     This Agreement shall be governed by and construed in accordance with the laws of the state of
Missouri despite any laws of that state that would apply the laws of a different state. In the
event of litigation arising in connection with this Agreement and/or the Plan, the parties hereto
agree to submit to the jurisdiction of state and Federal courts located in the state of Missouri.

Section 18. Severability

     If any term or provision of this Agreement, or the application of this Agreement to any person
or circumstances, shall at any time or to any extent be invalid, illegal or unenforceable in any
respect as written, both parties intend for any court construing this Agreement to modify or limit
that provision so as to render it valid and enforceable to the fullest extent allowed by law. Any
provision that is not susceptible of reformation shall be ignored so as to not affect any other
term or provision of this Agreement, and the remainder of this Agreement, or the application of
that term or provision to persons or circumstances other than those as to which it is held invalid,
illegal or unenforceable, shall not be affected thereby and each term and provision of this
Agreement shall be valid and enforced to the fullest extent permitted by law.

Section 19. Entire Agreement; Modification

     The Plan and this Agreement contain the entire agreement between the parties with respect to
the subject matter contained in this Agreement and may not be modified, except as provided in the
Plan, as it may be amended from time to time in the manner provided in the Plan, or in this
Agreement, as it may be amended from time to time by a written document signed by each of the
parties to this Agreement. Any oral or written agreements, representations, warranties, written
inducements or other communications with respect to the subject matter contained in this Agreement
made before the signing of this Agreement shall be void and ineffective for all purposes.

Section 20. Authority to Receive Payments

     Any amount payable to or for the benefit of a minor, an incompetent person or other person
incapable of receipting therefore shall be deemed paid when paid to the conservator of such
person’s estate or to the party providing or reasonably appearing to provide for the care of such
person, and such payment shall fully discharge the Company, members of the Committee and the Board
with respect thereto.

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Section 21. Counterparts

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

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

	 	 	 	 	 	 	 	 	 	 	 

	THERMADYNE HOLDINGS CORPORATION	 	 	 	GRANTEE	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 

	 	Nick H. Varsam
	 	 	 	Grantee’s Name:	 	 	 	 
	 

	 	General Counsel & Secretary
	 	 	 	Date of Signature:	 	 	 	 
	 

	 	 	 	 	 	Grantee’s Address:
	 	 	 	 

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2010 RESTRICTED STOCK AWARD AGREEMENT

THERMADYNE HOLDINGS CORPORATION

BENEFICIARY DESIGNATION

To the Secretary of Thermadyne Holdings Corporation (“Company”)

I hereby designate the following person, persons or entity as primary and secondary Designated
Beneficiaries of rights that may be transferred under the Thermadyne Long Term Incentive Award
program, the Thermadyne Holdings Corporation Amended and Restated 2004 Stock Incentive Plan (the
“Plan”), and the 2010 Restricted Stock Agreement (“Agreement”) between the Company and me dated
March 9, 2010, upon my death:

Primary Beneficiary [include address and relationship]:

Secondary Beneficiary [include address and relationship]:

I RESERVE THE RIGHT TO REVOKE OR CHANGE ANY BENEFICIARY DESIGNATION. I HEREBY REVOKE ALL PRIOR
DESIGNATIONS (IF ANY) OF BENEFICIARIES AND SECONDARY BENEFICIARIES.

The Company shall cause all shares of Restricted Stock to be transferred by reason of my death
pursuant to the Agreement to the Primary Beneficiary, if he, she or it survives me, and if no
Primary Designated Beneficiary shall survive me, then to my secondary Designated Beneficiary. If
no named Designated Beneficiary survives me, then all such shares shall be transferred in
accordance with the terms of the Agreement.

This Beneficiary Designation shall be controlled by the laws of the State of Missouri and
particularly RSMo Chapter 461 thereof.

	 	 	 

	 
	 

Date of this Designation

	 	 

Signature of Participant

NOTE: Unless provided otherwise in this Beneficiary Designation, the Company shall transfer
all shares of Restricted Stock to be transferred to more than one Designated Beneficiary equally to
the living Designated Beneficiaries.

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Exhibit 10.6

2010 CASH AWARD AGREEMENT

THERMADYNE HOLDINGS CORPORATION

2004 STOCK INCENTIVE PLAN

     THIS CASH AWARD AGREEMENT (this “Agreement”) dated March 9, 2010, between Thermadyne Holdings
Corporation (the “Company”), a Delaware corporation, and                      (the “Grantee”), an
officer or key employee of the Company or one of its subsidiary corporations (“Subsidiary
Corporation”) within the meaning of Section 424(f) of the Internal Revenue Code (“the Code”).

     RECITALS:

     WHEREAS, the Compensation Committee or the Board of Directors of the Company (“Board”) acting
as the Compensation Committee (in either case, the “Committee”) has determined that the Grantee is
one of the key personnel (officer or key employee) of the Company or one of its Subsidiary
Corporations, and

     WHEREAS, the Committee believes the goals and objectives of the Company’s Long Term Incentive
Award program will be furthered by granting to the Grantee a certain award of cash (the “Cash
Award”) in addition to any equity-based awards made under the Thermadyne Amended and Restated 2004
Stock Incentive Plan (the “Plan”).

     NOW, THEREFORE, in consideration of the foregoing and of the mutual undertakings set forth in
this Plan Agreement, the Company and the Grantee agree as follows:

Section 1. Terms of Plan to Control

     This Agreement is subject to all the terms and conditions of the Plan as such terms and
conditions may be applied without regard to the nature of the award granted. A copy of the Plan is
available upon request. Capitalized terms used in this Agreement and not otherwise defined in the
Agreement are defined in the Plan. In the event of a conflict between the Plan and this Agreement,
the terms of the Plan shall control.

Section 2. Grant of Cash Award

     Subject to the restrictions and risk of forfeiture set forth in this Agreement, the Company
hereby grants to the Grantee a Cash Award in the target (100%) gross amount of                                         
dollars ($_________), which shall be subject to the withholding/deductions from compensation in
accordance with the Company’s normal payroll practices.

Section 3. Restrictions

     3.1 The portion of the Cash Award that will be delivered to Grantee will be based on the
Company’s ROIOC (as defined herein) performance in calendar year 2012. The 2012 ROIOC will be
calculated and certified in early 2013, with vesting (if any) to occur upon the

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Company’s official announcement of financial results. One hundred fifty percent (150%) of the Cash
Award will vest if the Company achieves 47.3% ROIOC in 2012. One hundred percent (100%) of the
Cash Award will vest if the Company achieves 39.4% ROIOC in 2012. Fifty percent (50%) of the Cash
Award will vest if the Company achieves 31.5% ROIOC in 2012. If the Company fails to achieve
31.5% ROIOC, the Cash Award will be forfeited. No incremental adjustments to awards will be made
for ROIOC levels between the goals stated herein. Vesting at the above levels of ROIOC is not
cumulative, i.e., vesting at a higher level ROIOC is in lieu of (and not in addition to)
achievement of the lower level.

	 	3.2	 	The following terms shall have the following meaning when used herein:

	 	a.	 	“ROIOC” for a fiscal year of the Company means Adjusted
Operating EBITDA for such year divided by Invested Operating Capital for such
year.
	 
	 	b.	 	“Invested Operating Capital” for a fiscal year of the Company
is the sum of the following items from the consolidated year end balance sheet
as shown on the Company’s audited financial statement for such year:

	 	 	 

	 

	 	Accounts receivables, less allowances for doubtful accounts
	 

	 	Inventories
	 

	 	Net property, plant and equipment
	 

	 	Patents and trademarks included in intangibles
	 

	 	Other assets
	 

	 	Long term receivables
	 

	 	Less accounts payable

	 	c.	 	“Adjusted Operating EBITDA” for a fiscal year of the Company is
the sum of the following items from the consolidated year end statements of
operations as shown on the Company’s audited financial statement for such year:

	 	 	 

	 

	 	Net income (loss) from continuing operations
	 

	 	Interest expense
	 

	 	Net periodic postretirement benefits in excess of cash payments
	 

	 	Restructuring costs
	 

	 	LIFO
	 

	 	Minority interest
	 

	 	Severance accrual
	 

	 	Stock compensation expense
	 

	 	Provision for income tax

     3.3 The award percentages are based on projections as to the continued operation of the
Company and its Subsidiary Corporations in their current ordinary course of business. The parties
agree and acknowledge that Invested Operating Capital and Adjusted Operating EBITDA may be recast
by the Company to adjust for any unforeseen extraordinary circumstances that may occur, including,
but not limited to, a change in accounting methods, the discontinued

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operations of a Subsidiary Corporation or a division, or the sale or acquisition of a business
or brand.

     3.4 Notwithstanding anything in this Agreement to the contrary, all restrictions under this
Section 3 on the Cash Award granted under this Agreement shall lapse upon the consummation of a
Change in Control and payment of the full amount of the Cash Award shall be delivered to the
Grantee or, in the event of his or her death, to his or her Designated Beneficiary or Beneficiaries
as soon as practicable.

     3.5 The Grantee may designate a beneficiary or beneficiaries (“Designated Beneficiary or
Beneficiaries”) on the Designated Beneficiary form attached to this Agreement to receive any vested
portion of the Cash Award not previously paid under this Agreement upon the Grantee’s death. If
the Grantee does not complete the Beneficiary Designation form, or the Designated Beneficiary or
Beneficiaries has or have predeceased the Grantee or cannot be located, the vested portion of the
Cash Award not previously paid shall be transferred in accordance with the Grantee’s will or, if
the Grantee has no will, in accordance with the applicable state laws or descent and distribution.

Section 4. Termination of Employment

     4.1 All rights to the Cash Award, to the extent not previously forfeited or vested, shall be
forfeited on the Grantee’s termination of employment with the Company or a Subsidiary Corporation.

     4.2 With respect to any portion of the Cash Award that has vested but has not been transferred
to Grantee as of the last day of Grantee’s employment, the payment of any such vested portion shall
be delivered to the Grantee as soon as practicable.

     4.3 If the Grantee dies while in the employ of the Company or a Subsidiary Corporation, or
dies after his or her employment terminates but prior to the time any vested portion of the Cash
Award is actually paid to him or her under Section 4.2, such unpaid portion of the Cash Award shall
be transferred to his or her testamentary transferee at the time and in the manner described
herein: The Grantee may designate a beneficiary or beneficiaries (“Designated Beneficiary or
Beneficiaries”) on the Designated Beneficiary form attached to this Agreement to receive any vested
portion of the Cash Award not previously paid to the Grantee under this Agreement upon the
Grantee’s death. If the Grantee does not complete the Beneficiary Designation form, or the
Designated Beneficiary or Beneficiaries has or have predeceased the Grantee or cannot be located,
any vested portion of the Cash Award not previously paid to the Grantee shall be transferred in
accordance with the Grantee’s will or, if the Grantee has no will, in accordance with the
applicable state laws or descent and distribution.

     4.4 References herein to an individual’s employment shall include any and all periods during
which such individual is considered an employee of the Company or a Subsidiary Corporation. The
Grantee shall be deemed to have terminated employment when the Grantee completely ceases to be
employed (within the meaning of the preceding sentence) by the Company and all of its Subsidiary
Corporations. The Committee may in its discretion determine (a) whether any leave of absence
constitutes a termination of employment within the meaning of

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this Agreement, and (b) the impact, if any, of any such leave of absence on the Cash Award
granted under this Agreement.

Section 5. Non-Assignability

     No right granted to the Grantee under the Plan or this Agreement, except as otherwise provided
in this Agreement, shall be assignable or transferable (whether by operation of law or otherwise
and whether voluntarily or involuntarily), other than by will or by the laws of descent and
distribution. During the life of the Grantee, all rights granted to the Grantee under the Plan or
under this Agreement shall inure only by the Grantee.

Section 6. Withholding Taxes

     Whenever under the Plan and this Agreement any portion of a Cash Award is to be delivered, the
Company shall be have the right to withhold an amount sufficient to satisfy all federal, state and
other governmental withholding tax requirements related thereto.

Section 7. Right of Discharge Reserved

     Nothing in the Plan or in this Agreement shall confer upon the Grantee the right to continue
in the employment, or service of the Company or any of its Subsidiary Corporations, or affect any
right which the Company or any of its Subsidiary Corporations may have to terminate the employment
or service of the Grantee. The parties agree and acknowledge that the Grantee is an at-will
employee of the Company or Subsidiary Corporation. The Company and the Grantee retain the right to
terminate such employment relationship at any time.

Section 8. Nature of Payments

     8.1 Any Cash Award delivered hereunder shall be in consideration of services performed by the
Grantee for the Company or for its Subsidiary Corporations.

     8.2 Any Cash Award delivered hereunder shall constitute a special incentive payment to the
Grantee. Such Cash Award shall not be taken into account in computing the amount of salary or
compensation of the Grantee for the purposes of determining any pension, retirement, death or other
benefits under (a) any 401(k), pension, retirement, profit-sharing, bonus, life insurance,
disability or other benefit plan of the Company or any Subsidiary Corporation or (b) any agreement
between the Company or any Subsidiary Corporation, on the one hand, and the Grantee, on the other
hand, except as such plan or agreement shall otherwise expressly provide

Section 9. Committee Determinations

     The Committee’s determinations under the Plan and this Agreement need not be uniform
and may be made by it selectively among persons who receive, or are eligible to receive, awards
under the Plan (whether or not such persons are similarly situated). All decisions,
interpretations and determinations by the Committee with regard to any question or matter arising
hereunder or under the Plan shall be conclusive and binding upon the Company and the Grantee and
his or her transferees.

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Section 10. Section Headings

     The Section headings contained herein are for the purpose of convenience only and are not
intended to define or limit the contents of said sections.

Section 11. Notices

     Any notice to be given to the Company or the Committee hereunder shall be in writing and shall
be addressed to the Secretary of the Company at Thermadyne Holdings Corporation, 16052 Swingley
Ridge Court, Suite 300, Chesterfield, MO 63017, or at such other address as the Company may
hereafter designate to the Grantee by notice as provided herein. Any notice to be given to the
Grantee hereunder shall be addressed to the Grantee at the address set forth beneath his signature
hereto, or at such other address as the Grantee may hereafter designate to the Company by notice as
provided herein. Notices hereunder shall be deemed to have been duly given when personally
delivered or mailed by registered or certified mail to the party entitled to receive the same.

Section 12. Successors and Assigns

     This Agreement shall be binding upon and inure to the benefit of the parties hereto and the
successors and assigns of the Company and, as contemplated in Section 4.3, the heirs and personal
representatives of the Grantee.

Section 13. Other Payments or Awards

     Nothing contained in this Agreement shall be deemed in any way to limit or restrict the
Company or any Subsidiary Corporations from making any award or payment to the Grantee under any
other plan, arrangement or understanding, whether now existing or hereafter in effect.

Section 14. Governing Law and Venue

     This Agreement shall be governed by and construed in accordance with the laws of the state of
Missouri despite any laws of that state that would apply the laws of a different state. In the
event of litigation arising in connection with this Agreement and/or the Plan, the parties hereto
agree to submit to the jurisdiction of state and Federal courts located in the state of Missouri.

Section 15. Severability

     If any term or provision of this Agreement, or the application of this Agreement to any person
or circumstances, shall at any time or to any extent be invalid, illegal or unenforceable in any
respect as written, both parties intend for any court construing this Agreement to modify or limit
that provision so as to render it valid and enforceable to the fullest extent allowed by law. Any
provision that is not susceptible of reformation shall be ignored so as to not affect any other
term or provision of this Agreement, and the remainder of this Agreement, or the application of
that term or provision to persons or circumstances other than those as to which it is held invalid,
illegal or unenforceable, shall not be affected thereby and each term and provision of this
Agreement shall be valid and enforced to the fullest extent permitted by law.

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Section 16. Entire Agreement; Modification

     The Plan and this Agreement contain the entire agreement between the parties with respect to
the subject matter contained in this Agreement and may not be modified, except as provided in the
Plan, as it may be amended from time to time in the manner provided in the Plan, or in this
Agreement, as it may be amended from time to time by a written document signed by each of the
parties to this Agreement. Any oral or written agreements, representations, warranties, written
inducements or other communications with respect to the subject matter contained in this Agreement
made before the signing of this Agreement shall be void and ineffective for all purposes.

Section 17. Authority to Receive Payments

     Any amount payable to or for the benefit of a minor, an incompetent person or other person
incapable of receipting therefore shall be deemed paid when paid to the conservator of such
person’s estate or to the party providing or reasonably appearing to provide for the care of such
person, and such payment shall fully discharge the Company, members of the Committee and the Board
with respect thereto.

Section 18. Counterparts

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

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

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	THERMADYNE HOLDINGS
CORPORATION	 	 	 	GRANTEE	 	 	 	 	 	 	 	 
	 
	By:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Nick H. Varsam
	 	 	 	Grantee’s Name:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	General Counsel & Secretary	 		 	Date of Signature:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Grantee’s Address:	 	 	 	 

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2010 CASH AWARD AGREEMENT

THERMADYNE HOLDINGS CORPORATION

BENEFICIARY DESIGNATION

To the Secretary of Thermadyne Holdings Corporation (“Company”)

I hereby designate the following person, persons or entity as primary and secondary Designated
Beneficiaries of rights that may be transferred under the Thermadyne Long Term Incentive Award
program, the Thermadyne Holdings Corporation 2004 Stock Incentive Plan (the “Plan”) and the 2010
Cash Award Agreement (“Agreement”) between the Company and me dated March 9, 2010, upon my death:

Primary Beneficiary [include address and relationship]:

Secondary Beneficiary [include address and relationship]:

I RESERVE THE RIGHT TO REVOKE OR CHANGE ANY BENEFICIARY DESIGNATION. I HEREBY REVOKE ALL PRIOR
DESIGNATIONS (IF ANY) OF BENEFICIARIES AND SECONDARY BENEFICIARIES.

The Company shall cause any vested portion of the Grant Award not previously paid to be transferred
by reason of my death pursuant to the Agreement to the Primary Beneficiary, if he, she or it
survives me, and if no Primary Designated Beneficiary shall survive me, then to my secondary
Designated Beneficiary. If no named Designated Beneficiary survives me, then all such amount shall
be transferred in accordance with the terms of the Agreement.

	 	 	 	 	 	 	 

	 
	Date of this Designation

	 	 	 	Signature of Participant
	 	 

NOTE: Unless provided otherwise in this Beneficiary Designation, the Company shall transfer any
vested portion of the Grant Award not previously paid to be transferred to more than one Designated
Beneficiary equally to the living Designated Beneficiaries.

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Exhibit 10.7

2010 RESTRICTED STOCK AWARD AGREEMENT

THERMADYNE HOLDINGS CORPORATION

2004 STOCK INCENTIVE PLAN

     THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) dated March 9, 2010, between
Thermadyne Holdings Corporation (the “Company”), a Delaware corporation, and                                           (the
“Grantee”), an officer or key employee of the Company or one of its subsidiary corporations
(“Subsidiary Corporation”) within the meaning of Section 424(f) of the Internal Revenue Code (“the
Code”).

     RECITALS:

     WHEREAS, pursuant to Section 2(c) of the Amended and Restated Executive Employment Agreement
between Grantee and Company dated                     , the Company has agreed to award to Grantee shares of
Common Stock of the Company (“Restricted Stock”) under the Amended and Restated 2004 Stock
Incentive Plan (the “Plan”), subject to vesting upon the achievement of performance-based criteria
established by the Compensation Committee of the Board of Directors and on the terms and conditions
of the Plan and this Agreement.

     NOW, THEREFORE, in consideration of the foregoing and of the mutual undertakings set forth in
this Agreement, the Company and the Grantee agree as follows:

Section 1. Terms of Plan to Control

     This Agreement is subject to all the terms and conditions of the Plan, a copy of which is
available upon request. Capitalized terms used in this Agreement and not otherwise defined in the
Agreement are defined in the Plan. In the event of a conflict between the Plan and this Agreement,
the terms of the Plan shall control.

Section 2. Grant of Restricted Stock

     2.1 Subject to the restrictions and risk of forfeiture set forth in this Agreement, including
without limitation the performance-based vesting provisions set forth in Section 3.2 below, and
subject to adjustment of the number of shares contemplated hereunder, the Company hereby grants to
the Grantee                      shares of Restricted Stock (the “Original Grant”).

     2.2 Subject to the provisions of this Agreement, and except for any shares of Restricted Stock
to be held in book entry form, the Company shall issue and register on its books and records in the
name of the Grantee a certificate(s) in the number of shares of Restricted Stock subject to this
Agreement as set forth above. Each certificate shall bear a legend, substantially in the following
form:

“The sale or other transfer of the shares of stock represented by this certificate, whether
voluntary, involuntary or by operation of law, is subject to certain restrictions on transfer as
set forth in the Thermadyne Holdings Corporation Amended and Restated 2004 Stock Incentive Plan and
in the associated Agreement evidencing the award of such shares under this Plan. A

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copy of this Plan and such Agreement may be obtained from Thermadyne Holdings Corporation.”

The certificate(s) shall be retained by the Company (or its designee) until the time that all
restrictions or conditions applicable to the shares of Restricted Stock have been satisfied or
lapsed. The Grantee agrees to (i) deliver to the Company, as a precondition to the issuance of any
certificate(s) with respect to Unvested Shares, one or more stock powers, endorsed in blank, with
respect to such shares, (ii) sign such other powers and take such other actions as the Company may
reasonably request to accomplish the transfer or forfeiture of any Unvested Shares that are
forfeited under this Agreement, and (iii) authorize the Company to cause such Unvested Shares to be
cancelled or transferred in the event they are forfeited pursuant to this Agreement. “Unvested
Shares” means shares of Common Stock which are subject to forfeiture under this Agreement. If
Unvested Shares are held in book entry form, certificate(s) shall not be issued under this Section
and the Grantee agrees that the Company may give stop transfer instructions to the depository of
such shares of Restricted Stock to ensure compliance with the provisions of this Agreement. The
Grantee hereby (i) acknowledges that the Unvested Shares may be held in book entry form on the
books of the Company’s depository (or another institution specified by the Company), (ii)
irrevocably authorizes the Company to take such actions as may be necessary or appropriate to
effect a transfer or cancellation of the record ownership of such Unvested Shares that are
forfeited, (iii) agrees to sign such powers and take such other actions as the Company may
reasonably request to accomplish the forfeiture of any Unvested Shares that are forfeited under
this Agreement, and (iv) authorizes the Company to cause such shares of Common Stock to be
cancelled or transferred in the event they are forfeited pursuant to this Agreement.

Section 3. Rights and Restrictions

     3.1 Subject to the terms and conditions of this Agreement and the Plan, the shares of
Restricted Stock shall be subject to the following restrictions:

	 	a.	 	None of (i) the shares of Restricted Stock or any interest in
them, (ii) the right to vote such shares, (iii) the right to receive dividends
on such shares, or (iv) any other rights under this Agreement, may be sold,
transferred, donated, exchanged, pledged, hypothecated, assigned or otherwise
transferred, alienated or encumbered, by operation of law or otherwise, until
(and then only to the extent of) such shares are actually delivered to the
Grantee or, in the event of Grantee’s death, the Grantee’s testamentary
transferee or transferees, in accordance with this Agreement.
	 
	 	b.	 	The Grantee shall have, with respect to the shares of
Restricted Stock, all of the rights of a holder of such shares, including the
right to vote such shares and to receive any cash dividends thereon.
Additional shares of Company common stock resulting from adjustments under
Section 12 of the Plan with respect to shares of Restricted Stock subject to
this Agreement shall be treated as additional shares of Restricted Stock
subject to the same restrictions and other terms of this Agreement. Cash
dividends paid on Unvested Shares are taxable to the Grantee as compensation

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	 	 	 	income, and not dividend income, and are deductible by the Company or a
Subsidiary Corporation for income tax purposes as compensation income.
	 
	 	c.	 	During the Grantee’s lifetime, shares of Restricted Stock shall
only be delivered to him or her. Any such shares transferred in accordance
with this Agreement shall continue to be subject to the terms and conditions of
this Agreement. Any transfer permitted under this Agreement shall be promptly
reported in writing to the Company’s Secretary.

     3.2 The number of shares of Restricted Stock awarded to Grantee hereunder will become vested
(and thereby no longer subject to forfeiture hereunder) and will be delivered to Grantee, based on
the Company’s ROIOC (as defined herein) performance in calendar year 2012. The ROIOC for 2012 will
be calculated and certified in early 2013, with vesting (if any) to occur upon the Company’s
official announcement of financial results for the fiscal year ending December 31, 2012. One
hundred percent of the Original Grant will vest if the Company achieves 39.4% ROIOC in 2012. Fifty
percent of the Original Grant will vest if the Company achieves 31.5% ROIOC in 2012. If the
Company fails to achieve 31.5% ROIOC in 2012, all of the shares of Restricted Stock granted
hereunder shall be forfeited. If the Company achieves 47.3% ROIOC in 2012, Grantee shall be
entitled to receive, and the Company shall issue and deliver to Grantee along with the fully vested
portion of the Original Grant, an additional ___ shares of Common Stock. No incremental
adjustments to awards will be made for average ROIOC levels between the goals stated herein.
Vesting at the above levels of ROIOC is not cumulative, i.e., vesting at a higher level ROIOC is in
lieu of (and not in addition to) achievement of the lower level.

     3.3 The following terms shall have the following meaning when used herein:

	 	a.	 	“ROIOC” for a fiscal year of the Company means Adjusted
Operating EBITDA for such year divided by Invested Operating Capital for such
year.
	 
	 	b.	 	“Invested Operating Capital” for a fiscal year of the Company
is the sum of the following items from the consolidated year end balance sheet
as shown on the Company’s audited financial statement for such year:
	 
	 	 	 	Accounts receivables, less allowances for doubtful accounts
	 
	 	 	 	Inventories
	 
	 	 	 	Net property, plant and equipment
	 
	 	 	 	Patents and trademarks included in intangibles
	 
	 	 	 	Other assets
	 
	 	 	 	Long term receivables
	 
	 	 	 	Less accounts payable
	 
	 	c.	 	“Adjusted Operating EBITDA” for a fiscal year of the Company is
the sum of the following items from the consolidated year end statements of
operations as shown on the Company’s audited financial statement for such year:

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	 	 	 	Net income (loss) from continuing operations
	 
	 	 	 	Interest expense
	 
	 	 	 	Net periodic postretirement benefits in excess of cash payments
	 
	 	 	 	Restructuring costs
	 
	 	 	 	LIFO
	 
	 	 	 	Minority interest
	 
	 	 	 	Severance accrual
	 
	 	 	 	Stock compensation expense
	 
	 	 	 	Provision for income tax

     3.4 The award percentages are based on projections made by the Company. Said projections are
based on the continued operation of the Company and its Subsidiary Corporations in their current
ordinary course. The parties agree and acknowledge that Invested Operating Capital and Adjusted
Operating EBITDA may be recast by the Company to adjust for any unforeseen extraordinary
circumstances that may occur, including, but not limited to, a change in accounting methods, the
discontinued operations of a Subsidiary Corporation or a division, or the sale or acquisition of a
business or brand.

     3.5 Notwithstanding anything in this Agreement to the contrary, all restrictions, except those
under Section 5, if any, on shares of Restricted Stock granted under this Agreement shall lapse
upon the consummation of a Change of Control (as defined in the Plan) and certificate(s) or other
evidence of ownership of such shares shall be delivered to the Grantee or, in the event of his or
her death, to his or her Designated Beneficiary or Beneficiaries or testamentary transferees.

     3.6 The Grantee may designate a beneficiary or beneficiaries (“Designated Beneficiary or
Beneficiaries”) on the Designated Beneficiary form attached to this Agreement to receive Restricted
Stock under this Agreement upon the Grantee’s death. If the Grantee does not complete the
Beneficiary Designation form, or the Designated Beneficiary or Beneficiaries has or have
predeceased the Grantee or cannot be located, the shares of Restricted Stock shall be transferred
in accordance with the Grantee’s will or, if the Grantee has no will, in accordance with the
applicable state laws for descent and distribution. Any person or entity acquiring Restricted
Stock after the Grantee’s death shall be bound by all the terms and conditions of the Plan and this
Agreement which would have applied to such shares if the Grantee had lived including, without
limitation, the provisions of Section 5.

Section 4. Termination of Employment

     4.1 All shares of Restricted Stock, to the extent not previously forfeited or vested, shall be
forfeited on the Grantee’s termination of employment with the Company or a Subsidiary Corporation.

     4.2 With respect to any shares of Restricted Stock that have vested but have not been
transferred to Grantee as of the last day of Grantee’s employment, the certificate(s) evidencing
ownership shall be delivered to the Grantee, or the shares held in book entry form shall be
transferred in accordance with the reasonable instructions of the Grantee, as the case may be, as
soon as practicable, subject to applicable securities laws.

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     4.3 If the Grantee dies while in the employ of the Company or a Subsidiary Corporation, or
dies after his or her employment terminates but prior to the time the shares of Restricted Stock
are to be transferred to him or her under Section 4.2, subject to applicable securities laws,
shares of Restricted Stock shall be transferred to his or her testamentary transferee at the time
and in the manner described in Section 3.6.

     4.4 References herein to an individual’s employment shall include any and all periods during
which such individual is considered an employee of the Company or a Subsidiary Corporation. The
Grantee shall be deemed to have terminated employment when the Grantee completely ceases to be
employed by the Company and all of its Subsidiary Corporations. The Committee may in its discretion
determine (a) whether any leave of absence constitutes a termination of employment within the
meaning of this Agreement, and (b) the impact, if any, of any such leave of absence on the shares
of Restricted Stock granted under this Agreement.

			
	Section 5.	 	Securities Law Restrictions and Other Restrictions on Transfer of Shares of
Restricted Stock Pursuant to this Agreement

	 	a.	 	The Grantee represents that upon receipt of shares of
Restricted Stock, such shares shall be for the Grantee’s own account and not on
behalf of others. Federal and state securities laws govern and restrict the
Grantee’s right to offer, sell or otherwise dispose of any such shares unless
the shares are first registered under the Securities Act of 1933 (the
“Securities Act”) and state securities laws (which the Company is not required
to do), or in the opinion of the Company’s counsel, such offer, sale or other
disposition is exempt from registration or qualification thereunder. The
Grantee shall not offer, sell or otherwise dispose of any shares purchased
pursuant to this Agreement in any manner unless they are first registered under
the Securities Act and any applicable state securities laws except in a
transaction which, in the opinion of counsel to the Company, is exempt from the
registration requirements.
	 
	 	b.	 	Restrictive Legend. Except as may be otherwise
determined by legal counsel to the Company, the certificates representing the
shares of Common Stock granted pursuant to this Agreement shall bear the
following legend, plus other legends the Company deems necessary or desirable
in connection with securities laws or other rules, regulations or laws.
	 
	 	 	 	THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND ARE “RESTRICTED SECURITIES”
AS DEFINED IN RULE 144 PROMULGATED UNDER THE ACT. THE SECURITIES MAY NOT BE
SOLD, OFFERED FOR SALE OR OTHERWISE DISTRIBUTED EXCEPT (i) IN CONJUNCTION
WITH AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT,
OR (ii) IN COMPLIANCE WITH RULE 144, OR (iii) PURSUANT TO AN OPINION OF
COUNSEL TO

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	 	 	 	THE CORPORATION THAT SUCH REGISTRATION OR COMPLIANCE IS NOT REQUIRED AS TO
SAID SALE, OFFER OR DISTRIBUTION.

Section 6. Non-Assignability

     No right granted to the Grantee under the Plan or this Agreement, except as otherwise provided
in this Agreement, shall be assignable or transferable (whether by operation of law or otherwise
and whether voluntarily or involuntarily), other than by will or by the laws of descent and
distribution. During the life of the Grantee, all rights granted to the Grantee under the Plan or
under this Agreement shall inure only by the Grantee.

Section 7. Withholding Taxes

     Whenever under the Plan and this Agreement shares of Common Stock are to be delivered, the
Company shall be entitled to require as a condition of delivery that the Grantee remit an amount
sufficient to satisfy all federal, state and other governmental withholding tax requirements
related thereto (including such taxes attributable to an election under Section 8 of this
Agreement); provided, that in lieu of or in addition to the foregoing, the Company shall have the
right to withhold such sums from compensation or other amounts otherwise due to the Grantee.

Section 8. Requirement of Notification on Section 83(b) Election

     If the Grantee shall, in connection with the receipt of Restricted Stock, make the election
permitted under Section 83(b) of the Code (i.e., an election to include in his or her gross income
in the year of transfer the amounts specified in Section 83(b) of the Code), he or she shall notify
the Company of such election within ten days of filing notice of the election with the Internal
Revenue Service, in addition to any filing and notification required pursuant to regulations issued
under the authority of Section 83(b) of the Code.

Section 9. Adjustments Upon Changes in Capitalization

     In the event of any increase or decrease, after the date of this Agreement, in the number of
issued shares of Common Stock resulting from the subdivision or combination of shares of Common
Stock or other capital adjustments, or the payment of a stock dividend, or other increase or
decrease in such shares effected without receipt of consideration by the Company, the Committee
shall proportionately adjust the number of shares of Restricted Stock and any and all other matters
deemed appropriate by the Committee; provided, however, that any fractional shares resulting from
any such adjustment shall be eliminated. Adjustments under this Section shall be made by the
Committee, whose determination as to what adjustments shall be made, and the extent thereof, shall
be final, binding and conclusive.

Section 10. Right of Discharge Reserved

     Nothing in the Plan or in this Agreement shall confer upon the Grantee the right to continue
in the employment, or service of the Company or any of its Subsidiary Corporations, or affect any
right which the Company or any of its Subsidiary Corporations may have to terminate

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the employment or service of the Grantee. The parties agree and acknowledge that the Grantee
is an at-will employee of the Company or Subsidiary Corporation. The Company and the Grantee
retain the right to terminate such employment relationship at any time.

Section 11. Nature of Payments

     11.1 Any and all grants of shares of Restricted Stock hereunder shall be in consideration of
services performed by the Grantee for the Company or for its Subsidiary Corporations.

     11.2 Any and all issuances of shares of Restricted Stock hereunder shall constitute a special
incentive payment to the Grantee. Such issuances and/or income realized upon the grant of shares of
Restricted Stock shall not be taken into account in computing the amount of salary or compensation
of the Grantee for the purposes of determining any pension, retirement, death or other benefits
under (a) any 401(k), pension, retirement, profit-sharing, bonus, life insurance, disability or
other benefit plan of the Company or any Subsidiary Corporation or (b) any agreement between the
Company or any Subsidiary Corporation, on the one hand, and the Grantee, on the other hand, except
as such plan or agreement shall otherwise expressly provide.

Section 12. Committee Determinations

     The Committee’s determinations under the Plan and this Agreement need not be uniform and may
be made by it selectively among persons who receive, or are eligible to receive, awards under the
Plan (whether or not such persons are similarly situated). All decisions, interpretations and
determinations by the Committee with regard to any question or matter arising hereunder or under
the Plan shall be conclusive and binding upon the Company and the Grantee and his or her
transferees.

Section 13. Section Headings

     The Section headings contained herein are for the purpose of convenience only and are not
intended to define or limit the contents of said sections.

Section 14. Notices

     Any notice to be given to the Company or the Committee hereunder shall be in writing and shall
be addressed to the Secretary of the Company at Thermadyne Holdings Corporation, 16052 Swingley
Ridge Court, Suite 300, Chesterfield, MO 63017, or at such other address as the Company may
hereafter designate to the Grantee by notice as provided herein. Any notice to be given to the
Grantee hereunder shall be addressed to the Grantee at the address set forth beneath his signature
hereto, or at such other address as the Grantee may hereafter designate to the Company by notice as
provided herein. Notices hereunder shall be deemed to have been duly given when personally
delivered or mailed by registered or certified mail to the party entitled to receive the same.

Section 15. Successors and Assigns

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     This Agreement shall be binding upon and inure to the benefit of the parties hereto and the
successors and assigns of the Company and, as contemplated in Section 3.6, the heirs and personal
representatives of the Grantee.

Section 16. Other Payments or Awards

     Nothing contained in this Agreement shall be deemed in any way to limit or restrict the
Company or any Subsidiary Corporations from making any award or payment to the Grantee under any
other plan, arrangement or understanding, whether now existing or hereafter in effect.

Section 17. Governing Law and Venue

     This Agreement shall be governed by and construed in accordance with the laws of the state of
Missouri despite any laws of that state that would apply the laws of a different state. In the
event of litigation arising in connection with this Agreement and/or the Plan, the parties hereto
agree to submit to the jurisdiction of state and Federal courts located in the state of Missouri.

Section 18. Severability

     If any term or provision of this Agreement, or the application of this Agreement to any person
or circumstances, shall at any time or to any extent be invalid, illegal or unenforceable in any
respect as written, both parties intend for any court construing this Agreement to modify or limit
that provision so as to render it valid and enforceable to the fullest extent allowed by law. Any
provision that is not susceptible of reformation shall be ignored so as to not affect any other
term or provision of this Agreement, and the remainder of this Agreement, or the application of
that term or provision to persons or circumstances other than those as to which it is held invalid,
illegal or unenforceable, shall not be affected thereby and each term and provision of this
Agreement shall be valid and enforced to the fullest extent permitted by law.

Section 19. Entire Agreement Modification

     The Plan and this Agreement contain the entire agreement between the parties with respect to
the subject matter contained in this Agreement and may not be modified, except as provided in the
Plan, as it may be amended from time to time in the manner provided in the Plan, or in this
Agreement, as it may be amended from time to time by a written document signed by each of the
parties to this Agreement. Any oral or written agreements, representations, warranties, written
inducements or other communications with respect to the subject matter contained in this Agreement
made before the signing of this Agreement shall be void and ineffective for all purposes.

Section 20. Authority to Receive Payments

     Any amount payable to or for the benefit of a minor, an incompetent person or other person
incapable of receipting therefore shall be deemed paid when paid to the conservator of such
person’s estate or to the party providing or reasonably appearing to provide for the care of such
person, and such payment shall fully discharge the Company, members of the Committee and the Board
with respect thereto.

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Section 21. Counterparts

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

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

	 	 	 	 	 	 	 

	THERMADYNE HOLDINGS
CORPORATION	 	GRANTEE	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 

Nick H. Varsam
	 	 

Grantee’s Name:

	 	 
	 

	 	General Counsel & Secretary

	 	Date of Signature:
	 	 
	 

	 	 	 	Grantee’s Address:
	 	 

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2010 RESTRICTED STOCK AWARD AGREEMENT

THERMADYNE HOLDINGS CORPORATION

BENEFICIARY DESIGNATION

To the Secretary of Thermadyne Holdings Corporation (“Company”)

I hereby designate the following person, persons or entity as primary and secondary Designated
Beneficiaries of rights that may be transferred under the Thermadyne Long Term Incentive Award
program, the Thermadyne Holdings Corporation Amended and Restated 2004 Stock Incentive Plan (the
“Plan”), and the 2010 Restricted Stock Award Agreement (“Agreement”) between the Company and me
dated March 9, 2010, upon my death:

Primary Beneficiary [include address and relationship]:

Secondary Beneficiary [include address and relationship]:

I RESERVE THE RIGHT TO REVOKE OR CHANGE ANY BENEFICIARY DESIGNATION. I HEREBY REVOKE ALL PRIOR
DESIGNATIONS (IF ANY) OF BENEFICIARIES AND SECONDARY BENEFICIARIES.

The Company shall cause all shares of Restricted Stock to be transferred by reason of my death
pursuant to the Agreement to the Primary Beneficiary, if he, she or it survives me, and if no
Primary Designated Beneficiary shall survive me, then to my secondary Designated Beneficiary. If
no named Designated Beneficiary survives me, then all such shares shall be transferred in
accordance with the terms of the Agreement.

This Beneficiary Designation shall be controlled by the laws of the State of Missouri and
particularly RSMo Chapter 461 thereof.

	 	 	 

	 
	 

Date of this Designation

	 	 
 Signature
of Participant

NOTE: Unless provided otherwise in this Beneficiary Designation, the Company shall transfer all
shares of Restricted Stock to be transferred to more than one Designated Beneficiary equally to the
living Designated Beneficiaries.

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Exhibit 10.8

2010 CASH AWARD AGREEMENT

THERMADYNE HOLDINGS CORPORATION

     THIS CASH AWARD AGREEMENT (this “Agreement”) dated March 9, 2010, between Thermadyne Holdings
Corporation (the “Company”), a Delaware corporation, and
                     (the “Grantee”), an officer or
key employee of the Company or one of its subsidiary corporations (“Subsidiary Corporation”) within
the meaning of Section 424(f) of the Internal Revenue Code (“the Code”).

     RECITALS:

     WHEREAS, pursuant to Section 2(c) of the Amended and Restated Executive Employment Agreement
between Grantee and Company dated                     , the Company has agreed to grant to Grantee a certain
award of cash subject to vesting upon the achievement of performance-based criteria established by
the Compensation Committee of the Board of Directors and on the terms and conditions of this
Agreement.

     NOW, THEREFORE, in consideration of the foregoing and of the mutual undertakings set forth in
this Agreement, the Company and the Grantee agree as follows:

Section 1. Terms of Plan to Control

     This Agreement is subject to all the terms and conditions of the Company’s Amended and
Restated 2004 Stock Incentive Plan (the “Plan”), as such terms and conditions may be applied
without regard to the nature of the award granted. A copy of the Plan is available upon request.
Capitalized terms used in this Agreement and not otherwise defined in the Agreement are defined in
the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan
shall control.

Section 2. Grant of Cash Award

     Subject to the restrictions and risk of forfeiture set forth in this Agreement, including
without limitation the performance-based vesting provisions set forth in Section 3.1, and subject
to adjustment in the amount of the award contemplated hereunder, the Company hereby grants to the
Grantee a Cash Award in the amount of                                          dollars ($_________), which shall be subject to
the withholding/deductions from compensation in accordance with the Company’s normal payroll
practices.

Section 3. Restrictions

     3.1 The portion of the Cash Award awarded to Grantee hereunder will become vested (and thereby
no longer subject to forfeiture hereunder) and will be delivered to Grantee, based on the Company’s
ROIOC (as defined herein) performance in calendar year 2012. The ROIOC for 2012 will be calculated
and certified in early 2013, with vesting (if any) to occur upon the Company’s official
announcement of financial results for the fiscal year ending December 31,

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2012. One hundred percent of the Original Grant will vest if the Company achieves 39.4% ROIOC in
2012. Fifty percent of the Original Grant will vest if the Company achieves 31.5% ROIOC in 2012.
If the Company fails to achieve 31.5% ROIOC in 2012, the entire Cash Award granted hereunder shall
be forfeited. If the Company achieves 47.3% ROIOC in 2012, Grantee shall be entitled to receive,
and the Company shall issue and deliver to Grantee along with the fully vested portion of the
Original Grant, an additional cash payment in the amount of                      dollars ($_________). No
incremental adjustments to awards will be made for average ROIOC levels between the goals stated
herein. Vesting at the above levels of ROIOC is not cumulative, i.e., vesting at a higher level
ROIOC is in lieu of (and not in addition to) achievement of the lower level.

     3.2 The following terms shall have the following meaning when used herein:

	 	a.	 	“ROIOC” for a fiscal year of the Company means Adjusted
Operating EBITDA for such year divided by Invested Operating Capital for such
year.
	 
	 	b.	 	“Invested Operating Capital” for a fiscal year of the Company
is the sum of the following items from the consolidated year end balance sheet
as shown on the Company’s audited financial statement for such year:

Accounts receivables, less allowances for doubtful accounts

Inventories

Net property, plant and equipment

Patents and trademarks included in intangibles

Other assets

Long term receivables

Less accounts payable

	 	c.	 	“Adjusted Operating EBITDA” for a fiscal year of the Company is
the sum of the following items from the consolidated year end statements of
operations as shown on the Company’s audited financial statement for such year:

Net income (loss) from continuing operations

Interest expense

Net periodic postretirement benefits in excess of cash payments

Restructuring costs

LIFO

Minority interest

Severance accrual

Stock compensation expense

Provision for income tax

     3.3 The award percentages are based on projections as to the continued operation of the
Company and its Subsidiary Corporations in their current ordinary course of business. The parties
agree and acknowledge that Invested Operating Capital and Adjusted Operating EBITDA

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may be recast by the Company to adjust for any unforeseen extraordinary circumstances that may
occur, including, but not limited to, a change in accounting methods, the discontinued operations
of a Subsidiary Corporation or a division, or the sale or acquisition of a business or brand.

     3.4 Notwithstanding anything in this Agreement to the contrary, all restrictions under this
Section 3 on the Cash Award granted under this Agreement shall lapse upon the consummation of a
Change in Control and payment of the full amount of the Cash Award shall be delivered to the
Grantee or, in the event of his or her death, to his or her Designated Beneficiary or Beneficiaries
as soon as practicable.

     3.5 The Grantee may designate a beneficiary or beneficiaries (“Designated Beneficiary or
Beneficiaries”) on the Designated Beneficiary form attached to this Agreement to receive any vested
portion of the Cash Award not previously paid under this Agreement upon the Grantee’s death. If
the Grantee does not complete the Beneficiary Designation form, or the Designated Beneficiary or
Beneficiaries has or have predeceased the Grantee or cannot be located, the vested portion of the
Cash Award not previously paid shall be transferred in accordance with the Grantee’s will or, if
the Grantee has no will, in accordance with the applicable state laws or descent and distribution.

Section 4. Termination of Employment

     4.1 All rights to the Cash Award, to the extent not previously forfeited or vested, shall be
forfeited on the Grantee’s termination of employment with the Company or a Subsidiary Corporation.

     4.2 With respect to any portion of the Cash Award that has vested but has not been transferred
to Grantee as of the last day of Grantee’s employment, the payment of any such vested portion shall
be delivered to the Grantee as soon as practicable.

     4.3 If the Grantee dies while in the employ of the Company or a Subsidiary Corporation, or
dies after his or her employment terminates but prior to the time any vested portion of the Cash
Award is actually paid to him or her under Section 4.2, such unpaid portion of the Cash Award shall
be transferred to his or her testamentary transferee at the time and in the manner described in
Section 3.5.

     4.4 References herein to an individual’s employment shall include any and all periods during
which such individual is considered an employee of the Company or a Subsidiary Corporation. The
Grantee shall be deemed to have terminated employment when the Grantee completely ceases to be
employed (within the meaning of the preceding sentence) by the Company and all of its Subsidiary
Corporations. The Committee may in its discretion determine (a) whether any leave of absence
constitutes a termination of employment within the meaning of this Agreement, and (b) the impact,
if any, of any such leave of absence on the Cash Award granted under this Agreement.

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Section 5. Non-Assignability

     No right granted to the Grantee under the Plan or this Agreement, except as otherwise provided
in this Agreement, shall be assignable or transferable (whether by operation of law or otherwise
and whether voluntarily or involuntarily), other than by will or by the laws of descent and
distribution. During the life of the Grantee, all rights granted to the Grantee under the Plan or
under this Agreement shall inure only by the Grantee.

Section 6. Withholding Taxes

     Whenever under the Plan and this Agreement any portion of a Cash Award is to be delivered, the
Company shall be have the right to withhold an amount sufficient to satisfy all federal, state and
other governmental withholding tax requirements related thereto.

Section 7. Right of Discharge Reserved

     Nothing in the Plan or in this Agreement shall confer upon the Grantee the right to continue
in the employment, or service of the Company or any of its Subsidiary Corporations, or affect any
right which the Company or any of its Subsidiary Corporations may have to terminate the employment
or service of the Grantee. The parties agree and acknowledge that the Grantee is an at-will
employee of the Company or Subsidiary Corporation. The Company and the Grantee retain the right to
terminate such employment relationship at any time.

Section 8. Nature of Payments

     8.1 Any Cash Award delivered hereunder shall be in consideration of services performed by the
Grantee for the Company or for its Subsidiary Corporations.

     8.2 Any Cash Award delivered hereunder shall constitute a special incentive payment to the
Grantee. Such Cash Award shall not be taken into account in computing the amount of salary or
compensation of the Grantee for the purposes of determining any pension, retirement, death or other
benefits under (a) any 401(k), pension, retirement, profit-sharing, bonus, life insurance,
disability or other benefit plan of the Company or any Subsidiary Corporation or (b) any agreement
between the Company or any Subsidiary Corporation, on the one hand, and the Grantee, on the other
hand, except as such plan or agreement shall otherwise expressly provide.

Section 9. Committee Determinations

     The Committee’s determinations under the Plan and this Agreement need not be uniform and may
be made by it selectively among persons who receive, or are eligible to receive, awards under the
Plan (whether or not such persons are similarly situated). All decisions, interpretations and
determinations by the Committee with regard to any question or matter arising hereunder or under
the Plan shall be conclusive and binding upon the Company and the Grantee and his or her
transferees.

Section 10. Section Headings

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     The Section headings contained herein are for the purpose of convenience only and are not
intended to define or limit the contents of said sections.

Section 11. Notices

     Any notice to be given to the Company or the Committee hereunder shall be in writing and shall
be addressed to the Secretary of the Company at Thermadyne Holdings Corporation, 16052 Swingley
Ridge Court, Suite 300, Chesterfield, MO 63017, or at such other address as the Company may
hereafter designate to the Grantee by notice as provided herein. Any notice to be given to the
Grantee hereunder shall be addressed to the Grantee at the address set forth beneath his signature
hereto, or at such other address as the Grantee may hereafter designate to the Company by notice as
provided herein. Notices hereunder shall be deemed to have been duly given when personally
delivered or mailed by registered or certified mail to the party entitled to receive the same.

Section 12. Successors and Assigns

     This Agreement shall be binding upon and inure to the benefit of the parties hereto and the
successors and assigns of the Company and, as contemplated in Section 4.3, the heirs and personal
representatives of the Grantee.

Section 13. Other Payments or Awards

     Nothing contained in this Agreement shall be deemed in any way to limit or restrict the
Company or any Subsidiary Corporations from making any award or payment to the Grantee under any
other plan, arrangement or understanding, whether now existing or hereafter in effect.

Section 14. Governing Law and Venue

     This Agreement shall be governed by and construed in accordance with the laws of the state of
Missouri despite any laws of that state that would apply the laws of a different state. In the
event of litigation arising in connection with this Agreement and/or the Plan, the parties hereto
agree to submit to the jurisdiction of state and Federal courts located in the state of Missouri.

Section 15. Severability

     If any term or provision of this Agreement, or the application of this Agreement to any person
or circumstances, shall at any time or to any extent be invalid, illegal or unenforceable in any
respect as written, both parties intend for any court construing this Agreement to modify or limit
that provision so as to render it valid and enforceable to the fullest extent allowed by law. Any
provision that is not susceptible of reformation shall be ignored so as to not affect any other
term or provision of this Agreement, and the remainder of this Agreement, or the application of
that term or provision to persons or circumstances other than those as to which it is held invalid,
illegal or unenforceable, shall not be affected thereby and each term and provision of this
Agreement shall be valid and enforced to the fullest extent permitted by law.

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Section 16. Entire Agreement; Modification

     The Plan and this Agreement contain the entire agreement between the parties with respect to
the subject matter contained in this Agreement and may not be modified, except as provided in the
Plan, as it may be amended from time to time in the manner provided in the Plan, or in this
Agreement, as it may be amended from time to time by a written document signed by each of the
parties to this Agreement. Any oral or written agreements, representations, warranties, written
inducements or other communications with respect to the subject matter contained in this Agreement
made before the signing of this Agreement shall be void and ineffective for all purposes.

Section 17. Authority to Receive Payments

     Any amount payable to or for the benefit of a minor, an incompetent person or other person
incapable of receipting therefore shall be deemed paid when paid to the conservator of such
person’s estate or to the party providing or reasonably appearing to provide for the care of such
person, and such payment shall fully discharge the Company, members of the Committee and the Board
with respect thereto.

Section 18. Counterparts

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

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

	 	 	 	 	 	 	 

	THERMADYNE HOLDINGS
CORPORATION	 	GRANTEE	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 

Nick H. Varsam
	 	 

Grantee’s Name:

	 	 
	 

	 	General Counsel & Secretary
	 	Date of
Signature:
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Grantee’s Address:	 	 

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2010 CASH AWARD AGREEMENT

THERMADYNE HOLDINGS CORPORATION

BENEFICIARY DESIGNATION

To the Secretary of Thermadyne Holdings Corporation (“Company”)

I hereby designate the following person, persons or entity as primary and secondary Designated
Beneficiaries of rights that may be transferred under the Thermadyne Long Term Incentive Award
program, the Thermadyne Holdings Corporation 2004 Stock Incentive Plan (the “Plan”) and the 2010
Cash Award Agreement (“Agreement”) between the Company and me dated March 9, 2010, upon my death:

Primary Beneficiary [include address and relationship]:

Secondary Beneficiary [include address and relationship]:

I RESERVE THE RIGHT TO REVOKE OR CHANGE ANY BENEFICIARY DESIGNATION. I HEREBY REVOKE ALL PRIOR
DESIGNATIONS (IF ANY) OF BENEFICIARIES AND SECONDARY BENEFICIARIES.

The Company shall cause any vested portion of the Grant Award not previously paid to be transferred
by reason of my death pursuant to the Agreement to the Primary Beneficiary, if he, she or it
survives me, and if no Primary Designated Beneficiary shall survive me, then to my secondary
Designated Beneficiary. If no named Designated Beneficiary survives me, then all such amount shall
be transferred in accordance with the terms of the Agreement.

	 	 	 	 	 

	 
	 

Date of this Designation

	 	 

Signature of Participant
	 	 

NOTE: Unless provided otherwise in this Beneficiary Designation, the Company shall transfer any
vested portion of the Grant Award not previously paid to be transferred to more than one Designated
Beneficiary equally to the living Designated Beneficiaries.

 Page 7 of 7 

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EXHIBIT 31.1

CERTIFICATIONS

I, Martin Quinn, certify that:

	1.	 	I have reviewed this quarterly report on Form 10-Q of Thermadyne Holdings Corporation;

	2.	 	Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

	3.	 	Based on my knowledge, the financial statements, and other financial information included in
the report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in the
report;

	4.	 	The registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:

	 	a)	 	Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
	 
	 	b)	 	Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;
	 
	 	c)	 	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation; and
	 
	 	d)	 	Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the registrant’s most recent fiscal quarter (the registrants
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and

	5.	 	The registrant’s other certifying officers and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the
audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):

	 	a)	 	All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant’s ability to record, process, summarize and report financial information;
and
	 
	 	b)	 	Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant’s internal control over financial reporting.

	 	 	 	 	 
	 	 	 
	 	By:  	

/s/ Martin Quinn
 	 
	 	 	Martin Quinn 	 
	Date:      April 27, 2010 	 	President

(Principal Executive Officer) 	 

 

Table of Contents

	 	 	 	 	 

EXHIBIT 31.2

CERTIFICATIONS

I, Steven A. Schumm, certify that:

	1.	 	I have reviewed this quarterly report on Form 10-Q of Thermadyne Holdings Corporation;

	2.	 	Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

	3.	 	Based on my knowledge, the financial statements, and other financial information included in
the report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in the
report;

	4.	 	The registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:

	 	a)	 	Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
	 
	 	b)	 	Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;
	 
	 	c)	 	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation;
	 
	 	d)	 	Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the registrant’s most recent fiscal quarter (the registrants
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and

	5.	 	The registrant’s other certifying officers and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the
audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):

	 	a)	 	All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant’s ability to record, process, summarize and report financial information;
and
	 
	 	b)	 	Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant’s internal control over financial reporting.

	 	 	 	 	 
	 	 	 
	 	By:  	                          /s/ Steven A. Schumm
 	 
	 	 	Steven A. Schumm 	 
	Date: April 27, 2010 	 	Executive Vice President, Chief Financial and
Administrative Officer

(Principal Financial and Accounting Officer) 	 

 

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EXHIBIT 32.1

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     I, Martin Quinn, as President and Principal Executive Officer of Thermadyne Holdings
Corporation (the “Company”) certify, pursuant to 18 U.S.C. § 1350, as adopted by Section 906 of the
Sarbanes-Oxley Act of 2002, that to my knowledge:

     (1) the accompanying Form 10-Q for the period ended March 31, 2010 as filed with the U.S.
Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

     (2) the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.

	 	 	 	 	 
	 	 	 
	 	By:  	                          /s/ Martin Quinn
 	 
	 	 	Martin Quinn 	 
	Date: April 27, 2010 	 	President

(Principal Executive Officer) 	 

 

Table of Contents

	 	 	 	 	 

EXHIBIT 32.2

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     I, Steven A. Schumm, as Chief Financial Officer and Principal Financial Officer of Thermadyne
Holdings Corporation (the “Company”) certify, pursuant to 18 U.S.C. § 1350, as adopted by Section
906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

     (1) the accompanying Form 10-Q for the period ended March 31, 2010 as filed with the U.S.
Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

     (2) the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.

	 	 	 	 	 
	 	 	 
	 	By:  	

/s/ Steven A. Schumm
 	 
	 	 	Steven A. Schumm 	 
	Date: April 27, 2010 	 	Executive Vice President, Chief Financial
and Administrative Officer

(Principal Financial and Accounting Officer) 	 
	 

 

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

	 	 	 
	þ 	 	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2010

OR

	 	 	 
	o 	 	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 001-13023

Thermadyne Holdings Corporation

(Exact Name of Registrant as Specified in Its Charter)

	 	 	 

	Delaware

(State or Other Jurisdiction of 

Incorporation or Organization)
	 	74-2482571

(I.R.S. Employer Identification No.)
	 	 	 
	16052 Swingley Ridge Road, Suite 300,
Chesterfield, MO

(Address of Principal Executive Offices)
	 	63017

(Zip Code)

Registrant’s Telephone Number, Including Area Code (636) 728-3000

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

Yes þ No o                    

Indicate by checkmark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period
that the registrant was required to submit and post such files).

Yes o No þ                    

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See definition of “large accelerated
filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

	 	 	 	 	 	 	 

	Large accelerated filer o
	 	Accelerated filer o
	 	Non-accelerated filer o
	 	Smaller reporting company þ
	 	 	 
	 	(Do not check if a smaller reporting company)
	 	 

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).

Yes o No þ                    

The number of shares outstanding of the issuer’s common stock, par value $0.01 per share, on July
27, 2010 was 13,549,841.

 

 

 

 

THERMADYNE HOLDINGS CORPORATION

INDEX

	 	 	 	 	 
	 	 	Page
	PART I — FINANCIAL INFORMATION
	 	 	 	 
	 
	Item 1. Financial Statements
	 	 	 	 
	Condensed Consolidated Balance Sheets
	 	 	3	 
	Condensed Consolidated Statements of Operations
	 	 	4	 
	Condensed Consolidated Statements of Cash Flows
	 	 	5	 
	Notes to Condensed Consolidated Financial Statements
	 	 	6	 
	 
	 	 	 	 
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
	 	 	23	 
	 
	 	 	 	 
	Item 3. Quantitative and Qualitative Disclosures About Market Risk
	 	 	28	 
	 
	 	 	 	 
	Item 4. Controls and Procedures
	 	 	28	 
	 
	 	 	 	 
	PART II – OTHER INFORMATION
	 	 	 	 
	 
	 	 	 	 
	Item 1. Legal Proceedings
	 	 	29	 
	 
	 	 	 	 
	Item 6. Exhibits
	 	 	29	 
	 
	 	 	 	 
	SIGNATURES
	 	 	30	 
	 
	 	 	 	 
	EX - 31.1
	 	 	 	 
	EX - 31.2
	 	 	 	 
	EX - 32.1
	 	 	 	 
	EX - 32.2
	 	 	 	 

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.

THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	 	 	 	 	 	 	 	 	 
	 	 	June 30,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	 	 	(unaudited)	 	 	 	 	 
	Current Assets:
	 	 	 	 	 	 	 	 
	Cash and cash equivalents
	 	$	12,908	 	 	$	14,886	 
	Accounts receivable, less allowance for doubtful accounts of
$500 and $400, respectively
	 	 	64,938	 	 	 	56,589	 
	Inventories
	 	 	80,368	 	 	 	74,381	 
	Prepaid expenses and other
	 	 	8,964	 	 	 	9,255	 
	Deferred tax assets
	 	 	3,008	 	 	 	3,008	 
	 
	 	 	 	 	 	 
	Total current assets
	 	 	170,186	 	 	 	158,119	 
	 
	 	 	 	 	 	 	 	 
	Property, plant and equipment, net of accumulated depreciation
of $58,075 and $55,082, respectively
	 	 	45,887	 	 	 	46,687	 
	Goodwill
	 	 	186,334	 	 	 	187,818	 
	Intangibles, net
	 	 	57,347	 	 	 	58,451	 
	Other assets
	 	 	3,072	 	 	 	3,870	 
	 
	 	 	 	 	 	 
	Total assets
	 	$	462,826	 	 	$	454,945	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Current Liabilities:
	 	 	 	 	 	 	 	 
	Working capital facility
	 	$	9,662	 	 	$	9,643	 
	Current maturities of long-term obligations
	 	 	3,080	 	 	 	8,915	 
	Accounts payable
	 	 	32,894	 	 	 	9,598	 
	Accrued and other liabilities
	 	 	30,990	 	 	 	23,119	 
	Accrued interest
	 	 	8,345	 	 	 	7,608	 
	Income taxes payable
	 	 	2,695	 	 	 	705	 
	Deferred tax liabilities
	 	 	2,793	 	 	 	2,793	 
	 
	 	 	 	 	 	 
	Total current liabilities
	 	 	90,459	 	 	 	62,381	 
	 
	 	 	 	 	 	 	 	 
	Long-term obligations, less current maturities
	 	 	179,933	 	 	 	198,466	 
	Deferred tax liabilities
	 	 	49,059	 	 	 	52,835	 
	Other long-term liabilities
	 	 	12,629	 	 	 	13,471	 
	Stockholders’ equity:
	 	 	 	 	 	 	 	 
	Common stock, $0.01 par value:
	 	 	 	 	 	 	 	 
	Authorized — 25,000,000 shares
	 	 	 	 	 	 	 	 
	Issued and outstanding — 13,546,797 shares at June 30, 2010 and
13,539,998 shares at December 31, 2009
	 	 	135	 	 	 	135	 
	Additional paid-in capital
	 	 	189,085	 	 	 	188,791	 
	Accumulated deficit
	 	 	(60,196	)	 	 	(65,063	)
	Accumulated other comprehensive income
	 	 	1,722	 	 	 	3,929	 
	 
	 	 	 	 	 	 
	Total shareholders’ equity
	 	 	130,746	 	 	 	127,792	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Total liabilities and shareholders’ equity
	 	$	462,826	 	 	$	454,945	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 

See accompanying notes to condensed consolidated financial statements.

3

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended June 30,	 	 	Six Months Ended June 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Net sales
	 	$	108,596	 	 	$	84,805	 	 	$	205,213	 	 	$	168,116	 
	Cost of goods sold
	 	 	71,365	 	 	 	59,860	 	 	 	135,597	 	 	 	121,811	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	37,231	 	 	 	24,945	 	 	 	69,616	 	 	 	46,305	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	25,082	 	 	 	18,268	 	 	 	46,849	 	 	 	37,710	 
	Amortization of intangibles
	 	 	680	 	 	 	672	 	 	 	1,357	 	 	 	1,343	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income
	 	 	11,469	 	 	 	6,005	 	 	 	21,410	 	 	 	7,252	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expenses):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(5,939	)	 	 	(4,911	)	 	 	(12,275	)	 	 	(9,544	)
	Amortization of deferred financing costs
	 	 	(251	)	 	 	(237	)	 	 	(515	)	 	 	(473	)
	Loss on debt extinguishment
	 	 	(1,867	)	 	 	—	 	 	 	(1,867	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income
tax provision and discontinued operations
	 	 	3,412	 	 	 	857	 	 	 	6,753	 	 	 	(2,765	)
	Income tax provision (benefit)
	 	 	841	 	 	 	275	 	 	 	1,886	 	 	 	(851	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss) from continuing operations
	 	$	2,571	 	 	$	582	 	 	$	4,867	 	 	$	(1,914	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Income from discontinued operations, net of tax
	 	 	—	 	 	 	1,933	 	 	 	—	 	 	 	1,933	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income
	 	$	2,571	 	 	$	2,515	 	 	$	4,867	 	 	$	19	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Basic and Diluted income (loss) per share
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Continuing operations
	 	$	0.19	 	 	$	0.04	 	 	$	0.36	 	 	$	(0.14	)
	Discontinued operations
	 	 	—	 	 	 	0.14	 	 	 	—	 	 	 	0.14	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income
	 	$	0.19	 	 	$	0.18	 	 	$	0.36	 	 	$	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

See accompanying notes to condensed consolidated financial statements.

4

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	 	 	 	 	 	 	 	 	 
	 	 	Six Months Ended June 30,	 
	 	 	2010	 	 	2009	 
	Cash flows from continuing operations:
	 	 	 	 	 	 	 	 
	Cash flows from operating activities:
	 	 	 	 	 	 	 	 
	Net income
	 	$	4,867	 	 	$	19	 
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	 	 	 	 	 	 	 	 
	Income from discontinued operations
	 	 	—	 	 	 	(1,933	)
	Depreciation and amortization
	 	 	6,831	 	 	 	6,203	 
	Deferred income taxes
	 	 	(2,268	)	 	 	(1,893	)
	Stock compensation expense
	 	 	248	 	 	 	(668	)
	Net periodic post-retirement benefits
	 	 	348	 	 	 	9	 
	Loss on debt extinguishment
	 	 	1,867	 	 	 	—	 
	Changes in operating assets and liabilities:
	 	 	 	 	 	 	 	 
	Accounts receivable
	 	 	(9,493	)	 	 	18,034	 
	Inventories
	 	 	(6,834	)	 	 	21,861	 
	Prepaids
	 	 	320	 	 	 	1,283	 
	Accounts payable
	 	 	23,426	 	 	 	(9,809	)
	Accrued and other liabilities
	 	 	8,183	 	 	 	(9,088	)
	Accrued interest
	 	 	737	 	 	 	695	 
	Accrued taxes
	 	 	2,093	 	 	 	(2,937	)
	Other long-term liabilities
	 	 	(970	)	 	 	(513	)
	Other, net
	 	 	(510	)	 	 	—	 
	 
	 	 	 	 	 	 
	Net cash provided by operating activities
	 	 	28,845	 	 	 	21,263	 
	 
	 	 	 	 	 	 
	Cash flows from investing activities:
	 	 	 	 	 	 	 	 
	Capital expenditures
	 	 	(4,474	)	 	 	(3,973	)
	Other
	 	 	(253	)	 	 	(134	)
	 
	 	 	 	 	 	 
	Net cash used in investing activities
	 	 	(4,727	)	 	 	(4,107	)
	 
	 	 	 	 	 	 
	Cash flows from financing activities:
	 	 	 	 	 	 	 	 
	Borrowings under Working Capital Facility
	 	 	1,161	 	 	 	8,923	 
	Repayments of Working Capital Facility
	 	 	(1,142	)	 	 	(29,388	)
	Borrowings under Second-Lien Facility and other
	 	 	—	 	 	 	75	 
	Repayments of Second-Lien Facility and other
	 	 	(25,731	)	 	 	(235	)
	Exercise of employee stock purchases and stock options
	 	 	46	 	 	 	64	 
	Advances from (to) discontinued operations
	 	 	—	 	 	 	1,933	 
	Termination payment from derivative counterparty
	 	 	—	 	 	 	2,313	 
	Other, net
	 	 	—	 	 	 	(600	)
	 
	 	 	 	 	 	 
	Net cash used in financing activities
	 	 	(25,666	)	 	 	(16,915	)
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Effect of exchange rate changes on cash and cash equivalents
	 	 	(430	)	 	 	905	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Net cash provided by (used in) continuing operations
	 	 	(1,978	)	 	 	1,146	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Net cash used in discontinued operations
	 	 	—	 	 	 	(368	)
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Total increase (decrease) in cash and cash equivalents
	 	 	(1,978	)	 	 	778	 
	Total cash and cash equivalents beginning of period
	 	 	14,886	 	 	 	12,501	 
	 
	 	 	 	 	 	 
	Total cash and cash equivalents end of period
	 	$	12,908	 	 	$	13,279	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Income taxes paid
	 	$	2,252	 	 	$	3,888	 
	 
	 	 	 	 	 	 
	Interest paid
	 	$	11,405	 	 	$	9,800	 
	 
	 	 	 	 	 	 

See accompanying notes to condensed consolidated financial statements.

Stock compensation expense was reclassified from financing activities to operating activities for
both periods shown.

5

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THERMADYNE HOLDINGS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except share data)

1. Organization and Basis of Presentation

Thermadyne Holdings Corporation (“Thermadyne” or the “Company”), a Delaware corporation, is
a global designer and manufacturer of cutting and welding products, including equipment,
accessories and consumables.

The accompanying unaudited condensed consolidated financial statements have been prepared in
accordance with U.S. generally accepted accounting principles for interim financial
information and the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required by U.S.
generally accepted accounting principles for complete financial statements. In the opinion
of management, all adjustments, consisting of normal recurring accruals, considered
necessary for a fair presentation have been included in these condensed consolidated
financial statements. The combined results of operations of the Company for the six months
ended June 30, 2010 are not necessarily indicative of the results that may be expected for
the year ending December 31, 2010. For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company’s annual report on Form
10-K for the year ended December 31, 2009.

The preparation of financial statements requires the use of estimates and assumptions that
affect the amounts reported in Thermadyne’s condensed consolidated financial statements and
accompanying notes. Actual results could differ from these estimates.

2. Significant Accounting Policies

Product Warranty Programs

Various products are sold with product warranty programs. Provisions for warranty programs
are made based on historical experience as the products are sold and such provisions are
adjusted periodically based on current estimates of anticipated warranty costs. The
following table provides the activity in the warranty accrual for the three and six months
ended June 30, 2010 and 2009:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended	 	 	Six Months Ended	 
	 	 	June 30,	 	 	June 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Balance at beginning of period
	 	$	2,400	 	 	$	2,709	 	 	$	2,300	 	 	$	2,961	 
	Charged to expenses
	 	 	1,200	 	 	 	672	 	 	 	2,091	 	 	 	1,404	 
	Warranty payments
	 	 	(980	)	 	 	(722	)	 	 	(1,771	)	 	 	(1,706	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Balance at end of period
	 	$	2,620	 	 	$	2,659	 	 	$	2,620	 	 	$	2,659	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

     Fair Value

The carrying values of the obligation outstanding under the Working Capital Facility
approximates fair value because the obligation has varying interest charges based on current
market rates and was recently renegotiated. The Company’s Senior Subordinated Notes traded
at 102.6% and 95% at June 30, 2010, and December 31, 2009, respectively, based on available
market information.

     Recent Accounting Pronouncements

The Company has determined that all recently issued accounting pronouncements will not have
a material impact on its consolidated financial position, results of operations and cash
flows, or do not apply to its operations.

6

Table of Contents

3. Discontinued Operations

On December 30, 2006, the Company committed to a plan to sell its South Africa operations.
On February 5, 2007, the Company entered into an agreement to sell the South African
subsidiaries. A loss of $9,200 (net of $6,300 of tax) was recorded in 2006 as a component
of discontinued operations. The sale closed on May 25, 2007 with $13,800 net cash received
at closing along with a note due in May 2010 in the amount of 30,000 South African Rand and
bearing 14% interest payable. In April 2009, the note was settled and the Company recorded
a gain of $1,933 in discontinued operations. The Company also recorded $522 of interest
income in continuing operations related to this transaction.

4. Inventories

The composition of inventories was as follows:

	 	 	 	 	 	 	 	 	 
	 	 	June 30,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	Raw materials and component parts
	 	$	29,742	 	 	$	25,410	 
	Work-in-process
	 	 	3,607	 	 	 	4,216	 
	Finished goods
	 	 	55,650	 	 	 	53,272	 
	 
	 	 	 	 	 	 
	 
	 	 	89,000	 	 	 	82,898	 
	LIFO reserve
	 	 	(8,632	)	 	 	(8,517	)
	 
	 	 	 	 	 	 
	 
	 	$	80,368	 	 	$	74,381	 
	 
	 	 	 	 	 	 

5. Intangible Assets

The composition of intangibles was as follows:

	 	 	 	 	 	 	 	 	 
	 	 	June 30,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	Goodwill
	 	$	186,334	 	 	$	187,818	 
	Patents and customer relationships
	 	 	42,994	 	 	 	42,741	 
	Trademarks
	 	 	33,403	 	 	 	33,403	 
	 
	 	 	 	 	 	 
	 
	 	 	262,731	 	 	 	263,962	 
	Accumulated amortization of patents and customer relationships
	 	 	(19,050	)	 	 	(17,693	)
	 
	 	 	 	 	 	 
	 
	 	$	243,681	 	 	$	246,269	 
	 
	 	 	 	 	 	 

Amortization of patents and customer relationships amounted to $680 and $1,357 for the three
and six month periods ended June 30, 2010, respectively, and to $672 and $1,343 for the
three and six month periods ended June 30, 2009.

Goodwill and trademarks are tested for impairment annually, as of October 1st, or more
frequently if events occur or circumstances change that would, more likely than not, reduce
the fair value of the reporting unit below its carrying value. The impairment analysis is
performed on a consolidated enterprise level based on one reporting unit. The
annual impairment analysis was completed in the fourth quarter, and no adjustment to the
carrying value of goodwill was deemed necessary as of October 1, 2009. As of June 30,
2010, the Company considered possible impairment triggering events since the impairment test
date, including its market capitalization relative to the carrying value of its net assets,
as well as other relevant factors, and concluded that no triggering events or goodwill
impairment were indicated at that date.

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The change in the carrying amount of goodwill during the six-month period was as follows:

	 	 	 	 	 
	 	 	Carrying Amount	 
	 	 	of Goodwill	 
	Balance as of January 1, 2010
	 	$	187,818	 
	Foreign currency translation
	 	 	(1,484	)
	 
	 	 	 
	Balance as of June 30, 2010
	 	$	186,334	 
	 
	 	 	 

6. Debt and Capital Lease Obligations

The composition of debt and capital lease obligations was as follows:

	 	 	 	 	 	 	 	 	 
	 	 	June 30,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	Working Capital Facility
	 	$	9,662	 	 	$	9,643	 
	Second Lien Facility
	 	 	—	 	 	 	25,000	 
	Issuance discount on Second Lien Facility
	 	 	—	 	 	 	(1,703	)
	Senior Subordinated Notes, due February 1, 2014, 9 1/4% interest
payable semiannually on February 1 and August 1
	 	 	172,327	 	 	 	172,327	 
	Capital leases
	 	 	9,029	 	 	 	9,869	 
	Other
	 	 	1,657	 	 	 	1,888	 
	 
	 	 	 	 	 	 
	 
	 	 	192,675	 	 	 	217,024	 
	 
	 	 	 	 	 	 	 	 
	Current maturities and working capital facility
	 	 	(12,742	)	 	 	(18,558	)
	 
	 	 	 	 	 	 
	 
	 	$	179,933	 	 	$	198,466	 
	 
	 	 	 	 	 	 

     Working Capital Facility

Certain subsidiaries of the Company are borrowers under the Third Amended and Restated
Credit Agreement dated June 29, 2007 as amended (the “Credit Agreement”), with General
Electric Capital Corporation as agent and lender. The Credit Agreement: (i) matures on June
29, 2012; (ii) provides a revolving credit commitment of up to $70,000 (the “Working Capital
Facility”), which includes (a) an asset based facility and (b) an amortizing $10,000
property, plant and equipment facility; (iii) provides for interest rate percentages
applicable to the asset base; (iv) limits the senior leverage ratio to 2.75; (v) provides
for an interest rate of 90-day LIBOR plus 4.00%; (vi) includes a prepayment fee of 1% if the
Facility is terminated; and (vii) includes a minimum fixed charge coverage ratio of 1.10
measured quarterly. With respect to the quarters ending March 31, 2010 and June 30, 2010,
the calculation is based on the results for the six months and nine months periods ending on
such dates, respectively. The calculation for
quarters ending September 30, 2010 and thereafter is based on the twelve month periods then
ending. Borrowings under the Working Capital Facility may not exceed 85% of eligible
receivables plus the lesser of (i) 85% of the net orderly liquidation value of eligible
inventories or (ii) 65% of the book value of eligible inventories less customary reserves,
plus machinery at appraised value not to exceed $10,000.

At June 30, 2010, $3,878 of letters of credit were outstanding under the Credit Agreement.
Unused availability, net of these letters of credit, was $39,880 under the Working Capital
Facility.

Second Lien Agreement

Under the 2009 Amended and Restated Second Lien Credit Agreement, as amended (the “Second
Lien Agreement”), the Company borrowed $25,000 with a maturity date of November 30, 2012.
During the quarter, the Company voluntarily prepaid the $25,000 principal balance
outstanding, plus accrued and unpaid interest on such amount as of June 30, 2010. The
outstanding principal amount bore interest at 12% per annum and would have been

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due November
30, 2012. As a
result of the prepayment, the Second Lien Agreement has terminated and liens on the property
and assets of the Company and its subsidiaries thereunder have been released. The Company
recorded a loss on debt extinguishment related to these prepayments in the amount of $1,867,
consisting of a $1,494 write off of unamortized original issue discount, $284 write off of
unamortized deferred financing fees, and prepayment fees of $89.

Senior Subordinated Notes

The Company is the issuer of 9.25% Senior Subordinated Notes due in 2014 (the “Senior
Subordinated Notes”) with an aggregate principal outstanding of $172,327. The Senior
Subordinated Notes are unsecured senior subordinated obligations and are subordinated in
right of payment to all existing and future Senior Indebtedness (as defined in the
Indenture). Interest accrues at the rate of 9.25% per annum and is payable semi-annually in
arrears on February 1 and August 1 of each year. An additional Special Interest is payable
semi-annually and accrues at a rate subject to adjustment based on the consolidated leverage
ratio which is calculated each calendar quarter. The Special Interest accrual rate through
June 30, 2010 is 2.25% with 1.25% effective for the calendar quarter beginning July 1, 2010
and 0.75% effective for the calendar quarter beginning October 1, 2010.

The Senior Subordinated Notes contain customary covenants and events of default, including
covenants that limit the Company’s ability to incur debt, pay dividends and make certain
investments. Subject to certain conditions we must annually use our “Excess Cash Flow” (as
defined in the Indenture) either to make permanent repayments of our senior debt or to
extend a repurchase offer to the holders of the Senior Subordinated Notes pursuant to which
we will offer to repurchase outstanding Senior Subordinated Notes at a purchase price of
101% of their principal amount. The debt repayment obligation from the “Excess Cash Flow”
amount for 2009 was $6,000 and was paid on April 1, 2010 through a repayment of Second Lien
borrowings.

Parent Company Financial Information

Borrowings under the Company’s financing agreements are the obligations of Thermadyne
Industries, Inc. (“Industries”), the Company’s principal operating subsidiary, and certain
of Industries’ subsidiaries. Certain borrowing agreements contain restrictions on the
ability of the subsidiaries to dividend cash and other assets to the parent company,
Thermadyne Holdings Corporation. At June 30, 2010 and December 31, 2009, the primary asset
carried on the parent company books of Thermadyne Holdings Corporation was its investment in
its operating subsidiaries and the primary liability was the $172,327 of Senior Subordinated
Notes. As a result of the limited assets and liabilities at the parent company level,
separate financial statements have not been presented for Thermadyne Holdings Corporation
except as shown in Note 16, Condensed Consolidating Financial Statements.

Covenant Compliance

At June 30, 2010, the Company was in compliance with its financial covenants. Failure to
comply with our financial covenants in future periods would result in defaults under our
credit agreements unless covenants are further amended or waived. The most restrictive
financial covenant is the “fixed charge coverage” covenant under our Working Capital
Facility which requires EBITDA, as defined in the Amended GE Credit Agreement, to be at
least 1.10 of Fixed Charges, as defined. A default of the financial covenants under the
Working Capital Facility would constitute a default under the Senior Subordinated Notes.

7. Derivative Instruments

In February 2004, the Company entered into an interest rate swap arrangement to convert a
portion of the fixed rate exposure on its Senior Subordinated Notes to variable rates. On
February 1, 2009, the swap arrangement was terminated by the counterparty pursuant to terms
of the arrangement and a $3,000 payment was received by the Company in conjunction with this
termination and is being amortized as a reduction of interest expense over the remaining
term of the Notes.

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8. Comprehensive Income

Comprehensive income for the three and six months ended June 30, 2010 and 2009 was as
follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended June 30,	 	 	Six Months Ended June 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Net income
	 	$	2,571	 	 	$	2,515	 	 	$	4,867	 	 	$	19	 
	Cumulative foreign currency translation gains
(losses), net of tax
	 	 	(2,878	)	 	 	5,529	 	 	 	(2,378	)	 	 	4,244	 
	Pension and post-retirement liabilities
	 	 	99	 	 	 	60	 	 	 	171	 	 	 	132	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Comprehensive income (loss)
	 	$	(208	)	 	$	8,104	 	 	$	2,660	 	 	$	4,395	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

9. Income Taxes

The Company accounts for income taxes by recognizing deferred tax assets and liabilities
using enacted tax rates for the effect of temporary differences between the financial
reporting and tax bases of recorded assets and liabilities. Deferred tax assets are reduced
by a valuation allowance if it is more likely than not that some portion of or all of the
deferred tax asset will not be realized.

The Company adopted ASC Topic 805, “Business Combinations” effective January 1, 2009. Among
other matters, this establishes that the benefit of net operating loss carryovers reduce
current year income tax expense as the carryovers are utilized. In 2008 and prior, the tax
benefit from net operating loss carryovers from periods prior to emergence from bankruptcy
did not reduce the Company’s current year provision for taxes, but instead adjusted the
goodwill amount.

At the beginning of 2010, the Company had approximately $150,000 in U.S. net operating
losses. For 2010, the Company’s management estimates that actual cash income tax payments
will, as in prior years, primarily relate to state and foreign taxes due to the use of net
operating loss carryovers to offset U.S. taxable income.

10. Contingencies

The Company and certain of its wholly owned subsidiaries are defendants in various legal
actions, primarily related to welding fumes and other product liability claims. While there
is uncertainty relating to any litigation, management is of the opinion that the outcome of
this litigation will not have a material adverse effect on the Company’s financial condition
or results of operations.

The Company is party to certain environmental matters. Any related obligations are not
expected to have a material adverse effect on the Company’s financial condition or results
of operations.

The Company has initiated a comprehensive review of its compliance with foreign and U.S.
duties requirements in light of the assessments by a foreign jurisdiction in the third
quarter of 2009. It is premature to assess the ultimate resolution of the compliance review
but management believes it will not have a material adverse effect on the Company’s business
or financial condition.

All other legal proceedings and actions involving the Company are of an ordinary and routine
nature and are incidental to the operations of the Company. Management believes that such
proceedings should not, individually or in the aggregate, have a material adverse effect on
the Company’s financial condition or on the results of operations.

11. Stock Options and Stock-Based Compensation

The Company utilizes the modified prospective method of accounting for stock compensation,
and accordingly recognizes compensation cost for all share-based payments, which consist of
stock options and restricted stock, granted after January 1, 2006. Stock compensation cost
included in selling, general and administrative expense was $231 of expense for the three
months ended June 30, 2010. For the three months ended June 30, 2009, stock compensation
cost was a net credit of $66 resulting from the reversal of prior performance-based accruals
offset

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partially by $61 of charges. Stock compensation cost included in selling, general and
administrative expense was $248 of expense for the six months ended June 30, 2010. For the
six months ended June 30, 2009, stock compensation expense was a net credit of $668
reflecting the reversal of prior performance-based accruals and stock compensation charges
of $205.

The fair value of the restricted stock awards is estimated as the closing price of the stock
on the date of the awards. The estimated fair value of stock option grants is computed
using the Black-Scholes-Merton option-pricing model. Expected volatility is based on
historical periods generally commensurate with the expected life of options. The expected
life is based on historical experience. Stock option expense is recognized in the
consolidated condensed statements of operations ratably over the vesting period based on the
number of options that are expected to ultimately vest.

Under the 2004 Non-Employee Directors Stock Option Plan, the Amended and Restated 2004 Stock
Incentive Plan, and other specific agreements, 1,135,437 options to purchase shares were
issued and outstanding as of June 30, 2010. In addition, as of June 30, 2010, 430,050
restricted shares were outstanding, of which 333,188 shares have vesting determined in 2010,
2011, 2012 and 2013 based on performance targets related to return on invested operating
capital with the remaining 96,862 shares vesting ratably over the three years ending June
2013.

The Company granted 203,373 stock options and 117,278 restricted shares in the six month
periods ended June 30, 2010 to various salaried employees. All of the option shares and
96,862 restricted shares are time-based and will vest ratably over three years beginning on
the first anniversary of the grant date. The remaining 20,416 restricted shares will vest if
established performance targets related to return on invested operating capital are achieved
for the 5 year periods ending December 31, 2013.

Non-qualified options for 732 shares were exercised in the six month periods ended June 30,
2010. The fair value of options vested during the six month period ended June 30, 2010 was
$1.40.

At June 30, 2010, the total stock-based compensation cost related to non-vested awards not
yet recognized is approximately $1,997 and the weighted average period over which this amount
is expected to be recognized is approximately 2.3 years.

In summary, changes in stock options during the six months ended June 30, 2010 were as
follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Weighted-	 	 	 	 
	 	 	 	 	 	 	Weighted	 	 	Average	 	 	 	 
	 	 	 	 	 	 	Average	 	 	Remaining	 	 	Aggregate	 
	 	 	 	 	 	 	Exercise	 	 	Contractual	 	 	Intrinsic	 
	Total Employee and Director Stock Options	 	Shares	 	 	Price	 	 	Term	 	 	Value	 
	Options outstanding at January 1, 2010
	 	 	1,190,578	 	 	$	12.72	 	 	 	 	 	 	 	 	 
	Granted
	 	 	203,373	 	 	$	7.79	 	 	 	 	 	 	 	 	 
	Exercised
	 	 	(732	)	 	$	4.98	 	 	 	 	 	 	 	 	 
	Forfeited or expired
	 	 	(257,782	)	 	$	14.59	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Options outstanding at June 30, 2010
	 	 	1,135,437	 	 	$	11.41	 	 	 	5.2	 	 	$	1,235	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Vested options exercisable at June 30, 2010
	 	 	653,353	 	 	$	12.86	 	 	 	4.5	 	 	$	213	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Non-Vested Stock Options
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Non-vested options outstanding at January 1, 2010
	 	 	538,604	 	 	 	 	 	 	 	 	 	 	 	 	 
	Granted
	 	 	203,373	 	 	 	 	 	 	 	 	 	 	 	 	 
	Vested
	 	 	(22,677	)	 	 	 	 	 	 	 	 	 	 	 	 
	Forfeited or expired
	 	 	(237,216	)	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Non-vested options outstanding at June 30, 2010
	 	 	482,084	 	 	$	9.45	 	 	 	6.7	 	 	$	1,022	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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12. Earnings (Loss) Per Share

The calculation of net income (loss) per share follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended June 30,	 	 	Six Months Ended June 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Numerator:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) applicable to common shares
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Continuing operations
	 	$	2,571	 	 	$	582	 	 	$	4,867	 	 	$	(1,914	)
	Discontinued operations
	 	$	—	 	 	$	1,933	 	 	$	—	 	 	$	1,933	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income
	 	$	2,571	 	 	$	2,515	 	 	$	4,867	 	 	$	19	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Denominator:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted average shares for basic earnings per share
	 	 	13,546,309	 	 	 	13,527,105	 	 	 	13,544,579	 	 	 	13,520,168	 
	Dilutive effect of stock options and restrictive shares
	 	 	191,926	 	 	 	94,723	 	 	 	125,416	 	 	 	58,381	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted average shares for diluted earnings per share
	 	 	13,738,235	 	 	 	13,621,828	 	 	 	13,669,994	 	 	 	13,578,549	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Basic and diluted income (loss) per share amounts:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Continuing operations
	 	$	0.19	 	 	$	0.04	 	 	$	0.36	 	 	$	(0.14	)
	Discontinued operations
	 	$	—	 	 	$	0.14	 	 	$	—	 	 	$	0.14	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income per share
	 	$	0.19	 	 	$	0.18	 	 	$	0.36	 	 	$	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

The calculation of weighted average shares for the three and six months ended June 30, 2010
excludes common shares of 1.4 million and 1.5 million stock options and restricted stock,
respectively, because their effect was considered to be antidilutive or performance conditions
had not been satisfied. The calculation of weighted average shares for the three and six months
ended June 30, 2009 excludes common shares of 1.5 million and 1.5 million stock options and
restricted stock, respectively, for reasons noted above.

13. Employee Benefit Plans

Net periodic pension and other postretirement benefit costs include the following
components:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Pension Benefits	 	 	Other Postretirement Benefits	 
	 	 	Three Months Ended June 30,	 	 	Three Months Ended June 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Components of the net periodic benefit cost:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest Cost
	 	$	318	 	 	$	321	 	 	$	—	 	 	$	5	 
	Expected return on plan assets
	 	 	(279	)	 	 	(235	)	 	 	—	 	 	 	—	 
	Recognized (gain) loss
	 	 	146	 	 	 	161	 	 	 	(36	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net periodic benefit cost
	 	$	185	 	 	$	247	 	 	$	(36	)	 	$	5	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Pension Benefits	 	 	Other Postretirement Benefits	 
	 	 	Six Months Ended June 30,	 	 	Six Months Ended June 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Components of the net periodic benefit cost:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest Cost
	 	$	636	 	 	$	642	 	 	$	—	 	 	$	9	 
	Expected return on plan assets
	 	 	(558	)	 	 	(470	)	 	 	—	 	 	 	—	 
	Recognized (gain) loss
	 	 	292	 	 	 	322	 	 	 	(72	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net periodic benefit cost
	 	$	370	 	 	$	494	 	 	$	(72	)	 	$	9	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

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14. Segment Information

The Company’s continuing operations are comprised of several product lines manufactured and
sold in various geographic locations. The market channels and end users for products are
similar. The production processes are shared across the majority of the products.
Management evaluates performance and allocates resources on a combined basis and not as
separate business units or profit centers. Accordingly, management has concluded the Company
operates in one reportable segment.

Geographic Information

The reportable geographic regions are the Americas (United States, Canada, Mexico, Latin
America and South America), Europe/Middle East and Asia-Pacific. The following tables
provide summarized financial information concerning the Company’s geographic segments:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended June 30,	 	 	Six Months Ended June 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Net Sales:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Americas
	 	$	73,865	 	 	$	58,348	 	 	$	141,185	 	 	$	119,057	 
	Asia-Pacific
	 	 	28,451	 	 	 	21,269	 	 	 	51,786	 	 	 	37,572	 
	Europe/ Middle East
	 	 	6,280	 	 	 	5,188	 	 	 	12,242	 	 	 	11,487	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	$	108,596	 	 	$	84,805	 	 	$	205,213	 	 	$	168,116	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

For all periods shown, U.S. sales comprised approximately 80% of Americas
sales, while Australia sales comprised approximately 80% of Asia Pacific sales.

	 	 	 	 	 	 	 	 	 
	 	 	June 30,	 	 	December 31,	 
	 	 	2010	 	 	2009
	Identifiable Assets
(excluding working capital
and intangibles):
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Americas
	 	$	39,445	 	 	$	40,365	 
	Asia-Pacific
	 	 	7,786	 	 	 	8,043	 
	Europe/Middle East
	 	 	1,421	 	 	 	1,844	 
	 
	 	 	 	 	 	 
	 
	 	$	48,652	 	 	$	50,252	 
	 
	 	 	 	 	 	 

Product Line Information

The Company sells a variety of products, substantially all of which are used by
manufacturing, construction and foundry operations to cut, join and reinforce steel, aluminum
and other metals in various applications including construction, oil, gas rig and pipeline
construction, repair and maintenance of manufacturing equipment, and shipbuilding. The
following table shows sales for each of the product lines:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended June 30,	 	 	Six Months Ended June 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Net sales:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gas equipment
	 	$	40,173	 	 	$	29,028	 	 	$	75,015	 	 	$	58,500	 
	Filler metals including hardfacing
	 	 	21,853	 	 	 	19,626	 	 	 	43,141	 	 	 	38,522	 
	Arc accessories including torches, related consumable parts and accessories
	 	 	18,601	 	 	 	14,656	 	 	 	34,359	 	 	 	29,963	 
	Plasma power supplies, torches and related consumable parts
	 	 	16,913	 	 	 	12,801	 	 	 	32,141	 	 	 	25,831	 
	Welding equipment
	 	 	11,056	 	 	 	8,694	 	 	 	20,557	 	 	 	15,300	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	$	108,596	 	 	$	84,805	 	 	$	205,213	 	 	$	168,116	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

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15. Restructuring and Other Charges

In the first quarter of 2009, the Company offered a voluntary retirement program in which
approximately 50 employees elected to participate, reducing annual compensation and benefit
costs by approximately $3,100. The Company accrued restructuring charges of $1,300 in
separation pay and COBRA benefits payable under the program. The amounts were substantially
paid through August 2009.

16. Condensed Consolidating Financial Statements

Certain of the Company’s wholly owned subsidiaries (“Guarantor Subsidiaries”) fully and
unconditionally provided guarantees under the Company’s various borrowing arrangements and
are jointly and severally liable for certain payments under these agreements. Each of the
Guarantor Subsidiaries is wholly owned by the Company.

The following financial information as of June 30, 2010, December 31, 2009, and June 30,
2009 presents guarantors and non-guarantors, in accordance with Rule 3-10 of Regulation S-X.
The condensed consolidating financial information includes the accounts of the Company,
which has no independent assets or operations, the combined accounts of the Guarantor
Subsidiaries and the combined accounts of the non-guarantor subsidiaries for the periods
indicated. Separate financial statements of each of the Guarantor Subsidiaries are not
presented because management has determined such information is not material in assessing
the financial condition, cash flows or results of operations of the Company and its
subsidiaries. This information was prepared on the same basis as the consolidated financial
statements.

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

JUNE 30, 2010

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	ASSETS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Assets:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash and cash equivalents
	 	$	—	 	 	$	9,633	 	 	$	3,275	 	 	$	—	 	 	$	12,908	 
	Accounts receivable, net
	 	 	—	 	 	 	57,780	 	 	 	7,158	 	 	 	—	 	 	 	64,938	 
	Inventories
	 	 	—	 	 	 	71,745	 	 	 	8,623	 	 	 	—	 	 	 	80,368	 
	Prepaid expenses and other
	 	 	—	 	 	 	6,803	 	 	 	2,161	 	 	 	—	 	 	 	8,964	 
	Deferred tax assets
	 	 	—	 	 	 	3,008	 	 	 	—	 	 	 	—	 	 	 	3,008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current assets
	 	 	—	 	 	 	148,969	 	 	 	21,217	 	 	 	—	 	 	 	170,186	 
	Property, plant and equipment, net
	 	 	—	 	 	 	42,769	 	 	 	3,118	 	 	 	—	 	 	 	45,887	 
	Goodwill
	 	 	—	 	 	 	186,334	 	 	 	—	 	 	 	—	 	 	 	186,334	 
	Intangibles, net
	 	 	—	 	 	 	50,490	 	 	 	6,857	 	 	 	—	 	 	 	57,347	 
	Other assets
	 	 	1,771	 	 	 	5,525	 	 	 	—	 	 	 	(4,224	)	 	 	3,072	 
	Investment in and advances to subsidiaries
	 	 	240,716	 	 	 	—	 	 	 	—	 	 	 	(240,716	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total assets
	 	$	242,487	 	 	$	434,087	 	 	$	31,192	 	 	$	(244,940	)	 	$	462,826	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Liabilities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Working capital facility
	 	$	—	 	 	$	9,662	 	 	$	—	 	 	$	—	 	 	$	9,662	 
	Current maturities of long-term obligations
	 	 	463	 	 	 	2,415	 	 	 	202	 	 	 	—	 	 	 	3,080	 
	Accounts payable
	 	 	—	 	 	 	27,581	 	 	 	5,313	 	 	 	—	 	 	 	32,894	 
	Accrued and other liabilities
	 	 	—	 	 	 	27,585	 	 	 	3,405	 	 	 	—	 	 	 	30,990	 
	Accrued interest
	 	 	8,257	 	 	 	88	 	 	 	—	 	 	 	—	 	 	 	8,345	 
	Income taxes payable
	 	 	—	 	 	 	2,583	 	 	 	112	 	 	 	—	 	 	 	2,695	 
	Deferred tax liabilities
	 	 	—	 	 	 	2,793	 	 	 	—	 	 	 	—	 	 	 	2,793	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current liabilities
	 	 	8,720	 	 	 	72,707	 	 	 	9,032	 	 	 	—	 	 	 	90,459	 
	Long-term obligations, less current maturities
	 	 	172,327	 	 	 	7,212	 	 	 	394	 	 	 	—	 	 	 	179,933	 
	Deferred tax liabilities
	 	 	—	 	 	 	49,059	 	 	 	—	 	 	 	—	 	 	 	49,059	 
	Other long-term liabilities
	 	 	1,195	 	 	 	10,870	 	 	 	564	 	 	 	—	 	 	 	12,629	 
	Shareholders’ equity (deficit):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Common stock
	 	 	135	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	135	 
	Additional paid-in-capital
	 	 	189,085	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	189,085	 
	Accumulated deficit
	 	 	(60,196	)	 	 	68,768	 	 	 	(66,215	)	 	 	(2,553	)	 	 	(60,196	)
	Accumulated other comprehensive income
(loss)
	 	 	1,722	 	 	 	(30,439	)	 	 	(9,207	)	 	 	39,646	 	 	 	1,722	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total shareholders’ equity (deficit)
	 	 	130,746	 	 	 	38,329	 	 	 	(75,422	)	 	 	37,093	 	 	 	130,746	 
	Net equity (deficit) and advances to / from subsidiaries
	 	 	(70,501	)	 	 	255,910	 	 	 	96,624	 	 	 	(282,033	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total liabilities and shareholders’ equity (deficit)
	 	$	242,487	 	 	$	434,087	 	 	$	31,192	 	 	$	(244,940	)	 	$	462,826	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2009

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	ASSETS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Assets:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash and cash equivalents
	 	$	—	 	 	$	11,740	 	 	$	3,146	 	 	$	—	 	 	$	14,886	 
	Accounts receivable, net
	 	 	—	 	 	 	50,422	 	 	 	6,167	 	 	 	—	 	 	 	56,589	 
	Inventories
	 	 	—	 	 	 	66,205	 	 	 	8,176	 	 	 	—	 	 	 	74,381	 
	Prepaid expenses and other
	 	 	—	 	 	 	7,714	 	 	 	1,541	 	 	 	—	 	 	 	9,255	 
	Deferred tax assets
	 	 	—	 	 	 	3,008	 	 	 	—	 	 	 	—	 	 	 	3,008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current assets
	 	 	—	 	 	 	139,089	 	 	 	19,030	 	 	 	—	 	 	 	158,119	 
	Property, plant and equipment, net
	 	 	—	 	 	 	43,233	 	 	 	3,454	 	 	 	—	 	 	 	46,687	 
	Goodwill
	 	 	—	 	 	 	187,818	 	 	 	—	 	 	 	—	 	 	 	187,818	 
	Intangibles, net
	 	 	—	 	 	 	50,737	 	 	 	7,714	 	 	 	—	 	 	 	58,451	 
	Other assets
	 	 	2,019	 	 	 	1,851	 	 	 	—	 	 	 	—	 	 	 	3,870	 
	Investment in and advances to subsidiaries
	 	 	225,881	 	 	 	—	 	 	 	—	 	 	 	(225,881	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total assets
	 	$	227,900	 	 	$	422,728	 	 	$	30,198	 	 	$	(225,881	)	 	$	454,945	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Liabilities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Working capital facility
	 	$	—	 	 	$	9,643	 	 	$	—	 	 	$	—	 	 	$	9,643	 
	Current maturities of long-term obligations
	 	 	463	 	 	 	8,239	 	 	 	213	 	 	 	—	 	 	 	8,915	 
	Accounts payable
	 	 	—	 	 	 	6,953	 	 	 	2,645	 	 	 	—	 	 	 	9,598	 
	Accrued and other liabilities
	 	 	—	 	 	 	19,275	 	 	 	3,844	 	 	 	—	 	 	 	23,119	 
	Accrued interest
	 	 	7,527	 	 	 	81	 	 	 	—	 	 	 	—	 	 	 	7,608	 
	Income taxes payable
	 	 	—	 	 	 	896	 	 	 	(191	)	 	 	—	 	 	 	705	 
	Deferred tax liabilities
	 	 	—	 	 	 	2,793	 	 	 	—	 	 	 	—	 	 	 	2,793	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current liabilities
	 	 	7,990	 	 	 	47,880	 	 	 	6,511	 	 	 	—	 	 	 	62,381	 
	Long-term obligations, less current maturities
	 	 	172,327	 	 	 	25,569	 	 	 	570	 	 	 	—	 	 	 	198,466	 
	Deferred tax liabilities
	 	 	—	 	 	 	52,835	 	 	 	—	 	 	 	—	 	 	 	52,835	 
	Other long-term liabilities
	 	 	1,426	 	 	 	11,430	 	 	 	615	 	 	 	—	 	 	 	13,471	 
	Shareholders’ equity (deficit):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Common stock
	 	 	135	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	135	 
	Additional paid-in-capital
	 	 	188,791	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	188,791	 
	Accumulated deficit
	 	 	(65,062	)	 	 	54,870	 	 	 	(67,783	)	 	 	12,912	 	 	 	(65,063	)
	Accumulated other comprehensive income
(loss)
	 	 	3,929	 	 	 	(22,636	)	 	 	(6,312	)	 	 	28,948	 	 	 	3,929	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total shareholders’ equity (deficit)
	 	 	127,793	 	 	 	32,234	 	 	 	(74,095	)	 	 	41,860	 	 	 	127,792	 
	Net equity (deficit) and advances to / from subsidiaries
	 	 	(81,636	)	 	 	252,780	 	 	 	96,597	 	 	 	(267,741	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total liabilities and shareholders’ equity (deficit)
	 	$	227,900	 	 	$	422,728	 	 	$	30,198	 	 	$	(225,881	)	 	$	454,945	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2010

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Net sales
	 	$	—	 	 	$	117,738	 	 	$	10,902	 	 	$	(20,044	)	 	$	108,596	 
	Cost of goods sold
	 	 	—	 	 	 	83,854	 	 	 	7,419	 	 	 	(19,908	)	 	 	71,365	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	—	 	 	 	33,884	 	 	 	3,483	 	 	 	(136	)	 	 	37,231	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	231	 	 	 	23,164	 	 	 	1,687	 	 	 	—	 	 	 	25,082	 
	Amortization of intangibles
	 	 	—	 	 	 	680	 	 	 	—	 	 	 	—	 	 	 	680	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income (loss)
	 	 	(231	)	 	 	10,040	 	 	 	1,796	 	 	 	(136	)	 	 	11,469	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expenses):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(4,839	)	 	 	(1,090	)	 	 	(10	)	 	 	—	 	 	 	(5,939	)
	Amortization of deferred financing costs
	 	 	(124	)	 	 	(127	)	 	 	—	 	 	 	—	 	 	 	(251	)
	Equity in net income (loss) of subsidiaries
	 	 	7,765	 	 	 	—	 	 	 	—	 	 	 	(7,765	)	 	 	—	 
	Loss on debt extinguishment
	 	 	—	 	 	 	(1,867	)	 	 	—	 	 	 	—	 	 	 	(1,867	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income
tax provision
	 	 	2,571	 	 	 	6,956	 	 	 	1,786	 	 	 	(7,901	)	 	 	3,412	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax provision
	 	 	—	 	 	 	393	 	 	 	448	 	 	 	—	 	 	 	841	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss)
	 	$	2,571	 	 	$	6,563	 	 	$	1,338	 	 	$	(7,901	)	 	$	2,571	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2010

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Net sales
	 	$	—	 	 	$	223,956	 	 	$	19,864	 	 	$	(38,607	)	 	$	205,213	 
	Cost of goods sold
	 	 	—	 	 	 	160,064	 	 	 	13,778	 	 	 	(38,245	)	 	 	135,597	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	—	 	 	 	63,892	 	 	 	6,086	 	 	 	(362	)	 	 	69,616	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	248	 	 	 	42,789	 	 	 	3,812	 	 	 	—	 	 	 	46,849	 
	Amortization of intangibles
	 	 	—	 	 	 	1,357	 	 	 	—	 	 	 	—	 	 	 	1,357	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income (loss)
	 	 	(248	)	 	 	19,746	 	 	 	2,274	 	 	 	(362	)	 	 	21,410	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expense):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(9,741	)	 	 	(2,489	)	 	 	(45	)	 	 	—	 	 	 	(12,275	)
	Amortization of deferred financing costs
	 	 	(247	)	 	 	(268	)	 	 	—	 	 	 	—	 	 	 	(515	)
	Equity in net income (loss) of subsidiaries
	 	 	15,103	 	 	 	—	 	 	 	—	 	 	 	(15,103	)	 	 	—	 
	Loss on debt extinguishment
	 	 	—	 	 	 	(1,867	)	 	 	—	 	 	 	—	 	 	 	(1,867	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income
tax provision
	 	 	4,867	 	 	 	15,122	 	 	 	2,229	 	 	 	(15,465	)	 	 	6,753	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax provision
	 	 	—	 	 	 	1,224	 	 	 	662	 	 	 	—	 	 	 	1,886	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss)
	 	$	4,867	 	 	$	13,898	 	 	$	1,567	 	 	$	(15,465	)	 	$	4,867	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2009

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Net sales
	 	$	—	 	 	$	92,513	 	 	$	7,220	 	 	$	(14,928	)	 	$	84,805	 
	Cost of goods sold
	 	 	—	 	 	 	69,223	 	 	 	5,707	 	 	 	(15,070	)	 	 	59,860	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	—	 	 	 	23,290	 	 	 	1,513	 	 	 	142	 	 	 	24,945	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	(66	)	 	 	16,659	 	 	 	1,675	 	 	 	—	 	 	 	18,268	 
	Amortization of intangibles
	 	 	—	 	 	 	673	 	 	 	(1	)	 	 	—	 	 	 	672	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income (loss)
	 	 	66	 	 	 	5,958	 	 	 	(161	)	 	 	142	 	 	 	6,005	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expenses):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(4,259	)	 	 	(636	)	 	 	(16	)	 	 	—	 	 	 	(4,911	)
	Amortization of deferred financing costs
	 	 	(125	)	 	 	(112	)	 	 	—	 	 	 	—	 	 	 	(237	)
	Equity in net income (loss) of subsidiaries
	 	 	6,833	 	 	 	—	 	 	 	—	 	 	 	(6,833	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income
tax provision and discontinued operations
	 	 	2,515	 	 	 	5,210	 	 	 	(177	)	 	 	(6,691	)	 	 	857	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax provision
	 	 	—	 	 	 	201	 	 	 	74	 	 	 	—	 	 	 	275	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations
	 	 	2,515	 	 	 	5,009	 	 	 	(251	)	 	 	(6,691	)	 	 	582	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loss from discontinued operations, net of tax
	 	 	—	 	 	 	—	 	 	 	1,933	 	 	 	—	 	 	 	1,933	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss)
	 	$	2,515	 	 	$	5,009	 	 	$	1,682	 	 	$	(6,691	)	 	$	2,515	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2009

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Net sales
	 	$	—	 	 	$	182,538	 	 	$	12,817	 	 	$	(27,239	)	 	$	168,116	 
	Cost of goods sold
	 	 	—	 	 	 	138,869	 	 	 	10,290	 	 	 	(27,348	)	 	 	121,811	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	—	 	 	 	43,669	 	 	 	2,527	 	 	 	109	 	 	 	46,305	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	(668	)	 	 	35,418	 	 	 	2,960	 	 	 	—	 	 	 	37,710	 
	Amortization of intangibles
	 	 	—	 	 	 	1,344	 	 	 	(1	)	 	 	—	 	 	 	1,343	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income (loss)
	 	 	668	 	 	 	6,907	 	 	 	(432	)	 	 	109	 	 	 	7,252	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expense):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(8,242	)	 	 	(1,274	)	 	 	(28	)	 	 	—	 	 	 	(9,544	)
	Amortization of deferred financing costs
	 	 	(250	)	 	 	(223	)	 	 	—	 	 	 	—	 	 	 	(473	)
	Equity in net income (loss) of subsidiaries
	 	 	7,843	 	 	 	—	 	 	 	—	 	 	 	(7,843	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income
tax provision and discontinued operations
	 	 	19	 	 	 	5,410	 	 	 	(460	)	 	 	(7,734	)	 	 	(2,765	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax provision
	 	 	—	 	 	 	(1,041	)	 	 	190	 	 	 	—	 	 	 	(851	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations
	 	 	19	 	 	 	6,451	 	 	 	(650	)	 	 	(7,734	)	 	 	(1,914	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loss from discontinued operations, net of tax
	 	 	—	 	 	 	—	 	 	 	1,933	 	 	 	—	 	 	 	1,933	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss)
	 	$	19	 	 	$	6,451	 	 	$	1,283	 	 	$	(7,734	)	 	$	19	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2010

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Cash flows from continuing operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) operating activities
	 	$	5,861	 	 	$	35,021	 	 	$	3,428	 	 	$	(15,465	)	 	$	28,845	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from investing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Capital expenditures
	 	 	—	 	 	 	(4,217	)	 	 	(257	)	 	 	—	 	 	 	(4,474	)
	Other
	 	 	—	 	 	 	—	 	 	 	(253	)	 	 	—	 	 	 	(253	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash used in investing activities
	 	 	—	 	 	 	(4,217	)	 	 	(510	)	 	 	—	 	 	 	(4,727	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from financing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Borrowings under Working Capital Facility
	 	 	—	 	 	 	1,161	 	 	 	—	 	 	 	—	 	 	 	1,161	 
	Repayments under Working Capital Facility
	 	 	—	 	 	 	(1,142	)	 	 	—	 	 	 	—	 	 	 	(1,142	)
	Borrowings of Second-Lien Facility and other
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Repayments of Second-Lien Facility and other
	 	 	—	 	 	 	(25,656	)	 	 	(75	)	 	 	—	 	 	 	(25,731	)
	Exercise of employee stock purchases
	 	 	46	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	46	 
	Advances to / from discontinued operations
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Termination payment from derivative counterparty
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Changes in net equity
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	 	 
	Other
	 	 	(5,907	)	 	 	(6,995	)	 	 	(2,563	)	 	 	15,465	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) financing activities
	 	 	(5,861	)	 	 	(32,632	)	 	 	(2,638	)	 	 	15,465	 	 	 	(25,666	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effect of exchange rate changes on cash and cash equivalents
	 	 	—	 	 	 	(279	)	 	 	(151	)	 	 	—	 	 	 	(430	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) continuing operations
	 	 	—	 	 	 	(2,107	)	 	 	129	 	 	 	—	 	 	 	(1,978	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total increase (decrease) in cash and cash equivalents
	 	 	—	 	 	 	(2,107	)	 	 	129	 	 	 	—	 	 	 	(1,978	)
	Total cash and cash equivalents beginning of period
	 	 	—	 	 	 	11,740	 	 	 	3,146	 	 	 	—	 	 	 	14,886	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total cash and cash equivalents end of period
	 	$	—	 	 	$	9,633	 	 	$	3,275	 	 	$	—	 	 	$	12,908	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2009

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Cash flows from continuing operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) operating activities
	 	$	(332	)	 	$	27,443	 	 	$	1,886	 	 	$	(7,734	)	 	$	21,263	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from investing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Capital expenditures
	 	 	—	 	 	 	(4,056	)	 	 	83	 	 	 	—	 	 	 	(3,973	)
	Other
	 	 	—	 	 	 	(155	)	 	 	21	 	 	 	—	 	 	 	(134	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) investing activities
	 	 	—	 	 	 	(4,211	)	 	 	104	 	 	 	—	 	 	 	(4,107	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from financing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Borrowings under Working Capital Facility
	 	 	—	 	 	 	8,923	 	 	 	—	 	 	 	—	 	 	 	8,923	 
	Repayments under Working Capital Facility
	 	 	—	 	 	 	(29,388	)	 	 	—	 	 	 	—	 	 	 	(29,388	)
	Borrowings of other debt
	 	 	—	 	 	 	75	 	 	 	—	 	 	 	—	 	 	 	75	 
	Repayments of other debt
	 	 	—	 	 	 	(235	)	 	 	—	 	 	 	—	 	 	 	(235	)
	Changes in net equity and advances to / from
discontinued operations
	 	 	(2,710	)	 	 	(2,576	)	 	 	(515	)	 	 	7,734	 	 	 	1,933	 
	Other
	 	 	3,042	 	 	 	(1,111	)	 	 	(154	)	 	 	—	 	 	 	1,777	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) financing activities
	 	 	332	 	 	 	(24,312	)	 	 	(669	)	 	 	7,734	 	 	 	(16,915	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effect of exchange rate changes on cash and cash equivalents
	 	 	—	 	 	 	861	 	 	 	44	 	 	 	—	 	 	 	905	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) continuing operations
	 	 	—	 	 	 	(219	)	 	 	1,365	 	 	 	—	 	 	 	1,146	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash used in discontinued operations
	 	 	—	 	 	 	1,954	 	 	 	(2,322	)	 	 	—	 	 	 	(368	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total increase (decrease) in cash and cash equivalents
	 	 	—	 	 	 	1,735	 	 	 	(957	)	 	 	—	 	 	 	778	 
	Total cash and cash equivalents beginning of period
	 	 	—	 	 	 	6,301	 	 	 	6,200	 	 	 	—	 	 	 	12,501	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total cash and cash equivalents end of period
	 	$	—	 	 	$	8,036	 	 	$	5,243	 	 	$	—	 	 	$	13,279	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Stock compensation expense was reclassified from financing activities to operating activities for period shown.

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Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

We are a leading global designer and manufacturer of gas and arc cutting and welding products,
including equipment, accessories and consumables. Our products are used by manufacturing,
construction, fabrication and foundry operations to cut, join and reinforce steel, aluminum and
other metals. We design, manufacture and sell products in five principal categories: (1) gas
equipment; (2) filler materials, including hardfacing; (3) arc accessories, including torches,
guns, related consumable parts and accessories; (4) plasma power supplies, torches and related
consumable parts; and (5) welding equipment. We operate our business in one reportable segment.
Our products are sold domestically primarily through industrial welding distributors, retailers and
wholesalers. Internationally, we sell our products through our sales force, independent
distributors and wholesalers. Our operating profit is affected by the mix of our products sold
during a period as margins vary between torches, guns, power supplies, consumables and replacement
parts.

Demand for our products is highly cyclical because many of the end-users of our products are
themselves in highly cyclical industries, such as commercial construction, steel shipbuilding,
petrochemical construction and general manufacturing. The demand for our products and, therefore,
our results of operations are directly related to the level of production in these end-user
industries.

Our manufacturing costs, particularly raw material costs, are one of the key determinants in
achieving future success in the marketplace and profitability. Principal raw materials used are
copper, brass, steel and plastic, which are widely available and need not be specifically
manufactured for our use. Certain other raw materials used in our hardfacing products, such as
cobalt and chromium, are available primarily from sources outside the United States. Historically,
we have been able to obtain adequate supplies of raw materials at acceptable prices. We typically
maintain purchase commitments with respect to a portion of our material purchases for purchase
volumes of three to six months. At times, pricing and supply can be volatile due to a number of
factors beyond our control, including global demand, general economic and political conditions,
mine closures and labor unrest in various countries, activities in the financial commodity markets,
labor costs, competition, import duties and tariffs and currency exchange rates. This volatility
can significantly affect our raw material costs. An environment of volatile raw material prices
and competitive conditions can adversely affect our profitability if we fail to adjust pricing in
concert with changes in material costs.

Cautionary Statement Concerning Forward-looking Statements

The statements in this Quarterly Report on Form 10-Q that relate to future plans, events or
performance are forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation
Reform Act of 1995, including statements regarding our future prospects. These statements may be
identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,”
“continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will” and similar expressions
that relate to future events and occurrences. Actual results could differ materially due to a
variety of factors and the other risks described in this Quarterly Report and the other documents
we file from time to time with the Securities and Exchange Commission. Factors that could cause
actual results to differ materially from those expressed or implied in such statements include, but
are not limited to, the following and those discussed under the Risk Factors section of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2009: (a) the impact of uncertain
global economic conditions on our business and those of our customers, (b) the cost and
availability of raw materials, (c) operational and financial developments and restrictions
affecting our international sales and operations, (d) the impact of currency fluctuations, exchange
controls, and devaluations, (e) the impact of a change of control under our debt instruments and
potential limits on our ability to use net operating loss carryforwards, (f) consolidation within
our customer base and the resulting increased concentration of our sales, (g) actions taken by our
competitors that affect our ability to retain our customers, (h) the effectiveness of our cost
reduction initiatives in our continuous improvement program, (i) our ability to meet customer needs
by introducing new and enhanced products, (j) our ability to adequately enforce or protect our
intellectual property rights, (k) the detrimental cash flow impact of increasing interest rates and
our ability to comply with financial covenants in our debt instruments, (l) disruptions in the
credit markets, (m) the impact of the sale of a large number of shares of our common stock on the
market price of our stock, (n) our relationships with our employees and our ability to retain and
attract qualified personnel, (o) liabilities arising from litigation, including product liability
risks, and (p) the costs of compliance with and liabilities arising under environmental laws and

23

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regulations. Readers are cautioned not to place undue reliance on any forward-looking statements
contained herein, which speak only as of the date hereof and are not guarantees of performance or
results. We undertake no obligation to publicly release the result of any revisions to these
forward-looking statements that may be made to reflect events or circumstances after the date
hereof or that reflect the occurrence of unanticipated events. For a more complete discussion of
factors that may affect future results, see the “Risk Factors” section in our Annual Report on Form
10-K for the year ended December 31, 2009.

Key Indicators

Key economic measures relevant to our business include steel consumption, industrial production
trends and purchasing manager indices. Industries that we believe provide a reasonable indication
of demand for our products include construction and transportation, mining, oil and gas
exploration, metal fabrication, farm machinery, railcar manufacturing and shipbuilding. The trends
in these industries provide important data to us in forecasting our business. Indicators with a
more direct relationship to our business that might provide a forward-looking view of market
conditions and demand for our products are not available.

Key performance measurements we use to manage the business include orders, sales, commodity cost
trends, operating expenses and efficiencies, inventory levels and fill-rates. The timing of these
measurements varies, but may be daily, weekly or monthly depending on the need for management
information and the availability of data.

Key financial measurements we use to evaluate the results of our business as well as the operations
of our individual units include customer order levels and mix, sales order profitability,
production volumes and variances, gross profit margin, selling, general and administrative
expenses, earnings before interest, taxes, and depreciation and amortization, operating cash flows,
capital expenditures and controllable working capital. We define controllable working capital as
accounts receivable, inventory and accounts payable. These measurements are reviewed monthly,
quarterly and annually and are compared with historical periods, as well as objectives that are
established by management and approved by our Board of Directors.

RESULTS OF OPERATIONS

The following is a discussion of the results of continuing operations for the three and six months
ended June 30, 2010, and 2009.

Net sales

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended June 30,	 	 	 	 	 	 	Six Months Ended June 30,	 	 	 	 
	(Dollars in thousands)	 	2010	 	 	2009	 	 	% Change	 	 	2010	 	 	2009	 	 	% Change	 
	Net sales summary:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	U.S.
	 	$	58,706	 	 	$	47,553	 	 	 	23.5	%	 	$	111,626	 	 	$	98,004	 	 	 	13.9	%
	International
	 	 	49,890	 	 	 	37,252	 	 	 	33.9	%	 	 	93,587	 	 	 	70,112	 	 	 	33.5	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Consolidated
	 	$	108,596	 	 	$	84,805	 	 	 	28.1	%	 	$	205,213	 	 	$	168,116	 	 	 	22.1	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Net sales for the three months ended June 30, 2010 increased $23.8 million as compared to the same
period in 2009 with approximately $20.7 million from increased demand across all product lines and
$3.1 million due to foreign currency translation. The company executed a price increase in June
2010 which had an immaterial impact to the three months ended June 30, 2010.

Net sales for the six months ended June 30, 2010 increased $37.1 million as compared to the same
period in 2009 with approximately $28.8 million from increased demand across all product lines and
$8.3 million due to foreign currency translation. The company executed a price increase in June
2010 which had an immaterial impact to the six months ended June 30, 2010.

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Gross margin

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended June 30,	 	 	 	 	 	 	Six Months Ended June 30,	 	 	 	 
	(Dollars in thousands)	 	2010	 	 	2009	 	 	% Change	 	 	2010	 	 	2009	 	 	% Change	 
	Gross margin
	 	$	37,231	 	 	$	24,945	 	 	 	49.3	%	 	$	69,616	 	 	$	46,305	 	 	 	50.3	%
	Gross margin as a percent of net sales
	 	 	34.3	%	 	 	29.4	%	 	 	 	 	 	 	33.9	%	 	 	27.5	%	 	 	 	 

For the three and six months ended June 30, 2010, gross margin as a percent of sales increased as
compared to the same period in 2009 primarily due to the beneficial impact of manufacturing
efficiencies arising from the increased volumes of activity in 2010.

Selling, general and administrative expenses

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended June 30,	 	 	 	 	 	 	Six Months Ended June 30,	 	 	 	 
	(Dollars in thousands)	 	2010	 	 	2009	 	 	% Change	 	 	2010	 	 	2009	 	 	% Change	 
	Selling, general and
administrative expenses
	 	$	25,082	 	 	$	18,268	 	 	 	37.3	%	 	$	46,849	 	 	$	37,710	 	 	 	24.2	%
	SG&A as a percent of net sales
	 	 	23.1	%	 	 	21.5	%	 	 	 	 	 	 	22.8	%	 	 	22.4	%	 	 	 	 

For the three months ended June 30, 2010, SG&A expenses include $3.3 million for performance based
compensation expense, consisting of sales commissions, incentive compensation, and stock
compensation in excess of amounts in the comparable period of 2009. SG&A expenses in the second
quarter of 2010 are $0.2 million higher than the comparable period of 2009 due to losses arising
from foreign currency transactions. The Company incurred $3.3 million of increases in salaries,
selling, and administrative costs.

For the six months ended June 30, 2010, SG&A expenses include $5.3 million for performance based
compensation expense, consisting of sales commissions, incentive compensation, and stock
compensation in excess of amounts in the comparable period of 2009. SG&A expenses for the six
months ended June 30, 2010 are $0.5 million higher than the comparable period of 2009 due to losses
arising from foreign currency transactions. The Company incurred $3.3 million of increases in
salaries, selling, and administrative costs. SG&A expenses for the six months ended June 30, 2009
include $1.6 million of charges for severance amounts payable to employees who elected to
participate in an early retirement program offered by the Company. These charges were $1.2 million
in excess of severance charges incurred for the six months ended June 30, 2010. SG&A expenses for
the six months ended June 30, 2009 include a $1.2 million expense reduction from reversal of
previously accrued performance-based stock and incentive compensation.

Interest, net

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended June 30,	 	 	 	 	 	 	Six Months Ended June 30,	 	 	 	 
	(Dollars in thousands)	 	2010	 	 	2009	 	 	% Change	 	 	2010	 	 	2009	 	 	% Change	 
	Interest, net
	 	$	5,939	 	 	$	4,911	 	 	 	20.9	%	 	$	12,275	 	 	$	9,544	 	 	 	28.6	%

Interest expense for the three months ended June 30, 2010 was $5.9 million, increasing from $4.9
million for the three months ended June 30, 2009. The effective interest rate on senior debt
increased approximately 300 basis points to 11.8% due to the Special Interest adjustment of 2.25%
on the Senior Subordinated Notes as compared to 0.75% in the second quarter of 2009 and increased
interest under the Second Lien indebtedness refinanced in August 2009.

Interest expense for the six months ended June 30, 2010 was $12.3 million, increasing from $9.5
million for the six months ended June 30, 2009. The effective interest rate on senior debt
increased approximately 350 basis points to 11.9% due to the Special Interest adjustment of 2.25%
on the Senior Subordinated Notes as compared to 0.25% and 0.75%, respectively in the first and
second quarters of 2009 and increased interest under the Second Lien indebtedness refinanced in
August 2009.

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Loss on Debt Extinguishment

In the second quarter of 2010, the Company repaid $25 million of Second Lien indebtedness and
recorded a loss on debt extinguishment of $1.9 million, consisting of a $1.5 million write off of
unamortized original issue discount, $0.3 million write off of unamortized deferred financing fees,
and prepayment fees of $0.1 million.

Income tax provision (benefit)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended June 30,	 	 	 	 	 	Six Months Ended June 30,	 	 
	(Dollars in thousands)	 	2010	 	2009	 	% Change	 	2010	 	2009	 	% Change
	Income tax provision (benefit)

	 	$	841	 	 	$	275	 	 	 	205.8	%	 	$	1,886	 	 	$	(851	)	 	NM

For the 2010 second quarter, the effective income tax rate was 24.6% versus 32.1% in the comparable
prior year period. The change is primarily related to recovery of a
prior year’s income taxes in the amount of $0.2
million. For the first half of 2010, the effective income tax rate was 27.9% versus 30.8% in the
comparable period in 2009.

Discontinued Operations

Income from discontinued operations was $1.9 million during the second quarter of 2009 as a result
of the collection of a note receivable associated with the sale of the South African business. The
sale closed on May 25, 2007 with $13.8 million in net cash received at closing along with a note
due in May 2010 in the amount of 30 million South African Rand and bearing 14% interest payable.
In April 2009, the note was settled and the Company recorded a gain of $1.9 million in discontinued
operations. The Company also recorded $0.5 million of interest income in continuing operations
related to this transaction.

RECENT ACCOUNTING PRONOUNCEMENTS

The Company has determined that all recently issued accounting pronouncements will not have a
material impact on its consolidated financial position, results of operations and cash flows, or do
not apply to its operations.

LIQUIDITY AND CAPITAL RESOURCES

Our principal uses of cash are capital expenditures and debt repayment obligations, including
repayment of debt pursuant to the “Excess Cash Flow” provision of the Senior Subordinated Notes.
We expect that ongoing requirements for working capital, debt service, and additional equipment
purchases will be funded from operating cash flow and borrowings under the Working Capital
Facility.

The Company’s cash flows from continuing operations from operating, investing and financing
activities, as reflected in the Condensed Consolidated Statements of Cash Flows, are summarized in
the following table:

	 	 	 	 	 	 	 	 	 
	(Dollars in thousands)	 	Six Months Ended	 
	 	 	June 30,	 
	Net cash provided by (used in):	 	2010	 	 	2009	 
	Operating activities
	 	$	28,845	 	 	$	21,263	 
	Investing activities
	 	 	(4,727	)	 	 	(4,107	)
	Financing activities
	 	 	(25,666	)	 	 	(16,915	)
	Effect of exchange rates
	 	 	(430	)	 	 	905	 
	 
	 	 	 	 	 	 
	Cash provided
	 	$	(1,978	)	 	$	1,146	 
	 
	 	 	 	 	 	 

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Operating Activities

Cash provided by operating activities for the first six months of 2010 was $28.8 million compared
to the $21.3 million of cash provided during the same period in 2009. The change in operating
assets and liabilities provided $17.0 million of cash during the six months ended June 30, 2010
compared to the $19.5 million of cash provided in the six months ended June 30, 2009. The changes
in operating assets and liabilities, excluding foreign currency translation effects, included:

	 	•	 	Accounts receivable increased $9.5 million during the six months ended June 30, 2010 due
to increased sales, compared to the $18.0 million decrease during the same period in 2009
during which sales declined substantially.
	 
	 	•	 	Inventory increases used $6.8 million of cash through the first six months of 2010 due
to increased customer demand. Inventory declined in the first six months of 2009 due to
substantial declines in demand and provided $21.9 million of cash.
	 
	 	•	 	Accounts payable increased in the first six months of 2010 providing $23.4 million of
cash which includes the beneficial impact of approximately $14 million of early payment of
supplier invoices during the fourth quarter of 2009. These early payments reduced the cash
usage requirements in the first half of 2010. In the first half of 2009 accounts payable
were reduced, utilizing $9.8 million of cash. During 2009, the Company was paying vendors
for previous materials purchases while reducing new purchases in connection with reducing
inventory levels.
	 
	 	•	 	Accrued liabilities increased in the first six months of 2010, providing $11.0 million
of cash, due primarily to increases in incentive compensation, customer rebates and income
tax accruals. This amount is net of the $9.2 million for payment of the semi-annual
interest due on the Senior Subordinated Notes and accruals during the quarter for interest
and incentive compensation. During the first six months of 2009, accrued liabilities were
reduced by $11.3 million due to cash payment of employee severance, customer rebates,
incentive compensation and the $8.5 million of semi-annual interest due on the Senior
Subordinated Notes.

Investing Activities

Investing activities used $4.7 million of cash for the six months ended June 30, 2010 compared to
net cash used of $4.1 million for the first six months of 2009. Cash used in investing activities
in 2010 and 2009 primarily reflected capital expenditures for manufacturing equipment purchases.

Financing Activities

During the six months ended June 30, 2010, the Company repaid all $25 million of the Second Lien
indebtedness. For the same period in 2009, the Company had net repayment of $20.5 million under
the Working Capital Facility, which when combined with cash on hand and cash flow from operations,
were used to fund working capital and capital expenditures.

On February 23, 2010, the Company, Thermadyne Industries, Inc., their domestic subsidiaries and
certain of their foreign subsidiaries (together with the Company, the “Thermadyne Parties”) entered
into the Third Amendment to Third Amended and Restated Credit Agreement with General Electric
Capital Corporation as agent and lender (as amended, the “Amended GE Credit Agreement”) to, among
other things: (i) increase the permitted amount of foreign investments from $5 million to $10
million, subject to certain restrictions, including a $3 million limitation on investment in
non-affiliated foreign persons; and (ii) adjust the minimum quarterly Fixed Charge Coverage Ratio
requirements so as to compute such ratio as of March 31, 2010 and June 30, 2010 based on the
results for the six months and nine months then ended. For September 30, 2010 and for each calendar
quarter thereafter, the computation is based on the twelve month period then ending. The minimum
Fixed Charge Coverage Ratio required for all calendar quarters after December 31, 2009 is 1.10.

At June 30, 2010, $3.9 million of letters of credit were outstanding. Unused availability, net of
these letters of credit, was $39.9 million under the Working Capital Facility.

During the quarter, the Company voluntarily prepaid the $25.0 million principal balance outstanding
under the Second Lien Facility, plus accrued and unpaid interest on such amount as of that date.
The outstanding principal amount bore interest at 12% per annum and would have been due November
30, 2012. As a result of
the prepayment, the Second Lien Agreement has terminated and liens on the property and assets of
the Company and its

27

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subsidiaries thereunder have been released. The Company funded its prepayment
primarily with borrowings under its Working Capital Facility with GE, which currently holds first
liens on the property and assets of the Company and its subsidiaries.

We anticipate the Company to incur capital expenditure commitments of $15 to $18 million in 2010,
including $10 million to $12 million to expand existing manufacturing facilities. For the six
months ended June 30, 2010, we have incurred $4.5 million in capital expenditures.

At June 30, 2010, the Company was in compliance with its financial covenants. We believe the
Company has sufficient funding to satisfy its operating needs, to fulfill its current debt
repayment obligations, and to fund capital expenditure commitments.

The most restrictive financial covenant is the “fixed charge coverage” covenant under our Working
Capital Facility. This covenant requires EBITDA, as defined in the Amended GE Credit Agreement, to
be at least 1.10 of Fixed Charges, as defined. Failure to comply with our financial covenants in
future periods would result in defaults under our credit agreements unless covenants are amended or
non-compliance is waived. An event of default under our credit agreements, if not waived, could
result in the acceleration of these debt obligations and, consequently, our debt obligations under
our Senior Subordinated Notes.

			
	Item 3.	 	Quantitative and Qualitative Disclosures About Market Risk

Our primary financial market risk relates to fluctuations in currency exchange rates, commodity
price risks and interest rates.

We believe our exposure to transaction gains or losses resulting from changes in foreign currency
exchange rates are not material to our financial statements. Our sales are predominantly U.S.
dollar denominated. A portion of our sales reflect pound sterling versus Euro transactional risk
and the purchase of materials reflect U.S. dollar versus Euro transactional risk. Materials
purchases for our Asia Pacific region have Australian dollar versus U.S. dollar exchange risk which
we mitigate through forward U.S. dollar purchase contracts by our Australian operations.

Copper, brass and steel constitute a significant portion of our raw material costs. These
commodities are subject to price fluctuations which we may not be able to pass onto our customers.
When feasible, we attempt to establish fixed price commitments to provide stability in our cost.
Such commitments typically extend three to six months.

For a more complete discussion of factors that may affect future results, see the “Risk Factors”
section in our Annual Report on Form 10-K for the year ended December 31, 2009.

			
	Item 4.	 	Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s
President and Chief Financial Officer, carried out an evaluation of the effectiveness of the design
and operation of the Company’s disclosure controls and procedures as of June 30, 2010. Based upon
their evaluation, the Company’s President and Chief Financial Officer concluded that the Company’s
disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) are effective as of
that date to provide reasonable assurance that the information required to be disclosed by the
Company in the reports it files or submits under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the rules and forms of the SEC and
that information required to be disclosed by the Company in the reports it files or submits under
the Exchange Act is accumulated and communicated to the Company’s management, including its
President and Chief Financial Officer, as appropriate to allow timely decisions regarding required
disclosure. They have also determined in their evaluation that there was no change in the
Company’s internal controls over financial reporting that has materially affected or is reasonably
likely to materially affect the Company’s internal control over financial reporting.

28

Table of Contents

PART II. OTHER INFORMATION

			
	Item 1.	 	Legal Proceedings

The information contained in Note 10 — Contingencies to the Company’s condensed consolidated
financial statements is incorporated by reference herein.

			
	Item 6.	 	Exhibits

	 	 	 	 	 	 	 

	 

	 	*31.1
	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
	 

	 	*31.2
	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
	 

	 	*32.1
	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002. *
	 

	 	*32.2
	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002.*

 

			
	*	 	Filed herewith.

29

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION

 	 
	 	By:  	                         /s/ Steven A. Schumm
 	 
	 	 	Steven A. Schumm 	 
	 	 	Executive Vice President, Chief Financial and Administrative Officer

(Principal Financial and Accounting Officer) 	 
	 

Date: July 29, 2010

30

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THERMADYNE HOLDINGS CORPORATION

EXHIBIT INDEX

	 	 	 	 	 
	Exhibit No.	 	 	 	Exhibit
	*31.1

	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
	*31.2

	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
	*32.1

	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002. *
	*32.2

	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002.*

 

			
	*	 	Filed herewith.

31

Table of Contents

EXHIBIT 31.1

CERTIFICATIONS

I, Martin Quinn, certify that:

	1.	 	I have reviewed this quarterly report on Form 10-Q of Thermadyne Holdings Corporation;
	 
	2.	 	Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
	 
	3.	 	Based on my knowledge, the financial statements, and other financial information included in
the report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in the
report;
	 
	4.	 	The registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:

	 	a)	 	Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
	 
	 	b)	 	Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;
	 
	 	c)	 	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation; and
	 
	 	d)	 	Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the registrant’s most recent fiscal quarter (the registrants
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and

	5.	 	The registrant’s other certifying officers and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the
audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):

	 	a)	 	All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant’s ability to record, process, summarize and report financial information;
and
	 
	 	b)	 	Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant’s internal control over financial reporting.

	 	 	 	 	 
	 	 	 
	 	By:  	

/s/ Martin Quinn
 	 
	 	 	Martin Quinn
President

(Principal Executive Officer) 	 
	 

Date: July 29, 2010

Table of Contents

EXHIBIT 31.2

CERTIFICATIONS

I, Steven A. Schumm, certify that:

	1.	 	I have reviewed this quarterly report on Form 10-Q of Thermadyne Holdings Corporation;
	 
	2.	 	Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
	 
	3.	 	Based on my knowledge, the financial statements, and other financial information included in
the report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in the
report;
	 
	4.	 	The registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:

	 	a)	 	Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
	 
	 	b)	 	Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;
	 
	 	c)	 	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation;
	 
	 	d)	 	Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the registrant’s most recent fiscal quarter (the registrants
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and

	5.	 	The registrant’s other certifying officers and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the
audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):

	 	a)	 	All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant’s ability to record, process, summarize and report financial information;
and

	 	b)	 	Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant’s internal control over financial reporting.

	 	 	 	 	 
	 	 	 
	 	By:  	                         /s/ Steven A. Schumm
 	 
	 	 	Steven A. Schumm
Executive Vice President, Chief Financial and

Administrative Officer

(Principal Financial and Accounting Officer) 	 
	 

Date: July 29, 2010

Table of Contents

EXHIBIT 32.1

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     I, Martin Quinn, as President and Principal Executive Officer of Thermadyne Holdings
Corporation (the “Company”) certify, pursuant to 18 U.S.C. § 1350, as adopted by Section 906 of the
Sarbanes-Oxley Act of 2002, that to my knowledge:

     (1) the accompanying Form 10-Q for the period ended June 30, 2010 as filed with the U.S.
Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

     (2) the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.

	 	 	 	 	 
	 	 	 
	 	By:  	

/s/ Martin Quinn
 	 
	 	 	Martin Quinn
President

(Principal Executive Officer) 	 
	 

Date: July 29, 2010

Table of Contents

EXHIBIT 32.2

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     I, Steven A. Schumm, as Chief Financial Officer and Principal Financial Officer of Thermadyne
Holdings Corporation (the “Company”) certify, pursuant to 18 U.S.C. § 1350, as adopted by Section
906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

     (1) the accompanying Form 10-Q for the period ended June 30, 2010 as filed with the U.S.
Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

     (2) the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.

	 	 	 	 	 
	 	 	 
	 	By:  	

/s/ Steven A. Schumm
 	 
	 	 	Steven A. Schumm
Executive Vice President, Chief Financial and

Administrative Officer

(Principal Financial and Accounting Officer) 	 
	 

Date: July 29, 2010

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

	 	 	 
	þ 	 	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2010

OR

	 	 	 
	o 	 	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to

Commission file number 001-13023

Thermadyne Holdings Corporation

(Exact Name of Registrant as Specified in Its Charter)

	 	 	 

	Delaware

(State or Other Jurisdiction of 

Incorporation or Organization)
	 	74-2482571

(I.R.S. Employer Identification No.)
	 

	 	 

	16052 Swingley Ridge Road, Suite 300, 

Chesterfield, MO

(Address of Principal Executive Offices)
	 	63017

(Zip Code)

Registrant’s Telephone Number, Including Area Code (636) 728-3000

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

Yes þ   No o

Indicate by checkmark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period
that the registrant was required to submit and post such files).

Yes o   No þ

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See definition of “large accelerated
filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

	 	 	 	 	 	 	 

	Large accelerated filer o
	 	Accelerated filer o
	 	Non-accelerated filer o
	 	Smaller reporting company þ
	 
	 	 	 	(Do not check if a smaller reporting company)	 	 

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).

Yes o   No þ

The number of shares outstanding of the issuer’s common stock, par value $0.01 per share, on
October 26, 2010 was 13,556,563.

 

 

 

 

THERMADYNE HOLDINGS CORPORATION

INDEX

	 	 	 	 	 
	 	 	Page
	PART I — FINANCIAL INFORMATION
	 	 	 	 
	Item 1. Financial Statements
	 	 	 	 
	Condensed Consolidated Balance Sheets
	 	 	3	 
	Condensed Consolidated Statements of Operations
	 	 	4	 
	Condensed Consolidated Statements of Cash Flows
	 	 	5	 
	Notes to Condensed Consolidated Financial Statements
	 	 	6	 
	 
	 	 	 	 
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
	 	 	24	 
	 
	 	 	 	 
	Item 3. Quantitative and Qualitative Disclosures About Market Risk
	 	 	30	 
	 
	 	 	 	 
	Item 4. Controls and Procedures
	 	 	30	 
	 
	 	 	 	 
	PART II — OTHER INFORMATION
	 	 	 	 
	 
	 	 	 	 
	Item 1. Legal Proceedings
	 	 	31	 
	 
	 	 	 	 
	Item 1A. Risk Factors
	 	 	31	 
	 
	 	 	 	 
	Item 6. Exhibits
	 	 	32	 
	 
	 	 	 	 
	SIGNATURES
	 	 	33	 
	 
	EX - 31.1
	 	 	 	 
	EX - 31.2
	 	 	 	 
	EX - 32.1
	 	 	 	 
	EX - 32.2
	 	 	 	 

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.

THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

	 	 	 	 	 	 	 	 	 
	 	 	September 30,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	Current Assets:
	 	 	 	 	 	 	 	 
	Cash and cash equivalents
	 	$	11,345	 	 	$	14,886	 
	Accounts receivable, less allowance for doubtful accounts of
$500 and $400, respectively
	 	 	71,330	 	 	 	56,589	 
	Inventories
	 	 	86,139	 	 	 	74,381	 
	Prepaid expenses and other
	 	 	9,702	 	 	 	9,255	 
	Deferred tax assets
	 	 	3,008	 	 	 	3,008	 
	 
	 	 	 	 	 	 
	Total current assets
	 	 	181,524	 	 	 	158,119	 
	 
	 	 	 	 	 	 	 	 
	Property, plant and equipment, net of accumulated depreciation
of $62,374 and $55,082, respectively
	 	 	46,644	 	 	 	46,687	 
	Goodwill
	 	 	188,782	 	 	 	187,818	 
	Intangibles, net
	 	 	56,741	 	 	 	58,451	 
	Other assets
	 	 	2,835	 	 	 	3,870	 
	 
	 	 	 	 	 	 
	Total assets
	 	$	476,526	 	 	$	454,945	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Current Liabilities:
	 	 	 	 	 	 	 	 
	Working capital facility
	 	$	12,556	 	 	$	9,643	 
	Current maturities of long-term obligations
	 	 	2,905	 	 	 	8,915	 
	Accounts payable
	 	 	28,995	 	 	 	9,598	 
	Accrued and other liabilities
	 	 	37,317	 	 	 	23,119	 
	Accrued interest
	 	 	3,133	 	 	 	7,608	 
	Income taxes payable
	 	 	3,726	 	 	 	705	 
	Deferred tax liabilities
	 	 	2,793	 	 	 	2,793	 
	 
	 	 	 	 	 	 
	Total current liabilities
	 	 	91,425	 	 	 	62,381	 
	 
	 	 	 	 	 	 	 	 
	Long-term obligations, less current maturities
	 	 	179,505	 	 	 	198,466	 
	Deferred tax liabilities
	 	 	52,805	 	 	 	52,835	 
	Other long-term liabilities
	 	 	12,289	 	 	 	13,471	 
	Stockholders’ equity:
	 	 	 	 	 	 	 	 
	Common stock, $0.01 par value:
	 	 	 	 	 	 	 	 
	Authorized — 25,000,000 shares Issued
and outstanding — 13,552,073 shares at
September 30, 2010 and 13,539,998 shares
at December 31, 2009
	 	 	136	 	 	 	135	 
	Additional paid-in capital
	 	 	189,414	 	 	 	188,791	 
	Accumulated deficit
	 	 	(55,375	)	 	 	(65,063	)
	Accumulated other comprehensive income
	 	 	6,327	 	 	 	3,929	 
	 
	 	 	 	 	 	 
	Total shareholders’ equity
	 	 	140,502	 	 	 	127,792	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Total liabilities and shareholders’ equity
	 	$	476,526	 	 	$	454,945	 
	 
	 	 	 	 	 	 

See accompanying notes to condensed consolidated financial statements.

3

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Net sales
	 	$	106,483	 	 	$	89,501	 	 	$	311,696	 	 	$	257,617	 
	Cost of goods sold
	 	 	69,439	 	 	 	60,706	 	 	 	205,036	 	 	 	182,517	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	37,044	 	 	 	28,795	 	 	 	106,660	 	 	 	75,100	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	23,936	 	 	 	21,767	 	 	 	70,785	 	 	 	59,477	 
	Amortization of intangibles
	 	 	681	 	 	 	673	 	 	 	2,038	 	 	 	2,016	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income
	 	 	12,427	 	 	 	6,355	 	 	 	33,837	 	 	 	13,607	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expenses):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(4,995	)	 	 	(5,577	)	 	 	(17,270	)	 	 	(15,121	)
	Amortization of deferred financing costs
	 	 	(238	)	 	 	(276	)	 	 	(753	)	 	 	(749	)
	Settlement of retiree medical obligations
	 	 	—	 	 	 	5,863	 	 	 	—	 	 	 	5,863	 
	Loss on debt extinguishment
	 	 	—	 	 	 	—	 	 	 	(1,867	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income from continuing operations before income
tax provision and discontinued operations
	 	 	7,194	 	 	 	6,365	 	 	 	13,947	 	 	 	3,600	 
	Income tax provision
	 	 	2,373	 	 	 	2,639	 	 	 	4,259	 	 	 	1,788	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income from continuing operations
	 	$	4,821	 	 	$	3,726	 	 	$	9,688	 	 	$	1,812	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Income from discontinued operations, net of tax
	 	 	—	 	 	 	1,118	 	 	 	—	 	 	 	3,051	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income
	 	$	4,821	 	 	$	4,844	 	 	$	9,688	 	 	$	4,863	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Basic income per share
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Continuing operations
	 	$	0.36	 	 	$	0.27	 	 	$	0.72	 	 	$	0.13	 
	Discontinued operations
	 	 	—	 	 	 	0.09	 	 	 	—	 	 	 	0.23	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income
	 	$	0.36	 	 	$	0.36	 	 	$	0.72	 	 	$	0.36	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Diluted income per share:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Continuing operations
	 	$	0.35	 	 	$	0.27	 	 	$	0.71	 	 	$	0.13	 
	Discontinued operations
	 	 	—	 	 	 	0.08	 	 	 	—	 	 	 	0.22	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income
	 	$	0.35	 	 	$	0.35	 	 	$	0.71	 	 	$	0.35	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

See accompanying notes to condensed consolidated financial statements.

4

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	 	 	 	 	 	 	 	 	 
	 	 	Nine Months Ended September 30,	 
	 	 	2010	 	 	2009	 
	Cash flows from continuing operations:
	 	 	 	 	 	 	 	 
	Cash flows from operating activities:
	 	 	 	 	 	 	 	 
	Net income
	 	$	9,688	 	 	$	4,863	 
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	 	 	 	 	 	 	 	 
	Income from discontinued operations
	 	 	—	 	 	 	(3,051	)
	Depreciation and amortization
	 	 	10,067	 	 	 	9,601	 
	Deferred income taxes
	 	 	(1,266	)	 	 	(270	)
	Stock compensation expense (gain)
	 	 	522	 	 	 	(616	)
	Net periodic post-retirement benefits
	 	 	608	 	 	 	(6,055	)
	Loss on debt extinguishment
	 	 	1,867	 	 	 	—	 
	Changes in operating assets and liabilities:
	 	 	 	 	 	 	 	 
	Accounts receivable
	 	 	(13,231	)	 	 	18,598	 
	Inventories
	 	 	(10,062	)	 	 	28,774	 
	Prepaids
	 	 	(28	)	 	 	887	 
	Accounts payable
	 	 	18,066	 	 	 	(9,872	)
	Accrued and other liabilities
	 	 	13,059	 	 	 	(6,350	)
	Accrued interest
	 	 	(4,475	)	 	 	(3,416	)
	Accrued taxes
	 	 	2,814	 	 	 	(1,936	)
	Other long-term liabilities
	 	 	(1,607	)	 	 	(796	)
	Other, net
	 	 	(544	)	 	 	—	 
	 
	 	 	 	 	 	 
	Net cash provided by operating activities
	 	 	25,478	 	 	 	30,361	 
	 
	 	 	 	 	 	 
	Cash flows from investing activities:
	 	 	 	 	 	 	 	 
	Capital expenditures
	 	 	(5,921	)	 	 	(4,626	)
	Other
	 	 	(328	)	 	 	(245	)
	 
	 	 	 	 	 	 
	Net cash used in investing activities
	 	 	(6,249	)	 	 	(4,871	)
	 
	 	 	 	 	 	 
	Cash flows from financing activities:
	 	 	 	 	 	 	 	 
	Borrowings under Working Capital Facility
	 	 	15,927	 	 	 	8,923	 
	Repayments of Working Capital Facility
	 	 	(13,014	)	 	 	(41,454	)
	Borrowings under Second-Lien Facility and other
	 	 	—	 	 	 	25,075	 
	Repayments of Second-Lien Facility and other
	 	 	(26,305	)	 	 	(16,630	)
	Exercise of employee stock purchases and stock options
	 	 	102	 	 	 	95	 
	Advances from (to) discontinued operations
	 	 	—	 	 	 	2,398	 
	Termination payment from derivative counterparty
	 	 	—	 	 	 	2,313	 
	Other, net
	 	 	—	 	 	 	(818	)
	 
	 	 	 	 	 	 
	Net cash used in financing activities
	 	 	(23,291	)	 	 	(20,098	)
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Effect of exchange rate changes on cash and cash equivalents
	 	 	521	 	 	 	1,552	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Net cash provided by (used in) continuing operations
	 	 	(3,541	)	 	 	6,944	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Cash flows from discontinued operations
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Loss from discontinued operations
	 	 	—	 	 	 	(585	)
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Total increase (decrease) in cash and cash equivalents
	 	 	(3,541	)	 	 	6,359	 
	Total cash and cash equivalents beginning of period
	 	 	14,886	 	 	 	12,501	 
	 
	 	 	 	 	 	 
	Total cash and cash equivalents end of period
	 	$	11,345	 	 	$	18,860	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Income taxes paid
	 	$	3,697	 	 	$	3,928	 
	 
	 	 	 	 	 	 
	Interest paid
	 	$	21,761	 	 	$	19,531	 
	 
	 	 	 	 	 	 

See accompanying notes to condensed consolidated financial statements.

Stock compensation expense was reclassified from financing activities to operating activities for both periods shown.

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THERMADYNE HOLDINGS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Dollars in thousands, except share data)

1. Organization and Basis of Presentation

Thermadyne Holdings Corporation (“Thermadyne” or the “Company”), a Delaware corporation, is
a global designer and manufacturer of cutting and welding products, including equipment,
accessories and consumables.

The accompanying unaudited condensed consolidated financial statements have been prepared in
accordance with U.S. generally accepted accounting principles for interim financial
information and the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required by U.S.
generally accepted accounting principles for complete financial statements. In the opinion
of management, all adjustments, consisting of normal recurring accruals, considered
necessary for a fair presentation have been included in these condensed consolidated
financial statements. The combined results of operations of the Company for the nine months
ended September 30, 2010 are not necessarily indicative of the results that may be expected
for the year ending December 31, 2010. For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company’s annual report on Form
10-K for the year ended December 31, 2009.

The preparation of financial statements requires the use of estimates and assumptions that
affect the amounts reported in Thermadyne’s condensed consolidated financial statements and
accompanying notes. Actual results could differ from these estimates.

2. Significant Accounting Policies

Product Warranty Programs

Various products are sold with product warranty programs. Provisions for warranty programs
are made based on historical experience as the products are sold and such provisions are
adjusted periodically based on current estimates of anticipated warranty costs. The
following table provides the activity in the warranty accrual for the three and nine months
ended September 30, 2010 and 2009:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended	 	 	Nine Months Ended	 
	 	 	September 30,	 	 	September 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Balance at beginning of period
	 	$	2,620	 	 	$	2,659	 	 	$	2,300	 	 	$	2,961	 
	Charged to expenses
	 	 	1,100	 	 	 	950	 	 	 	3,190	 	 	 	2,354	 
	Warranty payments
	 	 	(920	)	 	 	(1,109	)	 	 	(2,690	)	 	 	(2,815	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Balance at end of period
	 	$	2,800	 	 	$	2,500	 	 	$	2,800	 	 	$	2,500	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

Fair Value

The carrying values of the obligation outstanding under the Working Capital Facility
approximates fair value because the obligation has varying interest charges based on current
market rates and was recently renegotiated. The Company’s Senior Subordinated Notes traded
at 103% and 95% at September 30, 2010, and December 31, 2009, respectively, based on
available market information.

Recent Accounting Pronouncements

The Company has determined that all recently issued accounting pronouncements will not have
a material impact on its consolidated financial position, results of operations and cash
flows, or do not apply to its operations.

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3. Discontinued Operations

On December 30, 2006, the Company committed to a plan to sell its Brazilian manufacturing
operations. A loss of approximately $15,200 (net of $1,200 of tax) was recorded as a
component of discontinued operations in the fourth quarter of 2006. This reflected the
estimated net realizable value of the assets and the estimated remaining liabilities of the
operation. The Company closed the Brazilian manufacturing operations in the fourth quarter
of 2007, disposing of its cutting table business and auctioning various remaining inventory
and equipment. Sale of the building and land was completed in the quarter ended September
30, 2009. A gain, net of tax, of $1,118 was recorded in the third quarter of 2009 related to
Brazil including a gain of $2,876 on the sale of the facilities, a charge of $1,072 to
revise the estimates of the remaining liabilities, and income tax expense of $686.

On December 30, 2006, the Company committed to a plan to sell its South African operations.
On February 5, 2007, the Company entered into an agreement to sell the South African
subsidiaries. A loss of $9,200 (net of $6,300 of tax) was recorded in 2006 as a component
of discontinued operations. The sale closed on May 25, 2007 with $13,800 net cash received
at closing along with a note due in May 2010 in the amount of 30,000 South African Rand and
bearing 14% interest payable. In April 2009, the note was settled and the Company recorded
a gain of $1,933 in discontinued operations. The Company also recorded $522 of interest
income in continuing operations related to this transaction.

The table below sets forth the net income of each of the discontinued operations in 2009:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Brazil	 	 	South Africa	 	 	Total	 
	Three Months Ended September 30, 2009
	 	$	1,118	 	 	 	—	 	 	$	1,118	 
	Nine Months Ended September 30, 2009
	 	 	1,118	 	 	$	1,933	 	 	 	3,051	 

4. Inventories

The composition of inventories was as follows:

	 	 	 	 	 	 	 	 	 
	 	 	September 30,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	Raw materials and component parts
	 	$	28,935	 	 	$	25,410	 
	Work-in-process
	 	 	3,578	 	 	 	4,216	 
	Finished goods
	 	 	62,258	 	 	 	53,272	 
	 
	 	 	 	 	 	 
	 
	 	 	94,771	 	 	 	82,898	 
	LIFO reserve
	 	 	(8,632	)	 	 	(8,517	)
	 
	 	 	 	 	 	 
	 
	 	$	86,139	 	 	$	74,381	 
	 
	 	 	 	 	 	 

5. Intangible Assets

The composition of intangibles was as follows:

	 	 	 	 	 	 	 	 	 
	 	 	September 30,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	Goodwill
	 	$	188,782	 	 	$	187,818	 
	Patents and customer relationships
	 	 	43,068	 	 	 	42,741	 
	Trademarks
	 	 	33,403	 	 	 	33,403	 
	 
	 	 	 	 	 	 
	 
	 	 	265,253	 	 	 	263,962	 
	Accumulated amortization of
patents and customer
relationships
	 	 	(19,730	)	 	 	(17,693	)
	 
	 	 	 	 	 	 
	 
	 	$	245,523	 	 	$	246,269	 
	 
	 	 	 	 	 	 

Amortization of patents and customer relationships amounted to $681 and $2,038 for the three
and nine month periods ended September 30, 2010, respectively, and to $673 and $2,016 for
the three and nine month periods ended September 30, 2009, respectively.

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Goodwill and trademarks are tested for impairment annually, as of October 1st, or more
frequently if events occur or circumstances change that would, more likely than not, reduce
the fair value of the reporting unit below its carrying value. The impairment analysis is
performed on a consolidated enterprise level based on one reporting unit. The annual
impairment analysis was completed in the fourth quarter of 2009, and no adjustment to the
carrying value of goodwill was deemed necessary as of October 1, 2009. As of September 30,
2010, the Company considered possible impairment triggering events since the impairment test
date, including its market capitalization relative to the carrying value of its net assets,
as well as other relevant factors, and concluded that no triggering events or goodwill
impairment were indicated at that date. As noted in Footnote 16, “Subsequent Events,” the
Company announced the execution of a definitive merger agreement under which an affiliate of
Irving Place Capital will acquire all of the outstanding common shares of the company in a
transaction valued at approximately $422,000. This transaction value substantially exceeds
the reporting unit’s carrying value of as of September 30, 2010.

The change in the carrying amount of goodwill during the nine-month period was as follows:

	 	 	 	 	 
	 	 	Carrying Amount	 
	 	 	of Goodwill	 
	Balance as of January 1, 2010
	 	$	187,818	 
	Foreign currency translation
	 	 	964	 
	 
	 	 	 
	Balance as of September 30, 2010
	 	$	188,782	 
	 
	 	 	 

6. Debt and Capital Lease Obligations

The composition of debt and capital lease obligations was as follows:

	 	 	 	 	 	 	 	 	 
	 	 	September 30,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	Working Capital Facility
	 	$	12,556	 	 	$	9,643	 
	Second Lien Facility
	 	 	—	 	 	 	25,000	 
	Issuance discount on Second Lien Facility
	 	 	—	 	 	 	(1,703	)
	Senior Subordinated Notes, due February 1, 2014, 9 1/4% interest
payable semiannually on February 1 and August 1
	 	 	172,327	 	 	 	172,327	 
	Capital leases
	 	 	8,542	 	 	 	9,869	 
	Other
	 	 	1,542	 	 	 	1,888	 
	 
	 	 	 	 	 	 
	 
	 	 	194,966	 	 	 	217,024	 
	 
	 	 	 	 	 	 	 	 
	Current maturities and working capital facility
	 	 	(15,461	)	 	 	(18,558	)
	 
	 	 	 	 	 	 
	 
	 	$	179,505	 	 	$	198,466	 
	 
	 	 	 	 	 	 

Working Capital Facility

Certain subsidiaries of the Company are borrowers under the Third Amended and Restated
Credit Agreement dated June 29, 2007 as amended (the “Credit Agreement”), with General
Electric Capital Corporation as agent and lender. The Credit Agreement: (i) matures on June
29, 2012; (ii) provides a revolving credit commitment of up to $70,000 (the “Working Capital
Facility”), which includes (a) an asset based facility and (b) an amortizing $10,000
property, plant and equipment facility; (iii) provides for interest rate percentages
applicable to the asset base; (iv) limits the senior leverage ratio to 2.75; (v) provides
for an interest rate of 90-day LIBOR plus 4.00%; (vi) includes a prepayment fee of 1% if the
Facility is terminated; and (vii) includes a minimum fixed charge coverage ratio of 1.10
measured quarterly. With respect to the quarters ending March 31, 2010 and June 30, 2010,
the calculation is based on the results for the six months and nine months periods ending on
such dates, respectively. The calculation for quarters ending September 30, 2010 and
thereafter is based on the twelve month periods then ending. Borrowings under the Working
Capital Facility may not exceed 85% of eligible receivables plus the lesser of (i) 85% of
the net orderly liquidation value of eligible inventories or (ii) 65% of the book value of
eligible inventories less customary reserves, plus machinery at appraised value not to
exceed $10,000.

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At September 30, 2010, $3,878 of letters of credit were outstanding under the Credit
Agreement. Unused availability, net of these letters of credit, was $42,584 under the
Working Capital Facility.

Second Lien Agreement

Under the 2009 Amended and Restated Second Lien Credit Agreement, as amended (the “Second
Lien Agreement”), the Company borrowed $25,000 with a maturity date of November 30, 2012.
During the nine months ended September 30, 2010, the Company voluntarily prepaid the $25,000
principal balance outstanding, plus accrued and unpaid interest on such amount. The
outstanding principal amount bore interest at 12% per annum and would have been due November
30, 2012. As a result of the prepayment, the Second Lien Agreement has terminated and liens
on the property and assets of the Company and its subsidiaries thereunder have been
released. The Company recorded a loss on debt extinguishment related to these prepayments
in the amount of $1,867 as of June 30, 2010, consisting of a $1,494 write off of unamortized original issue discount, $284
write off of unamortized deferred financing fees, and prepayment fees of $89.

Senior Subordinated Notes

The Company is the issuer of 9.25% Senior Subordinated Notes due in 2014 (the “Senior
Subordinated Notes”) with an aggregate principal outstanding of $172,327. The Senior
Subordinated Notes are unsecured senior subordinated obligations and are subordinated in
right of payment to all existing and future Senior Indebtedness (as defined in the
Indenture). Interest accrues at the rate of 9.25% per annum and is payable semi-annually in
arrears on February 1 and August 1 of each year. An additional Special Interest is payable
semi-annually and accrues at a rate subject to adjustment based on the consolidated leverage
ratio which is calculated each calendar quarter. The Special Interest accrual rate through
June 30, 2010 was 2.25% with 1.25% effective for the calendar quarter beginning July 1, 2010
and 0.75% effective for the calendar quarter beginning October 1, 2010.

The Senior Subordinated Notes contain customary covenants and events of default, including
covenants that limit the Company’s ability to incur debt, pay dividends and make certain
investments. Subject to certain conditions we must annually use our “Excess Cash Flow” (as
defined in the Indenture) either to make permanent repayments of our senior debt or to
extend a repurchase offer to the holders of the Senior Subordinated Notes pursuant to which
we will offer to repurchase outstanding Senior Subordinated Notes at a purchase price of
101% of their principal amount. The debt repayment obligation from the “Excess Cash Flow”
amount for 2009 was $6,000 and was paid on April 1, 2010 through a repayment of Second Lien
borrowings.

Parent Company Financial Information

Borrowings under the Company’s financing agreements are the obligations of Thermadyne
Industries, Inc. (“Industries”), the Company’s principal operating subsidiary, and certain
of Industries’ subsidiaries. Certain borrowing agreements contain restrictions on the
ability of the subsidiaries to dividend cash and other assets to the parent company,
Thermadyne Holdings Corporation. At September 30, 2010 and December 31, 2009, the primary
asset carried on the parent company books of Thermadyne Holdings Corporation was its
investment in its operating subsidiaries and the primary liability was the $172,327 of
Senior Subordinated Notes. As a result of the limited assets and liabilities at the parent
company level, separate financial statements have not been presented for Thermadyne Holdings
Corporation except as shown in Note 17, “Condensed Consolidating Financial Statements.”

Covenant Compliance

At September 30, 2010, the Company was in compliance with its financial covenants. Failure
to comply with our financial covenants in future periods would result in defaults under our
credit agreements unless covenants are further amended or waived. The most restrictive
financial covenant is the “fixed charge coverage” covenant under our Working Capital
Facility which requires EBITDA, as defined in the Credit Agreement, to be at least 1.10 of
Fixed Charges, as defined. A default of the financial covenants under the Working Capital
Facility would constitute a default under the Senior Subordinated Notes.

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7. Derivative Instruments

	 	 	In February 2004, the Company entered into an interest rate swap arrangement to convert a
portion of the fixed rate exposure on its Senior Subordinated Notes to variable rates. On
February 1, 2009, the swap arrangement was terminated by the counterparty pursuant to terms
of the arrangement and a $3,000 payment was received by the Company in conjunction with this
termination and is being amortized as a reduction of interest expense over the remaining
term of the Notes.

8. Comprehensive Income

Comprehensive income for the three and nine months ended September 30, 2010 and 2009 was as
follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Net income
	 	$	4,821	 	 	$	4,844	 	 	$	9,688	 	 	$	4,863	 
	Cumulative foreign currency
translation gains (losses), net of
tax
	 	 	4,528	 	 	 	2,323	 	 	 	2,151	 	 	 	6,568	 
	Pension and
post-retirement liabilities
	 	 	77	 	 	 	(1,483	)	 	 	247	 	 	 	(1,352	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Comprehensive income (loss)
	 	$	9,426	 	 	$	5,684	 	 	$	12,086	 	 	$	10,079	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

9. Income Taxes

The Company accounts for income taxes by recognizing deferred tax assets and liabilities
using enacted tax rates for the effect of temporary differences between the financial
reporting and tax bases of recorded assets and liabilities. Deferred tax assets are reduced
by a valuation allowance if it is more likely than not that some portion of or all of the
deferred tax asset will not be realized.

At the beginning of 2010, the Company had approximately $150,000 in U.S. net operating
losses (NOL). The benefit of net operating loss carryovers reduce current year income tax
expense as the carryovers are utilized. For 2010, the Company’s management estimates that
actual cash income tax payments will, as in prior years, primarily relate to state and
foreign taxes due to the use of net operating loss carryovers to offset U.S. taxable income.

On October 7, 2010, the Company may have experienced a Section 382 annual limitation on
future utilization of its NOL carryovers as explained at Note 16, “Subsequent Events.” The
potential section 382 annual limitation arose independently of the Agreement to be Acquired
by Irving Place Capital noted at “Note 16, Subsequent Events.” This potential limitation
does not impact the financial statements as of September 30, 2010, nor does management
expect this limitation to materially impact the Company’s 2010 financial statements.

10. Contingencies

The Company and certain of its wholly owned subsidiaries are defendants in various legal
actions, primarily related to welding fumes and other product liability claims. While there
is uncertainty relating to any litigation, management is of the opinion that the outcome of
this litigation will not have a material adverse effect on the Company’s financial condition
or results of operations.

The Company is party to certain environmental matters. Any related obligations are not
expected to have a material adverse effect on the Company’s financial condition or results
of operations.

During the third quarter of 2010, the Company substantially completed a comprehensive review
of its compliance with foreign and U.S. duties requirements that it initiated in light of
the assessments by a foreign jurisdiction in the third quarter of 2009. Based on this
review, the Company has concluded that additional liabilities for duties, if any, are not
material. In conjunction with this review, the Company recorded duties liabilities related
to prior periods and associated legal costs of approximately $700 as of June 30, 2010. In
addition, the Company incurred legal costs during the three months ended September 30, 2010
of approximately $600. The Company also accrued $110 of related interest expense payable on
prior settlement obligations in the three months ended June 30, 2010.

Except as discussed in Note 16, “Subsequent Events,” other legal proceedings and actions
involving the Company are of an ordinary and routine nature and are incidental to the
operations of the Company. Management believes that

10

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such proceedings should not, individually or in the aggregate, have a material adverse effect on the Company’s financial
condition or on the results of operations.

11. Stock Options and Stock-Based Compensation

The Company utilizes the modified prospective method of accounting for stock compensation,
and accordingly recognizes compensation cost for all share-based payments, which consist of
stock options and restricted stock, granted after January 1, 2006. Stock compensation cost
included in selling, general and administrative expense was $274 of expense for the three
months ended September 30, 2010. For the three months ended September 30, 2009, net stock
compensation charges were $52 resulting from $78 of charges partially offset by the reversal
of prior performance-based accruals of $26. Stock compensation cost included in selling,
general and administrative expense was $523 of expense for the nine months ended September
30, 2010. For the nine months ended September 30, 2009, stock compensation expense was a
net credit of $616 reflecting the reversal of prior performance-based accruals of $933
offset by stock compensation charges of $317.

The estimated fair value of the restricted stock awards is estimated as the closing price of
the stock on the date of the awards. The estimated fair value of stock option grants is
computed using the Black-Scholes-Merton option-pricing model. Expected volatility is based
on historical periods generally commensurate with the expected life of options. The
expected life is based on historical experience. Stock option expense is recognized in the
condensed consolidated condensed statements of operations ratably over the vesting period
based on the number of options that are expected to ultimately vest.

Under the 2004 Non-Employee Directors Stock Option Plan, the Amended and Restated 2004 Stock
Incentive Plan, and other specific agreements, 1,102,539 options to purchase shares were
issued and outstanding as of September 30, 2010. In addition, as of September 30, 2010,
430,050 restricted shares were outstanding, of which 333,188 shares have vesting determined
in 2010, 2011, 2012 and 2013 based on performance targets related to return on invested
operating capital with the remaining 96,862 shares vesting ratably over the three years
ending June 2013.

Non-qualified options for 3,330 shares were exercised in the nine month period ended
September 30, 2010. The fair value of options vested during the nine month period ended
September 30, 2010 was $2.79 per unit.

At September 30, 2010, the total stock-based compensation cost related to non-vested awards
not yet recognized is approximately $1,707 and the weighted average period over which this
amount is expected to be recognized is approximately 2.0 years.

In summary, changes in stock options during the nine months ended September 30, 2010 were as
follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Weighted-	 	 	 	 
	 	 	 	 	 	 	Weighted	 	 	Average	 	 	 	 
	 	 	 	 	 	 	Average	 	 	Remaining	 	 	Aggregate	 
	 	 	 	 	 	 	Exercise	 	 	Contractual	 	 	Intrinsic	 
	Total Employee and Director Stock Options	 	Shares	 	 	Price	 	 	Term	 	 	Value	 
	Options outstanding at January 1, 2010
	 	 	1,190,578	 	 	$	12.72	 	 	 	5.5	 	 	$	239	 
	Granted
	 	 	203,373	 	 	$	7.79	 	 	 	 	 	 	 	 	 
	Exercised
	 	 	(3,330	)	 	$	6.69	 	 	 	 	 	 	 	 	 
	Forfeited or expired
	 	 	(288,082	)	 	$	14.48	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Options outstanding at September 30, 2010
	 	 	1,102,539	 	 	$	11.37	 	 	 	4.9	 	 	$	3,285	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Vested options exercisable at September 30, 2010
	 	 	634,704	 	 	$	12.67	 	 	 	4.2	 	 	$	1,138	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Non-Vested Stock Options
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Non-vested options outstanding at January 1,
2010
	 	 	538,604	 	 	 	 	 	 	 	 	 	 	 	 	 
	Granted
	 	 	203,373	 	 	 	 	 	 	 	 	 	 	 	 	 
	Vested
	 	 	(39,524	)	 	 	 	 	 	 	 	 	 	 	 	 
	Forfeited or expired
	 	 	(234,618	)	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Non-vested options outstanding at September 30,
2010
	 	 	467,835	 	 	$	9.59	 	 	 	6.3	 	 	$	2,147	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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The Company granted 203,373 stock options and 117,278 restricted shares in the nine month
period ended September 30, 2010 to various salaried employees. All of the stock options and
96,862 restricted shares are time-based and, subject to acceleration of vesting in the event
of a change of control, will vest ratably over three years beginning on the first anniversary
of the grant date. See Note 16, “Subsequent Events.” The remaining 20,416 restricted shares
will vest if established performance targets related to return on invested operating capital
are achieved for the 5 year periods ending December 31, 2013, subject to acceleration in the
event of a change in control as noted above.

	 	 	 	 	 
	Restricted Shares	 	 	 	 
	Restricted shares outstanding at January 1, 2010
	 	$	383,628	 
	Granted during 2010
	 	 	117,278	 
	Forfeited or expired
	 	 	(70,856	)
	 
	 	 	 
	Restricted
shares outstanding at September 30, 2010
	 	$	430,050	 
	 
	 	 	 

At the effective time of the merger noted at Footnote 16, “Subsequent Events,” each option
to acquire shares of our common stock that is outstanding immediately prior to the effective
time of the merger, whether vested or unvested, will vest (if unvested) and will be
cancelled in exchange for the right to receive a cash payment equal to the number of shares
of our common stock subject to the option, multiplied by the excess, if any, by which $15.00
exceeds the exercise price of the option. As of the effective time, each option for which
the exercise price per share of our common stock equals or exceeds $15.00 will be cancelled
and have no further force or effect without any right to receive any consideration
therefore. At September 30, 2010, there were options to purchase 965,925 shares outstanding
with an exercise price less than $15.00 per share. At or immediately prior to the effective
time, each outstanding restricted share will vest and become free of any restrictions and,
as of the effective time of the merger, will be cancelled and converted into the right to
receive $15.00 per restricted share, without interest.

12. Earnings Per Share

The calculation of net income per share follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Numerator:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income applicable to common shares
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Continuing operations
	 	$	4,821	 	 	$	3,726	 	 	$	9,688	 	 	$	1,812	 
	Discontinued operations
	 	$	—	 	 	$	1,118	 	 	$	—	 	 	$	3,051	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income
	 	$	4,821	 	 	$	4,844	 	 	$	9,688	 	 	$	4,863	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Denominator:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted average shares for basic earnings per share
	 	 	13,550,244	 	 	 	13,537,019	 	 	 	13,546,488	 	 	 	13,525,386	 
	Dilutive effect of stock options and restrictive
shares
	 	 	260,101	 	 	 	111,640	 	 	 	170,311	 	 	 	76,134	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted average shares for diluted earnings per
share
	 	 	13,810,345	 	 	 	13,648,659	 	 	 	13,716,799	 	 	 	13,601,520	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Basic income per share amounts:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Continuing operations
	 	$	0.36	 	 	$	0.27	 	 	$	0.72	 	 	$	0.13	 
	Discontinued operations
	 	$	—	 	 	$	0.09	 	 	$	—	 	 	$	0.23	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income per share
	 	$	0.36	 	 	$	0.36	 	 	$	0.72	 	 	$	0.36	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Diluted income per share amounts:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Continuing operations
	 	$	0.35	 	 	$	0.27	 	 	$	0.71	 	 	$	0.13	 
	Discontinued operations
	 	$	—	 	 	$	0.08	 	 	$	—	 	 	$	0.22	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net income per share
	 	$	0.35	 	 	$	0.35	 	 	$	0.71	 	 	$	0.35	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

The calculation of basic weighted average shares for the three and nine months ended September
30, 2010 excludes 1.3 million and 1.4 million of stock options and restricted stock,
respectively, because their effect was considered to be antidilutive or performance conditions
had not been satisfied. The calculation of basic weighted average shares for the

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three and nine months ended September 30, 2009 excludes common shares of 1.5 million and 1.5 million stock
options and restricted stock, respectively, for reasons noted above.

13. Employee Benefit Plans

Net periodic pension and other postretirement benefit costs include the following
components:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Pension Benefits	 	 	Other Postretirement Benefits	 
	 	 	Three Months Ended September 30,	 	 	Three Months Ended September 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Components of the net periodic benefit cost:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest cost
	 	$	318	 	 	$	321	 	 	$	—	 	 	$	—	 
	Expected return on plan assets
	 	 	(279	)	 	 	(235	)	 	 	—	 	 	 	—	 
	Recognized (gain) loss
	 	 	146	 	 	 	161	 	 	 	(36	)	 	 	(201	)
	Settlement gain
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(5,863	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net periodic benefit cost
	 	$	185	 	 	$	247	 	 	$	(36	)	 	$	(6,064	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Pension Benefits	 	 	Other Postretirement Benefits	 
	 	 	Nine Months Ended September 30,	 	 	Nine Months Ended September 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Components of the net periodic benefit cost:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest cost
	 	$	954	 	 	$	963	 	 	$	—	 	 	$	9	 
	Expected return on plan assets
	 	 	(837	)	 	 	(705	)	 	 	—	 	 	 	—	 
	Recognized (gain) loss
	 	 	439	 	 	 	483	 	 	 	(108	)	 	 	(201	)
	Settlement gain
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(5,863	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net periodic benefit cost
	 	$	556	 	 	$	741	 	 	$	(108	)	 	$	(6,055	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 

Settlement of retiree medical obligations for the three and nine months ended September 30,
2009 was adjusted from $7,150 to $5,863 subsequent to the issuance of the September 30, 2009
10-Q. The financial statements herein reflect the corrected gain as shown in the Company’s
2009 10-K. Management views this error as immaterial to the financial statements.

14. Segment Information

The Company’s continuing operations are comprised of several product lines manufactured and
sold in various geographic locations. The market channels and end users for products are
similar. The production processes are shared across the majority of the products.
Management evaluates performance and allocates resources on a combined basis and not as
separate business units or profit centers. Accordingly, management has concluded the Company
operates in one reportable segment.

Geographic Information

The reportable geographic regions are the Americas (United States, Canada, Mexico, Latin
America and South America), Europe/Middle East and Asia-Pacific. The following tables
provide summarized financial information concerning the Company’s geographic segments:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Net Sales:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Americas
	 	$	70,568	 	 	$	60,319	 	 	$	211,753	 	 	$	179,376	 
	Asia-Pacific
	 	 	29,812	 	 	 	23,956	 	 	 	81,598	 	 	 	61,528	 
	Europe/ Middle East
	 	 	6,103	 	 	 	5,226	 	 	 	18,345	 	 	 	16,713	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	$	106,483	 	 	$	89,501	 	 	$	311,696	 	 	$	257,617	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

13

Table of Contents

For all periods shown, U.S. sales comprised approximately 80% of Americas sales, while
Australia sales comprised approximately 80% of Asia-Pacific sales.

	 	 	 	 	 	 	 	 	 
	 	 	September 30,	 	 	December 31,	 
	 	 	2010	 	 	2009	 
	Identifiable Assets (excluding working capital and intangibles):
	 	 	 	 	 	 	 	 
	Americas
	 	$	38,774	 	 	$	40,365	 
	Asia-Pacific
	 	 	8,881	 	 	 	8,043	 
	Europe/Middle East
	 	 	1,518	 	 	 	1,844	 
	 
	 	 	 	 	 	 
	 
	 	$	49,173	 	 	$	50,252	 
	 
	 	 	 	 	 	 

Product Line Information

The Company sells a variety of products, substantially all of which are used by
manufacturing, construction and foundry operations to cut, join and reinforce steel, aluminum
and other metals in various applications including construction, oil, gas rig and pipeline
construction, repair and maintenance of manufacturing equipment, and shipbuilding. The
following table shows sales for each of the product lines:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 
	 	 	2010	 	 	2009	 	 	2010	 	 	2009	 
	Net sales:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gas equipment
	 	$	38,519	 	 	$	31,718	 	 	$	113,534	 	 	$	90,218	 
	Filler metals including hardfacing
	 	 	21,877	 	 	 	20,738	 	 	 	65,018	 	 	 	59,259	 
	Arc accessories including
torches, related consumable parts
and accessories
	 	 	19,428	 	 	 	15,249	 	 	 	53,788	 	 	 	45,213	 
	Plasma power supplies, torches
and related consumable parts
	 	 	16,459	 	 	 	12,873	 	 	 	48,599	 	 	 	38,705	 
	Welding equipment
	 	 	10,200	 	 	 	8,923	 	 	 	30,757	 	 	 	24,222	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	$	106,483	 	 	$	89,501	 	 	$	311,696	 	 	$	257,617	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

15. Restructuring and Other Charges

In the first quarter of 2009, the Company offered a voluntary retirement program in which
approximately 50 employees elected to participate, reducing annual compensation and benefit
costs by approximately $3,100. The Company accrued restructuring charges of $1,300 in
separation pay and COBRA benefits payable under the program. The amounts were substantially
paid through August 2009.

16. Subsequent Events

Agreement to be Acquired by Irving Place Capital

On October 5, 2010, we announced the execution of a definitive merger agreement under which
an affiliate of Irving Place Capital has agreed to acquire all of the outstanding shares of
common stock of the Company for $15.00 per share in cash. We filed a preliminary proxy
statement with the Securities and Exchange Commission on October 18, 2010, in connection
with the proposed transaction.

The Company’s board of directors has unanimously approved the merger agreement and
recommended that the Company’s stockholders adopt the agreement with Irving Place. A special
meeting of the Company’s stockholders will be held as soon as practicable after the
preparation and filing of a proxy statement with the Securities and Exchange Commission and
subsequent mailing to stockholders. The transaction is targeted to close by December 31,
2010; however, the parties cannot predict the exact timing of the completion of the merger
or whether the merger will be completed at a later time as agreed to by the parties or at
all.

14

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Completion of the transaction is subject to customary conditions, including without
limitation, (i) adoption of the merger agreement by the Company’s stockholders, certain of
whom have agreed to vote in favor of the merger pursuant to a voting agreement and (ii)
expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended. In addition, the obligation of an affiliate
of Irving
Place Capital to consummate the merger is subject to the absence since the date of the
merger agreement of any continuing event or development which would have a material adverse
effect on the Company.

As contemplated in the merger agreement, at the effective time of the merger, each option to
acquire shares of our common stock that is outstanding immediately prior to the effective
time of the merger, whether vested or unvested, will vest (if unvested) and will be
cancelled in exchange for the right to receive a cash payment equal to the number of shares
of our common stock subject to the option, multiplied by the excess, if any, by which $15.00
exceeds the exercise price of the option. As of the effective time, each option for which
the exercise price per share of our common stock equals or exceeds $15.00 will be cancelled
and have no further force or effect without any right to receive any consideration
therefore. At September 30, 2010, there were options to purchase 965,925 shares outstanding
with an exercise price less than $15.00 per share. At or immediately prior to the effective
time, each outstanding restricted share will vest and become free of any restrictions and,
as of the effective time of the merger, will be cancelled and converted into the right to
receive $15.00 per restricted share, without interest.

Limitation in Use of Net Operating Losses

On October 7, 2010, the Company may have experienced an “ownership change” under Section 382
of the U.S. Internal Revenue Code of 1986, as amended, resulting from the possible
acquisition of more than five percent of the outstanding shares of the Company’s common
stock, as reported on a Schedule 13D filed with the SEC. An ownership change would limit
the use of net operating losses to offset future taxable income. The Company is conducting
further inquiries to determine if the owner qualifies as a five percent owner under the
Code. This potential limitation does not impact the financial statements as of September
30, 2010, nor does management expect this limitation, if applicable, to materially impact
the Company’s 2010 financial statements, it applicable.

Legal Proceeding

On October 19, 2010, Robert Israeli filed a class action complaint in the Circuit Court of
St. Louis County, Missouri against the Company, the Company’s directors, and Irving Place
Capital. The complaint alleges, among other things, that the Company’s directors breached
their fiduciary duties to the Company’s stockholders, including their duties of loyalty,
good faith and independence, and the Company and Irving Place Capital aided and abetted the
Company’s directors’ alleged breaches of their fiduciary duties. The plaintiffs seek
injunctive relief preventing the defendants from consummating the transactions contemplated
by the merger agreement with IPC, or in the event the defendants consummate the transactions
contemplated by the merger agreement, rescission of such transactions, and attorney’s fees
and expenses. The Company and the other defendants have not yet responded to the complaint.
The Company believes that this lawsuit is without merit and intends to defend it.

17. Condensed Consolidating Financial Statements

Certain of the Company’s wholly owned subsidiaries (“Guarantor Subsidiaries”) fully and
unconditionally provided guarantees under the Company’s various borrowing arrangements and
are jointly and severally liable for certain payments under these agreements. Each of the
Guarantor Subsidiaries is wholly owned by the Company.

The following financial information as of September 30, 2010, December 31, 2009, and
September 30, 2009 presents guarantors and non-guarantors, in accordance with Rule 3-10 of
Regulation S-X. The condensed consolidating financial information includes the accounts of
the Company, which has no independent assets or operations, the combined accounts of the
Guarantor Subsidiaries and the combined accounts of the non-guarantor subsidiaries for the
periods indicated. Separate financial statements of each of the Guarantor Subsidiaries are
not presented because management has determined such information is not material in
assessing the financial condition, cash flows or results of operations of the Company and
its subsidiaries. This information was prepared on the same basis as the consolidated
financial statements.

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

SEPTEMBER 30, 2010

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	ASSETS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Assets:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash and cash equivalents
	 	$	—	 	 	$	7,252	 	 	$	4,093	 	 	$	—	 	 	$	11,345	 
	Accounts receivable, net
	 	 	—	 	 	 	60,054	 	 	 	11,276	 	 	 	—	 	 	 	71,330	 
	Inventories
	 	 	—	 	 	 	74,452	 	 	 	11,687	 	 	 	—	 	 	 	86,139	 
	Prepaid expenses and other
	 	 	—	 	 	 	7,610	 	 	 	2,092	 	 	 	—	 	 	 	9,702	 
	Deferred tax assets
	 	 	—	 	 	 	3,008	 	 	 	—	 	 	 	—	 	 	 	3,008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current assets
	 	 	—	 	 	 	152,376	 	 	 	29,148	 	 	 	—	 	 	 	181,524	 
	Property, plant and equipment, net
	 	 	—	 	 	 	43,292	 	 	 	3,352	 	 	 	—	 	 	 	46,644	 
	Goodwill
	 	 	—	 	 	 	188,782	 	 	 	—	 	 	 	—	 	 	 	188,782	 
	Intangibles, net
	 	 	—	 	 	 	49,282	 	 	 	7,459	 	 	 	—	 	 	 	56,741	 
	Other assets
	 	 	1,648	 	 	 	5,526	 	 	 	—	 	 	 	(4,339	)	 	 	2,835	 
	Investment in and advances to subsidiaries
	 	 	252,742	 	 	 	—	 	 	 	—	 	 	 	(252,742	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total assets
	 	$	254,390	 	 	$	439,258	 	 	$	39,959	 	 	$	(257,081	)	 	$	476,526	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Liabilities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Working capital facility
	 	$	—	 	 	$	12,556	 	 	$	—	 	 	$	—	 	 	$	12,556	 
	Current maturities of long-term obligations
	 	 	463	 	 	 	2,227	 	 	 	215	 	 	 	—	 	 	 	2,905	 
	Accounts payable
	 	 	—	 	 	 	23,708	 	 	 	5,287	 	 	 	—	 	 	 	28,995	 
	Accrued and other liabilities
	 	 	—	 	 	 	33,125	 	 	 	4,192	 	 	 	—	 	 	 	37,317	 
	Accrued interest
	 	 	3,016	 	 	 	117	 	 	 	—	 	 	 	—	 	 	 	3,133	 
	Income taxes payable
	 	 	—	 	 	 	2,934	 	 	 	792	 	 	 	—	 	 	 	3,726	 
	Deferred tax liabilities
	 	 	—	 	 	 	2,793	 	 	 	—	 	 	 	—	 	 	 	2,793	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current liabilities
	 	 	3,479	 	 	 	77,460	 	 	 	10,486	 	 	 	—	 	 	 	91,425	 
	Long-term obligations, less current maturities
	 	 	172,327	 	 	 	6,789	 	 	 	389	 	 	 	—	 	 	 	179,505	 
	Deferred tax liabilities
	 	 	—	 	 	 	52,805	 	 	 	—	 	 	 	—	 	 	 	52,805	 
	Other long-term liabilities
	 	 	1,079	 	 	 	10,575	 	 	 	635	 	 	 	—	 	 	 	12,289	 
	Shareholders’ equity (deficit):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Common stock
	 	 	136	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	136	 
	Additional paid-in-capital
	 	 	189,414	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	189,414	 
	Accumulated deficit
	 	 	(55,374	)	 	 	75,940	 	 	 	(64,539	)	 	 	(11,402	)	 	 	(55,375	)
	Accumulated other comprehensive income (loss)
	 	 	6,327	 	 	 	(32,238	)	 	 	(12,152	)	 	 	44,390	 	 	 	6,327	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total shareholders’ equity (deficit)
	 	 	140,503	 	 	 	43,702	 	 	 	(76,691	)	 	 	32,988	 	 	 	140,502	 
	Net equity (deficit) and advances to / from subsidiaries
	 	 	(62,998	)	 	 	247,927	 	 	 	105,140	 	 	 	(290,069	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total liabilities and shareholders’ equity (deficit)
	 	$	254,390	 	 	$	439,258	 	 	$	39,959	 	 	$	(257,081	)	 	$	476,526	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

16

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2009

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	ASSETS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Assets:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash and cash equivalents
	 	$	—	 	 	$	11,740	 	 	$	3,146	 	 	$	—	 	 	$	14,886	 
	Accounts receivable, net
	 	 	—	 	 	 	50,422	 	 	 	6,167	 	 	 	—	 	 	 	56,589	 
	Inventories
	 	 	—	 	 	 	66,205	 	 	 	8,176	 	 	 	—	 	 	 	74,381	 
	Prepaid expenses and other
	 	 	—	 	 	 	7,714	 	 	 	1,541	 	 	 	—	 	 	 	9,255	 
	Deferred tax assets
	 	 	—	 	 	 	3,008	 	 	 	—	 	 	 	—	 	 	 	3,008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current assets
	 	 	—	 	 	 	139,089	 	 	 	19,030	 	 	 	—	 	 	 	158,119	 
	Property, plant and equipment, net
	 	 	—	 	 	 	43,233	 	 	 	3,454	 	 	 	—	 	 	 	46,687	 
	Goodwill
	 	 	—	 	 	 	187,818	 	 	 	—	 	 	 	—	 	 	 	187,818	 
	Intangibles, net
	 	 	—	 	 	 	50,737	 	 	 	7,714	 	 	 	—	 	 	 	58,451	 
	Other assets
	 	 	2,019	 	 	 	1,851	 	 	 	—	 	 	 	—	 	 	 	3,870	 
	Investment in and advances to subsidiaries
	 	 	225,881	 	 	 	—	 	 	 	—	 	 	 	(225,881	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total assets
	 	$	227,900	 	 	$	422,728	 	 	$	30,198	 	 	$	(225,881	)	 	$	454,945	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Liabilities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Working capital facility
	 	$	—	 	 	$	9,643	 	 	$	—	 	 	$	—	 	 	$	9,643	 
	Current maturities of long-term obligations
	 	 	463	 	 	 	8,239	 	 	 	213	 	 	 	—	 	 	 	8,915	 
	Accounts payable
	 	 	—	 	 	 	6,953	 	 	 	2,645	 	 	 	—	 	 	 	9,598	 
	Accrued and other liabilities
	 	 	—	 	 	 	19,275	 	 	 	3,844	 	 	 	—	 	 	 	23,119	 
	Accrued interest
	 	 	7,527	 	 	 	81	 	 	 	—	 	 	 	—	 	 	 	7,608	 
	Income taxes payable
	 	 	—	 	 	 	896	 	 	 	(191	)	 	 	—	 	 	 	705	 
	Deferred tax liabilities
	 	 	—	 	 	 	2,793	 	 	 	—	 	 	 	—	 	 	 	2,793	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total current liabilities
	 	 	7,990	 	 	 	47,880	 	 	 	6,511	 	 	 	—	 	 	 	62,381	 
	Long-term obligations, less current maturities
	 	 	172,327	 	 	 	25,569	 	 	 	570	 	 	 	—	 	 	 	198,466	 
	Deferred tax liabilities
	 	 	—	 	 	 	52,835	 	 	 	—	 	 	 	—	 	 	 	52,835	 
	Other long-term liabilities
	 	 	1,426	 	 	 	11,430	 	 	 	615	 	 	 	—	 	 	 	13,471	 
	Shareholders’ equity (deficit):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Common stock
	 	 	135	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	135	 
	Additional paid-in-capital
	 	 	188,791	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	188,791	 
	Accumulated deficit
	 	 	(65,062	)	 	 	54,870	 	 	 	(67,783	)	 	 	12,912	 	 	 	(65,063	)
	Accumulated other comprehensive income (loss)
	 	 	3,929	 	 	 	(22,636	)	 	 	(6,312	)	 	 	28,948	 	 	 	3,929	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total shareholders’ equity (deficit)
	 	 	127,793	 	 	 	32,234	 	 	 	(74,095	)	 	 	41,860	 	 	 	127,792	 
	Net equity (deficit) and advances to / from subsidiaries
	 	 	(81,636	)	 	 	252,780	 	 	 	96,597	 	 	 	(267,741	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total liabilities and shareholders’ equity (deficit)
	 	$	227,900	 	 	$	422,728	 	 	$	30,198	 	 	$	(225,881	)	 	$	454,945	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

17

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2010

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Net sales
	 	$	—	 	 	$	114,425	 	 	$	10,564	 	 	$	(18,506	)	 	$	106,483	 
	Cost of goods sold
	 	 	—	 	 	 	80,392	 	 	 	7,423	 	 	 	(18,376	)	 	 	69,439	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	—	 	 	 	34,033	 	 	 	3,141	 	 	 	(130	)	 	 	37,044	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	275	 	 	 	23,842	 	 	 	728	 	 	 	(909	)	 	 	23,936	 
	Amortization of intangibles
	 	 	—	 	 	 	681	 	 	 	—	 	 	 	—	 	 	 	681	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income (loss)
	 	 	(275	)	 	 	9,510	 	 	 	2,413	 	 	 	779	 	 	 	12,427	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expenses):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(4,408	)	 	 	(616	)	 	 	29	 	 	 	—	 	 	 	(4,995	)
	Amortization of deferred financing costs
	 	 	(124	)	 	 	(114	)	 	 	—	 	 	 	—	 	 	 	(238	)
	Equity in net income (loss) of subsidiaries
	 	 	9,628	 	 	 	—	 	 	 	—	 	 	 	(9,628	)	 	 	—	 
	Loss on debt extinguishment
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income
tax provision
	 	 	4,821	 	 	 	8,780	 	 	 	2,442	 	 	 	(8,849	)	 	 	7,194	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax provision
	 	 	—	 	 	 	1,608	 	 	 	765	 	 	 	—	 	 	 	2,373	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss)
	 	$	4,821	 	 	$	7,172	 	 	$	1,677	 	 	$	(8,849	)	 	$	4,821	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2010

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Net sales
	 	$	—	 	 	$	338,381	 	 	$	30,428	 	 	$	(57,113	)	 	$	311,696	 
	Cost of goods sold
	 	 	—	 	 	 	240,456	 	 	 	21,201	 	 	 	(56,621	)	 	 	205,036	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	—	 	 	 	97,925	 	 	 	9,227	 	 	 	(492	)	 	 	106,660	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	523	 	 	 	66,631	 	 	 	4,540	 	 	 	(909	)	 	 	70,785	 
	Amortization of intangibles
	 	 	—	 	 	 	2,038	 	 	 	—	 	 	 	—	 	 	 	2,038	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income (loss)
	 	 	(523	)	 	 	29,256	 	 	 	4,687	 	 	 	417	 	 	 	33,837	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expense):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(14,149	)	 	 	(3,105	)	 	 	(16	)	 	 	—	 	 	 	(17,270	)
	Amortization of deferred financing costs
	 	 	(371	)	 	 	(382	)	 	 	—	 	 	 	—	 	 	 	(753	)
	Equity in net income (loss) of subsidiaries
	 	 	24,731	 	 	 	—	 	 	 	—	 	 	 	(24,731	)	 	 	—	 
	Loss on debt extinguishment
	 	 	—	 	 	 	(1,867	)	 	 	—	 	 	 	—	 	 	 	(1,867	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income
tax provision
	 	 	9,688	 	 	 	23,902	 	 	 	4,671	 	 	 	(24,314	)	 	 	13,947	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax provision
	 	 	—	 	 	 	2,832	 	 	 	1,427	 	 	 	—	 	 	 	4,259	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss)
	 	$	9,688	 	 	$	21,070	 	 	$	3,244	 	 	$	(24,314	)	 	$	9,688	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2009

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Net sales
	 	$	—	 	 	$	80,434	 	 	$	7,808	 	 	$	1,259	 	 	$	89,501	 
	Cost of goods sold
	 	 	—	 	 	 	54,327	 	 	 	5,970	 	 	 	409	 	 	 	60,706	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	—	 	 	 	26,107	 	 	 	1,838	 	 	 	850	 	 	 	28,795	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	52	 	 	 	20,253	 	 	 	1,462	 	 	 	—	 	 	 	21,767	 
	Amortization of intangibles
	 	 	—	 	 	 	672	 	 	 	1	 	 	 	—	 	 	 	673	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income (loss)
	 	 	(52	)	 	 	5,182	 	 	 	375	 	 	 	850	 	 	 	6,355	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expenses):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(4,479	)	 	 	(1,087	)	 	 	(11	)	 	 	—	 	 	 	(5,577	)
	Amortization of deferred financing costs
	 	 	(125	)	 	 	(150	)	 	 	(1	)	 	 	—	 	 	 	(276	)
	Equity in net income (loss) of subsidiaries
	 	 	9,500	 	 	 	—	 	 	 	—	 	 	 	(9,500	)	 	 	—	 
	Settlement of retiree medical obligations
	 	 	—	 	 	 	5,863	 	 	 	—	 	 	 	—	 	 	 	5,863	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income
tax provision and discontinued operations
	 	 	4,844	 	 	 	9,808	 	 	 	363	 	 	 	(8,650	)	 	 	6,365	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax provision
	 	 	—	 	 	 	2,401	 	 	 	238	 	 	 	—	 	 	 	2,639	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations
	 	 	4,844	 	 	 	7,407	 	 	 	125	 	 	 	(8,650	)	 	 	3,726	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loss from discontinued operations, net of tax
	 	 	—	 	 	 	1,954	 	 	 	(836	)	 	 	—	 	 	 	1,118	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss)
	 	$	4,844	 	 	$	9,361	 	 	$	(711	)	 	$	(8,650	)	 	$	4,844	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2009

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Net sales
	 	$	—	 	 	$	262,972	 	 	$	20,625	 	 	$	(25,980	)	 	$	257,617	 
	Cost of goods sold
	 	 	—	 	 	 	193,196	 	 	 	16,260	 	 	 	(26,939	)	 	 	182,517	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin
	 	 	—	 	 	 	69,776	 	 	 	4,365	 	 	 	959	 	 	 	75,100	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling, general and administrative expenses
	 	 	(616	)	 	 	55,671	 	 	 	4,422	 	 	 	—	 	 	 	59,477	 
	Amortization of intangibles
	 	 	—	 	 	 	2,016	 	 	 	—	 	 	 	—	 	 	 	2,016	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income (loss)
	 	 	616	 	 	 	12,089	 	 	 	(57	)	 	 	959	 	 	 	13,607	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other income (expense):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net
	 	 	(12,721	)	 	 	(2,361	)	 	 	(39	)	 	 	—	 	 	 	(15,121	)
	Amortization of deferred financing costs
	 	 	(375	)	 	 	(373	)	 	 	(1	)	 	 	—	 	 	 	(749	)
	Equity in net income (loss) of subsidiaries
	 	 	17,343	 	 	 	—	 	 	 	—	 	 	 	(17,343	)	 	 	—	 
	Settlement of retiree medical obligations
	 	 	—	 	 	 	5,863	 	 	 	—	 	 	 	—	 	 	 	5,863	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income
tax provision and discontinued operations
	 	 	4,863	 	 	 	15,218	 	 	 	(97	)	 	 	(16,384	)	 	 	3,600	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax provision
	 	 	—	 	 	 	1,360	 	 	 	428	 	 	 	—	 	 	 	1,788	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations
	 	 	4,863	 	 	 	13,858	 	 	 	(525	)	 	 	(16,384	)	 	 	1,812	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loss from discontinued operations, net of tax
	 	 	—	 	 	 	1,954	 	 	 	1,097	 	 	 	—	 	 	 	3,051	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss)
	 	$	4,863	 	 	$	15,812	 	 	$	572	 	 	$	(16,384	)	 	$	4,863	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2010

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Cash flows from continuing operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) operating activities
	 	$	5,723	 	 	$	40,507	 	 	$	(777	)	 	$	(19,975	)	 	$	25,478	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from investing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Capital expenditures
	 	 	—	 	 	 	(5,429	)	 	 	(492	)	 	 	—	 	 	 	(5,921	)
	Other
	 	 	—	 	 	 	(583	)	 	 	255	 	 	 	—	 	 	 	(328	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash used in investing activities
	 	 	—	 	 	 	(6,012	)	 	 	(237	)	 	 	—	 	 	 	(6,249	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from financing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Borrowings under Working Capital Facility
	 	 	—	 	 	 	15,927	 	 	 	—	 	 	 	—	 	 	 	15,927	 
	Repayments under Working Capital Facility
	 	 	—	 	 	 	(13,014	)	 	 	—	 	 	 	—	 	 	 	(13,014	)
	Borrowings of Second-Lien Facility and other
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Repayments of Second-Lien Facility and other
	 	 	—	 	 	 	(26,172	)	 	 	(133	)	 	 	—	 	 	 	(26,305	)
	Exercise of employee stock purchases
	 	 	102	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	102	 
	Changes in Net Equity
	 	 	(5,825	)	 	 	(16,211	)	 	 	2,061	 	 	 	19,975	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) financing activities
	 	 	(5,723	)	 	 	(39,470	)	 	 	1,928	 	 	 	19,975	 	 	 	(23,291	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effect of exchange rate changes on cash and cash equivalents
	 	 	—	 	 	 	487	 	 	 	33	 	 	 	—	 	 	 	521	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) continuing operations
	 	 	—	 	 	 	(4,488	)	 	 	947	 	 	 	—	 	 	 	(3,541	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total increase (decrease) in cash and cash equivalents
	 	 	—	 	 	 	(4,488	)	 	 	947	 	 	 	—	 	 	 	(3,541	)
	Total cash and cash equivalents beginning of period
	 	 	—	 	 	 	11,740	 	 	 	3,146	 	 	 	—	 	 	 	14,886	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total cash and cash equivalents end of period
	 	$	—	 	 	$	7,252	 	 	$	4,093	 	 	$	—	 	 	$	11,345	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

22

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THERMADYNE HOLDINGS CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2009

(unaudited)

(In thousands)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Parent	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Thermadyne	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Holdings	 	 	 	 	 	 	Non-	 	 	 	 	 	 	 
	 	 	Corporation	 	 	Guarantors	 	 	Guarantors	 	 	Eliminations	 	 	Consolidated	 
	Cash flows from continuing operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) operating activities
	 	$	(177	)	 	$	42,187	 	 	$	4,735	 	 	$	(16,384	)	 	$	30,361	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from investing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Capital expenditures
	 	 	—	 	 	 	(4,560	)	 	 	(66	)	 	 	—	 	 	 	(4,626	)
	Other
	 	 	—	 	 	 	(43	)	 	 	(202	)	 	 	—	 	 	 	(245	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) investing activities
	 	 	—	 	 	 	(4,603	)	 	 	(268	)	 	 	—	 	 	 	(4,871	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from financing activities:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Borrowings under Working Capital Facility
	 	 	—	 	 	 	8,923	 	 	 	—	 	 	 	—	 	 	 	8,923	 
	Repayments under Working Capital Facility
	 	 	—	 	 	 	(41,454	)	 	 	—	 	 	 	—	 	 	 	(41,454	)
	Borrowings of Second-Lien Facility and other
	 	 	—	 	 	 	25,075	 	 	 	—	 	 	 	—	 	 	 	25,075	 
	Repayments of Second-Lien Facility and other
	 	 	—	 	 	 	(16,391	)	 	 	(239	)	 	 	—	 	 	 	(16,630	)
	Changes in net equity and advances to / from discontinued operations
	 	 	(3,680	)	 	 	(9,155	)	 	 	(1,151	)	 	 	16,384	 	 	 	2,398	 
	Other
	 	 	3,857	 	 	 	(2,266	)	 	 	(1	)	 	 	—	 	 	 	1,590	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) financing activities
	 	 	177	 	 	 	(35,268	)	 	 	(1,391	)	 	 	16,384	 	 	 	(20,098	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effect of exchange rate changes on cash and cash equivalents
	 	 	—	 	 	 	1,434	 	 	 	118	 	 	 	—	 	 	 	1,552	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash provided by (used in) continuing operations
	 	 	—	 	 	 	3,750	 	 	 	3,194	 	 	 	—	 	 	 	6,944	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash used in discontinued operations
	 	 	—	 	 	 	1,954	 	 	 	(2,539	)	 	 	—	 	 	 	(585	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total increase (decrease) in cash and cash equivalents
	 	 	—	 	 	 	5,704	 	 	 	655	 	 	 	—	 	 	 	6,359	 
	Total cash and cash equivalents beginning of period
	 	 	—	 	 	 	6,301	 	 	 	6,200	 	 	 	—	 	 	 	12,501	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total cash and cash equivalents end of period
	 	$	—	 	 	$	12,005	 	 	$	6,855	 	 	$	—	 	 	$	18,860	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Stock compensation expense was reclassified from financing activities to operating activities for period shown.

      

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Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

We are a leading global designer and manufacturer of gas and arc cutting and welding products,
including equipment, accessories and consumables. Our products are used by manufacturing,
construction, fabrication and foundry operations to cut, join and reinforce steel, aluminum and
other metals. We design, manufacture and sell products in five principal categories: (1) gas
equipment; (2) filler metals, including hardfacing; (3) arc accessories, including torches, guns,
related consumable parts and accessories; (4) plasma power supplies, torches and related consumable
parts; and (5) welding equipment. We operate our business in one reportable segment. Our products
are sold domestically primarily through industrial welding distributors, retailers and wholesalers.
Internationally, we sell our products through our sales force, independent distributors and
wholesalers. Our operating profit is affected by the mix of our products sold during a period as
margins vary between torches, guns, power supplies, consumables and replacement parts.

Demand for our products is highly cyclical because many of the end-users of our products are
themselves in highly cyclical industries, such as commercial construction, steel shipbuilding,
petrochemical construction and general manufacturing. The demand for our products and, therefore,
our results of operations are directly related to the level of production in these end-user
industries.

Our manufacturing costs, particularly raw material costs, are one of the key determinants in
achieving future success in the marketplace and profitability. Principal raw materials used are
copper, brass, steel and plastic, which are widely available and need not be specifically
manufactured for our use. Certain other raw materials used in our hardfacing products, such as
cobalt and chromium, are available primarily from sources outside the United States. Historically,
we have been able to obtain adequate supplies of raw materials at acceptable prices. We typically
maintain purchase commitments with respect to a portion of our material purchases for purchase
volumes of three to six months. At times, pricing and supply can be volatile due to a number of
factors beyond our control, including global demand, general economic and political conditions,
mine closures and labor unrest in various countries, activities in the financial commodity markets,
labor costs, competition, import duties and tariffs and currency exchange rates. This volatility
can significantly affect our raw material costs. An environment of volatile raw material prices
and competitive conditions can adversely affect our profitability if we fail to adjust pricing in
concert with changes in material costs.

On October 5, 2010, the Company agreed to be acquired by an affiliate of Irving Place Capital. The
transaction was unanimously approved by the Company’s Board of Directors. The transaction is
subject to shareholder approval and other customary conditions and is targeted to close by the end
of calendar year 2010.

Cautionary Statement Concerning Forward-looking Statements

The statements in this Quarterly Report on Form 10-Q that relate to future plans, events or
performance are forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation
Reform Act of 1995, including statements regarding our future prospects. These statements may be
identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,”
“continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will” and similar expressions
that relate to future events and occurrences. Actual results could differ materially due to a
variety of factors and the other risks described in this Quarterly Report and the other documents
we file from time to time with the Securities and Exchange Commission. Factors that could cause
actual results to differ materially from those expressed or implied in such statements include, but
are not limited to, the following and those discussed under the Risk Factors section of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2009 and Part II, Item 1A of this
report: (a) the impact of uncertain global economic conditions on our business and those of our
customers, (b) the cost and availability of raw materials, (c) operational and financial
developments and restrictions affecting our international sales and operations, (d) the impact of
currency fluctuations, exchange controls, and devaluations, (e) the impact of a change of control
under our debt instruments and potential limits on our ability to use net operating loss
carryforwards, (f) consolidation within our customer base and the resulting increased concentration
of our sales, (g) actions taken by our competitors that affect our ability to retain our customers,
(h) the effectiveness of our cost reduction initiatives in our continuous improvement program, (i)
our ability to meet customer needs by introducing new and enhanced products, (j) our ability to
adequately enforce or protect our intellectual property rights, (k) the detrimental cash

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flow impact of increasing interest rates and our ability to comply with financial covenants in our
debt instruments, (l) disruptions in the credit markets, (m) the impact of the sale of a large
number of shares of our common stock on the market price of our stock, (n) our relationships with
our employees and our ability to retain and attract qualified personnel, (o) liabilities arising
from litigation, including product liability risks, and (p) the costs of compliance with and
liabilities arising under environmental laws and regulations. Readers are cautioned not to place
undue reliance on any forward-looking statements contained herein, which speak only as of the date
hereof and are not guarantees of performance or results. We undertake no obligation to publicly
release the result of any revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or that reflect the occurrence of unanticipated
events. For a more complete discussion of factors that may affect future results, see the “Risk
Factors” section in our Annual Report on Form 10-K for the year ended December 31, 2009 and Part
II, Item 1A of this report.

Key Indicators

Key economic measures relevant to our business include steel consumption, industrial production
trends and purchasing manager indices. Industries that we believe provide a reasonable indication
of demand for our products include construction and transportation, mining, oil and gas
exploration, metal fabrication, farm machinery, railcar manufacturing and shipbuilding. The trends
in these industries provide important data to us in forecasting our business. Indicators with a
more direct relationship to our business that might provide a forward-looking view of market
conditions and demand for our products are not available.

Key performance measurements we use to manage the business include orders, sales, commodity cost
trends, operating expenses and efficiencies, inventory levels and fill-rates. The timing of these
measurements varies, but may be daily, weekly or monthly depending on the need for management
information and the availability of data.

Key financial measurements we use to evaluate the results of our business as well as the operations
of our individual units include customer order levels and mix, sales order profitability,
production volumes and variances, gross profit margin, selling, general and administrative
expenses, earnings before interest, taxes, and depreciation and amortization, operating cash flows,
capital expenditures and controllable working capital. We define controllable working capital as
accounts receivable, inventory and accounts payable. These measurements are reviewed monthly,
quarterly and annually and are compared with historical periods, as well as objectives that are
established by management and approved by our Board of Directors.

RESULTS OF OPERATIONS

The following is a discussion of the results of continuing operations for the three and nine months
ended September 30, 2010, and 2009.

Net sales

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended September 30,	 	 	 	 	 	 	Nine Months Ended September 30,	 	 	 	 
	(Dollars in thousands)	 	2010	 	 	2009	 	 	% Change	 	 	2010	 	 	2009	 	 	% Change	 
	Net sales
	 	$	106,483	 	 	$	89,501	 	 	 	19.0	%	 	$	311,696	 	 	$	257,617	 	 	 	21.0	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net sales summary:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	U.S.
	 	$	57,207	 	 	$	48,771	 	 	 	17.3	%	 	$	168,833	 	 	$	146,775	 	 	 	15.0	%
	International
	 	 	49,276	 	 	 	40,730	 	 	 	21.0	%	 	 	142,863	 	 	 	110,842	 	 	 	28.9	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Consolidated
	 	$	106,483	 	 	$	89,501	 	 	 	19.0	%	 	$	311,696	 	 	$	257,617	 	 	 	21.0	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Net sales for the three months ended September 30, 2010 increased $17.0 million as compared to
the same period in 2009 with approximately $14.9 million related to increased volumes and $2.1
million attributable to foreign currency translation.

Net sales for the nine months ended September 30, 2010 increased $54.1 million as compared to the
same period in 2009 with approximately $44.1 million related to increased volumes and $10.1 million
attributable to foreign currency translation.

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Gross margin

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended September 30,	 	 	 	 	 	Nine Months Ended September 30,	 	 
	(Dollars in thousands)	 	2010	 	2009	 	% Change	 	2010	 	2009	 	% Change
	Gross margin
	 	$	37,044	 	 	$	28,795	 	 	 	28.6	%	 	$	106,660	 	 	$	75,100	 	 	 	42.0	%
	Gross margin as a percent of net sales
	 	 	34.8	%	 	 	32.2	%	 	 	 	 	 	 	34.2	%	 	 	29.2	%	 	 	 	 

For the three and nine months ended September 30, 2010, gross margin as a percent of sales
increased as compared to the same period in 2009 primarily due to the beneficial impact of
manufacturing efficiencies arising from increased volumes of activity in 2010, as well as from the
Company’s continuous cost improvement initiatives. These increases were partially offset by $1.3
million in charges related to U.S. duties requirements as discussed in Footnote 10 “Contingencies”
for the nine months ended September 30, 2010.

Selling, general and administrative expenses

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended September 30,	 	 	 	 	 	Nine Months Ended September 30,	 	 
	(Dollars in thousands)	 	2010	 	2009	 	% Change	 	2010	 	2009	 	% Change
	Selling,
general and administrative expenses
	 	$	23,936	 	 	$	21,767	 	 	 	10.0	%	 	$	70,785	 	 	$	59,477	 	 	 	19.0	%
	SG&A as a percent of net sales
	 	 	22.5	%	 	 	24.3	%	 	 	 	 	 	 	22.7	%	 	 	23.1	%	 	 	 	 

For the three months ended September 30, 2010, selling, general, and administrative costs
increased $2.2 million over the comparable period of 2009. SG&A expenses for the three months
ended September 30, 2010 include $3.0 million of increased sales commissions and performance-based
incentive compensation, and $1.6 million of increased salaries, selling, and other expenses in
excess of the amounts in the comparable period of 2009. SG&A expenses for the three months ended
September 30, 2009 include charges of $1.4 million for severance expenses payable to manufacturing
personnel placed on permanent lay-off status, to salaried positions eliminated in connection with
further organizational restructurings, and to additional personnel electing to participate in a
voluntary retirement program. SG&A expenses for the three months ended September 30, 2009 also
include $1.0 million for assessments by a foreign jurisdiction of customs duties related to prior
years’ export sales activities.

For the nine months ended September 30, 2010, selling, general, and administrative costs increased
$11.3 million over the comparable period of 2009. SG&A expenses for the nine months ended
September 30, 2010 include $9.5 million of increased sales commissions and performance-based
incentive compensation, and $4.5 million of increased salaries, selling, and other expenses in
excess of the amounts in the comparable period of 2009. SG&A expenses for the nine months ended
September 30, 2010 also include $0.9 million in foreign currency losses. SG&A expenses for the
nine months ended September 30, 2009 included charges of $2.6 million of severance expenses payable
to manufacturing personnel placed on permanent lay-off status, to salaried positions eliminated in
connection with further organizational restructurings, and to additional personnel electing to
participate in a voluntary retirement program. SG&A expenses for the nine months ended
September 30, 2009 also include $1.0 million for assessments by a foreign jurisdiction of customs
duties related to prior years’ export sales activities.

Interest, net

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended September 30,	 	 	 	 	 	Nine Months Ended September 30,	 	 
	(Dollars in thousands)	 	2010	 	2009	 	% Change	 	2010	 	2009	 	% Change
	Interest, net
	 	$	4,995	 	 	$	5,577	 	 	 	(10.4	%)	 	$	17,270	 	 	$	15,121	 	 	 	14.2	%

Interest expense for the three months ended September 30, 2010 was $5.0 million as compared to
$5.6 million for the three months ended September 30, 2009. The reduction in interest costs
results primarily from repayments of Second Lien indebtedness in the six month period ending June
30, 2010.

Interest expense for the nine months ended September 30, 2010 was $17.3 million as compared to
$15.1 million for the nine months ended September 30, 2009. The effective interest rate on the
senior debt increased approximately 225 basis points to

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11.2% due to increases in the Special
Interest adjustment on the Senior Subordinated Notes as well as increased interest charges under
the Second Lien indebtedness refinanced in August 2009. This increase was partially offset by
repayments of the Second Lien indebtedness and reduced average debt balances in 2010 under the
working capital facility.

Loss on Debt Extinguishment

In the second quarter of 2010, the Company repaid $25 million of Second Lien indebtedness and
recorded a loss on debt extinguishment of $1.9 million, consisting of the write-off of unamortized
original issue discount of $1.5 million, write-off of unamortized deferred financing fees of $0.3
million, and prepayment fees of $0.1 million.

Income tax provision

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended September 30,	 	 	 	 	 	Nine Months Ended September 30,	 	 
	(Dollars in thousands)	 	2010	 	2009	 	% Change	 	2010	 	2009	 	% Change
	Income tax provision (benefit)
	 	$	2,373	 	 	$	2,639	 	 	 	(10.1	%)	 	$	4,259	 	 	$	1,788	 	 	 	138.2	%

For the 2010 third quarter, the effective income tax rate was 33.0% versus 41.5% in the
comparable prior year period. For the nine months ended September 30, 2010, the effective income
tax rate was 30.5% versus 49.7% in the comparable period in 2009. The decline in the effective tax
rate for the third quarter of 2010 as compared to 2009 results primarily from recognizing the U.S.
based losses in 2009 for which tax recoveries could not be recorded due to the uncertainty of
realization.

On October 7, 2010, the Company may have experienced a Section 382 annual limitation on future
utilization of its NOL carryovers as explained at Note 16, “Subsequent Events.” The possible
section 382 annual limitation arose as a result of the acquisition of shares by a five percent
holder as discussed at “Note 16, Subsequent Events.” This limitation, if applicable, would not
impact the financial statements as of September 30, 2010, nor does management expect it to
materially impact the Company’s 2010 financial statements.

Discontinued Operations

On December 30, 2006, the Company committed to a plan to sell its Brazilian manufacturing
operations. A loss of approximately $15.2 million (net of $1.2 million of tax) was recorded as a
component of discontinued operations in the fourth quarter of 2006. This reflected the estimated
net realizable value of the assets and the estimated remaining liabilities of the operation. The
Company closed the Brazilian manufacturing operations in the fourth quarter of 2007, disposing of
its cutting table business and auctioning various remaining inventory and equipment. Sale of the
building and land was completed in the quarter ended September 30, 2009. A gain, net of tax, of
$1.1 million was recorded in the third quarter of 2009 related to Brazil including a gain of $2.9
million on the sale of the facilities, a charge of $1.1 million to revise the estimates of the
remaining liabilities, and income tax expense of $0.7 million.

On December 30, 2006, the Company committed to a plan to sell its South African operations. On
February 5, 2007, the Company entered into an agreement to sell the South African subsidiaries. A
loss of $9.2 million (net of $6.3 million of tax) was recorded in the fourth quarter of 2006 as a
component of discontinued operations. The sale closed on May 25, 2007 with $13.8 million of net
cash received at closing along with a note due in May 2010 in the amount of 30 million South
African Rand and bearing 14% interest payable. In April 2009, the note was settled and the Company
recorded a gain of $1.9 million in discontinued operations. The Company also recorded $0.5 million
of interest income in continuing operations related to this transaction.

RECENT ACCOUNTING PRONOUNCEMENTS

The Company has determined that all recently issued accounting pronouncements will not have a
material impact on its consolidated financial position, results of operations and cash flows, or do
not apply to its operations.

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LIQUIDITY AND CAPITAL RESOURCES

Our principal uses of cash are capital expenditures and debt repayment obligations, including
repayment of debt pursuant to the “Excess Cash Flow” provision of the Senior Subordinated Notes.
We expect that ongoing requirements for working capital, debt service, and additional equipment
purchases will be funded from operating cash flow and borrowings under the Working Capital
Facility.

The Company’s cash flows from continuing operations from operating, investing and financing
activities, as reflected in the Condensed Consolidated Statements of Cash Flows, are summarized in
the following table:

	 	 	 	 	 	 	 	 	 
	 	 	Nine Months Ended	 
	 	 	September 30,	 
	(Dollars in thousands)	 	2010	 	 	2009	 
	Net cash provided by (used in):
	 	 	 	 	 	 	 	 
	Operating activities
	 	$	25,478	 	 	$	30,361	 
	Investing activities
	 	 	(6,249	)	 	 	(4,871	)
	Financing activities
	 	 	(23,291	)	 	 	(20,098	)
	Effect of exchange rates
	 	 	521	 	 	 	1,552	 
	 
	 	 	 	 	 	 
	Cash provided
	 	$	(3,541	)	 	$	6,944	 
	 
	 	 	 	 	 	 

Operating Activities

Cash provided by operating activities for the first nine months of 2010 was $25.5 million compared
to the $30.4 million of cash provided during the same period in 2009. The change in operating
assets and liabilities provided $4.0 million of cash during the nine months ended September 30,
2010 compared to the $25.9 million of cash provided in the nine months ended September 30, 2009.
The changes in operating assets and liabilities, excluding foreign currency translation effects,
included:

	 	•	 	Accounts receivable increased $13.2 million during the nine months ended September 30,
2010 due to increased sales, compared to the $18.6 million decrease during the same period
in 2009 in which sales declined substantially.
	 
	 	•	 	Inventory changes used $10.1 million of cash through the first nine months of 2010 due
to increased customer demand. Inventory declined in the first nine months of 2009 due to
substantial declines in demand and provided $28.8 million of cash.
	 
	 	•	 	Accounts payable increased in the first nine months of 2010 providing $18.1 million of
cash which includes the beneficial impact of approximately $14.0 million of early payment
of supplier invoices during the fourth quarter of 2009. These early payments reduced the
cash usage requirements for the nine months ended September 30, 2010. For the nine months
ended September 30, 2009, accounts payable were reduced, utilizing $9.9 million of cash.
During 2009, the Company was paying vendors for previous materials purchases while reducing
new purchases in connection with reducing inventory levels.
	 
	 	•	 	Accrued liabilities increased in the first nine months of 2010, providing $11.4 million
of cash, due primarily to increases in incentive compensation, customer rebates and income
tax accruals. This amount is net of payments of semi-annual interest due on the Senior
Subordinated Notes and accruals during the quarter for interest payments. During the first
nine months of 2009, accrued liabilities were reduced by $11.7 million due to cash payment
of employee severance, customer rebates, incentive compensation and payment of semi-annual
interest due on the Senior Subordinated Notes.

Investing Activities

Investing activities used $6.2 million of cash for the nine months ended September 30, 2010
compared to net cash used of $4.9 million for the first nine months of 2009. Cash used in
investing activities in 2010 and 2009 primarily reflected capital expenditures for manufacturing
equipment purchases.

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Financing Activities

During the nine months ended September 30, 2010, the Company repaid all $25 million of the Second
Lien indebtedness. For the same period in 2009, the Company had net repayment of $32.5 million
under the Working Capital Facility, which when combined with cash on hand and cash flow from
operations, were used to fund working capital and capital expenditures.

On February 23, 2010, the Company, Thermadyne Industries, Inc., their domestic subsidiaries and
certain of their foreign subsidiaries (together with the Company, the “Thermadyne Parties”) entered
into the Third Amendment to Third Amended and Restated Credit Agreement with General Electric
Capital Corporation as agent and lender (as amended, the “Amended GE Credit Agreement”) to, among
other things: (i) increase the permitted amount of foreign investments from $5 million to $10
million, subject to certain restrictions, including a $3 million limitation on investment in
non-affiliated foreign persons; and (ii) adjust the minimum quarterly Fixed Charge Coverage Ratio
requirements so as to compute such ratio as of March 31, 2010 and June 30, 2010 based on the
results for the six months and nine months then ended. For September 30, 2010 and for each calendar
quarter thereafter, the computation is based on the twelve month period then ending. The minimum
Fixed Charge Coverage Ratio required for all calendar quarters after December 31, 2009 is 1.10.

At September 30, 2010, $3.9 million of letters of credit were outstanding. Unused availability,
net of these letters of credit, was $42.6 million under the Working Capital Facility.

During nine months ended September 30, 2010, the Company voluntarily prepaid the $25.0 million
principal balance outstanding under the Second Lien Facility, plus accrued and unpaid interest on
such amount as of that date. The outstanding principal amount bore interest at 12% per annum and
would have been due November 30, 2012. As a result of the prepayment, the Second Lien Agreement
has terminated and liens on the property and assets of the Company and its subsidiaries thereunder
have been released. The Company funded its prepayment primarily with borrowings under its Working
Capital Facility with GE, which currently holds first liens on the property and assets of the
Company and its subsidiaries.

The company expects to incur capital expenditure commitments of $10 to $12 million in 2010, which
includes plans to expand existing manufacturing facilities. For the nine months ended September
30, 2010, we have incurred $5.9 million in capital expenditures.

At September 30, 2010, the Company was in compliance with its financial covenants. We believe the
Company has sufficient funding to satisfy its operating needs, to fulfill its current debt
repayment obligations, and to fund capital expenditure commitments.

The most restrictive financial covenant is the “fixed charge coverage” covenant under our Working
Capital Facility. This covenant requires EBITDA, as defined in the Amended GE Credit Agreement, to
be at least 1.10 of Fixed Charges, as defined. Failure to comply with our financial covenants in
future periods would result in defaults under our credit agreements unless covenants are amended or
non-compliance is waived. An event of default under our credit agreements, if not waived, could
result in the acceleration of these debt obligations and, consequently, our debt obligations under
our Senior Subordinated Notes.

Agreement to be Acquired by Irving Place Capital

In conjunction with the merger agreement, we expect that the Senior Subordinated Notes will be
repaid in full as a result of the acquisition. Additionally, the merger agreement contains certain
termination rights for the Company and an affiliate of Irving Place Capital. Upon termination of
the merger agreement under specified circumstances, the Company will be required to pay to an
affiliate of Irving Place Capital a termination fee in the amount of $6.4 million, plus up to $2
million of such affiliate’s reasonable out of pocket fees and expenses incurred in connection with
the transaction. The merger agreement also provides that such affiliate will be required to pay
the Company a reverse termination fee of $25 million if such affiliate terminates the merger
agreement under specified circumstances. See Part II, Item 1A, “Risk Factors.”

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our primary financial market risk relates to fluctuations in currency exchange rates, commodity
price risks and interest rates.

We believe our exposure to transaction gains or losses resulting from changes in foreign currency
exchange rates are not material to our financial statements. Our sales are predominantly U.S.
dollar denominated. A portion of our sales reflect pound sterling versus Euro transactional risk
and the purchase of materials reflect U.S. dollar versus Euro transactional risk. Materials
purchases for our Asia Pacific region have Australian dollar versus U.S. dollar exchange risk which
we mitigate through forward U.S. dollar purchase contracts by our Australian operations.

Copper, brass and steel constitute a significant portion of our raw material costs. These
commodities are subject to price fluctuations which we may not be able to pass onto our customers.
When feasible, we attempt to establish fixed price commitments to provide stability in our cost.
Such commitments typically extend three to six months.

For a more complete discussion of factors that may affect future results, see the “Risk Factors”
section in our Annual Report on Form 10-K for the year ended December 31, 2009.

Item 4. Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s
President and Chief Financial Officer, carried out an evaluation of the effectiveness of the design
and operation of the Company’s disclosure controls and procedures as of September 30, 2010. Based
upon their evaluation, the Company’s President and Chief Financial Officer concluded that the
Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) are
effective as of that date to provide reasonable assurance that the information required to be
disclosed by the Company in the reports it files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the rules and forms of the
SEC and that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the
Company’s management, including its President and Chief Financial Officer, as appropriate to allow
timely decisions regarding required disclosure. They have also determined in their evaluation that
there was no change in the Company’s internal controls over financial reporting that has materially
affected or is reasonably likely to materially affect the Company’s internal control over financial
reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

On October 19, 2010, Robert Israeli filed a class action complaint in the Circuit Court of St.
Louis County, Missouri against the Company, the Company’s directors, and Irving Place Capital. The
complaint alleges, among other things, that the Company’s directors breached their fiduciary duties
to the Company’s stockholders, including their duties of loyalty, good faith and independence, and
the Company and Irving Place Capital aided and abetted the Company’s directors’ alleged breaches of
their fiduciary duties. The plaintiffs seek injunctive relief preventing the defendants from
consummating the transactions contemplated by the merger agreement with IPC, or in the event the
defendants consummate the transactions contemplated by the merger agreement, rescission of such
transactions, and attorney’s fees and expenses. The Company and the other defendants have not yet
responded to the complaint. The Company believes that this lawsuit is without merit and intends to
defend it.

The information contained in Note 10 — “Contingencies” to the Company’s condensed consolidated
financial statements is incorporated by reference herein.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the
risk factors set forth below, as well as disclosed under Part I—Item 1A, “Risk Factors” in our
2009 Form 10-K, which could materially adversely affect our business, financial condition,
operating results and cash flows. These risks and uncertainties are not the only ones we face.
Risks and uncertainties not currently known to us or that we currently deem immaterial also may
materially adversely affect our business, results of operations, financial condition and cash
flows.

The following risk factors should be read in conjunction with “Risk Factors” included in Item 1A in
the Annual Report on Form 10-K for the Company’s fiscal year ended December 31, 2009.

There are risks and uncertainties associated with the proposed merger with an affiliate of Irving
Place Capital.

On October 5, 2010, we entered into an agreement and plan of merger, which we refer to as the
merger agreement, providing for the acquisition of the Company by Razor Holdco Inc., which we refer
to as “Parent,” a Delaware corporation that was formed by Irving Place Capital, which we sometimes
refer to as IPC or Irving Place, solely for the purpose of entering into the merger agreement and
completing the transactions contemplated by the merger agreement and related financing
transactions. The acquisition will be effected by the merger of Razor Merger Sub Inc., a Delaware
corporation and wholly owned subsidiary of Parent, with and into the Company, with the Company
being the surviving corporation as a wholly-owned subsidiary of Parent, which we refer to as the
merger.

There are a number of risks and uncertainties relating to the merger. For example, the merger may
not be consummated or may not be consummated as currently anticipated, as a result of several
factors, including, but not limited to, the failure to satisfy the closing conditions set forth in
the merger agreement. In addition, there can be no assurance that approval of our stockholders and
requisite regulatory approvals will be obtained, that the other conditions to closing of the merger
will be satisfied or waived or that other events will not intervene to delay or result in the
termination of the merger.

Our business could be adversely impacted as a result of uncertainty related to the proposed merger
with an affiliate of Irving Place Capital.

The proposed merger could cause disruptions in our business relationships and business generally,
which could have an adverse effect on our business, financial condition, results of operations and
cash flows. For example:

	 	•	 	the attention of our management may be directed to transaction-related considerations
and may be diverted from the day-to-day operations of our business and pursuit of our
strategic initiatives
	 
	 	•	 	our employees may experience uncertainty about their future roles at the Company, which
might adversely affect our ability to retain and hire key managers and other employees; and
	 
	 	•	 	customers and suppliers may experience uncertainty about the Company’s future and seek
alternative business relationships with third parties or seek to alter their business
relationships with the Company.

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Under the merger agreement, we are subject to certain restrictions on the conduct of our business
prior to completing the proposed merger, which restrictions could adversely affect our ability to
realize certain of our business strategies or pursue opportunities that may arise prior to the
closing of the merger.

In addition, we have incurred, and will continue to incur, significant costs, expenses and fees for
professional services and other transaction costs in connection with the proposed merger, and we
must pay many of these fees and costs regardless of whether or not we consummate the merger.

Failure to complete the proposed merger could negatively impact our business, financial condition,
results of operations or stock price.

The completion of the proposed merger is subject to a number of conditions and there can be no
assurance that the conditions to the completion of the proposed merger will be satisfied or that
the proposed merger will otherwise occur. If the proposed merger is not completed, we will be
subject to several risks, including:

	 	•	 	the current price of our common stock may reflect a market assumption that the proposed
merger will occur, meaning that a failure to complete the proposed merger could result in a
decline in the price of our common stock;
	 
	 	•	 	we may be required to pay a termination fee of $6,440,000, plus up to an aggregate of
$2,000,000 of documented reasonable out-of-pocket fees and expenses incurred by Parent and
Merger Subsidiary in connection with the merger agreement if the merger agreement is
terminated under certain circumstances, which would negatively affect our liquidity;
	 
	 	•	 	we expect to incur substantial transaction costs in connection with the proposed merger,
whether or not it is completed; and
	 
	 	•	 	we would not realize any of the anticipated benefits of having completed the proposed
merger.

Item 6. Exhibits

	 	 	 	 	 

	2.1

	 	—
	 	Agreement and Plan of Merger, dated as of October 5, 2010, by and among
Thermadyne Holdings Corporation, Razor Holdco Inc. and Razor Merger Sub
Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current
Report on Form 8-K (File No. 001-13023) filed on October 6, 2010).
	 
	 	 	 	 
	*31.1

	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
	 
	 	 	 	 
	*31.2

	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
	 
	 	 	 	 
	*32.1

	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002. *
	 
	 	 	 	 
	*32.2

	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002.*
	 
	 	 	 	 
	99.1

	 	 	 	Limited Guarantee, dated October 5, 2010, by Irving Place Capital
Partners III, L.P. (incorporated by reference to Exhibit 99.1 to the
Company’s Current Report on Form 8-K (File No. 001-13023) filed on
October 6, 2010).

 

			
	*	 	Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION

 	 
	 	By:  	                            /s/ Steven A. Schumm
 	 
	 	 	Steven A. Schumm 	 
	 	 	Executive Vice President, Chief Financial and
Administrative Officer

(Principal Financial and Accounting Officer) 	 

Date: October 28, 2010

33

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THERMADYNE HOLDINGS CORPORATION

EXHIBIT INDEX

	 	 	 	 	 
	Exhibit No.	 	 	 	Exhibit
	2.1

	 	—
	 	Agreement and Plan of Merger, dated as of October 5, 2010, by and among
Thermadyne Holdings Corporation, Razor Holdco Inc. and Razor Merger Sub
Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current
Report on Form 8-K (File No. 001-13023) filed on October 6, 2010).
	 
	 	 	 	 
	*31.1

	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
	 
	 	 	 	 
	*31.2

	 	—
	 	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
	 
	 	 	 	 
	*32.1

	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002. *
	 
	 	 	 	 
	*32.2

	 	—
	 	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted by Section
906 of the Sarbanes-Oxley Act of 2002.*
	 
	 	 	 	 
	99.1

	 	 	 	Limited Guarantee, dated October 5, 2010, by Irving Place Capital
Partners III, L.P. (incorporated by reference to Exhibit 99.1 to the
Company’s Current Report on Form 8-K (File No. 001-13023) filed on
October 6, 2010).

 

			
	*	 	Filed herewith.

34

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EXHIBIT 31.1

CERTIFICATIONS

I, Martin Quinn, certify that:

	1.	 	I have reviewed this quarterly report on Form 10-Q of Thermadyne Holdings Corporation;
	 
	2.	 	Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
	 
	3.	 	Based on my knowledge, the financial statements, and other financial information included in
the report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in the
report;
	 
	4.	 	The registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:

	 	a)	 	Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
	 
	 	b)	 	Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;
	 
	 	c)	 	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation; and
	 
	 	d)	 	Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the registrant’s most recent fiscal quarter (the
registrant’s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; and

	5.	 	The registrant’s other certifying officers and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the
audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):

	 	a)	 	All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant’s ability to record, process, summarize and report financial information;
and
	 
	 	b)	 	Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant’s internal control over financial reporting.

	 	 	 	 	 
	 	 	 
	 	By:  	                         /s/ Martin Quinn
 	 
	 	 	Martin Quinn 	 
	 	 	President

(Principal Executive Officer) 	 

Date: October 28, 2010

 

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EXHIBIT 31.2

CERTIFICATIONS

I, Steven A. Schumm, certify that:

	1.	 	I have reviewed this quarterly report on Form 10-Q of Thermadyne Holdings Corporation;
	 
	2.	 	Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
	 
	3.	 	Based on my knowledge, the financial statements, and other financial information included in
the report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in the
report;
	 
	4.	 	The registrant’s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:

	 	a)	 	Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
	 
	 	b)	 	Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;
	 
	 	c)	 	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation;
	 
	 	d)	 	Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the registrant’s most recent fiscal quarter (the
registrant’s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; and

	5.	 	The registrant’s other certifying officers and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the
audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):

	 	a)	 	All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant’s ability to record, process, summarize and report financial information;
and
	 
	 	b)	 	Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant’s internal control over financial reporting.

	 	 	 	 	 
	 	 	 
	 	By:  	                            /s/ Steven A. Schumm
 	 
	 	 	Steven A. Schumm 	 
	Date: October 28, 2010 	 	Executive Vice President, Chief Financial and
Administrative Officer

(Principal Financial and Accounting Officer) 	 
	 

 

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     EXHIBIT 32.1

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     I, Martin Quinn, as President and Principal Executive Officer of Thermadyne Holdings
Corporation (the “Company”) certify, pursuant to 18 U.S.C. § 1350, as adopted by Section 906 of the
Sarbanes-Oxley Act of 2002, that to my knowledge:

     (1) the accompanying Form 10-Q for the period ended September 30, 2010 as filed with the U.S.
Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

     (2) the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.

	 	 	 	 	 
	 	 	 
	 	By:  	                            /s/ Martin Quinn
 	 
	 	 	Martin Quinn 	 
	 	 	President

(Principal Executive Officer) 	 

Date: October 28, 2010

 

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EXHIBIT 32.2

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     I, Steven A. Schumm, as Chief Financial Officer and Principal Financial Officer of Thermadyne
Holdings Corporation (the “Company”) certify, pursuant to 18 U.S.C. § 1350, as adopted by Section
906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

     (1) the accompanying Form 10-Q for the period ended September 30, 2010 as filed with the U.S.
Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

     (2) the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.

	 	 	 	 	 
	 	 	 
	 	By:  	                            /s/ Steven A. Schumm
 	 
	 	 	Steven A. Schumm 	 
	 	 	Executive Vice President, Chief Financial
and Administrative Officer

(Principal Financial and Accounting Officer) 	 

Date: October 28, 2010

 

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SCHEDULE 3.11(b)

Pro Forma Financial Statements

Attached.

 

Table of Contents

Unaudited Pro Forma Condensed Consolidated Financial Statements

The following unaudited pro forma condensed consolidated financial statements have been
derived by applying pro forma adjustments to our historical audited consolidated financial
statements and unaudited condensed consolidated financial statements included elsewhere in this
offering memorandum. The unaudited pro forma consolidated statements of operations give effect to
the Transactions as if they occurred on January 1, 2009. The unaudited pro forma consolidated
balance sheet gives effect to the Transactions as if they occurred on September 30, 2010. The
summary unaudited pro forma condensed consolidated statement of operations data for the twelve
months ended September 30, 2010 has been derived by adding the historical consolidated statement of
operations data for the fiscal year ended December 31, 2009 to the historical consolidated
statement of operations data for the nine months ended September 30, 2010, subtracting the
historical consolidated statement of operations data for the nine months ended September 30, 2009
and applying pro forma adjustments to give effect to the Transactions as if they had occurred on
January 1, 2009. We describe the assumptions underlying the pro forma adjustments in the
accompanying notes, which should be read in conjunction with these unaudited pro forma condensed
consolidated financial statements.

The unaudited pro forma adjustments are based upon available information and certain assumptions
that are factually supportable and that we believe are reasonable under the circumstances. The
unaudited pro forma condensed consolidated financial statements are presented for informational
purposes only. The unaudited pro forma condensed consolidated financial statements do not purport
to represent what our actual consolidated results of operations or the consolidated financial
condition would have been had the Transactions actually occurred on the dates indicated, nor are
they necessarily indicative of future consolidated results of operations or consolidated financial
condition. The unaudited pro forma condensed consolidated financial statements should be read in
conjunction with the information contained in “Summary—The Transactions,” “Selected Financial
Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and
the audited consolidated financial statements and the unaudited condensed consolidated financial
statements and the notes thereto appearing elsewhere in this offering memorandum. All pro forma
adjustments and their underlying assumptions are described more fully in the notes to our unaudited
pro forma condensed consolidated financial statements.

The Transactions will be accounted for using purchase accounting. The pro forma information
presented, including the allocation of the purchase price, is based on preliminary estimates of the
fair values of assets acquired and liabilities assumed and available information. The final
purchase price allocation is dependent on, among other things, the finalization of asset and
liability valuations. As of the date of this offering memorandum, we have not completed the
valuation studies necessary to estimate the fair values of the assets acquired and liabilities
assumed and the related allocation of purchase price. We have allocated the total estimated
purchase price, calculated as described in Note 2(a) under “—Notes to Unaudited Pro Forma
Condensed Consolidated Financial Statements,” to the assets acquired and liabilities assumed based
on preliminary estimates of their fair values. A final determination of these fair values will
reflect our consideration of a final valuation prepared by third-party appraisers. This final
valuation will be based on the actual net tangible and intangible assets that existed as of the
closing date of the Transactions. Final adjustments will change the allocations of purchase price,
which will affect the fair value assigned to certain assets acquired and liabilities assumed and
will result in a change to the unaudited pro forma condensed consolidated financial statements,
including a change to goodwill. Therefore, the actual adjustments will differ from the pro forma
adjustments, and the differences may be material.

38

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Unaudited Pro Forma Condensed Consolidated Balance Sheet 
As of September 30, 2010

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Historical	 	 	Adjustments	 	 	Pro Forma	 
	Assets
	 	 	 	 	 	 	 	 	 	 	 	 
	Current assets:
	 	 	 	 	 	 	 	 	 	 	 	 
	Cash and cash equivalents 
	 	$	11,345	 	 	$	—	 	 	$	11,345	 
	Accounts receivables, less allowance for doubtful accounts 
	 	 	71,330	 	 	 	—	 	 	 	71,330	 
	Inventories 
	 	 	86,139	 	 	 	12,062 	 (a)	 	 	98,201	 
	Prepaid expenses and other 
	 	 	9,702	 	 	 	—	 	 	 	9,702	 
	Deferred tax assets 
	 	 	3,008	 	 	 	—	 	 	 	3,008	 
	 
	 	 	 	 	 	 	 	 	 
	Total current assets 
	 	 	181,524	 	 	 	12,062	 	 	 	193,586	 
	Property, plant and equipment, net of accumulated depreciation 
	 	 	46,644	 	 	 	8,000 	 (a)	 	 	54,644	 
	Goodwill 
	 	 	188,782	 	 	 	63,797 	 (a)	 	 	252,579	 
	Intangibles, net 
	 	 	56,741	 	 	 	19,888 	 (a)	 	 	76,629	 
	Deferred financing fees and other 
	 	 	2,835	 	 	 	8,708 	 (b)	 	 	11,543	 
	 
	 	 	 	 	 	 	 	 	 
	 
	Total assets 
	 	$	476,526	 	 	$	112,455	 	 	$	588,981	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Liabilities and shareholders’ equity
	 	 	 	 	 	 	 	 	 	 	 	 
	Current liabilities:
	 	 	 	 	 	 	 	 	 	 	 	 
	Working capital facility 
	 	$	12,556	 	 	$	(12,556	)(c)	 	$	—	 
	Current maturities of capital lease obligations 
	 	 	2,442	 	 	 	(275	)(d)	 	 	2,167	 
	Accounts payable 
	 	 	28,995	 	 	 	—	 	 	 	28,995	 
	Accrued and other liabilities 
	 	 	37,780	 	 	 	(463	)(e)	 	 	37,317	 
	Accrued interest 
	 	 	3,133	 	 	 	(3,016	)(c)	 	 	117	 
	Income taxes payable 
	 	 	3,726	 	 	 	—	 	 	 	3,726	 
	Deferred tax liabilities 
	 	 	2,793	 	 	 	—	 	 	 	2,793	 
	 
	 	 	 	 	 	 	 	 	 
	 
	Total current liabilities 
	 	 	91,425	 	 	 	(16,310	)	 	 	75,115	 
	 
	 	 	—	 	 	 		 	 	 	—	 
	Long-term obligations, less current maturities 
	 	 	178,426	 	 	 	86,768 	 (d)	 	 	265,194	 
	Deferred tax liabilities 
	 	 	52,805	 	 	 	19,770 	 (f)	 	 	72,575	 
	Other long-term liabilities 
	 	 	13,368	 	 	 	(1,079	)(e)	 	 	12,289	 
	 
	 	 	 	 	 	 	 	 	 
	 
	Total liabilities 
	 	 	336,024	 	 	 	89,149	 	 	 	425,173	 
	Total shareholders’ equity 
	 	 	140,502	 	 	 	23,306 	 (g)	 	 	163,808	 
	 
	 	 	 	 	 	 	—	 	 	 		 
	 
	 	 	 	 	 	 	 	 	 
	Total liabilities and shareholders’ equity 
	 	$	476,526	 	 	$	112,455	 	 	$	588,981	 
	 
	 	 	 	 	 	 	 	 	 

(Dollars in thousands)

See accompanying notes

39

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Unaudited Pro Forma Condensed Consolidated Statement of Operations 
For the Year
Ended December 31, 2009

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Historical	 	 	Adjustments	 	 	Pro Forma	 
	Net sales 
	 	$	347,655	 	 	$	—	 	 	$	347,655	 
	Cost of goods sold 
	 	 	243,861	 	 	 	4,311         	 (h)	 	 	248,172	 
	 
	 	 	 	 	 	 	 	 	 
	 
	Gross margin 
	 	 	103,794	 	 	 	(4,311	)	 	 	99,483	 
	Selling, general and administrative expenses and net periodic
postretirement benefits 
	 	 	81,421	 	 	 	1,500         	 (i)	 	 	82,921	 
	Amortization of intangibles 
	 	 	2,693	 	 	 	659         	 (j)	 	 	3,352	 
	 
	 	 	 	 	 	 	 	 	 
	 
	Operating income 
	 	 	19,680	 	 	 	(6,470	)	 	 	13,210	 
	Other income (expenses):
	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net 
	 	 	(20,850	)	 	 	(4,995        	)(k)	 	 	(25,845	)
	Amortization of deferred financing costs 
	 	 	(1,052	)	 	 	(890	)(l)	 	 	(1,942	)
	Settlement of retiree medical obligations 
	 	 	5,863	 	 	 	—	 	 	 	5,863	 
	Other 
	 	 	147	 	 	 	(147	)(m)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income tax provision and
discontinued operations 
	 	 	3,788	 	 	 	(12,502	)	 	 	(8,714	)
	Income tax provision 
	 	 	2,657	 	 	 	—	 	 	 	2,657	 
	 
	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations 
	 	 	1,131	 	 	 	(12,502	)	 	 	(11,371	)
	Income from discontinued operations, net of tax 
	 	 	3,051	 	 	 	—	 	 	 	3,051	 
	 
	 	 	 	 	 	 	 	 	 
	Net income (loss) 
	 	$	4,182	 	 	$	(12,502	)	 	$	(8,320	)
	 
	 	 	 	 	 	 	 	 	 

(Dollars in thousands)

See accompanying notes

40

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Unaudited Pro Forma Condensed Consolidated Statement of Operations 
For the Nine
Months Ended September 30, 2010

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Historical	 	 	Adjustments	 	 	Pro Forma	 
	Net sales 
	 	$	311,696	 	 	$	—	 	 	$	311,696	 
	Cost of goods sold 
	 	 	205,036	 	 	 	(115)      	 (h)	 	 	204,921	 
	 
	 	 	 	 	 	 	 	 	 
	Gross margin 
	 	 	106,660	 	 	 	115	 	 	 	106,775	 
	Selling, general and administrative expenses and net periodic postretirement benefits 
	 	 	70,785	 	 	 	1,125       	 (i)	 	 	71,910	 
	Amortization of intangibles 
	 	 	2,038	 	 	 	495       	 (j)	 	 	2,533	 
	 
	 	 	 	 	 	 	 	 	 
	Operating income 
	 	 	33,837	 	 	 	(1,505	)	 	 	32,332	 
	Other income (expenses):
	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net 
	 	 	(17,270	)	 	 	(2,260)	 (k)	 	 	(19,530	)
	Amortization of deferred financing costs 
	 	 	(753	)	 	 	(686)      	 (l)	 	 	(1,439	)
	Loss on debt extinguishment 
	 	 	(1,867	)	 	 	1,867       	 (n)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income tax provision 
	 	 	13,947	 	 	 	(2,584	)	 	 	11,363	 
	Income tax provision 
	 	 	4,259	 	 	 	(305	)	 	 	3,954	 
	 
	 	 	 	 	 	 	 	 	 
	 
	Net income (loss) 
	 	$	9,688	 	 	$	(2,279	)	 	$	7,409	 
	 
	 	 	 	 	 	 	 	 	 

(Dollars in thousands)

See accompanying notes

41

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Unaudited Pro Forma Condensed Consolidated Statement of Operations 
For the Twelve
Months Ended September 30, 2010

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Historical	 	 	Adjustments	 	 	Pro Forma	 
	Net sales 
	 	$	401,734	 	 	$	—	 	 	$	401,734	 
	Cost of goods sold 
	 	 	266,380	 	 	 	135       	 (h)	 	 	266,515	 
	 
	 	 	 	 	 	 	 	 	 
	Gross margin 
	 	 	135,354	 	 	 	(135	)	 	 	135,219	 
	Selling, general and administrative expenses and net periodic
postretirement benefits 
	 	 	92,729	 	 	 	1,500       	 (i)	 	 	94,229	 
	Amortization of intangibles 
	 	 	2,715	 	 	 	659       	 (j)	 	 	3,374	 
	 
	 	 	 	 	 	 	 	 	 
	Operating income 
	 	 	39,910	 	 	 	(2,294	)	 	 	37,616	 
	Other income (expenses):
	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net 
	 	 	(22,999	)	 	 	(2,922      	) (k)	 	 	(25,921	)
	Amortization of deferred financing costs 
	 	 	(1,056	)	 	 	(863      	) (l)	 	 	(1,919	)
	Loss on debt extinguishment 
	 	 	(1,867	)	 	 	1,867       	 (n)	 	 	—	 
	Other 
	 	 	147	 	 	 	(147      	) (m)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income tax
provision 
	 	 	14,135	 	 	 	(4,359	)	 	 	9,776	 
	Income tax provision 
	 	 	5,128	 	 	 	(305	)	 	 	4,823	 
	 
	 	 	 	 	 	 	 	 	 
	Net income (loss) 
	 	$	9,007	 	 	$	(4,054	)	 	$	4,953	 
	 
	 	 	 	 	 	 	 	 	 

(Dollars in thousands)

See accompanying notes

42

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Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

Note 1 — Basis of Presentation

On October 5, 2010, Thermadyne Holdings Corporation (“Thermadyne”) entered into an agreement and
plan of merger with Razor Holdco Inc. (“Parent”) and Razor Merger Sub Inc., its wholly-owned
subsidiary, which was approved by Thermadyne’s Board of Directors. If the merger agreement is
adopted and the merger consummated, (i) each outstanding share of Thermadyne common stock will be
cancelled and converted automatically into the right to receive $15.00 in cash, without interest;
and (ii) each option to acquire shares of Thermadyne’s common stock that is outstanding immediately
prior to the effective time of the merger, whether vested or unvested, will vest (if unvested) and
will be cancelled and converted automatically into the right to receive $15.00 in cash for the
number of shares of Thermadyne’s common stock subject to the option, multiplied by the excess, if
any, by which the per share merger consideration exceeds the exercise price of the option, less any
applicable withholding taxes. Pursuant to the terms of the merger agreement, Razor Merger Sub Inc.
will be merged into and with Thermadyne, and Thermadyne will continue as the surviving corporation.
All of the outstanding shares of Razor Merger Sub Inc. will be converted into shares in the
surviving corporation. As a result of the merger, Thermadyne will be privately owned and controlled
by Irving Place Capital, a private equity firm.

The acquired assets and assumed liabilities at September 30, 2010 consist primarily of (i) current
assets, (ii) property, plant and equipment to manufacture Thermadyne’s comprehensive suite of
cutting and welding products, including gas equipment, arc accessories, plasma cutting systems,
filler metals and hardfacing alloys and welding equipment; (iii) intangible assets, including
patents, customer relationships and trademarks, (iv) current liabilities and (v) long-term
obligations and deferred tax liabilities. The acquired assets are located at 17 facilities in nine
countries, with the major production facilities in the United States, Mexico, Australia, Asia and
Europe.

The following summarizes the sources and uses of the transaction:

Summary of Sources and Uses of Funds for the Proposed Transactions

	 	 	 	 	 

	Sources
	 	 	 	 
	New ABL Facility 
	 	$	—	 
	New senior secured notes offered hereby 
	 	 	260,000	 
	New equity investment 
	 	 	184,750	 
	 
	 	 	 
	Total Sources of Funds 
	 	$	444,750	 
	 
	 	 	 
	 
	 	 	 	 
	Uses
	 	 	 	 
	Purchase Thermadyne equity 
	 	$	203,281	 
	Pay share based compensation plans 
	 	 	11,418	 
	Pay long-term cash incentive plan 
	 	 	1,685	 
	Discharge existing senior subordinated notes 
	 	 	172,327	 
	Pay interest accrued through September 30, 2010 on existing senior subordinated notes 
	 	 	3,016	 
	Payment of premium in connection with discharge of existing senior subordinated notes and accrued interest on such notes from September 30, 2010

	 	 	8,242	 
	Pay-down of exiting working capital facility 
	 	 	12,556	 
	Pay fees on new ABL Facility and new senior secured notes 
	 	 	11,150	 
	Payment of certain capital lease obligations, including change-of control premiums 
	 	 	1,411	 
	Pay seller fees including financial advisor, accounting, legal 
	 	 	6,964	 
	Pay buyer expenses 
	 	 	12,700	 
	 
	 	 	 
	Total Uses of Funds 
	 	$	444,750	 
	 
	 	 	 

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The anticipated transactions will result in the write-off of $2,442 of deferred finance fees on the
existing senior subordinated notes and second lien facility and recognition of gain from a previous
swap transaction totaling $1,542, all of which are non-cash transactions.

Note 2 — Pro Forma Adjustments

Pro Forma Condensed Consolidated Balance Sheet as of September 30, 2010

The following summarizes certain key assumptions in preparing the estimated purchase price
allocated to the fair value of net assets acquired in connection with the Transactions:

	 	(a)	 	Represents the net adjustment allocated preliminarily to inventories, land, goodwill and
intangibles. It is anticipated that the Acquisition will be accounted for as (or similar to)
a purchase in accordance with ASC 805. We have allocated the excess of the purchase price
over the net assets acquired to inventories, land, intangible assets and goodwill. The
allocations to inventories, land, and intangibles are based on management’s best estimates
of the fair value of these assets. Thermadyne has begun the process of reviewing its net
assets to determine the adjustments to fair value (including the possible recognition of
previously unrecognized assets and liabilities along with further expected adjustments to
property, plant and equipment, inventories and intangibles) in connection with the
Transactions. If value assigned to Thermadyne’s non-goodwill assets are increased in
connection with the Transactions, Thermadyne expenses in the future will be higher as a
result of increased expenses (depreciation and amortization and/or cost of goods sold).
Similarly, if values assigned to Thermadyne’s non-goodwill assets decreased, expenses will
decrease in the future (depreciation and amortization and/or cost of goods sold).

	 	 	Summary of the pro forma purchase price allocation:

	 	 	 	 	 

	Purchase price(i) 
	 	$	214,699	 
	Less: Net assets acquired(ii) 
	 	 	(130,722	)
	 
	 	 	 
	Net adjustments 
	 	$	83,977	 
	 
	 	 	 
	 
	 	 	 	 
	Allocated to:
	 	 	 	 
	Inventories(iii) 
	 	$	12,062	 
	Land (part of property, plant and equipment)(iv) 
	 	 	8,000	 
	Intangible assets (trademarks, customer relationships and patents)(v) 
	 	 	19,888	 
	Goodwill(vi) 
	 	 	44,027	 
	 
	 	 	 
	 
	 	$	83,977	 
	 
	 	 	 
	Goodwill 
	 	$	44,027	 
	Additional goodwill related to deferred tax liabilities(vii) 
	 	 	19,770	 
	 
	 	 	 
	Total adjustment to goodwill 
	 	$	63,797	 
	 
	 	 	 

 

			
	(i)	 	The purchase price is defined as the cost of the outstanding shares of Thermadyne
stock at $15.00 per share plus amounts payable pursuant to share based compensation
plans.
	 
	(ii)	 	Represents the book value of total assets less liabilities, including
liabilities associated with the Transactions.
	 
	(iii)	 	The allocation to increase inventories by $12,062 eliminates the existing LIFO
reserve of $8,632 and increases inventory to selling prices less (1) costs to complete;
(2) costs of disposal; and (3) a reasonable profit on the selling effort.
	 
	(iv)	 	Represents management’s estimates of increases in values of land in Mexico and Australia.

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Table of Contents

			
	(v)	 	The allocations to intangible assets at September 30, 2010 were based on initial
management’s estimates and are as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Historical	 	 	Adjustment to	 	 	Estimated	 
	 	 	Balance	 	 	Fair Value	 	 	Fair Value	 
	Trademarks 
	 	$	33,403	 	 	$	7,790	 	 	$	41,193	 
	Customer relationships 
	 	 	19,040	 	 	 	11,096	 	 	 	30,136	 
	Patents
	 	 	4,298	 	 	 	1,002	 	 	 	5,300	 
	 
	 	 	 	 	 	 	 	 	 
	Total Intangibles 
	 	$	56,741	 	 	$	19,888	 	 	$	76,629	 
	 
	 	 	 	 	 	 	 	 	 

 

			
	(vi)	 	Goodwill increased $63,797 as a result of the Transactions. Goodwill was calculated as the
difference in the purchase price, less the fair value of assets and assumed liabilities of
$44,027, plus $19,770 due to the impact of deferred taxes on the increases in land and
goodwill.
	 
	(vii)	 	Represents the increase of goodwill related to long-term deferred tax liabilities
associated with the fair value adjustment of land and goodwill, calculated at an
estimated tax rate of 38%.

	 	(b)	 	Reflects the net increase to deferred financing fees calculated as follows:

	 	 	 	 	 

	Debt issuance costs related to new senior secured notes 
	 	$	10,250	 
	Debt issuance costs related to the new ABL Facility 
	 	 	900	 
	Less: Historical debt issuance cost 
	 	 	(2,442	)
	 
	 	 	 
	Net adjustment to deferred financing fees 
	 	$	8,708	 
	 
	 	 	 

	 	(c)	 	The adjustment to working capital facility of ($12,556) and accrued interest of ($3,016)
reflect the payments described in the Summary of Sources and Uses of Funds for the
Transactions in Note 1 above.
	 
	 	(d)	 	The adjustments of ($275) to current maturities of capital lease obligations and
$86,768 to long-term obligations (total of $86,493) are summarized as follows:

	 	 	 	 	 

	Proceeds from new senior secured notes offered hereby 
	 	$	260,000	 
	Payment of existing senior subordinated notes 
	 	 	(172,327	)
	Payment of certain capital leases subject to change-in-control—principal portion only 
	 	 	(1,180	)
	 
	 	 	 
	Net increase in debt 
	 	$	86,493	 
	 
	 	 	 

	 	 	 	Pro forma current maturities of capital lease obligations and long-term obligations less
current maturities are comprised of:

	 	 	 	 	 

	New senior secured notes offered hereby 
	 	$	260,000	 
	Capital leases 
	 	 	7,361	 
	 
	 	 	 
	Pro forma long-term obligations, including current maturities 
	 	$	267,361	 
	 
	 	 	 

	 	(e)	 	The adjustments to the current and long-term portions of deferred swap revenue related
to a previously terminated swap.

45

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	 	(f)	 	Adjustments to deferred tax liabilities of $19,770 account for differences in book and
tax basis for assets revalued and for differences in the book and tax basis of
Thermadyne’s main operating subsidiary and other assets. The increase in deferred tax
liabilities is further described in the summary of the pro forma purchase price allocation
in note (a) above.
	 
	 	(g)	 	Adjustments to shareholders’ equity consist of the following:

	 	 	 	 	 

	Purchase accounting basis for excess purchase cost over net assets acquired (note (a)) 
	 	$	83,977	 
	Transaction costs(i) 
	 	 	(21,198	)
	Purchase of Thermadyne equity (note 1) 
	 	 	(203,281	)
	New equity investment less buyer fees and expenses and loss on discharge of existing senior subordinated notes 
	 	 	163,808	 
	 
	 	 	 
	 
	 	$	23,306	 
	 
	 	 	 

	 	(i)	 	Acquisition related costs are generally expensed as incurred, except for direct costs
to issue debt or equity securities. Accordingly, certain acquisition costs incurred by
Thermadyne prior to or as a part of the Transactions were charged to the prior
shareholders’ equity, and are summarized as follows:

	 	 	 	 	 

	Investment banking, legal accounting fees and other fees 
	 	$	(6,965	)
	Long-term employee cash incentive plan 
	 	 	(1,685	)
	Share based compensation plans 
	 	 	(11,418	)
	Change-of-control premium on capital leases 
	 	 	(230	)
	Write-off of previously deferred financing fees 
	 	 	(2,442	)
	Recognition of deferred gain on previously terminated swap 
	 	 	1,542	 
	 
	 	 	 
	 
	 	$	(21,198	)
	 
	 	 	 

Pro Forma Condensed Consolidated Statement of Operations for the Year Ending December 31, 2009,
Nine Months Ended September 30, 2010 and the Twelve Months Ended September 30, 2010

	 	(h)	 	During the periods presented, Thermadyne experienced changes in inventory levels, which
resulted in adjustments to the recorded LIFO reserve and cost of goods sold. The cost of
goods sold entries eliminate this impact.
	 
	 	(i)	 	The adjustment reflects a management fee that Thermadyne is required to pay Irving Place
Capital for certain financial, strategic, advisory and consulting services pursuant to a
management services agreement.The management fee is based on the greater of $1,500 annually
(pro rated to $1,125 for a nine month period) or 2.5% of EBITDA (as defined in the
management services agreement).
	 
	 	(j)	 	Customer relations and patents are projected to be amortized on a straight-line basis over
their estimated useful lives, which are projected to range from 7 to 20 years. The
adjustment reflects the increased amortization of intangibles resulting from the adjustment
to increase the historically recorded intangible balances to estimated fair value.

46

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	 	(k)	 	The adjustment reflects the net increase in interest expense, calculated as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Pro Forma	 
	 	 	 	 	 	 	Nine Months	 	 	Twelve Months	 
	 	 	Year Ended	 	 	Ended	 	 	Ended	 
	 	 	December 31,	 	 	September 30,	 	 	September 30,	 
	 	 	2009	 	 	2010	 	 	2010	 
	Interest expense on new senior secured
notes offered hereby
	 	$	23,400	 	 	$	17,550	 	 	$	23,400	 
	Less net interest expense on the existing
senior subordinated notes
	 	 	(17,175	)	 	 	(14,149	)	 	 	(18,603	)
	Less interest expense on second lien facility
	 	 	(1,632	)	 	 	(1,347	)	 	 	(2,237	)
	Plus interest expense on unpaid second lien
facility balances assumed to be refinanced
through the new ABL Facility
	 	 	402	 	 	 	206	 	 	 	362	 
	 
	 	 	 	 	 	 	 	 	 
	Net adjustment to interest expense
	 	$	4,995	 	 	$	2,260	 	 	$	2,922	 
	 
	 	 	 	 	 	 	 	 	 

	 	 	 	The interest adjustment reflects the interest costs related to the new senior secured notes
at 9.00%, the elimination of the interest costs of the existing senior subordinated notes and
the second lien facility and the elimination of the deferred swap amortization included in
interest expense related to the existing senior subordinated notes. In addition, interest was
added for additional borrowings under the working capital facility at the applicable rate at
January 1, 2009, as representative of the new capital structure’s rate.
	 
	 	(l)	 	The adjustments represent the net increase in the amortization of deferred financing
costs, calculated as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Pro Forma	 
	 	 	 	 	 	 	Nine Months	 	 	Twelve Months	 
	 	 	Year Ended	 	 	Ended	 	 	Ended	 
	 	 	December 31,	 	 	September 30,	 	 	September 30,	 
	 	 	2009	 	 	2010	 	 	2010	 
	Amortization of deferred financing costs related to the new
senior secured notes
	 	$	1,464	 	 	$	1,098	 	 	$	1,464	 
	Less amortization of deferred financing costs related to the
existing senior subordinated notes 
	 	 	(532	)	 	 	(371	)	 	 	(527	)
	Less amortization expense related to the second lien facility
	 	 	(42	)	 	 	(41	)	 	 	(74	)
	 
	 	 	 	 	 	 	 	 	 
	Net adjustment to amortization of deferred financing costs
	 	$	890	 	 	$	686	 	 	$	863	 
	 
	 	 	 	 	 	 	 	 	 

	 	 	 	The adjustment reflects the elimination of the amortization of deferred financing costs on the
existing senior subordinated notes and the second lien facility and the recording of the
estimated amortization of deferred finance costs on the new senior secured notes.
Amortization fees on the financing costs of the new ABL Facility are estimated to be
consistent with prior periods. Deferred financing costs of $10,250 on the new senior
secured notes are to be amortized on a straight-line basis over seven years.
	 
	 	(m)	 	Reflects the elimination of the income on the portion of the existing senior subordinated notes repurchased in December 2009.
	 
	 	(n)	 	Adjustment eliminates the loss on extinguishment debt under our second lien facility, which Thermadyne voluntarily repaid in 2010.

47

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Selected Financial Data

The following tables set forth certain selected historical consolidated financial data as of
and for the periods indicated. The consolidated statement of operations data and other financial
data for the fiscal years ended December 31, 2007, December 31, 2008 and December 31, 2009 and the
consolidated balance sheet data as of December 31, 2008 and 2009 were derived from our audited
consolidated financial statements included elsewhere in this offering memorandum. Consolidated
statement of operations data for the fiscal years ended December 31, 2005 and December 31, 2006
were derived from our audited financial statements, which are not included herein. Our historical
financial information as of September 30, 2010 and for the nine months ended September 30, 2009 and
September 30, 2010 is derived from our unaudited interim consolidated financial statements included
elsewhere in this offering memorandum. In the opinion of management, the unaudited financial
information includes all adjustments, consisting of normal recurring adjustments, considered
necessary for a fair representation of this information. The results of operations for interim
periods are not necessarily indicative of the results that may be expected for the entire year.

The selected historical consolidated financial data set forth do not give pro forma effect to
the Transactions and should be read in conjunction with “Summary—Summary Historical and
Unaudited Pro Forma Condensed Consolidated Financial Data,” “Use of Proceeds,”
“Capitalization,” “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and our consolidated financial statements and the related notes thereto each of
which is included elsewhere in this offering memorandum.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Nine Months	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ended	 
	 	 	Fiscal Year Ended December 31,	 	 	September 30,	 
	 	 	2005	 	 	2006	 	 	2007	 	 	2008	 	 	2009	 	 	2009	 	 	2010	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(unaudited)	 
	Consolidated Statement of Operations Data:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net sales 
	 	$	409,593	 	 	$	445,727	 	 	$	493,975	 	 	$	516,908	 	 	$	347,655	 	 	$	257,617	 	 	$	311,696	 
	Cost of goods sold 
	 	 	292,226	 	 	 	315,052	 	 	 	339,622	 	 	 	357,855	 	 	 	243,861	 	 	 	182,517	 	 	 	205,036	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross margin 
	 	 	117,367	 	 	 	130,675	 	 	 	154,353	 	 	 	159,053	 	 	 	103,794	 	 	 	75,100	 	 	 	106,660	 
	Selling, general and administrative expenses 
	 	 	99,908	 	 	 	109,563	 	 	 	106,033	 	 	 	112,122	 	 	 	81,466	 	 	 	59,669	 	 	 	70,892	 
	Amortization of intangibles 
	 	 	3,146	 	 	 	2,894	 	 	 	2,921	 	 	 	2,675	 	 	 	2,693	 	 	 	2,016	 	 	 	2,038	 
	Net periodic postretirement benefits 
	 	 	1,823	 	 	 	(11,755	)	 	 	1,087	 	 	 	322	 	 	 	(45	)	 	 	(192	)	 	 	(107	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating income 
	 	 	12,490	 	 	 	29,973	 	 	 	44,312	 	 	 	43,934	 	 	 	19,680	 	 	 	13,607	 	 	 	33,837	 
	Other income (expenses):
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest, net 
	 	 	(22,861	)	 	 	(26,512	)	 	 	(26,799	)	 	 	(20,304	)	 	 	(20,850	)	 	 	(15,121	)	 	 	(17,270	)
	Amortization of deferred financing costs 
	 	 	(1,485	)	 	 	(1,344	)	 	 	(1,444	)	 	 	(938	)	 	 	(1,052	)	 	 	(749	)	 	 	(753	)
	Settlement of retiree medical obligations 
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	5,863	 	 	 	5,863	 	 	 	—	 
	Other 
	 	 	(628	)	 	 	(44	)	 	 	82	 	 	 	(80	)	 	 	147	 	 	 	—	 	 	 	(1,867	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations before income tax provisions and discontinued
operations 
	 	 	(12,484	)	 	 	2,073	 	 	 	16,151	 	 	 	22,612	 	 	 	3,788	 	 	 	3,600	 	 	 	13,947	 
	Income tax provision 
	 	 	3,345	 	 	 	(405	)	 	 	5,515	 	 	 	12,089	 	 	 	2,657	 	 	 	1,788	 	 	 	4,259	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income (loss) from continuing operations 
	 	 	(15,829	)	 	 	2,478	 	 	 	10,636	 	 	 	10,523	 	 	 	1,131	 	 	 	1,812	 	 	 	9,688	 
	Income (loss) from discontinued operations, net of tax 
	 	 	(15,532	)	 	 	(25,525	)	 	 	(1,971	)	 	 	185	 	 	 	3,051	 	 	 	3,051	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income (loss) 
	 	$	(31,361	)	 	$	(23,047	)	 	$	8,665	 	 	$	10,708	 	 	$	4,182	 	 	$	4,863	 	 	$	9,688	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Statement of Cash Flow Data:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net cash (used in) provided by operating activities 
	 	$	(13,337	)	 	$	(15,466	)	 	$	23,013	 	 	$	17,028	 	 	$	22,083	 	 	$	30,361	 	 	$	25,478	 
	Net cash (used in) provided by investing activities 
	 	 	(3,122	)	 	 	5,959	 	 	 	1,938	 	 	 	(16,926	)	 	 	(8,056	)	 	 	(4,871	)	 	 	(6,249	)
	Net cash (used in) provided by financing activities 
	 	 	20,502	 	 	 	7,265	 	 	 	(20,846	)	 	 	(3,153	)	 	 	(12,806	)	 	 	(20,098	)	 	 	(23,291	)
	Capital expenditures 
	 	 	7,923	 	 	 	8,499	 	 	 	11,358	 	 	 	12,776	 	 	 	7,695	 	 	 	4,626	 	 	 	5,921	 
	Depreciation and amortization 
	 	 	19,087	 	 	 	15,727	 	 	 	13,117	 	 	 	12,365	 	 	 	12,962	 	 	 	9,601	 	 	 	10,067	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Consolidated Balance Sheet Data:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash and cash equivalents 
	 	$	13,187	 	 	$	11,310	 	 	$	16,159	 	 	$	11,916	 	 	$	14,886	 	 	$	18,860	 	 	$	11,345	 
	Accounts receivable, less allowance for doubtful accounts 
	 	 	68,802	 	 	 	78,996	 	 	 	83,852	 	 	 	72,044	 	 	 	56,589	 	 	 	57,018	 	 	 	71,330	 
	Inventories 
	 	 	101,312	 	 	 	97,141	 	 	 	90,961	 	 	 	102,479	 	 	 	74,381	 	 	 	77,476	 	 	 	86,139	 
	Total assets 
	 	 	577,216	 	 	 	518,947	 	 	 	497,427	 	 	 	494,369	 	 	 	454,945	 	 	 	458,347	 	 	 	476,526	 
	Total debt 
	 	 	258,719	 	 	 	256,996	 	 	 	234,578	 	 	 	234,045	 	 	 	217,024	 	 	 	209,196	 	 	 	193,424	 
	Total shareholders’ equity 
	 	 	123,953	 	 	 	103,504	 	 	 	122,084	 	 	 	118,303	 	 	 	127,792	 	 	 	127,860	 	 	 	140,502	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Data:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ratio of earnings to fixed charges(1) 
	 	 	N/A	(2)	 	 	1.1x	 	 	 	1.5x	 	 	 	1.9x	 	 	 	1.2x	 	 	 	 	 	 	 	1.8x	 
	Pro forma ratio of earnings to fixed charges(1) 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	N/A	(2)	 	 	 	 	 	 	1.5x	 

(Dollars in thousands)

48

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SCHEDULE 3.12

Environmental

1. 224 Ryan Way, South San Francisco, California: Coyne Cylinder, n/k/a Thermadyne Cylinder Co.
previously leased this property and operated a paint cylinder plant on site. In 1989,
acetone-contaminated soil and groundwater were identified on the site after removal of an acetone
underground storage tank. The San Mateo County Health Services Agency (the “SMCHSA”) has identified
Coyne Cylinder as a responsible party. The soil has been remediated, and SMCHSA is currently
requiring quarterly groundwater monitoring of a number of groundwater monitoring wells on site. As
a result of remediation efforts, as of November 23, 2010, San Mateo County officials had
recommended closure of the site, which (pending receipt of comments) would end Thermadyne’s
responsibility at the site.

2. Former Wingaersbeek Building, 18 Cherry Hill Drive, Danvers, Massachusetts: This site was
formerly owned by Victor Equipment Company. In 1988, during the period of ownership, a release of
tetrachloroethylene (“PCE”) was discovered on site. The Massachusetts Department of Environmental
Protection (“MADEP”) has identified Victor Equipment Company and Thermadyne Holdings Corporation to
be parties responsible for remediation. A remediation system exists at the site. Thermadyne
Holdings Corporation is currently undertaking an effort to monitor the groundwater, investigate the
extent of repairs necessary to reinstate the remediation system, and consult with MADEP about
possible alternative means of acquiring closure of the site.

 

Table of Contents

SCHEDULE 3.15

Labor Relations

1. Certified Agreement 2006 by and among Cigweld Pty Ltd (Preston), the Australian
Workers’ Union, the Australian Manufacturing Workers Union and the Communication, Electrical,
Electronic, Energy, Information, Postal, Plumbing and Allied Services Union of Australia.

2. Certified Agreement 2006 by and among Cigweld Pty Ltd (Preston), the National Union of Workers.

 

Table of Contents

SCHEDULE 3.16

Intellectual Property

	1.	 	Patents
	 
	 	 	See attached.

 

Table of Contents

Thermal Dynamics Corporation Patents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket	 	 	 	 	 	Country	 	 	 	Application	 	Patent	 	 	 	Expiration
	Number	 	Client Ref No	 	Title	 	Name	 	Status	 	Date	 	Number	 	Issue Date	 	Date
	13384-239

	 	9858-000025/US
	 	PLASMA ARC TORCH TRIGGER SYSTEM
	 	United States
	 	Issued
	 	2/26/2002
	 	 	6,700,091	 	 	3/2/2004
	 	2/26/2022
	 
	13384-240

	 	9858-000025/US/CO
	 	PLASMA ARC TORCH TRIGGER SYSTEM
	 	United States
	 	Issued
	 	9/30/2003
	 	 	7,022,936	 	 	4/4/2006
	 	2/26/2022
	 
	13384-245

	 	9858-000033/US
	 	PLASMA ARC TORCH QUICK DISCONNECT
	 	United States
	 	Issued
	 	11/9/2001
	 	 	6,713,711	 	 	3/30/2004
	 	5/7/2022
	 
	13384-247

	 	9858-100033/AU/01
	 	PLASMA ARC TORCH QUICK DISCONNECT
	 	Australia
	 	Issued
	 	11/7/2002
	 	 	2002360363	 	 	4/5/2007
	 	11/7/2022
	 
	13384-249

	 	 	 	PLASMA ARC TORCH QUICK DISCONNECT
	 	Canada
	 	Issued
	 	11/7/2002
	 	 	2466408	 	 	9/7/2010
	 	11/7/2022

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket	 	 	 	 	 	Country	 	 	 	Application	 	Patent	 	 	 	Expiration
	Number	 	Client Ref No	 	Title	 	Name	 	Status	 	Date	 	Number	 	Issue Date	 	Date
	13384-251

	 	 	 	PLASMA ARC TORCH QUICK DISCONNECT
	 	European Patent Convention
	 	Issued
	 	11/7/2002
	 	 	1574117	 	 	10/6/2010
	 	11/7/2022
	 
	13384-596

	 	 	 	PLASMA ARC TORCH QUICK DISCONNECT
	 	Czech Republic
	 	Issued
	 	11/7/2002
	 	 	1574117	 	 	10/6/2010
	 	11/7/2022
	 
	13384-597

	 	 	 	PLASMA ARC TORCH QUICK DISCONNECT
	 	Germany
	 	Issued
	 	11/7/2002
	 	 	1574117	 	 	10/6/2010
	 	11/7/2022
	 
	13384-598

	 	 	 	PLASMA ARC TORCH QUICK DISCONNECT
	 	France
	 	Issued
	 	11/7/2002
	 	 	1574117	 	 	10/6/2010
	 	11/7/2022
	 
	13384-599

	 	 	 	PLASMA ARC TORCH QUICK DISCONNECT
	 	Great Britain
	 	Issued
	 	11/7/2002
	 	 	1574117	 	 	10/6/2010
	 	11/7/2022

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket	 	 	 	 	 	Country	 	 	 	Application	 	Patent	 	 	 	Expiration
	Number	 	Client Ref No	 	Title	 	Name	 	Status	 	Date	 	Number	 	Issue Date	 	Date
	13384-252

	 	9858-100033/MX/01
	 	PLASMA ARC TORCH QUICK DISCONNECT
	 	Mexico
	 	Issued
	 	11/7/2002
	 	 	244537	 	 	3/28/2007
	 	11/7/2022
	 
	13384-253

	 	9858-000037/US
	 	TAMPER RESISTANT PIN CONNECTION
	 	United States
	 	Issued
	 	11/9/2001
	 	 	6,773,304	 	 	8/10/2004
	 	11/9/2021
	 
	13384-263

	 	9858-000041/US
	 	QUICK DISCONNECT HAVING A MAKE-BREAK TIMING SEQUENCE
	 	United States
	 	Issued
	 	11/9/2001
	 	 	6,683,273	 	 	1/27/2004
	 	8/4/2022
	 
	13384-265

	 	9858-000100/US
	 	TORCH HANDLE GAS CONTROL
	 	United States
	 	Issued
	 	2/26/2002
	 	 	6,689,983	 	 	2/10/2004
	 	2/26/2022
	 
	13384-267

	 	 	 	PLASMA ARC CUTTING AND WELDING TIP
	 	United States
	 	Issued
	 	8/10/1992
	 	 	5,266,776	 	 	11/30/1993
	 	8/10/2012

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket	 	 	 	 	 	Country	 	 	 	Application	 	Patent	 	 	 	Expiration
	Number	 	Client Ref No	 	Title	 	Name	 	Status	 	Date	 	Number	 	Issue Date	 	Date
	13384-268

	 	9858-000127/US/CPB
	 	PLAZMA TORCH ELECTRONIC PULSING CIRCUIT
	 	United States
	 	Issued
	 	12/8/1994
	 	RE37,608
	 	3/26/2002
	 	9/18/2011
	 
	13384-269

	 	 	 	PLASMA TORCH ELECTRONIC PULSING CIRCUIT
	 	United States
	 	Issued
	 	9/18/1991
	 	 	5,170,030	 	 	12/8/1992
	 	4/8/2011
	 
	13384-276

	 	9858-000100/US/COB
	 	TORCH HANDLE GAS CONTROL
	 	United States
	 	Issued
	 	11/24/2003
	 	 	7,582,844	 	 	9/1/2009
	 	2/26/2022
	 
	13384-284

	 	 	 	MODULAR, STACKABLE PLASMA CUTTING APPARATUS
	 	United States
	 	Issued
	 	4/8/1991
	 	 	5,189,277	 	 	2/23/1993
	 	4/8/2011
	 
	13384-301

	 	 	 	PLASMA TORCH PILOT ARC CIRCUIT
	 	United States
	 	Issued
	 	3/12/1998
	 	 	5,990,443	 	 	11/23/1999
	 	3/12/2018

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket	 	 	 	 	 	Country	 	 	 	Application	 	Patent	 	 	 	Expiration
	Number	 	Client Ref No	 	Title	 	Name	 	Status	 	Date	 	Number	 	Issue Date	 	Date
	13384-320

	 	 	 	PLASMA TORCH ARC TRANSFER CIRCUIT
	 	United States
	 	Issued
	 	4/11/1994
	 	 	5,530,220	 	 	6/25/1996
	 	4/11/2014
	 
	13384-321

	 	 	 	LOW VOLTAGE ELECTRICAL BASED PARTS-IN-PLACE (PIP) SYSTEM FOR CONTACT START TORCH
	 	United States
	 	Issued
	 	1/28/1998
	 	 	5,961,855	 	 	10/5/1999
	 	1/28/2018
	 
	13384-323

	 	9858-000144/US
	 	PLASMA TORCH AND METHOD FOR UNDERWATER CUTTING
	 	United States
	 	Issued
	 	10/20/2000
	 	 	6,498,316	 	 	12/24/2002
	 	10/20/2020
	 
	13384-328

	 	9858-000145/US
	 	PLASMA ARC TORCH AND METHOD FOR CUTTING A WORKPIECE
	 	United States
	 	Issued
	 	1/29/2001
	 	 	6,337,460	 	 	1/8/2002
	 	1/29/2021

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-330

	 	9858-000146/US
	 	PARTS-IN-PLACE

SAFETY RESET
CIRCUIT AND METHOD
FOR CONTACT
START
PLASMA-ARC
TORCH
	 	United States
	 	Issued
	 	11/28/2000
	 	 	6,350,960	 	 	2/26/2002
	 	11/28/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-331

	 	9858-000147/US
	 	PLASMA ARC
TORCH AND METHOD
FOR IMPROVED LIFE
OF
PLASMA ARC
TORCH
CONSUMABLE
PARTS
	 	United States
	 	Issued
	 	3/30/2001
	 	 	6,987,238	 	 	1/17/2006
	 	10/13/2021

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-334

	 	9858-100147/AU/01
	 	PLASMA ARC TORCH
AND METHOD FOR
LONGER LIFE
OF PLASMA ARC TORCH
CONSUMABLE
PARTS
	 	Australia
	 	Issued
	 	3/30/2001
	 	 	2001253059	 	 	6/8/2006
	 	3/30/2021
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-336

	 	9858-100147/CA/01
	 	PLASMA ARC
TORCH AND METHOD
FOR LONGER LIFE OF
PLASMA ARC TORCH
CONSUMABLE
PARTS
	 	Canada
	 	Issued
	 	3/30/2001
	 	 	2405081	 	 	3/16/2010
	 	3/30/2021

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-337

	 	9858-100147/CZ/01
	 	PLASMA ARC
TORCH AND METHOD
FOR IMPROVED LIFE
OF
PLASMA ARC
TORCH
CONSUMABLE
PARTS
	 	Czech Republic
	 	Issued
	 	3/30/2001
	 	 	301644	 	 	5/12/2010
	 	3/30/2021
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-338

	 	99858-100147/EP/01
	 	PLASMA ARC
TORCH AND METHOD
FOR IMPROVED LIFE
OF
PLASMA ARC
TORCH
CONSUMABLE
PARTS
	 	European

Patent

Convention
	 	Issued
	 	3/30/2001
	 	 	1269802	 	 	6/24/2009
	 	3/30/2021

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-339

	 	9858-100147/IN/01
	 	PLASMA ARC TORCH
AND METHOD FOR
IMPROVED LIFE OF
PLASMA ARC
TORCH
CONSUMABLE
PARTS
	 	India
	 	Issued
	 	3/30/2001
	 	 	202396	 	 	11/9/2006
	 	3/30/2021
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-341

	 	9858-100147/RU/01
	 	PLASMA ARC
TORCH AND METHOD
FOR LONGER LIFE OF
PLASMA ARC TORCH
CONSUMABLE
PARTS
	 	Russian Federation
	 	Issued
	 	3/30/2001
	 	 	2281620	 	 	8/10/2006
	 	3/30/2021

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-342

	 	9858-000148/US
	 	PLASMA-ARC TORCH

SYSTEM WITH

PILOT RE-ATTACH

CIRCUIT AND METHOD
	 	United States
	 	Issued
	 	5/30/2001
	 	 	6,369,350	 	 	4/9/2002
	 	5/30/2021
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-344

	 	9858-000149/US
	 	CONTACT START

PLASMA TORCH
	 	United States
	 	Issued
	 	2/27/2001
	 	 	6,703,581	 	 	3/9/2004
	 	7/27/2022
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-345

	 	9858-000149/US/COI
	 	DUAL MODE PLASMA ARC TORCH
	 	United States
	 	Issued
	 	11/24/2003
	 	 	6,936,786	 	 	8/30/2005
	 	2/26/2022
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-346

	 	9858-000149/US/COJ
	 	TIP GAS DISTRIBUTOR
	 	United States
	 	Issued
	 	3/16/2004
	 	 	7,145,099	 	 	12/5/2006
	 	2/26/2022
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-347

	 	9858-000149/US/COL
	 	DUAL MODE PLASMA ARC TORCH
	 	United States
	 	Issued
	 	7/18/2005
	 	 	7,202,440	 	 	4/10/2007
	 	11/24/2023

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket	 	 	 	 	 	Country	 	 	 	Application	 	Patent	 	 	 	Expiration
	Number	 	Client Ref No	 	Title	 	Name	 	Status	 	Date	 	Number	 	Issue Date	 	Date
	13384-349
	 	9858-	 	CONTACT	 	United	 	Issued	 	2/26/2002	 	6,903,301	 	6/7/2005	 	2/14/2022
	 
	 	000149/US/CP B	 	START	 	States	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	PLASMA ARC	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH AND	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	METHOD OF	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	INITIATING A	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	PILOT ARC	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-350
	 	9858-	 	DUAL MODE	 	United	 	Issued	 	2/26/2002	 	6,717,096	 	4/6/2004	 	6/13/2021
	 
	 	000149/US/CP C	 	PLASMA ARC	 	States	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-351
	 	9858-	 	TIP GAS	 	United	 	Issued	 	2/26/2002	 	6,774,336	 	8/10/2004	 	2/27/2021
	 
	 	000149/US/CP D	 	DISTRIBUTOR	 	States	 	 	 	 	 	 	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket	 	 	 	 	 	Country	 	 	 	Application	 	Patent	 	 	 	Expiration
	Number	 	Client Ref No	 	Title	 	Name	 	Status	 	Date	 	Number	 	Issue Date	 	Date
	13384-352
	 	9858-	 	TIPS AND	 	United	 	Issued	 	9/16/2002	 	6,933,461	 	8/23/2005	 	2/27/2021
	 
	 	000149/US/CP E	 	CONTACT	 	States	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	MEMBERS	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	HAVING	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	RIDGES FOR	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	USE IN A	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	CONTACT	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	START	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	PLASMA ARC	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-361
	 	9858-	 	CONTACT	 	China P.R.	 	Issued	 	2/26/2002	 	02807848.9	 	4/25/2007	 	2/26/2022
	 
	 	100149/CN/01	 	START	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	PLASMA	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-368
	 	9858-	 	CONTACT	 	India	 	Issued	 	2/26/2002	 	226961	 	1/2/2009	 	2/26/2022
	 
	 	100149/IN/02	 	START	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	PLASMA	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH	 	 	 	 	 	 	 	 	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket	 	 	 	 	 	Country	 	 	 	Application	 	Patent	 	 	 	Expiration
	Number	 	Client Ref No	 	Title	 	Name	 	Status	 	Date	 	Number	 	Issue Date	 	Date
	13384-370
	 	9858-	 	START	 	China P.R.	 	Issued	 	2/25/2003	 	03808412.0	 	7/18/2007	 	2/25/2023
	
	 	100149/CN/06	 	PLASMA ARC	 	 	 	 	 	 	 		 	 	 	 
	 
	 	 	 	TORCH AND	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	RELATED	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	START	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	CARTRIDGE,	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	INITIATOR,	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	PLASMA ARC	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH HEAD	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	AND INITIATING	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	METHOD	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	THEREOF	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-374
	 	9858-	 	DUAL MODE	 	China P.R.	 	Issued	 	2/25/2003	 	03806661.0	 	6/13/2007	 	2/25/2023
	
	 	100149/CN/07	 	PLASMA ARC	 	 	 	 	 	 	 		 	 	 	 
	 
	 	 	 	TORCH	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-377
	 	9858-	 	TIP GAS	 	Australia	 	Issued	 	2/25/2003	 	2003224629	 	9/6/2007	 	2/25/2023
	
	 	100149/AU/08	 	DISTRIBUTOR	 	 	 	 	 	 	 		 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket	 	 	 	 	 	Country	 	 	 	Application	 	Patent	 	 	 	Expiration
	Number	 	Client Ref No	 	Title	 	Name	 	Status	 	Date	 	Number	 	Issue Date	 	Date
	13384-380
	 	9858-	 	TIP GAS	 	China P.R.	 	Issued	 	2/25/2003	 	ZL0380461 7.2	 	12/17/2008	 	2/25/2023
	 
	 	100149/CN/08	 	DISTRIBUTOR	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-382
	 	9858-	 	TIP GAS	 	India	 	Issued	 	2/25/2003	 	227261	 	1/7/2009	 	2/25/2023
	 
	 	100149/IN/08	 	DISTRIBUTOR	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-383
	 	9858-	 	TIP GAS	 	Mexico	 	Issued	 	2/25/2003	 	251317	 	11/8/2007	 	2/25/2023
	 
	 	100149/MX/08	 	DISTRIBUTOR	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-385
	 	9858-	 	MODULAR	 	United	 	Issued	 	2/26/2002	 	7,429,715	 	9/30/2008	 	9/30/2025
	 
	 	000153/US	 	PLASMA ARC	 	States	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH	 	 	 	 	 	 	 	 	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket	 	 	 	 	 	Country	 	 	 	Application	 	Patent	 	 	 	Expiration
	Number	 	Client Ref No	 	Title	 	Name	 	Status	 	Date	 	Number	 	Issue Date	 	Date
	13384-387
	 	9858-	 	APPARATUS	 	United	 	Issued	 	11/12/2002	 	7,041,935	 	5/9/2006	 	5/24/2023
	 
	 	000154/US	 	AND METHODS	 	States	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	FOR	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	CONNECTING A	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	PLASMA ARC	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH LEAD	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TO A POWER	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	SUPPLY	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-389
	 	9858-	 	APPARATUS	 	Australia	 	Issued	 	11/12/2003	 	2003295534	 	10/19/2006	 	11/12/2023
	 
	 	100154/AU/01	 	AND METHODS	 	 	 	 	 	 	 		 	 	 	
	 
	 	 	 	FOR	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	CONNECTING A PLASMA ARC	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH LEAD	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TO A POWER	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	SUPPLY	 	 	 	 	 	 	 	 	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-391
	 	9858-100154/CN/01	 	APPARATUS AND METHODS	 	China P.R.	 	Issued	 	11/12/2003	 	200380105593.8	 	12/2/2009	 	11/12/2023
	 
	 	 	 	FOR	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	CONNECTING A	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	PLASMA ARC	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH LEAD	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TO A POWER	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	SUPPLY	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-393
	 	9858-100154/IN/01	 	APPARATUS	 	India	 	Issued	 	11/12/2003	 	219146	 	4/25/2008	 	11/12/2023
	 
	 	 	 	AND METHODS	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	FOR	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	CONNECTING A	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	PLASMA ARC	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH LEAD	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TO A POWER	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	SUPPLY	 	 	 	 	 	 	 	 	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-394
	 	9858-100154/RU/01	 	APPARATUS	 	Russian	 	Issued	 	11/12/2003	 	2304497	 	8/20/2007	 	11/12/2023
	 
	 	 	 	AND METHODS	 	Federation	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	FOR	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	CONNECTING A	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	PLASMA ARC	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TORCH LEAD	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	TO A POWER	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	SUPPLY	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-395
	 	9858-000155/US	 	TORCH	 	United	 	Issued	 	9/4/2002	 	D486,368	 	2/10/2004	 	2/10/2018
	 
	 	 	 	HANDLE	 	States	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-396
	 	9858-000156/US	 	START	 	United	 	Issued	 	9/4/2002	 	D496,842	 	10/5/2004	 	10/5/2018
	 
	 	 	 	CARTRIDGE	 	States	 	 	 	 	 	 	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-397

	 	9858-000157/US
	 	PLASMA ARC

TORCH TIP
	 	United States
	 	Issued
	 	9/4/2002
	 	D511,280
	 	11/8/2005
	 	11/8/2019
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-398

	 	9858-000157/US/CPA
	 	PLASMA ARC

TORCH TIP

WITH SWIRL

HOLES
	 	United States
	 	Issued
	 	12/26/2002
	 	D492,709
	 	7/6/2004
	 	7/6/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-399

	 	9858-000157/CPB
	 	PLASMA ARC

TORCH TIP

WITH

SECONDARY

HOLES
	 	United States
	 	Issued
	 	12/26/2002
	 	D499,620
	 	12/14/2004
	 	12/14/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-400

	 	9858-000157/US/CPC
	 	PLASMA ARC

TORCH TIP
	 	United States
	 	Issued
	 	1/30/2003
	 	D504,142
	 	4/19/2005
	 	4/19/2019

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-402

	 	9858-000166/US/
	 	PLASMA ARC

TORCH

COOLING

SYSTEM
	 	United States
	 	Issued
	 	4/7/2003
	 	 	6,946,616	 	9/20/2005
	 	4/10/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-403

	 	9858-000166/US/02
	 	PLASMA ARC

TORCH

ELECTRODE
	 	United States
	 	Issued
	 	4/7/2003
	 	 	6,998,566	 	2/14/2006
	 	8/22/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-404

	 	9858-000166/US/03
	 	PLASMA ARC

TORCH TIP
	 	United States
	 	Issued
	 	4/7/2003
	 	 	7,005,600	 	2/28/2006
	 	7/5/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-405

	 	9858-000166/US/04
	 	PLASMA ARC

TORCH

CONSUMABLE

S CARTRIDGE
	 	United States
	 	Issued
	 	4/7/2003
	 	 	6,989,505	 	1/24/2006
	 	4/7/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-406

	 	9858-000166/US/05
	 	PLASMA ARC

TORCH HEAD

CONNECTIONS
	 	United States
	 	Issued
	 	4/7/2003
	 	 	6,919,526	 	7/19/2005
	 	5/5/2023

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-407

	 	9858-000166/US/06
	 	PLASMA ARC TORCH
	 	United States
	 	Issued
	 	4/7/2003
	 	 	7,019,254	 	3/28/2006
	 	4/17/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-408

	 	9858-000166/US/CPG
	 	PLASMA ARC

TORCH

ELECTRODE
	 	United States
	 	Issued
	 	1/16/2004
	 	 	7,132,619	 	11/7/2006
	 	8/18/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-409

	 	9858-000166/US/CPH
	 	PLASMA ARC

TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	 	7,071,443	 	7/4/2006
	 	4/7/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-410

	 	9858-000166/US/COI
	 	PLASMA ARC

TORCH
	 	United States
	 	Issued
	 	8/16/2005
	 	 	7,145,098	 	12/5/2006
	 	4/7/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-419

	 	9858-100166/CZ/01
	 	PLASMA ARC

TORCH ELECTRODE
	 	Czech Republic
	 	Issued
	 	4/7/2003
	 	 	301297	 	1/06/2010
	 	4/7/2023

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-421

	 	9858-100166/KR/01
	 	PLASMA ARC TORCH,

ELECTRODE THEREFOR,

AND METHOD OF

OPERATING THE

PLASMA ARC TORCH
	 	South Korea
	 	Issued
	 	10/19/2004
	 	 	658988	 	12/12/2006
	 	4/7/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-422

	 	9858-100166/MX/01
	 	PLASMA ARC TORCH

ELECTRODE
	 	Mexico
	 	Issued
	 	10/18/2004
	 	 	249216	 	9/20/2007
	 	4/7/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-425

	 	9858-100166/CZ/02
	 	PLASMA ARC TORCH TIP
	 	Czech Republic
	 	Issued
	 	4/7/2003
	 	 	301353	 	1/27/2010
	 	4/7/2023

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-427

	 	9858-100166/KR/02
	 	PLASMA ARC TORCH,

TIP THEREFOR, AND

METHOD OF OPERATING

THE PLASMA ARC

TORCH
	 	South Korea
	 	Issued
	 	4/7/2003
	 	 	665973	 	1/2/2007
	 	4/7/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-428

	 	9858-100166/MX/02
	 	PLASMA ARC TORCH TIP
	 	Mexico
	 	Issued
	 	4/7/2003
	 	 	249699	 	9/28/2007
	 	4/7/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-430

	 	 	 	PLASMA ARC TORCH
	 	United States
	 	Issued
	 	12/9/1999
	 	 	6,163,008	 	12/19/2000
	 	12/9/2019
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-432

	 	9858-100167/AU/01
	 	PLASMA ARC TORCH
	 	Australia
	 	Issued
	 	12/5/2000
	 	 	779433	 	1/27/2005
	 	12/5/2020

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-434

	 	9858-100167/CA/01
	 	PLASMA ARC TORCH
	 	Canada
	 	Issued
	 	12/5/2000
	 	 	2,393,497	 	7/29/2008
	 	12/5/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-435

	 	9858-100167/CZ/01
	 	PLASMA ARC TORCH
	 	Czech Republic
	 	Issued
	 	12/5/2000
	 	 	300768	 	8/5/2009
	 	12/5/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-436

	 	9858-100167/DE/01
	 	PLASMA ARC TORCH
	 	Germany
	 	Issued
	 	12/5/2000
	 	 	60018968.6	 	3/23/2005
	 	12/5/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-437

	 	9858-100167/EP/01
	 	PLASMA ARC TORCH
	 	European Patent

Convention
	 	Issued
	 	12/5/2000
	 	 	1235660	 	3/23/2005
	 	12/5/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-438

	 	9858-100167/ES/01
	 	PLASMA ARC TORCH
	 	Spain
	 	Issued
	 	12/5/2000
	 	 	1235660	 	3/23/2005
	 	12/5/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-439

	 	9858-100167/FR/01
	 	PLASMA ARC TORCH
	 	France
	 	Issued
	 	12/5/2000
	 	 	1235660	 	3/23/2005
	 	12/5/2020

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-440

	 	9858-100167/GB/01
	 	PLASMA ARC TORCH
	 	Great Britain
	 	Issued
	 	12/5/2000
	 	 	1235660	 	3/23/2005
	 	12/5/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-441

	 	9858-100167/IN/01
	 	PLASMA ARC TORCH
	 	India
	 	Issued
	 	12/5/2000
	 	 	216463	 	3/13/2008
	 	12/5/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-442

	 	9858-100167/IT/01
	 	PLASMA ARC TORCH
	 	Italy
	 	Issued
	 	12/5/2000
	 	 	1235660	 	3/23/2005
	 	12/5/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-444

	 	9858-100167/RU/01
	 	PLASMA ARC TORCH
	 	Russian Federation
	 	Issued
	 	12/5/2000
	 	 	2267386	 	1/10/2006
	 	12/5/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-445

	 	9858-100167/TR/01
	 	PLASMA ARC TORCH
	 	Turkey
	 	Issued
	 	12/5/2000
	 	 	1235660	 	3/23/2005
	 	12/5/2020

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-446

	 	9858-000172/US
	 	SOLENOID CONTROL

AND SAFETY CIRCUIT

SYSTEM AND METHOD
	 	United States
	 	Issued
	 	3/4/2002
	 	 	6,670,572	 	12/30/2003	 	3/17/2022
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-448

	 	9858-000298
	 	PLASMA ARC TORCH

SYSTEM WITH PILOT

RE-ATTACH CIRCUIT

AND METHOD
	 	United States
	 	Issued
	 	9/5/2002
	 	 	6,794,601	 	9/21/2004
	 	9/5/2022
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-450

	 	9858-000313/US
	 	TORCH AND LEAD

ASSEMBLY
	 	United States
	 	Issued
	 	9/5/2002
	 	 	D489,953	 	5/18/2004
	 	5/18/2018

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-451

	 	9858-000314/US
	 	TORCH HEAD
	 	United States
	 	Issued
	 	9/4/2002
	 	D489,235
	 	5/4/2004
	 	5/4/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-457

	 	9858-000320/US
	 	TRIGGER

ASSEMBLY
	 	United States
	 	Issued
	 	9/4/2002
	 	D488,968
	 	4/27/2004
	 	4/27/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-458

	 	9858-000321/US
	 	OHMIC CLIP
	 	United States
	 	Issued
	 	9/9/2002
	 	D495,348
	 	8/31/2004
	 	8/31/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-459

	 	9858-000322/US
	 	PACKAGING

FOR CUTTING

OR WELDING

EQUIPMENT
	 	United States
	 	Issued
	 	9/9/2002
	 	D479,461
	 	9/9/2003
	 	9/9/2017

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-460

	 	9858-000323/US
	 	PLUG

CONNECTOR
	 	United States
	 	Issued
	 	9/4/2002
	 	D505,918
	 	6/7/2005
	 	6/7/2019
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-461

	 	9858-000324/US
	 	SOCKET

CONNECTOR
	 	United States
	 	Issued
	 	9/5/2002
	 	D491,891
	 	6/22/2004
	 	6/22/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-462

	 	9858-000324/US/COA
	 	SOCKET

CONNECTOR
	 	United States
	 	Issued
	 	1/9/2004
	 	D506,440
	 	6/21/2005
	 	6/21/2019
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-463

	 	9858-000325/US
	 	CONNECTOR
	 	United States
	 	Issued
	 	9/5/2002
	 	D499,071
	 	11/30/2004
	 	11/30/2018

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-464

	 	9858-000326/US
	 	CONNECTOR

ADAPTER
	 	United States
	 	Issued
	 	9/9/2002
	 	D490,059	 	5/18/2004
	 	5/18/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-468

	 	9858-000329/US
	 	HANDLE AND

TRIGGER

ASSEMBLY
	 	United States
	 	Issued
	 	9/4/2002
	 	D493,682
	 	8/3/2004
	 	8/3/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-469

	 	9858-000332/US
	 	SOCKET

CONNECTOR

BODY
	 	United States
	 	Issued
	 	9/5/2002
	 	D493,681
	 	8/3/2004
	 	8/3/2018

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-470

	 	9858-000333/US
	 	TORCH, LEAD

AND

CONNECTOR

ASSEMBLY
	 	United States
	 	Issued
	 	9/9/2002
	 	 	D489,079	 	4/27/2004
	 	4/27/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-471

	 	9858-000336/US
	 	RETRACTABLE

ELECTRODE

COOLANT

TUBE
	 	United States
	 	Issued
	 	4/7/2003
	 	 	6,852,944	 	2/8/2005
	 	5/22/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-474

	 	9858-000341/US/CPA
	 	GOUGING CAP

FOR A PLASMA

ARC TORCH
	 	United States
	 	Issued
	 	2/27/2003
	 	 	D497,373	 	10/19/2004
	 	10/19/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-475

	 	9858-000342/US
	 	DEFLECTOR CAP FOR A

PLASMA ARC

TORCH
	 	United States
	 	Issued
	 	1/30/2003
	 	 	D493,183	 	7/20/2004
	 	7/20/2018

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-477

	 	9858-000343/US/CPA
	 	DRAG CAP FOR

A PLASMA ARC

TORCH
	 	United States
	 	Issued
	 	2/27/2003
	 	D505,309
	 	5/24/2005
	 	5/24/2019
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-479

	 	9858-000344/US/CPA
	 	MECHANIZED

CAP FOR A

PLASMA ARC

TORCH
	 	United States
	 	Issued
	 	2/27/2003
	 	D496,951
	 	10/5/2004
	 	10/5/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-480

	 	9858-000345/US
	 	VENTED

SHIELD FOR A

PLASMA ARC

TORCH
	 	United States
	 	Issued
	 	1/30/2003
	 	D501,632
	 	2/8/2005
	 	2/8/2019
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-481

	 	9858-000346/US
	 	RETAINER CAP

FOR A PLASMA

ARC TORCH
	 	United States
	 	Issued
	 	1/30/2003
	 	D511,663
	 	11/22/2005
	 	11/22/2019

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-482

	 	9858-000347/US
	 	VENTED SHIELD

SYSTEM FOR A PLASMA

ARC TORCH
	 	United States
	 	Issued
	 	2/27/2003
	 	 	6,914,211	 	7/5/2005
	 	3/21/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-484

	 	9858-000347/US/COB
	 	VENTED SHIELD

SYSTEM FOR A PLASMA

ARC TORCH
	 	United States
	 	Issued
	 	2/27/2003
	 	 	7,326,874	 	2/5/2008
	 	3/7/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-485

	 	9858-100347/AU/01
	 	VENTED SHIELD

SYSTEM FOR A PLASMA

ARC TORCH
	 	Australia
	 	Issued
	 	2/26/2004
	 	 	2004215915	 	6/28/2007
	 	2/26/2024
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-486

	 	9858-100347/CA/01
	 	VENTED SHIELD

SYSTEM FOR A PLASMA

ARC TORCH
	 	Canada
	 	Issued
	 	2/26/2004
	 	 	2514377	 	11/10/2009
	 	2/26/2024

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-487

	 	9858-100347/CN/01
	 	VENTED SHIELD

SYSTEM FOR A PLASMA

ARC TORCH
	 	China P.R.
	 	Issued
	 	2/26/2004
	 	 	200480010492.7	 	11/26/2008
	 	2/26/2024
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-488

	 	 	 	VENTED SHIELD

SYSTEM FOR A PLASMA

ARC TORCH
	 	Czech Republic
	 	Issued
	 	2/26/2004
	 	 	301742	 	5/3/2010
	 	2/26/2024
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-490

	 	9858-100347/NZ/01
	 	VENTED SHIELD

SYSTEM FOR A PLASMA

ARC TORCH
	 	New Zealand
	 	Issued
	 	2/26/2004
	 	 	542060	 	6/7/2007
	 	2/26/2024
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-491

	 	9858-000359/US
	 	GAS FLOW PRE-CHARGE

FOR A PLASMA ARC

TORCH
	 	United States
	 	Issued
	 	8/29/2003
	 	 	6,960,737	 	11/1/2005
	 	8/29/2023

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-493

	 	9858-000364/US
	 	KNURLED ELECTRODE

FOR A PLASMA ARC

TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D517,576
	 	3/21/2006
	 	3/21/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-494

	 	9858-000365/US
	 	ELECTRODE FOR A

PLASMA ARC TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D517,577
	 	3/21/2006
	 	3/21/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-495

	 	9858-000366/US
	 	ELECTRODE FOR A

PLASMA ARC TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D505,963
	 	6/7/2005
	 	6/7/2019
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-496

	 	9858-000367/US
	 	GAS DISTRIBUTOR FOR

A PLASMA ARC TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D535,673
	 	1/23/2007
	 	1/23/2021

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-497

	 	9858-000368/US
	 	TIP FOR A PLASMA

ARC TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D519,135
	 	4/18/2006
	 	4/18/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-498

	 	9858-000369/US
	 	SECONDARY SPACER

ASSEMBLY FOR A

PLASMA ARC TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D535,674
	 	1/23/2007
	 	1/23/2021
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-499

	 	9858-000370/US
	 	TIP ASSEMBLY FOR A

PLASMA ARC TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D524,336
	 	7/4/2006
	 	7/4/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-500

	 	9858-000371/US
	 	SHIELD CAP FOR A

PLASMA ARC TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D525,273
	 	7/18/2006
	 	7/18/2020

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-501

	 	9858-000372/US
	 	VENTED SHIELD CAP

FOR A PLASMA ARC

TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D523,042
	 	6/13/2006
	 	6/13/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-502

	 	9858-000373/US
	 	SHIELD CAP FOR A

PLASMA ARC TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D523,043
	 	6/13/2006
	 	6/13/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-503

	 	9858-000374/US
	 	CARTRIDGE BODY

ASSEMBLY FOR A

PLASMA ARC TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D536,009
	 	1/30/2007
	 	1/30/2021
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-504

	 	9858-000375/US
	 	CARTRIDGE BODY FOR

A PLASMA ARC TORCH
	 	United States
	 	Issued
	 	1/16/2004
	 	D535,672
	 	1/23/2007
	 	1/23/2021

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-513

	 	9858-000390/US
	 	PLASMA GAS

DISTRIBUTOR WITH

INTEGRAL METERING

AND FLOW

PASSAGEWAY S
	 	United States
	 	Issued
	 	7/7/2005
	 	 7,126,080
	 	10/24/2006
	 	7/7/2025
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-518

	 	9858-000395/US
	 	CONTOURED SHIELD

ORIFICE FOR A PLASMA ARC

TORCH
	 	United States
	 	Issued
	 	8/25/2006
	 	 7,737,383
	 	6/15/2010
	 	12/24/2026
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-523

	 	9858-100166/CN/01
	 	PLASMA ARC TORCH

ELECTRODE
	 	China P.R.
	 	Issued
	 	4/7/2003
	 	 zl03814241.4
	 	9/23/2009
	 	4/7/2023

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-525

	 	9858-100166/CN/03
	 	PLASMA ARC TORCH

CONSUMABLES CARTRIDGE
	 	China P.R.
	 	Issued
	 	4/7/2003
	 	 zl03814267.8
	 	2/24/2010
	 	4/7/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-579

	 	99858-100147/FR/01
	 	PLASMA ARC

TORCH AND METHOD

FOR IMPROVED 
LIFE OF 

PLASMA ARC

TORCH

CONSUMABLE

PARTS
	 	France
	 	Issued
	 	3/30/2001
	 	 1269802
	 	6/24/2009
	 	3/30/2021

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-580

	 	99858-100147/DE/01
	 	PLASMA ARC

TORCH AND METHOD FOR

IMPROVED 
LIFE OF

PLASMA ARC

TORCH

CONSUMABLE

PARTS
	 	Germany
	 	Issued
	 	3/30/2001
	 	 60139066.0
	 	8/6/2009
	 	3/30/2021
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13384-581

	 	99858-100147/IT/01
	 	PLASMA ARC

TORCH AND METHOD

FOR IMPROVED
 LIFE
OF

PLASMA ARC

TORCH

CONSUMABLE

PARTS
	 	Italy
	 	Issued
	 	3/30/2001
	 	 1269802
	 	6/24/2009
	 	3/30/2021

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	13384-582

	 	99858-100147/GB/01
	 	PLASMA ARC TORCH

AND METHOD FOR

IMPROVED LIFE OF

PLASMA ARC

TORCH

CONSUMABLE

PARTS
	 	Great Britain
	 	Issued
	 	3/30/2001
	 	 1269802
	 	6/24/2009
	 	3/30/2021
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	POWER

SUPPLY APPARATUS
	 	United States
	 	Issued
	 	 	 	 5,825,642
	 	10/20/1998	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	CONTOURED SHIELD

ORIFICE FOR A
PLASMA ARC

TORCH
	 	United
States
	 	Pending
	 	 	 	 12/772,882	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	 

	 	 	 	ENHANCED

PIERCING

THROUGH

CURRENT

PROFILING
	 	United States
	 	Pending
	 	 	 	 12/180,960	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	DRAG TIP FOR 

A PLASMA CUTTING

TORCH
	 	United States
	 	Pending
	 	 	 	 11/850,014	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	HYBRID

SHIELD DEVICE FOR A
PLASMA ARC TORCH
	 	United States
	 	Pending
	 	 	 	 11/850,012	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	METAL TUBE SUPPORT

BRACKET AND METHOD
FOR

SUPPORTING A METAL
TUBE
	 	United States
	 	Pending
	 	 	 	 10/601,110
	 	/	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	COMPACT

ANALOG-

MULTIPLEXED

GLOBAL

SENSE AMPLIFIER

FOR RAMS
	 	United States
	 	Issued
	 	 	 	 6,650,572
	 	11/18/2003	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Docket Number	 	Client Ref No	 	Title	 	Country Name	 	Status	 	Application Date	 	Patent Number	 	Issue Date	 	Expiration Date
	 

	 	 	 	CONNECTOR

HAVING

INTEGRATED

CIRCUITS

EMBEDDED IN
THE

CONNECTOR

BODY FOR

MAKING THE

CONNECTOR A DYNAMIC

COMPONENT OF AN

ELECTRICAL

SYSTEM

HAVING

SECTIONS

CONNECTED

BY THE CONNECTOR
	 	United States
	 	Issued
	 	 	 	 	 	6,773,306	 	8/10/2004	 	 

          Victor Equipment Company Patents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Application	 	 	 	 	 	Publication	 	 
	BHGL No	 	Client No	 	Title	 	Status	 	Country	 	Date	 	Application Number	 	Number	 	Publication Date
	13386-066

	 	4884-1000037/MX/01
	 	GAS

PRESSURE

REGULATOR
	 	Filed
	 	Mexico
	 	9/9/2009
	 	MX/f/2009/001852
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-067

	 	4884-100037/SA/01
	 	GAS

PRESSURE

REGULATOR
	 	Filed
	 	Saudi Arabia 
	 	9/12/2009
	 	 	409300332	 	 	 	 	 
	 

	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BHGL No	 	Client No	 	Title	 	Status	 	Country	 	Application Date	 	Application Number	 	Publication Number	 	Publication Date
	13386-050

	 	4884-000036/US
	 	GAS

PRESSURE REGULATOR
	 	Filed
	 	United States
	 	3/11/2009
	 	29/333,532	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-074

	 	4884-000036/US
	 	GAS

PRESSURE

REULATOR

HAVING

ENERGY

ABSORBING

FEATURES
	 	Filed
	 	United States
	 	3/10/2010
	 	12/721,535	 	 	 	 
	 
	13386-054

	 	4884-000049/US/02
	 	ADVANCED GAS TORCH
	 	Filed
	 	United States
	 	4/7/2009
	 	12/419,686
	 	2009-0253089A1
	 	10/8/2009
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-058

	 	4884-000050/US/01
	 	GAS

PRESSURE

REGULATOR

WITH

PARTICLE

TRAP AND

DIFFUSER
	 	Filed
	 	United States
	 	10/21/2009
	 	12/582,970	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-070

	 	4884-000037/US/01
	 	COMPACT ROBUST GAS

PRESSURE REGULATOR
	 	Filed
	 	United States
	 	3/10/2010
	 	12/721,519	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-072

	 	4884-000053/US/01
	 	GAS

PRESSURE

REGULATOR

HAVING

STACKED

INDICATORS
	 	Filed
	 	United States
	 	3/10/2010
	 	12/721,529	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BHGL No	 	Client No	 	Title	 	Status	 	Country	 	Application Date	 	Application Number	 	Publication Number	 	Publication Date
	13386-014

	 	4884-000006/WO/POA
	 	A GAS

CUTTING

TORCH
	 	Filed
	 	Patent

Cooperation

Treaty
	 	2/13/2004
	 	PCT/US04/004488
	 	W0/2004/073911
	 	9/2/2004
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-053

	 	4884-000049/WO/POA
	 	ADVANCED GAS TORCH
	 	Filed
	 	Patent

Cooperation

Treaty
	 	4/7/2009
	 	PCT/US2009/039779
	 	WO2009/126631
	 	1/7/2010
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-071

	 	4884-000037/WO/POA
	 	COMPACT ROBUST GAS

PRESSURE REGULATOR
	 	Filed
	 	Patent

Cooperation

Treaty
	 	3/11/2010
	 	PCT/US2010/026926	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-073

	 	4884-000053/WO/POA
	 	GAS

PRESSURE

REGULATOR

HAVING

STACKED

INDICATORS
	 	Filed
	 	Patent

Cooperation

Treaty
	 	3/10/2010
	 	PCT/US2010/026876	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-075

	 	4884-000054/WO/POA
	 	GAS

PRESSURE

REGULATOR

HAVING

ENERGY

ABSORBING

FEATURES
	 	Filed
	 	Patent

Cooperation

Treaty
	 	3/11/2010
	 	PCT/US2010/026928	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-062

	 	4884-1000037/BR/01
	 	GAS

PRESSURE REGULATOR
	 	Filed
	 	Brazil
	 	9/10/2009
	 	DI6903490-7	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-063

	 	4884-1000037/CA/01
	 	GAS

PRESSURE REGULATOR
	 	Filed
	 	Canada
	 	9/9/2009
	 	DI6903490-7	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BHGL No	 	Client No	 	Title	 	Status	 	Country	 	Application Date	 	Patent Number	 	Patent Date	 	Expiration Date
	13386-042

	 	4884-100013/CA
	 	PRESSURE

REGULATOR

WITH

FRICTION

DAMPENER
	 	Issued
	 	Canada
	 	2/15/1985
	 	 	1,233,392	 	 	3/1/1988
	 	3/1/2005
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-034

	 	4884-100005/MX
	 	TORCH WITH

INTEGRAL

FLASHBACK

ARRESTORS AND

CHECK VALVES
	 	Issued
	 	Mexico
	 	2/10/1994
	 	 	200799	 	 	2/7/2001
	 	2/10/2014
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-037

	 	4884-100005/ZA
	 	TORCH WITH

INTEGRAL

FLASHBACK

ARRESTORS AND

CHECK VALVES
	 	Issued
	 	South Africa
	 	2/9/1994
	 	 	94/0893	 	 	8/23/1994
	 	2/9/2014
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-015

	 	4884-000007/US
	 	GAS PRESSURE

REGULATOR
	 	Issued
	 	United States
	 	11/22/2002
	 	 	7,134,447	 	 	11/14/2006
	 	9/21/2025
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-022

	 	4884-000018/US
	 	PILOT IGNITER

TORCH WITH

CUTOFF PREHEAT

VALVES
	 	Issued
	 	United States
	 	4/23/1993
	 	 	5,390,855	 	 	2/21/1995
	 	4/23/2013
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-029

	 	4884-000024/US
	 	EQUIPMENT

CARRIER
	 	Issued
	 	United States
	 	11/13/2004
	 	 	D526,486	 	 	8/15/2006
	 	8/15/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-036

	 	4884-100005/VE
	 	TORCH WITH

INTEGRAL

FLASHBACK

ARRESTORS AND

CHECK VALVES
	 	Issued
	 	Venezuela
	 	9/28/1994
	 	 	56598	 	 	5/8/1998
	 	9/28/2014
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-065

	 	4884-1000037/EM/01
	 	GAS PRESSURE

REGULATOR
	 	Issued
	 	European

Community

Design
	 	9/10/2009
	 	 	1609819	 	 	9/10/2009
	 	9/10/2034
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-021

	 	4884-000017/US
	 	CUTTING TORCH

HEAD
	 	Issued
	 	United States
	 	8/20/2002
	 	 	D476,539	 	 	7/1/2003
	 	7/1/2017

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BHGL No	 	Client No	 	Title	 	Status	 	Country	 	Application Date	 	Patent Number	 	Patent Date	 	Expiration Date
	13386-025

	 	4884-000021/US
	 	GAUGE BLOCK HAVING CHECK VALVE WITH ORIFICE
	 	Issued
	 	United States
	 	12/6/1996
	 	RE35,726
	 	2/10/1998
	 	11/12/2013
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-023

	 	4884-000019/US
	 	YOKE FOR MOUNTING ON A GAS TANK
	 	Issued
	 	United States
	 	10/12/1995
	 	 	5,704,589	 	 	1/6/1998
	 	10/12/2015
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-024

	 	4884-000020/US
	 	PRESSURE REGULATOR WITH A FLASHBACK ARRESTOR
	 	Issued
	 	United States
	 	8/3/1993
	 	 	5,392,825	 	 	2/28/1995
	 	8/3/2013
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-031

	 	4884-000031/US
	 	Oxygen conserver
	 	Issued
	 	United States
	 	9/27/2000
	 	 	6,364,161	 	 	4/2/2002
	 	9/27/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-032

	 	4884-000032/US
	 	OXYGEN CONSERVING REGULATOR
	 	Issued
	 	United States
	 	10/12/1999
	 	 	D442,277	 	 	5/15/2001
	 	5/15/2015
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-033

	 	4884-000033/US
	 	PNEUMATIC OXYGEN CONSERVER
	 	Issued
	 	United States
	 	8/19/1997
	 	 	5,881,725	 	 	3/16/1999
	 	8/19/2017
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-048

	 	4884-000034/US
	 	PURGE TIP
	 	Issued
	 	United States
	 	7/20/2007
	 	 	D610,239	 	 	2/16/2010
	 	2/16/2024
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-012

	 	4884-000005/US
	 	TORCH WITH INTEGRAL FLASHBACK ARRESTORS AND CHECK VALVES
	 	Issued
	 	United States
	 	2/10/1993
	 	 	5,407,348	 	 	4/18/1995
	 	2/10/2013
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-013

	 	4884-000006/US
	 	GAS CUTTING TORCH
	 	Issued
	 	United States
	 	2/14/2003
	 	 	6,824,735	 	 	11/30/2004
	 	3/19/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-017

	 	4884-000008/US
	 	SWITCHOVER VALVE
	 	Issued
	 	United States
	 	 9/20/2000
	 	 	6,296,008	 	 	10/2/2001
	 	9/20/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-020

	 	4884-000015/US
	 	HAND TORCH
	 	Issued
	 	United States 
	 	 6/18/1990
	 	 	D329,971	 	 	10/6/1992
	 	10/6/2006
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-041

	 	4884-100012/CA
	 	SPRING LOADED HEATING TORCH TIP
	 	Issued
	 	Canada
	 	2/15/1985
	 	 	1,229,787	 	 	12/1/1987
	 	2/15/2005

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BHGL	 	 	 	 	 	 	 	 	 	Application	 	 	 	 	 	 	 	Expiration
	No	 	Client No	 	Title	 	Status	 	Country	 	Date	 	Patent Number	 	Patent Date	 	Date
	13386-043

	 	4884-100014/CA
	 	MOTORIZED HAND TORCH
	 	Issued
	 	Canada
	 	10/16/1984
	 	1,230,044	 	12/8/1987
	 	12/8/2004
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-044

	 	4884-100016/CA
	 	DUAL ORIFICE FLOW

METER
	 	Issued
	 	Canada
	 	3/8/1985
	 	1,224,945	 	8/4/1987
	 	3/8/2005
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-064

	 	4884-1000037/CN/01
	 	GAS PRESSURE

REGULATOR
	 	Issued
	 	China P.R.
	 	9/11/2009
	 	200930209672.3	 	1/27/2010
	 	9/11/2019
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-040

	 	4884-100010/FR
	 	MOTORIZED HAND TORCH
	 	Issued
	 	France
	 	9/3/1984
	 	843857	 	9/3/1984
	 	9/3/2009
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-061

	 	4884-1000037/AU/01
	 	GAS PRESSURE

REGULATOR
	 	Issued
	 	Australia
	 	3/11/2009
	 	328165	 	9/10/2009
	 	3/11/2019
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-062

	 	 	 	GAS PRESSURE

REGULATOR
	 	Issued
	 	Brazil
	 	9/10/2009
	 	D16903490-7	 	8/24/2010
	 	9/10/2034
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13386-063

	 	 	 	GAS PRESSURE

REGULATOR
	 	Issued
	 	Canada
	 	9/9/2009
	 	174632	 	8/24/2010
	 	9/13/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	MIG WELDING TORCH

RECONDITIONING

APPARATUS
	 	Issued
	 	United States
	 	 	 	6,399,917	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	GAUGE BLOCK HAVING

CHECK VALVE WITH

ORIFICE
	 	Issued
	 	United States
	 	 	 	5,373,873	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-017

	 	 	 	MIG WELDING TORCH

RECONDITIONING

APPARATUS
	 	Issued
	 	United States
	 	4/25/2002
	 	6,621,051	 	6/16/2003
	 	4/25/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-023

	 	 	 	WELDING CONTACT TIP

AND DIFFUSER
	 	Issued
	 	United States
	 	5/8/2003
	 	6,847,009	 	1/25/2005
	 	8/5/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-005

	 	 	 	WELDING GUN ASSEMBLY
	 	Issued
	 	United States
	 	1/11/1993
	 	5,491,321	 	2/13/1996
	 	2/26/2012
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-065

	 	 	 	TIPS AND DIFFUSERS

FOR MIG WELDING GUNS
	 	Issued
	 	United States
	 	9/14/1993
	 	5,440,100	 	8/8/1995
	 	8/8/2012

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BHGL	 	 	 	 	 	 	 	 	 	Application	 	 	 	 	 	 	 	Expiration
	No	 	Client No	 	Title	 	Status	 	Country	 	Date	 	Patent Number	 	Patent Date	 	Date
	13387-067

	 	 	 	MIG TORCH

RECONDITIONING

APPARATUS
	 	Issued
	 	United States
	 	3/2/1992
	 	5,221,826	 	 	6/22/1993
	 	3/2/2012
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-069

	 	 	 	TORCH
	 	Issued
	 	United States
	 	10/16/1997
	 	5,916,465	 	 	6/29/1999
	 	10/16/2017
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-070

	 	 	 	STRAIN RELIEF

ASSEMBLY FOR

WELDING CABLE
	 	Issued
	 	United States
	 	4/14/1997
	 	5,874,709	 	 	2/23/1999
	 	4/14/2017
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	WELDING GUN HANDLE

AND HOUSING
	 	Issued
	 	United States
	 	9/5/1997
	 	D403,216	 	 	12/29/1998
	 	12/29/2012
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	COMPACT ROBUST GAS

PRESSURE REGULATOR
	 	Pending
	 	United States
	 	 	 	12/721,519	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	GAS PRESSURE

REGULATOR HAVING

STACKED INDICATORS
	 	Pending
	 	United States
	 	 	 	12/721,529	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	ADVANCE GAS TORCH
	 	Pending
	 	United States
	 	 	 	12/419,686	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	FLEXIBLE

CONDUCTOR TUBE

FOR A WELDING

GUN
	 	Pending
	 	United States
	 	 	 	11/761,159	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	REPOSITIONABLE

ATTACHMENT DEVICE

FOR WELDING GUN

CONDUCTOR TUBES
	 	Pending
	 	United States
	 	 	 	11/761,183	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	WIRE FEEDER WITH

INTERCHANGEABLE

ADAPTOR
	 	Pending
	 	United States
	 	 	 	11/451,068	 	 	 	 	 

 

Table of Contents

     

Tweco Patents (Victor Equipment Company):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BHGL	 	 	 	 	 	 	 	Application	 	 	 	 	 	 	 	Expiration
	NO	 	Title	 	Status	 	Country	 	Date	 	Patent Number	 	Patent Date	 	Date
	13387-046

	 	WELDING CONTACT TIP

AND DIFFUSER
	 	Issued
	 	Germany
	 	5/8/2003
	 	60307822.2	 	 	8/23/2006
	 	5/8/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-047

	 	WELDING CONTACT TIP

AND DIFFUSER
	 	Issued
	 	European Patent

Convention
	 	5/8/2003
	 	1503878	 	 	8/23/2006
	 	5/8/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-048

	 	WELDING CONTACT TIP

DIFFUSER
	 	Issued
	 	Great Britain
	 	5/8/2003
	 	1503878	 	 	8/23/2006
	 	5/8/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-049

	 	WELDING CONTACT TIP

AND DIFFUSER
	 	Issued
	 	Italy
	 	5/8/2003
	 	1503878	 	 	8/23/2006
	 	5/8/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-073

	 	STRAIN RELIEF

ASSEMBLY FOR

WELDING CABLE
	 	Issued
	 	Canada
	 	3/4/1998
	 	2256524	 	 	8/16/2005
	 	3/4/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-075

	 	STRAIN RELIEF

ASSEMBLY FOR

WELDING CABLE
	 	Issued
	 	Mexico
	 	3/4/1998
	 	212395	 	 	1/7/2003
	 	3/4/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-079

	 	WELDING GUN HANDLE

AND HOUSING
	 	Issued
	 	Australia
	 	2/20/1998
	 	134592	 	 	8/4/1998
	 	2/20/2014
	 
	13387-081

	 	WELDING GUN HANDLE

AND HOUSING
	 	Issued
	 	Great Britain
	 	2/26/1998
	 	2072841	 	 	8/4/1998
	 	2/26/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-082

	 	WELDING GUN HANDLE

AND HOUSING
	 	Issued
	 	Mexico
	 	3/4/1998
	 	10974	 	 	12/15/1999
	 	3/4/2013
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-083

	 	WELDING GUN HANDLE

AND HOUSING
	 	Issued
	 	New Zealand
	 	3/5/1998
	 	29157	 	 	5/27/1998
	 	9/5/2012
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13387-009

	 	ERGONOMIC WELDING

GUN WITH QUICK

DISCONNECT CABLE
ASSEMBLY
	 	Issued
	 	United States
	 	2/26/1992
	 	5,338,917	 	 	8/16/1994
	 	2/26/2012

 

Table of Contents

     

Thermal Arc (Thermal Dynamics Corporation) Patents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BHGL	 	 	 	 	 	 	 	 	 	 	 	Application	 	Application	 	Patent	 	 
	No.	 	Client No	 	Title	 	Status	 	Country	 	Assignee	 	Number	 	Date	 	Number	 	Issue Date
	13388-008

	 	9878-000007/US
	 	WIRE FEEDER WITH

INTERCHANGEABLE

ADAPTOR CARTRIDGES
	 	Filed
	 	World
	 	Thermal Arc Inc.
	 	2007US71047
	 	6/12/2007
	 	2007146963/
	 	6/12/2008

Stoody Co. Patents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Application	 	 	 	 	 	 
	BHGL	 	 	 	 	 	 	 	 	 	Date/Issue	 	Application	 	Publication	 	First Filing
	No	 	Client No	 	Title	 	Status	 	Country	 	Date	 	Number	 	Number	 	Date
	13385-044

	 	2577-100011/CN/01
	 	STAINLESS STEEL

WELD OVERLAYS WITH

ENHANCED WEAR

RESISTANCE
	 	Filed
	 	China P.R.
	 	2/13/2007
	 	2.0078E+11	 	CN101421429A
	 	2/16/2006
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-048

	 	2577-100012/CN/01
	 	HARD FACING ALLOYS

HAVING IMPROVED

CRACK RESISTANCE
	 	Filed
	 	China P.R.
	 	2/14/2007
	 	2.0078E+11	 	CN101424073A
	 	2/16/2006
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-023

	 	2577-100004/JP/01
	 	ELECTROSLAG

SURFACING USING

WIRE ELECTRODES
	 	Filed
	 	Japan
	 	4/18/2000
	 	2000-613600	 	2002-542041
	 	4/27/1999
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-021

	 	2577-000008/US
	 	WELDING

COMPOSITIONS FOR

IMPROVED MECHANICAL

PROPERTIES IN THE

WELDING OF CAST IRON
	 	Filed
	 	United States
	 	4/22/2005
	 	11/113,404	 	2006-237412A1
	 	4/22/2005

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Application	 	 	 	 	 	 
	BHGL	 	 	 	 	 	 	 	 	 	Date/Issue	 	Application	 	Publication	 	First Filing
	No	 	Client No	 	Title	 	Status	 	Country	 	Date	 	Number	 	Number	 	Date
	13385-024

	 	2577-000011/US
	 	STAINLESS STEEL

WELD OVERLAYS WITH

ENHANCED WEAR

RESISTANCE
	 	Filed
	 	United States
	 	2/16/2006
	 	11/356,270	 	 	2007-0187458A1
	 	2/16/2006
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-043

	 	2577-100011/CA/01
	 	STAINLESS STEEL

WELD OVERLAYS WITH

ENHANCED WEAR

RESISTANCE
	 	Filed
	 	Canada
	 	2/13/2007
	 	2642764	 	 	 	 	2/16/2006
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-047

	 	2577-100012/CA/01
	 	HARD FACING ALLOYS

HAVING IMPROVED

CRACK RESISTANCE
	 	Filed
	 	Canada
	 	2/14/2007
	 	2642767	 	 	 	 	2/16/2006
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-045

	 	2577-100011/IN/01
	 	STAINLESS STEEL

WELD OVERLAYS WITH

ENHANCED WEAR

RESISTANCE
	 	Filed
	 	India
	 	2/13/2007
	 	4347/CHENP/2008
	 	 	 	2/16/2006
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-049

	 	2577-100012/IN/01
	 	HARD FACING ALLOYS

HAVING IMPROVED

CRACK RESISTANCE
	 	Filed
	 	India
	 	2/14/2007
	 	4348/CHENP/2008
	 	 	 	2/16/2006
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-026

	 	2577-000012/US
	 	HARD-FACING ALLOYS

HAVING IMPROVED

CRACK RESISTANCE
	 	Filed
	 	United States
	 	2/16/2006
	 	11/356,409	 	 	2007-0187369A1
	 	2/16/2006 0:00

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Application	 	 	 	 	 	 
	BHGL	 	 	 	 	 	 	 	 	 	Date/Issue	 	Application	 	Publication	 	First Filing
	No	 	Client No	 	Title	 	Status	 	Country	 	Date	 	Number	 	Number	 	Date
	13385-042

	 	2577-100011/AU/01
	 	STAINLESS STEEL
 WELD OVERLAYS

WITH ENHANCED 
WEAR RESISTANCE
	 	Filed
	 	Australia
	 	2/13/2007
	 	 	2007218061	 	 	 	 	 	 	2/16/2006
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-046

	 	2577-100012/AU/01
	 	HARD FACING 
ALLOYS HAVING

IMPROVED CRACK 
RESISTANCE
	 	Filed
	 	Australia
	 	7/01/2010
	 	 	2007217975	 	 	 	2007217975	 	 	2/16/2006

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BHGL No.	 	Client No	 	Title	 	Status	 	Country	 	Application Date	 	Patent Number	 	Patent Date	 	Expiration Date
	13385-012

	 	2577-000006/US
	 	LOW ALLOY BUILD UP

MATERIAL
	 	Issued
	 	United States
	 	7/21/1998
	 	 	6,110,301	 	 	8/29/2000
	 	7/21/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-006

	 	2577-100003/CN/01
	 	CAVITATION EROSION

RESISTANT STEEL
	 	Issued
	 	China P.R.
	 	5/9/1996
	 	ZL96193879.X
	 	10/31/2001
	 	5/9/2016
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-007

	 	2577-100003/BR/01
	 	CAVITATION EROSION

RESISTANT STEEL
	 	Issued
	 	Brazil
	 	5/9/1996
	 	PI9609383-8
	 	1/7/2003
	 	5/9/2016
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-017

	 	2577-100003/CA/01
	 	CAVITATION EROSION

RESISTANT STEEL
	 	Issued
	 	Canada
	 	5/9/1996
	 	 	2,220,727	 	 	7/24/2001
	 	5/9/2016
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-010

	 	2577-000007/US
	 	ABRASION, CORROSION,

AND GALL RESISTANT

OVERLAY ALLOYS
	 	Issued
	 	United States
	 	12/29/1998
	 	 	6,232,000	 	 	5/15/2001
	 	12/29/2018
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-011

	 	2577-000004/US
	 	ELECTROSLAG,SURFACING

USING WIRE ELECTRODES
	 	Issued
	 	United States
	 	4/27/1999
	 	 	6,127,644	 	 	10/3/2000
	 	4/27/2019
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13385-013

	 	2577-000003/US
	 	CAVITATION EROSION

RESISTANT STEEL
	 	Issued
	 	United States
	 	5/12/1995
	 	 	5,514,328	 	 	5/7/1996
	 	5/12/2015

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BHGL No.	 	Client No	 	Title	 	Status	 	Country	 	Application Date	 	Patent Number	 	Patent Date	 	Expiration Date
	13385-014

	 	2577-100004/KR/01
	 	METHOD FOR
DEPOSITING 
A HIGH
ALLOY STAINLESS

STEEL OVERLAYER
ONTO A 
SUBSTRATE
	 	Issued
	 	South Korea
	 	4/18/2000
	 	 	517768	 	9/22/2005
	 	4/18/2020

Cigweld Pty Ltd Patents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BHGL	 	 	 	 	 	 	 	 	 	Case	 	Application	 	Patent	 	 	 	Expiration
	No.	 	Client No	 	Title	 	Status	 	Country	 	Type	 	Date	 	Number	 	Patent Date	 	Date
	13389-011

	 	4798-100010/MX
	 	LIGHT SHIELDING HELMET
	 	Issued
	 	Mexico
	 	Design
	 	9/11/1998
	 	 	12060	 	12/18/2000
	 	9/11/2013
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13389-010

	 	4798-100010/GB/02
	 	LIGHT SHIELDING HELMET
	 	Issued
	 	Great Britain
	 	Design
	 	9/2/1998
	 	 	2082252	 	5/5/1999
	 	3/13/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13389-009

	 	4798-100010/GB/01
	 	LIGHT SHEILDING HELMET

SHELL AND HELMET
	 	Issued
	 	Great Britain
	 	Design
	 	9/2/1998
	 	 	2077275	 	5/5/1999
	 	9/2/2023
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13389-015

	 	4798-100012/AU
	 	REGULATOR SAFETY

SYSTEM
	 	Issued
	 	Australia
	 	Regular
	 	9/15/2000
	 	 	750779	 	9/15/2000
	 	9/15/2020
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13389-019

	 	4798-
100015/AU/02
	 	FITTING FOR A

CONNECTOR
	 	Issued
	 	Australia
	 	Regular
	 	7/8/2002
	 	 	2002300152	 	9/14/2006
	 	9/13/2019
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13389-007

	 	4798-100010/AU
	 	A LIGHT SHIELDING

HELMET
	 	Issued
	 	Australia
	 	Design
	 	9/1/1998
	 	 	139878	 	2/22/2000
	 	9/1/2014
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13389-008

	 	4798-100010/CA
	 	LIGHT SHIELDING HELMET
	 	Issued
	 	Canada
	 	Design
	 	9/10/1998
	 	 	88568	 	1/28/2000
	 	1/28/2010
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13389-012

	 	4798-100011/FR
	 	GAS REGULATOR
	 	Issued
	 	France
	 	Design
	 	2/3/1989
	 	 	890793	 	2/1/1990
	 	2/3/2014

 

Table of Contents

     

	2.	 	Trademarks
	 
	 	 	See attached.

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07013

	 	ARCAIR
	 	United Kingdom
	 	Arcair Company

(Victor Equipment

Company)
	 	 	 	 	 	 	741430	 	 	18-Apr-1955
	 	Registered
	 	18-Apr-2014
	 	09 Int.-Electric welding
apparatus, incorporating gas-jet
nozzle heads for use in the
working of metals, and parts
thereof included in class 9;
electrodes for use in the
aforesaid apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01130

	 	COBALARC
	 	Indonesia
	 	Arcair Company

(Victor Equipment

Company)
	 	 	151795	 	 	 	488432	 	 	16-Dec-1991
	 	Registered
	 	16-Dec-2011
	 	09 Int.-Electrodes for use in
electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-00004

	 	SEA

DRAGON

(AND

DESIGN)
	 	Mexico
	 	Arcair Company

(Victor Equipment

Company)
	 	 	257234	 	 	 	530742	 	 	12-Sep-1996
	 	Registered
	 	15-Mar-2016
	 	09 Int.-Exothermic cutting rods
for use in connection with
underwater cutting torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01017

	 	COBALARC
	 	New Zealand
	 	Cigweld Pty. Ltd.
	 	 	48140	 	 	 	48140	 	 	29-Aug-1950
	 	Registered
	 	19-Jul-2012
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01211

	 	AIRMATE
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1276321	 	 	 	1276321	 	 	5-Dec-2008
	 	Registered
	 	5-Dec-2018
	 	09 Int.-Device used to supply
filtered air to a welder’s helmet
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01079

	 	AIR-VIVA
	 	South Africa
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	67/0029	 	 	3-Jan-1967
	 	Registered
	 	3-Jan-2017
	 	10 Int.-Apparatus for resuscitation
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01082

	 	ALLOYCRAFT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	188140	 	 	 	188140	 	 	8-Jun-1964
	 	Registered
	 	8-Jun-2019
	 	09 Int.-Electric welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01081

	 	ALLOYCRAFT
	 	Canada
	 	Cigweld Pty Ltd
	 	 	815125	 	 	TMA 478469
	 	14-Jul-1997
	 	Registered
	 	14-Jul-2012
	 	99 Canada-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01002

	 	ALLOYCRAFT
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	97/08164	 	 	 	97008164	 	 	30-Aug-2001
	 	Registered
	 	18-Jun-2014
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01080

	 	ALLOYCRAFT
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	97/17329	 	 	 	97017329	 	 	15-Jun-2001
	 	Registered
	 	28-Nov-2014
	 	09 Int.-Electric welding
apparatus, power supply apparatus
and parts therefor, consumables
for use in electric welding
processes, electrodes, wires and
filler rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01054

	 	ARCMASTER
	 	Australia
	 	Cigweld Pty Ltd
	 	 	213141	 	 	 	213141	 	 	l-Sep-1967
	 	Registered
	 	1-Sep-2012
	 	07 Int.-Electric arc welding
machines and accessories therefor
being goods included in this class

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01004

	 	ARCMASTER
	 	Australia
	 	Cigweld Pty Ltd
	 	 	288240	 	 	 	288240	 	 	23-Jun-1975
	 	Registered
	 	23-Jun-2016
	 	08 Int.-Hand tools and instruments including
electrode holders, chipping hammers, clamps
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01005

	 	ARCMASTER
	 	Australia
	 	Cigweld Pty Ltd
	 	 	294828	 	 	 	294828	 	 	4-Mar-1976
	 	Registered
	 	4-Mar-2017
	 	09 Int.-Electric welding apparatus; electric
welding power supplies; all accessories falling
within Class 9 for use with electric welding
apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01086

	 	ARCRAFT
	 	Malaya
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	M/072747	 	 	24-Jul-1979
	 	Registered
	 	27-Aug-2011
	 	09 Int.-Electrodes for use in arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01085

	 	ARCRAFT
	 	Sabah
	 	Cigweld Pty Ltd
	 	 	20658	 	 	SAB/020658
	 	20-Mar-1985
	 	Registered
	 	17-Sep-2011
	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01084

	 	ARCRAFT
	 	Sarawak
	 	Cigweld Pty Ltd
	 	 	15926	 	 	SAR/15926
	 	13-Jan-1978
	 	Registered
	 	28-Sep-2011
	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01006

	 	AUSTEX
	 	Australia
	 	Cigweld Pty Ltd
	 	 	105505	 	 	 	105505	 	 	28-Feb-1951
	 	Registered
	 	28-Feb-2017
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01007

	 	AUTOCOR
	 	Australia
	 	Cigweld Pty Ltd
	 	 	734135	 	 	 	734135	 	 	8-May-1997
	 	Registered
	 	8-May-2017
	 	06 Int.-Flux cored welding wires
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01008

	 	AUTOCRAFT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	209630	 	 	 	209630	 	 	17-Apr-1967
	 	Registered
	 	17-Apr-2012
	 	09 Int.-Consumables for use in electric welding
processes, including electrodes, wires and filler
rods, being goods included in class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01087

	 	AUTOCRAFT
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	97/07030	 	 	 	97007030	 	 	18-Jul-2002
	 	Registered
	 	29-May-2014
	 	06 Int.-Continuous welding wire of metal
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01009

	 	AUTOPAK
	 	Australia
	 	Cigweld Pty Ltd
	 	 	294829	 	 	 	294829	 	 	4-Mar-1976
	 	Registered
	 	4-Mar-2017
	 	09 Int.-Electric welding apparatus including
static rectifying power supplies, welding
transformers, current control devices, high
frequency electrical equipment for use with such
supplies, wire feed units, parts and accessories
in Class 9 of such apparatus excluding such parts
and accessories as are electrical connectors
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264- 01208

	 	BOROCHROME
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1276323	 	 	 	1276323	 	 	5-Dec-2008
	 	Registered
	 	5-Dec-2018
	 	09 Int.-Electric welding electrodes

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01207

	 	BRONZECR AFT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1276324	 	 	 	1276324	 	 	5-Dec-2008
	 	Registered
	 	5-Dec-2018
	 	09 Int.-Electric welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01010

	 	CASTCRAFT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	94489	 	 	 	94489	 	 	11-Mar-1948
	 	Registered
	 	11-Mar-2014
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01011

	 	CHROMEBR IGHT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	710813	 	 	 	710813	 	 	14-Jun-1996
	 	Registered
	 	14-Jun-2016
	 	01 Int.-Welding and soldering
fluxes, pickling compounds
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01114

	 	CIGWELD
	 	Australia
	 	Cigweld Pty Ltd
	 	 	428785	 	 	 	428785	 	 	15-Jun-1989
	 	Registered
	 	24-Jun-2016
	 	42 Int.-Technical advisory and
consultation services for gas
welding equipment, electric
welding equipment, welding
consumables and associated
equipment for the regulation and
control of industrial gases
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01057

	 	CIGWELD
	 	Australia
	 	Cigweld Pty Ltd
	 	 	514142	 	 	 	514142	 	 	18-Aug-1992
	 	Registered
	 	3-Jul-2016
	 	09 Int.-Apparatus and machines in
this class for cutting, welding,
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	brazing, gouging, cleaning,
scouring, and other heat treatment
of metals and including
accessories and parts therefor
included in Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01058

	 	CIGWELD
	 	Australia
	 	Cigweld Pty Ltd
	 	 	514189	 	 	 	514189	 	 	10-Sep-1992
	 	Registered
	 	3-Jul-2016
	 	08 Int.-Apparatus and machines in
this class for cutting, welding,
brazing, gouging, cleaning,
scouring and other heat treatment
of metals and including
accessories and parts therefor
included in Class 8
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01059

	 	CIGWELD
	 	Australia
	 	Cigweld Pty Ltd
	 	 	514190	 	 	 	514190	 	 	18-Aug-1992
	 	Registered
	 	3-Jul-2016
	 	07 Int.-Apparatus and machines in
this class for cutting, welding,
brazing, gouging, cleaning,
scouring and other heat treatment
of metals, spray painting
equipment in this class and
including accessories and parts
therefor included in Class 7

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-05003

	 	CIGWELD
	 	Australia
	 	Cigweld Pty Ltd
	 	 	514141	 	 	 	514141	 	 	18-Aug-1992
	 	Registered
	 	3-Jul-2016
	 	06 Int.-Welding, soldering and
silver brazing metallic powders
in Class 6, metal powders in this
class for use in gas
spray-welding and surfacing,
filler rods and flux covered
filler rods for use in welding
and brazing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01107

	 	CIGWELD
	 	Brazil
	 	Cigweld Pty Ltd
	 	 	821464787	 	 	 	821464787	 	 	12-Sep-2006
	 	Registered
	 	12-Sep-2016
	 	35 Int.-Services covering the
import, commerce, export,
distribution, promotion and
representation of welding
products and metallic coating
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01103

	 	CIGWELD
	 	China (People’s
Republic)
	 	Cigweld Pty Ltd
	 	 	94042751	 	 	 	820564	 	 	7-Mar-1996
	 	Registered
	 	6-Mar-2016
	 	06 Int.-Welding, soldering and
silver brazing, metallic powders,
metal powders for use in gas
spray welding and surfacing,
filler rods and flux covered
filler rods for use in welding and
brazing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01104

	 	CIGWELD
	 	China (People’s
Republic)
	 	Cigweld Pty Ltd
	 	 	94042752	 	 	 	838508	 	 	14-May-1996
	 	Registered
	 	13-May-2016
	 	09 Int.-Electric welding
apparatus including power
supplies and accessories
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01100

	 	CIGWELD
	 	China (People’s
Republic)
	 	Cigweld Pty Ltd
	 	 	94059082	 	 	 	868653	 	 	7-Sep-1996
	 	Registered
	 	6-Sep-2016
	 	07 Int.-Gas welding, cutting and
brazing equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01105

	 	CIGWELD
	 	Hong Kong
	 	Cigweld Pty Ltd
	 	 	94 03820	 	 	 	1996 01131	 	 	5-Feb-1996
	 	Registered
	 	8-Apr-2015
	 	09 Int.-Electric welding apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01106

	 	CIGWELD
	 	Hong Kong
	 	Cigweld Pty Ltd
	 	 	94 03818	 	 	 	1996 01130	 	 	5-Feb-1996
	 	Registered
	 	8-Apr-2015
	 	06 Int.-Rods of metal for
welding, soldering wire of metal,
silver brazing, metallic powders,
metal powders for use in gas
spray welding and surfacing,
filler rods and flux covered
filler rods for use in welding
and brazing; all included in
Class 6
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01109

	 	CIGWELD
	 	Hong Kong
	 	Cigweld Pty Ltd
	 	 	6079/94	 	 	 	199602508	 	 	21-May-1996
	 	Registered
	 	1-Jun-2015
	 	08 Int.-Gas welding, cutting and
brazing equipment

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01056

	 	CIGWELD
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	7754/94	 	 	 	341056	 	 	11-Jan-1997
	 	Registered
	 	4-May-2014
	 	09 Int.-Electric
welding apparatus
including power
supplies and
accessories
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01088

	 	CIGWELD
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	7755/94	 	 	 	339399	 	 	7-Jan-1997
	 	Registered
	 	4-May-2014
	 	06 Int.-Welding,
soldering and
silver brazing,
metallic powders,
metal powders for
use in gas spray
welding and
surfacing, filler
rods and flux
covered filler rods
for use in welding
and brazing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01055

	 	CIGWELD
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	10791	 	 	IDM000078653
	 	30-Jan-1997
	 	Registered
	 	16-Jun-2014
	 	08 Int.-Gas
welding, cutting
and brazing
equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01102

	 	CIGWELD
	 	Korea, Republic of
	 	Cigweld Pty Ltd
	 	 	1994-0023210	 	 	 	323233	 	 	2-Oct-1995
	 	Registered
	 	2-Oct-2015
	 	38 Int.-Gas welding
machines.
Oxygen-acetylene
welding and cutting
machines, metal
welding machine,
electron beam
welding machine,
super sonic waves
welding machine,
electric welding
machine, arc
welding machine
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01101

	 	CIGWELD
	 	Korea, Republic of
	 	Cigweld Pty Ltd
	 	 	1994-0023209	 	 	 	328705	 	 	8-Dec-1995
	 	Registered
	 	8-Dec-2015
	 	32 National-Welding
rod, soldering
metallic powder,
silver brazing
metallic powder,
unrefined lead
product, lead
metal, lead-based
alloy, lead or
lead-based alloy
casting product,
lead sheet, metal
powder for use in
gas spray welding,
metal powder for
use in surfacing,
zinc powder, metal
wire for use in
welding
applications,
electrode cap, flux
covered filler rods
for use in welding
and brazing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01013

	 	CIGWELD
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	94/04768	 	 	 	94/04768	 	 	8-Mar-1996
	 	Registered
	 	14-Jun-2011
	 	06 Int.-Welding,
soldering and
silver brazing,
metallic powders
for use in gas
spray welding and
surfacing, filler
rods and flux
covered filler rods
for use in welding
and brazing

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01014

	 	CIGWELD
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	94/04769	 	 	 	94/04769	 	 	15-Aug-1997
	 	Registered
	 	14-Jun-2011
	 	09 Int.-Electric
welding apparatus;
power sources
comprised of
transformer and
rectifier; printed
electronic circuit
boards; gas
flowmeters and
regulators;
auxiliary power
outlet kits;
digital meters for
measuring welding
current or voltage;
electric wire
feeders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01012

	 	CIGWELD
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	94/08588	 	 	 	94008588	 	 	21-Sep-1994
	 	Registered
	 	21-Sep-2011
	 	08 Int.-Gas
welding, cutting
and brazing
equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01110

	 	CIGWELD
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	194436	 	 	 	194436	 	 	27-Aug-1996
	 	Registered
	 	4-Jul-2020
	 	06 Int.-Welding,
soldering and
silver brazing
metallic powders in
this class, filler
rods and flux
covered filler rods
for use in welding
and brazing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01111

	 	CIGWELD
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	194437	 	 	 	194437	 	 	27-Aug-1996
	 	Registered
	 	4-Jul-2020
	 	07 Int.-Apparatus
and machines in
this class for
cutting, welding,
brazing, gouging,
cleaning, scouring
and other heat
treatment of
metals, and
including
accessories and
parts therefor
included in this
class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01112

	 	CIGWELD
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	194438	 	 	 	194438	 	 	27-Aug-1996
	 	Registered
	 	4-Jul-2020
	 	08 Int.-Apparatus
and machines in
this class for
cutting, welding,
brazing, gouging,
cleaning, scouring
and other heat
treatment of metals
and including
accessories and
parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01113

	 	CIGWELD
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	194439	 	 	 	194439	 	 	25-Sep-1996
	 	Registered
	 	4-Jul-2020
	 	09 Int.-Apparatus
and machines in
this class for
cutting, welding,
brazing, gouging,
cleaning, scouring
and other heat
treatment of metals
and including
accessories and
parts therefor
included in this
class

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01089

	 	CIGWELD
	 	Singapore
	 	Cigweld Pty Ltd
	 	 	2796/94	 	 	 	T94/02796D	 	 	7-Apr-1994
	 	Registered
	 	7-Apr-2014
	 	06 Int.-Welding, soldering and silver
brazing, metallic powders, metal
powders for use in gas spray welding
and surfacing, filler rods and flux
covered filler rods for use in
welding and brazing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01090

	 	CIGWELD
	 	Singapore
	 	Cigweld Pty Ltd
	 	 	2797/94	 	 	 	T97/02797B	 	 	7-Apr-1994
	 	Registered
	 	7-Apr-2014
	 	09 Int.-Electric welding apparatus
including power supply units; parts
and fittings for all the
abovementioned goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01093

	 	CIGWELD
	 	Singapore
	 	Cigweld Pty Ltd
	 	 	4201/94	 	 	 	T94/04201G	 	 	27-May-1994
	 	Registered
	 	27-May-2014
	 	08 Int.-Hand-held welding, cutting
and brazing equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01091

	 	CIGWELD
	 	Sri Lanka
	 	Cigweld Pty Ltd
	 	 	70037	 	 	 	70037	 	 	30-Sep-1996
	 	Registered
	 	21-Apr-2014
	 	06 Int.-Metallic powders for welding,
soldering and silver brazing, metal
powders for use in gas spray welding
and surfacing, filler rods for use in
welding and brazing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01092

	 	CIGWELD
	 	Sri Lanka
	 	Cigweld Pty Ltd
	 	 	70035	 	 	 	70035	 	 	21-Oct-1997
	 	Registered
	 	21-Apr-2014
	 	09 Int.-Electric welding apparatus
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	including power supplies and
accessories
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01094

	 	CIGWELD
	 	Sri Lanka
	 	Cigweld Pty Ltd
	 	 	70656	 	 	 	70656	 	 	30-Sep-1996
	 	Registered
	 	16-Jun-2014
	 	08 Int.-Gas welding, cutting and
brazing equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01098

	 	CIGWELD
	 	Taiwan
	 	Cigweld Pty Ltd
	 	 	83-042600	 	 	 	672380	 	 	1-Mar-1995
	 	Registered
	 	28-Feb-2015
	 	55 National-Metal powders, filler rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01099

	 	CIGWELD
	 	Taiwan
	 	Cigweld Pty Ltd
	 	 	83-042598	 	 	 	676579	 	 	1-Apr-1995
	 	Registered
	 	31-Mar-2015
	 	84 National-Gas welding machines, gas

cutting machines, gas brazing

machines, electric welding guns,

electric welding clips, ground line

clamps, welding torches, torch arms,

gas torch lamps, welding masks,

portable welding guns, robotistic

welding guns

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01095

	 	CIGWELD
	 	Thailand
	 	Cigweld Pty Ltd
	 	 	272206	 	 	TM 28343
	 	25-Apr-1995
	 	Registered
	 	13-Sep-2014
	 	06 Int.-Welding,
soldering and
silver brazing,
metallic powders,
metal powders for
use in gas spray
welding and
surfacing, filler
rods and flux
covered filler rods
for use in welding
and brazing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01096

	 	CIGWELD
	 	Thailand
	 	Cigweld Pty Ltd
	 	 	272207	 	 	TM 34389
	 	18-Sep-1995
	 	Registered
	 	13-Sep-2014
	 	08 Int.-Gas
welding, cutting
and brazing
equipment, all
non-electrical
operated
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01097

	 	CIGWELD
	 	Thailand
	 	Cigweld Pty Ltd
	 	 	272208	 	 	TM 38440
	 	28-Nov-1995
	 	Registered
	 	13-Sep-2014
	 	09 Int.-Electric
arc welding
apparatus, power
supplies therefor,
and accessories for
electric arc
welding apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01115

	 	CIGWELD

(AND

DESIGN)
	 	Australia
	 	Cigweld Pty Ltd
	 	 	512557	 	 	 	512557	 	 	18-Aug-1992
	 	Registered
	 	9-Jun-2016
	 	42 Int.-Technical
advisory and
consultation
services for gas
welding equipment,
electric welding
equipment, welding
consumables and
associated
equipment for the
regulation and
control of
industrial gases

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01116

	 	CIGWELD

(AND

DESIGN)
	 	Australia
	 	Cigweld Pty Ltd
	 	 	512556	 	 	 	512556	 	 	18-Aug-1992
	 	Registered
	 	9-Jun-2016
	 	37
Int.-Construction
and repair being
construction and
repair of gas
welding equipment,
electric welding
equipment, spray
painting equipment,
medical equipment
for the
administration of
gases and
resuscitation
equipment, gauges
and pressure
gauges, flow
meters, manifolds,
regulators being
standard and dual
stage regulators,
high flow
regulators, pipe
line regulators for
corrosive,
ultra-pre gases,
special gas
mixtures and other
specialty gas or
gases, valves geing
control valves,
distribution
valves, measuring
valves and safety
valves and all
other types of
valves used in gas
storage and
distribution
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01117

	 	CIGWELD

(AND

DESIGN)
	 	Australia
	 	Cigweld Pty Ltd
	 	 	512555	 	 	 	512555	 	 	18-Aug-1992
	 	Registered
	 	9-Jun-2016
	 	09 Int.-Apparatus
and machines in the
class for cutting,
welding, brazing,
gouging, cleaning,
scouring and other
heat treatment of
metal and including
accessories and
parts therefor
included in Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01118

	 	CIGWELD

(AND

DESIGN)
	 	Australia
	 	Cigweld Pty Ltd
	 	 	512554	 	 	 	512554	 	 	18-Aug-1992
	 	Registered
	 	9-Jun-2016
	 	08 Int.-Apparatus
and machines in the
class for cutting,
welding, brazing,
gouging, cleaning,
scouring and other
heat treatment of
metals including
accessories and
parts therefor
included in Class 8

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01119

	 	CIGWELD

(AND        

DESIGN)
	 	Australia
	 	Cigweld Pty Ltd
	 	 	512553	 	 	 	512553	 	 	18-Aug-1992
	 	Registered
	 	9-Jun-2016
	 	07 Int.-Apparatus and machines in the class for cutting, welding, brazing, gouging, cleaning, scouring and other heat treatment of metals, spray painting equipment in this class and including accessories and parts therefor included in Class 7
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01120

	 	CIGWELD

(AND       

DESIGN)
	 	Australia
	 	Cigweld Pty Ltd
	 	 	512552	 	 	 	512552	 	 	18-Aug-1992
	 	Registered
	 	9-Jun-2016
	 	01 Int.-Welding, brazing and soldering fluxes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06017

	 	CIGWELD

(AND        

DESIGN)
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	180256	 	 	 	180256	 	 	24-Feb-1997
	 	Registered
	 	2-May-2019
	 	42 Int.-Technical advisory and consultation services, testing, modification, and approval of equipment and consumables, all in relation to the metals industry including the cutting and welding of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01060

	 	COBALARC
	 	Australia
	 	Cigweld Pty Ltd
	 	 	92133	 	 	 	92133	 	 	29-Jul-1947
	 	Registered
	 	29-Jul-2013
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01122

	 	COBALARC
	 	Canada
	 	Cigweld Pty Ltd
	 	 	251012	 	 	TMA117682
	 	22-Apr-1960
	 	Registered
	 	22-Apr-2020
	 	99 Canada-Welding electrodes or rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01125

	 	COBALARC
	 	Hong Kong
	 	Cigweld Pty Ltd
	 	 	1960 0002	 	 	 	19600412	 	 	2-Jan-1960
	 	Registered
	 	2-Jan-2019
	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01203

	 	COBALARC
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	2008/08805	 	 	 	08008805	 	 	6-May-2008
	 	Registered
	 	6-May-2018
	 	09 Int.-Welding electrodes and rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01131

	 	COBALARC
	 	Pakistan
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	32037	 	 	2-Jan-1960
	 	Registered
	 	2-Jan-2012
	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01129

	 	COBALARC
	 	Sabah
	 	Cigweld Pty Ltd
	 	 	26131	 	 	 	S/026131	 	 	19-May-1980
	 	Registered
	 	19-May-2011
	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01128

	 	COBALARC
	 	Sarawak (Old Code)
	 	Cigweld Pty Ltd
	 	 	 	 	 	Sar 21375
	 	16-May-1980
	 	Registered
	 	16-May-2011
	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01123

	 	COBALARC
	 	Singapore
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	T6232007J	 	 	27-Dec-1962
	 	Registered
	 	27-Dec-2017
	 	09 Int.-Electric arc welding electrodes and rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01124

	 	COBALARC
	 	Sri Lanka
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	20825	 	 	29-Jan-1974
	 	Registered
	 	15-Jan-2018
	 	09 Int.-Electrodes for electric arc welding

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	AT	 	 	 	 	 	 	 	Application	 	Registration	 	Registration	 	 	 	Renewal	 	 
	REF. #	 	Trademark	 	Country	 	Owner	 	No.	 	No.	 	Date	 	Status	 	Due	 	Class/Goods
	29264-01121

	 	COBALARC
	 	Thailand
	 	Cigweld Pty Ltd
	 	 	422254	 	 	TM 116529
	 	4-Aug-2000
	 	Registered
	 	26-Jun-2020
	 	06 Int.-Welding wire of metal
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01016

	 	COBALARC
	 	United States of America
	 	Cigweld Pty Ltd
	 	 	72/274,495	 	 	 	853,222	 	 	23-Jul-1968
	 	Registered
	 	23-Jul-2018
	 	09 Int.-Welding electrodes and rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01019

	 	COLT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	208683	 	 	 	208683	 	 	13-Mar-1967
	 	Registered
	 	13-Mar-2012
	 	09 Int.-Osy-acetylene welding apparatus and equipment including regulators, blowpipes, cutters, gauges, combined blowpipes and cutters and accessories therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01135

	 	COLT
	 	Fiji
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	9607	 	 	17-Mar-1976
	 	Registered
	 	30-Apr-2017
	 	08 Int.-Oxy-acetylene gas torches and blow pipes being hand tools for use in welding, cutting, brazing and other heat treatments of metals, gas pressure regulators and parts of such goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01134

	 	COLT
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	6148/87	 	 	 	87006148	 	 	18-Oct-1995
	 	Registered
	 	28-Dec-2018
	 	08 Int.-Hand tools (non-electric) being oxy-acetylene welding apparatus and equipment for cutting, welding, brazing, heating, gouging, cleaning, scouring, and all other treatment of metals and parts of such apparatus included in Class 8
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01018

	 	COLT
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	115018	 	 	 	115018	 	 	23-Mar-1979
	 	Registered
	 	18-Mar-2011
	 	07 Int.-Oxy-acetylene welding apparatus and equipment including regulators, blow-pipes, combined blow-pipes and cutters, nozzles and tips, parts and accessories therefor; all being goods in this class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01020

	 	COMCOAT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	206037	 	 	 	206037	 	 	8-Nov-1966
	 	Registered
	 	8-Nov-2011
	 	06 Int.-Filler rods, particularly flux covered filler rods for use in welding and brazing

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	AT	 	 	 	 	 	 	 	Application	 	Registration	 	Registration	 	 	 	Renewal	 	 
	REF. #	 	Trademark	 	Country	 	Owner	 	No.	 	No.	 	Date	 	Status	 	Due	 	Class/Goods
	29264-01023

	 	COMET
	 	Australia
	 	Cigweld Pty Ltd
	 	 	132102	 	 	 	132102	 	 	13-May-1957
	 	Registered
	 	13-May-2019
	 	08 Int.-Gas torches or blow pipes for welding and cutting; apparatus for the cutting, welding, brazing, gouging, cleaning, scouring and other heat treatment of metals, and parts of such apparatus included in this class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01024

	 	COMET
	 	Australia
	 	Cigweld Pty Ltd
	 	 	252319	 	 	 	252319	 	 	13-May-1957
	 	Registered
	 	13-May-2019
	 	07 Int.-Apparatus and machines for cutting, welding, brazing, gouging, cleaning, scouring and other heat treatment of metals, and parts of such apparatus included in this class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01025

	 	COMET
	 	Australia
	 	Cigweld Pty Ltd
	 	 	252320	 	 	 	252320	 	 	13-May-1957
	 	Registered
	 	13-May-2019
	 	09 Int.-Apparatus for the cutting, welding, brazing, gouging, cleaning, scouring and heat treatment of metals, and parts of such apparatus included in this class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01141

	 	COMET
	 	Fiji
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	9606	 	 	17-Mar-1976
	 	Registered
	 	30-Apr-2017
	 	08 Int.-Oxy-acetylene gas torches and blow pipes being hand tools for use in welding, cutting, brazing and other heat treatments of metals, gas pressure regulators and parts of such goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01140

	 	COMET
	 	Hong Kong
	 	Cigweld Pty Ltd
	 	 	19876393	 	 	 	19891538	 	 	18-Dec-1987
	 	Registered
	 	18-Dec-2018
	 	08 Int.-Oxy-acetylene welding apparatus and equipment for cutting, welding, brazing, gouging, cleaning, scouring, and other heat treatment of metals; all being nonelectrical hand tools included in Class 8, and parts and fittings therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01139

	 	COMET
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	417503	 	 	27-Sep-1988
	 	Registered
	 	27-Sep-2018
	 	07 Int.-Machines and apparatus for the cutting, welding, brazing, gouging, cleaning, scouring and other heat treatment of metal and parts thereof

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	AT	 	 	 	 	 	 	 	Application	 	Registration	 	Registration	 	 	 	Renewal	 	 
	REF. #	 	Trademark	 	Country	 	Owner	 	No.	 	No.	 	Date	 	Status	 	Due	 	Class/Goods
	29264-08005

	 	COMET
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	6150/87	 	 	 	87006150	 	 	28-Dec-1987
	 	Registered
	 	28-Dec-2018
	 	08 Int.-Hand tools (non-electric) being oxy-acetylene welding apparatus and equipment for cutting, welding, brazing, gouging, cleaning, scouring and other heat treatment of metals and parts of such apparatus included in class 8
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01021

	 	COMET
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	60715	 	 	 	60715	 	 	9-Oct-1957
	 	Registered
	 	13-May-2016
	 	07 Int.-Gas torches or blow pipes for welding and cutting
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01022

	 	COMET
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	63280	 	 	 	63280	 	 	l-Sep-1959
	 	Registered
	 	16-Jan-2018
	 	07 Int.-Machines an gas operated apparatus for the cutting, welding, brazing and the like, heat treatment of metals, and parts of such machines and apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01138

	 	COMET
	 	Philippines
	 	Cigweld Pty Ltd
	 	 	6628	 	 	 	R-2379-A	 	 	3-Dec-1959
	 	Registered
	 	3-Dec-2019
	 	07 Int.-Machines and apparatus for the cutting, welding, brazing, gouging, cleaning, scouring, and other heat treatment of metal and parts thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01136

	 	COMET
	 	Singapore
	 	Cigweld Pty Ltd
	 	 	6207/87	 	 	 	T87/06207E	 	 	23-Dec-1987
	 	Registered
	 	23-Dec-2014
	 	08 Int.-Oxy-acetylene welding apparatus and equipment for cutting, welding, brazing, gouging, cleaning, scouring and other heat treatment of metals and parts of such apparatus included in this class all being non-electrical; excluding razor blade
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01137

	 	COMET
	 	Thailand
	 	Cigweld Pty Ltd
	 	 	281133	 	 	KOR 26871
	 	6-Jun-1977
	 	Registered
	 	26-May-2015
	 	08 Int.-Oxy-acetylene gas torches, blow-pipes and nozzles for use in welding, cutting, brazing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01061

	 	COMWELD
	 	Australia
	 	Cigweld Pty Ltd
	 	 	69747	 	 	 	69747	 	 	22-Feb-1937
	 	Registered
	 	22-Feb-2017
	 	09 Int.-Oxy-acetylene welding apparatus and equipment, including regulators, blow pipes, cutters, gauges, combined blowpipes and cutters, indicators
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01027

	 	COMWELD
	 	Australia
	 	Cigweld Pty
Ltd
	 	 	69761	 	 	 	69761	 	 	24-Feb-1937
	 	Registered
	 	24-Feb-
2017
	 	01 Int.-Fluxes

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	AT	 	 	 	 	 	 	 	Application	 	Registration	 	Registration	 	 	 	Renewal	 	 
	REF. #	 	Trademark	 	Country	 	Owner	 	No.	 	No.	 	Date	 	Status	 	Due	 	Class/Goods
	29264-01028

	 	COMWELD
	 	Australia
	 	Cigweld Pty Ltd
	 	 	70726	 	 	 	70726	 	 	30-Jul-1937
	 	Registered
	 	30-Jul-2017
	 	06 Int.-Filler rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01143

	 	COMWELD
	 	Fiji
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	9605	 	 	26-Jun-1978
	 	Registered
	 	13-Apr-2017
	 	08 Int.-Oxy-acetylene gas torches and blow pipes being hand tools for use in welding, cutting, brazing and other heat treatments of metals, gas pressure regulators and parts of such goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-00005

	 	COMWELD
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	 	 	 	IDM000199090
	 	24-Sep-1998
	 	Registered
	 	24-Sep-2018
	 	07 Int.-Machines and apparatus for cutting, welding, soldering, drilling, cleaning, polishing, and machine and apparatus for hot metals processing and parts thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01026

	 	COMWELD
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	106635	 	 	 	106635	 	 	3-Sep-1975
	 	Registered
	 	10-Dec-2018
	 	07 Int.-Oxy-acetylene welding apparatus and equipment including regulators, blow-pipes, cutters, and combined blow-pipes and cutters
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01144

	 	COMWELD MEDICAL (AND DESIGN)
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1106759	 	 	 	1106759	 	 	29-Nov-2006
	 	Registered
	 	22-Mar-2016
	 	10 Int.-Oxygen therapy equipment, namely oxygen regulators, oxygen cylinders, oxygen concentrators, oxygen conservers, transfilling systems; portable oxygen therapy systems composed
primarily of oxygen regulators, oxygen cylinders, oxygen concentrators, oxygen conservers, transfilling systems; surgical, medical, dental and veterinary apparatus and instruments; and
orthopedic articles

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01063

	 	COMWELD MEDICAL (AND DESIGN)
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	D002006012118	 	 	IDM000155310
	 	19-Apr-2006
	 	Registered
	 	19-Apr-2016
	 	10 Int.-Oxygen therapy equipment, namely, oxygen regulators, oxygen cylinders, oxygen concentrators, oxygen conservers, transfilling systems; portable oxygen therapy systems composed primarily of oxygen regulators, oxygen cylinders, oxygen concentrators, oxygen conservers, transfilling systems; surgical, medical, dental and veterinary apparatus and instruments; and orthopedic articles
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01064

	 	COMWELD MEDICAL (AND DESIGN)
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	2006/05580	 	 	 	06005580	 	 	4-Jun-2006
	 	Registered
	 	4-Jun- 2016
	 	10 Int.-Oxygen therapy equipment, namely, oxygen regulators, oxygen cylinders, oxygen concentrators, oxygen conservers, transfilling systems; portable oxygen therapy systems composed primarily of oxygen regulators, oxygen cylinders, oxygen concentrators, oxygen conservers, transfilling systems;
surgical, medical, dental and veterinary apparatus and instruments; and orthopedic articles.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01062

	 	COMWELD MEDICAL (AND DESIGN)
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	744999	 	 	 	744999	 	 	21-Sep-2006
	 	Registered
	 	21-Mar-2016
	 	10 Int.-Oxygen therapy equipment, namely, oxygen regulators, oxygen cylinders, oxygen concentrators, oxygen conservers, transfilling systems; portable oxygen therapy systems composed primarily of oxygen regulators, oxygen cylinders, oxygen concentrators, oxygen conservers, transfilling systems; surgical, medical, dental and veterinary apparatus and instruments; and orthopedic articles

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Renewal Due	 	Class/Goods
	29264-01065
	 	CUTSKILL	 	Australia	 	Cigweld Pty Ltd	 	1128926	 	1128926	 	26-Mar-2007	 	Registered	 	10-Aug-2016	 	07 Int.-Gas torches or blow pipes for welding and cutting; apparatus for cutting,
welding, brazing, gouging, cleaning, scouring and other heat treatments of
metals, and parts of such apparatus included in this class; 08 Int.-Gas torches
or blow pipes for welding and cutting; apparatus for cutting, welding, brazing,
gouging, cleaning, scouring and other heat treatments of metals, and parts of
such apparatus included in this class; 09 Int.-Gas torches or blow pipes for
welding and cutting; apparatus for cutting, welding, brazing, gouging, cleaning,
scouring and other heat treatments of metals, and parts of such apparatus included in this class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01029
	 	EZI-FLOW	 	Australia	 	Cigweld Pty Ltd	 	542277	 	542277	 	18-Sep-1990	 	Registered	 	18-Sep-2017	 	10 Int.-Surgical and medical apparatus and instruments and parts thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01153
	 	FERROCRAFT	 	Australia	 	Cigweld Pty Ltd	 	136635	 	136635	 	18-Apr-1958	 	Registered	 	18-Apr-2020	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01145
	 	FERROCRAFT	 	Canada	 	Cigweld Pty Ltd	 	815127	 	TMA 478673	 	17-Jul-1997	 	Registered	 	17-Jul-2012	 	99 Canada-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01146
	 	FERROCRAFT	 	Hong Kong	 	Cigweld Pty Ltd	 	1980 1538	 	1983 B1191	 	20-Jun-1980	 	Registered	 	20-Jun-2015	 	09 Int.-Wire cored flux coated welding electrodes, the flux containing iron powder
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01152
	 	FERROCRAFT	 	Indonesia	 	Cigweld Pty Ltd	 	151794	 	488148	 	16-Dec-1991	 	Registered	 	16-Dec-2011	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01150
	 	FERROCRAFT	 	Malaysia	 	Cigweld Pty Ltd	 	86441	 	M/86441	 	19-May-1980	 	Registered	 	19-May-2011	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01151
	 	FERROCRAFT	 	Sabah	 	Cigweld Pty Ltd	 	26132	 	S/026132	 	19-May-1980	 	Registered	 	19-May-2011	 	09 Int.-Electrodes for use in electric arc welding

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Renewal Due	 	Class/Goods
	29264-01149

	 	FERROCRAFT
	 	Sarawak (Old Code)
	 	Cigweld Pty Ltd
	 	 	21376	 	 	Sar 21376
	 	16-May-1980
	 	Registered
	 	16-May-2011
	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01148

	 	FERROCRAFT
	 	Singapore
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	T80/02042C	 	 	14-May-1980
	 	Registered
	 	14-May-2011
	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01147

	 	FERROCRAFT
	 	Thailand
	 	Cigweld Pty Ltd
	 	 	422257	 	 	TM 116532
	 	4-Aug-2000
	 	Registered
	 	26-Jun-2020
	 	06 Int.-Welding wire of metal
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01216

	 	FERROCRAFT 16 TWINCOAT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1366570	 	 	 	 	 	 	 	 	Pending
	 	 	 	09 Int.-Welding electrodes; dual layered flux coated welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01155

	 	FLUXCOR
	 	China (People’s
Republic)
	 	Cigweld Pty Ltd
	 	 	94038318	 	 	 	810598	 	 	28-Jan-1996
	 	Registered
	 	27-Jan-2016
	 	06 Int.-Welding electrodes and welding wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01156

	 	FLUXCOR
	 	Hong Kong
	 	Cigweld Pty Ltd
	 	 	04659/1994	 	 	 	B 03643/1996	 	 	23-Apr-1996
	 	Registered
	 	4-Nov-2014
	 	06 Int.-Welding wire included in Class 6
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01066

	 	FLUXCOR
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	7736	 	 	IDM000108677
	 	25-Jan-1997
	 	Registered
	 	2-Jun-2014
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01157

	 	FLUXCOR
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	94/04217	 	 	 	94/04217	 	 	15-Oct-1996
	 	Registered
	 	27-May-2011
	 	06 Int.-Non-electric welding wires of common metal
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01154

	 	FLUXCOR
	 	Singapore
	 	Cigweld Pty Ltd
	 	 	3449/94	 	 	 	T94/03449I	 	 	29-Apr-1994
	 	Registered
	 	29-Apr-2014
	 	06 Int.-Metal rods and wire for welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01204

	 	GP6012
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1275722	 	 	 	 	 	 	 	 	Pending
	 	3-Dec-2018
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01159

	 	HARDCRAFT
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	151854	 	 	 	488431	 	 	16-Dec-1991
	 	Registered
	 	16-Dec-2011
	 	09 Int.-Electrodes for use in electric arc welding
	 
	29264-01160

	 	HARDCRAFT
	 	Sabah
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	S/020659	 	 	18-May-1983
	 	Registered
	 	17-Sep-2011
	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01161

	 	HARDCRAFT
	 	Sarawak
	 	Cigweld Pty Ltd
	 	 	15927	 	 	SAR/15927
	 	10-Jun-1977
	 	Registered
	 	28-Sep-2011
	 	09 Int.-Electrodes for use in electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01162

	 	HIDEROK
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	97/17330	 	 	 	97017330	 	 	30-May-2001
	 	Registered
	 	28-Nov-2014
	 	09 Int.-Protective handshields and helmets for welding and parts of such apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01213

	 	IWELD
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1289651	 	 	 	1289651	 	 	13-Mar-2009
	 	Registered
	 	13-Mar-2019
	 	09 Int.-Electric welding apparatus including power supplies and accessories

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Renewal Due	 	Class/Goods
	29264-03025

	 	MANGCRAFT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	117442	 	 	 	117442	 	 	22-Feb-1954
	 	Registered
	 	22-Feb-2016
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01164

	 	METALCOR
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	97/07032	 	 	 	97007032	 	 	18-Jul-2002
	 	Registered
	 	29-May-2014
	 	06 Int.-Fluxcored welding wire of metal
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01209

	 	METALCOR
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1276322	 	 	 	1276322	 	 	5-Dec-2008
	 	Registered
	 	5-Dec-2018
	 	09 Int.-Electrodes for use in electric arc welding including continuous welding rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01031

	 	MIDOGAS
	 	Australia
	 	Cigweld Pty Ltd
	 	 	189834	 	 	 	189834	 	 	4-Sep-1964
	 	Registered
	 	4-Sep-2019
	 	10 Int.-Medical apparatus for anesthesia resuscitation and/or analgesic purposes including gas/oxygen analgesic apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01166

	 	MISCELLAN

EOUS

DESIGN

(VERTICAL

STRIPE

UNDER

SHINING

STAR

AMONGST

OTHER

STARS)
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	611453	 	 	29-Mar-2000
	 	Registered
	 	13-Oct-2016
	 	09 Int.-Welding apparatus including welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01032

	 	MULTEFLOW
	 	Australia
	 	Cigweld Pty Ltd
	 	 	789829	 	 	 	789829	 	 	30-Mar-1999
	 	Registered
	 	30-Mar-2019
	 	10 Int.-Apparatus for oxygen therapy, resuscitation and respiration; regulators including piston style regulators for medical applications
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01167

	 	MUREX
	 	Australia
	 	Cigweld Pty Ltd
	 	 	781190	 	 	 	781190	 	 	15-Oct-1999
	 	Registered
	 	17-Dec-2018
	 	09 Int.-Welding apparatus including welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01210

	 	NICORE
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1276320	 	 	 	1276320	 	 	5-Dec-2008
	 	Registered
	 	5-Dec-2018
	 	09 Int.-Electrodes for use in electric arc welding including continuous welding rods

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Renewal Due	 	Class/Goods
	29264-01068

	 	OPTARC
	 	Australia
	 	Cigweld Pty Ltd
	 	 	756026	 	 	 	756026	 	 	26-Feb-1998
	 	Registered
	 	26-Feb-2018
	 	09 Int.-A programmable
microprocessor-based interactive control unit with a key pad and display for controlling welding power source
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01034

	 	OXY-VIVA
	 	Australia
	 	Cigweld Pty Ltd
	 	 	154078	 	 	 	154078	 	 	28-May-1959
	 	Registered
	 	28-May-2018
	 	10 Int.-Oxygen resuscitation apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01033

	 	OXY-VIVA
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	203701	 	 	 	203701	 	 	15-Jul-1994
	 	Registered
	 	30-Jul-2011
	 	10 Int.-Resuscitation apparatus including oxygen resuscitation apparatus and accessories in this class therefor; medical apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08057

	 	PIPEARC
	 	Australia
	 	Cigweld Pty Ltd
	 	 	702994	 	 	 	702994	 	 	11-Jun-1997
	 	Registered
	 	22-Feb-2016
	 	01 Int.-Welding fluxes and welding powders; 06 Int.-Filler rods, particularly flux covered filler rods for use in welding and brazing; 09 Int.-Consumables for use in electric welding processes, including electrodes, wires and filler rods, being goods included in Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01168

	 	PIPECRAFT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	117443	 	 	 	117443	 	 	22-Feb-1954
	 	Registered
	 	22-Feb-2016
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01069

	 	PIPEMATE
	 	Australia
	 	Cigweld Pty Ltd
	 	 	389615	 	 	 	389615	 	 	6-Apr-1983
	 	Registered
	 	6-Apr-2014
	 	07 Int.-Portable electrically or manually operated machine carriages carrying welding or cutting equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01070

	 	PLATEMATE
	 	Australia
	 	Cigweld Pty Ltd
	 	 	389616	 	 	 	389616	 	 	6-Apr-1983
	 	Registered
	 	6-Apr-2014
	 	07 Int.-Portable electrically or manually operated machine carriages carrying welding or cutting equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01170

	 	SATINARC
	 	Australia
	 	Cigweld Pty Ltd
	 	 	136634	 	 	 	136634	 	 	18-Apr-1958
	 	Registered
	 	18-Apr-2020
	 	01 Int.-Welding fluxes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01038

	 	SATINARC
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	68626	 	 	 	68626	 	 	21-Sep-1964
	 	Registered
	 	4-May-2020
	 	01 Int.-Welding fluxes and welding powders

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Renewal Due	 	Class/Goods
	29264-01171

	 	SATINCRAFT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	702993	 	 	 	702993	 	 	11-Jun-1997
	 	Registered
	 	22-Feb-2016
	 	01 Int.-Welding fluxes and welding powders; 06 Int.-Filler rods, particularly flux covered filler rods for use in welding and brazing; 09 Int.-Consumables for use in electric welding processes, including electrodes, wires and filler rods, being goods included in Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01206

	 	SATINCROME
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1276319	 	 	 	1276319	 	 	5-Dec-2008
	 	Registered
	 	5-Dec-2018
	 	09 Int.-Electric welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01072

	 	SHIELDCOR
	 	Australia
	 	Cigweld Pty Ltd
	 	 	358203	 	 	 	358203	 	 	25-Mar-1981
	 	Registered
	 	25-Mar-2012
	 	09 Int.-Electrodes for use in electrical arc-welding including continuous welding wires in this class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01039

	 	SMOOTHCRAFT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	769268	 	 	 	769268	 	 	3-Aug-1998
	 	Registered
	 	3-Aug-2018
	 	09 Int.-Consumables for use in electric welding processes, including electrodes, wires and filler rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01073

	 	SMOOTHCRAFT
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	506039	 	 	19-Jan-1991
	 	Registered
	 	19-Jan-2011
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01176

	 	SMOOTHCRAFT
	 	Malaya
	 	Cigweld Pty Ltd
	 	 	79574	 	 	 	79574	 	 	12-Aug-1978
	 	Registered
	 	12-Aug-2019
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01172

	 	SMOOTHCRAFT
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	97/017331	 	 	 	97017331	 	 	28-Nov-1997
	 	Registered
	 	28-Nov-2014
	 	01 Int.-Welding fluxes and welding powders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01175

	 	SMOOTHCRAFT
	 	Sabah
	 	Cigweld Pty Ltd
	 	 	23229	 	 	 	23229	 	 	12-Aug-1978
	 	Registered
	 	12-Aug-2019
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01177

	 	SMOOTHCRAFT
	 	Sarawak
	 	Cigweld Pty Ltd
	 	 	18476	 	 	 	18476	 	 	10-Aug-1978
	 	Registered
	 	10-Aug-2019
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01174

	 	SMOOTHCRAFT
	 	Thailand
	 	Cigweld Pty Ltd
	 	 	362479	 	 	Kor 77584
	 	22-Aug-1978
	 	Registered
	 	21-Aug-2018
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01178

	 	SPEEDEX
	 	Australia
	 	Cigweld Pty Ltd
	 	 	781188	 	 	 	781188	 	 	19-Nov-1999
	 	Registered
	 	17-Dec-2018
	 	09 Int.-Welding apparatus including welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01040

	 	SPEEDEX
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	310305	 	 	 	310305	 	 	20-Dec-1999
	 	Registered
	 	17-Dec-2015
	 	09 Int.-Welding apparatus including welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07106

	 	STAINCRAFT
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	151852	 	 	 	488433	 	 	16-Dec-1991
	 	Registered
	 	16-Dec-2011
	 	09 Int.-Electrodes for use in electric arc welding

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01042

	 	STEALTH
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1134967	 	 	 	1134967	 	 	30-Apr-2007
	 	Registered
	 	12-Sep-2016
	 	07 Int.-Electric arc
welding machines and
parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01075

	 	TENSI-COR
	 	Australia
	 	Cigweld Pty Ltd
	 	 	368466	 	 	 	368466	 	 	23-Nov-1981
	 	Registered
	 	23-Nov-2012
	 	09 Int.-Electrodes for
use in electric arc
welding including
continuous welding rods or wires included in this class
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01181

	 	TOOLCRAFT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	117445	 	 	 	117445	 	 	22-Feb-1954
	 	Registered
	 	22-Feb-2016
	 	09 Int.-Welding electrodes

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01182

	 	TRANSARC
	 	Australia
	 	Cigweld Pty Ltd
	 	 	137328	 	 	 	137328	 	 	4-Jun-1958
	 	Registered
	 	4-Jun-2020
	 	09 Int.-All goods
included in this class,
especially welding power
supplies including static
rectifying power
supplies, welding
transformers, current
control devices, high
frequency electrical
equipment for use with
such supplies, and
including accessories and
parts therefor included
in this class; but
excluding control
apparatus for petroleum
products, dispensing
equipment inclusive of
remote read out units for
use with such dispensing
equipment and petroleum
pumps

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01045

	 	TRANSARC
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	68627	 	 	 	68627	 	 	21-Sep-1964
	 	 Registered
	 	4-May-2020
	 	09 Int.-Scientific and
electrical apparatus and
instruments including
welding power supplies,
welding transformers,
current control devices,
high frequency electrical
equipment for use with
such supplies, and
including accessories and
parts therefor

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01046

	 	TRANSMATIC
	 	Australia
	 	Cigweld Pty Ltd
	 	 	253819	 	 	 	253819	 	 	22-Nov-1971
	 	Registered
	 	22-Nov-2016
	 	09 Int.-Electrical
welding apparatus
including power
transformers and
rectifiers, wire feeders
and parts therefor

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01192

	 	TRANSMIG
	 	Australia
	 	Cigweld Pty Ltd
	 	 	191027	 	 	 	191027	 	 	21-Mar-1966
	 	Registered
	 	29-Oct-2019
	 	09 Int.-Electric
welding apparatus
including power
supplies and
accessories
therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01188

	 	TRANSMIG
	 	China (People’s
Republic)
	 	Cigweld Pty Ltd
	 	 	94042750	 	 	 	834737	 	 	28-Apr-1996
	 	Registered
	 	27-Apr-2016
	 	09 Int.-Electric
welding apparatus
including power
supplies and
accessories
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01191

	 	TRANSMIG
	 	Fiji
	 	Cigweld Pty Ltd
	 	 	 	 	 	 	9489	 	 	13-Aug-1977
	 	Registered
	 	3-Mar-2017
	 	08 Int.-Electric
welding apparatus
including power
supplies,
accessories and
parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01189

	 	TRANSMIG
	 	Hong Kong
	 	Cigweld Pty Ltd
	 	 	94 03819	 	 	 	1995 07340	 	 	31-Aug-1995
	 	Registered
	 	8-Apr-2015
	 	09 Int.-Electric
welding apparatus,
power supplies;
parts and fittings
therefor; all
included in Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01076

	 	TRANSMIG
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	7753/94	 	 	 	339398	 	 	23-Jan-1997
	 	Registered
	 	4-May-2014
	 	09 Int.-Electric
welding apparatus
including power
supplies and
accessories
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01187

	 	TRANSMIG
	 	Korea, Republic of
	 	Cigweld Pty Ltd
	 	 	1994-0023211	 	 	 	323234	 	 	2-Oct-1995
	 	Registered
	 	2-Oct-2015
	 	38 Int.-Gas welding
machine,
oxygen-acetylene
welding and cutting
machines, metal
welding machine,
electron beam
welding machine,
super sonic waves
welding machine;
electric welding
machine, arc
welding machine
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01190

	 	TRANSMIG
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	94/04767	 	 	 	94/04767	 	 	26-Feb-1998
	 	Registered
	 	14-Jun-2011
	 	09 Int.-Electric
welding apparatus;
power sources
comprised of
transformer and
rectifier; printed
electronic circuit
boards; gas
flowmeters and
regulators;
auxiliary power
outlet kits;
digital meters for
measuring welding
current or voltage;
electric wire
feeders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01047

	 	TRANSMIG
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	118755	 	 	 	118755	 	 	11-Apr-1983
	 	Registered
	 	4-Mar-2012
	 	09 Int.-Electric
welding apparatus
for use in metal
inert gas welding
processes; power
supply apparatus
and other
accessories and
parts therefor

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08094

	 	TRANSMIG
	 	Philippines
	 	Cigweld Pty Ltd
	 	 	4-2008-005410	 	 	 	4-2008-005410	 	 	25-Aug-2008
	 	Registered
	 	25-Aug-2018
	 	09 Int.-Electric
welding apparatus
including power
supplies and
accessories
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01183

	 	TRANSMIG
	 	Singapore
	 	Cigweld Pty Ltd
	 	 	2798/94	 	 	 	T94/02798J	 	 	7-Apr-1994
	 	Registered
	 	7-Apr-2014
	 	09 Int.-Electric
welding apparatus
including power
supply units; parts
and fittings for
all the
abovementioned
goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01184

	 	TRANSMIG
	 	Sri Lanka
	 	Cigweld Pty Ltd
	 	 	70036	 	 	 	70036	 	 	26-Jun-1996
	 	Registered
	 	21-Apr-2014
	 	09 Int.-Electric
welding apparatus
including power
supplies and
accessories
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01186

	 	TRANSMIG
	 	Taiwan
	 	Cigweld Pty Ltd
	 	 	83-042599	 	 	 	676580	 	 	l-Apr-1995
	 	Registered
	 	31-Mar-2015
	 	84 National-Gasl
welding machines,
gas cutting
machines, gas
brazing machines,
electric welding
guns, electric
welding clips,
ground line clamps,
welding torches,
torch arms, gas
torch lamps,
welding masks,
portable welding
guns, robotistic
welding guns
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01185

	 	TRANSMIG
	 	Thailand
	 	Cigweld Pty Ltd
	 	 	272209	 	 	TM 41280
	 	7-Feb-1996
	 	Registered
	 	13-Sep-2014
	 	09 Int.-Electric
and welding
apparatus, power
supply thereof, and
accessories for
electric and
welding apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01048

	 	TRANSPAK
	 	New Zealand
	 	Cigweld Pty Ltd
	 	 	118757	 	 	 	118757	 	 	20-Aug-1981
	 	Registered
	 	4-Mar-2012
	 	09 Int.-Electric
welding apparatus
including static
rectifying power
supplies, welding
transformers,
current control
devices, high
frequency
electrical
equipment for use
with such supplies,
wire feed units,
parts and
accessories of such
apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01050

	 	TRANSTIG
	 	Australia
	 	Cigweld Pty Ltd
	 	 	253825	 	 	 	253825	 	 	22-Nov-1971
	 	Registered
	 	22-Nov-2016
	 	09 Int.-Electric
welding apparatus
including static
rectifying power
supplies, welding
transformers,
current control
devices, high
frequency
electrical
equipment for use
with such supplies
and accessories therefor

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-

01193

	 	TRANSTIG
	 	Malaysia
	 	Cigweld Pty
Ltd
	 	 	97/17327	 	 	 	97017327	 	 	14-Jun-2001
	 	Registered
	 	28-Nov-2014
	 	09 Int.-Electric and welding
apparatus, power supply apparatus and parts therefor, consumables for
use in electric welding processes,
electrodes, wires and filler rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-

01049

	 	TRANSTIG
	 	New

Zealand
	 	Cigweld Pty
Ltd
	 	 	118756	 	 	 	118756	 	 	11-Apr-1983
	 	Registered
	 	4-Mar-2012
	 	09 Int.-Electric welding apparatus
for use in tungsten inert gas welding
processes; power supply apparatus
and other accessories and parts
therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-

01195

	 	TURBOTORCH
	 	Australia
	 	Cigweld Pty Ltd
	 	 	702992	 	 	 	702992	 	 	11-Jun-1997
	 	Registered
	 	22-Feb-2016
	 	08 Int.- Oxygen-fuel gas welding and
cutting apparatus and equipment
including gas torches or blowpipes,
cutting attachments, nozzles and tips
therefor, all for use in welding,
cutting, brazing, gouging, cleaning,
scouring and other heat treatments
of metals and accessories therefor
included in this class; 09 Int.-Oxy-
acetylene gas torches, blow pipes and
nozzles for use in welding, cutting,
brazing and other heat treatments of
metals and parts of such goods, gas
pressure regulators and gauges; all
being parts of gas operated
apparatus included in Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-

01052

	 	TWIN-O-VAC
	 	Australia
	 	Cigweld Pty
Ltd
	 	 	162827	 	 	 	162827	 	 	6-Oct-1960
	 	Registered
	 	6-Oct-2019
	 	10 Int.-Therapeutical appliances,
and apparatus for resuscitation

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01051

	 	TWIN-O-VAC
	 	United States of
America
	 	Cigweld Pty Ltd
	 	 	73/075,452	 	 	 	1,046,295	 	 	17-Aug-1976`
	 	Registered
	 	17-Aug-2016
	 	10 Int.-Therapeutic appliances and
apparatus for resuscitation
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01196

	 	VERTICOR
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	97/07023	 	 	 	97007023	 	 	18-Jul-2002
	 	Registered
	 	29-May-2014
	 	06 Int.-Fluxcored welding wire of
metal included in Class 6
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03083

	 	VERTICOR
	 	Malaysia
	 	Cigweld Pty Ltd
	 	 	05020989	 	 	 	05020989	 	 	24-May-2010
	 	Registered
	 	13-Dec-2015
	 	06 Int.-Fluxcored welding wire of
metal included in Class 6
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01205

	 	WELDALL
	 	Australia
	 	Cigweld Pty Ltd
	 	 	1276325	 	 	 	1276325	 	 	5-Dec-2008
	 	Registered
	 	5-Dec-2018
	 	09 Int.-Electric welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01202

	 	WELDCRAFT
	 	Australia
	 	Cigweld Pty Ltd
	 	 	117444	 	 	 	117444	 	 	22-Feb-1954
	 	Registered
	 	22-Feb-2016
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01198

	 	WELDCRAFT
	 	Indonesia
	 	Cigweld Pty Ltd
	 	 	151853	 	 	 	488147	 	 	16-Dec-1991
	 	Registered
	 	16-Dec-2011
	 	09 Int.-Electrodes for use in
electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01199

	 	WELDCRAFT
	 	Malaya
	 	Cigweld Pty Ltd
	 	 	72749	 	 	 	72749	 	 	12-Aug-1978
	 	Registered
	 	27-Aug-2011
	 	09 Int.-Electrodes for use in
electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01201

	 	WELDCRAFT
	 	Sabah
	 	Cigweld Pty Ltd
	 	 	20660	 	 	 	20660	 	 	17-Sep-1976
	 	Registered
	 	17-Sep-2011
	 	09 Int.-Electrodes for use in
electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01200

	 	WELDCRAFT
	 	Sarawak
	 	Cigweld Pty Ltd
	 	 	15928	 	 	 	15928	 	 	28-Sep-1976
	 	Registered
	 	28-Sep-2011
	 	09 Int.-Electrodes for use in
electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	KOMET
	 	Korea, Republic of
	 	Cigweld Pty Ltd.
	 	 	45-2004-0001333	 	 	 	4500143730000	 	 	21-Nov-2005
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	CIGWELD
	 	Mexico
	 	Comweld Group Pty Ltd
(Cigweld Pty Ltd)
	 	 	266523	 	 	 	526889	 	 	19-Jul-1996
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	CIGWELD
	 	Mexico
	 	Comweld Group Pty
Ltd 
(Cigweld Pty
Ltd)
	 	 	257228	 	 	 	528569	 	 	26-Aug-1996
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	CIGWELD
	 	Mexico
	 	Comweld Group Pty

Ltd (Cigweld Pty
Ltd)
	 	 	257229	 	 	 	528570	 	 	26-Aug-1996
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	CIGWELD
	 	Mexico
	 	Comweld Group Pty Ltd (Cigweld Pty Ltd)
	 	 	257230	 	 	 	528571	 	 	26-Aug-1996
	 	Registered	 	 	 	 

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	 

	 	CIGWELD
	 	Mexico
	 	Comweld Group Pty

Ltd (Cigweld Pty

Ltd)
	 	 	257231	 	 	 	528572	 	 	26-Aug-1996
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	CIGWELD
	 	Mexico
	 	Comweld Group Pty

Ltd (Cigweld Pty

Ltd)
	 	 	257232	 	 	 	528573	 	 	26-Aug-1996
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	CIGWELD
	 	Mexico
	 	Comweld Group Pty

Ltd (Cigweld Pty

Ltd)
	 	 	266519	 	 	 	530463	 	 	9-Sep-1996
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	CIGWELD
	 	Mexico
	 	Comweld Group Pty

Ltd (Cigweld Pty

Ltd)
	 	 	266520	 	 	 	532260	 	 	26-Sep-1996
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	CIGWELD
	 	Mexico
	 	Comweld Group Pty

Ltd (Cigweld Pty

Ltd)
	 	 	266521	 	 	 	534425	 	 	28-Oct-1996
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	CIGWELD
	 	Mexico
	 	Comweld Group Pty

Ltd (Cigweld Pty

Ltd)
	 	 	266522	 	 	 	598084	 	 	26-Jan-1999
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	SOUND-BITE
	 	Mexico
	 	Comweld Group Pty

Ltd (Cigweld Pty

Ltd)
	 	 	263052	 	 	 	526988	 	 	23-Jul-96
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01074

	 	SUPRE-COR
	 	Australia
	 	Cigweld Pty. Ltd.
	 	 	347034	 	 	 	347034	 	 	9-Jun-1980
	 	Registered
	 	9-Jun-2011
	 	09 Int.-Electric
arc welding
electrodes and rods
including
continuous welding
rods or wires
included in this
class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01078

	 	VERTI-COR
	 	Australia
	 	Cigweld Pty. Ltd.
	 	 	344082	 	 	 	344082	 	 	19-Mar-1980
	 	Registered
	 	19-Mar-2011
	 	09 Int.-Electrodes
for use in electric
arc welding

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01132

	 	COBALARC
	 	Iraq
	 	Comweld Group Pty
Ltd (Cigweld Pty
Ltd).
	 	 	14425	 	 	 	14425	 	 	9-Oct-1966
	 	Registered
	 	9-Oct-2011
	 	09 Int.-Electrodes for electric arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01030

	 	HANDISPOOL
	 	Australia
	 	Comweld Group Pty
Ltd (Cigweld Pty
Ltd).
	 	 	746788	 	 	 	746788	 	 	17-Oct-1997
	 	Registered
	 	17-Oct-2017
	 	06 Int.-Common metals and their alloys;
non-electric cables and wires of common
metal; ironmongery, small items of metal
hardware; welding electrodes and welding
wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	HERO
	 	Mexico
	 	Comweld Group Pty
Ltd (Cigweld Pty
Ltd).
	 	 	327023	 	 	 	575506	 	 	6-May-98
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01067

	 	HIDEROK
	 	Australia
	 	Comweld Group Pty
Ltd (Cigweld Pty
Ltd).
	 	 	454943	 	 	 	454943	 	 	6-Nov-1986
	 	Registered
	 	6-Nov-2017
	 	09 Int.-Hand shield and helmets for arc
welding and parts of such apparatus
included in this class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	HIDEROK
	 	Mexico
	 	Comweld Group Pty
Ltd (Cigweld Pty
Ltd).
	 	 	263053	 	 	 	526989	 	 	23-Jul-96
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	ILLUMINATOR LX
	 	Mexico
	 	Comweld Group Pty
Ltd (Cigweld Pty
Ltd).
	 	 	272259	 	 	 	533092	 	 	30-Sep-96
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01037

	 	SABRE
	 	Australia
	 	Comweld Group Pty
Ltd (Cigweld Pty
Ltd).
	 	 	339281	 	 	 	339281	 	 	24-Oct-1979
	 	Registered
	 	24-Oct-2010
	 	08 Int.-Gas torches and blowpipes for
welding and cutting apparatus being hand
held apparatus, for the welding, cutting,
heating, brazing, scouring, cleaning,
gouging, and other heat treatment of
metals and parts of the aforesaid in this
class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01071

	 	SATIN-COR
	 	Australia
	 	Comweld Group Pty

Ltd (Cigweld Pty Ltd).
	 	 	361956	 	 	 	361956	 	 	26-Jun-1981
	 	Registered
	 	26-Jun-2012
	 	09 Int.-Electrodes for use in electric arc
welding including continuous welding rods
or wires in this class

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08040

	 	MECO (Stylized)
	 	New Zealand
	 	Modern Engineering
Company, Inc.
(Victor Equipment
Company)
	 	 	 	 	57231	 	 	11-Oct-1955
	 	Registered
	 	11-Oct-2014
	 	07 Int.-Welding,
soldering and
brazing equipment
and accessories and
fittings therefor
in class and
including gas
welding torches,
gas cutting
torches, gas carbon
burning torches,
gas lead burning
torches, acetylene
generators and
reducing valves
orregulators for
use with torches
and generators
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08066

	 	PROTIP

(AND DESIGN)
	 	Chile
	 	Protip Corporation

(Victor Equipment

Company)
	 	614673	 	 	682738	 	 	8-Jan-2004
	 	Registered
	 	8-Jan-2014
	 	07 Int.-Welding,
cutting and heating
tips for use with
acetylene welding,
cutting and heating
tools, namely,
torches and heat
guns; plasma and
laser cutting
torches and
component parts
sold as a unit and
individually
packaged parts,
namely, tips, gas
diffusers,
electrodes,
shielding cups; MIG
torches and
component parts
sold as a unit and
individually
packaged parts,
namely, nozzles,
contact tips,
insulators, liners
used in gas
shielded arc
welding; and TIG
torches and
component parts
sold as aunit and
individually
packaged parts,
namely, shielding
cups, gas lenses,
collets and collet
bodies for use with
tungsten inert gas
welding

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-03058

	 	STOODY
	 	Chile
	 	Stoody Company
	 	 	419062	 	 	 	532308	 	 	15-Jan-1999
	 	Registered
	 	15-Jan-2019
	 	06 Int.-Metal alloys, metal
alloys in powder form, metal
alloys in wire form and welding
wire; 09 Int.-Welding electrodes,
welding electrodes in rod form,
wleding electrodes in wire form,
welding electrodes in stick form
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03001

	 	ACUCLAD
	 	Argentina
	 	Stoody Company
	 	 	2166121	 	 	 	1759539	 	 	29-Oct-1999
	 	Registered
	 	29-Oct-2019
	 	06 Int.-Welding wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08001

	 	ACUCLAD
	 	Brazil
	 	Stoody Company
	 	 	820944440	 	 	 	820944440	 	 	28-Jul-98
	 	Registered
	 	15-Dec-2019
	 	06 Int.-Welding wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03003

	 	BORIUM
	 	Canada
	 	Stoody Company
	 	 	0277883	 	 	TMA135566
	 	1-May-1964
	 	Registered
	 	1-May-2024
	 	99 Canada-Metal alloy of
exceeding hardness and used for
drilling, boring and the like
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03002

	 	BORIUM
	 	United States of
America
	 	Stoody Company
	 	 	71/256,550	 	 	 	241,694	 	 	8-May-1928
	 	Registered
	 	8-May-2018
	 	06 Int.-Metal alloy of exceeding
hardiness and used for drilling,
boring, and the like
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03005

	 	BOROD
	 	Canada
	 	Stoody Company
	 	 	0277884	 	 	TMA135568
	 	1-May-1964
	 	Registered
	 	1-May-2024
	 	99 Canada-Welding rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03004

	 	BOROD
	 	United States of
America
	 	Stoody Company
	 	 	72/467,177	 	 	 	1,013,145	 	 	10-Jun-1975
	 	Registered
	 	10-Jun-2015
	 	06 Int.-Metals and welding rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03006

	 	BRILLIANT
	 	United States of
America
	 	Stoody Company
	 	 	76/096,060	 	 	 	2,485,014	 	 	4-Sep-2001
	 	Registered
	 	4-Sep-2011
	 	06 Int.-Welding wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03007

	 	BUILD-UP
	 	Hong Kong
	 	Stoody Company
	 	 	14858/97	 	 	

	1999B01474AA	

	 	4-Feb-1999
	 	Registered
	 	16-Oct-2014
	 	06 Int.-Consumable welding wires
included in Class 6; 09
Int.-Tubular, flux-cored,
hardfacing electrodes in stick
and wire forms; all included in
Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03009

	 	BUILD-UP
	 	Malaysia
	 	Stoody Company
	 	 	05016677	 	 	 	05016677	 	 	22-Sep-2007
	 	Registered
	 	5-Oct-2015
	 	09 Int.-Metal wires and electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03010

	 	CO-MANG
	 	Canada
	 	Stoody Company
	 	 	223533	 	 	UCA 049186
	 	22-Feb-1954
	 	Registered
	 	22-Feb-2014
	 	99 Canada-Welding rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03012

	 	DYNAMANG
	 	Canada
	 	Stoody Company
	 	 	350075	 	 	TMA199571
	 	31-May-1974
	 	Registered
	 	31-May-2019
	 	09 Int.-Welding electrodes

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-03011

	 	DYNAMANG
	 	Hong Kong
	 	Stoody Company
	 	 	14862/97	 	 	19981169AA
	 	12-Nov-1998
	 	Registered
	 	16-Oct-2014
	 	06 Int.-Consumable welding wires
included in Class 6; 09
Int.-Tubular, flux-cored,
hardfacing electrodes in stick and
wire forms; all included in Class
9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03015

	 	DYNAMANG
	 	Malaysia
	 	Stoody Company
	 	 	05016678	 	 	 	05016678	 	 	22-Sep-2007
	 	Registered
	 	5-Oct-2015
	 	09 Int.-Metal wires and electrodes
for use in depositing a
wear-resistant layer to a
substrate; all included in Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03014

	 	DYNAMANG
	 	United States of
America
	 	Stoody Company
	 	 	72/416,188	 	 	 	951,357	 	 	23-Jan-1973
	 	Registered
	 	23-Jan-2013
	 	09 Int.-Welding electrode
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03017

	 	HYDROLOGY
	 	Switzerland
	 	Stoody Company
	 	 	1480/1997	 	 	 	445290	 	 	12-Sep-1997
	 	Registered
	 	24-Feb-2017
	 	06 Int.-Welding wires made of metal
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03020

	 	HYDROLOY
	 	Brazil
	 	Stoody Company
	 	 	819821578	 	 	 	819821578	 	 	27-Jul-1999
	 	Registered
	 	27-Jul-2019
	 	06 Int.-Wires, rods and electrodes
for welding (welding electrodes
and welding wires)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03019

	 	HYDROLOY
	 	Canada
	 	Stoody Company
	 	 	704434	 	 	TMA413209
	 	4-Jun-1993
	 	Registered
	 	4-Jun-2023
	 	99 Canada-Metal alloys in the form
of welding wires, plates, sheets,
bars, powders and castings,
welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03022

	 	HYDROLOY
	 	United States of
America
	 	Stoody Company
	 	 	74/271,624	 	 	 	1,740,863	 	 	22-Dec-1992
	 	Registered
	 	22-Dec-2012
	 	06 Int.-Metal alloys in the form
of welding wires, plates, sheets,
bars, powders and castings
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03023

	 	JET-SPRAY
	 	Canada
	 	Stoody Company
	 	 	350132	 	 	TMA207072
	 	16-May-1975
	 	Registered
	 	16-May-2020
	 	99 Canada-Torch-assembly equipment
for combustion of gas in
association with metallic
particles whereby to deposit metal
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03024

	 	JET-SPRAY
	 	United States of
America
	 	Stoody Company
	 	 	73/048,773	 	 	 	1,036,720	 	 	30-Mar-1976
	 	Registered
	 	30-Mar-2016
	 	11 Int.-Torch-assembly equipment,
for combustion of gas in
association with metallic
particles whereby to deposit metal
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03026

	 	NICRO MANG
	 	United States of
America
	 	Stoody Company
	 	 	72/072,175	 	 	 	693,060	 	 	16-Feb-1960
	 	Registered
	 	16-Feb-2020
	 	06 Int.-Welding rods

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	 	 	 	 	 	 	 	 	Application	 	Registration	 	Registration	 	 	 	Renewal	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	No.	 	No.	 	Date	 	Status	 	Due	 	Class/Goods
	29264-03027

	 	NICROMANG
	 	Hong Kong
	 	Stoody
Company
	 	 	14856/97	 	 	 	199811692AA	 	 	12-Nov-1998
	 	Registered
	 	16-Oct-2014
	 	06 Int.-Consumable
welding wires included in
Class 6; 09 Int.-Tubular,
flux-cored, hardfacing
electrodes in stick and
wire form; all included
in Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05011

	 	NICROMANG
	 	Malaysia
	 	Stoody
Company
	 	 	05016679	 	 	 	05016679	 	 	22-Sep-2007
	 	Registered
	 	5-Oct-2015
	 	09 Int.-Metal wires and
electrodes included in
Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03028

	 	NICROMANG
	 	Malaysia
	 	Stoody
Company
	 	 	98/13461	 	 	 	98013461	 	 	27-Feb-2002
	 	Registered
	 	20-Nov-2018
	 	09 Int.-Metal wires and
electrodes included in
Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03029

	 	ROL-COR
	 	United
States of
America
	 	Stoody
Company
	 	 	76/334,966	 	 	 	2,588,505	 	 	2-Jul-2002
	 	Registered
	 	2-Jul-2012
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03032

	 	SOS
	 	Canada
	 	Stoody
Company
	 	 	350136	 	 	 	TMA190614	 	 	4-May-1973
	 	Registered
	 	4-May-2018
	 	99 Canada-Welding metal,
namely, stainless welding
wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03031

	 	SOS
	 	United States of
America
	 	Stoody Company
	 	 	72/381,322	 	 	 	926,093	 	 	28-Dec-1971
	 	Registered
	 	28-Dec-2011
	 	06 Int.-welding metal;
namely, stainless welding
wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03033

	 	STOODITE
	 	Canada
	 	Stoody
Company
	 	 	0277886	 	 	 	TMA135569	 	 	1-May-1964
	 	Registered
	 	1-May-2024
	 	99 Canada-Self-hardening
alloy-steel welding rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03034

	 	STOODITE
	 	United
States of
America
	 	Stoody
Company
	 	 	71/225,529	 	 	 	212,119	 	 	27-Apr-1926
	 	Registered
	 	27-Apr-2016	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03050

	 	STOODY
	 	Australia
	 	Stoody
Company
	 	 	250404	 	 	 	250404	 	 	26-Jul-1971
	 	Registered
	 	26-Jul-2016
	 	06 Int.-Welding rods,
welding wire, metallic
welding powder not
included in other
classes; and all other
goods in this class

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	 	 	 	 	 	 	 	 	Application	 	Registration	 	Registration	 	 	 	Renewal	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	No.	 	No.	 	Date	 	Status	 	Due	 	Class/Goods
	29264-03054

	 	STOODY
	 	Austria
	 	Stoody
Company
	 	 	1846/71	 	 	 	70321	 	 	27-Oct-1971
	 	Registered
	 	27-Oct-2011
	 	06 Int.-Raw and partially
processed base metals and
associated alloys; anchors,
anvils, ells, rolled and
cast components; rails and
other metal parts for
railtracks; chains (except
driving changes for
vehicles); cables and wires
(not for electrical
purposes); locksmith
supplies; metal pipes; safes
and lock-boxes; steel balls;
horse shoes; nails and
screws; other base metal
goods, provided that they
are not included in other
categories; ores
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03041

	 	STOODY
	 	Benelux
	 	Stoody
Company
	 	 	9581	 	 	 	56377	 	 	8-May-1954
	 	Registered
	 	11-Aug-2014
	 	01 Int.-Metal powders not
included in other classes;
06 Int.-Metal powders not
included in other classes;
welding rods, soldering
wire;
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	09 Int.-Arc welding equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03037

	 	STOODY
	 	Brazil
	 	Stoody
Company
	 	 	M 71/14365	 	 	 	006105548	 	 	25-Jun-1975
	 	Registered
	 	25-Jun-2015
	 	06 Int.-Welding rods,
welding wires, metallic
powders and welding
electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03070

	 	STOODY
	 	Canada
	 	Stoody
Company
	 	 	348886	 	 	 	TMA188563	 	 	16-Feb-1973
	 	Registered
	 	16-Feb-2018
	 	99 Canada-Consulting and
franchising services for
welding

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-03063

	 	STOODY
	 	Canada
	 	Stoody
Company
	 	 	0277885	 	 	TMA136156
	 	12-Jun-1964
	 	Registered
	 	12-Jun-2024
	 	99 Canada-Hard facing alloys,
namely hard facing electrodes and
welding rods of manual
application; build-up electrodes
for manual application, tungsten
carbide castings, peas, inserts,
and hard facing welding rods
containing tungsten carbide;
alloys for open arc
semi-automatic welding
application; alloys for submerged
arc automatic welding
application; non-ferrous metal
centrifugal castings; stainless
steel coated electrodes; and
stainless steel welding wires.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03071

	 	STOODY
	 	China
(People’s
Republic)
	 	Stoody
Company
	 	 	4252125	 	 	 	4252125	 	 	28-Jan-2009
	 	Registered
	 	27-Jan-2019
	 	09 Int.-Welding apparatus; welding
electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06076

	 	STOODY
	 	China
(People’s
Republic)
	 	Stoody
Company
	 	 	4252126	 	 	 	4252126	 	 	7-Feb-2009
	 	Registered
	 	27-Jan-2019
	 	01 Int.-Welding chemicals; welding
flux
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03046

	 	STOODY
	 	China
(People’s
Republic)
	 	Stoody
Company
	 	 	 	 	 	 	355936	 	 	30-Jul-1989
	 	Registered
	 	29-Jul-2019
	 	06 Int.-Welding wires, electrodes

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 
	 	 	 	 	 	 	 	 		 		 		 	 	 		 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due
	 	Class/Goods
	29264-03059

	 	STOODY
	 	Colombia
	 	Stoody
Company
	 	 	 	 	 	 	117749	 	 	24-Aug-1987
	 	Registered
	 	24-Aug-2012
	 	09 Int.-Scientific, nautical geodesic,
electric (including radio),
photographic, cinematographic,
optical, weighing, measuring,
signalling, checking (supervision),
aid (life saving and teaching)
apparatus and instruments, automatic
vending machines and mechanisms for
coin operated apparatus; transmission
or reproduction of sound machines,
cash registers, calculating machines,
fire extinguishing apparatus,
especially equipment, mainly rods and
wires; alloys for welding metal
castings
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03042

	 	STOODY
	 	Egypt
	 	Stoody
Company
	 	 	64569	 	 	 	64569	 	 	15-Aug-1989
	 	Registered
	 	28-Aug-2014
	 	09 Int.-Welding equipment, namely,
electrodes, rod and wire; welding
alloys; and metal castings
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03065

	 	STOODY
	 	France
	 	Stoody
Company
	 	 	298057	 	 	 	1680627	 	 	15-Jul-1991
	 	Registered
	 	15-Jul-2011
	 	06 Int.-Wires, metallic filler rods
and powders for welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03060

	 	STOODY
	 	Germany
	 	Stoody
Company
	 	ST 9432/6
Wz
	 	 	899056	 	 	3-Nov-1972
	 	Registered
	 	31-Aug-2011
	 	06 Int.-Welding rods, welding wires,
and powder metal for welding purposes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03036

	 	STOODY
	 	India
	 	Stoody
Company
	 	 	426273	 	 	 	426273	 	 	31-Oct-1989
	 	Registered
	 	25-Aug-2015
	 	09 Int.-Electrodes and welding rods
for manual, open arc semi-automatic,
submerged arc automatic welding
applications
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03084

	 	STOODY
	 	Indonesia
	 	Stoody
Company
	 	 	D97 13698	 	 	IDM000103453
	 	10-Feb-1988
	 	Registered
	 	9-Feb-2018
	 	09 Int.-Apparatus for electric
welding, including parts and
components thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03067

	 	STOODY
	 	Italy
	 	Stoody
Company
	 	 	8278-C/71	 	 	 	277023	 	 	27-Nov-1973
	 	Registered
	 	30-Jul-2011
	 	09 Int.-Welding rod, welding wire,
metallic powders, welding metals and
all other goods included in this
class

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-03064

	 	STOODY
	 	Japan
	 	Stoody
Company
	 	 	81879/71	 	 	 	1426137	 	 	31-Jul-1980
	 	Registered
	 	31-Jul-2010
	 	06 Int.-Welding rod, welding wire,
metallic powders, welding metals and
all other goods included in this
class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03057

	 	STOODY
	 	Korea,
Republic of
	 	Stoody
Company
	 	 	97-27663	 	 	 	419832	 	 	4-Sep-1998
	 	Registered
	 	4-Sep-2018
	 	06 Int.-Consumable welding
electrodes in rod form and wire form
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03055

	 	STOODY
	 	Malaya
	 	Stoody
Company
	 	 	M/59540	 	 	 	M/59540	 	 	8-May-1972
	 	Registered
	 	8-May-2017
	 	06 Int.-Welding wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03061

	 	STOODY
	 	Mexico
	 	Stoody
Company
	 	 	54386	 	 	 	169634	 	 	24-Sep-1971
	 	Registered
	 	24-Sep-2011
	 	14 Int.-Common metals and their
alloys; metallic materials for
railways and metallic minerals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03051

	 	STOODY
	 	New
Zealand
	 	Stoody
Company
	 	 	97795	 	 	 	97795	 	 	6-Oct-1972
	 	Registered
	 	2-Aug-2016
	 	06 Int.-Welding rods and welding wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03056

	 	STOODY
	 	Norway
	 	Stoody
Company
	 	 	107966	 	 	 	85176	 	 	17-Jul-1971
	 	Registered
	 	15-Jun-2012
	 	06 Int.-Welding wire of metal and
metallic welding powders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03044

	 	STOODY
	 	Peru
	 	Stoody
Company
	 	 	129197	 	 	 	00078537	 	 	21-Feb-2002
	 	Registered
	 	21-Feb-2012
	 	06 Int.-Common metals (except alloys
in the form of wire and rods), metal
building materials; transportable
building of metal; materials of
metal for railway tracks;
non-electric cables and wires;
ironmongery and small items of metal
hardware; metalpipes; safes; metal
products not included in other
classes

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-03045

	 	STOODY
	 	Peru
	 	Stoody Company
	 	 	129198	 	 	 	000078538	 	 	21-Feb-2002
	 	Registered
	 	21-Feb-2012
	 	09 Int.-Scientific, nautical, surveying,
electric (except welding electrodes),
photographic, cinematographic,
optical, weighing, measuring,
signalling, checking (supervision),
life-saving (rescue) and teaching
apparatus and instruments;
apparatus for recording,
transmission or reproduction of
sound or images; magnetic data
carriers, recording discs; automatic
vending machines and mechanisms
for coin-operated apparatus, cash
registers, calculating machines, data
processing machines and computers;
fire-extinguishing apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03039

	 	STOODY
	 	Peru
	 	Stoody Company
	 	 	073820	 	 	 	0053473	 	 	24-Mar-1999
	 	Registered
	 	24-Mar-2019
	 	06 Int.-Metal alloys in the form of
wire and rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03043

	 	STOODY
	 	Philippines
	 	Stoody Company
	 	 	21103	 	 	 	20046	 	 	6-Sep-1973
	 	Registered
	 	6-Sep-2013
	 	06 Int.-Hard facing alloys, namely,
hard facing electrodes and welding
rods for manual application; build-up electrodes; tungsten carbide
casting, peas, inserts, and hard
facing welding rods containing
tungsten carbide; alloy for open arc
semi-automatic welding application;
alloys for submerged arc automatic
welding application; non-ferrous
metal centrifugal castings; stainless
steel coated electrodes; and stainless
steel welding wires

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-03068

	 	STOODY
	 	South Africa
	 	Stoody Company
	 	 	 	 	 	 	71/3601	 	 	1-Jun-1972
	 	Registered
	 	9-Aug-2011
	 	06 Int.-Unwrought and
partly unwrought common
metals and their
alloys; welding rods,
welding wire, rods of
metal for brazing and
welding, preparations
for welding metals and
welding powders,
welding machines,
electric welding
machines, electric arc
welding apparatus,
electric resistance
welding apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03053

	 	STOODY
	 	Spain
	 	Stoody Company
	 	 	652092	 	 	 	652092	 	 	24-Mar-1976
	 	Registered
	 	14-Aug-2011
	 	06 Int.-Welding rods,
welding wire, and
metallic powder for use
in welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03066

	 	STOODY
	 	Switzerland
	 	Stoody Company
	 	 	3706	 	 	 	253717	 	 	2-Oct-1971
	 	Registered
	 	26-Jul-2011
	 	01 Int.-Welding rods
and welding wires,
powder metal for
welding, electric arc
welding machines; 06
Int.-; 07 Int.-; 09
Int.-
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03035

	 	STOODY
	 	Taiwan
	 	Stoody Company
	 	 	7836546	 	 	 	491868	 	 	16-Jul-1990
	 	Registered
	 	15-Jul-2010
	 	55 National-Metals,
semi-manufactured
products of metal
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03062

	 	STOODY
	 	Thailand
	 	Stoody Company
	 	 	486393	 	 	TM 164682
	 	27-Jul-2002
	 	Registered
	 	2-May-2012
	 	06 Int.-Wire for welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03052

	 	STOODY
	 	United Kingdom
	 	Stoody Company
	 	 	978839	 	 	 	978839	 	 	15-Jun-1972
	 	Registered
	 	5-Aug-2016
	 	06 Int.-Welding rods;
welding wire and
metallic powders for
use in welding

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-03069

	 	STOODY
	 	United States of
America
	 	Stoody Company
	 	73/293,887
	 	 	1,255,801	 	 	1-Nov-1983
	 	Registered
	 	1-Nov-2013
	 	06 Int.-Hard facing alloys — namely,
iron base alloys, vanadium carbide
alloys, cobalt base and nickel base
alloys; torch spray powders; and
continuous castings — namely, rods;
07 Int.-Alloy parts — namely,
bushings, rings, liners, sleeves,
bearing shoes, seals, balls, seats,
housings, dies and rolls, being parts
of machines; and welding machines
and parts thereof; 09 Int.-Bare self-shielding stainless steel welding
electrodes; and electric welders and
parts thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03038

	 	STOODY
	 	United States of
America
	 	Stoody Company
	 	72/163,669
	 	 	764,936	 	 	18-Feb-1964
	 	Registered
	 	18-Feb-2014
	 	06 Int.-Hard facing alloys-namely,
hard facing electrodes and welding
rods for manual application; build-up
electrodes for manual application;
tungsten carbide castings, peas,
inserts, and hard facing welding
rods containing tungsten carbide;
alloysfor open arc semi-automatic
welding application; alloys for
submerged arc automatic welding
application; non-ferrous metal
centrifugal castings; stainless
steel coated electrodes; and
stainless steel welding wires
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03048

	 	STOODY
	 	Venezuela
	 	Stoody Company
	 	 	 	 	12312-D	 	 	5-Apr-1976
	 	Registered
	 	5-Apr-2016
	 	50 National-Facilities and
installations for the purpose of
applying metal to restore and
recondition metal parts and machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03049

	 	STOODY
	 	Venezuela
	 	Stoody Company
	 	 	 	 	83421-F	 	 	26-Nov-1976
	 	Registered
	 	26-Nov-2016
	 	06 Int.-Metals forged and cast, wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03047

	 	STOODY
	 	Venezuela
	 	Stoody Company
	 	16792/98
	 	 	P-214289	 	 	10-Sep-1999
	 	Registered
	 	10-Sep-2024
	 	09 Int.-Welding electrodes

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-03072

	 	SUPERCHROME
	 	United States of
America
	 	Stoody Company
	 	 	72/163,783	 	 	 	777,397	 	 	22-Sep-1964
	 	Registered
	 	22-Sep-2014
	 	11 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03073

	 	THE

LEADER IN

HARDFACING
	 	Canada
	 	Stoody Company
	 	 	1129520	 	 	TMA602566
	 	18-Feb-2004
	 	Registered
	 	18-Feb-2019
	 	99 Canada-Welding wire;
welding wire for
non-joining applications,
namely, for depositing
metal onto components;
metal alloys in the form
of powders, thermal spray
powders, bars, wire, and
rods for use in joining,
manufacturing, and repair
of industrial components;
iron base alloys,
vanadium carbide alloys,
cobalt base alloys, and
nickel base alloys for
deposition onto
components in industrial
repair and manufacturing
operations; torch spray
metallic powders;
non-precious metal
casting alloys for use in
industry; alloy parts,
namely, bushing, rings,
liners, sleeves, bearing
shoes, seals, balls,
seats, housing, dies, and
rolls; tungsten carbide
castings, peas, and
inserts; welding
electrodes; welding
electrodes for use in
joining, manufacturing,
and repair of industrial
components; metalizing
flame spray apparatus
comprising spray torch,
control console, gas
regulators and powder
hopper; electric welders
and parts thereof

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-03074

	 	THE

LEADER IN

HARDFACING
	 	Mexico
	 	Stoody Company
	 	 	532437	 	 	 	828243	 	 	5-Apr-2004
	 	Registered
	 	14-Feb-2012
	 	09 Int.-Welding electrodes;
welding electrodes for use in
joining manufacturing, and
repair of industrial
components; welding wire;
welding wire for non-joining
applications, namely, for
depositing metal onto
components; electric welders
and parts thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03078

	 	THERMACL AD
	 	United States of
America
	 	 Stoody Company
	 	 	74/515,041	 	 	 	1,885,806	 	 	28-Mar-1995
	 	Registered
	 	28-Mar-2015
	 	06 Int.-Hard facing welding wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03080

	 	THERMASL AG
	 	Korea, Republic of
	 	Stoody Company
	 	 	2003-1544	 	 	 	12029	 	 	11-Mar-2005
	 	Registered
	 	11-Mar-2015
	 	06 Int.-Stainless steel alloys
containing chromium and nickel
for hard-facing industrial
components, stainless wires
containing chromium and nickel
for hard-facing industrial
components; 37 Int.-Repairing
services for resurfacing
industrial components by
deposition of metal; 40
Int.-Special processing
services for resurfacing
industrial components by
deposition of metal
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03079

	 	THERMASL AG
	 	United States of
America
	 	 Stoody Company
	 	 	76/419,966	 	 	 	2,856,455	 	 	22-Jun-2004
	 	Registered
	 	22-Jun-2014
	 	06 Int.-Metal alloys for
hard-facing industrial
components; metal wire for
hard-facing industrial
components; 40 Int.-Material
treatment services, namely,
resurfacing industrial
components by deposition of
metal
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03082

	 	VANCAR
	 	Canada
	 	Stoody Company
	 	 	426596	 	 	TMA240961
	 	14-Mar-1980
	 	Registered
	 	14-Mar-2025
	 	99 Canada-Welding electrodes of
a hard-facing alloy containing
vanadium carbide
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03081

	 	VANCAR
	 	United States of
America
	 	 Stoody Company
	 	 	73/160,669	 	 	 	1,114,370	 	 	6-Mar-1979
	 	Registered
	 	6-Mar-2019
	 	06 Int.-Welding electrodes of a
hard-facing alloy containing
vanadium carbide

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-03021

	 	HYDROLOY
	 	United States of
America
	 	Stoody Company
	 	 	74/271,079	 	 	 	1,738,170	 	 	8-Dec-1992
	 	Registered
	 	8-Dec-2012
	 	09 Int.-Welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-03076

	 	THERMACL AD
	 	Canada
	 	Stoody Company
	 	 	766987	 	 	TMA 484624
	 	27-Oct-1997
	 	Registered
	 	27-Oct-2012
	 	99 Canada-Hard facing welding wire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-00006

	 	CUTTING &

WELDING

TODAY
	 	Canada
	 	Thermadyne

Holdings Corporation
	 	 	828226	 	 	TMA 495822
	 	10-Jun-1998
	 	Registered
	 	10-Jun-2013
	 	99 Canada-Periodical magazine
directed to the welding and
welding tool industry
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08016

	 	FABRICATOR
	 	United States of
America
	 	Thermadyne
Industries, Inc.
	 	 	73/778,495	 	 	 	1,558,889	 	 	3-Oct-1989
	 	Registered
	 	3-Oct-2019
	 	09 Int.-Custom voltage power
supplied for welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04002

	 	FEI MA TE

(in Chinese

Characters)
	 	China (People’s
Republic)
	 	Thermadyne
Industries, Inc.
	 	 	200500875	 	 	 	3357770	 	 	7-Feb-2004
	 	Registered
	 	6-Feb-2014
	 	09 Int.-Electric-arc cutting
equipments; electric-arc cutting
apparatus; electric-arc welding
apparatus; welding apparatus
(electric-arc); welding
electrodes; electric welding
apparatus; electric welding
equipments; electric welding
iron; surveying apparatus and
instruments
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01043

	 	TEMALI (Chinese

Translation for

THERMADY

NE)
	 	China (People’s
Republic)
	 	Thermadyne
Industries, Inc.
	 	 	4210782	 	 	 	4210782	 	 	28-Mar-2007
	 	Registered
	 	27-Mar-2017
	 	09 Int.-Electric arc cutting
apparatus; welding apparatus
(electric arc-); welding
electrodes; electric welding
apparatus; electric soldering
apparatus; electric soldering
irons; cutting apparatus
(electric arc-); electric arc
welding apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01180

	 	TEMALI (Chinese

Translation for

THERMADY

NE)
	 	China (People’s
Republic)
	 	Thermadyne
Industries, Inc.
	 	 	4210780	 	 	 	4210780	 	 	28-Mar-2007
	 	Registered
	 	27-Mar-2017
	 	07 Int.-Acetylene cleaning
apparatus; electric welding
machines; gas-operated welding
apparatus; gas-operated soldering
apparatus; gas-operated soldering
blow pipes; gas-operated
soldering irons

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04044

	 	THERMADYNE
	 	Australia
	 	Thermadyne
Industries,
Inc.
	 	 	497910	 	 	 	A497910	 	 	21-Oct-1988
	 	Registered
	 	21-Oct-2019
	 	07 Int.-Machine plasma arc torches,
machine torches and motorized hand
torches for the welding and cutting
of metals; regulators and valves in
this class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04045

	 	THERMADYNE
	 	Australia
	 	Thermadyne
Industries,
Inc.
	 	 	497911	 	 	 	A497911	 	 	21-Oct-1988
	 	Registered
	 	21-Oct-2019
	 	08 Int.-Hand torches for welding,
cutting, brazing and soldering metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04046

	 	THERMADYNE
	 	Australia
	 	Thermadyne
Industries,
Inc.
	 	 	497912	 	 	 	A497912	 	 	21-Oct-1988
	 	Registered
	 	21-Oct-2019
	 	09 Int.-Electric arc guns and torches,
water and air cooled guns and
torches, and plasma arc torches, all
for the cutting and welding of
metals; arc gauging equipment;
gauges and gas manifolds for use in
the cutting and welding of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04004

	 	THERMADYNE
	 	Benelux
	 	Thermadyne
Industries,
Inc.
	 	 	64945	 	 	 	454932	 	 	31-Jul-1989
	 	Registered
	 	20-Oct-2018
	 	07 Int.-Electric welding machines,
plasma welding machines, parts and
accessories thereof; non-electric
welding apparatus and hand tools
(hand driven); cutting and welding
torches, and parts and accessories
thereof; 09 Int.-Electric welding
apparatus, including welding
apparators and similar apparatus so
as plasma cutting and welding
apparatus, and parts and accessories
thereof; apparatus and instruments
for measuring used for welding

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04047

	 	THERMADYNE
	 	Brazil
	 	Thermadyne
Industries, Inc.
	 	 	816243786	 	 	 	816243786	 	 	22-Sep-1992
	 	Registered
	 	22-Sep-2012
	 	09 Int.-Electric
arc guns and
torches, water and
air cooled guns and
torches, and plasma
arc torches, all
for the cutting and
welding of metals;
arc gauging
equipment;
regulators, valves,
gauges and gas
manifolds for use
in the cutting and
welding of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04049

	 	THERMADYNE
	 	Brazil
	 	Thermadyne
Industries, Inc.
	 	 	816243808	 	 	 	816243808	 	 	22-Sep-1992
	 	Registered
	 	22-Sep-2012
	 	08 Int.-Hand
torches for
welding, cutting, brazing and
soldering of
metals; water and
air torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04048

	 	THERMADYNE
	 	Brazil
	 	Thermadyne
Industries, Inc.
	 	 	816243794	 	 	 	816243794	 	 	29-Sep-1992
	 	Registered
	 	28-Sep-2012
	 	07 Int.-Machine
plasma arc torches,
machine torches,
motorized hand
torches for the
welding and cutting
of metals; water
and air cooled
torches;
regulators; valves;
pipes or gas pipes
for use in the
cutting and welding
of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04036

	 	THERMADYNE
	 	Brazil
	 	Thermadyne
Industries, Inc.
	 	 	821464817	 	 	 	821464817	 	 	l-Apr-2003
	 	Registered
	 	1-Apr-2013
	 	35 Int.-Import,
export, trade,
distribution,
promotion, and
representation
services for
welding products
and metallic
coatings
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04009

	 	THERMADYNE
	 	Canada
	 	Thermadyne
Industries, Inc.
	 	 	616916	 	 	TMA361957
	 	3-Nov-1989
	 	Registered
	 	3-Nov-2019
	 	99 Canada-Welding
tools, machine
plasma arc torches,
machine torches and
motorized hand
torches for the
welding and cutting
of metals; hand
torches for
welding, cutting,
brazing and
soldering of
metals; electric
arc guns and
torches, water and
air-cooled guns and
torches, and plasma
arc torches, all
for the cutting and
welding of metals;
arc-gauging gauges;
regulators, valves,
gauges and gas
manifolds for use
in the cutting and
welding of metals

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF.#	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04050

	 	THERMADYNE
	 	Chile
	 	Thermadyne
Industries, Inc.
	 	 	464916	 	 	 	614962	 	 	28-Dec-2001
	 	Registered
	 	28-Dec-2011
	 	06 Int.-Common
metals and their
alloys; metal
building materials;
transportable
buildings of metal;
materials of metal
for railway tracks;
non-electric cables
and wires of common
metal; ironmongery,
small items of
metal hardware;
pipes and tubes of
metal; safes; goods
of common metal not
included in other
classes; ores.; 07
Int.-Machines and
machine tools;
motors and engines
(except for land
vehicles); machine
coupling and
transmission
components (except
for land vehicles);
agricultural
implements other
than hand-operated;
incubators for
eggs.; 08 Int.-Hand
tools and
implements (hand
operated); cutlery;
side arms; razors.;
09 Int.-Built-in
voltage sensor and
surge protector and
an operating
manual, sold as a
unit, for plasma
cutters and
welders; 10
Int.-Surgical,
medical, dental and
veterinary
apparatus and
instruments,
artificial limbs,
eyes and teeth;
orthopedic
articles; suture
materials.; 11
Int.-Apparatus for
lighting, heating,
steam generating,
cooking,
refrigerating,
drying,
ventilating, water
supply and sanitary
purposes.

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08087

	 	THERMADYNE
	 	China (People’s
Republic)
	 	Thermadyne
Industries, Inc.
	 	 	200433089	 	 	 	3329629	 	 	28-Oct-2003
	 	Registered
	 	27-Oct-2013
	 	09
Int.-Electric-arc
cutting equipment;
electric-arc
cutting apparatus;
electric-arc
welding apparatus;
welding apparatus
(electric-arc);
welding electrodes;
electric welding
equipment; electric
welding apparatus;
electric welding
iron; surveying
apparatus and
instruments
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04053

	 	THERMADYNE
	 	China (People’s
Republic)
	 	Thermadyne
Industries, Inc.
	 	 	8922055	 	 	 	518116	 	 	29-Apr-1990
	 	Registered
	 	29-Apr-2020
	 	08 Int.-Welding,
cutting, brazing
and soldering of
metals and torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04028

	 	THERMADYNE
	 	Denmark
	 	Thermadyne
Industries, Inc.
	 	VA 198806934
	 	VR 199103048
	 	24-May-1991
	 	Registered
	 	24-May-2011
	 	07 Int.-Autogenous
welding apparatus
for welding and
cutting metal,
electrical welding
machines, water and
air cooled welding
guns and torches,
also as motorized
hand tools, valves,
measuring
instruments, gas
manifolds as
accessories for the
above machines and
apparatus; 08
Int.-Non-electrical
welding apparatus,
hand-operated tools
for welding,
cutting soldering
and brazing metal,
valves, measuring
instruments, gas
manifolds as
accessories for the
above apparatus; 09
Int.-Electrical arc
weldingguns and arc
welding apparatus,
also as motorized
hand tools, all for
cutting and welding
of metal, arc
welding measuring
instruments,
regulators, valves,
measuring
instruments and gas
manifolds/collecting
pipes for cutting
and welding metal
as accessories for
the above apparatus

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04005

	 	THERMADYNE
	 	France
	 	Thermadyne
Industries, Inc.
	 	 	959513	 	 	 	1492559	 	 	7-Oct-1988
	 	Registered
	 	7-Oct-2018
	 	06 Int.-Metal
cylinders for the
storage of
compressed gas for
use in welding; 07
Int.-Machine plasma
arc torches,
machine torches and
motorized hand
torches for the
welding and cutting
of metals; 08
Int.-Hand torches
for welding,
cutting, brazing
and soldering of
metals; 09
Int.-Electric arc
guns and torches,
water and air
cooled guns and
torches, and plasma
arc torches, all
for the cutting and
welding of metals;
arc gauging
equipment;
regulators, valves,
gauges and gas
manifolds for use
in the cutting and
welding of metals

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04010

	 	THERMADYNE
	 	Germany
	 	Thermadyne
Industries, Inc.
	 	T28112/9Wz
	 	 	1151102	 	 	11-Dec-1989
	 	Registered
	 	11-Oct-2018
	 	07 Int.-Machine and
hand operated
plasma welding
devices and plasma
torches, machine
and hand operated
welding torches and
motorized hand
welding devices to
weld and cut metal,
parts of the above
mentioned goods; 08
Int.-Hand welding
torches to weld,
cut, braze and
solder metal, parts
of the above goods;
09 Int.-Electric
arc guns and
torches and arc
welding torches,
water cooled and
air cooled guns and
torches, plasma
welding devices,
plasma torches, all
of the above goods
for the cutting and
soldering, brazing
and welding of
metal; arc gauging
devices and
equipment;
essentially
consisting of
torches and cutting
nozzles, pressure
controllers,
connections, gas
pipes, support or
carrier means, back
pressure valves,
holders;
regulators, fine
controllers,
valves, measuring
instruments and
devices, gauges,
manometers, and gas
manifolds for use
in the cutting and
welding of metal,
parts of the above
goods

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04006

	 	THERMADYNE
	 	Greece
	 	Thermadyne
Industries, Inc.
	 	 	91567	 	 	 	91567	 	 	17-Oct-1991
	 	Registered
	 	7-Dec-2018
	 	07 Int.-Machine
plasma arc torches,
machine torches and
motorized hand
torches for the
welding and cutting
of metals; 09
Int.-Electric arc
guns and torches,
water and air
cooled guns and
torches, and plasma
arc torches all for
the cutting and
welding of metals;
arc gauging
equipment;
regulators, valves,
gauges and gas
manifolds for use
in the cutting and
welding of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06080

	 	THERMADYNE
	 	India
	 	Thermadyne
Industries, Inc.
	 	 	01386740	 	 	 	1386740	 	 	22-Sep-2005
	 	Registered
	 	22-Sep-2015
	 	09 Int.-Metal
cutting, gouging
and welding
equipment, namely,
electric arc
cutting and welding
guns and torches,
water and
air-cooled metal
inert gas (MIG)
guns for the
welding of metals,
water and
air-cooled tungsten
inert gas (TIG)
torches for the
cutting of metals,
plasma arc torches
for the cutting of
metals, arc gouging
torches, acetylene
torches for the
cutting and welding
of metals, torches
for the brazing and
soldering of
metals, hand
torches for the
cutting and welding
of metals and parts
and accessories for
each of the
aforesaid; gas
regulators, valves,
gauges, and gas
manifolds for use
primarily in the
cutting and welding
of metals

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04041

	 	THERMADYNE
	 	Ireland
	 	Thermadyne
Industries, Inc.
	 	4365/88
	 	 	130278	 	 	10-Oct-1990
	 	Registered
	 	6-Oct-2019
	 	07 Int.-Machine
plasma arc torches,
machine torches and
motorized hand
torches for the
treatment and
cutting of metals;
09 Int.-Electric
arc guns and
torches, water and
air-cooled guns and
torches, and plasma
arc torches, all
for the cutting and
treatment of
metals; arc gauging
equipment;
regulators, valves,
gauges and gas
manifolds for use
in the cutting and
treatment of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04029

	 	THERMADYNE
	 	Italy
	 	Thermadyne
Industries, Inc.
	 	36953C/88
	 	 	550895	 	 	16-Oct-1991
	 	Registered
	 	18-Oct-2018
	 	07 Int.-Machine
plasma arc torches,
machine torches and
motorized hand
torches for the
welding and cutting
of metals; 08
Int.-Hand torches
for welding,
cutting, brazing
and soldering of
metals; 09
Int.-Electric arc
guns and torches,
water and air
cooled guns and
torches, and plasma
arc torches, all
for the cutting and
welding of metals;
arc gauging
equipment;
regulators, valves,
gauges and gas
manifolds for use
in the cutting and
welding of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04040

	 	THERMADYNE
	 	Korea, Republic of
	 	 Thermadyne
Industries, Inc.
	 	23376/1988
	 	 	180574	 	 	5-Oct-1989
	 	Registered
	 	5-Oct-2019
	 	09 Int.-Arc gauging
equipment,
non-electric
regulator for use
in the cutting of
metals,
non-electric
regulators for use
in the welding of
metals,
non-electric gauges
for use in the
cutting of metals,
non-electric gauges
for use in the
welding of metals

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04056

	 	THERMADYNE
	 	Korea, Republic of
	 	Thermadyne
Industries, Inc.
	 	 	23377/1988	 	 	 	182245	 	 	28-Oct-1989
	 	Registered
	 	28-Oct-2019
	 	07 Int.-Machine
plasma arc torches
for the welding and
cutting of metals,
machine torches for
the welding and
cutting of metals,
motorized hand
torches for the
welding and cutting
of metals, hand
torches for
welding, cutting,
brazing and
soldering of
metals, electric
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	arc guns for the
cutting and welding
of metals, electric
arc torches for the
cutting and welding
of metals, water
cooled guns for the
cutting and welding
of metals, air
cooled gun for the
cutting and welding
of metals, plasma
arc torches for the
cutting and welding
of metals, valves
for use in the
cutting of metals,
valves for the
welding of metals,
gas manifolds for
use in the cutting
and welding of
metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04052

	 	THERMADYNE
	 	Korea, Republic of
	 	Thermadyne
Industries, Inc.
	 	 	23378/1988	 	 	 	190364	 	 	12-Apr-1990
	 	Registered
	 	12-Apr-2020
	 	09 Int.-Electric
regulators,
electronic
regulators,
electric regulators
for use in the
cutting of metals,
electronic
regulators for use
in the cutting of
metals, electric
regulators for use
in the welding of
metals, electronic
regulators for use
in the welding of
metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04003

	 	THERMADYNE
	 	Mexico
	 	Thermadyne
Industries, Inc.
	 	 	58057	 	 	 	376885	 	 	22-May-1990
	 	Registered
	 	2-Mar-2014
	 	13 Int.-Hardware,
plumbing and
steam-fitting
supplies,
particularly valves
(if they control
liquid pression)
and gas manifolds
for use in the
cutting and welding
of metals

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04007

	 	THERMADYNE
	 	Mexico
	 	Thermadyne
Industries,
Inc.
	 	 	58059	 	 	 	376886	 	 	22-May-1990
	 	Registered
	 	2-Mar-2014
	 	23 Int.-Cutlery, machinery and tools
and parts thereof, particularly
machine torches and motorized hand
torches for the welding and cutting
of metals, hand torches for welding,
cutting, brazing and soldering of
metals, arc gauging equipment,
valves (if they control air)

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04012

	 	THERMADYNE
	 	Mexico
	 	Thermadyne
Industries,
Inc.
	 	 	58058	 	 	 	398491	 	 	26-Aug-1991
	 	Registered
	 	2-Mar-2019
	 	07 Int.-Only mixers, elevators, spark
plugs of combustion engines, planers,
cutters, generators, magnetic
clutches, carbon brushes, electricity
generators, tools, air injectors,
sewing machines and parts thereof,
blenders, coffee grinders, engines
(except from land vehicles), mincers,
dryers, sawing machines, saws, mining
drills, drills, lathes, conveyors,
crushers, electrohydraulic presses
and steam machines; 08 Int.-Only
electric shavers and electric hair
clippers; 09 Int.-Only electric
appliances and parts thereof,
electromechanical and electrothermal
appliances not included in other
classes, as well as magnetic tapes
and tapes for recording and playback
of sound, particularly plasma arc
welding torch machines, arc welding
torches and guns, air- and
water-cooled guns and torches, plasma
arc welding torches, all of the
latter for cutting and welding of
metals and regulators for stage
lighting; 11 Int.-Air conditioning
apparatuses, electric lighting
devices, electric rotisseries, light
bulbs, panels for electrical
dispatchers, electrical coffee
machines, electric lamps, electric
dryers; 12 Int.-Only alarms,
loudspeakers, horns, turn signals and
electric brakes; 16 Int.-Only typing
machines (electric), office electric
playback apparatuses, electric
pencil sharpeners,
xerography apparatuses; 17 Int.-
Only insulating tapes, insulating
fabrics for electrical works; 21 Int.-
Only crystals for lanterns

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04008

	 	THERMADYNE
	 	Peru
	 	Thermadyne
Industries, Inc.
	 	 	082030	 	 	 	00056518	 	 	27-Jul-1999
	 	Registered
	 	27-Jul-2019
	 	07 Int.-Gas
welding, cutting
and brazing
equipment and parts
therefor; gas
cutting and welding
kits comprising
torches, nozzles,
tips, cutting
attachments,
regulators, spark
lighter, hose and
wrenches; electric
welding machines
and parts and
accessories
therefor; CNC shape
cutting machines;
consumable parts
for gas welding
equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04011

	 	THERMADYNE
	 	Peru
	 	Thermadyne
Industries, Inc.
	 	 	082031	 	 	 	00057053	 	 	31-Aug-1999
	 	Registered
	 	31-Aug-2019
	 	09 Int.-Welding
generators; plasma
arc cutting
systems; plasma arc
cutting and welding
equipment and parts
and accessories
therefor; electric
welding equipment
and parts and
accessories
therefor; arc
welding products
and parts and
accessories
therefor;
consumable parts
for electric
welding equipment;
welding safety
products including
safety spectacles,
safety goggles,
face shields,
respirators for
respiratory
protection during
welding, safety
hats, safety
helmets, ear
protectors,
protective
blankets, curtains
and jackets for use
in welding;
electrodes for
cutting, gouging
and welding;
welding power
sources; cutting
and welding kits
comprising torches,
tips, cutting
attachments,
regulators, spark
lighters, safety
goggles, and hose;
computersoftware
for automatically
sending orders to
gas suppliers;
computer software
to control gas flow
readings from a
number of
switchover
manifolds

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04015

	 	THERMADYNE
	 	Peru
	 	Thermadyne
Industries, Inc.
	 	 	082032	 	 	 	00057606	 	 	24-Sep-1999
	 	Registered
	 	24-Sep-2019
	 	11 Int.-Gas
apparatus; gas
pressure controls;
valves for gas
cylinders and parts
therefor;
regulators for
regulating the flow
of gas; specialty
gas equipment,
including gas
regulators, flow
control regulators,
and flow control
instrumentation,
all for use in
connection with
high purity gases;
digitally
controlled
automatic
changeover system
for gas management;
pipeline equipment,
namely gas
manifolds, valves,
piping and flow
controls all used
in medical gas
delivery
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04033

	 	THERMADYNE
	 	Portugal
	 	Thermadyne
Industries, Inc.
	 	 	251233	 	 	 	251233	 	 	7-Jul-1992
	 	Registered
	 	7-Jul-2012
	 	07 Int.-Machine,
torches including,
machine plasma arc
torches; motorized
hand torches for
the welding and
cutting of metals;
regulators, valves,
and manifolds
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04034

	 	THERMADYNE
	 	Portugal
	 	Thermadyne
Industries, Inc.
	 	 	251234	 	 	 	251234	 	 	7-Jul-1992
	 	Registered
	 	7-Jul-2012
	 	08 Int.-Hand
torches for
welding, cutting,
brazing and
soldering of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04035

	 	THERMADYNE
	 	Portugal
	 	Thermadyne
Industries, Inc.
	 	 	251235	 	 	 	251235	 	 	7-Jul-1992
	 	Registered
	 	7-Jul-2012
	 	09 Int.-Electric
arc guns, water and
air cooled guns and
torches (electric),
and plasma arc
torches (electric)
all for cutting and
welding of metals;
arc gouging
equipment,
regulators, valves,
gauges and gas
manifolds for use
in the cutting and
welding of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04019

	 	THERMADYNE
	 	Saudi Arabia
	 	Thermadyne
Industries, Inc.
	 	 	49577	 	 	 	547/91	 	 	4-Nov-2000
	 	Registered
	 	25-Oct-2018
	 	06 Int.-Metal
alloys in the form
of wire and rods;
solders; welding
fluxes and
submersible arc
fluxes

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04020

	 	THERMADYNE
	 	Saudi Arabia
	 	Thermadyne
Industries, Inc.
	 	 49579
	 	550/63
	 	18-Nov-2000
	 	Registered
	 	25-Oct-2018
	 	08 Int.-Hand
torches for the
cutting and welding
of metals, and
parts therefor;
non-electric
welding apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04025

	 	THERMADYNE
	 	Saudi Arabia
	 	Thermadyne
Industries, Inc.
	 	 49580
	 	567/63
	 	11-Apr-2001
	 	Registered
	 	25-Oct-2018
	 	09 Int.-Welding
generators; plasma
arc cutting
systems, plasma arc
cutting and welding
equipment and parts
and accessories
therefor; electric
welding equipment
and parts and
accessories
therefor; arc
welding products
and parts and
accessories
therefor;
consumable parts
for electric
wleding equipment;
welding safety
products including
safety spectacles,
safety goggles,
face shields,
respirators for
respiratory
protection during
welding, safety
hats, safety
helmets, ear
protectors,
protective
blankets, curtains
and jackets for use
in welding;
electrodes for
cutting, gouging
and welding,
welding power
sources; cutting
and welding kits
comprising torches,
tips, cutting
attachments,
regulators, spark
lighters, safety
goggles, and hose;
computersoftware
for automatically
sending orders to
gas suppliers,
computer software
to control gas flow
readings from a
number of
switchover
manifolds

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04059

	 	THERMADYNE
	 	South Africa
	 	Thermadyne
Industries, Inc.
	 	 2007/01675
	 	 2007/01675
	 	21-Jan-2010
	 	Registered
	 	30-Jan-2017
	 	09 Int.-Electric
arc cutting and
welding machines;
MIG welding
machines; MIG guns
for the welding of
metals; TIG welding
and cutting
machines; TIG
torches for the
welding and cutting
of metals; plasma
arc welding and
cutting machines;
plasma arc torches
for the welding and
cutting of metals;
and parts and
accessories for the
aforesaid,
including
regulators, valves,
gauges, and gas
manifolds for use
primarily in the
cutting and welding
of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04022

	 	THERMADYNE
	 	Spain
	 	Thermadyne
Industries, Inc.
	 	 1279458
	 	 1279458
	 	5-Feb-1991
	 	Registered
	 	5-Feb-2011
	 	08 Int.-Hand
torches for welding
and cutting of
metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04031

	 	THERMADYNE
	 	Spain
	 	Thermadyne
Industries, Inc.
	 	 1279457
	 	 1279457
	 	31-Jan-1992
	 	Registered
	 	31-Jan-2012
	 	07 Int.-Machine
plasma arc torches;
machine torches and
motorized hand
torches for welding
and cutting metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04032

	 	THERMADYNE
	 	Spain
	 	Thermadyne
Industries, Inc.
	 	 1279459
	 	 1279459
	 	7-Apr-1992
	 	Registered
	 	7-Apr-2012
	 	09 Int.-Electric
arc guns and
torches; water and
air cooled guns and
torches; and plasma
arc torches, all
for the cutting and
welding of metals;
arc gauging
apparatus; gauges

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04037

	 	THERMADYNE
	 	Switzerland
	 	Thermadyne
Industries, Inc.
	 	 	 	 367319
	 	 29-Mar-1989
	 	Registered
	 	14-Oct-2018
	 	07 Int.-Machine
plasma arc torches,
machine torches and
motorized hand
torches for the
welding and cutting
of metals; 08
Int.-Hand torches
for welding,
cutting, brazing
and soldering of
metals; 09
Int.-Electric arc
guns and torches,
water and air
cooled guns and
torches, and plasma
arc torches, all
for the cutting and
welding of metals;
arc gauging
equipment;
regulators, valves,
gauges and gas
manifolds for use
in the cutting and
welding of metals

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04013

	 	THERMADYNE
	 	Thailand
	 	Thermadyne
Industries, Inc.
	 	 386294
	 	 TM 156990
	 	23-Apr-2002
	 	Registered
	 	29-Apr-2019
	 	07 Int.-gas
welding; cutting
and brazing
equipment; torches
(gas and electric),
nozzles (gas and
electric), tips
(gas and electric),
torch handles,
cutting attachments
(gas), regulators,
spark lighters
(gas), wrenches
(gas), mixers,
flashback arrestors
(gas), connectors
(gas), blowpipes
(gas), and check
valves (gas); gas
cutting and welding
kits comprising
torches (gas and
electric), nozzles
(gas and
electric), tips (gas
and electric),
cutting
attachments,
regulators, spark
lighter (gas), hose
and wrenches (gas);
electric welding
machines; wire
feeds, wire guides,
torches (gas and
electric), tips
(gas and electric),
nozzles (gas and
electric), and
ground clamps; CNC
shape cutting
machines; tips (gas
and electric),
nozzles (gas and
electric), shield
cups, electrodes,
distributors, torch
heads (gas),
diffusers, and
O-rings (gas)

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04014

	 	THERMADYNE
	 	Thailand
	 	Thermadyne
Industries, Inc.
	 	 386296
	 	 TM 156991
	 	23-Apr-2002
	 	Registered
	 	29-Apr-2019
	 	09 Int.-Welding generators and parts
and accessories of welding generators;
plasma arc cutting systems; power
supplies, gas supplies and torches as
parts of plasma cutting systems;
plasma arc cutting and welding
equipment; power supplies, gas
supplies, torches, tips, shield cups,
electrodes, and gas distributors as
parts of plasma arc cutting and
welding equipment; electric welding
equipment; wire feeds, wire guides,
torches, welding guns, adapters,
controls, smoke exhaust devices,
protective splatter shields, cooling
water devices, tips, nozzles, torch
connectors, electrodes, electr4ode
holders, cable connectors and hoses as
parts of electric welding equipment;
arc welding products; power supplies,
wire feeds, wire guides, torches,
welding guns, adapters, controls,
smoke exhaust device, cooling water
devices, tips, nozzles, diffusers,
torch, connectors, electrodes,
electrode holders, cable connectors,
hoses and ground clamps as parts of
arc welding products; consumable parts
for electric welding equipment, namely
tips, nozzles, rods, electrodes,
wires, o-rings, diffusers, insulators,
conductor tubes and wire conduits;
welding safety products including
safety spectacles, safety goggles, face
protectors, protective blankets,
curtains and jackets for use in

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	welding; electrodes for cutting,
gouging and welding; transformers,
inverters and generators for welding
power sources; cutting and welding
kits comprising torches, tips, cutting
attachments, regulators, spark
lighters, safety goggles, and hose sold
as a unit; computer software for
automatically sending orders to gas
suppliers; computer software to
control gas flow readings from a
number of switchover manifolds

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04057

	 	THERMADYNE
	 	United Arab

Emirates
	 	Thermadyne
Industries,
Inc.
	 	 	34042	 	 	 	25179	 	 	26-Jul-2000
	 	Registered
	 	5-Dec-2019
	 	09 Int.-Welding generators; plasma
arc cutting systems; plasma arc
cutting and welding equipment and
parts and accessories therefor
included in class 9, electric welding
equipment and parts and accessories
therefor; arc welding products and
parts and accessories therefor;
consumable parts for electric
welding equipment; welding safety
products including safety spectacles,
safety goggles, face shields,
respirators for respiratory
protection during welding, safety
hats, electrodes for cutting, gouging
and welding; welding power sources;
cutting and welding kits comprising
torches, tips, cutting attachments,
regulators, spark lighters, safety
goggles, and hose; computer
software for automatically sending
orders to gas suppliers; computer
software to control gas flow readings
from a number of switchover
manifolds, all included in class 9 and
not included in other classes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04016

	 	THERMADYNE
	 	United

Kingdom
	 	Thermadyne
Industries,
Inc.
	 	 	1361637	 	 	 	1361637	 	 	17-Jul-1992
	 	Registered
	 	18-Oct-2015
	 	07 Int.-Machine plasma arc torches,
plasma arc torches, machine torches
and motorized hand torches; all for
the treatment and cutting of metals;
gas regulators and valves; all
included in Class 7
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04017

	 	THERMADYNE
	 	United

Kingdom
	 	Thermadyne
Industries,
Inc.
	 	 	1361638	 	 	 	1361638	 	 	17-Jul-1992
	 	Registered
	 	18-Oct-2015
	 	08 Int.-Hand torches included in
Class 8 for the treatment and cutting
of metals

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04018

	 	THERMADYNE
	 	United

Kingdom
	 	Thermadyne
Industries,
Inc.
	 	 	1361639	 	 	 	1361639	 	 	10-Jul-1992
	 	Registered
	 	18-Oct-2015
	 	09 Int.-Electric arc guns and torches;
water and air-cooled guns and
torches; all for the cutting and
treatment of metals; arc gauging
apparatus; gauges for use in the
cutting and treatment of metals; all
included in Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04030

	 	THERMADYNE
	 	United
States of
America
	 	Thermadyne
Industries,
Inc.
	 	 	75/060,149	 	 	 	2,030,221	 	 	14-Jan-1997
	 	Registered
	 	14-Jan-2017
	 	06 Int.-Metal cylinders, sold empty,
for storage of compressed gas for use
primarily in acetylene cutting and
welding applications
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04039

	 	THERMADYNE
	 	United
States of
America
	 	Thermadyne
Industries,
Inc.
	 	 	73/751,829	 	 	 	1,540,263	 	 	23-May-

1989
	 	Registered
	 	23-May-2019
	 	09 Int.-Electric arc cutting and
welding guns and torches, including
water and air-cooled mig guns for
the welding of metals, water and air-
cooled tig torches for the cutting of
metals, plasma arc torches for the
cutting of metals; arc gouging
torchand parts therefor for such;
regulators, valves, gauges, and gas
manifolds for use primarily in the
cutting and welding of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04051

	 	THERMADYNE
	 	United
States of
America
	 	Thermadyne
Industries,
Inc.
	 	 	73/751,828	 	 	 	1,585,328	 	 	6-Mar-1990
	 	Registered
	 	6-Mar-2020
	 	08 Int.-Acetylene torches for the
cutting and welding of metals;
torches for the brazing and soldering
of metals; hand torches for the
cutting and welding of metals; and
parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04054

	 	THERMADYNE in Chinese
	 	China
(People’s
Republic)
	 	Thermadyne
Industries,
Inc.
	 	 	8922056	 	 	 	519645	 	 	20-May-

1990
	 	Registered
	 	19-May-2020
	 	09 Int.-Electric arc guns for the
welding of metals, torches for the
welding of metals, water and air
cooled guns and plasma arc torches,
arc gauging equipment, for use in the
cutting and welding of metals;
regulators, valves, gauges and gas
manifolds

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04055

	 	THERMADYNE in Chinese
	 	China
(People’s
Republic)
	 	Thermadyne
Industries,
Inc.
	 	 	8921359	 	 	 	520363	 	 	30-May-1990
	 	Registered
	 	29-May-2020
	 	07 Int.-Electric arc guns for the
welding of metals, torches, for
welding of metals, water and air
cooled guns and plasma arc torches,
arc gauging equipment, regulators,
valves, gauges and gas manifolds for
use in cutting and welding of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01044

	 	THERMADYNE SA
	 	South Africa
	 	Thermadyne
Industries,
Inc.
	 	 	2006/23680	 	 	 	 	 	 	 	 	Pending
	 	 	 	09 Int.-Electric arc cutting and
welding machines; MIG welding
machines; MIG guns for the welding
of metals; TIG welding and cutting
machines; TIG torches for the
welding and cutting of metals;
plasma arc welding and cutting
machines; plasma arc torches for the
welding and cutting of metals; and
parts and accessories for the
aforesaid, including regulators,
valves, gauges, and gas manifolds for
use primarily in the cutting and
welding of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04065

	 	THERMADYNE VICTOR
	 	Brazil
	 	Thermadyne
Industries,
Inc.
	 	 	821540670	 	 	 	821540670	 	 	15-Oct-2002
	 	Registered
	 	15-Oct-2012
	 	06 Int.-Metal alloys in the form of
rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04060

	 	THERMADYNE VICTOR
	 	Brazil
	 	Thermadyne
Industries,
Inc.
	 	 	821464850	 	 	 	821464850	 	 	2-Sep-2003
	 	Registered
	 	2-Sep-2013
	 	35 Int.-Import, trade, export,
distribution and representation
services of welding products and
metallic coatings

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04062

	 	THERMADYNE 
VICTOR
	 	Brazil
	 	Thermadyne
Industries,
Inc.
	 	 	821540700	 	 	 	821540700	 	 	22-Jun-2004
	 	Registered
	 	22-Jun-2014
	 	09 Int.-Gas welding, cutting and
brazing equipment; gas cutting and
welding kits comprising torches,
nozzles, tips cutting attachments,
regulators, spark lighters, hose and
wrenches; electric welding machines;
welding generators; electric welding
equipment; cutting and welding kits
comprising torches, tips cutting
attachments, regulators, spark
lighters and hoses; plasma arc
cutting and welding equipment;
welding power sources; computer
software for automatically sending
order to gas suppliers; computer
software to control gas flow readings
from a number of switchover
manifolds; parts for gas welding,
cutting and brazing equipment;
parts and accessories for electric
welding machines; consumable parts
for gas welding equipment; parts
and accessories for electric welding
equipment; consumable parts for
electric welding equipment; parts for
resuscitation apparatus; parts for
medical suction apparatus; pipeline
equipment, namely gas manifolds,
valves, piping and flow controls all
used in medical gas delivery; parts
for valves for gas cylinders; parts
and accessories for plasma arc
cutting and welding equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-00007

	 	THERMADYNE 
VICTOR
	 	Brazil
	 	Thermadyne
Industries,
Inc.
	 	 	821540696	 	 	 	200055879	 	 	1-Mar-2005
	 	Registered
	 	1-Mar-2015
	 	10 Int.-Medical equipment, namely,
oxygen therapy equipment;
resuscitation apparatus; medical
suction apparatus

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04063

	 	THERMADYNE VICTOR
	 	Brazil
	 	Thermadyne
Industries, Inc.
	 	 	821540696	 	 	 	821540696	 	 	1-Mar-2005
	 	Registered
	 	1-Mar-2015
	 	09 Int.-Regulators for regulating
the flow of gas; gas regulators,
flow control regulators, all for use
in connection with high purity
gases; gas pressure controls; flow
control instrumentation all for use
in connection with high purity
gases; digitally controlled
automatic changeover system of gas
management; valves for gas cylinders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04061

	 	THERMADYNE VICTOR
	 	Brazil
	 	Thermadyne
Industries, Inc.
	 	 	821540688	 	 	 	821540688	 	 	13-Dec-2005
	 	Registered
	 	13-Dec-2015
	 	07 Int.-Shape cutting machines;
plasma arc cutting systems
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04064

	 	THERMADYNE VICTOR
	 	Brazil
	 	Thermadyne
Industries, Inc.
	 	 	821540661	 	 	 	821540661	 	 	13-Dec-2005
	 	Registered
	 	13-Dec-2015
	 	08 Int.-Hand torches for the cutting
and welding of metals and parts
therefor; non-electric welding
apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04069

	 	THERMAL DYNAMICS
	 	Australia
	 	Thermadyne
Industries, Inc.
	 	 	1279650	 	 	 	1279650	 	 	24-Dec-2008
	 	Registered
	 	24-Dec-2018
	 	09 Int.-Welding and cutting equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05001

	 	ARC MASTER
	 	Canada
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	1295993	 	 	TMA717617
	 	27-Jun-2008
	 	Registered
	 	27-Jun-
2023
	 	99 Canada-Electric arc welder
controllers and wire feeders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01003

	 	ARC

MASTER
	 	European Community
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	005041272	 	 	 	005041272	 	 	12-Apr-2007
	 	Registered
	 	4-Apr-2016
	 	09 Int.-Electric arc welder
controller and wire feeders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08004

	 	AUTOCRAFT
	 	European Community
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	005143177	 	 	 	005143177	 	 	5-Jul-2007
	 	Registered
	 	26-May-2016
	 	06 Int.-Welding consumables namely
welding wire, solid wire and
flux-cored wire; 09 Int.-Welding
consumables namely welding
electrodes and stick electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05002

	 	AUTOCRAFT
	 	United States of America
	 	Thermal Arc, Inc.
(Thermal Dynamics

Corporation)
	 	 	78/890,129	 	 	 	3,424,597	 	 	6-May-2008
	 	Registered
	 	6-May-2018
	 	06 Int.-Welding consumables, namely
solid wire and flux-cored wire

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-05007

	 	FABRICATOR
	 	Brazil
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	821126806	 	 	 	821126806	 	 	14-May-2002
	 	Registered
	 	14-May-2012
	 	07 Int.-Portable power sources, all
for use with electric welding machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05006

	 	FABRICATOR
	 	United Kingdom
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	2164890	 	 	 	2164890	 	 	21-Apr-2000
	 	Registered
	 	24-Apr-2018
	 	07 Int.-Portable power sources, all
for use with electric welding machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05009

	 	GOT POWER?
	 	Canada
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	1025988	 	 	TMA561578
	 	8-May-2002
	 	Registered
	 	8-May-2017
	 	99 Canada-Power supplies for use
exclusively in the welding industry,
namely, portable electrical inverters,
portable electrical transformers, and
engine-driven electric generators
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05013

	 	PRO-LITE
	 	Canada
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	831900	 	 	TMA 501242
	 	25-Sep-1998
	 	Registered
	 	25-Sep-2013
	 	99 Canada-Electric arc welding machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05015

	 	PRO-PLUS
	 	Canada
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	823098	 	 	TMA 503460
	 	2-Nov-1998
	 	Registered
	 	2-Nov-2013
	 	99 Canada-Electric arc welding machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05016

	 	P-WEE
	 	Canada
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	831899	 	 	TMA 501241
	 	25-Sep-1998
	 	Registered
	 	25-Sep-2013
	 	99 Canada-Electric arc welding machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05018

	 	RAIDER
	 	Canada
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	1140367	 	 	TMA618839
	 	8-Sep-2004
	 	Registered
	 	8-Sep-2019
	 	99 Canada-Engine driven generator for

welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05020

	 	THERMAL ARC
	 	Brazil
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	821464779	 	 	 	821464779	 	 	12-Sep-2006
	 	Registered
	 	12-Sep-2016
	 	35 Int.-Services covering the import,
commerce, export, trade, distribution,
promotion and representation of
welding products and metallic coatings

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07114

	 	THERMAL ARC
	 	India
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	01386742	 	 	 	1386742	 	 	22-Sep-2005
	 	Registered
	 	22-Sep-2015
	 	09 Int.-Plasma arc
cutting and welding
equipment, namely,
plasma arc torches
and accessories
therefor, power
supplies for plasma
arc torches,
electrodes and wire
feeders therefor;
and gas and
electrical
conducting hose for
use with plasma arc
cutting and welding
equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05023

	 	THERMAL ARC
	 	Taiwan
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	(73) 42756
	 	 	272527	 	 	1-Feb-1985
	 	Registered
	 	31-Jan-2015
	 	92
National-Plasma-arc
cutting device and
parts thereof,
welding device and
parts thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05021

	 	THERMAL ARC
	 	Venezuela
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	7506/84	 	 	 	F-125018	 	 	27-May-1986
	 	Registered
	 	27-May-2011
	 	09 Int.-Plasma-arc
cutting and welding
equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05029

	 	THERMAL ARC (AND DESIGN)
	 	Mexico
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	208544	 	 	 	496792	 	 	5-Jul-1995
	 	Registered
	 	16-Aug-2014
	 	09 Int.-Plasma arc
cutting and welding
equipment, namely,
power supplies,
control units
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05030

	 	THERMAL ARC (AND DESIGN)
	 	Mexico
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	237570	 	 	 	309050	 	 	9-Jul-1985
	 	Registered
	 	21-Aug-2014
	 	26
National-Scientific
and measuring
apparatus,
nautical,
geodetical,
photographic,
cinematographic,
optical, weighing,
buoying, control,
life-saving and
teaching appliances
and sensitized
paper and film
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05028

	 	THERMAL ARC (AND DESIGN)
	 	South Africa
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	84/6577	 	 	 	B 84/6577	 	 	29-Jun-1988
	 	Registered
	 	25-Jul-2014
	 	09 Int.-Cutting and
welding apparatus
and equipment
including torches,
heating units,
power supplies,
control systems,
gas and electrical
conducting hose and
parts, accessories
and fittings for
the aforegoing

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	 

	 	TIGWAVE
	 	Canada
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	108623000	 	 	TMA574478
	 	 	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	TIGWAVE
	 	China
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	1772605	 	 	 	1772605	 	 	21-May-2002
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	TIGWAVE
	 	Mexico
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	462472	 	 	 	691504	 	 	27-March-2001
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05032

	 	ULTIMA
	 	Canada
	 	Thermal Arc, Inc.
(Thermal
Dynamics
Corporation)
	 	 	800412	 	 	TMA 521977
	 	21-Jan-2000
	 	Registered
	 	21-Jan-2015
	 	99 Canada-Self-contained plasma
welding unit, namely a welding
power supply, plasma control
console and coolant
recirculator; self-contained
plasma welding unit, namely a
welding power supply, plasma
control console, coolant
recirculator and torch
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06003

	 	1TORCH
	 	Australia
	 	Thermal Dynamics

Corporation
	 	 	939972	 	 	 	939972	 	 	13-Jan-2003
	 	Registered
	 	13-Jan-2013
	 	07 Int.-Plasma cutting equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06004

	 	1TORCH
	 	Brazil
	 	Thermal Dynamics

Corporation
	 	 	825224322	 	 	 	825224322	 	 	11-Mar-2008
	 	Registered
	 	11-Mar-2018
	 	07 Int.-Plasma cutting equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06005

	 	1TORCH
	 	Canada
	 	Thermal Dynamics

Corporation
	 	 	1164565	 	 	TMA621377
	 	1-Oct-2004
	 	Registered
	 	1-Oct-2019
	 	99 Canada-Plasma cutting
equipment, namely, manual
plasma cutting machiens and
automated plasma cutting
machines and replacement parts
therefor

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-06006

	 	1TORCH
	 	European Community
	 	Thermal Dynamics

Corporation
	 	 	3006608	 	 	 	3006608	 	 	23-Mar-2006
	 	Registered
	 	10-Jan-2013
	 	07 Int.-Machines and machine
tools; cutters and cutting
machines; cutting blowpipes, gas
operated; plasma cutting
equipment; parts and fittings for
all the aforesaid goods; 08
Int.-Hand tools and implements
(hand-operated); cutters, cutting
tools (hand tools); parts and
fittings for all the aforesaid
goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06001

	 	1TORCH
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	583351	 	 	 	992339	 	 	13-Jul-2007
	 	Registered
	 	13-Jan-2013
	 	07 Int.-Plasma cutting equipment.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06002

	 	1TORCH
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	78/143,523	 	 	 	2,794,654	 	 	16-Dec-2003
	 	Registered
	 	16-Dec-2013
	 	07 Int.-Plasma cutting equipment,
namely, plasma cutting torches
and replacement parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08003

	 	AIRCUT
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	77/405,212	 	 	 	3,755,290	 	 	2-Mar-2010
	 	Registered
	 	2-Mar-2020
	 	09 Int.-Electric plasma arc
cutters and welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06010

	 	ATC
	 	Australia
	 	Thermal

Dynamics Corporation
	 	 	945503	 	 	 	945503	 	 	28-Feb-2003
	 	Registered
	 	28-Feb-2013
	 	09 Int.-Mechanical connectors
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06011

	 	ATC
	 	Brazil
	 	Thermal Dynamics

Corporation
	 	 	825345227	 	 	 	 	 	 	 	 	Pending
	 	 	 	09 Int.-Connectors
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06012

	 	ATC
	 	Canada
	 	Thermal Dynamics

Corporation
	 	 	1169744	 	 	TMA665207
	 	30-May-2006
	 	Registered
	 	30-May-2021
	 	99 Canada-Welding cable connectors
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06013

	 	ATC
	 	European Community
	 	Thermal Dynamics

Corporation
	 	 	3084159	 	 	 	3084159	 	 	14-Jul-2005
	 	Registered
	 	28-Feb-2013
	 	09 Int.-Connectors
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04001

	 	ATC
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	731572	 	 	 	950609	 	 	30-Aug-2006
	 	Registered
	 	1-Aug-2015
	 	09 Int.-Quick change connectors
for use with plasma cutting
torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06009

	 	ATC
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	78/158,742	 	 	 	2,949,680	 	 	10-May-2005
	 	Registered
	 	10-May-2015
	 	07 Int.-Plasma cutting torch
accessories, namely,
quick-disconnect connectors

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-06014

	 	AUTO-CUT
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	78/260,060	 	 	 	3,068,964	 	 	14-Mar-2006
	 	Registered
	 	14-Mar-2016
	 	07 Int.-Plasma arc
cutting torches and
replacement parts
therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06020

	 	CUTSKILL
	 	Argentina
	 	Thermal Dynamics

Corporation
	 	 	2318667	 	 	 	1874276	 	 	31-May-2002
	 	Registered
	 	31-May-2012
	 	09 Int.-Parts for
plasma cutting
machines, namely,
tips, nozzles,
electrodes and
other consumable
parts consisting of
gas distributors,
and o-rings; and
welding tips and
parts for welding
apparatus, namely,
welding tips and
nozzles
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06021

	 	CUTSKILL
	 	Brazil
	 	Thermal Dynamics

Corporation
	 	 	823385418	 	 	 	 	 	 	 	 	Published
	 	 	 	09 Int.-Parts for
plasma cutting
machines, namely,
tips, nozzles,
electrodes and
other consumable
parts consisting of
gas distributors,
and o-rings; and
welding tips and
nozzles
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06022

	 	CUTSKILL
	 	Canada
	 	Thermal Dynamics

Corporation
	 	 	75/447580	 	 	TMA 532997
	 	20-Sep-2000
	 	Registered
	 	20-Sep-2015
	 	99 Canada-Parts of
plasma cutting
equipment, namely,
tips, nozzles,
electrodes and
other consumable
parts
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06018

	 	CUTSKILL
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	326840	 	 	 	640328	 	 	31-Jan-2000
	 	Registered
	 	23-Mar-2018
	 	09 Int.-Consumable
parts for plasma
cutting equipment,
namely, tips,
nozzles, and
electrodes which
are used in the
welding industry
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06023

	 	CUTSKILL
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	358910	 	 	 	614831	 	 	22-Jun-1999
	 	Registered
	 	4-Jan-2019
	 	09 Int.-Parts for
plasma cutting
equipment, namely,
replacement torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06024

	 	CUTSKILL
	 	Philippines
	 	Thermal Dynamics

Corporation
	 	 	4-2001-02559	 	 	 	4-2001-002559	 	 	19-Feb-2007
	 	Registered
	 	19-Feb-2017
	 	09 Int.-Parts of
plasma cutting
machines, namely,
tips, nozzles,
electrodes, and
other consumable
parts consisting of
gas distributors
and o-rings;
welding tips and
nozzles

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-06025

	 	CUTSKILL
	 	Taiwan
	 	Thermal Dynamics

Corporation
	 	 	89065682	 	 	 	1055731	 	 	1-Sep-2003
	 	Registered
	 	31-Aug-2013
	 	09 Int.-Parts for plasma cutting machines,
namely, tips, nozzles, electrodes and gas
distributors; and welding tips and nozzles
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06019

	 	CUTSKILL
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	75/447,580	 	 	 	2,350,680	 	 	16-May-2000
	 	Registered
	 	16-May-2020
	 	09 Int.-Parts for plasma cutting machines,
namely, tips, nozzles, electrodes and other
consumable parts consisting of gas
distributors and O-rings
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Design Only
	 	Korea, Republic of
	 	Thermal Dynamics

Corporation
	 	 	40-1984-0013066	 	 	 	40-1984-0013066	 	 	27-Aug-1984
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06026

	 	DRAG-GUN
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	75/428,212	 	 	 	2,322,300	 	 	22-Feb-2000
	 	Registered
	 	22-Feb-2020
	 	09 Int.-Welding equipment, namely, portable
plasma cutter with a built-in air compressor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06033

	 	MAXIMIZER 
	 	Canada
	 	Thermal Dynamics

Corporation
	 	 	831898	 	 	TMA 501654
	 	2-Oct-1998
	 	Registered
	 	2-Oct-2013
	 	99 Canada-Plasma arc cutting machines and
parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06031

	 	MAXIMIZER 
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	283390	 	 	 	540070	 	 	27-Jan-1997
	 	Registered
	 	7-Jan-2017
	 	09 Int.-Plasma arc cutting machines and
parts therefor; electric arc welding
machines and parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06036

	 	MAXIMUM LIFE
	 	Canada
	 	Thermal Dynamics

Corporation
	 	 	831897	 	 	TMA 501220
	 	25-Sep-1998
	 	Registered
	 	25-Sep-2013
	 	99 Canada-Consumable electrodes and tips for
use with plasma cutting
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06034

	 	MAXIMUM LIFE
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	283387	 	 	 	540067	 	 	27-Jan-1997
	 	Registered
	 	7-Jan-2017
	 	09 Int.-Consumable electrodes and tips for
use with plasma cutting torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06037

	 	MERLIN
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	74/304,895	 	 	 	1,764,303	 	 	13-Apr-1993
	 	Registered
	 	13-Apr-2013
	 	09 Int.-Plasma cutting system comprised of a
portable power supply, torch and leads
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06039

	 	MISCELLAN EOUS

DESIGN (Handle)
	 	Brazil
	 	Thermal Dynamics

Corporation
	 	 	825421608	 	 	 	825421608	 	 	11-Dec-2007
	 	Registered
	 	11-Dec-2017
	 	07 Int.-Plasma arc torches and parts therefor

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-06038

	 	MISCELLAN EOUS

DESIGN (HANDLE)
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	591449	 	 	 	884224	 	 	30-May-2005
	 	Registered
	 	7-Mar-2013
	 	07 Int.-Plasma arc torches and parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06043

	 	PAK
	 	Australia
	 	Thermal Dynamics

Corporation
	 	 	413808	 	 	 	A 413808	 	 	20-Oct-1984
	 	Registered
	 	20-Aug-2015
	 	07 Int.-Plasma cutting equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06044

	 	PAK
	 	France
	 	Thermal Dynamics

Corporation
	 	 	712622	 	 	 	1279989	 	 	12-Aug-1994
	 	Registered
	 	23-Aug-2014
	 	09 Int.-Plasma cutting equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06045

	 	PAK
	 	Germany
	 	Thermal Dynamics

Corporation
	 	T 23714/9 Wz
	 	 	1077331	 	 	22-May-1985
	 	Registered
	 	18-Aug-2014
	 	09 Int.-Electric and electronic apparatus
and equipment for cutting of metal, namely
blood plasma electric arc apparatus and
equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06047

	 	PAK
	 	Italy
	 	Thermal Dynamics

Corporation
	 	RM/2004/491 4
	 	 	1096928	 	 	25-Feb-2008
	 	Registered
	 	31-Aug-2014
	 	09 Int.-Scientific, nautical, surveying,
electric, photographic, cinematographic,
optical, weighing, measuring, signalling,
checking (supervision), life-saving and
teaching apparatus and instruments;
apparatus for recording, transmission or
reproduction of sound or images; magnetic
data carriers, recording discs; automatic
vending machines and mechanisms for
coin-operated apparatus; cash registers;
calculating machines and data processing
equipment; fire extinguishing apparatus

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-06048

	 	PAK
	 	South Africa
	 	Thermal Dynamics

Corporation
	 	 	84/7369	 	 	 	84/7369	 	 	13-Oct-1986
	 	Registered
	 	20-Aug-2014
	 	09 Int.-Scientific,
nautical,
surveying,
electronic and
electrical
apparatus,
instruments and
equipment including
plasma cutting
equipment,
photographic,
cinematographic,
optical, weighing,
measuring,
signaling, checking
(supervision),
life-saving and
teaching apparatus
and instruments;
apparatus for
recording,
transmission or
reproduction of
sound or images;
magnetic data
carriers, recording
discs; automatic
vending machines
and mechanisms for
coin-operated
apparatus; cash
registers,
calculating
machines and data
processing
equipment;
fire-extinguishing
apparatus; parts,
accessories and
components for the
aforegoing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06049

	 	PAK
	 	Taiwan
	 	Thermal Dynamics

Corporation
	 	(73) 41532
	 	 	272528	 	 	1-Feb-1985
	 	Registered
	 	31-Jan-2015
	 	92 National-Plasma
cutting device and
parts thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06046

	 	PAK
	 	United Kingdom
	 	Thermal Dynamics

Corporation
	 	 	1226062	 	 	 	1226062	 	 	10-Apr-1990
	 	Registered
	 	7-Sep-2015
	 	09 Int.-Electric
welding and cutting
apparatus; parts
and fittings for
all the aforesaid
goods, all included
in Class 9, but not
including any such
goods for sale in
pack form
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06042

	 	PAK
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	73/429,779	 	 	 	1,301,356	 	 	23-Oct-1984
	 	Registered
	 	23-Oct-2014
	 	09 Int.-Plasma
cutting equipment,
namely, plasma-arc
cutters
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06050

	 	PAKMASTER (And
Design)
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	74/356,861	 	 	 	1,870,389	 	 	27-Dec-1994
	 	Registered
	 	27-Dec-2014
	 	09 Int.-Plasma
cutting system,
comprised of a
portable power
supply, torch and
leads

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	 

	 	POWERLITE
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	282235	 	 	 	282235	 	 	13-Dec-1996
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05014

	 	PRO-LITE
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	283388	 	 	 	540068	 	 	27-Jan-1997
	 	Registered
	 	7-Jan-2017
	 	09 Int.-Electric arc welding machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	PRO-PLUS
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	273960	 	 	 	273960	 	 	12-September-1998
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05017

	 	P-WEE
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	283389	 	 	 	540069	 	 	27-Jan-1997
	 	Registered
	 	7-Jan-2017
	 	09 Int.-Electric arc welding machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06053

	 	RPT
	 	Australia
	 	Thermal Dynamics

Corporation
	 	 	945615	 	 	 	945615	 	 	3-Mar-2003
	 	Registered
	 	3-Mar-2013
	 	07 Int.-Plasma arc torches and parts
therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	RPT
	 	Brazil
	 	Thermal Dynamics

Corporation
	 	 	825347696	 	 	 	825347696	 	 	6-March-2003
	 	Pending	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06055

	 	RPT
	 	Canada
	 	Thermal Dynamics

Corporation
	 	 	1170213	 	 	TMA628696
	 	20-Dec-2004
	 	Registered
	 	20-Dec-2019
	 	99 Canada-Plasma cutting equipment,
namely plasma cutting torches and
replacement parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06056

	 	RPT
	 	European Community
	 	Thermal Dynamics

Corporation
	 	 	3084514	 	 	 	3084514	 	 	8-Nov-2004
	 	Registered
	 	3-Mar-2013
	 	07 Int.-Plasma arc torches and parts
therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06057

	 	RPT
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	590981	 	 	 	822923	 	 	27-Feb-2004
	 	Registered
	 	5-Mar-2013
	 	07 Int.-Plasma arc torches and parts
therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06052

	 	RPT
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	78/161,408	 	 	 	2,831,855	 	 	13-Apr-2004
	 	Registered
	 	13-Apr-2014
	 	07 Int.-Plasma arc cutting torches
and parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06058

	 	SIGNATURE
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	74/403,057	 	 	 	1,860,261	 	 	25-Oct-1994
	 	Registered
	 	25-Oct-2014
	 	07 Int.-Plasma arc metal cutting
system comprised of a portable power
supply, torch and leads

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-06060

	 	SL100
	 	Australia
	 	Thermal Dynamics

Corporation
	 	 	939971	 	 	 	939971	 	 	13-Jan-2003
	 	Registered
	 	13-Jan-2013
	 	07 Int.-Plasma cutting equipment.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06061

	 	SL100
	 	Brazil
	 	Thermal Dynamics

Corporation
	 	 	825224349	 	 	 	825224349	 	 	11-Mar-2008
	 	Registered
	 	11-Mar-2018
	 	07 Int.-Plasma cutting equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06062

	 	SL100
	 	Canada
	 	Thermal Dynamics

Corporation
	 	 	1164564	 	 	TMA621480
	 	4-Oct-2004
	 	Registered
	 	4-Oct-2019
	 	99 Canada-Plasma cutting
equipment, namely plasma cutting
torches and replacement parts
therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06063

	 	SL100
	 	European Community
	 	Thermal Dynamics

Corporation
	 	 	3006582	 	 	 	3006582	 	 	20-Nov-2003
	 	Registered
	 	10-Jan-2013
	 	07 Int.-Machines and machine
tools; cutters and cutting
machines; cutting blowpipes, gas
operated; plasma cutting
equipment; parts and fittings
for all the aforesaid goods; 08
Int.-Hand tools and implements
(hand operated); cutters,
cutting tools (hand tools);
parts and fittings for all the
aforesaid goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	SL100
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	583350	 	 	 	583350	 	 	13-Jan-2003
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06059

	 	SL100
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	78/143,551	 	 	 	2,797,522	 	 	23-Dec-2003
	 	Registered
	 	23-Dec-2013
	 	07 Int.-Plasma cutting
equipment, namely, plasma
cutting torches and replacement
parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06065

	 	SL60
	 	Australia
	 	Thermal Dynamics

Corporation
	 	 	939973	 	 	 	939973	 	 	13-Jan-2003
	 	Registered
	 	13-Jan-2013
	 	07 Int.-Plasma cutting equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06066

	 	SL60
	 	Brazil
	 	Thermal Dynamics

Corporation
	 	 	825224330	 	 	 	825224330	 	 	11-Mar-2008
	 	Registered
	 	11-Mar-2018
	 	07 Int.-Plasma cutting equipment

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-06067

	 	SL60
	 	Canada
	 	Thermal Dynamics

Corporation
	 	 	1164563	 	 	TMA6501122
	 	11-Oct-2005
	 	Registered
	 	11-Oct-2020
	 	99 Canada-Plasma cutting
equipment, namely plasma cutting
torches and replacement parts
therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06068

	 	SL60
	 	European

Community
	 	Thermal Dynamics

Corporation
	 	 	3006541	 	 	 	3006541	 	 	8-Nov-2004
	 	Registered
	 	10-Jan-2013
	 	07 Int.-Machines and machine
tools; cutters and cutting
machines; cutting blowpipes, gas
operated; plasma cutting
equipment; parts and fittings
for all the aforesaid goods; 08
Int.-Hand tools and implements
(hand operated); cutters,
cutting tools (hand tools);
parts and fittings for all the
aforesaid goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06069

	 	SL60
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	583349	 	 	 	874609	 	 	31-Mar-2005
	 	Registered
	 	13-Jan-2013
	 	07 Int.-Plasma cutting equipment.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06064

	 	SL60
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	78/143,541	 	 	 	2,895,099	 	 	19-Oct-2004
	 	Registered
	 	19-Oct-2014
	 	07 Int.-Plasma cutting
equipment, namely, plasma
cutting torches and replacement
parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	SMART LOGIC
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	295542	 	 	 	295542	 	 	20-May-1997
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06070

	 	SMART TORCH
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	74/152,558	 	 	 	1,726,644	 	 	20-Oct-1992
	 	Registered
	 	20-Oct-2012
	 	09 Int.-Plasma arc torch leads
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07102

	 	SPEEDLOK
	 	European

Community
	 	Thermal Dynamics

Corporation
	 	 	005969308	 	 	 	005969308	 	 	17-Apr-2008
	 	Registered
	 	22-May-2017
	 	09 Int.-Metal cutting and
welding equipment, namely,
plasma-arc cutters and welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06071

	 	SPEEDLOK
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	77/176,525	 	 	 	 	 	 	 	 	Pending
	 	 	 	09 Int.-Electric plasma-arc
cutters and welders

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-06072

	 	SQUARE CUT (AND

DESIGN)
	 	Canada
	 	Thermal Dynamics

Corporation
	 	 	1005413	 	 	TMA 535326
	 	23-Oct-2000
	 	Registered
	 	23-Oct-2015
	 	99 Canada-Plasma arc cutting machines
which include a power source, torch
and torch position controller; plasma
arc cutting torch and consumable parts
therefor, namely tips and electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06074

	 	STAK PAK
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	78/195,459	 	 	 	2,937,662	 	 	5-Apr-2005
	 	Registered
	 	5-Apr-2015
	 	07 Int.-Plasma arc cutting torch
parts, namely, gas distributors, tips
and shield cups; 09 Int.-Electrodes
for plasma arc cutting torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06077

	 	SURELOK
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	76/235,913	 	 	 	2,573,392	 	 	28-May-2002
	 	Registered
	 	28-May-2012
	 	09 Int.-Plasma cutting torches and
parts for plasma cutting torches,
namely, electrodes, tips, gas
distributors, shield cups, O-rings,
coil springs and stand-off cutting
guides
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08086

	 	TD (And Design)
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	78/371,444	 	 	 	2,957,159	 	 	31-May-2005
	 	Registered
	 	31-May-2015
	 	07 Int.-Shield cups for cutting torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06079

	 	TD (And Design)
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	74/586,746	 	 	 	1,927,993	 	 	17-Oct-1995
	 	Registered
	 	17-Oct-2015
	 	09 Int.-Replacement parts for plasma
cutting and welding torches, namely
electrodes and tips
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04058

	 	THERMADYNE
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	73/751,918	 	 	 	1,585,307	 	 	6-Mar-1990
	 	Registered
	 	6-Mar-2020
	 	07 Int.-Machine plasma arc torches for
remote control cutting of metals;
machine torches for the cutting of
metals; motorized hand torches for the
welding and cutting of metals; and
parts therefore
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05019

	 	THERMAL ARC
	 	Australia
	 	Thermal Dynamics

Corporation
	 	 	384342	 	 	 	B 384342	 	 	24-Nov-1982
	 	Registered
	 	24-Nov-2013
	 	09 Int.-Plasma-arc cutting and welding
equipment, parts and accessories
therefor

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08089

	 	THERMAL ARC
	 	China (People’s
Republic)
	 	Thermal Dynamics

Corporation
	 	 	4061866	 	 	 	4061866	 	 	21-Aug-2006
	 	Registered
	 	20-Aug-2016
	 	09 Int.-Plasma-arc
cutting equipment;
plasma-arc welding
equipment;
plasma-arc cutting
torches; plasma-arc
welding torches;
plasma-arc cutting
tips; plasma-arc
welding tips;
plasma-arc cutting
electrodes;
plasma-arc welding
electrodes;
plasma-arc cut
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06081

	 	THERMAL ARC
	 	France
	 	Thermal Dynamics

Corporation
	 	 	711141	 	 	 	1296407	 	 	6-Jul-1994
	 	Registered
	 	2-Aug-2014
	 	08 Int.-Scientific,
nautical,
surveying,
electric,
photographic,
cinematographic,
optical, weighing,
measuring,
signalling,
checking
(supervision),
life-saving and
teaching apparatus
and instruments;
apparatus for
recording,
transmission or
reproduction of
sound or images;
magnetic data
carriers, recording
discs; automatic
vending machines
and mechanisms for
coin-operated
apparatus; cash
registers,
calculating
machines and data
processing
equipment;
fire-extinguishing
apparatus; test
equipment, namely,
electrical gauges,
vacuum equipment
associated with
wind tunnels,
expandable torch
nozzles,
positioners for
test models, and
temperature and
pressure recording
devices; 09 Int.-

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-05022

	 	THERMAL ARC
	 	Italy
	 	Thermal Dynamics

Corporation
	 	 	35205C/84	 	 	 	688649	 	 	19-Jan-1987
	 	Registered
	 	31-Jul-2014
	 	09 Int.-Scientific,
nautical,
surveying,
electric,
photographic,
cinematographic,
optical, weighing,
measuring,
signalling,
checking
(supervision),
life-saving and
teaching apparatus
and instruments;
apparatus for
recording,
transmission or
reproduction of
sound or images,
magnetic data
carriers, recording
discs; automatic
vending machines
and mechanisms for
coin-operated
apparatus; cash
registers,
calculating
machines and data
processing
equipment;
fire-extinguishing
apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05027

	 	THERMAL ARC (AND

DESIGN)
	 	Canada
	 	Thermal Dynamics

Corporation
	 	 	696208	 	 	TMA415693
	 	20-Aug-1993
	 	Registered
	 	20-Aug-2023
	 	99 Canada-Plasma
arc cutting and
welding equipment
namely inverter
arc-welding power
supplies, control
units, and gas and
electrical
conducting hose
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08092

	 	THERMAL ARC (AND

DESIGN)
	 	China (People’s
Republic)
	 	Thermal Dynamics

Corporation
	 	 	 	 	 	 	3426130	 	 	14-Jul-2004
	 	Registered
	 	13-Jul-2014
	 	09
Int.-Electric-arc
cutting equipments;
electric-arc
cutting apparatus;
electric-arc
welding apparatus;
welding apparatus
(electric-arc);
welding electrodes;
electric welding
equipments;
electric welding
apparatus; electric
welding iron;
surveying apparatus
and instruments
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06082

	 	THERMAL ARC (AND

DESIGN)
	 	Korea, Republic of
	 	Thermal Dynamics

Corporation
	 	 	84/13066	 	 	 	116836	 	 	16-Sep-1985
	 	Registered
	 	16-Sep-2015
	 	09 Int.-Plasma arc
welding apparatus,
plasma arc cutting
apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06084

	 	THERMAL DYNAMICS
	 	Brazil
	 	Thermal Dynamics

Corporation
	 	 	821464841	 	 	 	821464841	 	 	12-Aug-2003
	 	Registered
	 	12-Aug-2013
	 	35 Int.-Import,
export, trade,
distribution and
representation
services for
welding products
and metallic
coatings

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-06086

	 	THERMAL DYNAMICS
	 	Chile
	 	Thermal Dynamics

Corporation
	 	 	473489	 	 	 	786209	 	 	3-May-2007
	 	Registered
	 	3-May-2017
	 	09 Int.-Plasma arc
cutting systems;
plasma arc cutting
and welding
equipment and parts
and accessories
therefor; electric
welding equipment
and parts and
accessories
therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07116

	 	THERMAL DYNAMICS
	 	China (People’s
Republic)
	 	Thermal Dynamics

Corporation
	 	 	200433086	 	 	 	3692213	 	 	20-Mar-2008
	 	Registered
	 	20-Mar-2018
	 	09
Int.-Electric-arc
cutting equipments;
electric-arc
cutting apparatus;
electric arc
welding apparatus;
welding apparatus
(electric-arc);
welding electrodes;
electric welding
apparatus; electric
welding equipments;
electric welding
iron; electric
welding apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04066

	 	THERMAL DYNAMICS
	 	India
	 	Thermal Dynamics

Corporation
	 	 	01386743	 	 	 	1386743	 	 	27-Oct-2008
	 	Registered
	 	22-Sep-2015
	 	09 Int.-Metal
cutting and welding
equipment, namely,
plasma arc cutting
and welding torches
and accessories
therefor, power
supplies for plasma
arc torches,
electrodes for
plasma arc cutting
and welding torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06085

	 	THERMAL DYNAMICS
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	204344	 	 	 	469085	 	 	8-Aug-1994
	 	Registered
	 	5-Jul-2014
	 	09 Int.-Scientific,
nautical, geodesic,
electrical,
photographic,
cinematographic,
optical, weighing,
measuring,
signalling
(beacons), control
(inspection),
assistance
(rescue), and
teaching
instruments and
devices; register,
transmission, and
sound or images
reproduction
devices; magnetic
register supports,
acoustical discs;
automatic
distributors and
mechanisms for
prepaid devices;
cash registers,
calculators,
equipment for the
information
treatment (data
processors) and
computers;
extinguishers

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-06088

	 	THERMAL DYNAMICS

(And Design)
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	208545	 	 	 	477871	 	 	16-Aug-1994
	 	Registered
	 	16-Aug-2014
	 	09 Int.-Metal
cutting and welding
equipment, namely,
plasma arc cutters
and welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06087

	 	THERMAL DYNAMICS

(And Design)
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	73/429,780	 	 	 	1,316,659	 	 	29-Jan-1985
	 	Registered
	 	29-Jan-2015	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05033

	 	ULTIMA
	 	Mexico
	 	Thermal Dynamics

Corporation
	 	 	257225	 	 	 	614303	 	 	4-Oct-1999
	 	Registered
	 	15-Mar-2016
	 	07
Int.-Self-contained
plasma welding unit
including a welding
power source,
plasma console, and
recirculator;
self-contained
plasma welding unit
including a welding
power source,
plasma console and
recirculator, and
torch
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06090

	 	ULTRA-CUT
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	78/260,038	 	 	 	2,995,804	 	 	13-Sep-2005
	 	Registered
	 	13-Sep-2015
	 	07 Int.-Plasma arc
cutting torches and
related parts
therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06091

	 	WMS
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	75/364,258	 	 	 	2,388,995	 	 	26-Sep-2000
	 	Registered
	 	26-Sep-2010
	 	09 Int.-Automated
plasma arc cutting
system comprising a
solenoid, water
meter, and hose for
distributing a
water mist over a
workpiece being cut
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06092

	 	XTREMELIFE 
	 	European Community
	 	Thermal Dynamics

Corporation
	 	 	005969316	 	 	 	005969316	 	 	25-Apr-2008
	 	Registered
	 	22-May-2017
	 	09 Int.-Metal
cutting and welding
equipment, namely,
plasma-arc cutters
and welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07161

	 	XTREMELIFE
	 	United States of
America
	 	Thermal Dynamics

Corporation
	 	 	77/176,519	 	 	 	 	 	 	 	 	Pending
	 	 	 	09 Int.-Electric
plasma-arc cutters
and welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07012

	 	ARCAIR
	 	Argentina
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	1919901	 	 	 	1997736	 	 	31-May-1994
	 	Registered
	 	8-Nov-2014
	 	09 Int.-Electric
arc devices for
excavating and
cutting and parts
and electrodes for
such devices
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07020

	 	ARCAIR
	 	Austria
	 	Tweco Products,
Inc. (Victor
Equipment
Company)
	 	 	 	 	 	 	54735	 	 	21-May-1965
	 	Registered
	 	31-May-2015
	 	23 Int.-Electric
arc gouging and
cutting torches and
parts and
electrodes therefor

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07027

	 	ARCAIR
	 	Benelux
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	553013	 	 	 	0070301	 	 	12-Sep-1973
	 	Registered
	 	22-Oct-2016
	 	08 Int.-Electric
welding apparatus
incorporating
nozzle heads,
electrodes, cutting
and gouging
apparatus employing
electrodes, gas-jet
nozzle heads, all
for use in the
working of metals
and parts of all
the aforementioned
goods; 09 Int.-
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07032

	 	ARCAIR
	 	Brazil
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	821464825	 	 	 	821464825	 	 	1-Apr-2003
	 	Registered
	 	1-Apr-2013
	 	35 Int.-Import,
export, trade,
distribution,
promotion and
representation
services for
welding products
and metallic
coatings
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07023

	 	ARCAIR
	 	Brazil
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	 	 	 	 	003271900	 	 	23-Mar-1966
	 	Registered
	 	23-Mar-2016
	 	09 Int.-Apparatus
for production,
distribution and
conversion of
electric energy;
apparatus and
instrument parts
and components
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07017

	 	ARCAIR
	 	Canada
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	223317	 	 	UCA 49029
	 	6-Feb-1954
	 	Registered
	 	6-Feb-2014
	 	99 Canada-Electric
arc gouging and
cutting torches and
parts and
electrodes for such
torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07039

	 	ARCAIR
	 	Chile
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	539134	 	 	 	610415	 	 	27-Nov-2001
	 	Registered
	 	27-Nov-2011
	 	35 Int.-Importation
and exportation of
all kind of
articles and
products with
representation, in
the Metropolitan
Area of Santiago

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07047

	 	ARCAIR
	 	China (People’s
Republic)
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	200433169	 	 	 	3692215	 	 	21-Apr-2005
	 	Registered
	 	20-Apr-2015
	 	09
Int.-Electric-arc
cutting equipments;
electric-arc
cutting apparatus;
electric-arc
welding apparatus;
welding apparatus
(electric-arc);
welding electrodes;
electric welding
apparatus; electric
welding equipments;
electric welding
apparatus; welding
iron
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07019

	 	ARCAIR
	 	Denmark
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	VA 1964 03580
	 	VR 1965 01307
	 	15-May-1965
	 	Registered
	 	15-May-2015
	 	09 Int.-Electric
arc cutting torches
and parts and
electrodes for such
torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07031

	 	ARCAIR
	 	Finland
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	 	 	 	 	31607	 	 	16-Sep-1957
	 	Registered
	 	16-Sep-2017
	 	07 Int.-Cutting and
gouging apparatus
with electrodes and
gas-jet nozzle
heads and parts
thereof for use in
the working of
metals; 09
Int.-Electric
welding apparatus
including gas-jet
nozzle heads and
parts thereof for
use in the working
of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07025

	 	ARCAIR
	 	France
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	306270	 	 	 	1691026	 	 	3-Sep-1991
	 	Registered
	 	3-Sep-2011
	 	07 Int.-.; 09
Int.-Apparatus for
soldering and
cutting and metal
work in general, in
particular
electrical
soldering parts and
comprising possible
electrode parts and
the electrodes,
electric cutting
and welding
apparatus, the
jet-gas nozzles and
the separate parts
for all of the
above indicated
apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07026

	 	ARCAIR
	 	Germany
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	 	 	 	 	713105	 	 	21-Apr-1958
	 	Registered
	 	11-Sep-2016
	 	23 Int.-Electrical
welding apparatus
with (jet/nozzle)
heads and
electrodes; cutting
apparatus,
slot/groove
apparatus and
milling apparatus
with electrodes and
gas-jet nozzles, as
well as the parts,
altogether for
metal working
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07043

	 	ARCAIR
	 	Hong Kong
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	2320/82
	 	19841119AA
	 	29-May-1984
	 	Registered
	 	18-Aug-2013
	 	07 Int.-Cutting and
gouging torch
machines,
underwater cutting
and welding torches
other than electric
torches, portable
machines for
positioning and
moving a cutting or
welding torch along
a fixed path,
automatic cutting
and gouging torch
machines, automatic
metal removal
systems consisting
of a cutting and
gouging torch,
mechanical
structure for
moving torch along
a fixed patch and
controls for
controlling
movement of the
torch along a fixed
path; and parts and
fittings for all
aforesaid goods; 09
Int.-Electric arc
cutting and gouging
torches, electrodes
for use in the air
carbon-arc cutting
and gouging
process, underwater
electric cutting
and welding
torches, underwater
cutting and welding
electrodes,
automatic electric
cutting and gouging
torches, and parts
and fittings for
all the aforesaid
goods

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-06008

	 	ARCAIR
	 	India
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	 	01386741	 	 	 	1386741	 	 	25-Jan-2008
	 	Registered
	 	22-Sep-2015
	 	01 Int.-Chemical
composition to be
applied to a metal
surface preventing
adherence of slag
or metal spatter
during cutting,
gouging or welding
operations,
preventing scaling
of metal surfaces
during heat
treating or stress
relieving
treatment, and
improving arc
stability and
preventing
excessive spatter
loss during arc
welding operations;
09 Int.-Electric
arc gouging and
cutting torches and
parts and
electrodes for such
torches; automatic
cutting and gouging
torches and parts
and electrodes for
such torches;
underwater cutting
and welding torches
and parts and
electrodes for such
torches; portable
machines for
positioning and
moving a cutting or
welding torch along
a fixed path; and
power supplies for
cutting, gouging
and welding torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07022

	 	ARCAIR
	 	Indonesia
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	

	D00-2001-27954	

	 	 	525331	 	 	18-Dec-2002
	 	Registered
	 	19-Dec-2011
	 	08 Int.-Power
generated cutting,
welding and gouging
torches parts
(including gouging
and welding
electrodes and
cutting rods, and
fittings for all of
the aforesaid goods

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07015

	 	ARCAIR
	 	Italy
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	 	18801 C/87	 	 	 	499484	 	 	8-Nov-1988
	 	Registered
	 	31-Mar-2017
	 	09 Int.-Chemical
composition to be
applied to a metal
surface preventing
adherence of slag
or metal spatter
during cutting,
gouging or welding
operations,
preventing scaling
of metal surfaces
during heat
treating or stress
relieving
treatment, and
improving arc
stability and
preventing
excessive spatter
loss during arc
welding operations;
chemical products
used in industry
and science;
artificial and
synthetic resins;
plastics in the
form of powders,
liquids or pastes;
tempering
substances and
chemical
preparations for
soldering; adhesive
substances used in
industry; tools for
pose weld cleaning
comprising air or
electrical actuated
grinding tools,
chipping hammers
and needle scalers,
machines and
machines tools;
timers for electric
arc welding,
protective eye
shields and
protective welding
goggles; electric
cutting and gouging
torches and parts
therefor,
electrodes, for use
in the air-carbon
arc cutting and
gouging process,
underwater cutting
and welding torches
and parts therefor,
underwater cutting
and welding
electrodes,
portable machines
for positioning and
moving a cutting or
welding torch along
a fixed path,
automatic metal
removal systems
consisting of an
air-carbon cutting
and gouging torch,
and mechanical
structure for
moving the torch
along the fixed
path; protective
clothing consisting
of protective caps,
scientific and
electrical
apparatus and
instruments;
weighing,
measuring,
signalling,
checking,
life-saving and
teaching apparatus
and containers
therefore to
protect eyes and
operators,
protective glasses
and their cases

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07041

	 	ARCAIR
	 	Korea,

Republic of
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company).
	 	 	82-9144	 	 	 	90630	 	 	6-May-1983
	 	Registered
	 	6-May-2013
	 	07 Int.-Electric
arc cutting and
gouging torches,
underwater cutting
and welding
torches, automatic
cutting and gouging
torches; 09
Int.-Electrodes for
u se in the air
carbon arc cutting
and gouging
process, underwater
and welding
electrodes,
automatic metal
removal, portable
machines for
positioning and
moving a cutting or
welding torch along
a fixed path
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07028

	 	ARCAIR
	 	Norway
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	 	 	 	 	 	49495	 	 	26-Oct-1956
	 	Registered
	 	26-Oct-2016
	 	09 Int.-Electrical
welding apparatus,
including nozzle
heads, electrodes,
cutting and gouging
apparatus with
electrodes, nozzle
heads for gas rays,
all for use in the
processing of
metals and parts of
these goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07021

	 	ARCAIR
	 	Portugal
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	 	 	 	 	 	127000	 	 	18-Oct-1965
	 	Registered
	 	18-Oct-2015
	 	09 Int.-Electric
arc welding torches
for cutting and
chiselling,
fittings and
electrodes
therefore
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07044

	 	ARCAIR
	 	Singapore
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	 	4414/82	 	 	 	T82/04414A	 	 	23-Aug-1982
	 	Registered
	 	23-Aug-2013
	 	07 Int.-Power
operated cutting
and gouging tools;
parts and fittings
included in Class 7
for all the
aforesaid goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07045

	 	ARCAIR
	 	Singapore
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	 	4415/82	 	 	 	T82/04415Z	 	 	23-Aug-1982
	 	Registered
	 	23-Aug-2013
	 	09 Int.-Electric
welding apparatus;
electric arc
cutting apparatus
and electric arc
welding apparatus;
and parts and
fittings for all
the aforesaid goods

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07030

	 	ARCAIR
	 	Sweden
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	 	 	 	 	 	83015	 	 	12-Jul-1957
	 	Registered
	 	12-Jul-2017
	 	07 Int.-Cutting and
chipping apparatus
and parts thereof;
09 Int.-Electrical
welding apparatus
and cutting
apparatus
(utilizing
electrical arc) and
parts thereof;
electrodes; 11
Int.-Gas discharge
nozzles
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07016

	 	ARCAIR
	 	Switzerland
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	 	 	 	 	 	336992	 	 	25-Feb-1985
	 	Registered
	 	30-Nov-2014
	 	07 Int.-Electrical
arc electro-erosion
device and arc
cutting device and
parts thereof, as
well as electrodes
for such devices;
09 Int.-
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07040

	 	ARCAIR
	 	Taiwan
	 	Tweco 
Products, Inc.
(Victor 

Equipment 

Company)
	 	 	7127733	 	 	 	205280	 	 	16-Feb-1983
	 	Registered
	 	15-Feb-2013
	 	95
National-Coolers,
heaters,
ventilators,
control panel and
controls for
controlling
movements of a
cutting, welding or
gouging torch along
a fixed path, power
supplies and
conductors, control
panels and
automatic
controllers, remote
controls, meter
replays and
connectors
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07014

	 	ARCAIR
	 	Taiwan
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	 	72 003256	 	 	 	252570	 	 	1-Aug-1994
	 	Registered
	 	31-Jul-2014
	 	92
National-Torches,
tractors, machine
carriages and
gouging machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07046

	 	ARCAIR
	 	United Arab

Emirates
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	 	19248	 	 	 	23120	 	 	19-Jan-2000
	 	Registered
	 	6-Nov-2016
	 	09 Int.-Electrical
arc cutting and
gouging torches and
parts and
electrodes thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07042

	 	ARCAIR
	 	United

Kingdom
	 	Tweco 

Products, Inc.

(Victor 

Equipment 

Company)
	 	 	 	 	 	 	730499	 	 	21-May-1954
	 	Registered
	 	21-May-2013
	 	07 Int.-Cutting and
gouging apparatus
employing
electrodes and gas
jet nozzle heads
for use in the
working of metals
and parts thereof

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07024

	 	ARCAIR
	 	Venezuela
	 	Tweco
Products, Inc. (Victor
Equipment Company)
	 	 	2406-60	 	 	 	F 041002	 	 	23-Jan-1962
	 	Registered
	 	23-Jan-2017
	 	09 Int.-Electrical apparatus,
machines and accessories, especially electric arc
gouging and cutting torches and parts and
electrodes for such torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07049

	 	ARCAIR-

MATIC
	 	Canada
	 	Tweco
Products, Inc. (Victor
Equipment Company)
	 	 	463797	 	 	TMA 267212
	 	12-Mar-1982
	 	Registered
	 	12-Mar-2012
	 	99 Canada-Continuous electrode
feed air-carbon arc cutting and gouging torches and
accessories therefor, namely, electrodes, power
supplies, contactors, meter relays, control panels,
carriages, track mounting magnets, track mounting
suction cups, remote control boxes and box covers
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07055

	 	CABLEHOZ
	 	Taiwan
	 	Tweco
Products, Inc. (Victor
Equipment Company)
	 	 	73 04938	 	 	 	281997	 	 	1-May-1985
	 	Registered
	 	30-Apr-2015
	 	61 National-Metals, semi-manufactured products of metals, including gas
conducting metal hose and metal pipes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07056

	 	CABLEHOZ
	 	Taiwan
	 	Tweco
Products, Inc. (Victor
Equipment Company)
	 	 	73 49037	 	 	 	282710	 	 	1-May-1985
	 	Registered
	 	30-Apr-2015
	 	00 National-Class 100 — Electric
wires and cables including combination electric
cable
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07054

	 	CABLEHOZ
	 	United

Kingdom
	 	Tweco
Products, Inc. (Victor
Equipment Company)
	 	 	1224984	 	 	 	B 1224984	 	 	30-Dec-1988
	 	Registered
	 	17-Aug-2015
	 	09 Int.-Electric welding apparatus
and instruments (other than machines); holders
adapted for electrodes; electric cables; electrical
connectors for cables; parts and fittings for all
the aforesaid goods; all included in Class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07062

	 	CIRCLE T

DESIGN
	 	Brazil
	 	Tweco
Products, Inc. (Victor
Equipment Company)
	 	 	811763447	 	 	 	811763447	 	 	11-Mar-
1986
	 	Registered
	 	11-Mar-2016
	 	09 Int.-Welding equipment, namely,
welding guns, electrode holders, cable connectors
and coolable cable and gas conducting hose for use
with electric welding equipment

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07059

	 	CIRCLE T DESIGN
	 	Canada
	 	Tweco Products, Inc.
(Victor Equipment
Company)
	 	 	551207	 	 	TMA324409
	 	6-Mar-1987
	 	Registered
	 	6-Mar-2017
	 	99 Canada-Electric welding
equipment, namely, welding
guns, electrode holders,
cable connectors and
coolable cable and gas
conducting hose for use with
electric welding equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07064

	 	CIRCLE T DESIGN
	 	Colombia
	 	Tweco Products, Inc.
(Victor Equipment
Company)
	 	 	235777	 	 	 	121091	 	 	4-Dec-1987
	 	Registered
	 	4-Dec-2012
	 	09 Int.-Electric welding
equipment, namely, welding
guns, electrode holders,
cable connectors and
coolable cabler and gas
conducting hose for use with
electric welding equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07063

	 	CIRCLE T DESIGN
	 	Japan
	 	Tweco Products, Inc.
(Victor Equipment
Company).
	 	 	93780/84	 	 	 	1951714	 	 	29-May-1987
	 	Registered
	 	29-May-2017
	 	07 Int.-Gas welding
machines, oxy-acetylene
welding and cutting
machines, electric welding
machines; 09 Int.-Electric
arc welding machines,
electric metal cutting
machines (by arc, gas or
plasma), electric welding
apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07065

	 	CLIMBER
	 	Canada
	 	Tweco Products, Inc.
(Victor Equipment
Company)
	 	 	463807	 	 	TMA 263652
	 	23-Oct-1981
	 	Registered
	 	23-Oct-2011
	 	99 Canada-Portable machine
for positioning and moving a
cutting or welding torch
along a fixed path
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07075

	 	PROTEX
	 	Canada
	 	Tweco Products, Inc.
(Victor Equipment
Company).
	 	 	463799	 	 	TMA 264053
	 	6-Nov-1981
	 	Registered
	 	6-Nov-2011
	 	99 Canada-Chemical
composition to be applied to
a metal surface preventing
adherence of slag or metal
spatter during cutting,
gouging, or welding
operations, preventing
scaling of metal surfaces
during heat treating or
stress relieving treatment,
and improving arc stability
and preventing excessive
spatter loss during arc
welding operations

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07076

	 	QRC
	 	Canada
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	800595	 	 	TMA 501316
	 	28-Sep-1998
	 	Registered
	 	28-Sep-2013
	 	99
Canada-Electrically
operated cleaning
station and printed
installation and
use instructions
sold as a unit for
use in cleaning
robotic welding
torch assemblies
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07077

	 	QRC
	 	Mexico
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	257227	 	 	 	530741	 	 	12-Sep-1996
	 	Registered
	 	15-Mar-2016
	 	09
Int.-Electrically
operated cleaning
station and printed
installation and
use instructions
sold as a unit for
use in cleaning
robotic welding
torch assemblies
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07079

	 	QRT
	 	Mexico
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	257226	 	 	 	528568	 	 	26-Aug-1996
	 	Registered
	 	15-Mar-2016
	 	07 Int.-Welding
torch tube, welding
torch body/cable
assembly, and
printed
installation and
use instructions
sold as a unit for
use in robotic
welding
applications
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07080

	 	QTR
	 	Canada
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	800594	 	 	TMA 475650
	 	5-May-1997
	 	Registered
	 	5-May-2012
	 	99 Canada-Welding
torch tube, welding
torch body/cable
assembly, and
printed
installation and
use instructions
sold as a unit for
use in robotic
welding
applications
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07085

	 	SEA

DRAGON

(AND

DESIGN)
	 	Canada
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	806771	 	 	TMA 4745554
	 	11-Apr-1997
	 	Registered
	 	11-Apr-
2012
	 	99 Canada-Exothermic
cutting rods for use in connection
with underwater
cutting torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07093

	 	SEA-PAK
	 	Canada
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	463808	 	 	TMA 262311
	 	11-Sep-1981
	 	Registered
	 	11-Sep-2011
	 	99 Canada-Support
systems consisting
of a heavy welded
frame containing a
rack for industrial
gas cylinders, gas
dispensing
manifold,
underwater cutting
torch and parts
thereof, a welding
power supply and
parts thereof, and
a tool box for
related hand tools
sold as a unit with
the above items,
all for underwater
cutting and welding

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-
07096

	 	SEA-WELD
	 	Canada
	 	Tweco
Products, Inc.
(Victor Equipment
Company)
	 	 	463806	 	 	TMA 261972
	 	28-Aug-1981
	 	Registered
	 	28-Aug-
2011
	 	99 Canada-Underwater welding

electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-
07098

	 	SEA-WELD

(AND DESIGN)
	 	Canada
	 	Tweco
Products, Inc.
(Victor Equipment
Company)
	 	 	463805	 	 	TMA 261971
	 	28-Aug-2011
	 	Registered
	 	28-Aug-
2011
	 	99 Canada-Underwater welding

electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-
07104

	 	SPRAY

MASTER
	 	Canada
	 	Tweco
Products, Inc.
(Victor Equipment
Company)
	 	 	1232914	 	 	TMA671224
	 	25-Aug-2006
	 	Registered
	 	25-Aug-
2021
	 	99 Canada-Metal inert gas (MIG)
electric arc welding guns for sue
primarily in the cutting and
welding of metals; and parts for
welding guns, namely, nozzles,
contact tips, diffusers, contact
conductor tubes and wire delivery
conduit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-
07105

	 	SPRAY

MASTER
	 	Mexico
	 	Tweco
Products, Inc.
(Victor Equipment
Company)
	 	 	694565	 	 	 	894841	 	 	17-Aug-2005
	 	Registered
	 	17-Dec-
2014
	 	09 Int.-MIG electric arc welding
guns for use primarily in the
cutting and welding of metals;
and parts for welding guns,
namely, nozzles, contact tips,
diffusers, contact conductor
tubes and wire conduit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-
07107

	 	SUPRA
	 	Canada
	 	Tweco
Products, Inc.
(Victor Equipment
Company)
	 	 	551209	 	 	TMA 322033
	 	26-Dec-1986
	 	Registered
	 	26-Dec-
2016
	 	99 Canada-Electric welding guns
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-
07112

	 	SUPRA
	 	Colombia
	 	Tweco
Products, Inc.
(Victor Equipment
Company)
	 	 	237740	 	 	 	117756	 	 	25-Aug-1987
	 	Registered
	 	25-Aug-
2012
	 	09 Int.-Electric welding apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-
07111

	 	SUPRA
	 	Singapore
	 	Tweco
Products, Inc.
(Victor Equipment Company) 
	 	 	S/4596/84	 	 	 	T84/04596Z	 	 	3-Sep-1984
	 	Registered
	 	3-Sep-
2011
	 	09 Int.-Electric welding guns

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07120

	 	TUFF COTE (And

Mermaid Design)
	 	Canada
	 	
Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	463796	 	 	TMA 278519
	 	8-Apr-1983
	 	Registered
	 	8-Apr-2013
	 	99 Canada-Underwater cutting electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07121

	 	TUFF COTE (And

Mermaid Design)
	 	Canada
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	463795	 	 	TMA 281547
	 	22-Jul-1983
	 	Registered
	 	22-Jul-2013
	 	99 Canada-Underwater cutting electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07139

	 	TWECO
	 	Brazil
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	821464833	 	 	 	821464833	 	 	1-Apr-2003
	 	Registered
	 	1-Apr-2013
	 	35 Int.-Import, export, trade,
distribution, promotion and
representation and representation
services for welding products and
metallic coatings
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07133

	 	TWECO
	 	Brazil
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	819347418	 	 	 	819347418	 	 	6-Apr-2004
	 	Registered
	 	6-Apr-2014
	 	09 Int.-Electric arc welding, cutting
and gouging equipment; electric arc
welding guns/torches; electric arc
gouging torches; cable splicer
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08113

	 	TWECO
	 	Brazil
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	200044206	 	 	 	200044206	 	 	6-Apr-2004
	 	Registered
	 	6-Apr-2014
	 	07 Int.-Underwater cutting torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07126

	 	TWECO
	 	Brazil
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	819347400	 	 	 	819347400	 	 	16-Mar-1999
	 	Registered
	 	16-Mar-2019
	 	09 Int.-Electrode holders; cable
connectors; ground clamps;
cable-terminal connectors; cable
terminals

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status 	 	Next Renewal Due	 	Class/Goods
	29264-07134

	 	TWECO
	 	Canada
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	551211	 	 	TMA324410
	 	6-Mar-1987
	 	Registered
	 	6-Mar-2017
	 	99 Canada-Welding equipment, namely, welding guns, welding electrode holders, ground clamps, cable connectors,
cable splicers, cable terminal connectors, and cable terminals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07144

	 	TWECO
	 	Colombia
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	236842	 	 	 	118834	 	 	14-Sep-1987
	 	Registered
	 	14-Sep-2012
	 	09 Int.-Scientific, nautical, surveying, electric photographic, cinematographic, optical, weighing, measuring,
signalling, checking (supervision), life-saving and teaching apparatus and instruments; apparatus for
recording, transmission or reproduction of sounds or images; magnetic data carriers, recording discs;
automatic vending machines and mechanisms for coin-operated apparatus; cash registers, calculating machines
and data processing equipment; fire extinguishing apparatus, especially welding equipment, namely, welding
guns, welding electrode holders, ground clamps, cable connectors, cable splicers, cable terminal connectors
and cable terminals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07127

	 	TWECO
	 	Egypt
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	64568	 	 	 	64568	 	 	13-Oct-1986
	 	Registered
	 	27-Aug-2014
	 	09 Int.-Welding equipment, namely, welding guns, welding electrode holders, cable connector, and cable terminal

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07132

	 	TWECO
	 	France
	 	Tweco Products,
Inc. (Victor
Equipment
Company)
	 	 	715085	 	 	 	1284430	 	 	25-Aug-1994
	 	Registered
	 	20-Sep-2014
	 	09 Int.-Scientific,
nautical,
surveying,
electric,
photographic,
cinematographic,
optical, weighing,
measuring,
signalling,
checking,
(supervision),
life-saving and
teaching apparatus
for recording,
transmission or
reproduction of
sound or images;
magnetic data
carriers, recording
discs; automatic
vending machines
and mechanisms for
coin-operated
apparatus; cash
registers,
calculating
machines and data
processing
equipment; fire
extinguishing
apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07128

	 	TWECO
	 	Germany
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	T23717/9	 	 	 	1098531	 	 	31-Oct-1986
	 	Registered
	 	31-Aug-2014
	 	09 Int.-Electrical
apparatus and
devices for welding
as well as parts
thereof with the
exception of cable
connectors, plugs
and terminals,
attachments for
electrical
apparatus and
devices for
welding, viz.
earthing devices;
nautical,
surveying,
photographic,
cinematographic,
optical, weighing,
signalling,
life-saving and
teaching apparatus
and instruments,
apparatus for
recording,
transmission or
reproduction of
sounds or images;
magnetic data
carriers, records,
automatic vending
machines and
mechanisms for
coin-operated
apparatus, cash
registers,
calculating
machines and data
processing
equipment, fire
extinguishing
apparatus

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07123

	 	TWECO
	 	India
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	 	 	 	 	426655	 	 	31-Dec-1992
	 	Registered
	 	3-Sep-2015
	 	09 Int.-Electric
welding equipment,
namely, welding
guns, electrode
holders, ground
clamps, cable
connectors, cable
splicers, cable
terminal
connectors, and
cable terminals,
parts and fittings
thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07130

	 	TWECO
	 	Italy
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	21935C/84	 	 	 	433644	 	 	16-Jun-1986
	 	Registered
	 	12-Sep-2014
	 	09 Int.-Scientific,
nautical, surveying
apparatus and
instruments
(including wireless),
photographic,
cinematographic,
optical, weighing,
measuring,
signalling,
checking,
(supervision),
life-saving, and
teaching apparatus;
coin or
counter-freed
apparatus; sound
reproducing
apparatus; cash
registers;
fire-extinguishing
apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07137

	 	TWECO
	 	Korea, Republic of
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	84-13796	 	 	 	117227	 	 	20-Sep-1985
	 	Registered
	 	20-Sep-2015
	 	09 Int.-Electric
wire terminal,
electric wire
terminal connector,
electric wire
splice, electric
wire connector
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07138

	 	TWECO
	 	Korea, Republic of
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	84-13795	 	 	 	117226	 	 	20-Sep-1985
	 	Registered
	 	20-Sep-2015
	 	09 Int.-Fixture for
a weldment,
retainer for the
arc welding
machines, arc
welding machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07131

	 	TWECO
	 	Mexico
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	238624	 	 	 	310603	 	 	9-Aug-1985
	 	Registered
	 	13-Sep-2014
	 	21
National-Electrical
apparatus,
machinery and their
parts, namely
welding equipment,
welding guns,
welding electrode
holders, ground
clamps, cable
connectors, cable
splicers, cable
terminal
connectors, and
cable terminals

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07145

	 	TWECO
	 	Peru
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	202878	 	 	 	99908	 	 	19-Oct-1992
	 	Registered
	 	19-Oct-2012
	 	09 Int.-Welding
guns, welding
torches, welding
electrode holders
for holding
metallic
electrodes, welding
electrode holders
for holding carbon
electrodes, ground
clamps, cable
connectors, cable
splicers, cable
terminal
connectors,
lug-type cable
terminals, two-way
male cable
connectors, contact
tips
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07143

	 	TWECO
	 	Singapore
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	S/4595/84	 	 	 	T84/04595A	 	 	3-Sep-1984
	 	Registered
	 	3-Sep-2011
	 	09 Int.-Electric
welding apparatus
(other than
machines); welding
electrodes; parts
and fittings
included in class 9
for all the
aforesaid goods;
electrical
connections and
parts and fittings
included in class 9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07129

	 	TWECO
	 	South Africa
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	84/7690	 	 	 	84/7690	 	 	30-Aug-1984
	 	Registered
	 	30-Aug-2014
	 	09 Int.-Welding
equipment including
welding guns,
welding electrode
holders, ground
clamps, cable
connectors, cable
splicers,
cable-terminal
connectors, cable
terminals and all
other scientific,
electrical and
electronic
apparatus and
instruments, and
parts and
accessories for the
aforegoing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07146

	 	TWECO
	 	United Arab Emirates
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	19446	 	 	 	17953	 	 	26-Sep-1998
	 	Registered
	 	18-Nov-2016
	 	09 Int.-Welding
equipment, namely,
welding guns,
welding electrode
holders, ground
clamps, cable
connectors, cable
splicers, cable
terminal
connectors, and
cable terminals

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07136

	 	TWECO
	 	United Kingdom
	 	Tweco Products,
Inc. (Victor
Equipment
Company)
	 	 	1225213	 	 	 	A1225213	 	 	14-Jul-1986
	 	Registered
	 	22-Aug-2015
	 	09 Int.-Electrical
and electronic
apparatus and
instruments;
electric welding
apparatus (other
than machines);
holders adapted for
electrodes;
electric cables and
electrical
connectors
therefor; parts and
fittings included
in Class 9 for all
the aforesaid goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-00008

	 	TWECO (stylized)
	 	China (People’s
Republic)
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	200433170	 	 	 	3692216	 	 	21-Apr-2005
	 	Registered
	 	20-Apr-2015
	 	09
Int.-Electric-arc
cutting equipments;
electric-arc
cutting apparatus;
electric-arc
welding apparatus;
welding apparatus
(electric-arc);
welding electrodes;
electric welding
apparatus; electric
welding equipments;
electric welding
apparatus; welding
iron
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08154

	 	VICTOR
	 	Australia
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	 	 	 	 	B 244300	 	 	25-Nov-1970
	 	Registered
	 	25-Nov-2015
	 	08 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including gas
welding and cutting
handset torches and
mixers, nozzles,
tips and other
parts and
accessories for
such handsets but
not including
cutting, welding
and brazing
equipment, being in
the nature of
machines and parts
of machines or
cutting, welding
and brazing
equipment included
in other classes;
all being goods
included in Class 8
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07005

	 	WS

(AndDesign)
	 	Canada
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	858823	 	 	TMA 536254
	 	31-Oct-2000
	 	Registered
	 	31-Oct-2015
	 	99
Canada-Consumable
parts for electric
arc welding
machines, namely,
tips, nozzles to
control gas flow
and gas
concentration over
a molten weld
puddle during
welding,
insulators,
diffusers and
conduits

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07002

	 	WS

(AndDesign)
	 	European Community
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	000660522	 	 	 	000660522	 	 	7-Apr-1999
	 	Registered
	 	20-Oct-2017
	 	06 Int.-Parts and
fittings for use in
welding; rods of
metal for welding;
09 Int.-Electric
apparatus and
instruments;
welding apparatus
and parts and
fittings therefor;
consumable parts
for electric arc
welding machines,
including tips,
nozzles,
insulators,
diffusers and
conduits
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07001

	 	WS

(AndDesign)
	 	Mexico
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	311582	 	 	 	566429	 	 	9-Dec-1997
	 	Registered
	 	21-Oct-2017
	 	09 Int.-Consumable
parts for electric
and plasma arc
welding machines,
namely, tips,
nozzles,
insulators,
diffusers and
conduits
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07160

	 	X-TEND-A-

LENS
	 	Canada
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	813006	 	 	TMA 514880
	 	19-Aug-1999
	 	Registered
	 	19-Aug-2014
	 	99 Canada-Gas flow
control device
having a porous
metal disk for use
with a welding gun
for controlling
flow of shielding
gas during welding;
porous metal gas
flow control disk
sold as a
replacement
component of a gas
flow control device
for use with a
welding gun for
controlling flow of
shielding gas
during welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07034

	 	ARCAIR
	 	Chile
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	831182	 	 	 	519386	 	 	25-Aug-1987
	 	Registered
	 	13-Aug-2018
	 	08 Int.-Mechanical
blowers and
thermogenic tools;
09 Int.-Electric
arc gouging and
cutting torches,
their parts and
accessories and
electrodes for the
same; 11
Int.-Apparatus for
heating drafting
and ventilation in
general, furnaces,
forges, kitchens,
stoves, grates,
portable apparatus
(not including bath
heaters), lamps,
lanterns and
apparatus and
objects for
producing light,
their parts and
accessories

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07035

	 	ARCAIR
	 	Japan
	 	Tweco
Products, Inc. (Victor Equipment Company) 
	 	 	30818/57	 	 	 	526885	 	 	11-Sep-1958
	 	Registered
	 	11-Sep-2018
	 	07 Int.-Electric metalworking
machines and tools such as  electric arc gouging and cutting torches and parts
thereof; 09 Int.-Electric arc
welding machines; electric
metal cutting machines (by arc,
gas or plasma); electric
welding apparatus;
magneticcores; resistance
wires; electrodes such as
electrodes for electric arc
torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07011

	 	ARCAIR
	 	Mexico
	 	Tweco
Products, Inc.
(Victor Equipment
Company)
	 	 	69547	 	 	 	83284	 	 	10-Jan-1956
	 	Registered
	 	23-Aug-2010
	 	21 Int.-Electrical apparatus,
machines and supplies,
especially electric arc gouging
and cutting torches and parts
and electrodes for such torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07037

	 	ARCAIR
	 	New

Zealand
	 	Tweco
Products, Inc.
(Victor Equipment
Company)
	 	 	69595	 	 	 	69595	 	 	27-Jul-1962
	 	Registered
	 	2-Oct-2010
	 	09 Int.-Electric arc cutting and
gouging torches, parts for such
torches and electrodes,
including carbon electrodes for
use with such torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07038

	 	ARCAIR
	 	South Africa
	 	Tweco
Products, Inc.
(Victor Equipment
Company)
	 	 	3419/56	 	 	 	3419/56	 	 	26-Oct-1956
	 	Registered
	 	26-Oct-2010
	 	09 Int.-Electric arc welding
apparatus incorporating nozzle
heads, electrodes, cutting and
gouging apparatus employing
electrodes, gasjet nozzle heads
all for use in the working of
metals, and parts of the
aforementioned goods included
in this class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07033

	 	ARCAIR
	 	Spain
	 	Tweco
Products, Inc.
(Victor Equipment
Company)
	 	 	 	 	 	 	564746	 	 	15-Nov-1972
	 	Registered
	 	18-Jun-2018
	 	08 Int.-Electric arc cutters and
cutter torches, parts and
electrodes for said torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07052

	 	AVENGER
	 	Malaysia
	 	Tweco
Products, Inc.
(Victor Equipment
Company)
	 	 	98/06789	 	 	 	98/06789	 	 	22-Jun-2001
	 	Registered
	 	4-Jun-2018
	 	09 Int.-Electric welding guns

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07058

	 	CIRCLE T DESIGN
	 	India
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	425412	 	 	 	 	 	 	 	 	Pending
	 	 	 	09 Int.-Scientific, nautical,
surveying and electrical apparatus and
instruments (including wireless),
photographic, cinematographic,
optical, weighing, measuring,
signalling, checking (supervision),
life-saving and teaching apparatus and
instruments; coin or counter-freed
apparatus; talking machines; cash
registers; calculating machines; fire
extinguishing apparatus and parts and
fittings therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06030

	 	KNUCKLEH EAD
	 	United States of
America
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	77/176,511	 	 	 	3,577,013	 	 	17-Feb-2009
	 	Registered
	 	17-Feb-2019
	 	06 Int.-Flexible metal conductor tubes
for use in arc welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07090

	 	SEA-CUT
	 	Canada
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	463804	 	 	TMA 261970
	 	28-Aug-1981
	 	Registered
	 	28-Aug-2011
	 	99 Canada-Underwater welding or

cutting electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07092

	 	SEA-CUT

(AND

DESIGN)
	 	Canada
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	463803	 	 	TMA 261969
	 	28-Aug-1981
	 	Registered
	 	28-Aug-2011
	 	99 Canada-Underwater cutting electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07109

	 	SUPRA
	 	Brazil
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	811742482	 	 	 	811742482	 	 	19-Aug-1986
	 	Registered
	 	19-Aug-2016
	 	07 Int.-Electric welding guns
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07072

	 	TUFF COTE (And Mermaid Design)
	 	United States of America
	 	Tweco Products, Inc. (Victor Equipment Company)
	 	 	73/258,531	 	 	 	1,187,455	 	 	26-Jan-1982
	 	Registered
	 	26-Jan-2012
	 	09 Int.-Under-water cutting electrodes

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07141

	 	TWECO
	 	Chile
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	464915	 	 	 	565601	 	 	7-Apr-2000
	 	Registered
	 	7-Apr-2020
	 	09 Int.-Arc welding
products and parts
therefor; electric
welding guns and
parts and
accessories
therefor; robotic
welding equipment;
arc gouging torches
and parts and
accessories
therefor;
underwater cutting
and welding torches
and parts and
accessories
therefor;
exothermic cutting
tools and parts and
accessories
therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07140

	 	TWECO
	 	Japan
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	59-91530	 	 	 	2130308	 	 	28-Apr-1989
	 	Registered
	 	28-Apr-2019
	 	07 Int.-Electric
welding guns and
other electric
welding machines
and apparatus and
fittings thereof,
namely apparatus to
hold electrodes
used for welding
machines and
apparatus, ground
terminals, cable
connectors, cable
splicers, cable
terminal
connectors, cable
terminals; 09
Int.-Arc welding
guns and other arc
welding machines
and apparatus and
fittings thereof,
namely, apparatus
to hold electrodes
used for welding
machines and
apparatus, ground
terminals, cable
connectors, cable
splicers, cable
terminal
connectors, cable
terminals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07125

	 	TWECO
	 	Venezuela
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	8251/84	 	 	 	F-125318	 	 	10-Jun-1986
	 	Registered
	 	10-Jun-2011
	 	09 Int.-Welding
equipment, namely,
welding guns,
welding electrode
holders, ground
clamps, cable
connectors, cable
splicers, cable
terminal connectors
and cable terminals

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07150

	 	TWECOTONG
	 	United States of
America
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	71/590,723	 	 	 	545,201	 	 	17-Jul-1951
	 	Registered
	 	17-Jul-2011
	 	09 Int.-Welding
electrode holders
and parts therefor
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07004

	 	WS (AND DESIGN)
	 	Brazil
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	820408271	 	 	 	820408271	 	 	27-Mar-2001
	 	Registered
	 	27-Mar-2011
	 	09 Int.-Consumable
parts of electric
arc welding
machines, namely,
tips, nozzles,
insulators,
diffusers and
conduits
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07006

	 	WS

(AndDesign)
	 	Indonesia
	 	Tweco Products,
Inc. (Victor
Equipment Company)
	 	 	97/23727	 	 	 	424917	 	 	25-Mar-1999
	 	Registered
	 	30-Oct-2017
	 	09 Int.-Consumable
parts for electric
arc welding
machines, namely,
tips, nozzles,
insulators,
diffusers and
conduits
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07008

	 	ALCLEAN
	 	United States of
America
	 	Victor Equipment

Company
	 	 	72/442,815	 	 	 	971,130	 	 	23-Oct-1973
	 	Registered
	 	 	 	01 Int.-Chemical
composition for
preparing aluminum
metal surfaces
prior to painting,
soldering, welding
or the like
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07009

	 	ANGLE-ARC
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/634,933	 	 	 	1,477,455	 	 	23-Feb-1988
	 	Registered
	 	23-Feb-2018
	 	09 Int.-Manual air
carbon-arc cutting
and gouging torch
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01083

	 	ARC MASTER
	 	United States of
America
	 	Victor Equipment

Company
	 	 	78/850,264	 	 	 	3,253,337	 	 	19-Jun-2007
	 	Registered
	 	19-Jun-2017
	 	09 Int.-Electric
arc welder
controllers and
wire feeders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06007

	 	ARCAIR
	 	Australia
	 	Victor Equipment

Company
	 	 	967252	 	 	 	967252	 	 	22-Aug-2003
	 	Registered
	 	22-Aug-2013
	 	09 Int.-Electric
arc cutting and
gouging torches,
parts for such
torches;
electrodes,
including carbon
electrodes, for use
with such torches

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 		 		 		 	 	 		 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07029

	 	ARCAIR
	 	Philippines
	 	Victor Equipment

Company
	 	 	50679	 	 	 	37292	 	 	24-Apr-1987
	 	Registered
	 	24-Apr-2017
	 	07 Int.-Electric
arc cutting and
gouging torches and
parts therefor,
electrodes for use
in the air
carbon-arc cutting
and gouging
process, underwater
cutting and welding
torches and parts
therefor,
underwater cutting
and welding
electrodes; 09
Int.-Portable
machines for
positioning and
moving a cutting or
welding torch along
a fixed path,
automatic metal
removal systems
consisting of an
air carbon-arc
cutting and gouging
torch, and
mechanical
structure for
moving the torch
along a fixed path
and suitable
controls for
controlling
movement of the
torch along the
fixed path
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07036

	 	ARCAIR
	 	Thailand
	 	Victor Equipment

Company
	 	 	399574	 	 	TM114188
	 	12-Jun-2000
	 	Registered
	 	29-Sep-2019
	 	09 Int.-Electric
arc cutting,
gouging and welding
torches and parts
therefor, namely,
cups, collets,
collet bodies, gas
lenses, gas lens
insulators, cable
adaptors and
electrodes;
underwater cutting,
gouging and welding
torches and parts
therefor, namely,
cups, collet,
collet bodies, gas
lenses, gas lens
insulators, cable
adaptors and
electrodes; gas jet
nozzles for cutting
torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07048

	 	ARCAIR
	 	United States of
America
	 	Victor Equipment

Company
	 	 	71/627,372	 	 	 	573,756	 	 	28-Apr-1953
	 	Registered
	 	23-Apr-2013
	 	09 Int.-Electric
arc gouging and
cutting torches and
parts and
electrodes for such
torches

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07018

	 	ARCAIR
	 	United States of
America
	 	Victor Equipment

Company
	 	72/440,402
	 	 	1,006,539	 	 	11-Mar-1975
	 	Registered
	 	11-Mar-2015
	 	01 Int.-Chemical
composition to be
applied to a metal
surface preventing
adherence of slag
or metal spatter
during cutting,
gouging, or welding
operations,
preventing scaling
of metal surfaces
during heat
treating or stress
relieving
treatment, and
improving arc
stability and
preventing
excessive spatter
loss during arc
welding operations;
09 Int.-Electric
arc cutting and
gouging torches and
parts therefor,
electrodes for use
in the air-carbon
arc cutting and
gouging process,
underwater
cuttingand welding
torches and parts
therefor,
underwater cutting
and welding
electrodes,
portable machines
for positioning and
moving a cutting or
welding torch along
a fixed path,
automatic metal
removal systems
consisting of an
air-carbon arc
cutting and gouging
torch, and
mechanical
structure for
moving the torch
along a fixed path
and suitable
controls for
controlling
movement of the
torch along the
fixed path
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07050

	 	ARCAIR-MATIC
	 	United States of
America
	 	Victor Equipment

Company
	 	73/121,940
	 	 	1,097,276	 	 	25-Jul-1978
	 	Registered
	 	25-Jul-2018
	 	09 Int.-Continuous
electrode feed
air-car-bon arc
cutting and gouging
torches and
accessories
therefor-namely,
electrodes, power
supplies,
contactors, meter
relays, control
panels, carriages,
track mounting
magnets, track
mounting suction
cups, remote
control boxes and
box covers

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07051

	 	ARCWATER
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/258,537	 	 	 	1,190,507	 	 	23-Feb-1982
	 	Registered
	 	23-Feb-2012
	 	09 Int.-Under-water cutting torches,
electrodes, and accessories
therefor-namely, cables, hoses,
replacement head assemblies,
replacement handles, replacement
screw clamps, and replacement water
hose assemblies consisting of a
length of hose, hose clamps, nipple,
nut and adapter, all for the torch
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07010

	 	ARCWATER (And
Design)
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/258,538	 	 	 	1,189,814	 	 	16-Feb-1982
	 	Registered
	 	16-Feb-2012
	 	09 Int.-Under-water cutting electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07057

	 	CABLEHOZ
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/192,149	 	 	 	1,145,417	 	 	6-Jan-1981
	 	Registered
	 	6-Jan-2011
	 	09 Int.-Combination electric cable
and gas conducting hose for electric
welding equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07060

	 	CIRCLE T DESIGN
	 	Australia
	 	Victor Equipment

Company
	 	 	413012	 	 	 	B413012	 	 	6-Aug-1984
	 	Registered
	 	6-Aug-2015
	 	09 Int.-Electric welding equipment,
namely, welding guns, electrode
holders, cable connectors and
coolable cable gas and conducting
hose for use with electric welding
equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07066

	 	CLIMBER
	 	United States of
America
	 	Victor Equipment

Company
	 	 	72/357,576	 	 	 	918,492	 	 	17-Aug-1971
	 	Registered
	 	17-Aug-2011
	 	07 Int.-Portable machine for
positioning and moving a cutting or
welding torch along a fixed path
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08006

	 	CONTRACT OR PLUS
	 	United States of
America
	 	Victor Equipment

Company
	 	 	75/581,672	 	 	 	2,403293	 	 	14-Nov-2000
	 	Registered
	 	14-Nov-2010
	 	07 Int.-Gas cutting and welding kit
comprised of cutting torch, torch
handle, cutting attachment, oxygen
and gas fuel regulators, tips,
nozzles and hose
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08007

	 	CRYODEPOT
	 	Canada
	 	Victor Equipment

Company
	 	 	1013852	 	 	TMA 534943
	 	18-Oct-2000
	 	Registered
	 	18-Oct-2015
	 	99 Canada-Retail services in the
field of cryogenic and high pressure
gas equipment and parts
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08008

	 	CUTMASTER
	 	United States of
America
	 	Victor Equipment

Company
	 	 	72/077,833	 	 	 	692,021	 	 	26-Jan-1960
	 	Registered
	 	26-Jan-2020
	 	11 Int.-Cutting torches

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08050
	 	Design Mark	 	United States of America	 	Victor Equipment Company	 	73/329,843	 	1,309,710	 	18-Dec-1984	 	Registered	 	18-Dec-2014	 	08 Int.-Parts for gas welding equipment-namely, gas regulators
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08051
	 	Design Mark	 	United States of	 	Victor Equipment	 	73/532,217	 	1,429,036	 	17-Feb-1987	 	Registered	 	17-Feb-2017	 	09 Int.-Welding equipment,
	 
	 	 	 	America	 	Company	 	 	 	 	 	 	 	 	 	 	 	namely, automatic gas regulators
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07086
	 	DRAGON DESIGN	 	United States of America	 	Victor Equipment Company	 	75/010,607	 	2,164,332	 	9-Jun-1998	 	Registered	 	9-Jun-2018	 	09 Int.-Exothermic cutting rods for use in connection with underwater cutting torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08009
	 	DRAGSTER	 	United States of	 	Victor Equipment	 	75/688,929	 	2,422,160	 	16-Jan-2001	 	Registered	 	16-Jan-2011	 	07 Int.-Electric welding machines
	 
	 	 	 	America	 	Company	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07067
	 	ELIMINATOR	 	United States of	 	Victor Equipment	 	74/239,783	 	1,790,954	 	31-Aug-1993	 	Registered	 	31-Aug-2013	 	09 Int.-Electric welding guns
	 
	 	 	 	America	 	Company	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08010
	 	EXCEL-ARC	 	United States of	 	Victor Equipment	 	74/329,608	 	1,796,291	 	5-Oct-1993	 	Registered	 	5-Oct-2013	 	09 Int.-Electric arc welders
	 
	 	 	 	America	 	Company	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08011
	 	EXPLORER	 	United States of	 	Victor Equipment	 	75/353,959	 	2,465,943	 	3-Jul-2001	 	Registered	 	3-Jul-2011	 	07 Int.-Portable engine driven
	 
	 	 	 	America	 	Company	 	 	 	 	 	 	 	 	 	 	 	welding generators for use in
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	the welding industry
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08014
	 	EXTREME	 	Canada	 	Victor Equipment	 	1129522	 	TMA628050	 	9-Dec-2004	 	Registered	 	9-Dec-2019	 	99 Canada-Gas welding and
	 
	 	 	 	 	 	Company	 	 	 	 	 	 	 	 	 	 	 	brazing equipment, namely,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	torches, torch tips, and nozzles
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08012
	 	EXTREME	 	Mexico	 	Victor Equipment	 	530605	 	817546	 	16-Jan-2004	 	Registered	 	1-Feb-2012	 	07 Int.-Gas welding and brazing
	 
	 	 	 	 	 	Company	 	 	 	 	 	 	 	 	 	 	 	hand-held equipment, namely,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	torches, torch tips, and nozzles
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08013
	 	EXTREME	 	United States of	 	Victor Equipment	 	78/104,151	 	2,849,208	 	1-Jun-2004	 	Registered	 	1-Jun-2014	 	07 Int.-Gas operated brazing
	 
	 	 	 	America	 	Company	 	 	 	 	 	 	 	 	 	 	 	torches and accessories
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	therefor, namely, torch tips and
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	nozzles; 09 Int.-Hand-held gas
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	operated welding torches and
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	accessories therefor, namely,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	torch tips and nozzles
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	EZ-CUT	 	Mexico	 	Victor Equipment Company	 	351115	 	593123	 	24-Nov-98	 	Registered	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07068

	 	FABGUN
	 	United States of
America
	 	Victor Equipment

Company
	 	 	78/204,774	 	 	 	2,844,036	 	 	18-May-2004
	 	Registered
	 	18-May-2014
	 	09 Int.-MIG electric arc welding guns for
use primarily in the cutting and welding
of metals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08017

	 	FABSTAR
	 	United States of
America
	 	Victor Equipment

Company
	 	 	74/144,541	 	 	 	1,667,523	 	 	10-Dec-1991
	 	Registered
	 	10-Dec-2011
	 	09 Int.-Power source for welding equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08180

	 	FIREPOWER
	 	Brazil
	 	Victor Equipment

Company
	 	 	829939261	 	 	 	 	 	 	 	 	Published
	 	 	 	08 Int.-Hand tools and implements (hand
operated); cutlery; side arms; razors.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	FIREPOWER
	 	Brazil
	 	Victor Equipment

Company
	 	 	829939253	 	 	 	 	 	 	 	 	Pending	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08025

	 	FIREPOWER
	 	Canada
	 	Victor Equipment

Company
	 	 	522877	 	 	 	323233	 	 	6-Feb-1987
	 	Registered
	 	6-Feb-2017
	 	99 Canada-Welding, cutting and brazing
equipment, namely, torches, torch
handles, nozzles, mixers and torch tips;
welding, cutting and brazing equipment,
namely, gas regulators and control gauges
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06027

	 	FIREPOWER
	 	China (People’s
Republic)
	 	Victor Equipment

Company
	 	 	3578704	 	 	 	3578704	 	 	21-Dec-2004
	 	Registered
	 	20-Dec-2014
	 	09 Int.-Cutting apparatus (electric arc);
electric arc cutting apparatus; welding
apparatus (electric arc); electric arc
welding apparatus; welding electrodes;
electric welding apparatus; welding
apparatus, electric; soldering irons,
electric; soldering apparatus, electric

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08023

	 	FIREPOWER
	 	France
	 	Victor Equipment

Company
	 	 	795688	 	 	 	1439827	 	 	4-Apr-1996
	 	Registered
	 	11-May-2016
	 	08 Int.-Hand tools
and implements;
cutlery, forks and
spoons; welding,
cutting and brazing
equipment, namely
torches, torch
handles, nozzles,
mixers and torch
tips; 09 Int.-Gas
regulators and
control gauges;
scientific,
nautical,
surveying,
electric,
photographic,
cinematographic,
optical, weighing,
measuring,
signalling,
checking
(supervision),
life-saving and
teaching apparatus
and instruments;
automatic vending
machines and
mechanisms for
coin-operated
apparatus; cash
registers,
calculating
machines and data
processing
equipment;
fire-extinguishing
apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08018

	 	FIREPOWER
	 	Italy
	 	Victor Equipment

Company
	 	 	35384C/84	 	 	 	1096865	 	 	19-Jan-1987
	 	Registered
	 	21-Aug-2014
	 	08 Int.-Hand tools
and implements
(hand operated);
cutlery, forks and
spoons; side arms;
razors; 09
Int.-Scientific,
nautical,
surveying,
electric,
photographic,
cinematographic,
optical, weighing,
measuring,
signalling,
checking
(supervision),
life-saving and
teaching apparatus
and instruments;
apparatus for
recording,
transmission or
reproduction of
sound or images;
magnetic data
carriers, recording
discs; automatic
vending machines
and mechanisms for
coin-operated
apparatus; cash
registers;
calculating
machines and data
processing
equipment; fire
extinguishing
apparatus

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08019

	 	FIREPOWER
	 	Mexico
	 	Victor Equipment

Company
	 	 	237576	 	 	 	315116	 	 	19-Jul-1986
	 	Registered
	 	21-Aug-2014
	 	26
National-Measuring
and scientific,
nautical,
geodetical,
photographic,
cinematographic,
optical, etc.,
especially gas
regulators and
control gauges
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08020

	 	FIREPOWER
	 	Mexico
	 	Victor Equipment

Company
	 	 	237578	 	 	 	309051	 	 	9-Jul-1985
	 	Registered
	 	21-Aug-2014
	 	14 National-Metals
and metal pieces,
casting or
forgings,
especially for
welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08021

	 	FIREPOWER
	 	Mexico
	 	Victor Equipment

Company
	 	 	237577	 	 	 	308019	 	 	17-Jun-1985
	 	Registered
	 	21-Aug-2014
	 	23
National-Cutlery,
machines, tools and
parts thereof,
especially welding,
cutting and brazing
equipment, torches,
torch handles,
nozzles, mixers and
torch tips
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08028

	 	FIREPOWER
	 	Singapore
	 	Victor Equipment

Company
	 	 	S/1705/86	 	 	 	T86/01705Z	 	 	28-Apr-1996
	 	Registered
	 	28-Apr-2013
	 	11 Int.-Gas
regulators included
in Class 11 for use
with welding,
cutting, brazing
and soldering
apparatus and
instruments
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08029

	 	FIREPOWER
	 	Singapore
	 	Victor Equipment

Company
	 	 	S/1706/86	 	 	 	T86/01706H	 	 	28-Apr-1986
	 	Registered
	 	28-Apr-2013
	 	08 Int.-Hand tools
and hand
instruments
included in Class
8; parts and
fittings included
in Class 8 for all
the aforesaid goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08024

	 	FIREPOWER
	 	United Kingdom
	 	Victor Equipment

Company
	 	 	1265741	 	 	 	B 1265741	 	 	3-Feb-1989
	 	Registered
	 	25-Apr-2017
	 	08 Int.-Hand-tools
and hand
instruments
included in Class
8; parts and
fittings included
in Class 8 for all
the aforesaid
goods; 11 Int.-Gas
regulators included
in Class 11 for use
with welding,
cutting, brazing
and soldering
apparatus and
instruments
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08022

	 	FIREPOWER
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/479,892	 	 	 	1,328,067	 	 	2-Apr-1985
	 	Registered
	 	2-Apr-2015
	 	08 Int.-Welding,
cutting and brazing
equipment, namely,
torches, torch
handles, nozzles,
mixers and torch
tips; 09
Int.-Welding,
cutting and brazing
equipment, namely,
gas regulators and
control gauge

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08026

	 	FIREPOWER
	 	Venezuela
	 	Victor Equipment Company
	 	 	6181-1986	 	 	 	134828	 	 	10-Jun-1988
	 	Registered
	 	10-Jun-2013
	 	09 Int.-Gas pressure regulators and controls, control gauges, control valves, all being measuring apparatus and articles
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08027

	 	FIREPOWER
	 	Venezuela
	 	Victor Equipment Company
	 	 	6180-1986	 	 	 	134827	 	 	10-Jun-1988
	 	Registered
	 	10-Jun-2013
	 	08 Int.-Cutting, welding and brazing equipment, including torches, mixers, nozzles or sprayers, torch tips, electrical machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08030

	 	FLAMEBUSTER
	 	United States of America
	 	Victor Equipment Company
	 	 	74/150,005	 	 	 	1,732,576	 	 	17-Nov-1992
	 	Registered
	 	17-Nov-2012
	 	09 Int.-Flash back arrestor used on hoses for welding/cutting torches to reduce the risk of explosion of fire
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08032

	 	FTT (And Design)
	 	Canada
	 	Victor Equipment Company
	 	 	1354262	 	 	TMA728984
	 	20-Nov-2008
	 	Registered
	 	20-Nov-2023
	 	99 Canada-Power supplies for welding equipment, namely inverters for arc welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04098

	 	FUSION
	 	Australia
	 	Victor Equipment Company
	 	 	1358539	 	 	 	 	 	 	 	 	Pending
	 	 	 	09 Int.-Welding apparatus and equipment; MIG welding guns, torches and parts, fittings and accessories for all the aforesaid goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08034

	 	HEFTY
	 	United States of America
	 	Victor Equipment Company
	 	 	75/315,042	 	 	 	2,233,442	 	 	23-Mar-1999
	 	Registered
	 	23-Mar-2019
	 	09 Int.-Voltage sensing wire feeder
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07069

	 	JETRODS
	 	Canada
	 	Victor Equipment Company
	 	 	463798	 	 	TMA 262309
	 	11-Sep-1981
	 	Registered
	 	11-Sep-2011
	 	99 Canada-Carbon electrodes for use in air-carbon arc cutting and gouging
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07070

	 	JETRODS
	 	United States of America
	 	Victor Equipment Company
	 	 	73/033,961	 	 	 	1,035,669	 	 	16-Mar-1976
	 	Registered
	 	16-Mar-2016
	 	09 Int.-Carbon electrodes for use in aircarbon arc cutting and gouging

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08038

	 	JOURNEYMAN
	 	Colombia
	 	Victor Equipment Company
	 	 	235139	 	 	 	117862	 	 	27-Aug-1987
	 	Registered
	 	27-Aug-2012
	 	09 Int.-Scientific, nautical, surveying, electric, photographic, cinematographic, optical, weighing, measuring, signalling, checking (supervision), life-saving and
teaching apparatus and instruments; apparatus for recording, transmission or reproduction of sound or images; magnetic data carriers, recording discs; automatic vending
machines and mechanisms for coin-operated apparatus; cash registers, calculating machines and data processing equipment; fire extinguishing apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08035

	 	JOURNEYMAN
	 	Saudi Arabia
	 	Victor Equipment Company
	 	 	1374	 	 	 	135/02	 	 	18-Jun-1986
	 	Registered
	 	4-Apr-2014
	 	09 Int.-Cutting and welding kits, comprising torches, nozzles, tips, regulators, safety goggles, spark lighters, hose
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08036

	 	JOURNEYMAN
	 	United Arab Emirates
	 	Victor Equipment Company
	 	 	19404	 	 	 	15047	 	 	9-May-1998
	 	Registered
	 	16-Nov-2016
	 	09 Int.-Cutting and welding kits, comprising torches, nozzles, tips, cutting attachments, regulators, safety goggles, speark lighters and hose wrenches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-8037

	 	JOURNEYMAN
	 	United States of America
	 	Victor Equipment Company
	 	 	73/115,977	 	 	 	1,078,304	 	 	29-Nov-1977
	 	Registered
	 	29-Nov-2017
	 	09 Int.-Cutting and welding kits, comprising torches, nozzles, tips, cutting attachments, regulators, safety goggles, spark lighters, hose, wrenches and instruction booklet
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07071

	 	K4000
	 	United States of America
	 	Victor Equipment Company
	 	 	73/634,934	 	 	 	1,474,783	 	 	2-Feb-1988
	 	Registered
	 	2-Feb-2018
	 	09 Int.-Manual air carbon-arc cutting and gouging torch

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08039

	 	MECO
	 	Canada
	 	Victor Equipment Company
	 	 	148038	 	 	TMDA57364
	 	3-Mar-1934
	 	Registered
	 	1-Sep-2017
	 	99 Canada-Gas welding torches, gas cutting torches, gas carbon burning torches, gas lead burning torches, acetylene generators, and reducing valves or regulators, for use with torches and generators
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08041

	 	MECO (Stylized)
	 	United States of America
	 	Victor Equipment Company
	 	 	71/232,282	 	 	 	221,149	 	 	23-Nov-1926
	 	Registered
	 	23-Nov-2016
	 	11 Int.-Gas welding torches, gas cutting torches, gas carbon-burning torches, gas lead-burning torches, acetylene generators, and reducing valves or regulators, for use with torches and generators
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08042

	 	MEDALIST
	 	United States of America
	 	Victor Equipment Company
	 	 	74/269,929	 	 	 	1,882,724	 	 	7-Mar-1995
	 	Registered
	 	7-Mar-2015
	 	08 Int.-Cutting, brazing and welding kits comprising, a spark lighter, oxygen and gas fuel regulators,safety goggles, cutting attachments, a torch handle, nozzle, torch tips, and instruction book; 09 Int.-Welding equipment, namely gas regulators andgas flow meters
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08043

	 	MEGA-ARC
	 	United States of America
	 	Victor Equipment Company
	 	 	73/183,902	 	 	 	1,147,547	 	 	24-Feb-1981
	 	Registered
	 	24-Feb-2011
	 	09 Int.-Electrical power supplies for welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07122

	 	MERMAID DESIGN
	 	United States of America
	 	Victor Equipment Company
	 	 	73/258,555	 	 	 	1,179,927	 	 	1-Dec-1981
	 	Registered
	 	1-Dec-2011
	 	09 Int.-Under-water cutting torches, under-water welding torches and combined under-water cutting and welding torches and accessories therefor-namely, under-water cutting and welding electrodes, cables, hoses, structural repair parts for all of the aforementioned goods

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08047

	 	METAL POWER
	 	United States of America
	 	Victor Equipment Company
	 	 	76/413,922	 	 	 	2,771,056	 	 	7-Oct-2003
	 	Registered
	 	7-Oct-2013
	 	07 Int.-Cutting, welding, and brazing units comprising automated gas-operated cutting, welding and brazing machines, namely, torches, mixers, and parts therefore, namely, nozzles and tips; 11 Int.-Gas regulators
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08044

	 	METALCRAFT
	 	Canada
	 	Victor Equipment Company
	 	 	782364	 	 	TMA 467479
	 	11-Dec-1996
	 	Registered
	 	11-Dec-2011
	 	99 Canada-Welding and cutting apparatus, namely: outfits for welding and including gas regulators, hose, and a welding torch with welding nozzles; cutting outfits including gas regulators, hose, and a cutting
torch with cutting tip attachments; cutting tips; welding nozzles; heating nozzles; oxygen and acetylene regulators; cutting attachments; hoses; safety goggles; spark lighters; oxygen and acetylene cylinders;
torch handles; hand cutting torches; pressure regulators; flow control regulators; purging and high delivery regulators
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08046

	 	METALCRAFT
	 	United States of America
	 	Victor Equipment Company
	 	 	74/047,200	 	 	 	1,633,054	 	 	29-Jan-1991
	 	Registered
	 	29-Jan-2011
	 	09 Int.-Cutting and welding kits comprising torches, nozzles, tips, cutting attachments, regulators, safety goggles, spark lighters, hose and instruction booklet
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08045

	 	METALCRAFT (Stylized)
	 	United States of America
	 	Victor Equipment Company
	 	 	74/588,495	 	 	 	1,925,253	 	 	10-Oct-1995
	 	Registered
	 	10-Oct-2015
	 	09 Int.-Cutting and welding kits comprising torches, nozzles, tips, cutting attachments, regulators, safety goggles, spark lighters, hose and instruction booklet

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08048

	 	METALPOWER
	 	Canada
	 	Victor
Equipment Company
	 	 	1145130	 	 	TMA617659
	 	25-Aug-2004
	 	Registered
	 	25-Aug-2019
	 	99 Canada-Gas cutting and welding
torches; automated gas cutting, welding, and brazing equipment, namely, torches, mixers, nozzles, and tips; automated plasma cutting equipment, namely, plasma cutting torches, tips, cables, and power supplies; gas pressure regulators, gas control gauges, gas reducing valves, gas pressure gauges, gas flow meters, gas discharge manifolds, and gas filters; gas regulators
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08049

	 	METALPOWER
	 	China
(People’s Republic)
	 	Victor
Equipment Company
	 	 	3578703	 	 	 	3578703	 	 	21-Dec-2004
	 	Registered
	 	20-Dec-2014
	 	09 Int.-Cutting apparatus (electric
arc); electric arc cutting apparatus; welding apparatus (electric arc); electric arc welding apparatus; welding electrodes; electric welding apparatus; welding apparatus, electric; soldering irons, electric; soldering apparatus, electric
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07073

	 	MINI-MIG-GUN
	 	United
States of America
	 	Victor
Equipment Company
	 	 	73/644,618	 	 	 	1,490,857	 	 	7-Jun-1988
	 	Registered
	 	7-Jun-2018
	 	09 Int.-Welding equipment, namely,
welding guns
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08054

	 	MISC.
CUTTING
TORCH
DESIGN
	 	United
States of America
	 	Victor
Equipment Company
	 	 	73/457,111	 	 	 	1,396,488	 	 	10-Jun-1986
	 	Registered
	 	10-Jun-2016
	 	08 Int.-Welding equipment, namely
gas cutting torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07153

	 	MISC.
DESIGN
	 	United
States of America
	 	Victor
Equipment Company
	 	 	73/529,479	 	 	 	1,396,533	 	 	10-Jun-1986
	 	Registered
	 	10-Jun-2016
	 	09 Int.-Electric welding guns
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08053

	 	MISC.
TORCH DESIGN
	 	United
States of America
	 	Victor
Equipment Company
	 	 	73/457,140	 	 	 	1,394,663	 	 	27-May-1986
	 	Registered
	 	27-May-2016
	 	08 Int.-Welding equipment, namely
gas cutting torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07154

	 	MISC.
TORCH DESIGN
	 	United
States of America
	 	Victor
Equipment Company
	 	 	73/529,442	 	 	 	1,396,532	 	 	10-Jun-1986
	 	Registered
	 	10-Jun-2016
	 	09 Int.-Electric welding guns

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07155

	 	MISC.
TORCH
DESIGN
	 	United States of America
	 	Victor Equipment Company
	 	 	73/529,480	 	 	 	1,396,534	 	 	10-Jun-1986
	 	Registered
	 	10-Jun-2016
	 	09 Int.-Electric welding guns
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07156

	 	MISC.
TORCH
DESIGN
	 	United States of America
	 	Victor Equipment Company
	 	 	73/529,441	 	 	 	1,397,451	 	 	17-Jun-1986
	 	Registered
	 	17-Jun-2016
	 	09 Int.-Electric welding guns
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07157

	 	MISC.
TORCH
DESIGN
	 	United States of America
	 	Victor Equipment Company
	 	 	73/577,192	 	 	 	1,422,612	 	 	30-Dec-1986
	 	Registered
	 	30-Dec-2016
	 	09 Int.-Electric welding guns
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08056

	 	PERFORMER
	 	United States of America
	 	Victor Equipment Company
	 	 	73/114,901	 	 	 	1,092,715	 	 	6-Jun-1978
	 	Registered
	 	6-Jun-2018
	 	09 Int.-Cutting and welding kits comprising torches, nozzles, tips, cutting attachments, regulators, safety goggles, spark lighters, hose, wrenches and instruction booklet
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08058

	 	PORTA-FEED
	 	United States of America
	 	Victor Equipment Company
	 	 	75/315,043	 	 	 	2,233,443	 	 	23-Mar-1999
	 	Registered
	 	23-Mar-2019
	 	09 Int.-Portable constant speed wire feeder
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08059

	 	POWERMASTER
	 	United States of America
	 	Victor Equipment Company
	 	 	75/641,092	 	 	 	2,394,247	 	 	10-Oct-2000
	 	Registered
	 	10-Oct-2010
	 	09 Int.-Power supply for use in the welding industry, namely an inverter for arc welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	PRECISION SERIES
	 	Mexico
	 	Victor Equipment Company
	 	 	278402	 	 	 	616643	 	 	28-Jun-99
	 	Registered	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08061

	 	PRO LINE
	 	United States of America
	 	Victor Equipment Company
	 	 	74/491,878	 	 	 	1,917,159	 	 	5-Sep-1995
	 	Registered
	 	5-Sep-2015
	 	08 Int.-Kit containing gas brazing and soldering equipment; namely, a self-lighting torch tip, removable torch tips, a regulator and hose

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07074

	 	PROTEX
	 	United States of America
	 	Victor Equipment Company
	 	 	72/442,813	 	 	 	983,115	 	 	7-May-1974
	 	Registered
	 	7-May-2014
	 	01 Int.-Chemical composition to be applied to a metal surface preventing adherence of slag or metal spatter during cutting, gouging, or welding operations, preventing scaling of metal surfaces during heat treating or stress relieving treatment, and improving arc stability and preventing excessive spatter loss during arc welding operations
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08064

	 	PROTIP
(AND
DESIGN)
	 	European Community
	 	Victor Equipment Company
	 	 	003206935	 	 	 	003206935	 	 	22-Nov-2004
	 	Registered
	 	30-May-2013
	 	07 Int.-Welding, cutting and heating tips for use with acetylene welding, cutting and heating tools, namely, torches and heat guns; plasma cutting torches and component parts sold as a unit and individually packaged parts, namely, tips, gas diffusers, shielding cups; MIG torches and component parts sold as a unit and individually
packaged parts, namely, nozzles, contact tips, insulators, liners used in gas shielded arc welding; and TIG torches and component parts sold as a unit and individuallypackaged parts, namely, shielding cups, gas lenses, collets and collet bodies for use with tungsten inert gas welding; 09 Int.-Laser cutting torches and component parts
sold as a unit and individually packaged parts, namely, tips, gas diffusers, electrodes, shielding cups; electrodes, being component parts of plasma cutting torches, sold as a unit and individually pacakaged

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08065

	 	PROTIP

(AND DESIGN)
	 	South Africa
	 	Victor Equipment

Company
	 	2003/08847
	 	 2003/08847
	 	2-Nov-2007
	 	Registered
	 	30-May-2013
	 	07 Int.-Welding,
cutting and heating
tips for use with
acetylene welding,
cutting and heating
tools, including
torches and heat
guns; plasma and
laser cutting
torches and
component parts
sold as a unit and
individually
packaged parts,
including tips, gas
diffusers,
electrodes,
shielding cups; MIG torches and
component parts
sold as a unit and
individually
packaged parts,
including nozzles,
contact tips,
insulators, liners
used in gas
shielded arc
welding; and TIG
torches and
component parts
sold as a unit and
individually
packaged parts,
including shielding
cups, gas lenses,
collets and collet
bodies for use with
tungsten inert gas
welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08198

	 	PULSEMASTER
	 	United States of
America
	 	Victor Equipment

Company
	 	85/032,908
	 	 	 	 	 	Pending
	 	 	 	07 Int.-Welding guns
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07078

	 	QRC
	 	United States of
America
	 	Victor Equipment

Company
	 	75/065,130
	 	 2,035,531
	 	4-Feb-1997
	 	Registered
	 	4-Feb-2017
	 	07
Int.-Electrically
operated cleaning
station machines
and printed
installation and
use instructions
sold as a unit for
use in cleaning
robotic welding
torch assemblies
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07081

	 	QTR
	 	United States of
America
	 	Victor Equipment

Company
	 	75/038,639
	 	 2,015,776
	 	12-Nov-1996
	 	Registered
	 	12-Nov-2016
	 	07 Int.-Welding
torch tube, welding
torch body/cable
assembly, and
printed
installation and
use instructions
sold as a unit for
use in electric
robotic welding
applications
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06051

	 	ROBO-BEAM
	 	United States of
America
	 	Victor Equipment

Company
	 	78/364,870
	 	 2,989,159
	 	30-Aug-2005
	 	Registered
	 	30-Aug-2015
	 	07 Int.-Automated
mig welding torch
tip cleaning
machines

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07082

	 	ROBO-REAM
	 	Canada
	 	Victor Equipment

Company
	 	 	735429	 	 	 	 TMA438429	 	 	27-Jan-1995
	 	Registered
	 	27-Jan-2025
	 	99 Canada-Automated mig welding

torch tip cleaning device
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08070

	 	SCOUT
	 	United
States of America
	 	Victor Equipment

Company
	 	 	75/353,881	 	 	 	 2,322,198	 	 	22-Feb-2000
	 	Registered
	 	22-Feb-2020
	 	07 Int.-Portable engine driven
welding generators for use in the
welding industry
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07083

	 	SEA CUT (And

Mermaid Design)
	 	United States of
America
	 	Victor Equipment

Company
	 	 	72/386,973	 	 	 	 947,251	 	 	14-Nov-1972
	 	Registered
	 	14-Nov-2012
	 	09 Int.-Underwater cutting electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07084

	 	SEA

DRAGON
	 	United States of
America
	 	Victor Equipment

Company
	 	 	74/725,026	 	 	 	 2,053,531	 	 	15-Apr-1997
	 	Registered
	 	15-Apr-2017
	 	09 Int.-Exothermic cutting rods for
use in connection with underwater
cutting torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07088

	 	SEA TORCH
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/334,345	 	 	 	 1,222,445	 	 	4-Jan-1983
	 	Registered
	 	4-Jan-2013
	 	09 Int.-Combination underwater
cutting and welding torch
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07089

	 	SEA WELD (And

Mermaid Design)
	 	United States of
America
	 	Victor Equipment

Company
	 	 	72/386,971	 	 	 	 947,595	 	 	21-Nov-1972
	 	Registered
	 	21-Nov-2012
	 	09 Int.-Underwater welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07091

	 	SEA-CUT
	 	United States of
America
	 	Victor Equipment

Company
	 	 	72/386,970	 	 	 	 947,250	 	 	14-Nov-1972
	 	Registered
	 	14-Nov-2012
	 	09 Int.-Underwater welding or
cutting electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07087

	 	SEA-JET
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/634,930	 	 	 	 1,469,648	 	 	22-Dec-1987
	 	Registered
	 	22-Dec-2017
	 	09 Int.-Underwater cutting electrode
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07094

	 	SEA-PAK
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/070,789	 	 	 	 1,114,820	 	 	13-Mar-1979
	 	Registered
	 	13-Mar-2019
	 	09 Int.-Support systems consisting
of a heavy welded frame containing a
rack for industrial gas cylinders,
gas dispensing manifold, underwater
cutting torch and parts thereof, a
welding power supply and parts
thereof, and a tool box for related
handtools sold as
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07095

	 	SEA-STINGER
	 	United States of America
	 	Victor Equipment Company
	 	 	73/358,931	 	 	 	1,229,479	 	 	8-Mar-1983
	 	Registered
	 	8-Mar-2013
	 	09 Int.-Underwater welding electrode
holder and cable therefor

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07097

	 	SEA-WELD
	 	United States of
America
	 	Victor Equipment

Company
	 	 	72/386,972	 	 	 946,333
	 	31-Oct-1972
	 	Registered
	 	31-Oct-2012
	 	09 Int.-Underwater welding electrodes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07099

	 	SLICE
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/527,620	 	 	 1,419,571
	 	2-Dec-1986
	 	Registered
	 	2-Dec-2016
	 	09 Int.-Exothermic cutting torch,
striker and electrodes for
exothermic cutting torch and
accessories therefor, namely,
electrical cables, gas hoses, oxygen
bottle, oxygen regulator, goggles,
gloves, instruction manuals, and
carrying case, all sold as a unit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07100

	 	SLICE
	 	United States of
America
	 	Victor Equipment

Company
	 	 	75/074,913	 	 	 2,052,443
	 	15-Apr-1997
	 	Registered
	 	15-Apr-2017
	 	09 Int.-Exothermic cutting torch,
striker for exothermic cutting
torch, electrodes therefor and
accessories, namely, namely,
electrical cables, gas hoses, oxygen
bottle, oxygen regulator, goggles,
gloves, instruction manuals, and
carrying case, allsold as a unit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08071

	 	SLIMLITE
	 	United
States of America
	 	Victor Equipment

Company
	 	 	75/648,906	 	 	 2,434,602
	 	13-Mar-2001
	 	Registered
	 	13-Mar-2011
	 	10 Int.-Oxygen regulators for
medical use by hospitals, home
health care providers and emergency
medical providers
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08073

	 	SMART LOGIC
	 	Canada
	 	Victor Equipment

Company
	 	 	844096	 	 	 TMA 506227
	 	8-Jan-1999
	 	Registered
	 	8-Jan-2014
	 	99 Canada-Built in voltage sensor
and surge protector for plasma
cutters and welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08072

	 	SMART LOGIC
	 	United States of
America
	 	Victor Equipment

Company
	 	 	75/292,349	 	 	 2,265,811
	 	27-Jul-1999
	 	Registered
	 	27-Jul-2009
	 	09 Int.-Built-in voltage sensor and
surge protector and an operating
manual, sold as a unit, for plasma
cutters and welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08074

	 	SMARTLINK

 (And Design)
	 	Canada
	 	Victor Equipment

Company
	 	 	1354263	 	 	 TMA728819
	 	19-Nov-2008
	 	Registered
	 	19-Nov-2023
	 	99 Canada-Power supplies for welding

equipment, namely, inverters for arc

welders

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08076

	 	SMARTLOGIC Logo
	 	Canada
	 	Victor Equipment

Company
	 	 	1354264	 	 	 	 	 	 	Published
	 	 	 	99 Canada-Power supplies for welding

equipment, namely inverters for arc welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08078

	 	SMARTMIG 

(And Design)
	 	Canada
	 	Victor Equipment

Company
	 	 	1354268	 	 	 	 	 	 	Published
	 	 	 	99 Canada-Power supplies for welding

equipment, namely inverters for arc welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08077

	 	SMARTMIG 

(And Design)
	 	United States of
America
	 	Victor Equipment

Company
	 	 	77/223,569	 	 	 	 	 	 	Pending
	 	 	 	09 Int.-Power supplied for welding
equipment, namely, inverters for arc welders
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07101

	 	SMOKE MASTER
	 	United States of
America
	 	Victor Equipment

Company
	 	 	74/347,200	 	 	 1,825,781
	 	8-Mar-1994
	 	Registered
	 	8-Mar-2014
	 	09 Int.-MIG electric arc welding gun with
integral fume removing unit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08080

	 	Snake Design
	 	Canada
	 	Victor Equipment

Company
	 	 	1376958	 	 	 	 	 	 	Published
	 	 	 	99 Canada-Welding, brazing and soldering
fluxes; and electrodes and electrode wire
for welding, brazing and soldering
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08081

	 	Snake Design
	 	Mexico
	 	Victor Equipment

Company
	 	 	904681	 	 	 1048101
	 	30-Jun-2008
	 	Registered
	 	19-Dec-2017
	 	01 Int.-Welding, brazing and soldering fluxes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08082

	 	Snake Design
	 	Mexico
	 	Victor Equipment

Company
	 	 	904682	 	 	 1048102
	 	30-Jun-2008
	 	Registered
	 	19-Dec-2017
	 	09 Int.-Electrodes and electrode wire for
welding, brazing, and soldering
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08079

	 	Snake Design
	 	United States of
America
	 	Victor Equipment

Company
	 	 	77/364,036	 	 	 3,811,352
	 	29-Jun-2010
	 	Registered
	 	29-Jun-2020
	 	07 Int.-Welding, brazing and soldering fluxes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08083

	 	SOF-FLAME
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/500,058	 	 	 1,392,154
	 	6-May-1986
	 	Registered
	 	6-May-2016
	 	08 Int.-Gas welding, cutting and brazing
equipment, namely, torch tips and nozzles,
torch handles, and hoses, all sold as a
unit; 09 Int.-Welding, cutting and brazing
equipment, namely gas regulators and control
gauge
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07103

	 	SPITFIRE
	 	United States of
America
	 	Victor Equipment

Company
	 	 	78/565,303	 	 	 3,070,666
	 	21-Mar-2006
	 	Registered
	 	21-Mar-2016
	 	09 Int.-MIG welding guns for use primarily
in the cutting and welding of metals

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-01179

	 	SPRAY MASTER
	 	United States of
America
	 	Victor Equipment

Company
	 	 	78/472,603	 	 	 3,008,820
	 	25-Oct-2005
	 	Registered
	 	25-Oct-2015
	 	09 Int.-MIG electric arc
welding guns for use
primarily in the cutting and
welding of metals; and parts
for welding guns, namely,
nozzles, contact tips,
diffusers, contact conductor
tubes and wire delivery
conduit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08084

	 	SUPER-RANGE
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/115,032	 	 	 1,077,305
	 	15-Nov-1977
	 	Registered
	 	15-Nov-2017
	 	09 Int.-Cutting and welding
kits comprising torches,
nozzles, tips, cutting
attachments, regulators,
safety goggles, spark
lighters, hose, wrenches and
instruction booklet
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08085

	 	SUPER-RANGE
	 	Saudi Arabia
	 	Victor Equipment

Company
	 	 	1375	 	 	 135/03
	 	18-Jun-1986
	 	Registered
	 	5-Apr-2014
	 	09 Int.-Cutting and welding
kits, comprising torches,
nozzles, tips, cutting
attachments, regulators,
safety goggles, spark
lighters and hose
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07108

	 	SUPRA
	 	Australia
	 	Victor Equipment

Company
	 	 	414083	 	 	 A414083
	 	30-Oct-1987
	 	Registered
	 	24-Aug-2015
	 	09 Int.-Electric welding
apparatus and instruments,
including electric welding
guns, and parts and
accessories included in this
class for the aforesaid
goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07113

	 	SUPRA-MIG-

GUN
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/401,590	 	 	 1,291,943
	 	28-Aug-1984
	 	Registered
	 	28-Aug-2014
	 	09 Int.-Electric welding guns
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08052

	 	SWIRL DESIGN
	 	United States of
America
	 	Victor Equipment

Company
	 	 	73/581,787	 	 	 1,414,725
	 	28-Oct-1986
	 	Registered
	 	28-Oct-2016
	 	06 Int.-Brazing alloy rod,
and containers for
compressed gas; 08 Int.-Gas
welding and brazing
equipment, namely, torches,
torch tips and nozzles,
torch handles, and hoses; 09
Int.-Chemical gas leak
detectors; and gas welding
and brazing equipment,
namely, gas regulators and
control gauges

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Renewal Due	 	Class/Goods
	29264-07061

	 	T (And Circle

Design)
	 	United
States of America
	 	Victor

Equipment Company
	 	 	73/481,275	 	 	 1,338,889
	 	4-Jun-1985
	 	Registered
	 	4-Jun-2015
	 	09 Int.-Electric welding equipment-namely,
welding guns, electrode
holders, cable connectors, and
coolable cable and gas conducting
hose for use with electric welding
equipment
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05026

	 	THERMAL

ARC
	 	Japan
	 	Victor

Equipment Company
	 	 	86043/1984	 	 	 2003901
	 	20-Nov-1987
	 	Registered
	 	20-Nov-2017
	 	10 Int.-Physical and chemical
apparatus and instruments, optical
apparatus and instruments,
photographic apparatus and
instruments, motion picture
apparatus and instruments,
measuring apparatus and
instruments, medical apparatus and
instruments, their parts and
accessories, photographic
materials
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08090

	 	THERMAL

ARC
	 	Japan
	 	Victor

Equipment Company
	 	 	2008-004035	 	 	 	 	 	 	Pending
	 	 	 	09 Int.-Plasma arc welding
machines; plasma arc torches for
cutting and welding; power
supplies for plasma arc welding;
control units for electric welding
machines and plasma arc welding
machines; electric conducting hose
for welding and cutting torches;
arc-welding apparatus, metal
fusing and cutting machines,
electric welding apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05024

	 	THERMAL

ARC
	 	Peru
	 	Victor

Equipment Company
	 	 	9980936	 	 	 0056322
	 	22-Jul-1999
	 	Registered
	 	22-Jul-2019
	 	07 Int.-Electric welding machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05025

	 	THERMAL

ARC
	 	Peru
	 	Victor

Equipment Company
	 	 	080937-1999	 	 	 00057020
	 	31-Aug-1999
	 	Registered
	 	31-Aug-2019
	 	09 Int.-Power sources for welding;
apparatus for electric welding and
parts and accessories therefor;
plasma arc welding systems
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08091

	 	THERMAL

ARC (Stylized)
	 	United
States of America
	 	Victor

Equipment Company
	 	 	72/198,597	 	 	 799,830
	 	7-Dec-1965
	 	Registered
	 	7-Dec-2015
	 	09 Int.-Plasma arc torches and
accessories

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07115
	 	THERMAL ARC(Stylized)	 	United States of America	 	Victor Equipment Company	 	77/320,282	 	3,457,694	 	1-Jul-2008	 	Registered	 	1-Jul-2018	 	09 Int.-Plasma arc cutting and welding
equipment, namely, plasma arc torches,
power supplies, control units, and gas
and electrical conducting hose

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06083
	 	THERMAL DYNAMICS	 	Peru	 	Victor Equipment Company	 	099659	 	00070281	 	26-Mar-2001	 	Registered	 	26-Mar-2011	 	09 Int.-Electric welding and cutting
equipment, namely, plasma arc cutting
machines and apparatus, arc welding
power supplies, plasma cutting
equipment including torches, tips,
nozzles, electrodes and other
consumable parts and accessories

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-05031
	 	THERMALARC	 	Japan	 	Victor Equipment	 	62-23676	 	2155353	 	31-Jul-1989	 	Registered	 	31-Jul-2019	 	09 Int.-Plasma cutting equipment and
	 
	 	 	 	 	 	Company	 	 	 	 	 	 	 	 	 	 	 	other metal working machinery and
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	implements and other industrial
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	machinery implements and all other
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	goods in this class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08088
	 	THERMALARC

 (And Design)	 	United States of America	 	Victor Equipment Company	 	73/552,251	 	1,429,039	 	17-Feb-1987	 	Registered	 	17-Feb-2017	 	09 Int.-Plasma-arc cutting and
welding equipment, namely, power supplies,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	control units, and gas and electrical
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	conducting hose
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07117
	 	TITAN	 	United States of	 	Victor Equipment	 	73/334,347	 	1,250,161	 	6-Sep-1983	 	Registered	 	6-Sep-2013	 	07 Int.-Heavy duty machine carriage
	 
	 	 	 	America	 	Company	 	 	 	 	 	 	 	 	 	 	 	used to convey a metal working tool
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	along a fixed path relative to a
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	workpiece
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07118
	 	TRI-ARC	 	United States of	 	Victor Equipment	 	73/283,505	 	1,184,570	 	5-Jan-1982	 	Registered	 	5-Jan-2012	 	09 Int.-Air carbon-arc cutting and
	 
	 	 	 	America	 	Company	 	 	 	 	 	 	 	 	 	 	 	gouging torch
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08096
	 	TRIPL-FLINT-LOK	 	United States of America	 	Victor Equipment Company	 	72/124,928	 	745,463	 	19-Feb-1963	 	Registered	 	19-Feb-2013	 	11 Int.-Lighting devices of the type
adapted for lighting oxy-acetylene torches

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07119
	 	TUFF COTE	 	United States of	 	Victor Equipment	 	73/258,554	 	1,210,297	 	28-Sep-1982	 	Registered	 	28-Sep-2012	 	09 Int.-Under-watter cutting electrodes
	 
	 	 	 	America	 	Company	 	 	 	 	 	 	 	 	 	 	 	 

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08097
	 	TURBOGAS	 	European Community	 	Victor Equipment Company	 	003860533	 	003860533	 	4-Jan-2006	 	Registered	 	24-May-2014	 	04 Int.-Compressed
combustible gas for use in
torches, sold in containers

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-01194
	 	TURBOGAS	 	United States of	 	Victor Equipment	 	78/412,628	 	3,118,068	 	18-Jul-2006	 	Registered	 	18-Jul-2016	 	04 Int.-Liquefied hydrocarbon
	 
	 	 	 	America	 	Company	 	 	 	 	 	 	 	 	 	 	 	gas for use in torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08098
	 	TURBO-LITE	 	Canada	 	Victor Equipment	 	561009	 	TMA331730	 	11-Sep-1987	 	Registered	 	11-Sep-2017	 	99 Canada-Gas welding and
	 
	 	 	 	 	 	Company	 	 	 	 	 	 	 	 	 	 	 	brazing equipment, namely,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08099
	 	TURBOSKILL	 	United States of	 	Victor Equipment	 	75/549,684	 	2,457,844	 	5-Jun-2001	 	Registered	 	5-Jun-2011	 	08 Int.-Welding, cutting,
	 
	 	 	 	America	 	Company	 	 	 	 	 	 	 	 	 	 	 	brazing and soldering kits
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	comprised of gas torches,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	torch handles, cutting
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	attachments, regulators,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	tips, nozzles, hoses, spark
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	lighters, safety goggles and
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	instruction booklets sold as
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	a unit; gas torches for use
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	with welding, cutting,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	brazing, and soldering power
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	tools; cutting attachments
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	for hand-held cutting and
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	welding torches; cutting tips
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	and welding tips for
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	hand-held cutting and welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08109
	 	TURBOTORCH	 	Brazil	 	Victor Equipment	 	821464795	 	821464795	 	1-Apr-2003	 	Registered	 	1-Apr-2013	 	35 Int.-Import, export,
	 
	 	 	 	 	 	Company	 	 	 	 	 	 	 	 	 	 	 	trade, distribution,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	promotion and representation
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	service for welding products
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	and metallic coatings
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08107
	 	TURBOTORCH	 	Canada	 	Victor Equipment	 	434393	 	TMA 246690	 	13-Jun-1980	 	Registered	 	13-Jun-2025	 	99 Canada-(1) Plumbing torches
	 
	 	 	 	 	 	Company	 	 	 	 	 	 	 	 	 		 	(2) Brazing alloy rod, and
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	containers for compressed
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	gas; gas welding and brazing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	equipment, namely, torches,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	torch tips and nozzles, torch
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	handles and hoses; chemical
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	gas leak detectors and gas
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	welding and brazing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	equipment, namely, gas
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	regulators and control gauges

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08100
	 	TURBOTORCH	 	Greece	 	Victor Equipment Company	 	131587	 	131587	 	17-Nov-1998	 	Registered	 	13-Dec-2016	 	06 Int.-Brazing alloy rod, and containers for compressed gas; 08 Int.-Gas welding and brazing equipment, namely torches torch tips and nozzles, torch handles and hoses; 09 Int.-Chemical gas leak detectors; and gas welding and brazing equipment, namely gas regulators, and control gauges; 11 Int.-Plumbing torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08103
	 	TURBOTORCH	 	Japan	 	Victor Equipment Company	 	103373/86	 	2368841	 	31-Jan-1992	 	Registered	 	31-Jan-2012	 	07 Int.-Metal working machines, apparatus and instruments; 09 Int.-Electric arc welding apparatus; melt-cutting apparatus for metal works; electric welding apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08110
	 	TURBOTORCH	 	Korea, Republic of	 	Victor Equipment Company	 	40-2006-58255	 	734382	 	16-Jan-2008	 	Registered	 	16-Jan-2018	 	06 Int.-High pressure gas containers of metal, liquid gas containers of metal, LPG containers of metal, welding rods, welding alloys, gas valves of metal for use in welding and cutting torches, manifold gauge valve of metal for use in welding and cutting torches

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08104

	 	TURBOTORCH
	 	Mexico
	 	Victor Equipment

Company
	 	250521	 	 	335329	 	 	4-Nov-1987
	 	Registered
	 	19-Jun-2015
	 	07 Int.-Parts and
accessories for
tractors, crunching
machines, any type
of machinery,
machinery tools,
motors (except for
land vehicles),
couplings and
transmission belts
(except for land
vehicles); 08
Int.-Only tools and
instruments run
manually, cutlery,
non-electric
shaving tools; 09
Int.-Only
galvanizing
machines,
electroplating,
megaphones (not
electric), machines
to move oxygen,
ozonyzing machines,
shovels for fires
and mechanical
signals; 11
Int.-Only heating
machines (no
electric, including
those in vehicles)
and soldering
lamps; 12 Int.-Only
for motors for land
vehicles, couplings
belts for land
vehicles, and in
general, all type
of mechanisms for
motors, brakes and
transmission for
land vehicles; 16
Int.-Only reels for
typewriters, and
non-electric
typewriters; 20
Int.-Only sewing
looms; 21 Int.-Only
non-electric
lighters and hand
grinders for
domestic use
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08102

	 	TURBOTORCH
	 	Taiwan
	 	Victor Equipment

Company
	 	(72)50701	 	 	249366	 	 	1-Jul-1984
	 	Registered
	 	30-Jun-2014
	 	92 National-Gas
torches,
regulators,
automatic torches,
hand torches, torch
tips, turbotorch
kits for gas/air
torches, torch kits
for use on cutting,
welding, brazing
and soldering, tank
totes and
turbotanks, hand
wheel valve, quick
disconnect, tips,
gas regulators,
handles, adapters,
stickers, goggles,
hose, welding
nozzles

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	
Class/Goods 
	29264-08106

	 	TURBOTORCH
	 	United

Kingdom
	 	Victor

Equipment Company
	 	 	 	 	 	 	B984470	 	 	4-Sep-1973
	 	Registered
	 	9-Dec-2016
	 	11 Int.-Propane and acetylene blow-torches for heating and soldering
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08105

	 	TURBOTORCH
	 	United
States of America
	 	Victor

Equipment Company
	 	 	73/581,712	 	 	 	1,410,139	 	 	23-Sep-1986
	 	Registered
	 	23-Sep-2016
	 	06 Int.-Brazing alloy rod, and
containers for compressed gas; 08
Int.-Gas welding and brazing
equipment, namely, torches, torch
tips and nozzles, torch handles,
and hoses; 09 Int.-Chemical gas
leak detectors; and gas welding
and brazing equipment, namely, gas
regulators and control gauges
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08108

	 	TURBOTORCH
	 	United
	 	Victor
	 	 	72/295,694	 	 	 	876,047	 	 	2-Sep-1969
	 	Registered
	 	2-Sep-2019
	 	11 Int.-Plumbing torches
	 

	 	 
	 	States of America
	 	Equipment Company
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08101

	 	TURBOTORCH
	 	Venezuela
	 	Victor

Equipment Company
	 	 	6067/81	 	 	 	116780-F	 	 	18-Apr-1986
	 	Registered
	 	18-Apr-
2011
	 	09 Int.-Electrical soldering torch
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-06089

	 	TURBOTORCH 
(AND DESIGN)
	 	Korea,

Republic of
	 	Victor

Equipment Company
	 	

	40-2006-12997	

	 	 	40-0711891	 	 	1-Jun-2007
	 	Registered
	 	1-Jun-
2017
	 	07 Int.-Electrically-powered hand
drills, electrically-powered pipe
expander, electrically-powered
flaring tools, air compressors,
compressed air pumps, oil pumps,
reciprocating compressors,
reciprocating vacuum pumps, rotary
vacuum pumps, refrigerant recovery
pumps, industrial washing
machines, gas-operated welding
device, air drills, gas-operated
torches for welding, LPG torches,
electrical welding machines, and
gas-operated torches for cutting
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08111

	 	TURBOTOTE
	 	Canada
	 	Victor

Equipment Company
	 	 	547794	 	 	TMA325348
	 	27-Mar-1987
	 	Registered
	 	27-Mar-
2017
	 	99 Canada-Welding kits, comprising
oxygen and acetylene cutting and
welding apparatus with carrying
cases

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-
08112

	 	TURBOTOTE
	 	United
States of
America
	 	Victor

Equipment

Company
	 	 	73/331,636	 	 	 	1,250,971	 	 	13-Sep-1983
	 	Registered
	 	13-Sep-2013
	 	08 Int.-Welding kits comprising
oxygen and acetylene cutting and
welding apparatus with carrying cases
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-
07124

	 	TWECO
	 	Australia
	 	Victor

Equipment

Company
	 	 	384636	 	 	 	A 384636	 	 	11-Apr-1985
	 	Registered
	 	1-Dec-2013
	 	09 Int.-Welding electrode holders,
earth clamps, cable connectors, cable
splicers, cable-terminal connectors,
hug type cable terminals, two-way
male cable connectors
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-
07135

	 	TWECO
	 	Sweden
	 	Victor

Equipment

Company
	 	 	84-6153	 	 	 	216291	 	 	6-Apr-1990
	 	Registered
	 	6-Apr-2020
	 	09 Int.-Electric welding equipment,
namely, welding guns, welding
electrode holders, ground clamps,
cable connectors, cable splicers,
cable terminal connectors and cable
terminals
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-
07142

	 	TWECO
	 	United
States of
America
	 	Victor

Equipment

Company
	 	 	71/590,722	 	 	 	545,200	 	 	17-Jul-1951
	 	Registered
	 	17-Jul-2011
	 	09 Int.-Welding electrode holders for
holding metallic electrodes, welding
electrode holders for holding carbon
electrodes, ground clamps, cable
connectors, cable splicers,
cable-terminal
connectors, lug type cable
terminals, two-way male cable
connectors

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07147

	 	TWECO (stylized)
	 	Thailand
	 	Victor Equipment

Company
	 	 	388357	 	 	TM 119588
	 	12-Sep-2000
	 	Registered
	 	31-May-2019
	 	09 Int.-Electric
arc welding
apparatus and parts
and accessories
therefor; welding
guns and parts and
accessories
therefor; welding
torches and parts
and accessories
therefor; robotic
welding equipment;
arc gouging torches
and parts and
accessories
therefor;
underwater cutting
and welding torches
and parts and
accessories;
exothermic cutting
tools and parts and
accessories
therefor; ground
clamps, electrode
holders, cable
connectors and
cable lugs, all for
use in welding
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-04097

	 	TWECO FUSION
	 	Australia
	 	Victor Equipment

Company
	 	 	1358538	 	 	 	 	 	 	 	 	Pending
	 	 	 	09 Int.-Welding
apparatus and
equipment; MIG
welding guns,
torches and parts,
fittings and
accessories for all
the aforesaid goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07148

	 	TWECO

ROBOTICS

(Stylized)
	 	United States of
America
	 	Victor Equipment

Company
	 	 	75/391,926	 	 	 	2,297,376	 	 	7-Dec-1999
	 	Registered
	 	7-Dec-2019
	 	06 Int.-Metal cable
wire; non-electric
cables; 07
Int.-Power operated
mist sprayers for
preventing splatter
buildup during arc
welding; power
operated wire
cutters for use in
cutting welding
wire; electric
welding machines;
automated cleaning
station machines
for use in cleaning
robotic welding
torch assemblies;
welding torch
tubes, welding
torch body and
cable assemblies
for use in robotic
welding
applications; 09
Int.-Welding
equipment for use
with electronic arc
welders; 17
Int.-Rubber hose
for use in
connection with
welding

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07149

	 	TWECOTONG
	 	Australia
	 	Victor Equipment

Company
	 		 412206		 	 	A412206	 	 	11-Aug-1987
	 	Registered
	 	23-Jul-2015
	 	09 Int.-Scientific, nautical,
surveying, electric,
photographic, cinematographic,
optical, weighing, measuring,
signalling, checking
(supervision), life-saving and
teaching apparatus and
instruments; apparatus for
recording, transmission or
reproduction of sound or
images; magnetic data
carriers, recording discs;
automatic vending machines and
mechanisms for coin-operated
apparatus; cash registers,
calculating machines and data
processing equipment;
fire-extinguishing apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08115

	 	ULTRAFEED
	 	United States of
America
	 	Victor Equipment

Company
	 	 	75/052,102	 	 	 	2,092,110	 	 	26-Aug-1997
	 	Registered
	 	26-Aug-2017
	 	07 Int.-Metal insert gas wire
feeder for welding machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08139

	 	VICTOR
	 	Argentina
	 	Victor Equipment

Company
	 	 	2240395	 	 	 	1766458	 	 	7-Sep-2000
	 	Registered
	 	9-Dec-2019
	 	07 Int.-Machines for cutting
and welding, parts and
accessories thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08151

	 	VICTOR
	 	Argentina
	 	Victor Equipment

Company
	 	 	2244497	 	 	 	1806113	 	 	4-Oct-2000
	 	Registered
	 	4-Oct-2010
	 	09 Int.-Control gauges, gas
flow meters, control valves,
and gas discharge manifolds
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08152

	 	VICTOR
	 	Argentina
	 	Victor Equipment

Company
	 	 	2244498	 	 	 	1806114	 	 	1-Mar-2001
	 	Registered
	 	4-Oct-2010
	 	11 Int.-Gas pressure regulators
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08153

	 	VICTOR
	 	Australia
	 	Victor Equipment

Company
	 	NA
	 	 	B268133	 	 	25-Nov-1970
	 	Registered
	 	25-Nov-2015
	 	07 Int.-Equipment for cutting,
welding and brazing metal
being parts of machines and
machine tools
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08155

	 	VICTOR
	 	Australia
	 	Victor Equipment

Company
	 	 	 	 	 	 	B 268132	 	 	25-Nov-1970
	 	Registered
	 	25-Nov-2015
	 	09 Int.-Gas pressure
regulators, control gauges,
gas flow meters, gas discharge
manifolds and control valves
all being for use with
cutting, welding and brazing
equipment

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08134

	 	VICTOR
	 	Brazil
	 	Victor Equipment

Company
	 	 	14561-74	 	 	 	006987559	 	 	25-Sep-1979
	 	Registered
	 	25-Sep-2019
	 	09 Int.-Gas
pressure
regulators, gas
flow meters, gas
discharge manifolds
and control valves
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08123

	 	VICTOR
	 	Brazil
	 	Victor Equipment

Company
	 	 	821464744	 	 	 	821464744	 	 	8-Apr-2003
	 	Registered
	 	8-Apr-2013
	 	07 Int.-Equipment
and welding
machines for
welding, grinding
and cutting; parts
and accessories for
machines, all
included in this
class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08124

	 	VICTOR
	 	Brazil
	 	Victor Equipment

Company
	 	 	740145606	 	 	 	740145606	 	 	7-Feb-1984
	 	Registered
	 	7-Feb-2014
	 	07 Int.-Machines,
equipment and
industrial devices
in general; parts,
components, and
accessories of
machines, vehicles,
implements, devices
and means of
transportation
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08130

	 	VICTOR
	 	Brazil
	 	Victor Equipment

Company
	 	 	811205916	 	 	 	811205916	 	 	24-Jul-1984
	 	Registered
	 	23-Jul-2014
	 	08 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment,
including gas
welding torches and
cutting handset
torches and mixers,
nozzles, tips and
other parts of
accessories for
such handsets
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08119

	 	VICTOR
	 	Canada
	 	Victor Equipment

Company
	 	 	227901	 	 	TMA 102231
	 	23-Dec-1955
	 	Registered
	 	23-Dec-2015
	 	99 Canada-Cutting,
welding and brazing
equipment; namely,
oxy acetylene
cutting torches,
welding torches,
brazing nozzles,
mechanical gas
pressure
regulators, gas
pressure gauges,
gas flow meters,
gas discharge
manifolds, gas
filters, hose and
welding rods

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08117

	 	VICTOR
	 	Chile
	 	Victor Equipment

Company
	 	 	473487	 	 	 	763358	 	 	26-Jul-2006
	 	Registered
	 	26-Jul-2016
	 	07 Int.-Gas
welding, cutting
and brazing
equipment and parts
therefor; gas
cutting and welding
kits comprising
torches, nozzles,
tips, cutting
attachments,
regulators, safety
goggles, spark
lighter, hose and
wrenches;
consumable part for
gas
weldingequipment;
09 Int.-Cutting and
welding kits
comprising torches,
tips, cutting
attachments,
regulators, spark
lighters, safety
goggles, and hose;
computer software
for automatically
sending orders to
gas suppliers;
computer software
to control gas flow
reading from a
number of
switchover
manifolds; 10
Int.-Oxygen therapy
equipment; medical
equipment;
resuscitation
apparatus and parts
therefor; medical
suction apparatus
for removing fluids
and parts therefor;
11 Int.-Gas
apparatus; gas
pressure controls;
valves for gas
cylinders and parts
therefor;
regulators for
regulating the flow
of gas; specialty
gas equipment,
including gas
regulators, flow
control regulators,
and flow control
instrumentation,
all for use in
connection with
high purity gases;
digitally
controlled
automatic
changeover system
for gas management;
pipeline equipment,
namely, gas
manifolds, valves,
piping and flow
controls all used
in medical gas
delivery

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-04067

	 	VICTOR
	 	China (People’s
Republic)
	 	Victor Equipment

Company
	 	 	200433088	 	 	 	3692217	 	 	21-Jan-2006
	 	Registered
	 	20-Jan-2016
	 	07 Int.-Welding
machines, electric;
soldering
apparatus,
gas-operated;
soldering
apparatus,
gas-operated
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08118

	 	VICTOR
	 	Colombia
	 	Victor Equipment

Company
	 	 	146571	 	 	 	103735	 	 	10-Oct-1983
	 	Registered
	 	10-Oct-2013
	 	08 Int.-Hand tools
and implements
(hand operated);
cutlery, forks and
spoons; side arms;
cutting, welding
and brazing
equipment and parts
of such equipment
including gas
welding and cutting
handset torches and
mixers, nozzles,
tips and other
parts and
accessories for
such handsets,
which are not
included in other
classes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08141

	 	VICTOR
	 	Colombia
	 	Victor Equipment

Company
	 	 	146571	 	 	 	103736	 	 	10-Oct-1983
	 	Registered
	 	10-Oct-2018
	 	07 Int.-Machines
and machine tools;
motors (except for
land vehicles);
machines coupling
and belting (except
for land vehicles);
large agricultural
implements;
incubators;
cutting, welding
and brazing
equipment and parts
of such equipment
including torches,
mixers, nozzles,
and tips, being
parts of machine in
the nature of
machine tools

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next
Renewal Due	 	Class/Goods
	29264-08156

	 	VICTOR
	 	Ecuador
	 	Victor Equipment

Company
	 	 	 	 	 	 	1288	 	 	22-Dec-1977
	 	Registered
	 	22-Dec- 2012
	 	07 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including torches,
mixers, nozzles,
and tips, being
parts of machines
in the nature of
machine tools; 08
Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
and parts of such
equipment including
gas welding and
cutting handset
torches and mixers,
nozzles, tips and
other parts and
accessories for
such handsets (but
not including
cutting, welding
and brazing
equipment, being in
the nature of
machines; 09
Int.-Gas pressure
regulators, control
gauges, gas flow
meters, gas
discharge
manifolds, control
valves
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08127

	 	VICTOR
	 	Egypt
	 	Victor Equipment

Company
	 	 	49721	 	 	 	49721	 	 	20-Jul-1974
	 	Registered
	 	19-Jul- 2014
	 	07 Int.-Cutting,
welding and brazing
equipment being
parts of machines
in the nature of
machine tools
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08128

	 	VICTOR
	 	Egypt
	 	Victor Equipment

Company
	 	 	49722	 	 	 	49722	 	 	20-Jul-1974
	 	Registered
	 	19-Jul- 2014
	 	08 Int.-Hand tools
for cutting,
welding and brazing
and parts of such
goods not included
in other classes
and not parts of
machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08129

	 	VICTOR
	 	Egypt
	 	Victor Equipment

Company
	 	 	49723	 	 	 	49723	 	 	20-Jul-1974
	 	Registered
	 	19-Jul- 2014
	 	09 Int.-Gas
pressure
regulators, control
gauges, gas flow
meters, all valves
included inclass 9
and not in other
classes

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next
Renewal Due	 	Class/Goods
	29264-08150

	 	VICTOR
	 	France
	 	Victor Equipment

Company
	 	 	235281	 	 	 	1613428	 	 	3-Jul-2000
	 	Registered
	 	4-Sep- 2010
	 	07 Int.-Cutting,
welding and brazing
equipment including
torches, mixers,
nozzles and tips,
being parts of
machines in the
nature of machines
tools; 08
Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including gas
welding and cutting
handset torches and
mixers, nozzles,
tips and other
parts and
accessories for
such handsets (but
not including
cutting, welding
and brazing
equipment being in
the nature of
machines); 09
Int.-Gas pressure
regulators, control
gauges, gas
flowmeters, gas
discharge
manifolds, control
valves
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08138

	 	VICTOR
	 	Germany
	 	Victor Equipment

Company
	 	V 2776/23 Wz
	 	 	687868	 	 	7-Dec-1954
	 	Registered
	 	7-Dec- 2014
	 	06 Int.-; 08 Int.-;
09 Int.-; 17 Int.-
Cutting, welding
and brazing
equipment; namely
cutting torches,
welding torches,
brazing nozzles,
gas pressure
regulators, gauges,
gas flow meters,
gas discharge
manifolds, valves,
gas filters, hose
and welding rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07151

	 	VICTOR
	 	India
	 	Victor Equipment

Company
	 	 	1272800	 	 	 	1272800	 	 	10-Oct-2005
	 	Registered
	 	16-Mar- 2014
	 	11 Int.-Welding and
cutting torches;
and related
equipment and
accessories,
including nozzles,
tips, regulators,
gauges, controls,
fittings, stands,
guides, hoses,
spark lighters,
welding flux,
coated and uncoated
welding rods, and
welding safety
goggles
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08159

	 	VICTOR
	 	Indonesia
	 	Victor Equipment

Company
	 	 	229353	 	 	IDM000150802
	 	1-Oct-1997
	 	Registered
	 	5-Jan- 2018
	 	09 Int.-Gas
pressure
regulation, control
gauges, gas flow
meters, gas
discharge
manifolds, control
valves

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08160

	 	VICTOR
	 	Indonesia
	 	Victor Equipment

Company
	 	 	229353	 	 	IDM000150801
	 	1-Oct-1997
	 	Registered
	 	5-Jan-2018
	 	08 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including gas
welding and cutting
handset torches and
mixers, nozzles,
tips and other
parts and
accessories for
such handsets (but
not including
cutting, welding
and brazing
equipment, being in
the nature of
machines
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08161

	 	VICTOR
	 	Indonesia
	 	Victor Equipment

Company
	 	 	229353	 	 	IDM000150803
	 	1-Oct-1997
	 	Registered
	 	5-Jan-2018
	 	07 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including torches,
mixers, nozzles and
tips being parts of
machines in the
nature of machine
tools
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08126

	 	VICTOR
	 	Iran
	 	Victor Equipment

Company
	 	 	60627	 	 	 	49331	 	 	20-Jun-1978
	 	Registered
	 	11-Jul-2014
	 	07 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including torches,
mixers, nozzles and
tips being parts of
machines in the
nature of machine
tools; 08
Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including gas
welding and cutting
handset torches and
mixers, nozzles,
tips and other
parts and
accessories for
such handsets (but
not including
cutting, welding
and brazing
equipment being in
the nature of
machines); 09
Int.-Gas pressure
regulators, control
gauges, gas flow
meters, gas
discharge
manifolds, control
valves

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264- 08120

	 	VICTOR
	 	Italy
	 	Victor Equipment

Company
	 	 	34977C/80	 	 	 	407083	 	 	24-Feb-1986
	 	Registered
	 	24-Sep-2010
	 	07 Int.-Cutting, welding and brazing
equipment and parts of such equipment
including torches, mixers, nozzles and
tips being parts of machines in the
nature of machine tools; 08
Int.-Cutting, welding and brazing
equipment and parts of such equipment
including gas welding and cutting
handset torches and mixers, nozzles,
tips and other parts and accessories
for such handsets (but not including
cutting, welding and brazing equipment
being in the nature of machines); 09
Int.-Gas pressure regulators, control
gauges, gas flow meters, gas discharge
manifolds, control valves
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264- 08116

	 	VICTOR
	 	Korea,

Republic of
	 	Victor Equipment

Company
	 	 	1644/80	 	 	 	71572	 	 	6-Sep-1980
	 	Registered
	 	5-Sep-2010
	 	09 Int.-Gas meters and flow meters
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264- 08131

	 	VICTOR
	 	Kuwait
	 	Victor Equipment

Company
	 	 	7098	 	 	 	6492	 	 	21-Sep-1974
	 	Registered
	 	20-Sep-2014
	 	01 Int.-Brazing and welding flux
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264- 08132

	 	VICTOR
	 	Kuwait
	 	Victor Equipment

Company
	 	 	7099	 	 	 	6493	 	 	21-Sep-1974
	 	Registered
	 	20-Sep-2014
	 	06 Int.-Coated and uncoated welding rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264- 08133

	 	VICTOR
	 	Kuwait
	 	Victor Equipment

Company
	 	 	7100	 	 	 	6494	 	 	26-Jan-1975
	 	Registered
	 	20-Sep-2014
	 	09 Int.-Flame cutting and welding
equipment, namely, torches, nozzles,
tips, controls, regulators, gauges,
fittings, stands, guides and
accessories
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264- 08135

	 	VICTOR
	 	Kuwait
	 	Victor Equipment

Company
	 	 	17283	 	 	 	16117	 	 	14-Nov-1984
	 	Registered
	 	13-Nov-2014
	 	07 Int.-Cutting, welding and brazing
equipment and parts of such equipment
including torches, mixers, nozzles and
tips, being parts of machines in the
nature of machine tools

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next  Renewal Due	 	Class/Goods
	29264-08136

	 	VICTOR
	 	Kuwait
	 	Victor Equipment

Company
	 	 	17284	 	 	 	16118	 	 	5-May-1986
	 	Registered
	 	13-Nov-2014
	 	08 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including gas
welding and cutting
handset torches and
mixers, nozzles,
tips and other
parts and
accessories for
such handsets (but
not including
cutting, welding,
and brazing
equipment being in
the nature of
machines)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08165

	 	VICTOR
	 	Malaysia
	 	Victor Equipment

Company
	 	 	M/87724	 	 	 	M/087724	 	 	7-Dec-1992
	 	Registered
	 	6-Sep-2011
	 	07 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including torches,
mixers, nozzles and
tips, being parts
of machines in the
nature of machine
tools
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08166

	 	VICTOR
	 	Malaysia
	 	Victor Equipment

Company
	 	 	M/87725	 	 	 	M/087725	 	 	14-Aug-1991
	 	Registered
	 	6-Sep-2011
	 	09 Int.-Gas
pressure
regulators, control
gauges, gas flow
meters, gas
discharge
manifolds, control
valves
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08167

	 	VICTOR
	 	Malaysia
	 	Victor Equipment

Company
	 	 	M/87726	 	 	 	M/087726	 	 	30-Dec-1989
	 	Registered
	 	6-Sep-2011
	 	08 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including gas
welding and gas
welding and cutting
handset torches and
mixers, nozzles,
tips and other
parts and
accessories for
such handsets (but
not including
cutting welding and
brazing equipment,
being in the nature
of machines)

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08164

	 	VICTOR
	 	Mexico
	 	Victor Equipment

Company
	 	 	83012	 	 	 	94488	 	 	1-Oct-1958
	 	Registered
	 	13-Jun-2013
	 	04
Int.-Oxy-acetylene
cutting and welding
equipment
consisting of
cutting torches,
welding torches,
regulators and
gauges; 07
Int.-Oxy- acetylene
cutting and welding
equipment
consisting of
cutting torches,
welding torches,
regulators and
gauges; 11
Int.-Oxy-acetylene
cutting and welding
equipment
consisting of
cutting torches,
welding torches,
regulators and
gauges; 21
Int.-Oxy-acetylene
cutting and welding
equipment
consisting of
cutting torches,
welding torches,
regulators and
gauges
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08140

	 	VICTOR
	 	Pakistan
	 	Victor Equipment

Company
	 	 	67232	 	 	 	67232	 	 	23-Apr-1978
	 	Registered
	 	23-Apr-2015
	 	08 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including gas
welding and cutting
handset torches and
mixers, nozzles,
tips and other
parts and
accessories for
such handsets (but
not including
cutting, welding
and brazing
equipment, being in
the nature of
machines)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08142

	 	VICTOR
	 	Pakistan
	 	Victor Equipment

Company
	 	 	67230	 	 	 	67230	 	 	23-Apr-1978
	 	Registered
	 	23-Apr-2015
	 	07 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
including torches,
nozzles and tips,
being parts of
machines in the
nature of machine
tools
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08143

	 	VICTOR
	 	Pakistan
	 	Victor Equipment

Company
	 	 	67231	 	 	 	67231	 	 	29-Jan-1980
	 	Registered
	 	23-Apr-2015
	 	09 Int.-Gas
pressure
regulators, control
gauges, gas flow
meters, gas
discharge
manifolds, control
valves, all being
goods in Class 9

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08178

	 	VICTOR
	 	Panama
	 	Victor Equipment

Company
	 	177446-01
	 	177446-01
	 	28-Nov-2008
	 	Registered
	 	28-Nov-2018
	 	09 Int.-Apparatus
and instruments for
conducting,
switching,
transforming,
accumulating,
regulation,
electricity or
special control
apparatus for
electric welding
electrodes for
welding, electric
welding apparatus,
electric apparatus
for welding plastic
packaging, cutters,
equipment welding,
specifically,
torches, nozzles,
tips, cutting
attachments,
controls,
regulators, gauges,
bases, guides and
accessories, games
for welding and
cutting torches
made of spikes,
cutting
attachments, hoses
and faucets,
accessories and
parts for equipment
welding; software
for the automation
of purchase orders;
software to control
spending readings
of all types of heads change

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08179

	 	VICTOR
	 	Panama
	 	Victor Equipment

Company
	 	 	177447-01	 	 	177447-01
	 	28-Nov-2008
	 	Registered
	 	28-Nov-2018
	 	11 Int.-Gas
appliances, gas
pressure control
valves and parts
for gas cylinders,
regulating and
safety accessories
for gas pipes, gas
condensers, which
are not parts of
machines, gas flow
controllers,
specialized
equipment for gas,
including gas
regulators, flow
regulators,
instrumentation for
controlling gas
flow or spending,
primarily for use
with high-purity
gases, digital
automatic control
system of change
management of gas
pipeline equipment,
specifically heads,
valves, piping and
flow control
spending or,
specifically,
valves for gas
heads, pipes and
all expenditure
controls used for
clinical gas
distribution
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08125

	 	VICTOR
	 	Saudi Arabia
	 	Victor Equipment

Company
	 	 	3975	 	 	56/95
	 	7-Aug-1976
	 	Registered
	 	24-Oct-2013
	 	09 Int.-Air filter
for air pressure
equipment, flame
welding and cutting
equipment — namely
torches, nozzles,
controls,
regulators, gauges,
fittings, stands,
guides, and
accessories, copper
flux, regular
welding flux,
covered and
uncovered welding
copper rods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08121

	 	VICTOR
	 	Saudi Arabia
	 	Victor Equipment

Company
	 	 	900	 	 	131/31
	 	16-Jun-1986
	 	Registered
	 	4-Jan-2014
	 	08 Int.-Cutting
handtools, welding
and brazing irons,
and parts and
accessories thereof
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08122

	 	VICTOR
	 	Saudi Arabia
	 	Victor Equipment

Company
	 	 	899	 	 	131/30
	 	16-Jun-1986
	 	Registered
	 	10-Jan-2014
	 	07 Int.-Cutting,
welding and brazing
equipment and parts
and accessories
therefor

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08144

	 	VICTOR
	 	Singapore
	 	Victor Equipment

Company
	 	 	61126	 	 	 	T74/61126A	 	 	11-Jun-1974
	 	Registered
	 	11-Jun-2015
	 	07 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment,
torches, mixers,
nozzles, and tip,
being part of
machines in the
nature of machine
tools
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08145

	 	VICTOR
	 	Singapore
	 	Victor Equipment

Company
	 	 	61127	 	 	 	T74/61127Z	 	 	11-Jun-1974
	 	Registered
	 	11-Jun-2015
	 	08 Int.-Tools
(hand) for working
metals included in
Class 8
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08146

	 	VICTOR
	 	Singapore
	 	Victor Equipment

Company
	 	 	61128	 	 	 	T74/61128H	 	 	11-Jun-1974
	 	Registered
	 	11-Jun-2015
	 	09 Int.-Apparatus
for containing and
delivering
compressed gases,
gas discharge
manifolds, gas
meters, gauges,
valves, and testing
instruments
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08163

	 	VICTOR
	 	Singapore
	 	Victor Equipment

Company
	 	 	67382	 	 	 	67382	 	 	31-Mar-1976
	 	Registered
	 	31-Mar-2017
	 	11 Int.-Gas
regulators and
filters included in
Class 11
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08158

	 	VICTOR
	 	South Africa
	 	Victor Equipment

Company
	 	 	76/4853	 	 	 	76/4853	 	 	20-Sep-1976
	 	Registered
	 	20-Sep-2016
	 	09 Int.-Flame
cutting and welding
equipment including
associated torches,
nozzles, tips,
controls,
regulators, gauges,
fittings, stands,
guides and
accessories
included in this
class
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08137

	 	VICTOR
	 	Sweden
	 	Victor Equipment

Company
	 	 	84-5730	 	 	 	215092	 	 	17-Nov-1989
	 	Registered
	 	17-Nov-2019
	 	07 Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
in the form of
torches, mixers,
nozzles, and tips,
being parts of
machines in the
nature of machine
tools; 08
Int.-Cutting,
welding and brazing
equipment and parts
of such equipment
in the form of gas
welding and cutting
handset torches and
mixers, nozzles,
tips and other
parts and
accessories for
such handsets (but
not including
cutting, welding
and brazing
equipment being in
the nature of
machines)

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08157

	 	VICTOR
	 	Taiwan
	 	Victor Equipment

Company
	 	(64) 30239
	 	 	81513	 	 	1-Apr-1976
	 	Registered
	 	31-Mar-2016
	 	09 Int.-Control gauges, gas flow
meters, gauges
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08172

	 	VICTOR
	 	United Arab Emirates
	 	Victor Equipment

Company
	 	 	30938	 	 	 	23588	 	 	8-Feb-2000
	 	Registered
	 	20-Apr-2019
	 	07 Int.-Gas welding and cutting
apparatus, gas control apparatus
and cutting torches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08147

	 	VICTOR
	 	United Kingdom
	 	Victor Equipment

Company
	 	 	1031442	 	 	 	1031442	 	 	22-Jun-1974
	 	Registered
	 	22-Jun-2015
	 	11 Int.-Gas pressure regulators and
parts therefor; all included in
Class 11
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08148

	 	VICTOR
	 	United Kingdom
	 	Victor Equipment

Company
	 	 	1031441	 	 	 	1031441	 	 	22-Jun-1974
	 	Registered
	 	22-Jun-2015
	 	07 Int.-Cutting, welding and
brazing machines and apparatus
included in Class 7; gas discharge
manifolds being parts of portable
welding apparatus; and parts and
fittings included in Class 7 for
all the aforesaid goods
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08149

	 	VICTOR
	 	United Kingdom
	 	Victor Equipment

Company
	 	 	1031443	 	 	 	1031443	 	 	22-Jun-1974
	 	Registered
	 	22-Jun-2015
	 	09 Int.-Control gauges, gas flow
meters and control valves included
in Class 9; apparatus for electric
arc cutting; and parts and fittings
included in Class 9 for all the
aforesaid goods, but not including
electrical plugs or sockets or
electric cable couplings
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08171

	 	VICTOR
	 	United States of
America
	 	Victor Equipment

Company
	 	 	72/331,802	 	 	 	896,882	 	 	18-Aug-1970
	 	Registered
	 	18-Aug-2010
	 	34 Int.-Flame cutting and welding
equipment — namely, torches,
nozzles, tips, controls,
regulators, gauges, fittings,
stands, guides and accessories
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08175

	 	VICTOR
	 	United States of
America
	 	Victor Equipment

Company
	 	 	71/223,348	 	 	 	220,890	 	 	16-Nov-1926
	 	Registered
	 	16-Nov-2016
	 	11 Int.-Oxy-acetylene cutting and
welding equipment consisting of
cutting torches, welding torches,
regulators, gauges and hose
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08169

	 	VICTOR
	 	Venezuela
	 	Victor Equipment

Company
	 	 	8164/76	 	 	 	124377	 	 	21-May-1986
	 	Registered
	 	21-May-2011
	 	06 Int.-Cast and forged metals, wire

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next
Renewal Due	 	Class/Goods
	29264-08170

	 	VICTOR
	 	Venezuela
	 	Victor Equipment

Company
	 	 	8163/76	 	 	 	124376	 	 	21-May-1986
	 	Registered
	 	21-May-2011
	 	06 Int.-Hardware and iron tubes
	 
	29264-08168

	 	VICTOR
	 	Venezuela
	 	Victor Equipment

Company
	 	 	 	 	 	 	F-30595	 	 	11-Jul-1956
	 	Registered
	 	11-Jul-2011
	 	07 Int.-Oxy-acetylene cutting
and welding equipment
consisting of cutting torches,
welding torches, regulators,
gauges and generators
	 
	29264-08162

	 	VICTOR
	 	Venezuela
	 	Victor Equipment

Company
	 	 	5066/78	 	 	 	100354-F	 	 	20-Aug-1982
	 	Registered
	 	20-Aug-2017
	 	09 Int.-Gas pressure
regulators and controls,
control gauges, control
valves, gas flow meters, which
are all measuring instruments
and scientific articles
	 
	29264-08173

	 	VICTOR
	 	Venezuela
	 	Victor Equipment

Company
	 	 	8165/76	 	 	 	109554-F	 	 	15-Aug-1984
	 	Registered
	 	15-Aug-2019
	 	08 Int.-Flame cutting and
welding equipment and
accessories for the same
	 
	29264-08174

	 	VICTOR (English and
Arabic)
	 	Qatar
	 	Victor Equipment

Company
	 	 	2049	 	 	 	2049	 	 	23-Mar- 1987
	 	Registered
	 	15-Aug-2011
	 	07 Int.-Cutting, welding and
brazing equipment and parts of
such equipment including
torches, mixers, nozzles and
tips being parts of machines
in the nature of machine
tools; 08 Int.-Cutting,
welding and brazing equipment
and parts of such equipment
including gas welding and
cutting handset torches and
mixers, nozzles, tips and
other parts and accessories
for such handsets (not
including cutting, welding and
brazing equipment being in the
nature of machines); 09
Int.-All goods included in
Class9

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Next Renewal	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Due	 	Class/Goods
	29264-07152

	 	VICTOR MEDICAL
	 	United States of
America
	 	Victor Equipment

Company
	 	 	78/441,615	 	 	 	3,020,161	 	 	29-Nov-2005
	 	Registered
	 	29-Nov-2015
	 	10 Int.-Oxygen
therapy equipment,
namely, oxygen
regulators, oxygen
cylinders, oxygen
concentrators,
oxygen conservers,
transfilling
systems; and
portable oxygen
therapy systems
composed primarily
of oxygen
regulators, oxygen
cylinders, oxygen
concentrators,
oxygen conservers,
transfilling
systems
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-08176

	 	VICTOR SUPER-RANGE
	 	United Arab Emirates
	 	Victor Equipment

Company
	 	 	19405	 	 	 	21327	 	 	13-Jun-1999
	 	Registered
	 	16-Nov-2016
	 	09 Int.-Cutting and
welding kits
comprising torches,
nozzles, tips,
cutting
attachments,
regulators, safety
goggles, spark
lighters, hose and
wrenches
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07158

	 	WELDSKILL
	 	Australia
	 	Victor Equipment

Company
	 	 	615760	 	 	 	615760	 	 	9-Jan-1995
	 	Registered
	 	8-Nov-2010
	 	09 Int.-All goods
in this class;
electrode holders
for arc welding,
ground clamps for
arc welding, cable
connectors for arc
welding; mig
welding guns

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-07163

	 	WELDSKILL
	 	Mexico
	 	Victor Equipment Company
	 	 	965963	 	 	 	 	 	 	 	 	Pending
	 	 	 	09 Int.-MIG (metal
inert gas) welding
guns; welding
electrodes;
electrode holders
for welding; ground
clamps for welding;
cable connectors
for welding, and
general scientific,
nautical,
surveying,
photographic,
cinematographic,
optical, weighing,
measuring,
signalling,
checking
(supervision),
life-saving and
teaching apparatus
and instruments;
apparatus and
instruments for
conducting,
switching,
transforming,
accumulating,
regulating or
controlling
electricity;
apparatus for
recording,
transmission or
reproduction of
sound or images,
magnetic data
carriers, recording
discs; automatic
vending machines
and mechanisms for
coin-operated
apparatus; cash
registers,
calculating
machines, data
processing
equipment and
computers;
fire-extinguishing
apparatus
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07159

	 	WELDSKILL
	 	United States of America
	 	Victor Equipment Company
	 	 	74/427,685	 	 	 	1,844,242	 	 	12-Jul-1994
	 	Registered
	 	12-Jul-2014
	 	09 Int.-Electrode
holders for arc
welding, ground
clamps for arc
welding, cable
connectors for arc
welding and MIG
welding guns
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29264-07003

	 	WS (AndDesign)
	 	United States of America
	 	Victor Equipment Company
	 	 	75/386,652	 	 	 	2,309,749	 	 	18-Jan-2000
	 	Registered
	 	18-Jan-2020
	 	09 Int.-Consumable
parts for electric
arc welding
machines, namely
tips, nozzles, and
diffusers

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AT REF. #	 	Trademark	 	Country	 	Owner	 	Application No.	 	Registration No.	 	Registration Date	 	Status	 	Next Renewal Due	 	Class/Goods
	29264-08055

	 	O2N DEMAND
	 	United States of America
	 	Victor Equipment Corporation
	 	75/364,527
	 	 	2,240,388	 	 	20-Apr-1999
	 	Registered
	 	20-Apr-2019
	 	10 Int.-Portable
oxygen delivery
unit consisting of
a combination
regulator and
oxygen conserving
device, for use by
ambulatory patients
outside a hospital
environment

 

Table of Contents

     

3. Copyrights

	 	 	 	 	 	 	 
	Company	 	Registration Number	 	Date	 	Copyright
	TWECO PRODUCTS,
INC. (VICTOR
EQUIPMENT
COMPANY)

	 	TXu000290759
	 	 8/4/1987
	 	THE RIGHT STUFF
	 
	 	 	 	 	 	 
	VICTOR EQUIPMENT COMPANY
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	TXu000290820
	 	 8/4/1987
	 	TOP GUNS, BECAUSE THEY WORK.
	 
	 	 	 	 	 	 
	 

	 	TXu000296091
	 	 9/17/1987
	 	TRUE GRIT: COOL, LIGHTWEIGHT
TWECO TIG TORCHES—DESIGNED
FOR LONG, DEPENDABLE SERVICE.
	 
	 	 	 	 	 	 
	 

	 	TX0000944231
	 	 8/13/1982
	 	WELDING, CUTTING & HEATING
GUIDE
(abandoned)
	 
	 	 	 	 	 	 
	THERMADYNE INDUSTRIES, INC.
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	TX0004495840
	 	 12/6/1996
	 	CUTTING & WELDING TODAY: TIPS
FOR IMPROVING YOUR CUTTING &
WELDING PRODUCTIVITY
	 
	 	 	 	 	 	 
	 

	 	Serial 1997 CSN0120624
	 	 	 	CUTTING & WELDING TODAY: TIPS
FOR IMPROVING YOUR CUTTING &
WELDING PRODUCTIVITY
	 
	 	 	 	 	 	 
	 

	 	TX0004811490
	 	 12/10/1998
	 	CUTTING & WELDING TODAY: TIPS
FOR
IMPROVING YOUR CUTTING &
WELDING PRODUCTIVITY

 

Table of Contents

     

	 	 	 	 	 	 	 
	Company	 	Registration Number	 	Date	 	Copyright
	 

	 	Serial 1999
	 	 	 	CUTTING & WELDING TODAY: TIPS
FOR IMPROVING YOUR CUTTING &
WELDING PRODUCTIVITY
	 
	 	 	 	 	 	 
	STOODY COMPANY
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	TX0000258587
	 	 12/18/1978
	 	BUILD-UP AND HARD-FACING
ELECTRODES AND WIRES FOR
MANUAL AND SEMI-AUTOMATIC
APPLICATIONS
	 
	 	 	 	 	 	 
	THERMAL DYNAMICS
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	TX0001953477
	 	 12/3/1986
	 	THERMAL ARC PLASMA WELDING
AND CUTTING EQUIPMENT
	 
	 	 	 	 	 	 
	 

	 	VAu000113630
	 	 6/10/1987
	 	DYNAPAK 110: LAY 1 & 2
	 
	 	 	 	 	 	 
	 

	 	TXU000285087
	 	 6/10/1987
	 	DYNAPAK 110: PRELIMINARY USER
MANUAL
	 
	 	 	 	 	 	 
	 

	 	TX0001856701
	 	 7/18/1986
	 	PAK 3XR CUTTING SYSTEM
	 
	 	 	 	 	 	 
	 

	 	TX0000869731
	 	 11/23/1981
	 	PAK 45 CUTTING SYSTEM
	 
	 	 	 	 	 	 
	 

	 	TX0001890251
	 	 7/22/1986
	 	PAK 5 CUTTING SYSTEM
	 
	 	 	 	 	 	 
	 

	 	TX0000742589
	 	 6/8/1981
	 	PAK 5 CUTTING SYSTEM
	 
	 	 	 	 	 	 
	 

	 	TX0000676320
	 	 4/20/1981
	 	THERMAL ARC PAK 45 COLOR
BROCHURE
	 
	 	 	 	 	 	 
	 

	 	TX0000742588
	 	 4/20/1981
	 	THERMAL ARC PAK 5 COLOR
BROCHURE
	 
	 	 	 	 	 	 
	MODERN
ENGINEERING CO. INC.
(VICTOR EQUIPMENT
COMPANY)

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	VA 0000174624
	 	 9/6/1984
	 	WEB MASTER DESIGN

 

Table of Contents

     

4.
Domain Names

	 	 	 	 	 	 	 	 	 
	Domain Name	 	Expiration Date	 	Administrative Contact	 	Technical Contact	 	Account Holder
	thermalarconthemove.com

	 	11/11/2012
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	thermadyne.net

	 	11/10/2013
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	candgsystems.com

	 	8/15/2010
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	cutskill.com

	 	3/8/2009
	 	Kevin Hanson
	 	Network Solutions, LLC.
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	 	 	 	 	Thermadyne Holdings Corporation
	 
	 	 	 	 	 	 	 	 
	firepoweronline.com

	 	6/5/2010
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	mythermadyne.com

	 	10/2/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	mythermadyne.net

	 	10/2/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Stoody.com

	 	9/21/2009
	 	Mark Ehrhardt
	 	Mark Ehrhardt
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	 	 	 	 	Thermadyne Holdings Corporation
	 
	 	 	 	 	 	 	 	 
	thermadyne.com

	 	8/7/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	thermadyne.us

	 	7/22/2010
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	thermadyneasia.com

	 	5/3/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	thermadyneautomation.com

	 	7/25/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	thermadynemexico.com

	 	4/14/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 
	Domain Name	 	Expiration Date	 	Administrative Contact	 	Technical Contact	 	Account Holder
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	thermadyneuk.com

	 	4/14/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	thermal-dynamics.com

	 	9/17/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	thermalarc.com

	 	5/13/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	thermaldynamic.com

	 	3/14/2010
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	thermaldynamicsautomation.com

	 	7/25/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	turbotorch.com

	 	1/19/2010
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	tweco-arcair.com

	 	8/12/2010
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	tweco.com

	 	8/7/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	twecoarcair.com

	 	8/12/2010
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	twecorobotics.com

	 	8/12/2010
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	victor-medical.com

	 	8/12/2010
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	victorequip.com

	 	8/17/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 
	Domain Name	 	Expiration Date	 	Administrative Contact	 	Technical Contact	 	Account Holder
	victorequipment.com

	 	8/2/2009
	 	Thermadyne Industries,
	 	Network Solutions, LLC.
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	 	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	victorequipment.net

	 	8/2/2009
	 	Thermadyne Industries,
	 	 	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Network Solutions, LLC.
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	victorequipmentcompany.com

	 	3/19/2011
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	victorhpi.com

	 	5/20/2012
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	victormed.com

	 	9/27/2009
	 	Thermadyne Industries,
	 	Thermadyne Industries, Inc. c/o
	 	Thermadyne Industries, Inc. c/o
	 

	 	 	 	Inc. c/o Thermadyne
	 	Thermadyne Holdings Corporation
	 	Thermadyne Holdings Corporation
	 

	 	 	 	Holdings Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Thermadyne.cn

	 	 	 	 	 	 	 	Thermadyne Cutting and Welding
	 

	 	 	 	 	 	 	 	Equipment Trading Co. Ltd.
	 
	 	 	 	 	 	 	 	 
	Thermadyne.hk

	 	 	 	 	 	 	 	Thermadyne Cutting and Welding
	 

	 	 	 	 	 	 	 	Equipment Trading Co. Ltd.
	 
	 	 	 	 	 	 	 	 
	Thermadyne.asia

	 	 	 	 	 	 	 	Thermadyne Cutting and Welding
	 

	 	 	 	 	 	 	 	Equipment Trading Co. Ltd.
	 
	 	 	 	 	 	 	 	 
	Thermadyne.tw

	 	 	 	 	 	 	 	Thermadyne Cutting and Welding
	 

	 	 	 	 	 	 	 	Equipment Trading Co. Ltd.
	 
	 	 	 	 	 	 	 	 
	Thermadyne.info

	 	 	 	 	 	 	 	Thermadyne Cutting and Welding
	 

	 	 	 	 	 	 	 	Equipment Trading Co. Ltd.
	 
	 	 	 	 	 	 	 	 
	thermadynesweepstakes.com

	 	8/15/2011
	 	Geile-Leon Marketing

Communications
	 	Geile-Leon Marketing

Communications
	 	Geile-Leon Marketing Communications1
	 
	 	 	 	 	 	 	 	 
	victoredge.com

	 	8/14/2011
	 	Geile-Leon Marketing

Communications
	 	Interactive Marketing
	 	Geile-Leon Marketing Communications
	 
	 	 	 	 	 	 	 	 
	thermadynenewsroom.com

	 	1/27/2011
	 	Geile-Leon Marketing

Communications
	 	Geile-Leon Marketing

Communications
	 	Geile-Leon Marketing Communications
	 
	 	 	 	 	 	 	 	 
	thermalarc95S.com

	 	2/27/2011
	 	Geile-Leon Marketing

Communications
	 	Interactive Marketing
	 	Geile-Leon Marketing Communications
	 
	 	 	 	 	 	 	 	 
	arcairslice.com

	 	7/28/2011
	 	Geile-Leon Marketing

Communications
	 	Interactive Marketing
	 	Geile-Leon Marketing Communications

 

			
	1	 	Geile-Leon Marketing Communications is a vendor that, under the Company’s direction,
registered the last five domain names listed.

 

Table of Contents

     

SCHEDULE 3.18

Insurance

2010- 2011 Schedule of Insurance

	 	 	 	 	 	 	 	 	 	 	 
	Coverage	 	Carrier & Policy #	 	Limits	 	Deductibles/Self Insured Retention	 	Premium
	Global Property

	 	Continental Casualty

(CNA)

RMP 2057253321 —

Domestic

RMP 2057253349 —

Canada
	 	$200,000,000 Policy Limit
 

$100,000,000 Boiler & Machinery 

$138,345,406 Business Income 

$50,000,000 Earth Movement Per Occ/Agg
except

$500,000 in AK, CA, HI, PR

$10,000,000 in New Madrid 

$1,000,000 in Indonesia 

$5,000,000 in Mexico and China 

$50,000,000 Flood Per Occ/Aggregate
except

$2,500,000 Locations in 100 Year Flood
Plain 

$10,000,000 Locations in 500 Year Flood
Plain
	 	$250,000 Property Damage/Business Income
Combined 

Except $50,000 for locations with $2,500,000 TIV
$5,000 Computers 

$250,000 Earth Movement Per Occurrence
except 

5% or $250,000 whichever is greater AK, CA, HI,
PR* 

2% or $250,000 whichever is greater New
Madrid* 

5% or $250,000 whichever is greater in
Indonesia* 

5% or $250,000 whichever is greater in Mexico*

FL Zone A — $500,000 Bldg, $500,000 PP,
$100,000 TE** 

FL Zone C — $250,000 Per Occurrence
	 	$	309,851	 
	 
	 	 	 	 	 	 	 	 	 	 
	Ocean Cargo

Deposit Premium

	 	Continental Casualty

(CNA)

OC250447
	 	$1,500,000 Any one Vessel

$150,000 On deck with Bill of Lading

$1,500,000 Any one Aircraft 

$1,500,000 War and SR&CC

$150,000 Any one Barge and Tow

$1,500,000 Any one Truck or Rail Car

$5,000 Per Package by Mail or Parcel
Post
	 	$25,000 per Import Shipment except $1,000 Per

Occurrence Parcel Post
	 	$15,000

Deposit

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 
	Coverage	 	Carrier and Policy #	 	Limits	 	Deductible/Self Insured Retention	 	Premium
	Excess General Liability

 

 Premises 
 

Products

	 	Colony (Argonaut)

ARS4361030
	 	$10,000,000 General Aggregate/Policy Cap
$2,000,000 Products/Completed Ops
Aggregate

$1,000,000 Personal & Advertising Injury

$1,000,000 Each Occurrence

$300,000 Damage to Rented Premises
	 	$10,000 BI/PD Per Occurrence SIR

$10,000 Each Person or Organization PI &
AI SIR

$250,000 Products/Completed Ops Per
Occurrence SIR

$10,000 Employee Benefits Per Claim SIR
	 	$	163,584	 
	 
	 	 	 	 	 	 	 	 	 	 
	Automobile

	 	Sentry Casualty

Company

90 15718 03
	 	$1,000,000 Bodily Injury & Property

Damage Per

Accident
	 	$25,000 Per Accident
	 	$	49,753	 
	 
	 	 	 	 	 	 	 	 	 	 
	Workers Compensation
Deductible

Retro — MA, NY, OR, WI

	 	Sentry Insurance a
Mutual Co. 

90 15718 01

90 15718 02
	 	Employers Liability

$1,000,000 Bodily Injury by Accident

$1,000,000 Bodily Injury by Disease

$1,000,000 Bodily Injury by Disease/Policy

Limit
	 	$350,000 Per Occurrence Deductible

$350,000 Loss Limitation — Retro
	 	$	171,838	 
	 
	 	 	 	 	 	 	 	 	 	 
	Canadian General 

Liability

	 	Ace American Insurance

CXCD36932338
	 	$1,000,000 Each Occurrence

$1,000,000 Products/Completed Operations

Aggregate
	 	N/A
	 	$	7,500	 
	 
	 	 	 	 	 	 	 	 	 	 
	Canadian Automobile

Other than Quebec 

Quebec Only

	 	Sentry Insurance a
Mutual Co. 

91 15718 01

91 15718 02
	 	$1,000,000 Third Party Liability
	 	$25,000 Per Accident
	 	$	6,863	 

 

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 
	Coverage	 	Carrier and Policy #	 	Limits	 	Deductible/Self-Insured Retention	 	Premium
	Umbrella Liability

	 	Colony National Insurance

AR4460095
	 	$10,000,000 Per Occurrence

$10,000,000 General Aggregate
	 	$10,000 SIR
	 	$	156,476	 
	 
	 	 	 	 	 	 	 	 	 	 
	Excess Liability (1st
layer)

	 	RSUI Indemnity

NHA049846
	 	$25,000,000 Each Occurrence and
Aggregate 

Excess of $10,000,000 Primary Umbrella
	 	N/A
	 	$	103,000	 
	 
	 	 	 	 	 	 	 	 	 	 
	Crime

	 	Federal Insurance

(Chubb)

6801-2406
	 	$5,000,000 Employee Theft

$5,000,000 Premises Coverage

$5,000,000 In Transit

$5,000,000 Forgery

$5,000,000 Computer Fraud

$5,000,000 Funds Transfer Fraud

$5,000,000 Money Orders & Counterfeit
Fraud

$5,000,000 Credit Card Fraud

$1,000,000 Client Coverage

$250,000 Expense Coverage
	 	$250,000 except $50,000 Money
Orders &
Counterfeit

Fraud and Credit Card Fraud; 0
Expense
Coverage
	 	$	22,500	 
	 
	 	 	 	 	 	 	 	 	 	 
	Fiduciary Liability

	 	Executive Risk (Chubb)

6801-2401
	 	$10,000,000 Each Policy Period
	 	$150,000 Insuring Clause 1 & 2
	 	$	17,100	 
	 
	 	 	 	 	 	 	 	 	 	 
	Special Crime

Three Year Prepaid 

Premium

	 	 	 	 $15,000,000
	 	N/A
	 	$	12,500	 
	 
	 	 	 	 	 	 	 	 	 	 
	Employed Lawyers

	 	American International

Specialty

006731844
	 	 $1,000,000
	 	0 Non-Indemnifiable Loss;
$25,000 All Other
Loss
	 	$	6,128	 

 

			
	*	 	Applies separately to Property Damage and Time Element and applies per Location/Per
Occurrence
	 
	**	 	Applies to each
Location

Note: Global Property and International Premiums include premium that will be billed locally to
foreign entities

 

Table of Contents

SCHEDULE 3.19

Ventures, Subsidiaries and Affiliates; Outstanding Stock

	1.	 	Joint ventures or partnerships:

	 	•	 	None.

	2.	 	Issued and outstanding stock of each Credit Party:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	# of	 	# of	 	 
	 	 	 	 	Authorized	 	Outstanding	 	 
	 	 	Jurisdiction of	 	Shares by	 	Shares by	 	% Ownership of
	Legal Name	 	Organization	 	Class	 	Class	 	Outstanding Shares
	Thermadyne
Technologies
Holdings, Inc.

	 	Delaware
	 	5,000,000

common stock

165,000

preferred stock
	 	5,000,000
common
stock 

165,000
preferred
stock
	 	100% owned by sponsor
related funds and management
investors
	 
	 	 	 	 	 	 	 	 	 	 
	Thermadyne Holdings 

Corporation

	 	Delaware
	 	1,000 common

stock
	 	1,000
common
stock
	 	100% by Thermadyne 

Technologies Holdings, Inc.
	 
	 	 	 	 	 	 	 	 	 	 
	Thermadyne
Industries, Inc.

	 	Delaware
	 	1,000 common

stock
	 	1,000
common
stock
	 	100% by Thermadyne

Holdings Corporation
	 
	 	 	 	 	 	 	 	 	 	 
	Victor Equipment 

Company

	 	Delaware
	 	1,000 common

stock
	 	1,000
common
stock
	 	100% by Thermadyne
Industries, Inc.
	 
	 	 	 	 	 	 	 	 	 	 
	Stoody Company

	 	Delaware
	 	1,000 common

stock
	 	1,000
common
stock
	 	100% by Victor Equipment

Company
	 
	 	 	 	 	 	 	 	 	 	 
	Thermadyne
International Corp.

	 	Delaware
	 	1,000 common

stock
	 	1,000
common
stock
	 	100% by Victor Equipment

Company
	 
	 	 	 	 	 	 	 	 	 	 
	Thermal Dynamics 

Corporation

	 	Delaware
	 	1,000 common

stock
	 	1,000
common
stock
	 	100% by Victor Equipment

Company
	 
	 	 	 	 	 	 	 	 	 	 
	Thermadyne Australia
Pty. Ltd.

	 	Australia
	 	500,000,000

common stock
	 	1124
common
stock
	 	99.9% by Thermadyne
Industries, Inc.
0.1% owned by Thermadyne
Holdings Corporation
	 
	 	 	 	 	 	 	 	 	 	 
	Cigweld Pty. Ltd.

	 	Australia
	 	10,000,000

ordinary shares
	 	9,414,958	 	 	100% by Thermadyne
Australia Pty. Ltd.

	3. Pre-emptive or other outstanding rights to purchase, options, warrants or similar rights or
agreements pursuant to which any Credit Party (other than
Holdings) may be required to issue, sell, repurchase or redeem any of its Stock or Stock
Equivalents or any Stock or Stock Equivalents of its Subsidiaries:

	 	•	 	None.

 

Table of Contents

	4.	 	Organizational Chart
	 
	 	 	See attached.

 

Table of Contents

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	3&333333333
33333333333333333 33333333333333333 !33333“3#3333$33 33333333333333333 333333333333 333333333333333333333333)*+3,333333-333333% 3&’3333333

	33333 3333333

	!33333“3#33333 $3333333%“333 33333
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333333333333333*+%333333333333333333333“3

 

Table of Contents

SCHEDULE 3.20

Jurisdiction of Organization; Chief Executive Office

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	Organizational	 	 	 	 
	 	 	Organization/	 	Identification	 	Address of Chief	 	Prior Jurisdiction or
	Name of Credit Party	 	Formation	 	Number	 	Executive Office	 	Prior Names
	Razor Merger Sub Inc.

	 	Delaware
	 	 	4879689	 	 	c/o Irving Place Capital
	 	None
	 

	 	 	 	 	 	 	 	Partners III, L.P.
	 	 
	 

	 	 	 	 	 	 	 	277 Park Avenue, 39th
	 	 
	 

	 	 	 	 	 	 	 	Floor
	 	 
	 

	 	 	 	 	 	 	 	New York, New York
	 	 
	 

	 	 	 	 	 	 	 	10172	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne

	 	Delaware
	 	 	4878288	 	 	c/o Irving Place Capital
	 	Razor Holdco, Inc.
	Technologies Holdings,

	 	 	 	 	 	 	 	Partners III, L.P.
	 	 
	Inc.

	 	 	 	 	 	 	 	277 Park Avenue, 39th
	 	 
	 

	 	 	 	 	 	 	 	Floor
	 	 
	 

	 	 	 	 	 	 	 	New York, New York
	 	 
	 

	 	 	 	 	 	 	 	10172	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne Holdings

	 	Delaware
	 	 	2134325	 	 	16052 Swingley Ridge
	 	None
	Corporation

	 	 	 	 	 	 	 	Rd.
	 	 
	 

	 	 	 	 	 	 	 	Suite 300
	 	 
	 

	 	 	 	 	 	 	 	Chesterfield, MO
	 	 
	 

	 	 	 	 	 	 	 	63017	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne Industries,

	 	Delaware
	 	 	0893213	 	 	16052 Swingley Ridge
	 	None
	Inc.

	 	 	 	 	 	 	 	Rd.
	 	 
	 

	 	 	 	 	 	 	 	Suite 300
	 	 
	 

	 	 	 	 	 	 	 	Chesterfield, MO
	 	 
	 

	 	 	 	 	 	 	 	63017	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Thermal Dynamics

	 	Delaware
	 	 	0834924	 	 	82 Benning Street
	 	None
	Corporation

	 	 	 	 	 	 	 	West Lebanon, NH
	 	 
	 

	 	 	 	 	 	 	 	03784	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	(executive office
	 	 
	 

	 	 	 	 	 	 	 	formerly located at
	 	 
	 

	 	 	 	 	 	 	 	Industrial Park #2,
	 	 
	 

	 	 	 	 	 	 	 	West Lebanon, NH
	 	 
	 

	 	 	 	 	 	 	 	03784 )	 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Victor Equipment

	 	Delaware
	 	 	0735214	 	 	2800 Airport Road
	 	None
	Company

	 	 	 	 	 	 	 	Denton, TX 76207
	 	 
	 
	Stoody Company

	 	Delaware
	 	 	2728596	 	 	5557 Nashville Road
	 	None
	 

	 	 	 	 	 	 	 	Bowling Green, KY
	 	 
	 

	 	 	 	 	 	 	 	42101	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne

	 	Delaware
	 	 	0887551	 	 	16052 Swingley Ridge
	 	None
	International Corp.

	 	 	 	 	 	 	 	Rd.
	 	 
	 

	 	 	 	 	 	 	 	Suite 300
	 	 
	 

	 	 	 	 	 	 	 	Chesterfield, MO
	 	 
	 

	 	 	 	 	 	 	 	63017	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	Organizational	 	 	 	 
	 	 	Organization/	 	Identification	 	Address of Chief	 	Prior Jurisdiction or
	Name of Credit Party	 	Formation	 	Number	 	Executive Office	 	Prior Names
	Thermadyne Australia

	 	Victoria
	 	071-843-028
	 	71 Gower Street
	 	None
	Pty Ltd

	 	 	 	 	 	PO Box 92
	 	 
	 

	 	 	 	 	 	Preston
	 	 
	 

	 	 	 	 	 	Victoria, Australia
	 	 
	 

	 	 	 	 	 	3072	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Cigweld Pty Ltd

	 	Victoria
	 	007-226-815
	 	71 Gower Street
	 	None
	 

	 	 	 	 	 	PO Box 92
	 	 
	 

	 	 	 	 	 	Preston
	 	 
	 

	 	 	 	 	 	Victoria, Australia
	 	 
	 

	 	 	 	 	 	3072	 	 	 

 

Table of Contents

SCHEDULE 3.21

Locations of Inventory, Equipment and Books and Records

	 	 	 	 	 
	 	 	Location of Books and	 	Location of Inventory and
	Credit Party	 	Records	 	Equipment
	Razor Merger Sub Inc.

	 	16052 Swingley Ridge Rd.
	 	16052 Swingley Ridge Rd.
	 

	 	Suite 300
	 	Suite 300
	 

	 	Chesterfield, MO 63017
	 	Chesterfield, MO 63017
	 

	 	(St. Louis County)
	 	(St. Louis County)
	 
	 	 	 	 
	Thermadyne Technologies Holdings, Inc.

	 	16052 Swingley Ridge Rd.
	 	16052 Swingley Ridge Rd.
	 

	 	Suite 300
	 	Suite 300
	 

	 	Chesterfield, MO 63017
	 	Chesterfield, MO 63017
	 

	 	(St. Louis County)
	 	(St. Louis County)
	 
	 	 	 	 
	Thermadyne Industries, Inc.

	 	16052 Swingley Ridge Rd.
	 	16052 Swingley Ridge Rd.
	 

	 	Suite 300
	 	Suite 300
	 

	 	Chesterfield, MO 63017
	 	Chesterfield, MO 63017
	 

	 	(St. Louis County)
	 	(St. Louis County)
	 
	 	 	 	 
	Thermal Dynamics Corporation

	 	16052 Swingley Ridge Rd.
	 	82 Benning Street
	 

	 	Suite 300
	 	West Lebanon, NH 03784
	 

	 	Chesterfield, MO 63017
	 	(Grafton County)
	 

	 	(St. Louis County)	 	 
	 

	 	 	 	16052 Swingley Ridge Rd.
	 

	 	 	 	Suite 300
	 

	 	 	 	Chesterfield, MO 63017
	 

	 	 	 	(St. Louis County)
	 
	 	 	 	 
	 

	 	 	 	Data Electronic Devices
	 

	 	 	 	32 Northwestern Blvd.
	 

	 	 	 	Salem, NH 03079
	 

	 	 	 	(Rockingham County)
	 
	 	 	 	 
	 

	 	 	 	Performance Plastics
	 

	 	 	 	4435 Bronway Ave.
	 

	 	 	 	Cincinnati, OH 45209
	 

	 	 	 	(Hamilton County)
	 
	 	 	 	 
	 

	 	 	 	GI Plastek
	 

	 	 	 	5 Wickers Drive
	 

	 	 	 	Wolfeboro, NH 03894
	 

	 	 	 	(Carroll County)
	 
	 	 	 	 
	 

	 	 	 	Distron
	 

	 	 	 	87 John Dietsch Square
	 

	 	 	 	Attleboro Falls, MA 02763
	 

	 	 	 	(Bristol County)
	 
	 	 	 	 
	 

	 	 	 	Click Bond
	 

	 	 	 	18 Park Rd.
	 

	 	 	 	Watertown, CT 06795
	 

	 	 	 	(Litchfield County)
	 
	 	 	 	 

 

Table of Contents

	 	 	 	 	 
	 	 	Location of Books and	 	Location of Inventory and
	Credit Party	 	Records	 	Equipment
	 

	 	 	 	Ningbo Thermadyne Cutting & 

Welding Equipment Trading

Co., Ltd.
	 

	 	 	 	Renmin Road, Hengxi Town
	 

	 	 	 	Yinzhou District, Ningbo City
	 

	 	 	 	China
	 
	 	 	 	 
	 

	 	 	 	Suntron
	 

	 	 	 	1659 Gailles Blvd.
	 

	 	 	 	San Diego, CA 92154
	 

	 	 	 	(San Diego County)
	 
	 	 	 	 
	 

	 	 	 	Mid Vermont
	 

	 	 	 	768 S. Main St.
	 

	 	 	 	Bethel, VT 05032
	 

	 	 	 	(Windsor County)
	 
	 	 	 	 
	Victor Equipment Company

	 	16052 Swingley Ridge Rd.
	 	2800 Airport Road
	 

	 	Suite 300
	 	Denton, TX 76207
	 

	 	Chesterfield, MO 63017
	 	(Denton County)
	 

	 	(St. Louis County)	 	 
	 

	 	 	 	800 Henrietta Creek Rd.
	 

	 	2800 Airport Road
	 	Roanoke, TX 76262
	 

	 	Denton, TX 76207
	 	(Denton County)
	 

	 	(Denton County)	 	 
	 

	 	 	 	13820 Oaks Avenue
	 

	 	 	 	Chino, CA 91710
	 

	 	 	 	(San Bernardino County)
	 
	 	 	 	 
	 

	 	 	 	5557 Nashville Road
	 

	 	 	 	Bowling Green, KY 42101
	 

	 	 	 	(Warren County)
	 
	 	 	 	 
	 

	 	 	 	16052 Swingley Ridge Rd.
	 

	 	 	 	Suite 300
	 

	 	 	 	Chesterfield, MO 63017
	 

	 	 	 	(St. Louis County)
	 
	 	 	 	 
	 

	 	 	 	Applied Litho Resources
	 

	 	 	 	194 Industrial Blvd., Suite 102
	 

	 	 	 	McKinney, TX 75069
	 

	 	 	 	(Collin County)
	 
	 	 	 	 
	 

	 	 	 	Ohio Broach
	 

	 	 	 	35264 Topps Industrial
	 

	 	 	 	Parkway
	 

	 	 	 	Willoughby, OH 44094-4684
	 

	 	 	 	(Lake County)
	 
	 	 	 	 
	 

	 	 	 	Taroko International
	 

	 	 	 	263 ERH-Jen Road, Sec. 1
	 

	 	 	 	Jen-Te, Tainan Hsien, Taiwan
	 
	 	 	 	 
	 

	 	 	 	Ningbo Jiemei Machinery Co.,
	 

	 	 	 	Ltd.
	 

	 	 	 	No. 15 Dujiacun Road

Zhuangshi, Ningbo, China

 

Table of Contents

	 	 	 	 	 
	 	 	Location of Books and	 	Location of Inventory and
	Credit Party	 	Records	 	Equipment
	 
	 	 	 	Corrugado De Baja
	 
	 	 	 	Blvd. Luis Donaldo Colosio
	 
	 	 	 	Murrieta #1850
	 
	 	 	 	Col. Los Encinos
	 
	 	 	 	Nogales, Sonora, Mexico C.P.
	 
	 	 	 	84064
	 
	 	 	 	 
	 
	 	 	 	Fimex
	 
	 	 	 	R. Michel 1649
	 
	 	 	 	Guadalajara, Jal., Mexico C.P.
	 
	 	 	 	44870
	 
	 	 	 	 
	 
	 	 	 	Border Metal Stamping
	 
	 	 	 	Calle Maquilla S/N
	 
	 	 	 	Parque Industrial El Cid
	 
	 	 	 	Nogales, Sonora, Mexico 84092
	 
	 	 	 	 
	Stoody Company
	 	16052 Swingley Ridge Rd.	 	5557 Nashville Road
	 
	 	Suite 300	 	Bowling Green, KY 42101
	 
	 	Chesterfield, MO 63017	 	(Warren County)
	 
	 	(St. Louis County)	 	 
	 
	 	 	 	13820 Oaks Avenue
	 
	 	 	 	Chino, CA 91710
	 
	 	 	 	(San Bernardino County)
	 
	 	 	 	 
	 
	 	 	 	16052 Swingley Ridge Rd.
	 
	 	 	 	Suite 300
	 
	 	 	 	Chesterfield, MO 63017
	 
	 	 	 	(St. Louis County)
	 
	 	 	 	 
	Thermadyne International Corp.
	 	16052 Swingley Ridge Rd.	 	800 Henrietta Creek Road
	 
	 	Suite 300	 	Roanoke, Texas 76262
	 
	 	Chesterfield, MO 63017	 	2800 Airport Road
	 
	 	(St. Louis County)	 	Denton, TX 76207
	 
	 	 	 	(Denton County)
	 
	 	 	 	 
	 
	 	 	 	2076 Wyecraft Road
	 
	 	 	 	Oakville, Ontario
	 
	 	 	 	LGL 5V6 Canada
	 
	 	 	 	 
	 
	 	 	 	16052 Swingley Ridge Rd.
	 
	 	 	 	Suite 300
	 
	 	 	 	Chesterfield, MO 63017
	 
	 	 	 	(St. Louis County)
	 
	 	 	 	 
	Thermadyne Holdings Corporation
	 	16052 Swingley Ridge Rd.	 	16052 Swingley Ridge Rd.
	 
	 	Suite 300	 	Suite 300
	 
	 	Chesterfield, MO 63017	 	Chesterfield, MO 63017
	 
	 	(St. Louis County)	 	(St. Louis County)
	 
	 	 	 	 
	Thermadyne Australia Pty Ltd.
	 	71 Gower Street	 	None
	 
	 	PO Box 92	 	 
	 
	 	Preston	 	 
	 
	 	Victoria, Australia 3072	 	 
	 
	 	 	 	 

 

Table of Contents

	 	 	 	 	 
	 	 	Location of Books and	 	Location of Inventory and
	Credit Party	 	Records	 	Equipment
	Cigweld Pty Ltd.
	 	71 Gower Street	 	Newcombe Sales
	 

	 	PO Box 92

Preston

Victoria, Australia 3072
	 	47 Heathcote Road

Moorebank NSW Australia

2170
	 
	 	 	 	 
	 

	 	 	 	Cigweld Preston
	 

	 	 	 	71 Gower Street
	 

	 	 	 	Preston Victoria Australia 3072
	 
	 	 	 	 
	 

	 	 	 	Virtual Warehouse
	 

	 	 	 	71 Gower Street
	 

	 	 	 	Preston Victoria Australia 3072
	 
	 	 	 	 
	 

	 	 	 	Arc Equipment
	 

	 	 	 	73 Gower Street
	 

	 	 	 	Preston Victoria Australia 3072
	 
	 	 	 	 
	 

	 	 	 	Filler Metals
	 

	 	 	 	73 Gower Street
	 

	 	 	 	Preston Victoria Australia 3072
	 
	 	 	 	 
	 

	 	 	 	Gas Equipment
	 

	 	 	 	73 Gower Street
	 

	 	 	 	Preston Victoria Australia 3072
	 
	 	 	 	 
	 

	 	 	 	Brisbane
	 

	 	 	 	570 Tarragindi Road
	 

	 	 	 	Salisbury QLD Australia 4009
	 
	 	 	 	 
	 

	 	 	 	MacKay
	 

	 	 	 	113 Spiller Avenue
	 

	 	 	 	Outer Harbour Mackay
	 

	 	 	 	Australia 4740
	 
	 	 	 	 
	 

	 	 	 	Townsville QLD
	 

	 	 	 	42 Punari Street
	 

	 	 	 	Currajong Townsville QLD
	 

	 	 	 	Australia 4810
	 
	 	 	 	 
	 

	 	 	 	AH Knowles QLD
	 

	 	 	 	Unit 2, 12 Harvey Street
	 

	 	 	 	North Eagle Farm QLD
	 

	 	 	 	Australia 4009
	 
	 	 	 	 
	 

	 	 	 	Perth
	 

	 	 	 	841 Abernethy Road
	 

	 	 	 	Forrestfield WA Australia 6058

 

Table of Contents

SCHEDULE 3.22

Deposit Accounts and Other Accounts

	 	 	 	 	 	 	 
	Name	 	Bank and Address	 	Account Number	 	Type of Account
	Thermadyne Consolidated Account

	 	JP Morgan Chase Bank
	 	Lockbox #24551
	 	Lockbox
	(account into which payments

	 	1 Bank One Plaza	 	 	 	 
	relating to each of Stoody

	 	Chicago, IL 60670	 	 	 	 
	Company, Thermadyne

	 	Contact: Teresa Cox	 	 	 	 
	International Corp., Thermal

	 	(312) 954-9114; fax	 	 	 	 
	Dynamics Corporation, Victor

	 	(312)-954-9352	 	 	 	 
	Equipment Company, and
	 	 	 	 	 	 
	Thermadyne Industries, Inc. are
	 	 	 	 	 	 
	deposited)
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Thermadyne Holdings Corporation

	 	JP Morgan Chase Bank
	 	Account
	 	Disbursement
	 

	 	1 Bank One Plaza
	 	#695213215	 	 
	 

	 	Chicago, IL 60670	 	 	 	 
	 
	 	 	 	 	 	 
	Thermadyne Holdings Corporation

	 	US Bank
	 	Account
	 	Disbursement
	 

	 	Treasury Management
	 	#152308796183	 	 
	 

	 	Services	 	 	 	 
	 

	 	One U.S. Bank Plaza	 	 	 	 
	 

	 	Office	 	 	 	 
	 

	 	SL-MO-T10P	 	 	 	 
	 

	 	7th & Washington	 	 	 	 
	 

	 	St. Louis, Missouri 63101	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Roger Randall	 	 	 	 
	 

	 	Assistant Vice President	 	 	 	 
	 

	 	p: 314-418-8683	 	 	 	 
	 

	 	f: 314-418-2130	 	 	 	 
	 
	 	 	 	 	 	 
	Thermal Dynamics Corporation

	 	JP Morgan Chase Bank
	 	Account #09-44488
	 	ZBA (controlled
	 

	 	1 Bank One Plaza
	 	 	 	disbursements)
	 

	 	Chicago, IL 60670	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Citizens Bank Customer
	 	Account	 	 
	 

	 	Service Center P.O. Box
	 	#330008-0929
	 	Deposit
	 

	 	42001 Providence, RI	 	 	 	 
	 

	 	02940-2001	 	 	 	 
	 
	 	 	 	 	 	 
	Victor Equipment Company

	 	JP Morgan Chase Bank
	 	Lockbox #22037
	 	Lockbox
	 

	 	1 Bank One Plaza	 	 	 	 
	 

	 	Chicago, IL 60670
	 	Account #09-44470
	 	ZBA (controlled
	 

	 	 	 	 	 	disbursements)
	 

	 	JP Morgan Chase Bank
	 	Account	 	 
	 

	 	1 Bank One Plaza
	 	#727117525
	 	Credit Card Account
	 

	 	Chicago, IL 60670	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	JP Morgan Chase Bank —	 	 	 	 
	 

	 	Toronto Branch
	 	Account
	 	Canadian dollar
	 

	 	200 Bay Street, Floor 18,
	 	#4676269101
	 	collection account
	 

	 	Suite ON1-1800	 	 	 	 
	 

	 	Toronto, M5J 2J2,
	 	Account
	 	US dollar collection
	 

	 	Canada
	 	#4676269210
	 	account
	 
	 	 	 	 	 	 
	 

	 	 	 	Account
	 	Disbursements
	 

	 	 	 	#4676269102	 	 

 

Table of Contents

	 	 	 	 	 	 	 
	Name	 	Bank and Address	 	Account Number	 	Type of Account
	Stoody Company
	 	JP Morgan Chase Bank	 	Lockbox #23507	 	Lockbox
	 
	 	1 Bank One Plaza	 	 	 	 
	 
	 	Chicago, IL 60670	 	Account #09-44512	 	ZBA (controlled
	 
	 	 	 	 	 	disbursements)
	 
	 	 	 	 	 	 
	Thermadyne International Corp.
	 	JP Morgan Chase Bank	 	Account #24500	 	Lockbox
	 
	 	1 Bank One Plaza	 	 	 	 
	 
	 	Chicago, IL 60670	 	Account # 10-45160	 	Demand Deposit
	 
	 	 	 	 	 	(amounts received here
	 
	 	 	 	 	 	are swept nightly to
	 
	 	 	 	 	 	Acct#10-45152)
	 
	 	 	 	 	 	 
	Thermadyne Industries, Inc.
	 	JP Morgan Chase Bank	 	Account #10-45152	 	Joint Account (all
	 
	 	1 Bank One Plaza	 	 	 	Lockbox receipts are
	 
	 	Chicago, IL 60670	 	 	 	swept here daily)
	 
	 	 	 	 	 	 
	 
	 	 	 	Account #11-03787	 	 
	 
	 	 	 	 	 	Cash in Collateral
	 
	 	 	 	 	 	Account
	 
	 	 	 	Account #10-19033	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	Checking
	 
	 	 	 	 	 	(Concentration-ZBA)
	 
	 	 	 	 	 	 
	Thermadyne Industries, Inc.
	 	JP Morgan Chase Bank	 	Account #09-44462	 	ZBA (controlled
	 
	 	1 Bank One Plaza	 	 	 	disbursements)
	 
	 	Chicago, IL 60670	 	 	 	 
	 
	 	 	 	 	 	 
	Thermadyne Industries, Inc.
	 	US Bank	 	Account	 	Checking (payroll)
	 
	 	Treasury Management	 	#1999200734	 	 
	 
	 	Services	 	 	 	 
	 
	 	One U.S. Bank Plaza	 	Account	 	Main Depository
	 
	 	Office	 	#152308796191	 	 
	 
	 	SL-MO-T10P	 	 	 	 
	 
	 	7th & Washington	 	Account	 	Credit Card
	 
	 	St. Louis, Missouri 63101	 	#152308796175	 	Depository
	 
	 	 	 	 	 	 
	 
	 	Roger Randall	 	Account	 	Master Account
	 
	 	Assistant Vice President	 	#152308796167	 	 
	 
	 	p: 314-418-8683	 	 	 	 
	 
	 	f: 314-418-2130	 	Account	 	Controlled
	 
	 	 	 	#152302017107	 	Disbursement
	 
	 	 	 	 	 	 
	Thermadyne Australia Pty Ltd.
	 	Commonwealth Bank of	 	Account #63234	 	Checking
	 
	 	Australia	 	1059 2180	 	 
	 
	 	367 Collins Street	 	 	 	 
	 
	 	Melbourne, Victoria	 	 	 	 
	 
	 	 	 	 	 	 
	Cigweld Pty Ltd.
	 	Commonwealth Bank of	 	Account #6-4000-	 	Checking
	 
	 	Australia	 	10619758	 	 
	 
	 	240 Queens Street	 	 	 	 
	 
	 	Brisbane, Queensland	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 
	Name	 	Bank and Address	 	Account Number	 	Type of Account
	Cigweld Pty Ltd
	 	Commonwealth Bank of	 	Account #130-101-	 	U.S. Dollar Account
	 
	 	Australia	 	15601	 	 
	 
	 	367 Collins Street	 	 	 	 
	 
	 	Melbourne, Victoria	 	Account #6-3234-	 	Australian Dollar
	 
	 	 	 	10394272	 	Account
	 
	 	 	 	 	 	 
	 
	 	 	 	Account #179871	 	Deposit Account

 

Table of Contents

SCHEDULE 3.23

Government Contracts

None.

 

Table of Contents

SCHEDULE 3.25

Bonding; Licenses

None.

 

Table of Contents

SCHEDULE 4.13

Further Assurances

Credit Parties

	 	1.	 	Thermadyne Technologies Holdings, Inc.
	 
	 	2.	 	Thermadyne Holdings Corporation
	 
	 	3.	 	Thermadyne Industries, Inc.
	 
	 	4.	 	Thermal Dynamics Corporation
	 
	 	5.	 	Victor Equipment Company
	 
	 	6.	 	Stoody Company
	 
	 	7.	 	Thermadyne International Corp.
	 
	 	8.	 	Thermadyne Australia Pty. Ltd.
	 
	 	9.	 	Cigweld Pty. Ltd.
	 
	 	10.	 	Razor Merger Sub Inc.

Pledged Domestic Subsidiaries (non-Credit Parties)

	 	1.	 	C&G Systems Holding, Inc.
	 
	 	2.	 	Thermadyne Cylinder Co.

Pledged Foreign Subsidiaries

	 	1.	 	Ningbo Fulida Gas Equipment Co., Ltd.
	 
	 	2.	 	Ningbo Thermadyne Cutting & Welding Equipment Trading Co., Ltd.
	 
	 	3.	 	Thermadyne Asia/Pacific Pte. Ltd.
	 
	 	4.	 	Thermadyne Italia Srl
	 
	 	5.	 	Thermadyne South America Holdings, Ltd.
	 
	 	6.	 	Thermadyne Industries Ltd.
	 
	 	7.	 	Thermadyne Welding Products Canada, Ltd.
	 
	 	8.	 	Victor Equipment de Mexico S.A. de C.V.
	 
	 	9.	 	Comercializadora Thermadyne, S. De R.L. De C.V.
	 
	 	10.	 	Thermadyne de Mexico S.A. de C.V.

 

Table of Contents

SCHEDULE 5.1

Liens

None.

 

Table of Contents

SCHEDULE 5.2

Disposition of Assets

The sale of the property owned by Cigweld Pty Ltd located at 73 Gover Street, Preston, Victoria
Australia 3072 on an arm’s length basis.

 

Table of Contents

SCHEDULE 5.4

Investments

     The Credit Parties have made investments in the following Subsidiaries:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Certificate No.	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	% of	 	(if uncertificated,	 	 
	 	 	 	 	Type of	 	# of Shares	 	Total Shares	 	Interest	 	please indicate	 	 
	Owner	 	Investment	 	Organization	 	Owned	 	Outstanding	 	Pledged	 	so)	 	Par Value
	Thermadyne
Technologies
Holdings, Inc.

	 	Thermadyne

Holdings

Corporation
	 	Corporation
	 	1,000
common
stock
	 	1,000

common stock
	 	 	100	%	 	 	01	 	 	$	 .01	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne 

Holdings 

Corporation

	 	Thermadyne
Industries, Inc.
	 	Corporation
	 	1,000
common
stock
	 	1,000

common stock
	 	 	100	%	 	 	01	 	 	$	 .01	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Victor 

Equipment 

Company

	 	Thermal

Dynamics

Corporation
	 	Corporation
	 	1,000
common
stock
	 	1,000

common stock
	 	 	100	%	 	 	01	 	 	$	 .01	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne
Industries, Inc.

	 	Victor

Equipment

Company
	 	Corporation
	 	1,000
common
stock
	 	1,000

common stock
	 	 	100	%	 	 	01	 	 	$	 .01	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Victor 

Equipment 

Company

	 	Stoody

Company
	 	Corporation
	 	1,000
common
stock
	 	1,000

common stock
	 	 	100	%	 	 	01	 	 	$	 .01	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Victor 

Equipment 

Company

	 	Thermadyne
International
Corp.
	 	Corporation
	 	1,000
common
stock
	 	1,000

common stock
	 	 	100	%	 	 	01	 	 	$	 .01	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne
Industries, Inc.

	 	Thermadyne
Australia Pty.
Ltd.
	 	Australian

Proprietary

Company
	 	1,123
common
stock
	 	1,124

common stock
	 	100% of
combined
interests
	 	 	3

5

7

8

10	 	 	A $	1.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne 

Holdings 

Corporation

	 	Thermadyne
Australia Pty.
Ltd.
	 	Australian

Proprietary

Company
	 	1 common
stock
	 	1,124

common stock
	 	100% of
combined
interests
	 	 	4	 	 	A $	1.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne
Australia Pty.
Ltd.

	 	Cigweld Pty.
Ltd.
	 	Proprietary

Company
	 	 	9,414,958	 	 	9,414,958
	 	 	100	%	 	 	11	 	 	A $	1.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermal 

Dynamics 

Corporation

	 	C&G Systems
Holdings, Inc.
	 	Corporation
	 	1,000
common
stock
	 	1,000

common stock
	 	 	100	%	 	 	01	 	 	$	 .01	 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Certificate No.	 	 
	 	 	 	 	 	 	 	 	 	 	% of	 	(if uncertificated,	 	 
	 	 	 	 	Type of	 	# of Shares	 	Total Shares	 	Interest	 	please indicate	 	 
	Owner	 	Investment	 	Organization	 	Owned	 	Outstanding	 	Pledged	 	so)	 	Par Value
	Thermadyne 

Holdings 

Corporation

	 	Thermadyne
Cylinder Co.
	 	Corporation
	 	1,000

common

stock
	 	1,000

common stock
	 	 	100	%	 	 	01	 	 	$	 .01	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne
Industries, Inc.

	 	Thermadyne

Italia Srl
	 	Italian

Limited

Liability

Company
	 	It. Lira
190,000,000
	 	It. Lira
190,000,000
	 	 	65	%	 	Uncertificated
	 	 	N/A	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne
Industries, Inc.

	 	Thermadyne
Asia/Pacific
Pte. Ltd.
	 	Singapore

Private

Limited

Company
	 	100,000

common

stock
	 	100,000

common stock
	 	 	65	%	 	 	9	 	 	$	1	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Victor 

Equipment 

Company

(formerly 

Tweco)

	 	Thermadyne de
Mexico S.A. de
C.V.
	 	Mexican

Variable

Capital

Company
	 	249

common

stock
	 	250 common

stock
	 	65% of
combined
interests
	 	6 (Pledged
Certificate)
7
	 	$	1.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne
International
Corp.

	 	Thermadyne de
Mexico S.A. de
C.V.
	 	Mexican

Variable

Capital

Company
	 	1 common

stock
	 	250 common

stock
	 	0% (65%
of
combined
interests)
	 	 	5	 	 	$	1.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne
Industries, Inc.

	 	Thermadyne
South
American
Holdings, Ltd.
	 	Cayman

Islands

Ordinary

Resident

Company
	 	100

common

stock
	 	100 common

stock
	 	 	65	%	 	3 (Pledged
Certificate)
4
	 	$	1.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne
Industries, Inc.

	 	Ningbo
Thermadyne
Cutting &
Welding
Equipment
Trading Co.,
Ltd.
	 	Chinese

Limited

Company
	 	N/A
	 	N/A
	 	 	65	%	 	Uncertificated
	 	 	N/A	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne
Industries, Inc.

	 	Ningbo Fulida
Gas Equipment
Co., Ltd.
	 	Chinese

Limited

Company
	 	(50%

ownership)
	 	N/A
	 	65% of
combined
interests
	 	Uncertificated
	 	 	N/A	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne 

Holdings 

Corporation

	 	Ningbo Fulida
Gas Equipment
Co., Ltd.
	 	Chinese

Limited

Company
	 	(50%

ownership)
	 	N/A
	 	65% of
combined
interests
	 	Uncertifcated
	 	 	N/A	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Victor 

Equipment 

Company

	 	Victor
Equipment de
Mexico, S.A.

de C.V.
	 	Mexican

Variable

Capital Company
	 	999 Series A
999 Series B
	 	1,000 Series A
1,000 Series B
	 	65% of
combined
interests
of Series

 A and B
	 	3 (Series A -
Pledged
Certificate)
7 (Series A)

12 (Series B —
Pledged
Certificate)
13 (Series B)
	 	$50 pesos

 

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	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Certificate No.	 	 
	 	 	 	 	 	 	 	 	 	 	% of	 	(if uncertificated,	 	 
	 	 	 	 	Type of	 	# of Shares	 	Total Shares	 	Interest	 	please indicate	 	 
	Owner	 	Investment	 	Organization	 	Owned	 	Outstanding	 	Pledged	 	so)	 	Par Value
	Thermadyne
Industries, Inc.

	 	Victor
Equipment de
Mexico, S.A.
de C.V.
	 	Mexican

Variable

Capital

Company
	 	1 Series A 

1 Series B
	 	1,000 Series A
1,000 Series B
	 	0% (65%
of
combined
interests
of Series
A and B)
	 	5 (Series A)

8 (Series B)
	 	$50 pesos

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Victor 

Equipment 

Company

	 	Comercializadora Thermadyne,
S. De R.L. De
C.V.
	 	Mexican

Variable

Capital

Company
	 	99% of
equity
participation
interests
	 	N/A
	 	65% of
combined
interests
	 	Uncertificated
	 	 	N/A	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne
Industries, Inc.

	 	Comercializado
ra Thermadyne,
S. De R.L. De
C.V.
	 	Mexican

Variable

Capital

Company
	 	1% of equity
participation
interests
	 	N/A
	 	0% (65%
of
combined
interests)
	 	Uncertificated
	 	 	N/A	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Victor 

Equipment 

Company

	 	Thermadyne
Industries Ltd.
	 	UK Private

Limited

Company
	 	100 ordinary

shares
	 	100 ordinary

shares
	 	 	65	%	 	3

5 (Pledged

Certificate)

6
	 	 	₤1	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Victor 

Equipment 

Company

	 	Thermadyne

Welding

Products

Canada Limited
	 	Corporation
	 	10,000

common

stock

9,080 Class

A stock
	 	10,000
common stock

 9,080 Class A
stock
	 	 	65	%	 	2

4 (Pledged
Certificate) 

5 (Class A) 

7 (Class A —
Pledged
Certificate)
	 	 	N/A	 

 

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SCHEDULE 5.5

Existing Indebtedness

Existing Senior Subordinated Notes

 

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SCHEDULE 5.6

Transactions with Affiliates

Credit Party transactions with an Affiliate of a Borrower or of any such Subsidiary include
inventory transfers and payments of management fees.

 

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EXHIBIT 1.1(b)

TO

CREDIT AGREEMENT

FORM OF L/C REQUEST

[NAME OF L/C ISSUER], as L/C Issuer

under the Credit Agreement referred to below

____________, 20__

     Re: Razor Merger Sub Inc., Thermadyne Holdings Corporation, Thermadyne Industries, Inc., Victor
Equipment Company, Thermadyne
International Corp., Thermal Dynamics Corporation and Stoody Company (the “Borrowers”)

     Reference is made to the Fourth Amended and Restated Credit Agreement, dated as of December 3, 2010
(as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among the Borrowers, Thermadyne Holdings Corporation, as Borrower
Representative, each other Credit Party that is a party thereto, the
Lenders, L/C Issuers party
thereto and General Electric Capital Corporation, as Agent for the Lenders and the L/C Issuers.
Capitalized terms used herein but not otherwise defined herein shall have the respective meanings
ascribed to such terms in the Credit Agreement.

     The Borrower Representative, on behalf of the Borrowers, hereby gives you notice, irrevocably,
pursuant to Section 1.1(b) of the Credit Agreement, of its request for your
Issuance of a Letter of Credit, in the form attached hereto, for the benefit of [Name of
Beneficiary], in the amount of $__________, to be issued on _________, ____ (the “Issue
Date”) with an expiration date of__________, ___.

     The undersigned hereby certifies that, except as set forth on Schedule A attached hereto,
the following statements are true on the date hereof and will be true on the Issue Date, both
before and after giving effect to the Issuance of the Letter of Credit requested above and any Loan
to be made or any other Letter of Credit to be Issued on or before the Issue Date:

     (i) the representations and warranties set forth in Article III of the Credit Agreement and
elsewhere in the Loan Documents are true and correct in all material respects (without duplication
of any materiality qualifier contained therein), except to the extent such representations and
warranties expressly relate to an earlier date, in which case such representations and warranties
were true and correct in all material respects as of such earlier date;

     (ii) no Default or Event of Default has occurred and is continuing;

     (iii) the aggregate outstanding amount of Revolving Loans does not exceed the Maximum Revolving
Loan Balance; and

1

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     (iv) if after giving effect to the incurrence of such Letter of Credit Obligations Availability is
less than the Availability Threshold, the Borrower Representative has delivered a Compliance
Certificate with respect to the most recent Fiscal Quarter for which financial statements have been
delivered pursuant to subsection 4.1(b) of the Credit Agreement, demonstrating that Fixed
Charge Coverage Ratio for the four-Fiscal Quarter period ending on the last day of the most
recently ended Fiscal Quarter is not less than 1.10 to 1.00.

[Signature page follows]

[SIGNATURE PAGE TO L/C REQUEST DATED _______, __]

 

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	 	THERMADYNE HOLDINGS CORPORATION,

as the Borrower Representative

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[SIGNATURE PAGE TO L/C REQUEST DATED _____ __, __]

 

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EXHIBIT 1.1(c)

to

Credit Agreement

FORM OF SWINGLINE REQUEST

GENERAL ELECTRIC CAPITAL CORPORATION

as Agent under the Credit Agreement referred to below

__________ ___, _____

     Re: Razor Merger Sub Inc., Thermadyne Holdings Corporation, Thermadyne Industries, Inc., Victor
Equipment Company, Thermadyne International Corp., Thermal Dynamics Corporation and Stoody Company
(the “Borrowers”)

     Reference is made to the Fourth Amended and Restated Credit Agreement, dated as of December 3, 2010
(as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among the Borrowers, Thermadyne Holdings Corporation, as Borrower
Representative, each other “Credit Party” that is a party thereto, the Lenders, L/C Issuers party
thereto and General Electric Capital Corporation, as Agent for the Lenders and the L/C Issuers.
Capitalized terms used herein but not otherwise defined herein shall have the respective meanings
ascribed to such terms in the Credit Agreement.

          The Borrower Representative, on behalf of Borrowers, hereby gives you irrevocable notice pursuant
to Section 1.1(c) of the Credit Agreement that it requests a Swing Loan under the Credit
Agreement (the “Proposed Advance”) and, in connection therewith, sets for the following
information:

     A.
The date of the Proposed Advance is ___________, ____ (the “Funding Date”).

     B. The aggregate principal amount of the Proposed Advance is $__________.

          The undersigned hereby certifies that, except as set forth on Schedule A attached hereto, the
following statements are true on the date hereof both before and after giving effect to the
Proposed Advance and any other Loan to be made or Letter of Credit to be issued on or before the
Funding Date:

     (i) the representations and warranties set forth in Article III of the Credit Agreement and
elsewhere in the Loan Documents are true and correct in all material respects (without duplication
of any materiality qualifier contained therein), except to the extent such representations and
warranties expressly relate to an earlier date, in which case such representations and warranties
were true and correct in all material respects as of such earlier date;

 

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     (ii) the aggregate principal amount of all Revolving Loans does not exceed the Maximum Revolving
Loan Balance;

     (iii) no Default or Event of Default is continuing; and

     (iv) if after giving effect to such Proposed Advance, Availability is less than the Availability
Threshold, the Borrower Representative has delivered a Compliance Certificate with respect to the
most recent Fiscal Quarter for which financial statements have been delivered pursuant to
subsection 4.1(b) of the Credit Agreement, demonstrating that Fixed Charge Coverage Ratio
for the four-Fiscal Quarter period ending on the last day of the most recently ended Fiscal Quarter
is not less than 1.10 to 1.00.

	 	 	 	 	 
	 	Sincerely,

THERMADYNE HOLDINGS CORPORATION,

as Borrower Representative

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[SIGNATURE PAGE TO FORM OF SWINGLINE REQUEST DATED _____ __, __]

 

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EXHIBIT 1.5(d)

to

Credit Agreement

FORM OF NOTICE OF CASH COLLATERAL RELEASE

[VIA FAX/EMAIL]

_______________, _____

[General Electric Capital Corporation,

for itself, as Lender, and as Agent

for Lenders

500 West Monroe Street

Chicago, Illinois 60661]

[GE Commercial Corporation (Australia) Pty Ltd

Level 5 420 St. Kilda Road

Melbourne, Victoria 3000]

	Attention: 	 Thermadyne Holdings Corporation,

Account Manager

Ladies and Gentlemen:

          This
notice by Cigweld Pty Ltd., a _________ (the “Credit Party”) refers to the Fourth
Amended and Restated Credit Agreement, dated as of December 3, 2010 (the “Credit
Agreement,” the terms defined therein being used herein as therein defined), by and among the
undersigned, the other persons named therein as Borrowers, the other Credit Parties signatory
thereto, General Electric Capital Corporation, a Delaware corporation, for itself, as Lender, and
as Agent for the Lenders and the L/C Issuers, and the Lenders from time to time party thereto.
Pursuant to Section 1.5(d) of the Credit Agreement, that the undersigned hereby requests
the release of funds from the Australian Blocked Account (the “Cash Collateral Release”),
and in that connection sets forth below the information relating to
such request as required by 1.5(d) of the Credit Agreement:

  1. The date of the requested Cash Collateral Release is ___________, ____.

  2. The aggregate amount of the requested Cash Collateral Release is
$__________.

 

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     3. The requested Cash Collateral Release is to be sent to:

[Name of Bank]

[City of Bank]

Beneficiary:

Account No.: [number]

ABA No.: [number]

Attn: [name]

[signature page follows]

 

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          The undersigned hereby certifies that all of the conditions to the release of cash collateral set
forth in Section 2.2 of the Credit Agreement have been met.

	 	 	 	 	 
	 	CIGWELD PTY LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	Agreed to and accepted by:

THERMADYNE HOLDINGS CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	GENERAL ELECTRIC CAPITAL CORPORATION,

as Agent and Lender

 	 
	 	By:  	 	 
	 	 	Duly Authorized Signatory 	 
	 	 	 	 

 

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EXHIBIT 1.6

TO

CREDIT AGREEMENT

FORM OF NOTICE OF CONVERSION/CONTINUATION

GENERAL ELECTRIC CAPITAL CORPORATION

as Agent under the Credit Agreement referred to below

______ ____, _____

     Re: Razor Merger Sub Inc., Thermadyne Holdings Corporation, Thermadyne Industries, Inc., Victor
Equipment Company, Thermadyne
International Corp., Thermal Dynamics Corporation and Stoody Company
(the “Borrowers”)

     Reference is made to the Fourth Amended and Restated Credit Agreement, dated as of December 3, 2010
(as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among the Borrowers, Thermadyne Holdings Corporation, as Borrower
Representative, each other “Credit Party” that is a party thereto, the Lenders, L/C Issuers party
thereto and General Electric Capital Corporation, as administrative agent for the Lenders and the
L/C Issuers. Capitalized terms used herein but not otherwise defined herein shall have the
respective meanings ascribed to such terms in the Credit Agreement.

     The Borrower Representative, on behalf of Borrowers, hereby gives you irrevocable notice, pursuant
to Section 1.6 of the Credit Agreement of its request for the following (the “Proposed
Conversion/Continuation”):

     (i) a continuation, on _________, ____, as LIBOR Rate Loans having an Interest Period of ___months
of Revolving Loans in an aggregate outstanding principal amount of $_____________ having an
Interest Period ending on the proposed date for such continuation;

     (ii) a conversion, on _________, ____, to LIBOR Rate Loans having an Interest Period of___ months
of Revolving Loans in an aggregate outstanding principal amount of $__________ ; and

     (iii) a conversion, on _________, ____, to Base Rate Loans, of Revolving Loans in an aggregate
outstanding principal amount of $_________.

     The undersigned hereby certifies that, except as set forth on Schedule A attached hereto, the
following statements are true on the date hereof both before and after giving effect to the
Proposed Conversion/Continuation:

     (i) the representations and warranties set forth in Article III of the Credit Agreement and
elsewhere in the Loan Documents are true and correct in all material respects (without duplication
of any materiality qualifier contained therein), except to the

1

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extent such representations and warranties expressly relate to an earlier date, in which case such
representations and warranties were true and correct in all material respects as of such earlier
date;

     (ii) the aggregate principal amount of all Revolving Loans does not exceed the Maximum Revolving
Loan Balance;

     (iii) no Default or Event of Default is continuing; and

     (iv) if after giving effect to the Proposed Conversion / Continuation, Availability is less than
the Availability Threshold, the Borrower Representative has delivered a Compliance Certificate with
respect to the most recent Fiscal Quarter for which financial statements have been delivered
pursuant to subsection 4.1(b) hereof, demonstrating that Fixed Charge Coverage Ratio for
the four-Fiscal Quarter period ending on the last day of the most recently ended Fiscal Quarter is
not less than 1.10 to 1.00.

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION,

as the Borrower Representative

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[SIGNATURE PAGE TO NOTICE OF CONVERSION/CONTINUATION DATED _____ __, __]

 

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EXHIBIT 2.1

TO

CREDIT AGREEMENT

CLOSING CHECKLIST

[See attached]

 

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FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of December 3, 2010

by and among

RAZOR MERGER SUB INC.,

THERMADYNE HOLDINGS CORPORATION,

THERMADYNE INDUSTRIES, INC.,

VICTOR EQUIPMENT COMPANY,

THERMADYNE INTERNATIONAL CORP.,

THERMAL DYNAMICS CORPORATION, and

STOODY COMPANY,

as the Borrowers,

THERMADYNE HOLDINGS CORPORATION,

as the Borrower Representative

THE OTHER PERSONS PARTY HERETO THAT ARE

DESIGNATED AS CREDIT PARTIES,

GENERAL ELECTRIC CAPITAL CORPORATION,

for itself, as a Lender and Swingline Lender and as Agent for all Lenders,

and

THE OTHER FINANCIAL INSTITUTIONS PARTY HERETO,

as Lenders

****************************************

GE CAPITAL MARKETS, INC.,

as Sole Lead Arranger and Bookrunner

 

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     Set forth below is a Closing Checklist, which lists documents and information delivered in
connection with the Credit Agreement (“Credit Agreement”) listed herein as Document No. 1, the
other Loan Documents and the transactions contemplated thereunder. Each capitalized term used but
not defined herein shall have the meaning ascribed to such term in the Credit Agreement and all
section references herein are to Sections of the Credit Agreement, unless otherwise indicated. All
documents are dated as of December 3, 2010 unless otherwise indicated.

I. PARTIES

A. Agent — GE Capital, as Agent

B. Borrower —The parties listed on Exhibit A (collectively, the “Borrowers”)

C. Guarantors — Holdings and the parties listed on Exhibit A (collectively with Borrowers, the
“Credit Parties”)

D. Holdings — Thermadyne Technologies Holdings, Inc.

E. Sponsor — Irving Place Capital

II. COUNSEL TO PARTIES

A. L&W — Latham & Watkins LLP, counsel to Agent

B. Weil — Weil, Gotshal & Manges LLP, counsel to Credit Parties

C. Middletons — Middletons, Australian counsel to Agent

D. MT — McCarthy Tétrault LLP, Canadian counsel to Agent

E. CU — Clayton Utz, Australian counsel to Credit Parties

 

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	Action or Document	 	Responsibility	 	Executed by
	1. Fourth Amended and Restated Credit Agreement	 	L&W (1194252)	 	Credit Parties Agent

Lenders
	 
	 	 	 	 	 	 	 	 
	 

	 	Schedules
	 	 	 	—
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(i)
	 	Schedule 1.1(a) — Revolving Loan Commitments
	 	L&W
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(ii)
	 	Schedule 1.1(b) — Existing Letters of Credit
	 	L&W	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	(iii)
	 	Schedule 3.5 — Litigation
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(iv)
	 	Schedule 3.7— ERISA
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(v)
	 	Schedule 3.8 — Effective Date Sources and Uses;
Funds Flow Memorandum
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(vi)
	 	Schedule 3.9 — Ownership of Property; Liens
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(vii)
	 	Schedule 310 — Taxes
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(viii)
	 	Schedule 3.11(a) — Historical Financial Statements
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(ix)
	 	Schedule 3.11(b) — Pro Forma Financial Statements
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(x)
	 	Schedule 3.12 — Environmental
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(xi)
	 	Schedule 3.15 — Labor Relations
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(xii)
	 	Schedule 3.16 — Intellectual Property
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(xiii)
	 	Schedule 3.18 — Insurance
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(xiv)
	 	Schedule 3.19 — Ventures, Subsidiaries and
Affiliates; Outstanding Stock
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 	 	 
	 

	 	(xv)
	 	Schedule 3.20 — Jurisdiction of Organization;
Chief Executive Office
	 	Credit Parties
	 	—

1

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	Action or Document	 	Responsibility	 	Executed by
	 
	 	(xvi)	 	Schedule 3.21 —
Locations of Inventory, Equipment and Books and Records	 	Credit Parties	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(xvii)	 	Schedule 3.22 — Deposit Accounts and Other Accounts	 	Credit Parties	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(xviii)	 	Schedule 3.23 — Government Contracts	 	Credit Parties	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(xix)	 	Schedule 3.25 — Bonding; Licenses	 	Credit Parties	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(xx)	 	Schedule 4.13 — Further Assurances	 	Credit Parties	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(xxi)	 	Schedule 5.1 — Liens	 	Credit Parties	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(xxii)	 	Schedule 5.4 — Investments	 	Credit Parties	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(xxiii)	 	Schedule 5.5 — Indebtedness	 	Credit Parties	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(xxiv)	 	Schedule 5.6 — Transactions with Affiliates	 	Credit Parties	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	Exhibits	 	 	 	—	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(i)	 	Exhibit 1.1(b) — Form of L/C Request	 	L&W	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(ii)	 	Exhibit 1.1(c) — Form of Swine Loan Request	 	L&W	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(iii)	 	Exhibit 1.5(d) — Notice of Cash Collateral Release	 	L&W	 	 

2

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	Action or Document	 	Responsibility	 	Executed by
	 
	 	(iv)	 	Exhibit 1.6 — Form of Notice of Conversion/Continuation	 	L&W	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(v)	 	Exhibit 2.1 — Closing Checklist	 	L&W 
(1194011)	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(vi)	 	Exhibit 4.2(b)-1 — Form of Compliance Certificate	 	L&W	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(vii)	 	Exhibit 4.2(b)-2 — Form of Covenant Certificate	 	L&W	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(viii)	 	Exhibit 11.1(a) — Form of Assignment	 	L&W	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(ix)	 	Exhibit 11.1(b) — Form of Borrowing Base Certificate	 	L&W	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(x)	 	Exhibit 11.1(c) — Form of Notice of Borrowing	 	L&W	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(xi)	 	Exhibit 11.1(d) — Revolving Note	 	L&W	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(xii)	 	Exhibit 11.1(e) — Swingline Note	 	L&W	 	—
	 
	 	 	 	 	 	 	 	 
	2. Revolving Note by Borrower to each of the following:	 	—	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(i)	 	GE Capital	 	L&W 
(1203407)	 	Borrowers
	 
	 	 	 	 	 	 	 	 
	3. Swingline Note by Borrower to each of the following:	 	—	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(i)	 	GE Capital	 	L&W 
(1203405)	 	Borrowers
	 
	 	 	 	 	 	 	 	 
	4. Master Intercompany Subordinated Note	 	L&W 
(1199298)	 	Credit Parties
	 
	 	 	 	 	 	 	 	 
	 
	 	(i)	 	Endorsement to Agent	 	L&W 
(1199298)	 	Credit Parties
	 
	 	 	 	 	 	 	 	 
	5. Master Intercompany Subordinated Note (Holdings)	 	L&W
 (1203049)	 	Credit Parties

3

Table of Contents

	 	 	 	 	 	 	 	 	 
	Action or Document	 	Responsibility	 	Executed by
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(i)	 	Endorsement to Agent (Holdings)	 	L&W 
(1203049)	 	Holdings
	 
	 	 	 	 	 	 	 	 
	6. Amended and Restated Guaranty and Security Agreement	 	L&W 
(1198410)	 	Borrowers

Guarantors

 Agent
	 
	 	 	 	 	 	 	 	 
	 
	 	Annexes	 	 	 	—	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(i)	 	Annex 1 — Form of Pledge Amendment	 	L&W 
(1198410)	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(ii)	 	Annex 2 — Form of Joinder Agreement	 	L&W 
(1198410)	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(iii)	 	Annex 3 — Form of Intellectual Property Security Agreement	 	L&W
 (1198410)	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	Schedules	 	 	 	—	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(i)	 	Schedule 1 — Commercial Tort Claims	 	Borrower/ Guarantors	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(ii)	 	Schedule 2 — Filings	 	Borrower/ Guarantors	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(iii)	 	Schedule 3 — Pledged Collateral	 	Borrower/ Guarantors	 	—
	 
	 	 	 	 	 	 	 	 
	7. Trademark Security Agreement	 	L&W	 	Agent 

Credit Parties
	 
	 	 	 	 	 	 	 	 
	 
	 	Schedule	 	 	 	Weil	 	—

4

Table of Contents

	 	 	 	 	 	 	 	 	 
	Action or Document	 	Responsibility	 	Executed by
	8. Trademark Security Agreement (Cigweld)	 	L&W	 	Agent 

Cigweld
	 
	 	 	 	 	 	 	 	 
	 
	 	Schedule	 	 	 	Weil	 	—
	 
	 	 	 	 	 	 	 	 
	9. Patent Security Agreement	 	L&W	 	Agent 

Credit Parties
	 
	 	 	 	 	 	 	 	 
	 
	 	Schedule	 	 	 	Weil	 	—
	 
	 	 	 	 	 	 	 	 
	10. Copyright Security Agreement	 	L&W	 	Agent

Credit Parties
	 
	 	 	 	 	 	 	 	 
	 
	 	Schedule	 	 	 	Weil	 	—
	 
	 	 	 	 	 	 	 	 
	11. Confirmation of delivery of Stock/Membership
Certificates and Blank Stock Powers/Assignments of LLC
Membership Interests in Blank as described on Exhibit B attached hereto to Collateral Trustee
	 	Weil / L&W	 	Credit Parties
	 
	 	 	 	 	 	 	 	 
	12. Multi-Party Blocked Account Agreements from the
following institutions1:	 	—	 	—
	 
	 	 	 	 	 	 	 	 
	 
	 	(i)	 	JP Morgan Chase (Disbursement)	 	Weil	 	Thermadyne Industries
	 
	 	 	 	 	 	 	 	Victor
	 
	 	 	 	 	 	 	 	Stoody
	 
	 	 	 	 	 	 	 	Thermal Dynamics
	 
	 	 	 	 	 	 	 	Thermadyne Holdings
	 
	 	 	 	 	 	 	 	Agent
	 
	 	 	 	 	 	 	 	Collateral Trustee
	 
	 	 	 	 	 	 	 	 
	 
	 	(ii)	 	JP Morgan Chase (Merchant)	 	Weil	 	Victor 

Agent

 

			
	1	 	Subject to Section 4.11 of the Credit Agreement

5

Table of Contents

	 	 	 	 	 	 	 	 	 
	Action or Document	 	Responsibility	 	Executed by
	 

	 	 	 	 	 	 	 	Collateral Trustee
	 
	 	 	 	 	 	 	 	 
	 

	 	(iii)
	 	JP Morgan Chase (Collection)
	 	Weil
	 	Thermadyne

Industries

Thermadyne

International Agent

Collateral Trustee
	 
	 	 	 	 	 	 	 	 
	 

	 	(iv)
	 	JP Morgan Chase (Canadian)
	 	Weil
	 	Victor Agent

Collateral Trustee
	 
	 	 	 	 	 	 	 	 
	 

	 	(v)
	 	US Bank
	 	Weil
	 	Thermadyne

Industries Agent

Collateral Trustee
	 
	 	 	 	 	 	 	 	 
	13. Mortgage of Shares (Thermadyne Australia),
dated as of October 3, 2008	 	Middletons	 	Thermadyne Australia
	 
	 	 	 	 	 	 	 	 
	14. Mortgage of Shares (Thermadyne Industries and
Thermadyne Holdings), dated as of October 3, 2008
	 	Middletons	 	Thermadyne
Industries

Thermadyne Holdings
	 
	 	 	 	 	 	 	 	 
	15. Secured Guaranty and Indemnity (Thermadyne
Australia and Cigweld Pty Ltd. (“Cigweld”) as
Guarantors), dated as of October 3, 2008
	 	Middletons	 	Thermadyne
Australia 
Cigweld
	 
	 	 	 	 	 	 	 	 
	16. Fixed and Floating Charge (Unlimited Amount),
dated as of October 3, 2008
	 	Middletons	 	Thermadyne
Australia
 Cigweld
	 
	 	 	 	 	 	 	 	 
	17. Fixed and Floating Charge (Capped Amount —
South Australia), dated as of October 3, 2008
	 	Middletons	 	Thermadyne
Australia
 Cigweld
	 
	 	 	 	 	 	 	 	 
	18. Fixed and Floating Charge (Capped Amount),
dated as of October 3, 2008	 	Middletons	 	Thermadyne
Australia
 Cigweld
	 
	 	 	 	 	 	 	 	 
	19. Fixed and Floating Charge	 	Middletons	 	Thermadyne Australia

6

Table of Contents

	 	 	 	 	 	 	 
	 	 	Action or Document	 	Responsibility	 	Executed by
	 

	 	 	 	 	 	Cigweld
	 
	 	 	 	 	 	 
	20.

	 	Share Mortgage in respect of the shares in Thermadyne
Australia
	 	Middletons
	 	Thermadyne Industries

Thermadyne Holdings
	 
	 	 	 	 	 	 
	21.

	 	Mortgage of land in respect of Certificate of Title
Volume 10746 Folio 083
	 	Middletons
	 	Cigweld
	 
	 	 	 	 	 	 
	22.

	 	Blocked Account Agreement, dated as of October 3, 2008
	 	Middletons
	 	Cigweld
	 
	 	 	 	 	 	 
	23.

	 	RESERVED	 	 	 	 
	 
	 	 	 	 	 	 
	24.

	 	Authority to Complete Documents
	 	Middletons
	 	Thermadyne Australia

Cigweld

Thermadyne Holdings

Thermadyne Industries
	 
	 	 	 	 	 	 
	25.

	 	ASIC Forms 309 in relation to the fixed & floating
charges (item 17)
	 	Middletons
	 	Officer of

Thermadyne Australia

Officer of Cigweld
	 
	 	 	 	 	 	 
	26.

	 	ASIC Forms 350 in relation to the fixed & floating
charges (item 17)
	 	Middletons
	 	Officer of

Thermadyne Australia

Officer of Cigweld
	 
	 	 	 	 	 	 
	27.

	 	Multi-jurisdictional mortgage statement
	 	CU
	 	Duly authorized
person on behalf of

Thermadyne Australia
	 
	 	 	 	 	 	 
	28.

	 	Financial assistance notices, resolutions and
explanatory memorandum required under s.260 of the
Corporations Act (Cth)
	 	CU
	 	Thermadyne Australia

Cigweld

(as applicable)
	 
	 	 	 	 	 	 
	29.

	 	Financial assistance extract board resolutions
	 	CU
	 	Thermadyne Australia

Cigweld (as applicable)

7

Table of Contents

	 	 	 	 	 	 	 
	 	 	Action or Document	 	Responsibility	 	Executed by
	 
	 	 	 	 	 	 
	30.

	 	Financial assistance extract shareholder resolutions (duly passed)
required under s.260B of the Corporations Act (Cth)
	 	CU
	 	Thermadyne Australia

Cigweld

(as applicable)
	 
	 	 	 	 	 	 
	31.

	 	ASIC Form 2602 in respect of financial assistance
	 	CU
	 	Officer of

Thermadyne
Australia
 Officer
of Cigweld
 (as
applicable)
	 
	 	 	 	 	 	 
	32.

	 	Evidence of lodgment of ASIC Forms 2602 in respect of financial
assistance at ASIC (ASIC Form 104)
	 	CU
	 	ASIC
	 
	 	 	 	 	 	 
	33.

	 	ASIC Form 2601 in respect of financial assistance
	 	CU
	 	Thermadyne Australia

Cigweld

(as applicable)
	 
	34.

	 	Evidence of lodgment of ASIC Forms 2601 in respect of financial
assistance at ASIC (ASIC Form 104)
	 	CU
	 	ASIC
	 
	 	 	 	 	 	 
	35.

	 	ASIC Form 2205 in respect of financial assistance
	 	CU
	 	Officer of

Thermadyne
Australia
 Officer
of Cigweld
 (as
applicable)
	 
	 	 	 	 	 	 
	36.

	 	Evidence of lodgment of ASIC Forms 2205 in respect of financial
assistance at ASIC (ASIC Form 104)
	 	CU
	 	ASIC
	 
	 	 	 	 	 	 
	37.

	 	Extract shareholder resolutions to amend the constitution of
Thermadyne Australia and/or Cigweld so that it includes a provision:
	 	CU
	 	Thermadyne Australia

	 
	 	 	 	 	 	 
	 

	 	(a)    which provides that the directors may not refuse to register a
share transfer effected by an Agent

	 	 	 	Thermadyne Holdings
 Thermadyne
Industries

8

Table of Contents

	 	 	 	 	 	 	 
	 	 	Action or Document	 	Responsibility	 	Executed by
	 

	 	        or Lender on enforcement of a Lien over those shares; and
	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	(b)    permitting the directors to act in the best interest
of its holding company in accordance with section 187 of
the Corporations Act 2001 (Cth)
	 	 	 	 
	 
	 	 	 	 	 	 
	38.

	 	Extract of board minutes approving the execution, delivery, and
performance by each of Thermadyne Australia and Cigweld of each Loan
Document to which it is a party
	 	CU
	 	Thermadyne
Australia
Cigweld
	 
	 	 	 	 	 	 
	39.

	 	Extract of shareholder minutes approving the execution, delivery,
and performance by each of Thermadyne Australia and Cigweld of each
Loan Document to which it is a party
	 	CU
	 	Thermadyne Australia

Thermadyne Holdings

Thermadyne
Industries
	 
	 	 	 	 	 	 
	40.

	 	UCC searches in each of the locations and against each of the
Credit Parties identified on Exhibit C attached hereto
	 	Weil
	 	—
	 
	 	 	 	 	 	 
	41.

	 	UCC financing statements naming Agent as Secured Party and
each Credit Party as Debtor filed in the jurisdictions described on
Exhibit C attached hereto:
	 	L&W	 	—
	 
	 	 	 	 	 	 
	42.

	 	Post-closing UCC searches
	 	L&W
	 	—
	 
	 	 	 	 	 	 
	43.

	 	PPSA searches in Canada in each of the locations and against
each of the Credit Parties identified on Exhibit C attached hereto
	 	MT	 	 
	 
	 	 	 	 	 	 
	44.

	 	PPSA Filings naming Agent as Secured Party and each Credit Party
as Debtor filed in the jurisdictions described on Exhibit C attached
hereto
	 	MT	 	—
	 
	 	 	 	 	 	 
	45.

	 	ASIC searches in Australia in respect of each of Thermadyne
Australia and Cigweld
	 	Middletons	 	 

9

Table of Contents

	 	 	 	 	 	 	 
	 	 	Action or Document	 	Responsibility	 	Executed by
	46.

	 	Victorian Land Titles Offices search of the property as described
in the Mortgage of Land (item 19)
	 	Middletons	 	 
	 
	 	 	 	 	 	 
	47.

	 	Certificates from secretary or assistant secretary (or an officer,
if customary in any relevant jurisdiction) as indicated on Exhibit D
certifying to (a) articles/certificate of formation, as applicable,
and all amendments thereto, certified (if applicable) by the secretary
of the state of incorporation, (b) memorandum and articles of
association, bylaws/operating agreement or other relevant
constitutional documents, as applicable, and all amendments thereto,
(c) resolutions and (d) the incumbency (if applicable) and signatures
of the officers or representatives executing the Credit Agreement and
the other Loan Documents
	 	Weil
	 	Credit Parties
	 
	 	 	 	 	 	 
	48.

	 	Certificates of good standing, foreign qualification to do
business (or foreign equivalent thereof) of each Loan Party from the
secretary of state indicated on Exhibit D
	 	Weil	 	—
	 
	 	 	 	 	 	 
	49.

	 	Certificate of a Responsible Officer of the Borrower
Representative to the effect that (A) each condition set forth in
Section 2.1 has been satisfied, (B) both the Credit Parties taken as a
whole and the Borrower are Solvent after giving effect to the initial
Loans and Letters of Credit, the consummation of the Related
Transactions, the application of the proceeds thereof in accordance
with Section 4.10 and the payment of all estimated legal, accounting
and other fees and expenses related hereto and thereto and (C)
attached thereto are complete and correct copies of the following
Related Agreements
	 	Weil
	 	Thermadyne Holdings
	 
	 	 	 	 	 	 
	 

	 	(i)    Merger Agreement
	 	Weil
	 	Razor Holdco Inc.

Razor Merger Sub
Inc.

Thermadyne Holdings

10

Table of Contents

	 	 	 	 	 	 	 
	 	 	Action or Document	 	Responsibility	 	Executed by
	 

	 	(ii)    Indenture
	 	Weil
	 	Thermadyne Holdings

Guarantors

Collateral Trustee
	 
	 	 	 	 	 	 
	 

	 	(iii)    Purchase Agreement
	 	Weil
	 	Razor

Initial Purchaser
	 
	 	 	 	 	 	 
	 

	 	(iv)    Pledge and Security Agreement
	 	Weil
	 	Thermadyne Holdings

Razor

Guarantors

Collateral Agent
	 
	 	 	 	 	 	 
	50.

	 	Audited consolidated balance sheet of the
Borrowers and their Subsidiaries for the three
(3) Fiscal Years ended December 31, 2007,
December 31, 2008, and December 31, 2009, and the
related audited consolidated statements of income
or operations, shareholders’ equity and cash
flows for such Fiscal Years
	 	Sponsor	 	—
	 
	 	 	 	 	 	 
	51.

	 	Unaudited interim consolidated balance sheet
of the Borrowers and their Subsidiaries for the
Fiscal Quarters ending March 31, 2010, June 30,
2010 and September 30, 2010 and the related
unaudited consolidated statements of income,
shareholders’ equity and cash flows for such
Fiscal Quarters
	 	Sponsor	 	—
	 
	 	 	 	 	 	 
	52.

	 	Pro forma unaudited consolidated balance
sheet of the Borrowers and their Subsidiaries for
the four-Fiscal Quarter period ending September
30, 2010
	 	Sponsor
	 	—
	 
	 	 	 	 	 	 
	53.

	 	Intercreditor Agreement
	 	L&W
 (1195226)
	 	Agent

Credit Parties

Senior Secured
Notes
 Collateral
Trustee

11

Table of Contents

	 	 	 	 	 	 	 
	 	 	Action or Document	 	Responsibility	 	Executed by
	54.

	 	Landlord Waivers listed on Exhibit E attached hereto2
	 	Weil
	 	Landlord
 Agent
	 
	 	 	 	 	 	 
	55.

	 	Bailee Waivers listed on
Exhibit F attached hereto3
	 	Weil
	 	Landlord
 Agent
	 
	 	 	 	 	 	 
	56.

	 	Flow of Funds
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 
	 

	 	(i) Borrowing Base Certificate
	 	L&W/Credit
 Parties
	 	Thermadyne Holdings
	 
	 	 	 	 	 	 
	57.

	 	Completed W-9 form for each party listed on Flow of
Funds/Letter of Direction
	 	Credit Parties
	 	—
	 
	 	 	 	 	 	 
	58.

	 	Master Agreement for Standby Letters of Credit
	 	L&W
 (1201049)
	 	Borrowers
 Agent
	 
	 	 	 	 	 	 
	59.

	 	Fee Letter
	 	L&W

(1187907)
	 	Razor
 Agent
	 
	 	 	 	 	 	 
	60.

	 	Certificate(s) of Insurance together with loss payable
endorsements designating Agent as loss payee and additional insured
endorsements designating Agent and Lenders as additional insureds
and certified copies of all insurance policies
	 	Weil
	 	Insurance Company
	 
	 	 	 	 	 	 
	61.

	 	Post Closing Matters Agreement
	 	L&W
	 	Agent

Credit Parties
	 
	 	 	 	 	 	 
	62.

	 	Irrevocable Notice of Redemption with respect to 2004 Indenture
	 	Weil
	 	Trustee
	 
	 	 	 	 	 	 
	63.

	 	Evidence of deposit of funds with Indenture Trustee
	 	Weil
	 	Trustee

 

			
	2	 	Subject to Section 4.12 of the Credit Agreement
	 
	3	 	Subject to Section 4.12 of the Credit Agreement

12

Table of Contents

	 	 	 	 	 	 	 
	 	 	Action or Document	 	Responsibility	 	Executed by
	64.

	 	Termination of Blocked Account Agreements
	 	L&W
	 	Agent
	65.

	 	UCC Terminations & IP Releases as set forth on
Exhibit G
	 	Weil
	 	Secured Party
	66.

	 	Opinion of Weil
	 	Weil
	 	Weil
	67.

	 	Opinion of Australian counsel
	 	CU
	 	CU

13

Table of Contents

EXHIBIT A

GUARANTORS

	 	 	 

	1.

	 	Thermadyne Holdings Corporation (“Thermadyne Holdings”) (Borrower)
	2.

	 	Victor Equipment Company (“Victor”) (Borrower)
	3.

	 	Thermadyne International Corp. (“Thermadyne International”)(Borrower)
	4.

	 	Thermal Dynamics Corporation (“Thermal Dynamics”) (Borrower)
	5.

	 	Stoody Company (“Stoody”) (Borrower)
	6.

	 	Thermadyne Industries, Inc. (“Thermadyne Industries”) (Borrower)
	7.

	 	Razor Merger Sub Inc. (“Razor”) (Borrower)
	8.

	 	Thermadyne Australia Pty Ltd(“Thermadyne Australia”)
	9.

	 	Cigweld Pty Ltd (“Cigweld”)
	10.

	 	Thermadyne Technologies Holdings, Inc. (“Holdings”)

12

Table of Contents

     

EXHIBIT B

STOCK CERTIFICATES AND STOCK POWERS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	PDF (original if	 	PDF (original if
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	indicated) Stock	 	indicated) Stock
	Pledged Entity	 	Holder	 	Certificate No.	 	No. Shares	 	% ownership	 	Certificate?	 	Power?
	Thermadyne Holdings Corporation

	 	Thermadyne
Technologies
Holdings, Inc.
	 	 	01	 	 	 	1,000	 	 	 	100	%	 	Need original 
PDF
received
	 	Need original 
PDF
received
	 
	Thermadyne Industries Inc.

	 	Thermadyne Holdings
Corporation
	 	 	01	 	 	 	1,000	 	 	 	100	%	 	X
	 	X
	 
	Victor Equipment Company

	 	Thermadyne
Industries Inc.
	 	 	01	 	 	 	1,000	 	 	 	100	%	 	X
	 	X
	 
	Thermadyne International Corp.

	 	Victor Equipment
Company
	 	 	01	 	 	 	1,000	 	 	 	100	%	 	X
	 	X
	 
	Thermal Dynamics Corporation

	 	Victor Equipment
Company
	 	 	01	 	 	 	1,000	 	 	 	100	%	 	X
	 	X
	 
	Stoody Company

	 	Victor Equipment
Company
	 	 	01	 	 	 	1,000	 	 	 	100	%	 	X
	 	X
	 
	Thermadyne Australia Pty Ltd

	 	Thermadyne
Industries Inc.
	 	 	3

5

6

7

8	 	 	 	1,123	 	 	 	99.911	%	 	X

X

X

X

X
	 	X

X

X

X

X
	 
	Thermadyne Australia Pty Ltd

	 	Thermadyne Holdings
Corporation
	 	 	4	 	 	 	1	 	 	 	0.089	%	 	X
	 	X
	 
	Cigweld Pty Ltd

	 	Thermadyne
Australia Pty Ltd
	 	 	11	 	 	 	9,414,958	 	 	 	100	%	 	X
	 	X
	 
	C&G Systems Holdings, Inc.

	 	Thermal Dynamics
Corporation
	 	 	01	 	 	 	1,000	 	 	 	100	%	 	X
	 	X
	 
	Thermadyne Cylinder Co.

	 	Thermadyne Holdings
Corporation
	 	 	01	 	 	 	1,000	 	 	 	100	%	 	X
	 	X
	 
	Thermadyne Asia/Pacific Pte. Ltd.

	 	Thermadyne
Industries Inc.
	 	 	9	 	 	 	65,000	 	 	 	65	%	 	X
	 	X

13

Table of Contents

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	PDF (original if	 	PDF (original if
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	indicated) Stock	 	indicated) Stock
	Pledged Entity	 	Holder	 	Certificate No.	 	No. Shares	 	% ownership	 	Certificate?	 	Power?
	Thermadyne de Mexico S.A. de C.V.

	 	Victor Equipment
Company
	 	 	6	 	 	 	164	 	 	 	65	%	 	X
	 	X
	 
	Thermadyne South American Holdings, Ltd

	 	Thermadyne
Industries, Inc.
	 	 	3	 	 	 	65	 	 	 	65	%	 	X
	 	X
	 
	Victor Equipment de Mexico, S.A. de C.V.

	 	Victor Equipment
Company
	 	3 Series A

12 Series B
	 	650 Series A

650 Series B
	 	65% Series A

65% Series B
	 	X

X
	 	X
	 
	Thermadyne Industries Ltd.

	 	Victor Equipment
Company
	 	 	5	 	 	 	65	 	 	 	65	%	 	X
	 	X
	 
	Thermadyne Welding Products Canada Limited

	 	Victor Equipment
Company
	 	7 Class A
	 	10,000 Common

Stock 

9,080
Class A
	 	 	65	%	 	X

X
	 	X

X

14

Table of Contents

EXHIBIT C 

LIEN SEARCHES AND FILING OFFICES

	 	 	 	 	 	 	 
	 	 	SEARCH	 	 	 	 
	DEBTOR	 	JURISDICTION	 	TYPE OF SEARCH	 	FILING OFFICE
	Thermadyne Holdings

	 	Delaware Secretary of State St. Louis County, MO
	 	UCC and federal tax lien Tax lien, judgment and pending suit
	 	Delaware Secretary of State
	 
	 	 	 	 	 	 
	Victor

	 	Delaware Secretary of State St. Louis County, MO
	 	UCC and federal tax lien Tax lien, judgment and pending suit
	 	Delaware Secretary of State
	 
	 	 	 	 	 	 
	Thermadyne International

	 	Delaware Secretary of State St. Louis County, MO
	 	UCC and federal tax lien Tax lien, judgment and pending suit
	 	Delaware Secretary of State
	 
	 	 	 	 	 	 
	Thermal Dynamics

	 	Delaware Secretary of State St. Louis County, MO
	 	UCC and federal tax lien Tax lien, judgment and pending suit
	 	Delaware Secretary of State
	 
	 	 	 	 	 	 
	Stoody

	 	Delaware Secretary of State St. Louis County, MO
	 	UCC and federal tax lien Tax lien, judgment and pending suit
	 	Delaware Secretary of State
	 
	 	 	 	 	 	 
	Thermadyne Industries

	 	Delaware Secretary of State St. Louis County, MO
	 	UCC and federal tax lien Tax lien, judgment and pending suit
	 	Delaware Secretary of State
	 
	 	 	 	 	 	 
	Razor

	 	Delaware Secretary of State St. Louis County, MO
	 	UCC and federal tax lien Tax lien, judgment and pending suit
	 	Delaware Secretary of State
	 
	 	 	 	 	 	 
	Holdings

	 	Delaware Secretary of State St. Louis County, MO
	 	UCC and federal tax lien Tax lien,
judgmentand and pending suit
	 	Delaware Secretary of State
	 
	 	 	 	 	 	 
	Thermadyne Australia

	 	District of Columbia Recorder of Deeds 

Missouri Secretary of State St. Louis County, MO
	 	UCC, federal and state tax lien and local judgment
UCC
Tax lien, judgment and pending suit
	 	District of Columbia
Recorder of Deeds and
Missouri Secretary of
State

15

Table of Contents

	 	 	 	 	 	 	 
	 	 	SEARCH	 	 	 	 
	DEBTOR	 	JURISDICTION	 	TYPE OF SEARCH	 	FILING OFFICE
	Cigweld Pty Ltd

	 	District of Columbia Recorder of Deeds 

Missouri Secretary of State St. Louis County, MO
	 	UCC, federal and state tax lien and local judgment UCC 

Tax lien, judgment and pending suit
	 	District of
Columbia Recorder
of Deeds and
Missouri Secretary
of State
	 
	 	 	 	 	 	 
	Thermadyne Industries Ltd

	 	District of Columbia Recorder of Deeds
	 	UCC, federal and state tax lien and local judgment
	 	N/A
	 
	 	 	 	 	 	 
	Thermadyne Welding Products Canada Limited

	 	District of Columbia Recorder of Deeds
	 	UCC, federal and state tax lien and local judgment
	 	N/A
	 
	 	 	 	 	 	 
	Canadian Cylinder Company Ltd.

	 	District of Columbia Recorder of Deeds
	 	UCC, federal and state tax lien and local judgment
	 	N/A

PPSA

	 	 	 	 	 	 	 
	 	 	SEARCH	 	 	 	 
	DEBTOR	 	JURISDICTION	 	TYPE OF SEARCH	 	FILING OFFICE
	Stoody Company

	 	Province of Ontario
	 	Business Debtor
	 	Province of Ontario, Ministry of Government Services

ASIC

	 	 	 	 	 	 	 
	 	 	SEARCH	 	 	 	 
	DEBTOR	 	JURISDICTION	 	TYPE OF SEARCH	 	FILING OFFICE
	Thermadyne Australia Pty Ltd

	 	Australian Commonwealth and State
	 	Historical company search
	 	ASIC
	 
	 	 	 	 	 	 
	Cigweld Pty Ltd

	 	Australian Commonwealth and State
	 	Historical company search
	 	ASIC

16

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EXHIBIT D 

ORGANIZATIONAL DOCUMENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Bring Down Good
	 	 	Secretary/Officer’s	 	Certificate of	 	 	 	 	 	 	 	Good Standing	 	Standing
	Entity	 	Certificate	 	Incorporation	 	By-Laws	 	Resolutions	 	Incumbency	 	Certificate	 	Certificate
	Thermadyne Holdings

	 	 	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	o
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Victor

	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne International

	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne Dynamics

	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Stoody

	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne Industries

	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Razor

	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Holdings

	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 	þ
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thermadyne Australia

	 	þ
	 	þ
	 	þ
	 	þ
	 	n/a
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cigweld

	 	þ
	 	þ
	 	þ
	 	þ
	 	n/a
	 	n/a
	 	n/a

17

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EXHIBIT E

LANDLORD WAIVERS

	 	 	 	 	 	 	 
	State/Entity	 	County	 	Facility Location	 	Lease Expiration Date
	California/Stoody

	 	San Bernardino
	 	13820 Oaks Avenue 
Chino,
CA 91710
	 	February 28, 2007
	 
	 	 	 	 	 	 
	Kansas/Tweco Products (merged into
Victor)

	 	Wichita
	 	4200 West Harry 
Wichita,
KS 67209
	 	June 30, 2004
	 
	 	 	 	 	 	 
	Kentucky/Stoody

	 	Bowling Green
	 	5557 Nashville Road

Bowling Green, KY 42101
	 	June 31, 2011
	 
	 	 	 	 	 	 
	New Hampshire/Thermal Dynamics

	 	West Lebanon
	 	Industrial Park #2

West Lebanon, NH 03784
	 	June 5, 2008
	 
	 	 	 	 	 	 
	Missouri/Holdings

	 	Chesterfield
	 	16052 Swingley Ridge 

Road, Suite 300

Chesterfield, MO 63017
	 	May 31, 2009
	 
	 	 	 	 	 	 
	Ohio/Thermal Arc (merged into Thermal
Dynamics)

	 	Troy
	 	2200 Corporate Drive

Troy, OH 45373
	 	December 31, 2003

(will move Collateral to one
of the other locations)
	 
	 	 	 	 	 	 
	Texas/Victor

	 	Denton
	 	2800 Airport Road

Denton, TX 76202
	 	June 5, 2008

18

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EXHIBIT F

BAILEE WAIVERS

	 	 	 	 	 
	ENTITY	 	ADDRESS	 	STATE
	Thermal Dynamics Corp.

	 	Suntron 

104 Glenn St 

Lawrence, MA 01843 (<$100,000, but will go to zero in six months as material is used)
	 	MA
	 
	 	 	 	 
	Tweco Products, Inc. (merged into Victor)

	 	Automatic Products
 2735 Forest Ln

Garland, TX 75042 (<$90,000)
	 	TX
	 
	 	 	 	 
	Victor

	 	International Paper

2400 Shamrock Ave

Fort Worth, TX 76107 (<$560,000)
	 	TX
	 
	 	 	 	 
	Tweco Products, Inc. (merged into Victor)

	 	Fimex SA 
1649 R Michel
 Guadalajara, JAL
 Mexico 44870 (<$220,000)
	 	MX
	 
	 	 	 	 
	Victor

Tweco Products, Inc. (merged into Victor)

	 	Avenida Jesus 
Siqueiros Numero 652 
Colonia Alvero Obregon 
Codigo Postal 83170 
Hermolsillo Sonoro, Mexico
	 	MX

19

Table of Contents

	 	 	 	 	 
	ENTITY	 	ADDRESS	 	STATE
	Tweco Products, Inc. (merged into Victor)

	 	Love Box Co. 
P.O. Box 546 
Wichita, KS 67201
	 	KS
	 
	 	 	 	 
	Thermal Arc, Inc. (merged into Thermal Dynamics)

	 	A.M.I. 

30B Summer Street 
Winthrop, ME 04364
	 	ME
	 
	 	 	 	 
	Thermal Dynamics

	 	Suntron

104 Glenn Street 
Lawrence, MA 01843
	 	MA
	 
	 	 	 	 
	Thermal Industries 

Thermal Dynamics 

Tweco Products (merged into Victor) 

Victor 

C&G Systems (changed name to C&G Merger) 

Stoody 

Thermal Arc (merged into Thermal Dynamics)

 Protip (merged into Victor)

 Thermadyne International

	 	Trilogy Plastics 
900 N. Chapel Street 
Louisville, OH 44641
	 	OH
	 
	 	 	 	 
	Thermal Dynamics

	 	Data Ed 

32 Northwestern Blvd. 
Salem, NH 03079
	 	NH
	 
	 	 	 	 
	Thermal Dynamics

	 	Avid Technology 
80 Commercial Street 
Concord, NH 03301
	 	NH
	 
	 	 	 	 
	Thermal Dynamics

	 	Stephen Gould
 30 Commerce Way 
Tewksbury, MA 01876
	 	MA

20

Table of Contents

	 	 	 	 	 
	ENTITY	 	ADDRESS	 	STATE
	Thermal Dynamics

	 	Factory Direct China

7 Marble Street

Whitman, MA 02382
	 	MA
	 
	 	 	 	 
	Thermal Dynamics

	 	Future Engineering 

P.O. Box 180

Flushing, MI 48433
	 	MI
	 
	 	 	 	 
	Thermal Dynamics

	 	Suntron 

1659 Gailles Blvd. 

San Diego, CA 92154
	 	CA
	 
	 	 	 	 
	Thermal Dynamics

	 	Mid Vermont Molding

1103 Beanville Road

Randolph, VT 05060
	 	VT
	 
	 	 	 	 
	Thermal Dynamics

	 	St. Gobain Performance Plastics 

386 Metacom Avenue 

Bristol, RI 02809
	 	RI
	 
	 	 	 	 
	Thermal Dynamics

	 	Rand Whitney

1060 Millbury Sreet

Worchester, MA 01607
	 	MA
	 
	 	 	 	 
	Thermal Dynamics

	 	Valtech Molding

3841 Buffalo Road

Rochester, NY 14624
	 	NY

21

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EXHIBIT G

TERMINATIONS AND RELEASES

I. UCC TERMINATIONS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	ORIGINAL	 	 
	 	 	 	 	 	 	FILE	 	 
	 	 	 	 	 	 	NO./FILE	 	TERMINATION FILE
	DEBTOR	 	SECURED PARTY	 	JURISDICTION	 	DATE	 	NO./FILE DATE
	Thermadyne International

	 	Regions Bank, as Collateral Agent
	 	Delaware Secretary of State
	 	42133520 
7/29/04
	 	2010 3888975 
11/5/10
	 
	 	 	 	 	 	 	 	 
	Thermal Dynamics

	 	Regions Bank, as Collateral Agent
	 	Delaware Secretary of State
	 	42134056 
7/29/04
	 	2010 3889098 
11/5/10
	 
	 	 	 	 	 	 	 	 
	Stoody

	 	Regions Bank, as Collateral Agent
	 	Delaware Secretary of State
	 	42133363
 7/29/04
	 	2010 3889502 
11/5/10
	 
	 	 	 	 	 	 	 	 
	Victor

	 	Regions Bank, as Collateral Agent
	 	Delaware Secretary of State
	 	42134122 
7/29/04
	 	20103889544 
11/5/10
	 
	 	 	 	 	 	 	 	 
	Thermadyne Industries

	 	Regions Bank, as Collateral Agent
	 	Delaware Secretary of State
	 	42133439 
7/29/04
	 	20103889684 
11/5/10
	 
	 	 	 	 	 	 	 	 
	Thermadyne Holdings

	 	Regions Bank, as Collateral Agent
	 	Delaware Secretary of State
	 	42133249 
7/29/04
	 	2010 3889767 
11/5/10
	 
	 	 	 	 	 	 	 	 
	C&G Systems Holding, Inc.

	 	Regions Bank, as Collateral Agent
	 	Delaware Secretary of State
	 	42133660 
7/29/04
	 	2010 3888876 
11/5/10
	 
	 	 	 	 	 	 	 	 
	C&G Merger Co.

	 	Regions Bank, as Collateral Agent
	 	Illinois Secretary of State
	 	08941998 
7/29/04
	 	01751367 
11/5/10

22

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II. INTELLECTUAL PROPERTY RELEASES

	 	 	 	 	 	 	 	 	 
	DOCUMENT	 	 	 	 	 	 	 	 
	(GRANTORS — VICTOR,	 	 	 	 	 	 	 	 
	STOODY,	 	 	 	 	 	ORIGINAL	 	 
	THERMADYNE	 	 	 	 	 	REEL/FRAME	 	TERMINATION
	INDUSTRIES, THERMAL	 	 	 	 	 	NO./FILE	 	REEL/FRAME NO./FILE
	DYNAMICS	 	SECURED PARTY	 	JURISDICTION	 	DATE	 	DATE
	Trademark Security Agreement

	 	The Royal Bank of Scotland, LLC
	 	USPTO
	 	3307/0486
 5/12/06
	 	 
	 
	 	 	 	 	 	 	 	 
	Patent Security Agreement

	 	Regions Bank
	 	USPTO
	 	023163/0100
 8/28/09	 	 
	 
	 	 	 	 	 	 	 	 
	Patent Security Agreement

	 	Regions Bank
	 	USPTO
	 	023163/0056 
8/28/09	 	 
	 
	 	 	 	 	 	 	 	 
	Copyright Security Agreement

	 	GE Capital
	 	US Copyright Office
	 	V3497, Page 907

5/29/03	 	 
	 
	 	 	 	 	 	 	 	 
	Copyright Security Agreement

	 	GE Capital
	 	US Copyright Office
	 	V3497, Page 908

5/29/03	 	 
	 
	 	 	 	 	 	 	 	 
	Copyright Security Agreement

	 	GE Capital
	 	US Copyright Office
	 	V3497, Page 909

5/29/03	 	 
	 
	 	 	 	 	 	 	 	 
	Copyright Security Agreement

	 	GE Capital
	 	US Copyright Office
	 	V3497, Page 910

5/29/03	 	 
	 
	 	 	 	 	 	 	 	 
	Copyright Security Agreement

	 	GE Capital
	 	US Copyright Office
	 	V3497, Page 911

5/29/03	 	 
	 
	 	 	 	 	 	 	 	 
	Copyright Security Agreement

	 	GE Capital
	 	US Copyright Office
	 	V3497, Page 912

5/29/03	 	 
	 
	 	 	 	 	 	 	 	 
	Copyright Security Agreement

	 	GE Capital
	 	US Copyright Office
	 	V3520, D650 
1/28/05	 	 
	 
	 	 	 	 	 	 	 	 
	Copyright Security Agreement

	 	Regions Bank
	 	US Copyright Office
	 	V3587, D230 
4/22/10	 	 

23

Table of Contents

	 	 	 	 	 	 	 	 	 
	DOCUMENT	 	 	 	 	 	 	 	 
	(GRANTORS — VICTOR,	 	 	 	 	 	 	 	 
	STOODY,	 	 	 	 	 	ORIGINAL	 	 
	THERMADYNE	 	 	 	 	 	REEL/FRAME	 	TERMINATION
	INDUSTRIES, THERMAL	 	 	 	 	 	NO./FILE	 	REEL/FRAME NO./FILE
	DYNAMICS	 	SECURED PARTY	 	JURISDICTION	 	DATE	 	DATE
	Copyright Security Agreement

	 	Regions Bank
	 	US Copyright Office
	 	V3587, D231 
4/22/10
	 	 
	 
	 	 	 	 	 	 	 	 
	Copyright Security Agreement

	 	Regions Bank
	 	US Copyright Office
	 	V3587, D229 
4/22/10	 	 

24

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EXHIBIT 4.2(b)-1

COMPLIANCE CERTIFICATE

THERMADYNE HOLDINGS CORPORATION,

as Borrower Representative

Date:                                         , 201_

     This Compliance Certificate (this “Certificate”) is given by Thermadyne Holdings Corporation,
a Delaware corporation (the “Borrower Representative”), pursuant to subsection 4.2(b) of that
certain Credit Agreement dated as of December 3, 2010 (as such agreement may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms
used herein without definition shall have the meanings set forth in the Credit Agreement) among the
Borrowers, Borrower Representative, the other Credit Parties party thereto, General Electric
Capital Corporation, as administrative agent (in such capacity, “Agent”), and as a Lender, and the
other Lenders party thereto.

     The officer executing this Certificate is a Responsible Officer of the Borrower Representative
and as such is duly authorized to execute and deliver this Certificate on behalf of the Borrowers.
By executing this Certificate, such officer hereby certifies to Agent, the Lenders and L/C Issuer,
on behalf of the Borrowers, that:

          (a) the financial statements delivered with this Certificate in accordance with subsection
4.1(a) and/or 4.1(b) of the Credit Agreement (the “Financial Statements”) are complete and correct
and fairly present, in all material respects, in accordance with GAAP the financial position and
the results of operations of Holdings and its Subsidiaries as of the dates of and for the periods
covered by the Financial Statements (subject, in the case of interim financial statements, to
normal year-end adjustments and the absence of footnote disclosure);

          (b) to the best of such officer’s knowledge, each Credit Party and each of their Subsidiaries,
during the period covered by the Financial Statements, has observed and performed all of their
respective covenants and other agreements in the Credit Agreement and the other Loan Documents to
be observed or performed by them, and such officer does not have knowledge of any Default or Event
of Default that has occurred during such period [except as specified on the written attachment
hereto];

          (c) [Exhibit A hereto is a correct calculation of the Fixed Charge Coverage Ratio as of the
last day of the period covered by the Financial Statements; and] 1

          (d) since the Closing Date and except as disclosed in writing previously to Agent, no Credit
Party and no Subsidiary of any Credit Party has:

 

			
	1	 	To be included and Exhibit A to be completed only in connection with a Compliance
Certificate delivered with respect to the final fiscal month of a Fiscal Quarter.

1

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               (i) changed its legal name, identity, jurisdiction of incorporation,
organization or formation or organizational structure or formed or acquired any Subsidiary
[except as follows:                                                             ];

               (ii)
acquired the assets of, or merged or consolidated with or into, any
Person[, except as follows:                                                  ];

               (iii)
changed its address or otherwise relocated, acquired fee simple
title to any real property or entered into any real property
leases[, except as follows:                                                  ]; or

               (iv)
implemented any material change in accounting policies or
financial reporting practices[, except as follows:
                                                            
].

     IN WITNESS WHEREOF, Borrower Representative has caused this Certificate to be
executed by one of its Responsible Officers this                      day of                                                 
  , 201       .

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION, 
as Borrower
Representative

 	 
	 	By:  	 	 
	 	 	Its: 	 	 
	 	 	 	 
	 

Note: Unless otherwise specified, all information is calculated for Thermadyne Holdings and its
Subsidiaries on a consolidated basis in accordance with GAAP and all calculations are without
duplication.

2

Table of Contents

EXHIBIT A TO EXHIBIT 4.2(b)-1

COMPLIANCE CERTIFICATE

	 	 	 	 	 

	Fixed Charge Coverage Ratio
	 
	 	 	 	 
	Fixed Charge Coverage Ratio is defined as follows:	 	 
	 
	 	 	 	 
	Cash Flow (per Exhibit B)	 	$                    
	 
	 	 	 	 
	Fixed Charges: 2	 	 
	 
	 	 	 	 
	Net Interest Expense (per Exhibit B)	 	$                    
	 
	 	 	 	 
	Plus:

	 	(i) Scheduled principal payments of Indebtedness during such period
	 	                    
	 
	 

	 	(ii) Taxes on or measured by income paid or payable in cash with respect to such period	 	                    

 

			
	22	 	For purposes of calculating Fixed Charge Coverage Ratio as of any date on or prior to June
30, 2011, Fixed Charges shall be calculated as follows:

a. Net Interest Expense shall be calculated in accordance with Exhibit B.

b. Scheduled principal payments of all Indebtedness for each period set forth below shall be deemed
to equal
the amount set forth below for such period:

	 	 	 	 	 
	Period	 	Pre-Closing Scheduled Payments of Indebtedness
	Fiscal Quarter ending March 31, 2010
	 	$	614,000	 
	Fiscal Quarter ending June 30, 2010
	 	$	756,000	 
	Fiscal Quarter ending September 30, 2010
	 	$	558,000	 

c. Taxes on or measured by income paid or required to be paid in cash and Restricted Payments
made or
which should have been made pursuant to subsection 5.11(c) of the Credit Agreement (together with
Taxes on or
measured by income paid or required to be paid, “Cash Taxes”) (a) for the measurement period ending
on
December 31, 2010, shall equal Cash Taxes during the Fiscal Quarter ended December 31, 2010
multiplied by 4, (b)
for the measurement period ending on March 31, 2011, shall equal Cash Taxes during the two Fiscal
Quarter period
ended March 31, 2011 multiplied by 2, and (c) for the measurement period ending on June 30, 2011,
shall equal
Cash Taxes for the three Fiscal Quarter period ended June 30, 2011 multiplied by 4/3.

d. Restricted Payments described in subsection 5.11(b) of the Credit Agreement shall be calculated
using the
actual amounts paid in cash in respect thereof during each such measurement period.

e. Management Fees paid pursuant to the Management Agreement shall be deemed to be (a) for the
measurement period ending on December 31, 2010, equal to Management Fees paid during the Fiscal
Quarter ended
December 31, 2010 multiplied by 4, (b) for the measurement period ending on March 31, 2011, equal
to
Management Fees paid during the two Fiscal Quarter period ended March 31, 2011 multiplied by 2, and
(c) for the
measurement period ending on June 30, 2011, equal to Management Fees paid during the three Fiscal
Quarter period
ended June 30, 2011 multiplied by 4/3.

3

Table of Contents

	 	 	 	 	 

	 

	 	 	 	
	 

	 	(iii) Restricted Payments described in subsection
5.11(b) paid in cash during such period	 	                     
	 
	 	 	 	 
	 

	 	(iv) Management Fees pursuant to the Management Agreement
paid or payable in cash with respect to such period
to the extent deducted in calculating Net Income for such
period	 	                     
	 
	 	 	 	 
	Fixed Charges	 	$                    
	 
	 	 	 	 
	Fixed Charge Coverage Ratio (Cash Flow divided by Fixed
Charges)	 	                     
	 
	 	 	 	 
	[Required Fixed Charge Coverage Ratio	 	1.10 to 1.00
	 
	 	 	 	 
	In Compliance	 	Yes/No] 3

 

			
	3	 	Determination of compliance to be made only if and as required by Section 6.1 of
the Credit Agreement

4

Table of Contents

EXHIBIT B TO EXHIBIT 4.2(b)-1

COMPLIANCE CERTIFICATE

Calculation of Net Interest Expense

	 	 	 

	For purposes of calculating Fixed Charge Coverage, Net Interest
Expense4 is defined as follows (without duplication):
	 	 
	 
	 	 
	Gross interest expense for such period paid or required to be paid
in cash, less amounts paid or payable and/or received or receivable
under permitted Rate Contracts in respect of interest rates, for
Holdings and its Subsidiaries on a consolidated basis

	 	$                    
	 
	 	 
	Less: Interest income for such period

	 	$                    
	 
	 	 
	Net Interest Expense

	 	$                    

 

			
	4	 	Net Interest Expense (a) for the measurement period ending on December 31, 2010, shall
equal Net Interest Expense during the Fiscal Quarter ended December 31, 2010 multiplied by 4, (b)
for the measurement period ending on March 31, 2011, shall equal Net Interest Expense during the
two Fiscal Quarter period ended March 31, 2011 multiplied by 2, and (c) for the measurement period
ending on June 30, 2011, shall equal Net Interest Expense during the three Fiscal Quarter period
ended June 30, 2011 multiplied by 4/3.

5

Table of Contents

Calculation of Cash Flow

	 	 	 

	For purposes of calculating Fixed Charge Coverage, Cash Flow is
defined as follows:

	 	 
	 
	 	 
	EBITDA (as calculated below) for the applicable period of measurement:

	 	$                    
	 
	 	 
	Less: Unfinanced Capital Expenditures (as calculated below) for the
applicable period of measurement

	 	$                    
	 
	 	 
	
Cash Flow5

	 	$                    

 

			
	5	 	For purposes of calculating Cash Flow as of any date of measurement ending on or before
June 30, 2011, Unfinanced Capital Expenditures for any period below included in the four Fiscal
Quarter period ending on such date shall be deemed to equal the amount set forth below for such
period:

	 	 	 	 	 
	Period	 	Pre-Closing Unfinanced Capital Expenditures	 
	Fiscal Quarter ending March 31, 2010
	 	$	0	 
	Fiscal Quarter ending June 30, 2010
	 	$	0	 
	Fiscal Quarter ending September 30, 2010
	 	$	0	 

6

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Calculation of EBITDA

	 	 	 	 	 
	For purposes of calculating Cash Flow, EBITDA is defined as follows:	 	 
	 
	 	 	 	 
	Net income (or loss) for the applicable period of measurement of Holdings and
its Subsidiaries on a consolidated basis determined in accordance with GAAP,
but excluding, without duplication: (a) the income (or loss) of any Person
which is not a Subsidiary of a Borrower, except to the extent of the amount of
dividends or other distributions actually paid to a Borrower or any of its
Subsidiaries in cash by such Person during such period and the payment of
dividends or similar distributions by that Person is not at the time prohibited
by operation of the terms of its charter or of any agreement, instrument,
judgment, decree, order, statute, rule or governmental regulation applicable to
that Person; (b) the income (or loss) of any Person accrued prior to the date
it becomes a Subsidiary of a Borrower or is merged into or consolidated with a
Borrower or any of its Subsidiaries or that Person’s assets are acquired by a
Borrower or any of its Subsidiaries; (c) the proceeds of any life insurance
policy; (d) gains or losses from the sale, exchange, transfer or other
disposition of Property or assets not in the Ordinary Course of Business of the
Borrowers and their Subsidiaries, and related tax effects in accordance with
GAAP; and (e) any other extraordinary gains or losses of a Borrower or its
Subsidiaries, and related tax effects in accordance with GAAP	 	$                    
	 
	 	 	 	 
	Plus:

	 	(i) All amounts deducted in calculating net income (or loss) for
depreciation or amortization for such period
	 	                    
	 
	 	 	 	 
	 

	 	(ii) Interest expense (less interest income) deducted in calculating net income (or loss) for such period
	 	                    
	 
	 	 	 	 
	 

	 	(iii) All taxes on or measured by income to the extent
deducted in calculating net income (or loss) for such period
	 	                    
	 
	 	 	 	 
	 

	 	(iv) All management fees pursuant to the Management
Agreement to the extent deducted in calculating net income
(or loss) for such period
	 	                    
	 
	 	 	 	 
	 

	 	(v) All non-cash losses or expenses (or minus non-cash
income or gain) included or deducted in calculating net
income (or loss) for such period including, without limitation,
any non-cash loss or expense (or income or gain) due to the
application of FASB ASC 815-10 regarding hedging activity,	 	 

7

Table of Contents

	 	 	 	 	 

	 

	 	FASB ASC 350 regarding impairment of good will, FASB ASC 480-10
regarding accounting for financial instruments with debt and equity
characteristics, non-cash foreign currency exchange lossess (or minus
gains) and non-cash expenses deducted as a result of any grant of
Stock or Stock Equivalents to employees, officers or directors, but
excluding any non-cash loss or expense that is an accrual of a reserve
for a cash expenditure or payment to be made, or anticipated to be
made in the Ordinary Course of Business during the relevant twelve
consecutive fiscal month period
	 	                    
	 
	 	 	 	 
	 

	 	(vi) All losses or expenses for severance payments to
employees in connection with plant closures or restructuring
activities to the extent deducted in calculating net income (or
loss) for such period
	 	                    
	 
	 	 	 	 
	 

	 	(vii) All transaction costs, expenses, fees and charges
related to the Effective Date Acquisition, including issuance
of the Senior Notes to the extent deducted in calculating net
income (or loss) for such period
	 	                    
	 
	 	 	 	 
	 

	 	(viii) All costs, expenses and fees, including legal fees,
related to settlement of U.S. duties and liabilities prior to the
Effective Date in an amount not to exceed $1,500,000 to the
extent deducted in calculating net income (or loss) for such period
	 	                    
	 
	 	 	 	 
	EBITDA6	 	$                     

 

			
	6	 	For purposes of calculating EBITDA as of any date of measurement ending on or before
June 30, 2011, EBITDA for any period set forth below included in the four Fiscal Quarter
period ending on such date shall be deemed to equal the amount set forth below for such
period:

	 	 	 	 	 
	Period:	 	Pre-Closing EBITDA	 
	Fiscal Quarter ending March 31, 2010
	 	$	13,230,000	 
	Fiscal Quarter ending June 30, 2010
	 	$	14,663,000	 
	Fiscal Quarter ending September 30, 2010
	 	$	15,618,000	 

8

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Calculation of Unfinanced Capital Expenditures

	 	 	 	 	 	 	 

	For purposes of calculating Cash Flow, Unfinanced Capital Expenditures
is defined as follows:	 	 	 	 
	 
	 	 	 	 	 	 
	The aggregate of all expenditures and other obligations for the twelve
month period ending on the last day of the month covered by such
financial statements which should be capitalized under GAAP	 	 	                    	 
	 
	 	 	 	 	 	 
	Less:
	 	(i)      To the extent included above, expenditures financed with cash proceeds from equity interest issuances	 	 	                    	 
	 
	 	 	 	 	 	 
	 
	 	(ii) To the extent included above, all insurance proceeds and condemnation awards received on account of any Event of Loss to the extent any such amounts are actually applied to repair or reconstruct the damaged Property or Property affected by the condemnation or taking in connection with such Event of Loss	 	 	                    	 
	 
	 	 	 	 	 	 
	 
	 	(iii) To the extent included above, amounts paid as the purchase price for a Target in a Permitted Acquisition	 	 	                    	 
	 
	 	 	 	 	 	 
	Capital Expenditures	 	 	 	 
	 
	 	 	 	 	 	 
	Less:
	 	Portion of Capital Expenditures financed under Capital Leases or other Indebtedness (Indebtedness, for this purpose, does not include drawings under the Revolving Loan Commitment)	 	 	                    	 
	 
	 	 	 	 	 	 
	Unfinanced Capital Expenditures	 	$	                    	 

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EXHIBIT 4.2(b)-2

COVENANT CERTIFICATE

THERMADYNE HOLDINGS CORPORATION,

as Borrower Representative

Date:                     , 201_

     This Covenant Certificate (this “Certificate”) is given by Thermadyne Holdings Corporation, a
Delaware corporation (the “Borrower Representative”), pursuant to subsection 5.[_] of that certain
Credit Agreement dated as of December 3, 2010 (as such agreement may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms
used herein without definition shall have the meanings set forth in the Credit Agreement) among the
Borrowers, Borrower Representative, the other Credit Parties party thereto, General Electric
Capital Corporation, as administrative agent (in such capacity, “Agent”), and as a Lender, and the
other Lenders party thereto.

     The officer executing this Certificate is a Responsible Officer of the Borrower Representative
and as such is duly authorized to execute and deliver this Certificate on behalf of the Borrowers.
By executing this Certificate, such officer hereby certifies to Agent, the Lenders and L/C Issuer,
on behalf of the Borrowers, that:

          (a) Exhibit A hereto is a correct calculation of the Fixed Charge Coverage Ratio [after giving
pro forma effect to [the incurrence of any Indebtedness proposed to be incurred pursuant to Section
[5.5(f)] [5.5(h)]] of the Credit Agreement [the consummation of a proposed Permitted Acquisition]]
as of the last day of the consecutive twelve-fiscal month period most recently ended prior to the
date of this Certificate; and

          (b) [Exhibit C hereto is a correct calculation of the Leverage Ratio after giving pro forma
effect to the incurrence of any Indebtedness proposed to be incurred pursuant to Section [5.5(f)]
[5.5(h)] of the Credit Agreement as of the last day of the consecutive twelve-fiscal month period
most recently ended prior to the date of this Certificate]1.

     IN WITNESS WHEREOF, Borrower Representative has caused this Certificate to be
executed by one of its Responsible Officers this                      day of                     ,
201 __.

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION, as Borrower
Representative

 	 
	 	By:  	 	 
	 	 	Its: 	 	 
	 	 	 	 
	 

 

			
	1	 	To be included only with Covenant Certificate delivered in accordance with Section 5.5(f) or
(h) of the Credit Agreement.

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Note: Unless otherwise specified, all information is calculated for Thermadyne Holdings and
its Subsidiaries on a consolidated basis in accordance with GAAP and all calculations are without
duplication.

2

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EXHIBIT A TO EXHIBIT 4.2(b)-2

COVENANT CERTIFICATE

Fixed Charge Coverage Ratio

	 	 	 

	Fixed
Charge Coverage Ratio is defined as follows:
	 	 
	 
	 	 
	Cash Flow (per Exhibit B)

	 	$                    
	 
	 	 
	Fixed Charges:2
	 	 

 

			
	2 	 	For purposes of calculating Fixed Charge Coverage Ratio as of any date on or prior to
November 30, 2011,
Fixed Charges shall be calculated as follows:

a. Net Interest Expense shall be calculated in accordance with Exhibit B.

b. Scheduled principal payments of all other Indebtedness for each period set forth below
shall be deemed to
equal the amount set forth below for such period:

	 	 	 
	Period	 	Pre-Closing Scheduled Payments of Indebtedness
	Calendar month ending December 31, 2009
	 	$245,000
	Calendar month ending January 31, 2010
	 	$222,000
	Calendar month ending February 28, 2010
	 	$213,000
	Calendar month ending March 31, 2010
	 	$179,000
	Calendar month ending April 30, 2010
	 	$199,000
	Calendar month ending May 31, 2010
	 	$311,000
	Calendar month ending June 30, 2010
	 	$247,000
	Calendar month ending July 31, 2010
	 	$146,000
	Calendar month ending August 31, 2010
	 	$234,000
	Calendar month ending September 30, 2010
	 	$178,000
	Calendar month ending October 31, 2010
	 	$186,000
	Calendar month ending November 30, 2010
	 	To be provided by Credit Parties (and certified by a Responsible Officer of Borrower Representative) concurrently with delivery of financial statements pursuant to Section 4.1(b) with respect to November 30, 2010, and accepted by Agent in its reasonable discretion;  provided that  Agent  shall  indicate acceptance or rejection no later than 30 days after delivery thereof.

c. Taxes on or measured by income paid or required to be paid in cash and Restricted
Payments made or which should have been made pursuant to subsection 5.11(c) of the
Credit Agreement (together with Taxes on or measured by income paid or required to be paid,
“Cash Taxes”) (a) for the measurement period ending on December 31, 2010, shall equal Cash
Taxes during the period from December 1, 2010 through December 31, 2010 multiplied
by 12, (b) for the measurement period ending on January 31, 2011, shall equal Cash Taxes
during the period from December 1, 2010 through January 31, 2011 multiplied by 6, (c) for the
measurement period ending on February 28, 2011, shall equal Cash Taxes during the period from
December 1, 2010 through February 28, 2011 multiplied by 4, (d) for the measurement
period ending on March 31, 2011, shall equal Cash Taxes during the period from December 1,
2010 through March 31, 2011 multiplied by 3, (e) for the measurement period ending on April
30, 2011, shall equal Cash Taxes during the period from December 1, 2010 through April 30,
2011 multiplied by 12/5, (f) for the measurement period ending on May 31, 2011, shall equal
Cash Taxes during the period from

3

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	Net Interest Expense (per Exhibit B)	 	$                    
	 
	 	 	 	 
	Plus:

	 	(i) Scheduled principal payments of Indebtedness during such period
	 	                    
	 
	 	 	 	 
	 

	 	(ii) Taxes on or measured by income paid or payable in cash with respect to such period
	 	                    
	 
	 	 	 	 
	 

	 	(iii) Restricted Payments described in subsection 5.11(b) paid in cash during such period
	 	                    
	 
	 	 	 	 
	 

	 	(iv) Management Fees pursuant to the Management Agreement paid or payable in cash with
respect to such period to the extent deducted in calculating Net Income for such period
	 	                    

December 1, 2010 through May 31, 2011 multiplied by 2, (g) for the measurement period ending on
June 30, 2011, shall equal Cash Taxes during the period from December 1, 2010 through June 30, 2011
multiplied by 12/7, (h) for the measurement period ending on July 31, 2011, shall equal Cash Taxes
during the period from December 1, 2010 through July 31, 2011 multiplied by 3/2, (i) for the
measurement period ending on August 31, 2011, shall equal Cash Taxes during the period from
December 1, 2010 through August 31, 2011 multiplied by 4/3, (j) for the measurement period ending
on September 30, 2011, shall equal Cash Taxes during the period from December 1, 2010 through
September 30, 2011 multiplied by 6/5, and (k) for the measurement period ending on October 31,
2011, shall equal Cash Taxes during the period from December 1, 2010 through October 31, 2011
multiplied by 12/11.

d. Restricted Payments described in subsection 5.11(b) of the Credit Agreement shall be calculated
using the
actual amounts paid in cash in respect thereof during each such measurement period.

e. Management Fees paid pursuant to the Management Agreement shall be deemed to be (a) for the
measurement period ending on December 31, 2010, equal to Management Fees paid during the period
from
December 1, 2010 through December 31, 2010 multiplied by 12, (b) for the measurement period ending
on January
31, 2011, equal to Management Fees paid during the period from December 1, 2010 through January 31,
2011
multiplied by 6, (c) for the measurement period ending on February 28, 2011, equal to Management
Fees paid
during the period from December 1, 2010 through February 28, 2011 multiplied by 4, (d) for the
measurement
period ending on March 31, 2011, equal to Management Fees paid during the period from December 1,
2010
through March 31, 2011 multiplied by 3, (e) for the measurement period ending on April 30, 2011,
equal to
Management Fees paid during the period from December 1, 2010 through April 30, 2011 multiplied by
12/5, (f) for
the measurement period ending on May 31, 2011, equal to Management Fees paid during the period from
December
1, 2010 through May 31, 2011 multiplied by 2, (g) for the measurement period ending on June 30,
2011, equal to
Management Fees paid during the period from December 1, 2010 through June 30, 2011 multiplied by
12/7, (h) for
the measurement period ending on July 31, 2011, equal to Management Fees paid during the period
from December
1, 2010 through July 31, 2011 multiplied by 3/2, (i) for the measurement period ending on August
31, 2011, equal to
Management Fees paid during the period from December 1, 2010 through August 31, 2011 multiplied by
4/3, (j) for
the measurement period ending on September 30, 2011, equal to Management Fees paid during the
period from
December 1, 2010 through September 30, 2011 multiplied by 6/5, and (k) for the measurement period
ending on
October 31, 2011, equal to Management Fees paid during the period from December 1, 2010 through
October 31,
2011 multiplied by 12/11.

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	Fixed Charges
	 	$	                    	 
	 
	Fixed Charge Coverage Ratio (Cash Flow divided by Fixed Charges)
	 	 	                    	 

5

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EXHIBIT B TO EXHIBIT 4.2(b)-2

 COVENANT CERTIFICATE

Calculation of Net Interest Expense

	 	 	 

	For purposes of calculating Fixed Charge Coverage, Net Interest
Expense3 is defined as follows (without duplication):

	 
	 	 
	Gross interest expense for such period paid or required to be paid in
cash, less amounts paid or payable and/or received or receivable under
permitted Rate Contracts in respect of interest rates, for Holdings and
its Subsidiaries on a consolidated basis

	 	$                    
	 
	 	 
	Less: Interest income for such period

	 	$                    
	 
	 	 
	Net Interest Expense

	 	$                    

 

			
	3	 	Net Interest Expense (a) for the measurement period ending on December 31, 2010, shall
equal Net Interest
Expense during the period from December 1, 2010 through December 31, 2010 multiplied by 12, (b) for
the measurement period ending on January 31, 2011, shall equal Net Interest Expense during the
period from December 1, 2010 through January 31, 2011 multiplied by 6, (c) for the measurement
period ending on February 28, 2011, shall equal Net Interest Expense during the period from
December 1, 2010 through February 28, 2011 multiplied by 4, (d) for the measurement period ending
on March 31, 2011, shall equal Net Interest Expense during the period from December 1, 2010 through
March 31, 2011 multiplied by 3, (e) for the measurement period ending on April 30, 2011, shall
equal Net Interest Expense during the period from December 1, 2010 through April 30, 2011
multiplied by 12/5, (f) for the measurement period ending on May 31, 2011, shall equal Net Interest
Expense during the period from December 1, 2010 through May 31, 2011 multiplied by 2, (g) for the
measurement period ending on June 30, 2011, shall equal Net Interest Expense during the period from
December 1, 2010 through June 30, 2011 multiplied by 12/7, (h) for the measurement period ending on
July 31, 2011, shall equal Net Interest Expense during the period from December 1, 2010 through
July 31, 2011 multiplied by 3/2, (i) for the measurement period ending on August 31, 2011, shall
equal Net Interest Expense during the period from December 1, 2010 through August 31, 2011
multiplied by 4/3, (j) for the measurement period ending on September 30, 2011, shall equal Net
Interest Expense during the period from December 1, 2010 through September 30, 2011 multiplied by
6/5, and (k) for the measurement period ending on October 31, 2011, shall equal Net Interest
Expense during the period from December 1, 2010 through October 31, 2011 multiplied by 12/11.

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Calculation of Cash Flow

	 	 	 

	For purposes of calculating Fixed Charge Coverage, Cash Flow is defined as
follows:
	 	 
	 
	 	 
	EBITDA (as calculated below) for the applicable period of measurement:

	 	$                    
	 
	 	 
	Less: Unfinanced Capital Expenditures (as calculated below) for the
applicable measurement period

	 	$                    
	 
	 	 
	Cash Flow4

	 	$                    

 

			
	4	 	For purposes of calculating Cash Flow as of any date of measurement ending on or before
November 30, 2011, Unfinanced Capital Expenditures for any period below included in the twelve month
period ending on such date shall be deemed to equal the amount set forth below for such period:

	 	 	 	 
	Period	 	Pre-Closing Unfinanced Capital Expenditures
	Calendar month ending December 31, 2009
	 	$0	
	Calendar month ending January 31, 2010
	 	$0	
	Calendar month ending February 28, 2010
	 	$0	
	Calendar month ending March 31, 2010
	 	$0	
	Calendar month ending April 30, 2010
	 	$0	
	Calendar month ending May 31, 2010
	 	$0	
	Calendar month ending June 30, 2010
	 	$0	
	Calendar month ending July 31, 2010
	 	$0	
	Calendar month ending August 31, 2010
	 	$0	
	Calendar month ending September 30, 2010
	 	$0	
	Calendar month ending October 31, 2010
	 	$0	
	Calendar month ending November 30, 2010
	 	$0	

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Calculation of EBITDA

	 	 	 

	For purposes of calculating Cash Flow, EBITDA is defined as follows:
	 	 
	 
	 	 
	Net income (or loss) for the applicable period of measurement of Holdings and its Subsidiaries on a
consolidated basis determined in accordance with GAAP, but excluding, without duplication: (a) the
income (or loss) of any Person which is not a Subsidiary of a Borrower, except to the extent of the
amount of dividends or other distributions actually paid to a Borrower or any of its Subsidiaries
in cash by such Person during such period and the payment of dividends or similar distributions by
that Person is not at the time prohibited by operation of the terms of its charter or of any
agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable
to that Person; (b) the income (or loss) of any Person accrued prior to the date it becomes a
Subsidiary of a Borrower or is merged into or consolidated with a Borrower or any of its
Subsidiaries or that Person’s assets are acquired by a Borrower or any of its Subsidiaries; (c) the
proceeds of any life insurance policy; (d) gains or losses from the sale, exchange, transfer or
other disposition of Property or assets not in the Ordinary Course of Business of the Borrowers and
their Subsidiaries, and related tax effects in accordance with GAAP; and (e) any other
extraordinary gains or losses of a Borrower or its Subsidiaries, and related tax effects in
accordance with GAAP

	 	$                    

	 	 	 	 	 

	Plus:

	 	(i) All amounts deducted in calculating net income (or loss) for depreciation or
amortization for such period
	 	 
                    
	 
	 	 	 	 
	 

	 	(ii) Interest expense (less interest income) deducted in
calculating net income (or loss) for such period
	 	 
                    
	 
	 	 	 	 
	 

	 	(iii) All taxes on or measured by income to the extent
deducted in calculating net income (or loss) for such period
	 	 
                    
	 
	 	 	 	 
	 

	 	(iv) All management fees pursuant to the Management
Agreement to the extent deducted in calculating net income
(or loss) for such period
	 	 
 
                    
	 
	 	 	 	 
	 

	 	(v) All non-cash losses or expenses (or minus non-cash
income or gain) included or deducted in calculating net
income (or loss) for such period including, without limitation,
any non-cash loss or expense (or income or gain) due to the
application of FASB ASC 815-10 regarding hedging activity,
	 	     

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	 	FASB ASC 350 regarding impairment of good will, FASB ASC 480-10 regarding
accounting for financial instruments with debt and equity characteristics, non-cash
foreign currency exchange lossess (or minus gains) and non-cash expenses deducted as a
result of any grant of Stock or Stock Equivalents to employees, officers or directors,
but excluding any non-cash loss or expense that is an accrual of a reserve for a cash
expenditure or payment to be made, or anticipated to be made in the Ordinary Course of
Business during the relevant twelve consecutive fiscal month period
	 	                    
	 
	 	 	 	 
	 

	 	(vi) All losses or expenses for severance payments to
employees in connection with plant closures or restructuring
activities to the extent deducted in calculating net income (or
loss) for such period
	 	                    
	 
	 	 	 	 
	 

	 	(vii) All transaction costs, expenses, fees and charges
related to the Effective Date Acquisition, including issuance
of the Senior Notes to the extent deducted in calculating net income (or loss) for such
period
	 	                    
	 
	 	 	 	 
	 

	 	(viii) All costs, expenses and fees, including legal fees,
related to settlement of U.S. duties and liabilities prior to the
Effective Date in an amount not to exceed $1,500,000 to the
extent deducted in calculating net income (or loss) for such
period
	 	                    

			
	 	 	 
	EBITDA5
	 	  $                   

 

			
	5	 	For purposes of calculating EBITDA as of any date of measurement ending on or before November 30, 2011,
EBITDA for any period set forth below included in the twelve month period ending on such date shall be deemed to equal the amount set
forth below for such period:

	 	 	 	 	 
	Period:	 	Pre-Closing EBITDA
	Calendar month ending December 31, 2009
	 	$	2,506,000	 
	Calendar month ending January 31, 2010
	 	$	4,322,000	 
	Calendar month ending February 28, 2010
	 	$	3,483,000	 
	Calendar month ending March 31, 2010
	 	$	5,425,000	 
	Calendar month ending April 30, 2010
	 	$	5,429,000	 
	Calendar month ending May 31, 2010
	 	$	5,191,000	 
	Calendar
month ending June 30, 2010
	 	$	4,043,000	 
	Calendar month ending July 31, 2010
	 	$	5,286,000	 
	Calendar month ending August 31, 2010
	 	$	4,392,000	 
	Calendar month ending September 30, 2010
	 	$	5,940,000	 
	Calendar
month ending October 31, 2010
	 	$	4,617,000	 
	Calendar month ending November 30, 2010
	 	 	To be provided by Credit Parties (and certified by a Responsible Officer of
 Borrower Representative)

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Calculation of Unfinanced Capital Expenditures

	 	 	 

	For purposes of calculating Cash Flow, Unfinanced Capital Expenditures is
defined as follows:
	 	 
	 
	 	 
	The aggregate of all expenditures and other obligations for the twelve
month period ending on the last day of the month covered by such
financial statements which should be capitalized under GAAP

	 	                    

	 	 	 	 	 

	Less:

	 	(i) To the extent included above, expenditures financed with cash
proceeds from equity interest issuances
	 	                    
	 
	 	 	 	 
	 

	 	(ii) To the extent included above, all insurance proceeds
and condemnation awards received on account of any Event
of Loss to the extent any such amounts are actually applied to
repair or reconstruct the damaged Property or Property
affected by the condemnation or taking in connection with
such Event of Loss
	 	                    
	 
	 	 	 	 
	 

	 	(iii) To the extent included above, amounts paid as the
purchase price for a Target in a Permitted Acquisition
	 	                    
	 
	 	 	 	 
	Capital Expenditures	 	                    
	 
	 	 	 	 
	Less:

	 	Portion of Capital Expenditures financed under Capital
Leases or other Indebtedness (Indebtedness, for this
purpose, does not include drawings under the Revolving
Loan Commitment)
	 	                    
	 
	 	 	 	 
	 

	 	Unfinanced Capital Expenditures
	 	$                    

 

			
	 	 	concurrently with delivery of financial
statements pursuant to Section 4.1(b) with
respect to November 30, 2010, and accepted by
Agent in its reasonable discretion; provided
that Agent shall indicate acceptance or
rejection no later than 30 days after delivery
thereof.

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EXHIBIT C TO EXHIBIT 4.2(b)-2

 COVENANT CERTIFICATE

Calculation of Leverage Ratio

	 	 	 

	Leverage Ratio is defined as follows:
	 	 
	 
	 	 
	As of any date of determination:
	 	 
	 
	 	 
	Average of the sum of the aggregate principal balance of outstanding
Revolving Loans and Swing Loans as of the last day of each month in
the consecutive twelve month (or shorter period commencing on the
Effective Date) period ended on such date of determination

	 	                    

	 	 	 	 	 

	Plus:

	 	(i) L/C Reimbursement Obligations as of such date,
whether or not then due and payable
	 	                    
	 
	 	 	 	 
	 

	 	(ii) Outstanding principal amount of Indebtedness under
the Indenture as of such date (after giving pro forma effect to
the incurrence of any Additional Notes Indebtedness on or
prior to such date)
	 	$                    
	 
	 	 	 	 
	 

	 	(iii) Amount of outstanding principal portion of Capital
Lease Obligations and Indebtedness secured by purchase
money Liens as of such date
	 	                    
	 
	 	 	 	 
	 

	 	(iv) Outstanding principal amount of Subordinated
Indebtedness as of such date
	 	                    
	 
	 	 	 	 
	 

	 	(v) Outstanding amount of earnouts (valued in accordance
with GAAP) as of such date
	 	                    
	 
	 	 	 	 
	 

	 	(vi) Without duplication, the outstanding principal amount
of all other funded Indebtedness (other than Indebtedness
under the Existing Senior Subordinated Notes) of Holdings
and its Subsidiaries as of such date
	 	                    
	 
	 	 	 	 
	Less:

	 	Unrestricted cash and Cash Equivalents of the Credit Parties subject to a
Control Agreement as of such date (provided that
cash and Cash Equivalents shall not be deemed to be restricted
as a result of a lien thereon securing the Obligations or that is permitted
pursuant to Section 5.1(o) of the Credit Agreement)
	 	                    
	 
	 	 	 	 
	Indebtedness	 	$                    

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	 	EBITDA for the consecutive twelve month period ending on the date of
measurement (per Exhibit B)
	 	$                    
	 
	 	 	 	 
	 

	 	Leverage Ratio (Indebtedness (from above) divided by EBITDA (from above))
	 	                    

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EXHIBIT 11.1(a) 
TO

CREDIT AGREEMENT

FORM OF ASSIGNMENT

     This
ASSIGNMENT, dated as of the Effective Date, is entered into between                      (the “Assignor”) and                      (the “Assignee”).

     The parties hereto hereby agree as follows:

	 	 	 

	Borrowers:

	 	Razor Merger Sub Inc., a Delaware corporation,
Thermadyne Holdings Corporation, a Delaware
corporation, Thermadyne Industries, Inc., a
Delaware corporation, Victor Equipment Company, a
Delaware corporation, Thermadyne International Corp., a
Delaware corporation, Thermal Dynamics Corporation, a
Delaware corporation and Stoody Company, a
Delaware corporation (together, the “Borrowers”)
	 
	 	 
	Agent:

	 	General Electric Capital Corporation, as administrative
agent for the Lenders and L/C Issuers (in such capacity
and together with its successors and permitted assigns,
the “Agent”)
	 
	 	 
	Credit Agreement:

	 	Fourth Amended and Restated Credit Agreement, dated as
of December 3, 2010, among the Borrowers, Thermadyne
Holdings Corporation, as Borrower Representative, the
other Credit Parties party thereto, the Lenders and L/C
Issuers party thereto and the Agent (as the same may be
amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”; capitalized
terms used herein without definition are used as defined
in the Credit Agreement)
	 
	[Trade Date:

	 	                    , ______]1
	 
	 	 
	Effective Date:

	 	                    , ______2

 

			
	1	 	Insert for informational purposes only if needed to determine other arrangements
between the assignor and the assignee.
	 
	2	 	To be filled out by Agent upon entry in the Register.

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	 	 	Aggregate amount of	 	 	Aggregate amount of	 	 	 	 
	Loan/	 	Commitments or	 	 	Commitments3 or	 	 	 	 
	Commitment	 	principal amount of	 	 	principal amount of	 	 	 	 
	Assigned	 	Loans for all Lenders5	 	 	Loans Assigned4	 	 	Percentage Assigned5	 
	 
	 	$	 	 	 	$	 	 	 	 	___ . ___	%
	 
	 	 	 	 	 	 	 	 	 
	 
	 	$	 	 	 	$	 	 	 	 	___ . ___	%
	 
	 	 	 	 	 	 	 	 	 
	 
	 	$	 	 	 	$	 	 	 	 	___ . ___	%
	 
	 	 	 	 	 	 	 	 	 

[THE REMAINDER OF THIS PAGE WAS INTENTIONALLY LEFT BLANK]

 

			
	3	 	In the case of the Revolving Loan Commitment, including Revolving Loans and interests,
participations and obligations to participate in Letter of Credit Obligations and Swing Loans.

	 		
	4	 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made
between the Trade Date and the Effective Date. The aggregate amounts are inserted for informational
purposes only to help in calculating the percentages assigned which, themselves, are for
informational purposes only.

			 
	5	 	 Set forth, to at least 9 decimals, the Assigned Interest as a percentage of the aggregate
Commitments or Loans under the Credit Agreement. This percentage is set forth for informational
purposes only and is not intended to be binding. The assignments are based on the amounts assigned
not on the percentages listed in this column.

2

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     Section 1. Assignment.
Assignor hereby sells and assigns to Assignee, and Assignee hereby purchases and assumes from
Assignor, Assignor’s rights and obligations in its capacity as Lender under the Credit Agreement
(including Liabilities owing to or by Assignor thereunder) and the other Loan Documents, in each
case to the extent related to the amounts identified above (the “Assigned Interest”).

     Section 2. Representations, Warranties and Covenants of Assignors. Assignor
(a) represents and warrants to Assignee and the Agent that (i) it has full power and authority, and
has taken all actions necessary for it, to execute and deliver this Assignment and to consummate
the transactions contemplated hereby and (ii) it is the legal and beneficial owner of the Assigned
Interest and that such Assigned Interest is free and clear of any Lien and other adverse claims and
(iii) by executing, signing and delivering this assignment via ClearPar® or any other electronic
settlement system designated by the Agent, the Person signing, executing and delivering this
Assignment on behalf of the Assignor is an authorized signatory for the Assignor and is authorized
to execute, sign and deliver this Agreement, (b) makes no other representation or warranty and
assumes no responsibility, including with respect to the aggregate amount of the Loans and
Commitments, the percentage of the Loans and Commitments represented by the Assigned Interest, any
statements, representations and warranties made in or in connection with any Loan Document or any
other document or information furnished pursuant thereto, the execution, legality, validity,
enforceability or genuineness of any Loan Document or any document or information provided in
connection therewith and the existence, nature or value of any Collateral, (c) assumes no
responsibility (and makes no representation or warranty) with respect to the financial condition of
any Credit Party or the performance or nonperformance by any Credit Party of any obligation under
any Loan Document or any document provided in connection therewith and (d) attaches any Notes held
by it evidencing at least in part the Assigned Interest of such Assignor (or, if applicable, an
affidavit of loss or similar affidavit therefor) and requests that the Agent exchange such Notes
for new Notes in accordance with Section 1.2 of the Credit Agreement.

     Section 3. Representations, Warranties and Covenants of Assignees, Assignee
(a) represents and warrants to Assignor and the Agent that (i) it has full power and authority, and
has taken all actions necessary for Assignee, to execute and deliver this Assignment and to
consummate the transactions contemplated hereby, (ii) it is
[not] an Affiliate or an
Approved Fund of ___, a Lender and (iii) it is sophisticated with respect to decisions to acquire assets
of the type represented by the Assigned Interest assigned to it hereunder and either Assignee or
the Person exercising discretion in making the decision for such assignment is experienced in
acquiring assets of such type, (iv) by executing, signing and delivering this Assignment via
ClearPar® or any other electronic settlement system designated by the Agent, the Person signing,
executing and delivering this Assignment on behalf of the Assignor is an authorized signatory for
the Assignor and is authorized to execute, sign and deliver this Agreement (b) appoints and
authorizes the Agent to take such action as administrative agent on its behalf and to exercise such
powers under the Loan Documents as are delegated to the Agent by the terms thereof, together with
such powers as are reasonably incidental thereto, (c) shall perform in accordance with their terms
all obligations that, by the terms of the Loan Documents, are required to be performed by it as a
Lender, (d) confirms it has received such documents and information as it has deemed appropriate to
make its own credit analysis and decision to enter into this Assignment and shall continue to make
its own credit decisions in taking or not taking any action under any Loan

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Document independently and without reliance upon Agent, any L/C Issuer, any Lender or any other
Indemnitee and based on such documents and information as it shall deem appropriate at the time,
(e) acknowledges and agrees that, as a Lender, it may receive material non-public information and
confidential information concerning the Credit Parties and their Affiliates and their Stock and
agrees to use such information in accordance with Section 9.10 of the Credit Agreement, (f)
specifies as its applicable lending offices (and addresses for notices) the offices at the
addresses set forth beneath its name on the signature pages hereof, (g) shall pay to the Agent an
assignment fee in the amount of $3,500 to the extent such fee is required to be paid under
Section 9.9 of the Credit Agreement and (h) to the extent required pursuant to Section
10.1(f) of the Credit Agreement, attaches two completed originals of Forms W-8ECI, W-8BEN,
W-8IMY or W-9 and, if applicable, a portfolio interest exemption certificate.

     Section 4. Determination of Effective Date; Register. Following the due
execution and delivery of this Assignment by Assignor, Assignee and, to the extent required by
Section 9.9 of the Credit Agreement, the Borrower Representative, this Assignment
(including its attachments) will be delivered to the Agent for its acceptance and recording in the
Register. The effective date of this Assignment (the “Effective Date”) shall be the later
of (i) the acceptance of this Assignment by the Agent and (ii) the recording of this Assignment in
the Register. The Agent shall insert the Effective Date when known in the space provided therefor
at the beginning of this Assignment.

     Section 5. Effect. As of the Effective Date, (a) Assignee shall be a party to
the Credit Agreement and, to the extent provided in this Assignment, have the rights and
obligations of a Lender under the Credit Agreement and (b) Assignor shall, to the extent provided
in this Assignment, relinquish its rights (except those surviving the termination of the
Commitments and payment in full of the Obligations) and be released from its obligations under the
Loan Documents to the extent related to the Assigned Interests other than those obligations
relating to events and circumstances occurring prior to the Effective Date.

     Section 6. Distribution of Payments. On and after the Effective Date, the
Agent shall make all payments under the Loan Documents in respect of each Assigned Interest (a) in
the case of amounts accrued to but excluding the Effective Date, to Assignor and (b) otherwise, to
Assignee.

     Section 7. Miscellaneous. (a) The parties hereto, to the extent permitted by
law, waive all right to trial by jury in any action, suit, or proceeding arising out of, in
connection with or relating to, this Assignment and any other transaction contemplated hereby. This
waiver applies to any action, suit or proceeding whether sounding in tort, contract or otherwise.

     (b) On and after the Effective Date, this Assignment shall be binding upon, and inure to the
benefit of, the Assignor, Assignee, the Agent and their Related Persons and their successors and
assigns.

     (c) This Assignment shall be governed by, and be construed and interpreted in accordance with,
the law of the State of New York.

4

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     (d) This Assignment may be executed in any number of counterparts and by different parties in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.

     (e) Signature pages may be detached from multiple separate counterparts and attached to a
single counterpart. Delivery of an executed signature page of this Assignment by facsimile
transmission or Electronic Transmission shall be as effective as delivery of a manually executed
counterpart of this Assignment.

5

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     IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be executed by their
respective officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 
	 	[NAME OF ASSIGNOR] 

as Assignor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[NAME OF ASSIGNEE] 

as Assignee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Lending Office for LIBOR Rate Loans:
 	 
	 	[Insert Address (including contact name, fax number

and e-mail address)]

 	 
	 
	 	Lending Office (and address for notices) for any

     other purpose:
 	 
	 	 	 
	 	 	 
	 	[Insert Address (including contact name, fax number

and e-mail address)]

 	 

[SIGNATURE PAGE FOR ASSIGNMENT FOR Thermadyne’S CREDIT AGREEMENT]

 

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ACCEPTED and AGREED

this ____ day of                      _________ :

GENERAL ELECTRIC CAPITAL CORPORATION 

as Agent

	 	 	 	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

[THERMADYNE HOLDINGS CORPORATION,

as the Borrower Representative]7

	 	 	 	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

 

			
	7	 	 Include only if required pursuant to Section 9.9 of the Credit Agreement.

[SIGNATURE PAGE FOR ASSIGNMENT FOR Thermadyne’S CREDIT AGREEMENT]

 

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EXHIBIT 11.1(b)

to

CREDIT AGREEMENT

FORM OF BORROWING BASE CERTIFICATE

Thermadyne Holdings Corporation

Date:__________ , _____

     This Certificate is given by Thermadyne Holdings Corporation (“Borrower Representative”),
pursuant to subsection 4.2(d) of that certain Fourth Amended and Restated Credit Agreement dated as
of December 3, 2010 among the Borrowers (as defined therein), the Borrower Representative (as
defined therein), the other Credit Parties party thereto, the Lenders from time to time party
thereto and General Electric Capital Corporation, as agent for the Lenders and L/C Issuers (as such
agreement may have been amended, restated, supplemented or otherwise modified from time to time the
“Credit Agreement”). Capitalized terms used herein without definition shall have the meanings set
forth in the Credit Agreement.

     The undersigned is duly authorized to execute and deliver this Borrowing Base Certificate on
behalf of the Borrowers. By executing this Certificate such officer of Borrower Representative
hereby certifies to Agent and Lenders on behalf of the Borrowers and without personal liability
that:

          (a) Attached hereto as Schedule 1 is a calculation of the Borrowing Base as of the above date;

          (b) Based on such schedule, the Borrowing Base as of the above date is:

$[_____ ]; and

          [(c)
Schedule 2 hereto is a correct calculation of the average Availability
for the most recent Fiscal Quarter ending on or prior to the date set forth above,
and based on such average Availability, the Applicable Margin (which shall be
applied in accordance with the definition thereof) for (i) the portions of
outstanding Revolving Loans that are Base Rate Loans and outstanding Swing Loans is
________, and (ii) the portion of outstanding Revolving Loans that are LIBOR Rate
Loans is
________.] 1

 

			
	1	 	Include only with Borrowing Base Certificates delivered for the last month of
each Fiscal Quarter.

 

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     IN WITNESS WHEREOF, Borrower Representative has caused this Borrowing Base Certificate to be
executed by its [_____] this [__ day of _____, 20__].

	 	 	 	 	 
	 	THERMADYNE HOLDINGS

CORPORATION, as Borrower

Representative

 	 
	 	By:  	 	 
	 	 	Its: 	 

 

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Schedule 1

[See attached]

 

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	 	 	CONSOLIDATING BORROWING BASE	 
	 	 	As of Date [ ]	 
	 	 	Thermadyne	 	 	Victor/	 	 	Thermal	 	 	Stoody	 	 	Cigweld	 
	($000’s)	 	Consolidated	 	 	Tweco/TAI	 	 	Dynamics	 	 	Company	 	 	Australia	 
	Accounts Receivable per As of Date [ ] Aging
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	a) Gross Accounts Receivable
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Less Ineligibles:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	b) Past Due accounts
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	c) Credits in Past Due
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	d) Cross-Age
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	e) Foreign Accounts
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	f) Add back; European accounts up to $1.5M
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	g) Government Accounts
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	h) Contra Accounts
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	i) Bankrupt Accounts
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	j) Intercompany Accounts
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	k) COD Accounts
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	1) CIF Invoice Reserve
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	m) Employee Receivables
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	n) Debit Memos/Chargebacks
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	o) Accrued Warranty/Warranty Reserve
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	p) Short-paid Invoices
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	q) Accrued Rebates
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	r) Bill and Hold Reserve
	 	 	—	 	 	 	 	 	 	 	—	 	 	 	—	 	 	 	—	 
	s) Credit Memo Reserve
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	t) Double Financing Reserve
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	u) Last Days Sales Reserve
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	v) Last Days Sales@ Cost
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	w) Provision for Credits
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	x) Settlement Discount
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	y) Credit Card Receivables
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	z) Disputed Invokes
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	aa) Credit Risk Customers
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	bb) Co-op Advertising
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	cc) Concentration Reserve
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	dd) Extended Terms Customers
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Ineligibles
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	 
	Eligible Accounts Receivable
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Proposed Advance Rale
	 	 	85.0	%	 	 	85.0	%	 	 	85.0	%	 	 	85.0	%	 	 	85.0	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Available Accounts Receivable
	 	$	0	 	 	$	0	 	 	$	0	 	 	$	0	 	 	$	0	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Inventory per As of Date [ ] Perpetual
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ee) Gross Inventory
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Inventory Reclass at Cost
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Less Ineligible:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ff) Work in Process Inventory
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	gg) Inventory at Locations less than $100M
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	hh) Inventory In-transit
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	ii) Add-back up to $100M of Eligible In-Transit
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	jj) Excess/Obsolete Inventory (24-month)
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	kk) Consignment Inventory
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	ll) Add-back up to $100M
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	mm) Inventory at Foreign Locations
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	nn) Quality Control Issues
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	oo) Supplies/Packaging
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	pp) Returned Goods
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	qq) Outside Processor
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	rr) Cost Test variance
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	ss) Customized Inventory
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	tt) Inter-company Profit
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	uu) Gross Profit Test Reserve
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	vv) PPV Reserve
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	ww) Samples/Testing
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	xx) Field Trial Products
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	yy) Advertising Literature
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	zz) Non-Standard Medical Products
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	ab) Unreconciled Variance
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	ac) Salesman Demo Inventory
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	ad) Third Party Locations
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	ae) Employee Inventory
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Total Ineligibles
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Eligible Inventory
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Proposed Advance Rate
	 	 	53.1	%	 	 	53.1	%	 	 	53,1	%	 	 	53.l	%	 	 	53.1	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Available Inventory
	 	$	0	 	 	$	0	 	 	$	0	 	 	$	0	 	 	$	0	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Less Reserves:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	af) Rent Reserve
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Inventory Availability
	 	$	0	 	 	$	0	 	 	$	0	 	 	$	0	 	 	$	0	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A/R and Inventory Availability
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Less
Reserves:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ag) Vendor Liens
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	ah) Employee Entitlements
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Availability for Revolver
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Less Outstanding Revolver
	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Letters of Credit
	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Excess (Deficit) Availability
	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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[Schedule 22

Calculation of Average Availability

Average Availability for the preceding Fiscal Quarter is equal to:

	 	 	 	 	 

	The lesser of:	 	 
	 
	 	 	 	 
	(a)

	 	the average Borrowing Base for such Fiscal Quarter as
calculated pursuant to the Borrowing Base Certificates
delivered for each of the three fiscal months of such Fiscal
Quarter and
	 	__________
	 
	 	 	 	 
	(b)

	 	the average daily balances of the Aggregate Revolving Loan
Commitment during such Fiscal Quarter
	 	__________
	 
	 	 	 	 
	Less:

	 	the average daily amount of Letter of Credit Obligations
during such Fiscal Quarter
	 	__________
	 
	 	 	 	 
	 

	 	the average daily balances of outstanding Swing Loans during
such Fiscal Quarter
	 	__________
	 
	 	 	 	 
	 

	 	the average daily balances of the Revolving Loans during
such Fiscal Quarter
	 	__________
	 
	 	 	 	 
	Average Availability for such Fiscal Quarter	 	$_________]

 

			
	2	 	Include only with Borrowing Base Certificates delivered for the third month of each
Fiscal Quarter.

 

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EXHIBIT 11.1(c)

TO

CREDIT AGREEMENT

FORM OF NOTICE OF BORROWING6

GENERAL ELECTRIC CAPITAL CORPORATION

as Agent under the Credit Agreement referred to below

_____________ __,___

     Re: Razor Merger Sub Inc., Thermadyne Holdings Corporation, Thermadyne
Industries, Inc., Victor Equipment Company, Thermadyne International Corp., Thermal
Dynamics Corporation and Stoody Company (the “Borrowers”)

     Reference is made to the Fourth Amended and Restated Credit Agreement, dated as of December 3,
2010 (as the same may be amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among the Borrowers, Thermadyne Holdings Corporation, as Borrower
Representative, the other Credit Parties, the Lenders and L/C Issuers party thereto and General
Electric Capital Corporation, as Agent for such Lenders and the L/C Issuers. Capitalized terms used
herein without definition are used as defined in the Credit Agreement.

     The Borrower Representative, on behalf of Borrowers, hereby gives you irrevocable notice,
pursuant to Section 1.5 of the Credit Agreement of its request of a Borrowing (the
“Proposed Borrowing”) under the Credit Agreement and, in that connection, sets forth the
following information:

     A. The date of the Proposed Borrowing is _________, ____ (the “Funding Date”).

     B. The aggregate principal amount of requested Revolving Loans is $_________, of which $_________
consists of Base Rate Loans and $_________ consists of LIBOR Rate Loans having an initial Interest Period of ______
months.

     The undersigned hereby certifies that, except as set forth on Schedule A attached
hereto, the following statements are true on the date hereof and will be true on the Funding Date,
both before and after giving effect to the Proposed Borrowing and any other Loan to be made or
Letter of Credit to be Issued on or before the Funding Date:

     (i) the representations and warranties set forth in Article III of the Credit
Agreement and elsewhere in the Loan Documents are true and correct in

 

			
	6	 	To be revised to the extent that a borrowing is made on the Effective Date.

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all material respects (without duplication of any materiality qualifier contained therein), except
to the extent such representations and warranties expressly relate to an earlier date, in which
case such representations and warranties were true and correct in all material respects as of such
earlier date;

     (ii) no Default or Event of Default has occurred and is continuing;

     (iii) the aggregate outstanding amount of Revolving Loans does not
exceed the Maximum Revolving Loan Balance; and

     (iv) if after giving effect to the Proposed Borrowing, Availability is
less than the Availability Threshold, the Borrower Representative has delivered a
Compliance Certificate with respect to the most recent Fiscal Quarter for which
financial statements have been delivered pursuant to subsection 4.1(b) hereof,
demonstrating that Fixed Charge Coverage Ratio for the four-Fiscal Quarter
period ending on the last day of the most recently ended Fiscal Quarter is not less
than 1.10 to 1.00.

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION,

as the Borrower Representative

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[SIGNATURE PAGE TO NOTICE OF BORROWING DATED ____ __,___]

 

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EXHIBIT 11.1(d)

TO

CREDIT AGREEMENT

FORM OF REVOLVING LOAN NOTE

	 	 	 

	Lender: [NAME OF LENDER]

Principal Amount: $______

	 	New York, New York

[Chicago, Illinois]

_________, 20__

     FOR VALUE RECEIVED, the undersigned, Razor Merger Sub Inc., a Delaware corporation, Thermadyne
Holdings Corporation, a Delaware corporation, Thermadyne Industries, Inc., a Delaware corporation,
Victor Equipment Company, a Delaware corporation, Thermadyne International Corp., a Delaware
corporation, Thermal Dynamics Corporation, a Delaware corporation and Stoody Company, a Delaware
corporation, (together, the “Borrowers”) hereby jointly and severally promise to pay to the Lender
set forth above (the “Lender”) the Principal Amount set forth above, or, if less, the aggregate
unpaid principal amount of all Revolving Loans (as defined in the Credit Agreement referred to
below) of the Lender to the Borrowers, payable at such times and in such amounts as are specified
in the Credit Agreement.

     The Borrowers jointly and severally promise to pay interest on the unpaid principal amount of
the Revolving Loans from the date made until such principal amount is paid in full, payable at such
times and at such interest rates as are specified in the Credit Agreement. Demand, diligence,
presentment, protest and notice of non-payment and protest are hereby waived by the Borrower.

     Both principal and interest are payable in Dollars to General Electric Capital Corporation, as
Agent, at the address set forth in the Credit Agreement, in immediately available funds.

     This Note is one of the Notes referred to in, and is entitled to the benefits of, the Fourth
Amended and Restated Credit Agreement, dated as of December 3, 2010 (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among the Borrowers, Thermadyne Holdings Corporation, as Borrower Representative, the other Credit
Parties party thereto, the Lenders and the L/C Issuers party thereto and General Electric Capital
Corporation, as Agent for the Lenders and L/C Issuers. Capitalized terms used herein without
definition are used as defined in the Credit Agreement.

     The Credit Agreement, among other things, (a) provides for the making of Revolving Loans by
the Lender to the Borrowers in an aggregate amount not to exceed at any time outstanding the
Principal Amount set forth above, the indebtedness of the Borrowers resulting from such Revolving
Loans being evidenced by this Note and (b) contains provisions for acceleration of the maturity of
the unpaid principal amount of this Note upon the happening of certain stated events and also for
prepayments on account of the principal hereof prior to the maturity hereof upon the terms and
conditions specified therein.

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     This Note is a Loan Document, is entitled to the benefits of the Loan Documents and is subject
to certain provisions of the Credit Agreement, including Sections 9.18(b) (Submission to
Jurisdiction), 9.19 (Waiver of Jury Trial), 9.23 (Joint and Several) and 11.2 (Other Interpretive
Provisions) thereof.

     This Note is a registered obligation, transferable only upon notation in the Register, and no
assignment hereof shall be effective until recorded therein.

     This Note shall be governed by, and construed and interpreted in accordance with, the law of
the State of New York.

[SIGNATURE PAGES FOLLOW]

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     IN WITNESS WHEREOF, each Borrower has caused this Note to be executed and delivered by
its duly authorized officer as of the day and year and at the place set forth above.

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION,

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	RAZOR MERGER SUB INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THERMADYNE INDUSTRIES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	VICTOR EQUIPMENT COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THERMADYNE INTERNATIONAL
CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Revolving Loan Note]

 

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	 	THERMAL DYNAMICS CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	STOODY COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Revolving Loan Note]

 

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EXHIBIT 11.1(e)

TO

CREDIT AGREEMENT

FORM OF SWINGLINE NOTE

	 	 	 

	Swingline Lender: [NAME OF SWINGLINE LENDER]

Principal Amount: $______

	 	New York, New York

[Chicago, Illinois]

_________, 20__

     FOR VALUE RECEIVED, the undersigned, Razor Merger Sub Inc., a Delaware corporation,
Thermadyne Holdings Corporation, a Delaware corporation, Thermadyne Industries, Inc., a Delaware
corporation, Victor Equipment Company, a Delaware corporation, Thermadyne International Corp., a
Delaware corporation, Thermal Dynamics Corporation, a Delaware corporation and Stoody Company, a
Delaware corporation, (together, the “Borrowers”), hereby jointly and severally promise
to pay to the Swingline Lender set forth above (the “Swingline Lender”) the Principal
Amount set forth above, or, if less, the aggregate unpaid principal amount of all Swing Loans (as
defined in the Credit Agreement referred to below) of the Swingline Lender to the Borrowers,
payable at such times and in such amounts as are specified in the
Credit Agreement.

     The Borrowers jointly and severally promise to pay interest on the unpaid principal amount
of the Swing Loans from the date made until such principal amount is paid in full, payable at
such times and at such interest rates as are specified in the Credit Agreement. Demand,
diligence, presentment, protest and notice of non-payment and protest are hereby waived by the
Borrower.

     Both principal and interest are payable in Dollars to General Electric Capital Corporation,
as Agent, at the address set forth in the Credit Agreement, in immediately available funds.

     This Note is one of the Notes referred to in, and is entitled to the benefits of, the Fourth
Amended and Restated Credit Agreement, dated as of December 3, 2010 (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among the Borrowers, Thermadyne Holdings Corporation, as Borrower Representative, the other
Credit Parties party thereto, the Lenders, the L/C Issuer, the Swingline Lender and General
Electric Capital Corporation, as Agent for the Lenders and L/C Issuers. Capitalized terms used
herein without definition are used as defined in the Credit Agreement.

     The Credit Agreement, among other things, (a) provides for the making of Swing Loans by the
Swingline Lender to the Borrowers in an aggregate amount not to exceed at any time outstanding
the Principal Amount set forth above, the indebtedness of the Borrowers resulting from such Swing
Loans being evidenced by this Note and (b) contains provisions for acceleration of the maturity
of the unpaid principal amount of this Note upon the happening of certain stated events and also
for prepayments on account of the principal hereof prior to the maturity hereof upon the terms
and conditions specified therein.

 

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     This Note is a Loan Document, is entitled to the benefits of the Loan Documents and is subject
to certain provisions of the Credit Agreement, including Sections 9.18(b) (Submission to
Jurisdiction), 9.19 (Waiver of Jury Trial), 9.23 (Joint and Several) and 11.2 (Other Interpretive
Provisions) thereof.

     This Note is a registered obligation, transferable only upon notation in the Register, and no
assignment hereof shall be effective until recorded therein.

     This Note shall be governed by, and construed and interpreted in accordance with, the law of
the State of New York.

[SIGNATURE PAGES FOLLOW]

2

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     IN WITNESS WHEREOF, each Borrower has caused this Note to be executed and delivered by its
duly authorized officer as of the day and year and at the place set forth above.

	 	 	 	 	 
	 	THERMADYNE HOLDINGS
CORPORATION,

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	RAZOR MERGER SUB INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THERMADYNE INDUSTRIES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	VICTOR EQUIPMENT COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THERMADYNE INTERNATIONAL CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Swingline Note]

 

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	 	THERMAL DYNAMICS CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	STOODY COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Swingline Note]exv4w4

 
Exhibit 4.4

 

INTERCREDITOR AGREEMENT

Among

GENERAL ELECTRIC CAPITAL CORPORATION,

together with any successor in such capacity,

as ABL Agent

and

U.S. BANK NATIONAL ASSOCIATION,

together with any successor in such capacity,

as Collateral Trustee

Dated as of December 3, 2010

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page	 
	 
	I. DEFINITIONS
	 	 	2	 
	1.1. Defined Terms
	 	 	2	 
	1.2. Terms Generally
	 	 	20	 
	1.3. PPSA (Australia)
	 	 	21	 
	 	 	 	 	 
	 
	II. LIEN PRIORITIES
	 	 	21	 
	2.1. Relative Priorities
	 	 	21	 
	2.2. Prohibition on Contesting Liens
	 	 	21	 
	2.3. No New Liens
	 	 	22	 
	2.4. Similar Liens and Agreements
	 	 	22	 
	2.5. Effectiveness of Lien Priorities
	 	 	23	 
	 	 	 	 	 
	 
	III. EXERCISE OF REMEDIES; ENFORCEMENT
	 	 	23	 
	3.1. Restrictions on the Collateral Trustee and the other Fixed Asset Claimholders with respect to ABL Priority Collateral
	 	 	23	 
	3.2. Restrictions on the ABL Agent and the other ABL Claimholders with respect to Fixed Asset Priority Collateral
	 	 	27	 
	3.3. Collateral Access Rights
	 	 	31	 
	3.4. Fixed Asset General Intangibles Rights/Access to Information
	 	 	33	 
	3.5. Set-Off and Tracing of and Priorities in Proceeds
	 	 	33	 
	 	 	 	 	 
	 
	IV. PAYMENTS
	 	 	34	 
	4.1. Application of Proceeds
	 	 	34	 
	4.2. Payments Over in Violation of Agreement
	 	 	35	 
	4.3. Application of Payments
	 	 	35	 
	4.4. Revolving Nature of ABL Obligations
	 	 	35	 
	 	 	 	 	 
	 
	V. OTHER AGREEMENTS
	 	 	35	 
	5.1. Releases
	 	 	35	 
	5.2. Insurance
	 	 	37	 
	5.3. Amendments to ABL Loan Documents and Fixed Asset Documents; Refinancing
	 	 	38	 
	5.4. Bailees for Perfection
	 	 	39	 
	5.5. When Discharge of ABL Obligations and Discharge of Fixed Asset Obligations Deemed to Not Have Occurred
	 	 	40	 
	 	 	 	 	 
	 
	VI. INSOLVENCY OR LIQUIDATION PROCEEDINGS
	 	 	41	 
	6.1. Finance and Sale Issues
	 	 	41	 
	6.2. Relief from the Automatic Stay
	 	 	42	 
	6.3. Adequate Protection
	 	 	42	 
	6.4. Avoidance Issues
	 	 	43	 
	6.5. Reorganization Securities
	 	 	44	 
	6.6. Post-Petition Interest
	 	 	44	 
	6.7. Separate Grants of Security and Separate Classification
	 	 	44	 
	6.8. Asset Dispositions in an Insolvency or Liquidation Proceeding
	 	 	45	 
	6.9. Section 1111(b) of the Bankruptcy Code; Sections 363 and 364 of the Bankruptcy Code
	 	 	46	 

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	 	 	 	Page	 
	 
	VII. RELIANCE; WAIVERS; ETC.
	 	 	46	 
	7.1. Reliance
	 	 	46	 
	7.2. No Warranties or Liability
	 	 	46	 
	7.3. No Waiver of Lien Priorities
	 	 	47	 
	7.4. Obligations Unconditional
	 	 	48	 
	 	 	 	 	 
	 
	VIII. MISCELLANEOUS
	 	 	48	 
	8.1. Conflicts
	 	 	48	 
	8.2. Effectiveness; Continuing Nature of this Agreement; Severability
	 	 	48	 
	8.3. Amendments; Waivers
	 	 	49	 
	8.4. Information Concerning Financial Condition of the Company and its Subsidiaries
	 	 	49	 
	8.5. Subrogation
	 	 	50	 
	8.6. SUBMISSION TO JURISDICTION; WAIVERS
	 	 	50	 
	8.7. Notices
	 	 	51	 
	8.8. Further Assurances
	 	 	52	 
	8.9. APPLICABLE LAW
	 	 	52	 
	8.10. Specific Performance
	 	 	52	 
	8.11. Headings
	 	 	52	 
	8.12. Counterparts
	 	 	52	 
	8.13. Authorization
	 	 	52	 
	8.14. No Third Party Beneficiaries
	 	 	53	 
	8.15. Provisions Solely to Define Relative Rights
	 	 	53	 
	8.16. Marshalling of Assets
	 	 	53	 
	8.17. Exclusive Means of Exercising Rights under this Agreement
	 	 	53	 
	8.18. Interpretation
	 	 	53	 
	8.19. Capacity of Collateral Trustee
	 	 	54	 

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INTERCREDITOR AGREEMENT

     This Intercreditor Agreement (as amended, restated, renewed, extended, supplemented or
otherwise modified from time to time, this “Agreement”) is dated as of December 3, 2010,
and entered into by and among GENERAL ELECTRIC CAPITAL CORPORATION, in its capacity as agent under
the ABL Credit Agreement (including its successors and assigns from time to time in such capacity,
the “Initial ABL Agent”), and U.S. BANK NATIONAL ASSOCIATION, in its capacity as collateral
trustee under the Collateral Trust Agreement (including its successors and assigns from time to
time in such capacity, the “Collateral Trustee”). Capitalized terms used in this Agreement
have the meanings assigned to them in Section 1.

RECITALS

     Themadyne Holdings Corporation, a Delaware corporation (the “Company”), the other
Borrowers and Credit Parties party thereto from time to time, the ABL Lenders, the Initial ABL
Agent and the other arrangers and agents party thereto have entered into that certain Credit
Agreement, dated as of December 3, 2010 (as amended, restated, supplemented or otherwise modified
from time to time in accordance with this Agreement, the “Initial ABL Credit Agreement”);

     The Company has issued, or will issue, $250,000,000 principal amount of 9% senior secured
notes due 2017 (the “Senior Secured Notes”) under an indenture, dated as of December 3,
2010 (as amended, restated, supplemented or otherwise modified from time to time in accordance with
this Agreement, the “Senior Secured Notes Indenture”) among the Company, the guarantors
party thereto, and U.S. Bank National Association, in its capacity as trustee (the “Notes
Trustee”).

     The Company may from time to time following the date hereof issue additional Fixed Asset Debt
to the extent permitted by the ABL Credit Agreement and the Senior Secured Notes Indenture. In
connection therewith, the Company, the guarantors party to the Senior Secured Notes Indenture, the
Notes Trustee, and U.S. Bank National Association, in its capacity as collateral trustee (the
“Collateral Trustee”) have entered into that certain Collateral Trust Agreement, dated as
of December 3, 2010 (as amended, restated, supplemented or otherwise modified from time to time in
accordance with this Agreement, the “Collateral Trust Agreement”);

     In order to induce the ABL Agent and the ABL Lenders to consent to the Grantors incurring the
Fixed Asset Obligations and granting the Liens to the
Collateral Trustee and in order to induce the Collateral Trustee and the Senior Secured
Noteholders to consent to the Grantors incurring the ABL Obligations and granting the Liens to the
ABL Agent, the ABL Agent, for itself and on behalf of each of the other ABL Claimholders, and the
Collateral Trustee, for itself and on behalf of each of the other Fixed Asset Claimholders, have
agreed to the relative priority of their respective Liens on the Collateral and certain other
rights, priorities and interests as set forth in this Agreement.

 

 

AGREEMENT

     In consideration of the foregoing, the mutual covenants and obligations herein set forth
and for other good and valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

     I. DEFINITIONS.

     1.1. Defined Terms. As used in this Agreement, the following terms shall have the
following meanings:

     “ABL Agent” means the Initial ABL Agent and any successor or other agent under
any ABL Credit Agreement.

     “ABL Claimholders” means, at any relevant time, the holders of ABL Obligations at
that time, including, the ABL Agent, L/C Issuers, the ABL Lenders and any other collateral agent,
trustee or other representative of any ABL Lender and the Secured Rate Contract counterparties, in
each case solely in their capacities as such and not in any other capacity (except to the extent
that such ABL Claimholder is acting in such other capacity for the primary purpose of benefiting
its ABL Obligations).

     “ABL Collateral” means all of the assets and property of any Grantor, whether real,
personal or mixed, with respect to which a Lien is granted as security for any ABL Obligations.

     “ABL Credit Agreement” means collectively, (a) the Initial ABL Credit
Agreement and (b) any other credit agreement or credit agreements, one or more debt facilities,
and/or commercial paper facilities, in each case, with banks or other institutional or commercial
lenders providing for revolving credit loans, term loans, receivables financing (including through
the sale of receivables to such lenders or to special purpose entities formed to borrow from (or
sell such receivables to) such lenders against such receivables), letters of credit, bankers’
acceptances, or other borrowings, that has been incurred, including to replace (whether upon or
after termination or otherwise), refinance or refund in whole or in part from time to time the
Obligations outstanding under the Initial ABL Credit Agreement or any other agreement or
instrument referred to in this clause which (I) is designated to each ABL Agent as an “ABL Credit
Agreement” by the Company, and (II) the ABL Agent for such agreement shall have executed a
supplement to this Agreement agreeing to be bound hereby on the same terms applicable to the
Initial ABL Agent, whether or not such replacement,
refinancing or refunding occurs (i) with the original parties thereto, (ii) on one or more
separate occasions or (iii) simultaneously or not with the termination or repayment of the Initial
ABL Credit Agreement or any other agreement or instrument referred to in this clause, unless such
agreement or instrument is not a Permitted Refinancing Agreement. Any reference to the ABL Credit
Agreement hereunder shall be deemed a reference to any ABL Credit Agreement then in existence.

     “ABL Default” means an “Event of Default” as defined in the ABL Credit Agreement or
any similar event or condition set forth in any other ABL Loan Document which

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causes, or permits holders of the applicable ABL Obligations outstanding thereunder to cause,
the ABL Obligations outstanding thereunder to become immediately due and payable.

     “ABL Lenders” means the “Lenders” under and as defined in the ABL Credit Agreement or
any other Person which extends credit under the ABL Credit Agreement in each case solely in their
capacities as such and not in any other capacity.

     “ABL Loan Documents” means an ABL Credit Agreement and the “Loan Documents” as
defined in the Initial ABL Credit Agreement, and each of the other agreements, documents and
instruments executed pursuant thereto, and any other document or instrument executed or delivered
at any time in connection with an ABL Credit Agreement, or under which ABL Obligations are
incurred, including any intercreditor or joinder agreement among holders of ABL Obligations, to
the extent such are effective at the relevant time, as each may be amended, restated,
supplemented, modified, renewed, extended or Refinanced from time to time in accordance with the
provisions of this Agreement.

     “ABL Mortgages” means a collective reference to each mortgage, deed of trust and
other document or instrument under which any Lien on real property owned or leased by any Grantor
is granted to secure any ABL Obligations or under which rights or remedies with respect to any
such Liens are governed.

     “ABL Obligations” means all Obligations outstanding under an ABL Credit Agreement and
the other ABL Loan Documents, including any Obligations under Secured Rate Contracts, Cash
Management Obligations and L/C Reimbursement Obligations. “ABL Obligations” shall include all
interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation
Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance
with the rates specified in the relevant ABL Loan Document or Secured Rate Contract, as the case
may be, whether or not the claim for such interest is allowed as a claim in such Insolvency or
Liquidation Proceeding.

     “ABL Priority Collateral” means all now-owned or hereafter acquired ABL Collateral
that constitutes:

     (a) Accounts and payment intangibles, other than Accounts that constitute identifiable
Proceeds of Fixed Asset Priority Collateral;

     (b) Inventory and Documents for any Inventory;

     (c) Investment Property, but specifically excluding any securities representing Fixed Asset
Priority Collateral or Instruments that constitute identifiable Proceeds of Fixed Asset Priority
Collateral;

     (d) Commodity Accounts, Deposit Accounts and Securities Accounts (including all cash, cash
equivalents, Money, checks, Instruments, funds, ACH transfers, wired funds, Investment Property,
and other funds and property held in or on deposit in any of the foregoing, but excluding any
identifiable Proceeds of Fixed Asset Priority Collateral held in any of the foregoing);

-3-

 

     (e) General Intangibles to the extent arising in connection with, or otherwise pertaining to,
or derivative of Accounts, Inventory and/or Documents for any Inventory, Investment Property,
Deposit Accounts, or Securities Accounts, but specifically excluding any Intellectual Property and
uncertificated securities representing Fixed Asset Priority Collateral;

     (f) Letter of Credit Rights to the extent arising out of, or related to, or derivative of any
of the property or interests in property described in this definition;

     (g) letters of credit transferred to the ABL Agent or any ABL Lender, or with respect to which
the Proceeds thereof have been assigned to the ABL Agent or any ABL Lender, or on which the ABL
Agent or any ABL Lender is named as beneficiary, in each case arising out of, related to, or
derivative of the property or interests described in this definition;

     (h) Supporting Obligations and Commercial Tort Claims, in each case, to the extent arising out
of, or related to, or derivative of the property or interests in property described in this
definition;

     (i) all contracts, contract rights and other General Intangibles (other than any Intellectual
Property and Fixed Asset Pledged Collateral), all Documents, Chattel Paper, and Instruments
(including promissory notes), in each case, to the extent arising out of, or related to, or
derivative of the property or interests in property described in this definition (including any and
all contracts, contract rights and other General Intangibles providing for or relating to the sale
or other Disposition of Inventory);

     (j) to the extent not otherwise described in this definition, all Receivables;

     (k) all books and Records relating to the items referred to in the preceding clauses (a)
through (i) (including all books, databases, data processing software, customer lists, engineer
drawings, and Records, whether tangible or electronic, which contain any information relating to
any of the items referred to in the preceding clauses (a) through (j)); and

     (l) all collateral security and guarantees with respect to any of the foregoing and, subject
to Section 3.5, all proceeds, products, substitutions, replacements, accessions, cash,
Money, insurance proceeds, Instruments, Securities, Security Entitlements, Financial Assets and
Deposit Accounts (except Deposit Accounts containing identifiable Senior Secured Fixed Assets
Priority Proceeds under clause (j) of the definition of “Fixed Assets Priority Collateral”, but
only to the extent of such identifiable Fixed Assets Priority Proceeds) received as proceeds
of any of the foregoing, but excluding identifiable proceeds from Fixed Assets Priority Collateral
(collectively, “ABL Priority Proceeds”).

     For purposes of clarification, and notwithstanding anything to the contrary set forth in this
Agreement, any of the items set forth in this paragraph that are or become branded, or otherwise
produced through the use or other application of, any Trademarks or other Intellectual Property,
whether pursuant to the exercise of rights pursuant to Section 3.4 or otherwise, shall fully
constitute ABL Priority Collateral, and no Proceeds arising from any Disposition of any such ABL
Priority Collateral shall be, or be deemed to be, attributable to Fixed Asset Priority Collateral.

-4-

 

     “ABL Security Documents” means any agreement, document or instrument pursuant to which
a Lien is granted securing any ABL Obligations or under which rights or remedies with respect to
such Liens are governed in each case as amended, modified, renewed, replaced, or restated, in whole
or in part.

     “Access Period” means for each parcel of Mortgaged Premises, the period, which begins
on the earlier of (a) the day on which the ABL Agent provides the Collateral Trustee with an
Enforcement Notice and (b) the fifth Business Day (or such earlier date as agreed by the Collateral
Trustee) after the Collateral Trustee provides the ABL Agent with notice that the Collateral
Trustee (or its agent) has obtained possession or control of such Mortgaged Premises in connection
with an Enforcement and ends on the earlier of (i) the 180th day after the date (the “Initial Access
Date”) when either (A) the ABL Agent provides the Collateral Trustee with an Enforcement Notice
regarding a proposed Enforcement to be taken by ABL Agent on such Mortgaged Premises, or (B) the
ABL Agent receives notice from the Collateral Trustee that the ABL Agent has been granted, and the
ABL Agent initially has actually obtained (whether or not exercised), the right (free of any
restrictions imposed by Collateral Trustee or any other Fixed Asset Claimholder) to take physical
possession of, remove, or otherwise control physical access to, or actually uses, the ABL Priority
Collateral located on such Mortgaged Premises plus such number of days, if any, after the Initial
Access Date that the ABL Agent is stayed or otherwise prohibited by law or court order from
exercising remedies with respect to ABL Priority Collateral located on such Mortgaged Premises and
(ii) the Discharge of ABL Obligations.

     “Account
Agreements” means any lockbox account agreement, pledged account agreement,
blocked account agreement, securities account control agreement, or any similar deposit or
securities account agreements among the Collateral Trustee and/or the ABL Agent, one or more
Grantors and the relevant financial institution depository or securities intermediary.

     “Accounts” means all present and future “accounts” (as defined in Article 9 of
the UCC, the PPSA (Canada) or PPSA (Australia), as applicable).

     “Affiliate” means, with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, controls or is controlled by or is
under common control with the Person specified. For purposes
of this definition, a Person shall be deemed to “control” or be “controlled
by” a Person if such Person possesses, directly or indirectly, power to direct or cause the
direction of the management or policies of such Person whether through ownership of equity
interests, by contract or otherwise; provided that neither any Agent nor any other ABL Claimholder
or Fixed Asset Claimholder (nor any Affiliate thereof) shall be considered an Affiliate of the
Company or any of its Subsidiaries solely in its capacity as an Agent or ABL Claimholder or Fixed
Asset Claimholder.

     “Agents” means the ABL Agent and the Collateral Trustee.

     “Agreement” has the meaning assigned to that term in the Preamble to this Agreement.

     “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,”
as now and hereafter in effect, or any successor statute.

-5-

 

     “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign
law for the relief of debtors.

     “Business Day” means any day excluding Saturday, Sunday and any day that shall be in
The City of New York a legal holiday or a day on which banking institutions are authorized by law
or other governmental actions to close.

     “Capital Stock” means any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent
ownership interests (including, without limitation, limited liability company interests,
partnership interests and other equity interests) in a Person (other than a corporation) and any
and all warrants, rights or options to purchase any of the foregoing.

     “Cash Management Obligations” means, all obligations of the Company or any Grantor
incurred in the ordinary course of business, whether on account of principal, interest,
reimbursement obligations, fees, indemnities, costs, expenses or otherwise, which may arise under,
out of, or in connection with any Bank Products (as defined in the Senior Secured Notes Indenture),
to the ABL Agent or any person that is or was a lender (or an affiliate thereof) under the ABL Loan
Documents at the time the agreements or arrangements in respect of such services were entered into
that, in each case, are designated by the Company to the ABL Agent as “Secured Bank Product
Obligations” by written notice in accordance with the terms of the ABL Loan Documents and this
Agreement, as applicable

     “Chattel Paper” means all present and future “chattel paper” (as defined in Article 9
of the UCC, PPSA (Canada) or the PPSA (Australia), as applicable).

     “Claimholder” means any Fixed Asset Claimholder or ABL Claimholder, as applicable.

     “Collateral” means any and all of the assets and property of any Grantor, whether
real, personal or mixed, which constitute ABL Collateral or Fixed Asset Collateral.

     “Collateral Trust Agreement” has the meaning set forth in the recitals to this
Agreement.

     “Collateral Trustee” has the meaning set forth in the recitals to this
Agreement.

     “Commercial Tort Claims” means all present and future “commercial tort claims” (as
defined in Article 9 of the UCC).

     “Commodity Accounts” means all present and future “commodity accounts” (as defined in
Article 9 of the UCC.

     “Company” has the meaning assigned to that term in the Recitals to this Agreement.

-6-

 

     “Company Subsidiary” means the subsidiaries of the Company listed on the signature
pages to the Acknowledgment hereof (together with any subsidiary that delivers an Acknowledgment
hereof after the date hereof).

     “Computer Software” means all computer software programs and databases (including,
without limitation, source code, object code and all related applications and data files),
firmware, and documentation and materials relating thereto, and all rights with respect to the
foregoing, together with any and all options, warranties, service contracts, program services,
test rights, maintenance rights, improvement rights, renewal rights and indemnifications and any
substitutions, replacements, additions or model conversions of any of the foregoing.

     “Conforming Plan of Reorganization” means any Plan of Reorganization whose provisions
are consistent with the provisions of this Agreement.

     “Copyright Licenses” means any written agreement naming any Grantor as licensor or
licensee, granting any right under any Copyright or copyrights owned by a third party, including,
without limitation, the grant of rights to reproduce, distribute, display, perform, create
derivative works of and otherwise exploit material works protected by any Copyright.

     “Copyrights” means each of the following that is owned by any Grantor: (i) all
copyrights arising under the laws of the United States, any other country or any political
subdivision thereof, whether registered or unregistered and whether published or unpublished, all
registrations and recordings thereof, and all applications in connection therewith, including,
without limitation, all registrations, recordings and applications in the United States Copyright
Office, and (ii) the right to obtain all renewals thereof.

     “Current Draft PPSA (Australia)” means the current draft of the PPSA (Australia)
published on the Australian Government Attorney-General’s Department website in the form of Act
No. 130 of 2009 (as amended) bearing the reference identification number C2010C00498, such draft
having been prepared on 12 July 2010 and taking into account amendments up to Act No. 96 of 2010.

     “Deposit Accounts” means (a) in respect of such deposit accounts located in the
United States or Canada, all present and future “deposit accounts” (as defined in Article 9 of the
UCC); and (b) in respect of such deposit accounts located in Australia, such items as are included
within the definition of “ADI account” in the PPSA (Australia).

     “DIP Financing” has the meaning assigned to that term in Section 6.1.

     “Discharge of ABL Obligations” means, except to the extent otherwise expressly
provided in Section 5.5:

     (a) payment in full in cash of all ABL Obligations (other than (i) Secured Rate Contract
Obligations which are not then due and payable, (ii) undrawn letters of credit and (iii) contingent
obligations or contingent indemnification obligations, except as provided in clauses (c) and (d)
below);

-7-

 

     (b) termination or expiration of all commitments, if any, to extend credit under the ABL Loan
Documents;

     (c) discharge or cash collateralization in an amount reasonably satisfactory to the ABL Agent
of Secured Rate Contract Obligations;

     (d) termination, cash collateralization (in an amount and manner reasonably satisfactory to
the ABL Agent, but in no event greater than 105% of the aggregate undrawn face amount, plus
commissions, fees, and expenses) or backstop of all letters of credit issued under the ABL Credit
Agreement in compliance with the terms of the ABL Credit Agreement; and

     (e) cash collateralization (or support by a letter of credit) for any costs, expenses and
contingent indemnification obligations consisting of ABL Obligations not yet due and payable but
with respect to which a claim has been asserted in writing under any ABL Loan Documents (in an
amount and manner reasonably satisfactory to the ABL Agent).

     “Discharge of Prior Lien Obligations” shall mean:

     (a) with respect to the ABL Priority Collateral as it relates to the Fixed Asset Claimholders,
the Discharge of ABL Obligations; and

     (b) with respect to the Fixed Asset Priority Collateral as it relates to the ABL Claimholders,
the Discharge of Fixed Asset Obligations.

     “Discharge of Fixed Asset Obligations” means, except to the extent otherwise
expressly provided in Section 5.5, (x) payment in full in cash of all Fixed Asset
Obligations (other than contingent obligations or indemnification obligations, in each case for
which no claim has been asserted) or (y) any discharge or legal defeasance of the Senior Secured
Notes Indenture and each other Fixed Asset Document in accordance with the express terms thereof.

     “Disposition” means any sale, lease, license, exchange, transfer or other
disposition of any Collateral.

     “Documents” means all present and future “documents” (as defined in Article 9 of
the UCC) and includes all “Documents of Title” as defined in the PPSA (Canada) and the PPSA
(Australia), as applicable.

     “Enforcement” means, collectively or individually for one or more of the ABL
Agent or the Collateral Trustee to take any action to enforce or attempt to enforce any right or
power to repossess, replevy, attach, garnish, levy
upon, collect the Proceeds of, foreclose or realize in any manner whatsoever its Lien upon,
sell, liquidate or otherwise dispose of, or otherwise restrict or interfere with the use of, or
exercise any remedies with respect to, any Collateral, whether by judicial enforcement of any of
the rights and remedies under the ABL Loan Documents, the Fixed Asset Documents and/or under any
applicable law, by self-help repossession, by non-judicial foreclosure sale, lease, or other
disposition, by set-off, by notification to account obligors of any Grantor, by any sale, lease,
or other disposition implemented by any Grantor at the direction of the ABL Agent or the
Collateral Trustee, or otherwise, but in all cases excluding (i) the establishment of borrowing
base and/or availability

-8-

 

reserves, collateral, Accounts or Inventory ineligibles, or other conditions for
advances, (ii) the changing of advance rates or advance sub-limits, (iii) the imposition of a
default rate or late fee, (iv) the collection and application (including pursuant to “cash
dominion” provisions) of Accounts or other monies deposited from time to time in Commodity
Accounts, Deposit Accounts or Securities Accounts, in each case, against the ABL Obligations
pursuant to the provisions of the ABL Loan Documents (including the notification of account
debtors, depositary institutions or any other Person to deliver proceeds of Collateral to the ABL
Agent), (v) the cessation of lending pursuant to the provisions of the ABL Loan Documents,
including upon the occurrence of a default or the existence of an over-advance, (vi) the filing of
a proof of claim in any Insolvency or Liquidation Proceeding, (vii) the consent by the ABL Agent to
disposition by any Grantor of any of the ABL Priority Collateral or the consent by the Collateral
Trustee to disposition by any Grantor of any of the Fixed Asset Priority Collateral, (viii) the
acceleration of the Fixed Asset Obligations or the ABL Obligations and (ix) the commencement or
filing or joining with other Persons in the commencement or filing of a petition in an Insolvency
or Liquidation Proceeding.

     “Enforcement Notice” means a written notice delivered, at a time when an ABL Default
or Fixed Asset Debt Default, as applicable, has occurred and is continuing, by either the ABL Agent
or the Collateral Trustee to the other announcing that such party intends to commence Enforcement
against the ABL Priority Collateral or the Fixed Asset Priority Collateral respectively and
specifying the relevant event of default.

     “Equipment” means, as to each Grantor, all of such Grantor’s hereafter acquired
equipment (with respect to such equipment located in the United States or Australia, as defined in
Article 9 of the UCC, and with respect to such equipment located in Canada, as defined in the PPSA
(Canada)).

     “Financial Assets” means:

     (a) in respect of a Grantor organized in the United States or Canada, all present and
future “financial assets” (as defined in Article 9 of the UCC); and

     (b) in respect of a Grantor organized in Australia, such assets as are included within the
definition of “financial property” in the PPSA (Australia).

     “Fixed Asset Claimholders” means, at any relevant time, the holders of Fixed Asset
Obligations at that time, including the Senior Secured Noteholders, the Collateral Trustee each
representative for the holders of any Series of Fixed Asset Debt, in each case solely in their
capacities as such and not in any other
capacity (except to the extent that such Fixed Asset Claimholder is acting in such other
capacity for the primary purpose of benefiting its Fixed Asset Obligations).

     “Fixed Asset Collateral” means any and all of the assets and property of any Grantor,
whether real, personal or mixed, with respect to which a Lien is granted as security for any Fixed
Asset Obligations.

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     “Fixed Asset Debt” means:

     (1) the Senior Secured Notes issued on the date hereof; and

     (2) any other Indebtedness (including additional Senior Secured Notes) that is secured by a
Lien that was permitted to be incurred and so secured under each applicable Fixed Asset Document;
provided, that in the case of any Indebtedness referred to in clause (2) of this definition, that:

     (a) on or before the date on which such Indebtedness is incurred by the Company or
by a Company Subsidiary, such Indebtedness is designated by the Company, in an
Additional Fixed Asset Debt Designation (as defined in, and executed and delivered
in accordance with, the Collateral Trust Agreement) as “Fixed Asset Debt” for the
purposes of the Fixed Asset Documents and the Collateral Trust Agreement; and

     (b) the representative for such Series of Fixed Asset Debt becomes a party to the Collateral
Trust Agreement thereby appointing the Collateral Trustee as its agent for purposes of this
Agreement.

     “Fixed Asset Debt Default” means an “Event of Default” as defined in the Senior
Secured Notes Indenture, or any similar event or condition set forth in any other Fixed Asset
Document which causes, or permits holders of the applicable Series of Fixed Asset Debt outstanding
thereunder to cause, the Fixed Asset Debt outstanding thereunder to become immediately due and
payable.

     “Fixed Asset Documents” means the Senior Secured Notes Indenture, the Senior Secured
Notes, the Fixed Asset Security Documents, and each of the other agreements, documents and
instruments executed pursuant thereto, and any other document or instrument executed or delivered
at any time governing, or under which Fixed Asset Debt is incurred, or in connection with any Fixed
Asset Obligations, including any intercreditor or joinder agreement among holders of Fixed Asset
Obligations to the extent such are effective at the relevant time, as each may be amended,
restated, supplemented, modified, renewed, extended or Refinanced from time to time in accordance
with the provisions of this Agreement.

     “Fixed Asset General Intangibles” means all General Intangibles, including
Intellectual Property, which are not ABL Priority Collateral.

     “Fixed Asset Mortgages” means a collective reference to each mortgage, deed of trust
and any other document or instrument under which any Lien on real property owned or leased by any
Grantor is granted to secure any
Fixed Asset Obligations or under which rights or remedies with respect to any such Liens are
governed.

     “Fixed Asset Obligations” means all Obligations outstanding under the Senior Secured
Notes and the Senior Secured Notes Indenture and all other Fixed Asset Documents. “Fixed Asset
Obligations” shall include all interest accrued or accruing (or which would, absent
commencement of an Insolvency or Liquidation Proceeding, accrue) after commencement of an
Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant Fixed
Asset Document, whether or not the claim for such interest is allowed as a claim in such Insolvency
or Liquidation Proceeding.

-10-

 

     “Fixed Asset Pledged Collateral” means any Collateral consisting of (a) the Capital
Stock of each Subsidiary of the Company or (b) Capital Stock owned by any Grantor in any joint
venture, partnership or similar non-publicly owned Person that is not a Subsidiary of a Grantor.

     “Fixed Asset Priority Collateral” means all now owned or hereafter acquired Fixed
Asset Collateral that constitutes:

     (a) Equipment;

     (b) Real Estate Assets;

     (c) Fixed Asset General
Intangibles;

     (d) Fixed Asset Pledged Collateral;

     (e) Documents related to
Equipment;

     (f) Letter of Credit Rights arising out of, or related to, or derivative of any of the
property or interests in property described in this definition;

     (g) Supporting Obligations and Commercial Tort Claims, in each case, to the extent arising out
of, or related to, or derivative of, the property or interests described in this definition;

     (h) all other Collateral other than ABL Priority Collateral; and

     (i) all collateral security and guarantees with respect to any of the foregoing and,
subject to Section 3.5, all proceeds, products, substitutions, replacements, accessions,
cash, Money, insurance proceeds, Instruments, Securities, Security Entitlements, Financial Assets
and Deposit Accounts received as proceeds of any of the foregoing, but excluding proceeds of ABL
Priority Collateral (collectively, “Fixed Asset Priority Proceeds”).

     “Fixed Asset Security Documents” means any agreement, document or instrument pursuant
to which a Lien is granted securing any Fixed Asset Obligations or under which rights or remedies
with respect to such Liens are governed.

     “General Intangibles” means:

     (a) in respect of such assets located in the United States or Canada, all present and future
“general intangibles” (as defined in Article 9 of the UCC or the PPSA (Canada), as applicable);
and

     (b) in respect of such assets located in Australia, such assets as are included within the
definition of “intangible property” in the PPSA (Australia),

     but, in each case, excluding (a) Hedge Agreements and (b) Intellectual Property and any
rights thereunder.

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     “Governmental Authority” means any federal, state, municipal, national or other
government, governmental department, commission, board, bureau, court, agency or instrumentality
or political subdivision thereof or any entity or officer exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to any government or any court,
in each case whether associated with a state of the United States, the United States, or a foreign
entity or government.

     “Grantors” means the Company, each Company Subsidiary and each other Person that has
executed and delivered (or may from time to time hereafter execute and deliver) an ABL Security
Document or a Fixed Asset Security Document, as a grantor of a security interest (or the
equivalent thereof) that has not been terminated or released.

     “Hedge Agreements” shall mean interest rate swap, cap or collar agreements, interest
rate future or option contracts, currency swap agreements, currency future or option contracts,
commodity price protection agreements or other commodity price hedging agreements, and other
similar agreements entered into by any Grantor in the ordinary course of business (and not for
speculative purposes) in order to protect such Grantor against fluctuations in interest rates or
currency exchange rates.

     “Indebtedness” means and includes:

     (a) all “Indebtedness” or any similar term within the meaning of the ABL Credit Agreement; and

     (b) all “Indebtedness” or any similar term within the meaning of the Senior Secured Notes
Indenture or any other Fixed Asset Document, as applicable.

     “Initial ABL Agent” has the meaning assigned to that term in the Preamble to this
Agreement.

     “Initial ABL Credit Agreement” has the meaning assigned to that term in the Recitals
to this Agreement.

     “Initial Access Date” has the meaning assigned to that term in the definition of the
term “Access Period.”

     “Initial Use Date” has the meaning assigned to that term in the definition of the
term “Use Period.”

     “Insolvency or Liquidation Proceeding” means:

     (a) any voluntary or involuntary case or proceeding under the Bankruptcy Code or the
bankruptcy laws of Canada or Australia with respect to any Grantor;

     (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or
proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding
with respect to any Grantor or with respect to a material portion of their respective assets;

-12-

 

     (c) any composition of liabilities or similar arrangement relating to any Grantor, whether or
not under a court’s jurisdiction or supervision;

     (d) any liquidation, dissolution, reorganization or winding up of any Grantor, whether
voluntary or involuntary, whether or not under a court’s jurisdiction or supervision, and whether
or not involving insolvency or bankruptcy; or

     (e) any general assignment for the benefit of creditors or any other marshalling of
assets and liabilities of any Grantor.

     “Instruments” means all present and future “instruments” (with respect to such
instruments owned by a Grantor organized in the United States or Australia, as defined in Article 9
of the UCC, and with respect to such instruments owned by a Grantor organized in Canada, as defined
in the PPSA (Canada)).

     “Intellectual Property”: the collective reference to all rights, priorities and
privileges relating to intellectual property, whether arising under United States, multinational
or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright
Licenses, the Patents, the Patent Licenses, the Trademarks, the Trademark Licenses, the Trade
Secrets, the Computer Software and any registered internet domain names, and all rights to sue at
law or in equity for any infringement or other impairment thereof, including, without limitation,
the right to receive all proceeds and damages therefrom.

     “Inventory” means as to each Grantor, all of such Grantor’s now owned and hereafter
existing or acquired inventory, (as defined in Article 9 of the UCC, the PPSA (Canada) or the PPSA
(Australia), as applicable).

     “Investment Property” means all present and future “investment property” (with
respect to such investment property owned by a Grantor located in the United States or Australia,
as defined in Article 9 of the UCC, and with respect to such investment property owned by a
Grantor located in Canada, as defined in the PPSA (Canada))

     “L/C Reimbursement Obligations” shall have the meaning assigned to such term in the
ABL Credit Agreement.

     “Letter of Credit Rights” means all present and future “letter of credit rights” (as
defined in Article 9 of the UCC).

     “Lien” means, with respect to any asset, any mortgage, pledge, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any other security agreement or arrangement (including any
conditional sale or other title retention agreement and any capital lease having substantially the
same economic effect as any of the foregoing).

     “Money” means all present and future “money” (as defined in Article 1 of the UCC and
the PPSA (Canada) and includes “currency” as defined in the PPSA (Australia), as applicable).

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     “Mortgaged Premises” means any real property which shall now or hereafter be subject
to a Fixed Asset Mortgage and/or an ABL Mortgage.

     “New Agent” has the meaning assigned to that term in Section 5.5.

     “New Debt Notice” has the meaning assigned to that term in Section 5.5.

     “Non-Conforming Plan of Reorganization” means any Plan of Reorganization whose
provisions are inconsistent with the provisions of this Agreement, including any plan of
reorganization that purports to re-order (whether by subordination, invalidation, or otherwise) or
otherwise disregard, in whole or part, the provisions of Article II (including the Lien
priorities of Section 2.1), the provisions of Article IV, or the provisions of Article
VI.

     “Notes Trustee” has the meaning set forth in the recitals to this Agreement.

     “Obligations” means all present and future loans, advances, liabilities, obligations,
covenants, duties, and debts from time to time owing by any Grantor to any agent or trustee
(including any Agent), the ABL Claimholders, the Fixed Asset Claimholders or any of them or their
respective Affiliates, arising from or in connection with the ABL Loan Documents or the Fixed Asset
Documents, whether for principal, interest or payments for early termination, whether or not
evidenced by any note, or other instrument or document, whether arising from an extension of
credit, opening of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise,
whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, as
principal or guarantor, and including all principal, interest, charges, expenses, fees, attorneys’
fees, filing fees and any other sums chargeable to the Grantors, including the “Obligations” as
defined in the ABL Credit Agreement and any corresponding term used in the Senior Secured Notes
Indenture or any other Fixed Asset Document.

     “Patent Licenses” means all agreements, whether written or oral, providing for the
grant by or to any Grantor of any right to manufacture, use or sell any invention covered in whole
or in part by a Patent or patents owned by a third party.

     “Patents” means each of the following that is owned by any Grantor: (i) all letters
patent of the United States, any other country or any political subdivision thereof, all reissues
and extensions thereof and all goodwill associated therewith, (ii) all applications for letters
patent of the United States or any other
country and all divisions, continuations and continuations-in-part thereof and (iii) all
rights to obtain any reissues or extensions of the foregoing.

     “Permitted Refinancing” means any Refinancing the governing documentation of which
constitutes Permitted Refinancing Agreements.

     “Permitted Refinancing Agreements” means, with respect to any ABL Credit Agreement,
the Senior Secured Notes Indenture, or any other Fixed Asset Document, as applicable, any credit
agreement, loan agreement, note agreement, promissory note, indenture or other agreement or
instrument evidencing or governing the terms of any indebtedness or other financial accommodation
that has been incurred to replace, (whether upon or after

-14-

 

termination or otherwise) refinance or refund in whole or in part the Obligations outstanding
under any ABL Credit Agreement, the Senior Secured Notes Indenture, or any other Fixed Asset
Document, whether or not such replacement, refinancing or refunding occurs (i) with the original
parties thereto, (ii) on one or more separate occasions or (iii) simultaneously or not with the
termination or repayment of the ABL Credit Agreement, the Senior Secured Notes or any other Fixed
Asset Debt or any other agreement or instrument referred to in this clause, unless such agreement
or instrument expressly provides that it is not intended to be and is not a Permitted Refinancing
Agreement, as such financing documentation may be amended, restated, supplemented or otherwise
modified from time to time and that is not prohibited by Section 5.3(c) or Section
5.3(d), as applicable.

     “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

     “Plan of Reorganization” means any plan of reorganization, plan of liquidation,
agreement for composition, or other type of plan of arrangement proposed in or in connection with
any Insolvency or Liquidation Proceeding.

     “Pledged Collateral” has the meaning set forth in Section
5.4(a).

     “PPSA (Australia)” means the Australian Personal Property Securities Act
2009 (Cth).

     “PPSA (Canada)” means the Personal Property Security Act (Ontario) and the
Regulations thereunder, as from time to time in effect, provided, however, if attachment,
perfection or priority of Agent’ s security interests in any Collateral are governed by the
personal property security laws of any jurisdiction other than Ontario, PPSA shall mean those
personal property security laws in such other jurisdiction for the purposes of the provisions
hereof relating to such attachment, perfection or priority and for the definitions related to such
provisions.

     “Prior Lien Agent” shall mean:

     (a) as it relates to the ABL Agent and the other ABL Claimholders with respect to all matters
relating to the Fixed Asset Priority Collateral (but not the ABL Priority Collateral) prior to the
Discharge of Fixed Asset Obligations, the Collateral Trustee; and

     (b) as it relates to the Collateral Trustee and the other Fixed Asset Claimholders with
respect to all matters relating to the ABL Priority Collateral (but not the Fixed Asset Priority
Collateral)prior to the Discharge of ABL Obligations, the ABL Agent.

     “Prior Lien Claimholders” means:

     (a) as it relates to the ABL Claimholders with respect to all matters relating to the Fixed
Asset Priority Collateral (but not the ABL Priority Collateral) prior to the Discharge of Fixed
Asset Obligations, the Fixed Asset Claimholders; and

-15-

 

     (b) as it relates to the Fixed Asset Claimholders with respect to all matters relating to the
ABL Priority Collateral (but not the Fixed Asset Priority Collateral) prior to the Discharge of ABL
Obligations, the ABL Claimholders.

     “Prior Lien Collateral” means with respect to any Person, all Collateral with respect
to which (and only for so long as) such Person is a “Prior Lien Claimholder” as provided in the
definition thereof.

     “Prior Lien Documents” means:

     (a) as it relates to the ABL Claimholders with respect to all matters relating to the Fixed
Asset Priority Collateral (but not the ABL Priority Collateral) prior to the Discharge of Fixed
Asset Obligations, the Fixed Asset Documents; and

     (b) as it relates to the Fixed Asset Claimholders with respect to all matters relating to the
ABL Priority Collateral (but not the Fixed Asset Priority Collateral) prior to the Discharge of ABL
Obligations, the ABL Loan Documents.

     “Prior Lien Obligations” means:

     (a) as it relates to the ABL Obligations with respect to all matters relating to the Fixed
Asset Priority Collateral (but not the ABL Priority Collateral) prior to the Discharge of Fixed
Asset Obligations, the Fixed Asset Obligations; and

     (b) as it relates to the Fixed Asset Obligations with respect to all matters relating to
the ABL Priority Collateral (but not the Fixed Asset Priority Collateral) prior to the Discharge of
ABL Obligations, the ABL Obligations.

     “Proceeds” means all “proceeds” (as defined in Article 9 of the UCC, the PPSA
Canada or the PPSA (Australia), as applicable).

     “Real Estate Asset” means, at any time of determination, Collateral consisting of any
interest (fee, leasehold or otherwise) then owned by the Company or any Grantor in any real
property.

     “Receivables” means all of the following now owned or hereafter arising or acquired
property of any Grantor: (a) all Accounts; (b) all amounts at any time payable to any Grantor in
respect of the sale or other disposition by any Grantor of any Account; (c) all interest, fees,
late charges, penalties, collection fees and other amounts due or to become due or otherwise
payable in connection with any Account; (d) all payment intangibles of each Grantor and other
contact
rights, chattel paper, instruments, notes, and other forms of obligations owing to any
Grantor, in each case arising from the sale and lease of Inventory, licensing of Inventory or the
rendition of services or otherwise directly related to any Accounts or Inventory of a Grantor
(including, without limitation, choses in action, causes of action, or other rights and claims
against carriers and shippers, rights to indemnification, and identifiable ABL Priority Proceeds
thereof, casualty or any similar types of insurance, in each case relating to ABL Priority
Collateral and identifiable ABL Priority Proceeds thereof).

-16-

 

     “Records” means all present and future “records” (as defined in Article 9
of the UCC).

     “Recovery” has the meaning set forth in Section 6.4.

     “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew,
defease, amend, modify, supplement, restructure, replace, refund or repay, or to issue other
indebtedness, in exchange or replacement for, such Indebtedness, in any case in whole or in part.
“Refinanced” and “Refinancing” shall have correlative meanings.

     “Secured Rate Contract” means any Hedging Agreement with respect to some or all of
the Grantors’ interest rate or currency exchange risks secured by the ABL Collateral.

     “Securities Accounts” means all present and future “securities accounts” (as defined
in Article 8 of the UCC, the PPSA (Canada) or the PPSA (Australia), as applicable), in each case,
including all monies, “uncertificated securities,” and “securities entitlements” (as defined in
Article 8 of the UCC) contained therein.

     “Security” means all present and future “Securities” (with respect to such securities
owned by a Grantor organized in the United States or Australia, as defined in Article 8 of the
UCC, and with respect to such securities owned by a Grantor organized in Canada, as defined in the
PPSA (Canada)).

     “Security Entitlements” means all present and future “security entitlements” (with
respect to such security entitlements owned by a Grantor organized in the United States or
Australia, as defined in Article 8 of the UCC, and with respect to such security entitlements
owned by a Grantor organized in Canada, as defined in the PPSA (Canada)).

     “Senior Secured Notes” has the meaning assigned to that term in the Recitals to this
Agreement.

     “Senior Secured Noteholders” means the “Holders” as defined in the Senior Secured
Notes Indenture solely in their capacities as such and not in any other capacity (except to the
extent that such Senior Secured Noteholder is acting in such other capacity for the primary
purpose of benefiting its Fixed Asset Obligations).

     “Senior Secured Notes Indenture” has the meaning assigned to that term in the
Recitals to this Agreement.

     “Series of Fixed Asset Debt” means, severally, the Senior Secured Notes and any other
Fixed Asset Debt for which a single transfer register is maintained.

     “Subordinated Lien Agent” shall mean:

     (a) with respect to all matters relating to the ABL Priority Collateral (but not the
Fixed Asset Priority Collateral) prior to the Discharge of ABL Obligations, the Collateral Trustee;
and

-17-

 

     (b) with respect to all matters relating to the Fixed Asset Priority Collateral (but not the
ABL Priority Collateral) prior to the Discharge of Fixed Asset Obligations, the ABL Agent.

     “Subordinated Lien Claimholders” shall mean:

     (a) with respect to all matters relating to the ABL Priority Collateral (but not the Fixed
Asset Priority Collateral) prior to the Discharge of ABL Obligations, the Fixed Asset Claimholders;
and

     (b) with respect to all matters relating to the Fixed Asset Priority Collateral (but not the
ABL Priority Collateral) prior to the Discharge of Fixed Asset Obligations, the ABL Claimholders.

     “Subordinated Lien Collateral” shall mean with respect to any Person, all Collateral
with respect to which (and only for so long as) such Person is a “Subordinated Lien Claimholder”
as provided in the definition thereof.

     “Subordinated Lien Documents” shall mean:

     (a) with respect to all matters relating to the ABL Priority Collateral (but not the Fixed
Asset Priority Collateral) prior to the Discharge of ABL Obligations, the Fixed Asset Documents;
and

     (b) with respect to all matters relating to the Fixed Asset Priority Collateral (but not the
ABL Priority Collateral) prior to the Discharge of Fixed Asset Obligations; the ABL Loan Documents.

     “Subordinated Lien Obligations” shall mean:

     (a) with respect to all matters relating to the ABL Priority Collateral (but not the
Fixed Asset Priority Collateral) prior to the Discharge of ABL Obligations, the Fixed Asset
Obligations; and

     (b) with respect to all matters relating to the Fixed Asset Priority Collateral (but not
the ABL Priority Collateral) prior to the Discharge of Fixed Asset Obligations, the ABL
Obligations.

     “Subsidiary” means, with respect to any Person, any corporation, partnership, limited
liability company, association, joint venture or other business entity of which more than 50% of
the total voting power of shares of stock or other ownership interests entitled (without regard to
the occurrence of any contingency) to vote in the election of the Person or Persons (whether
directors,
managers, trustees or other Persons performing similar functions) having the power to direct
or cause the direction of the management and policies thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or
a combination thereof.

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     “Supporting Obligations” means all present and future “supporting obligations” (as
defined in Article 9 of the UCC).

     “Trade Secrets” means all confidential and proprietary information, including, without
limitation, know-how, trade secrets, manufacturing and production processes and techniques,
inventions, research and development information, technical data, financial, marketing and business
data, pricing and cost information, business and marketing plans, and customer and supplier lists
and information.

     “Trademark License” means any agreement, whether written or oral, providing for the
grant by or to any Grantor of any right to use any Trademark or trademarks owned by a third party.

     “Trademarks” means each of the following that is owned by any Grantor: (i) all
trademarks, trade names, trade dress, corporate names, company names, business names, fictitious
business names, trade styles, service marks, logos and other source or business identifiers, and
all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations
and recordings thereof, and all applications in connection therewith, whether in the U.S. PTO or in
any similar office or agency of the United States, any State thereof or any other country or any
political subdivision thereof, or otherwise, and all common-law rights related thereto and (ii) the
right to obtain all renewals thereof.

     “UCC” means the Uniform Commercial Code (or any similar equivalent legislation) as in
effect from time to time in the State of New York; provided, however, that, at any
time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the
Agents’ security interest in any item or portion of the Collateral is governed by the Uniform
Commercial Code as in effect in a jurisdiction other that the State of New York, the term “UCC”
shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for
purposes of the provisions hereof relating to such perfection or priority and for purposes of
definitions relating to such provisions.

     “Use Period” means the period, with respect to any Fixed Asset Priority Collateral,
which begins on the earlier of (a) the day on which the ABL Agent provides the Collateral Trustee
with an Enforcement Notice and (b) the fifth Business Day after the Collateral Trustee provides the
ABL Agent with notice that the Collateral Trustee (or its agent) has obtained possession or control
of such Collateral and ends on the earlier of (i) the 180th day after the date (the “Initial
Use Date”) when either (A) the ABL Agent provides the Collateral Trustee with an Enforcement
Notice regarding a proposed Enforcement to be taken by ABL Agent which would involve the use of
such Fixed Asset Priority Collateral,
or (B) the ABL Agent receives notice from the Collateral Trustee that ABL Agent has been
granted, and the ABL Agent initially has actually obtained (whether or not exercised), the right
(free of any restrictions imposed by Collateral Trustee or any other Fixed Asset Claimholder) to
take physical possession of, remove, or otherwise control physical access to, or actually uses,
such Fixed Asset Priority Collateral, plus such number of days, if any, after the Initial Use Date
that the ABL Agent is stayed or otherwise prohibited by law or court order from exercising remedies
with respect to any such Fixed Asset Priority Collateral and (ii) the Discharge of ABL Obligations.

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     1.2. Terms Generally. The definitions of terms in this Agreement shall apply equally
to the singular and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The
word “will” shall be construed to have the same meaning and effect as the word “shall.” The word
“or” shall be construed to have, except where otherwise indicated, the inclusive meaning
represented by the phrase “and/or.” Unless the context requires otherwise:

     (a) any definition of or reference to any agreement, instrument or other document herein shall
be construed as referring to such agreement, instrument or other document as from time to time
amended, restated, supplemented, modified, renewed or extended to the extent not prohibited by the
terms of this Agreement;

     (b) any reference herein to any Person shall be construed to include such Person’s permitted
successors and assigns;

     (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof;

     (d) all references herein to Sections or Articles shall be construed to refer to Sections or
Articles of this Agreement;

     (e) all uncapitalized terms have the meanings, if any, given to them in the UCC, as now or
hereafter enacted in the State of New York (unless otherwise specifically defined herein);

     (f) the words “asset” and “property” shall be construed to have the same meaning and effect
and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights;

     (g) any reference herein to a Person in a particular capacity or capacities excludes
such Person in any other capacity or individually;

     (h) any reference herein to any law shall be construed to refer to such law as amended,
modified, codified, replaced, or re-enacted, in whole or in part, and in effect on the pertinent
date;

     (i) in the compilation of periods of time hereunder from a specified date to a later specified
date, the word “from” means “from and including” and the words “to” and “until” each means “to, but
not through”; and

     (j) any definition of or reference to the ABL Obligations, or the Fixed Asset Obligations
herein shall be construed as referring to the ABL Obligations, or the Fixed Asset Obligations (as
applicable) from time to time amended, restated, supplemented, modified, renewed, extended,
Refinanced, refunded, or replaced in accordance with the terms hereof.

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     1.3. PPSA (Australia). To the extent that, at any time, all or any part of the
PPSA (Australia) is not yet in force in Australia, terms defined by reference to the PPSA
(Australia) in Section 1.1 above each have the meaning given to such term in the then
current published draft of the PPSA (Australia) as it appears on the Australian Government
Attorney-General’s Department website at the relevant time, being, at the time of this Agreement,
the Current Draft PPSA (Australia).

     II. LIEN PRIORITIES.

     2.1. Relative Priorities. Irrespective of the date, time, method, manner or order of
grant, attachment or perfection of any Liens securing the ABL Obligations or the Fixed Asset
Obligations (including, in each case, irrespective of whether any such Lien is granted (or secures
Obligations relating to the period) before or after the commencement of any Insolvency or
Liquidation Proceeding) and notwithstanding any provision of any UCC, or any other applicable law,
or the ABL Loan Documents or the Fixed Asset Documents or any defect or deficiencies in, or failure
to attach or perfect, the Liens securing the ABL Obligations or the Fixed Asset Obligations or any
other circumstance whatsoever, the ABL Agent, on behalf of each of the ABL Claimholders, and the
Collateral Trustee, on behalf of each of the Fixed Asset Claimholders, each hereby agrees that:

     (a) any Lien of the ABL Agent on the ABL Priority Collateral securing ABL Obligations, whether
such Lien is now or hereafter held by or on behalf of, or created for the benefit of, the ABL Agent
or any other ABL Claimholder or any other agent or trustee therefor, regardless of how or when
acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall
be senior in all respects and prior to any Lien on the ABL Priority Collateral securing any Fixed
Asset Obligations; and

     (b) any Lien of the Collateral Trustee on the Fixed Asset Priority Collateral securing Fixed
Asset Obligations, whether such Lien is now or hereafter held by or on behalf of, or created for
the benefit of, the Collateral Trustee, any other Fixed Asset Claimholder or any other agent or
trustee therefor, regardless of how or when acquired, whether by grant, possession, statute,
operation of law, subrogation or otherwise, shall be senior in all respects to all Liens on the
Fixed Asset Priority Collateral securing any ABL Obligations.

     The priority and subordination provisions set forth in clauses (a) and (b) above with respect
to the Liens on the Collateral securing all or any portion of the ABL Priority Collateral or Fixed
Asset Priority Collateral are intended to be effective whether or not such Liens are subordinated
to any Lien securing any other obligation of any Grantor or any other Person.

     2.2. Prohibition on Contesting Liens. Each of the Collateral Trustee, on behalf of
each Fixed Asset Claimholder, and the ABL Agent, on behalf of each ABL Claimholder, consents to the
granting of Liens in favor of the other Agent to secure the ABL Obligations and the Fixed Asset
Obligations, as applicable, and agrees that no Claimholder will be entitled to, and it will not
(and shall be deemed to have irrevocably, absolutely, and unconditionally waived any right to),
contest (directly or indirectly) or support (directly or indirectly) any other Person in
contesting, in any proceeding (including any Insolvency or Liquidation Proceeding): (a) the
attachment, perfection, priority, validity or enforceability of any Lien in the Collateral held by
or on behalf of any of the ABL Claimholders to secure the payment of the ABL Obligations or any

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of the Fixed Asset Claimholders to secure the payment of the Fixed Asset Obligations, (b) the
priority, validity or enforceability of the ABL Obligations or the Fixed Asset Obligations,
including the allowability or priority of the ABL Obligations or the Fixed Asset Obligations, as
applicable, in any Insolvency or Liquidation Proceeding, or (c) the validity or enforceability of,
or the priorities, rights or duties established by, the provisions of this Agreement;
provided that nothing in this Agreement shall be construed to prevent or impair the rights
of the ABL Agent, on behalf of the ABL Claimholders, or the Collateral Trustee, on behalf of the
Fixed Asset Claimholders, including the provisions of this Agreement relating to the priority of
the Liens securing the Obligations as provided in Sections 2.1, 3.1, 3.2
and 6.1.

     2.3. No New Liens. During the term of this Agreement, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against one or more of the Company or any other
Grantor, the parties hereto agree, subject to Article VI, that the Company shall not, and
shall not permit any other Grantor to:

     (a) grant or permit any additional Liens on any asset or property (that does not otherwise
constitute Fixed Asset Collateral) to secure any Fixed Asset Obligations unless it takes all
reasonable actions that are within its control to grant a Lien on such asset or property to the ABL
Agent to secure the ABL Obligations on or before the time of the grant of a Lien thereon to secure
such Fixed Asset Obligations;

     (b) grant or permit any additional Liens on any asset or property (that does not otherwise
constitute ABL Collateral) to secure any ABL Obligations unless it takes all reasonable actions
that are within its control to grant a Lien on such asset or property to the Collateral Trustee to
secure the Fixed Asset Obligations on or before the time of the grant of Liens thereon to secure
such ABL Obligations;

     To the extent any additional Liens are granted on any asset or property in contravention of this
Section 2.3 for any reason, without limiting any other rights and remedies available hereunder, the
ABL Agent, on behalf of the ABL Claimholders, and the Collateral Trustee, on behalf of the Fixed
Asset Claimholders, agree that any amounts received by or distributed to any of them pursuant to or
as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.2.

     2.4. Similar Liens and Agreements. The parties hereto agree that it is their intention
that the ABL Collateral and the Fixed Asset Collateral be
identical except as provided in this Section 2.4, in Article VI and as otherwise expressly
provided herein.

     (a) The parties hereto acknowledge that as of the date of this Agreement, it is contemplated
that no Lien shall exist in favor of the Collateral Trustee or any other Fixed Asset Claimholders
on any ABL Collateral owned by Thermadyne Holdings, Inc.

     (b) The parties hereto acknowledge that as of the date of this Agreement, the Fixed Asset
Pledged Collateral constitutes Prior Lien Collateral with regard to the Fixed Asset Claimholders.
In the event that, pursuant to the Senior Secured Notes Indenture (or any similar provision of any
other Fixed Asset Document providing for the automatic release of Liens solely for the purpose of
maintaining compliance with Rule 3-16 of Regulation S-X under the

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Securities Act without filing with the SEC separate financial statements of any issuer of such
Fixed Asset Pledged Collateral that are not otherwise required to be filed) a release of the
Collateral Trustee’s Lien on any Fixed Asset Pledged Collateral shall be required, the ABL Agent
may maintain its Lien on such Fixed Asset Pledged Collateral, subject to the provisions of Section
3.2(e) hereof, but in no event shall such Fixed Asset Pledged Collateral constitute “ABL Priority
Collateral” hereunder.

     (c) In furtherance of the foregoing and of Section 8.8, the parties hereto agree,
subject to the other provisions of this Agreement, upon request by the ABL Agent or the Collateral
Trustee, to cooperate in good faith (and to direct their counsel to cooperate in good faith) from
time to time in order to determine the specific items included in the ABL Collateral and the Fixed
Asset Collateral and the steps taken to perfect their respective Liens thereon and the identity of
the respective parties obligated under the ABL Loan Documents and the Fixed Asset Documents.

     2.5. Effectiveness of Lien Priorities. Each of the parties hereto acknowledges that
the Lien priorities provided for in this Agreement shall not be affected or impaired in any manner
whatsoever, including, without limitation, on account of: (i) invalidity, irregularity,
unenforceability or avoidability of all or any part of the ABL Loan Documents or the Fixed Asset
Documents or (ii) any impairment, modification, change, exchange, release or subordination of or
limitation on, any liability of, or stay of actions or lien enforcement proceedings against, the
Company or any of its Subsidiaries party to any of the ABL Loan Documents or the Fixed Asset
Documents, its property, or its estate in bankruptcy resulting from any bankruptcy, arrangement,
readjustment, composition, liquidation, rehabilitation or similar proceeding involving or affecting
any Claimholder.

     III. EXERCISE OF REMEDIES; ENFORCEMENT.

     3.1. Restrictions on the Collateral Trustee and the other Fixed Asset Claimholders
with respect to ABL Priority Collateral.

     (a) Until the Discharge of ABL Obligations has occurred, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against any Grantor, subject to the limited extent
provided in Article VI, the Collateral Trustee and the other Fixed Asset Claimholders:

          (i) will not exercise or seek to exercise (but instead shall be deemed to have hereby
irrevocably, absolutely and unconditionally waived the right to exercise), any rights, powers, or
remedies with respect to any ABL Priority
Collateral (including (A) any right of set-off or any right under any Account Agreement,
landlord waiver or bailee’s letter or similar agreement or arrangement to which the Collateral
Trustee or any other Fixed Asset Claimholder is a party, (B) any right to undertake self-help
re-possession or non-judicial disposition of any ABL Priority Collateral (including any partial or
complete strict foreclosure), and/or (C) any right to institute, prosecute, or otherwise maintain
any action or proceeding with respect to such rights, powers or remedies (including, in each case,
any action of foreclosure or any other Enforcement)); provided, however that Collateral Trustee and
the other Fixed Asset

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Claimholders may commence or join with any Person in commencing, or filing, a petition for any
Insolvency or Liquidation Proceeding;

          (ii) will not, directly or indirectly, contest, protest or object to or interfere with, hinder
or delay in any manner any Enforcement or any other judicial or non-judicial foreclosure proceeding
or action (including any partial or complete strict foreclosure) brought by the ABL Agent or any
other ABL Claimholder relating to the ABL Priority Collateral or any other exercise by the ABL
Agent or any other ABL Claimholder of any other rights, powers and remedies relating to the ABL
Priority Collateral, including any sale, lease, exchange, transfer, or other disposition of the ABL
Priority Collateral, whether under the ABL Loan Documents, applicable law, or otherwise;

          (iii) will not object to the waiver or forbearance by the ABL Agent or any other ABL
Claimholders from bringing or pursuing any Enforcement with respect to the ABL Priority Collateral;

          (iv) except as may be permitted in Section 3.1(c), irrevocably, absolutely, and
unconditionally waive any and all rights the Collateral Trustee or the other Fixed Asset
Claimholders may have as a junior lien creditor or otherwise to object (and seek or be awarded any
relief of any nature whatsoever based on any such objection) to the manner in which the ABL Agent
or the other ABL Claimholders (A) enforce or collect (or attempt to collect) the ABL Obligations or
(B) realize or seek to realize upon or otherwise enforce the Liens in and to the ABL Priority
Collateral securing the ABL Obligations, regardless of whether any action or failure to act by or
on behalf of the ABL Agent or the other ABL Claimholders is adverse to the interest of the
Collateral Trustee or the other Fixed Asset Claimholders. Without limiting the generality of the
foregoing, to the maximum extent permitted by law, the Fixed Asset Claimholders shall be deemed to
have hereby irrevocably, absolutely, and unconditionally waived any right to object (and seek or be
awarded any relief of any nature whatsoever based on any such objection), at any time prior or
subsequent to any disposition of any of the ABL Priority Collateral, on the ground(s) that any such
disposition of ABL Priority Collateral (x) would not be or was not “commercially reasonable” within
the meaning of any applicable UCC and/or (y) would not or did not comply with any other requirement
under any applicable UCC or under any other applicable law governing the manner in which a secured
creditor (including one with a Lien on real property) is to realize on its collateral; and

          (v) acknowledge and agree that no covenant, agreement or restriction contained in the Fixed
Asset Documents shall be deemed to restrict in any way the rights and remedies of the ABL Agent or
the other ABL
Claimholders with respect to the ABL Priority Collateral as set forth in this Agreement and
the ABL Loan Documents;

provided, however, that, in the case of (i), (ii) and (iii) above, the Liens
granted to secure the Fixed Asset Obligations in favor of the Fixed Asset Claimholders shall attach
to any Proceeds resulting from actions taken by the ABL Agent or any other ABL Claimholder with
respect to the ABL Priority Collateral in accordance with the respective priorities set forth in
Section 2.1 of this Agreement after application of such Proceeds to the extent necessary to
meet the requirements of a Discharge of ABL Obligations.

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     (b) Until the Discharge of ABL Obligations has occurred, whether or not any
Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the ABL Agent
and the other ABL Claimholders shall have the right to enforce rights, exercise remedies (including
set-off and, except as provided in Section 6.8, the right to credit bid their debt) and, in
connection therewith (including any Enforcement) make determinations regarding the release,
disposition, or restrictions with respect to the ABL Priority Collateral without any consultation
with or the consent of Collateral Trustee or any other Fixed Asset Claimholder; provided,
however, that the Liens securing the Fixed Asset Obligations shall remain on the Proceeds
(other than those properly applied to the Prior Lien Obligations in accordance with Section
4.1) of such ABL Priority Collateral released or disposed of subject to the relative priorities
described in Section 2.1. In exercising rights, powers, and remedies with respect to the
ABL Priority Collateral, the ABL Agent and the other ABL Claimholders may enforce the provisions of
the ABL Loan Documents and exercise rights, powers, and/or remedies thereunder and/or under
applicable law or otherwise, all in such order and in such time and manner as they may determine in
the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an
agent appointed by them to sell or otherwise dispose of the ABL Priority Collateral upon
foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the
rights, powers and remedies of a secured creditor under the UCC and of a secured creditor under the
Bankruptcy Laws of any applicable jurisdiction. The Collateral Trustee, on behalf of the Fixed
Asset Claimholders, hereby waives the right to commence any legal action or assert in any legal
action or in any Insolvency or Liquidation Proceeding any claim against the ABL Agent or other ABL
Claimholder seeking damages from the ABL Agent or other ABL Claimholder or other relief, by way of
specific performance, injunction or otherwise, with respect to any action taken or omitted by the
ABL Agent or other ABL Claimholder with respect to the ABL Priority Collateral as permitted by this
Agreement.

     (c) Notwithstanding anything to the contrary contained herein, each of the Collateral Trustee
and the other Fixed Asset Claimholders may:

          (i) file a claim or statement of interest with respect to the Fixed Asset Obligations;
provided that an Insolvency or Liquidation Proceeding has been commenced by or against any Grantor;

          (ii) take any action (not adverse to the priority status of the Liens on the ABL Priority
Collateral, or the rights of the ABL Agent or any of the other ABL
Claimholders to exercise rights, powers, and/or remedies in respect thereof, including those
under Article VI) in order to create, prove, perfect, preserve or protect (but not enforce) its
Lien on and rights in, and the perfection and priority of its Lien on, any of the ABL Priority
Collateral;

          (iii) file any necessary responsive or defensive pleadings in opposition to any motion, claim,
adversary proceeding or other pleading made by any person objecting to or otherwise seeking the
disallowance of the claims of the Fixed Asset Claimholders, including any claims secured by the
Fixed Asset Priority Collateral or the ABL Priority Collateral, if any, in each case in accordance
with the terms of this Agreement;

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          (iv) file any pleadings, objections, motions or agreements which assert rights or interests
available to unsecured creditors of the Grantors arising under either any Insolvency or Liquidation
Proceeding or applicable non-bankruptcy law, in each case not inconsistent with the terms of this
Agreement or applicable law (including the Bankruptcy Laws of any applicable jurisdiction) and,
subject to the restrictions set forth in Section 3.2, any pleadings, objections, motions or
agreements which assert rights or interests available to secured creditors solely with respect to
the Fixed Asset Priority Collateral; and

          (v) vote on any Plan of Reorganization, file any proof of claim, make other filings and make
any arguments and motions (including in support of or opposition to, as applicable, the
confirmation or approval of any Plan of Reorganization) that are, in each case, in accordance with
the terms of this Agreement. Without limiting the generality of the foregoing or of the other
provisions of this Agreement, any vote to accept, and any other act to support the confirmation or
approval of, any Non-Conforming Plan of Reorganization shall be inconsistent with and accordingly,
a violation of the terms of this Agreement, and the ABL Agent shall be entitled to have any such
vote to accept a Non-Conforming Plan of Reorganization changed and any such support of any
Non-Conforming Plan of Reorganization withdrawn.

     The Collateral Trustee, on behalf of the Fixed Asset Claimholders, agrees that no Fixed Asset
Claimholder will take or receive any ABL Priority Collateral (including Proceeds) in connection
with the exercise of any right or remedy (including set-off) in its capacity as a creditor in
violation of this Agreement. Without limiting the generality of the foregoing, unless and until the
Discharge of ABL Obligations has occurred, except as expressly provided in Section 6.7, the sole
right of the Collateral Trustee and the other Fixed Asset Claimholders with respect to the ABL
Priority Collateral is to hold a Lien on such Collateral pursuant to the Fixed Asset Documents for
the period and to the extent granted therein and to receive a share of the Proceeds thereof, if
any, in accordance with Section 4.1.

     
(d) Except as otherwise specifically set forth in Sections 3.1(a), 3.1(c)
(iv) and (v), 3.3, 3.4 and Article VI, the Collateral Trustee and the other
Fixed Asset Claimholders with respect to the ABL Priority Collateral may exercise rights and
remedies as unsecured creditors against any Grantor and, subject to Section 3.2, may
exercise rights and remedies with respect to the Fixed Asset Priority .Collateral, in each case, in
accordance with the terms of the Fixed Asset Documents and applicable law; provided,
however, that in the event that the Collateral Trustee or any other Fixed Asset Claimholder
becomes a judgment Lien creditor in respect of ABL Priority Collateral as a result of its
enforcement of its rights as an unsecured creditor (or secured creditor with respect to the Fixed
Asset
Priority Collateral) with respect to the Fixed Asset Obligations, such judgment Lien shall be
subject to the terms of this Agreement for all purposes (including in relation to the ABL
Obligations) as the other Liens on ABL Priority Collateral securing the Fixed Asset Obligations are
subject to this Agreement.

     (e) Except as provided in Section 5.3(d), nothing in this Section 3.1 shall
prohibit the receipt by the Collateral Trustee or any other Fixed Asset Claimholders of the
required payments of interest, principal and other amounts owed in respect of the Fixed Asset
Obligations so long as such receipt is not the direct or indirect result of the exercise by the
Collateral Trustee or any other Fixed Asset Claimholders of rights or remedies as a secured
creditor (including set-off) with respect to ABL Priority Collateral or enforcement in

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contravention of this Agreement of any Lien held by any of them. Nothing in this Section
3.1 impairs or otherwise adversely affects any rights or remedies the ABL Agent or the other
ABL Claimholders may have against the Grantors under the ABL Loan Documents.

     3.2. Restrictions on the ABL Agent and the other ABL Claimholders with respect to Fixed
Asset Priority Collateral.

     (a) Until the Discharge of Fixed Asset Obligations has occurred, whether or not any Insolvency
or Liquidation Proceeding has been commenced by or against any Grantor, subject to the limited
extent provided in Article VI, the ABL Agent and the other ABL Claimholders:

          (i) will not exercise or seek to exercise (but instead shall be deemed to have hereby
irrevocably, absolutely and unconditionally waived any right to exercise) any rights, powers, or
remedies with respect to any Fixed Asset Priority Collateral (including (A) any right of set-off or
any right under any Account Agreement, landlord waiver or bailee’s letter or similar agreement or
arrangement to which the ABL Agent or any other ABL Claimholder is a party, (B) any right to
undertake self-help repossession or nonjudicial disposition of any Fixed Asset Priority Collateral
(including any partial or complete strict foreclosure), or (C) any right to institute, prosecute or
otherwise maintain any action or proceeding with respect to such rights, powers, or remedies
(including, in each case, any action of foreclosure or any other Enforcement)); provided, however
that ABL Agent and the other ABL Claimholders may commence or join with any Person in commencing,
or filing, a petition for any Insolvency or Liquidation Proceeding;

          (ii) will not, directly or indirectly, contest, protest or object to or interfere with, hinder
or delay in any manner any Enforcement or any other judicial or non-judicial foreclosure proceeding
or action (including any partial or complete strict foreclosure) brought by the Collateral Trustee
or any other Fixed Asset Claimholder relating to the Fixed Asset Priority Collateral or any other
exercise by the Collateral Trustee or any other Fixed Asset Claimholder of any other rights, powers
and remedies relating to the Fixed Asset Priority Collateral, including any sale, lease, exchange,
transfer, or other disposition of the Fixed Asset Priority Collateral, whether under the Fixed
Asset Documents, applicable law, or otherwise, subject to any obligations of the Collateral Trustee
or the other Fixed Asset Claimholders under Sections 3.3 and 3.4;

          (iii) will not object to the waiver or forbearance by the Collateral Trustee or any other
Fixed Asset Claimholders from bringing or pursuing any Enforcement with respect to the Fixed Asset
Priority Collateral;

          (iv) subject to Sections 3.2(c), 3.3 and 3.4, irrevocably, absolutely
and unconditionally waive any and all rights the ABL Agent and the other ABL Claimholders may have
as a junior lien creditor or otherwise to object (and seek or be awarded any relief of any nature
whatsoever based on any such objection) to the manner in which the Collateral Trustee or the other
Fixed Asset Claimholders (a) enforce or collect (or attempt to collect) the Fixed Asset Obligations
or (b) realize or seek to realize upon or otherwise enforce the Liens in and to the Fixed Asset
Priority Collateral securing the Fixed Asset Obligations, regardless of whether any

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action or failure to act by or on behalf of the Collateral Trustee or other Fixed Asset
Claimholders is adverse to the interest of the ABL Claimholders. Without limiting the generality of
the foregoing, to the maximum extent permitted by law, the ABL Claimholders shall be deemed to have
hereby irrevocably, absolutely and unconditionally waived any right to object (and seek or be
awarded any relief of any nature whatsoever based on any such objection), at any time prior to or
subsequent to any disposition of any Fixed Asset Priority Collateral, on the ground(s) that any
such disposition of Fixed Asset Priority Collateral (a) would not be or was not “commercially
reasonable” within the meaning of any applicable UCC and/or (b) would not or did not comply with
any other requirement under any applicable UCC or under any other applicable law governing the
manner in which a secured creditor (including one with a Lien on real property) is to realize on
its collateral; and

          (v) subject to Sections 3.3 and 3.4, acknowledge and agree that no covenant,
agreement or restriction contained in any ABL Loan Document shall be deemed to restrict in any way
the rights and remedies of the Collateral Trustee or the other Fixed Asset Claimholders with
respect to the Fixed Asset Priority Collateral as set forth in this Agreement and the Fixed Asset
Documents;

provided, however, that in the case of (i), (ii) and (iii) above, the Liens granted to secure the
ABL Obligations in favor of the ABL Claimholders shall attach to any Proceeds resulting from
actions taken by the Collateral Trustee or any other Fixed Asset Claimholder with respect to the
Fixed Asset Priority Collateral in accordance with the respective priorities set forth in
Section 2.1 of this Agreement after application of such Proceeds to the extent necessary to
meet the requirements of a Discharge of Fixed Asset Obligations.

     (b) Until the Discharge of Fixed Asset Obligations has occurred, whether or not any Insolvency
or Liquidation Proceeding has been commenced by or against any Grantor, the Collateral Trustee and
the other Fixed Asset Claimholders shall have the right to enforce rights, exercise remedies
(including set-off and, except as provided in Section 6.8, the right to credit bid their
debt) and make, in connection therewith (including Enforcements) determinations regarding the
release, disposition, or restrictions with respect to the Fixed Asset Priority Collateral without
any consultation with or the consent of the ABL Agent or any other ABL Claimholder subject to the
Collateral Trustee’s and the other Fixed Asset Claimholders’ obligations under Sections 3.3
and 3.4; provided, however, that the Liens securing the ABL Obligations
shall remain on the Proceeds (other than those properly applied to the Prior Lien Obligations in
accordance with Section 4.1) of such Fixed Asset Priority Collateral released or disposed
of subject to the relative priorities described in Section 2.1. In exercising rights,
powers and remedies with respect to the Fixed Asset Priority Collateral, the Collateral Trustee
and the other Fixed Asset Claimholders may enforce the provisions of the Fixed Asset Documents
and exercise rights, powers and/or remedies thereunder and/or under applicable law or otherwise,
all in such order and in such time and manner as they may determine in the exercise of their sole
discretion subject to the Collateral Trustee’s and the other Fixed Asset Claimholders’ obligations
under Sections 3.3 and 3.4. Such exercise and enforcement shall include the rights
of an agent appointed by them to sell or otherwise dispose of the Fixed Asset Priority Collateral
upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise
all the rights, powers and remedies of a secured creditor under the UCC and of a secured creditor
under the Bankruptcy Laws of any applicable jurisdiction. The ABL Agent, on behalf of the ABL

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Claimholders, hereby waives the right to commence any legal action or assert in any legal action or
in any Insolvency or Liquidation Proceeding any claim against the Collateral Trustee or other Fixed
Asset Claimholder seeking damages from the Collateral Trustee or other Fixed Asset Claimholder or
other relief, by way of specific performance, injunction or otherwise, with respect to any action
taken or omitted by the Collateral Trustee or other Fixed Asset Claimholder with respect to the
Fixed Asset Priority Collateral as permitted by this Agreement.

     (c) Notwithstanding anything to the contrary contained herein, the ABL Agent and any other ABL
Claimholder may:

          (i) file a claim or statement of interest with respect to the ABL
Obligations; provided that an Insolvency or Liquidation Proceeding has been commenced by or
against any Grantor;

          (ii) take any action (not adverse to the priority status of the Liens on the Fixed Asset
Priority Collateral, or the rights of the Collateral Trustee or any of the other Fixed Asset
Claimholders to exercise rights, powers and/or remedies in respect thereof, including those under
Article VI) in order to create, prove, perfect, preserve or protect (but, subject to the
provisions of Sections 3.3, and 3.4, not enforce) its Lien on and rights in, and
the perfection and priority of its Lien on, any of the Fixed Asset Priority Collateral;

          (iii) file any necessary responsive or defensive pleadings in opposition to any motion, claim,
adversary proceeding or other pleading made by any person objecting to or otherwise seeking the
disallowance of the claims of the ABL Claimholders, including any claims secured by the ABL
Priority Collateral or the Fixed Asset Priority Collateral, if any, in each case in accordance with
the terms of this Agreement;

          (iv) file any pleadings, objections, motions or agreements which assert rights or interests
available to unsecured creditors of the Grantors arising under either any Insolvency or Liquidation
Proceeding or applicable non-bankruptcy law, in each case not inconsistent with the terms of this
Agreement or applicable law (including the Bankruptcy Laws of any applicable jurisdiction) and,
subject to the restrictions set forth in Section 3.1, any pleadings, objections, motions or
agreements which assert rights or interests available to secured creditors solely with respect to
the ABL Priority Collateral;

          (v) vote on any Plan of Reorganization, file any proof of claim, make other filings and make
any arguments and motions (including in
support of or opposition to, as applicable, the confirmation or approval of any Plan of
Reorganization) that are, in each case, in accordance with the terms of this Agreement. Without
limiting the generality of the foregoing or of the other provisions of this Agreement, any vote to
accept, and any other act to support the confirmation or approval of, any Non-Conforming Plan of
Reorganization shall be inconsistent with and, accordingly, a violation of the terms of this
Agreement, and the Collateral Trustee shall be entitled to have any such vote to accept a
Non-Conforming Plan of Reorganization changed and any such support of any Non-Conforming Plan of
Reorganization withdrawn; and

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          (vi) in the case of the ABL Agent or any other ABL Claimholder, exercise any of its rights,
powers, and/or remedies with respect to any of the Fixed Asset Priority. Collateral to the extent
permitted by 3.3, and 3.4.

     The ABL Agent, on behalf of the ABL Claimholders, agrees that no ABL Claimholder will take or
receive any Fixed Asset Priority Collateral (including Proceeds) in connection with the exercise of
any right or remedy (including set-off) in its capacity as a creditor in violation of this
Agreement. Without limiting the generality of the foregoing, unless and until the Discharge of
Fixed Asset Obligations has occurred, except as expressly provided in Sections 3.3,
3.4 and 3.2(c)(vi), the sole right of the ABL Agent and the other ABL Claimholders
with respect to the Fixed Asset Priority Collateral is to hold a Lien on such Collateral pursuant
to the ABL Loan Documents for the period and to the extent granted therein and to receive a share
of the Proceeds thereof, if any, in accordance with Section 4.1.

     (d) Except as otherwise specifically set forth in Sections 3.2(a), 3.2(c)(v),
3.2(e) and Article VI, the ABL Agent and the other ABL Claimholders with respect to the Fixed Asset
Collateral may exercise rights and remedies as unsecured creditors against any Grantor and, subject
to Section 3.1, may exercise rights and remedies with respect to the ABL Priority Collateral, in
each case, in accordance with the terms of the ABL Loan Documents and applicable law;
provided, however, that in the event that the ABL Agent or any other ABL
Claimholder becomes a judgment Lien creditor in respect of Fixed Asset Priority Collateral as a
result of its enforcement of its rights as an unsecured creditor (or a secured creditor with
respect to the ABL Priority Collateral) with respect to the ABL Obligations, such judgment Lien
shall be subject to the terms of this Agreement for all purposes (including in relation to the
Fixed Asset Obligations) as the other Liens securing the ABL Obligations are subject to this
Agreement.

     (e) In the event that the ABL Agent and the other ABL Claimholders hold a lien on certain
Fixed Asset Pledged Collateral the Lien on which in favor of the Collateral Trustee has been
released as contemplated by Section 2.4(b), the ABL Agent will not exercise or seek to exercise
(but instead shall be deemed to have hereby irrevocably, absolutely and unconditionally waived any
right to exercise) any rights, powers, or remedies with respect to such Fixed Asset Pledged
Collateral unless and until the earliest to occur of: (i) the Discharge of Fixed Asset Obligations,
(ii) the payment in full in cash of all Fixed Asset Obligations (other than contingent obligations
or indemnification obligations, in each case for which no claim has been asserted) under the Senior
Secured Notes Indenture and each other Fixed Asset Document containing a provision requiring the
automatic release of Liens solely for the purpose of maintaining compliance with Rule 3-16 of
Regulation S-X under the Securities Act without filing with the SEC separate
financial statements of any issuer of such Fixed Asset Pledged Collateral that are not
otherwise required to be filed, or any discharge or legal defeasance of the Senior Secured Notes
Indenture and each such other Fixed Asset Document in accordance with the express terms thereof,
(iii) the receipt of a direction from the Collateral Trustee, given at the request of the holders
of the requisite percentage or amount of Fixed Asset Debt as provided in the Collateral Trust
Agreement, instructing the ABL Agent to take such an action (in which case the ABL Agent shall so
act in good faith and exercise the reasonable care and diligence in prosecuting such instruction
but shall at all times have the benefit of Section 7.2 hereof), and (iv) the receipt by the ABL
Agent of the written consent of the Collateral Trustee, given with the

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consent of the holders of the requisite percentage or amount of Fixed Asset Debt as provided in the
Collateral Trust Agreement, to such an action proposed to be taken by the ABL Agent.

     (f) Except as provided in Section 5.3(c), nothing in this Agreement shall prohibit
the receipt by the ABL Agent or any other ABL Claimholders of the required payments of interest,
principal and other amounts owed in respect of the ABL Obligations so long as such receipt is not
the direct or indirect result of the exercise by the ABL Agent or any other ABL Claimholders of
rights or remedies as a secured creditor (including set-off) with respect to Fixed Asset Priority
Collateral or enforcement in contravention of this Agreement of any Lien held by any of them.
Nothing in this Section 3.2 impairs or otherwise adversely affects any rights or remedies
the Collateral Trustee or the other Fixed Asset Claimholders may have against the Grantors under
the Fixed Asset Documents.

     3.3. Collateral Access Rights.

     (a) The ABL Agent, on behalf of the ABL Claimholders, and the Collateral Trustee, on
behalf of the Fixed Asset Claimholders, each agree not to commence Enforcement until an Enforcement
Notice has been given to the ABL Agent (in the case of an Enforcement by the Collateral Trustee) or
the Collateral Trustee (in the case of an Enforcement by the ABL Agent).

     (b) If the Collateral Trustee, or any agent or representative of the Collateral Trustee, or
any receiver, shall, after any Fixed Asset Debt Default, obtain possession or physical control of
any of the Fixed Asset Priority Collateral, the Collateral Trustee shall promptly notify the ABL
Agent in writing of that fact, and the ABL Agent shall thereafter, notify the Collateral Trustee in
writing as to whether the ABL Agent desires to exercise access rights under this Section
3.3. In addition, if the ABL Agent, or any agent or representative of the ABL Agent, or any
receiver, shall obtain possession or physical control of any of the Fixed Asset Priority
Collateral, following the delivery to the Collateral Trustee of an Enforcement Notice with respect
to the Disposition of any ABL Priority Collateral, then the ABL Agent shall promptly notify the
Collateral Trustee in writing that the ABL Agent is exercising its access rights under this
Agreement and its rights under Section 3.4 in respect of such ABL Priority Collateral. Upon
delivery of such notice by the ABL Agent to the Collateral Trustee, the parties shall confer in
good faith to coordinate with respect to the ABL Agent’s exercise of such access rights.
Consistent with the definition of “Access Period,” access rights may apply to differing portions of
the Fixed Asset Priority Collateral at differing times, in which case, a differing Access Period
will apply to each such portion.

     (c) During any pertinent Access Period, the ABL Agent and its agents, representatives and
designees shall have an irrevocable, non-exclusive right to have access to, and a royalty-free,
rent-free right to use, the Fixed Asset Priority Collateral for the purpose of (i) arranging for
and effecting the sale or disposition of any ABL Priority Collateral, including the production,
completion, packaging and other preparation of such ABL Priority Collateral for sale or
disposition, (ii) selling (by public auction, private sale or a “store closing”, “going out of
business” or other sale, whether in bulk, in lots or to customers in the ordinary course of
business or otherwise and which sale may include augmented Inventory of the same type sold in any
Grantor’s business), (iii) storing or otherwise dealing with the ABL Priority Collateral, or

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(iv) taking any action contemplated by Section 3.4 hereof, in each case without notice to, the
involvement of or interference by the Collateral Trustee or any other Fixed Asset Claimholder or
liability to the Collateral Trustee or any other Fixed Asset Claimholder. During any such Access
Period, the ABL Agent and its representatives (and persons employed on their behalf), may continue
to operate, service, maintain, process and sell the ABL Priority Collateral, as well as to engage
in bulk sales of ABL Priority Collateral. The ABL Agent shall take proper and reasonable care under
the circumstances of any Fixed Asset Priority Collateral that is used by the ABL Agent during the
Access Period and repair any physical damage (ordinary wear-and-tear excepted) caused by the ABL
Agent or its agents, representatives or designees and the ABL Agent shall comply with all
applicable laws in all material respects in connection with its use or occupancy of the Fixed Asset
Priority Collateral. The ABL Agent and the other ABL Claimholders shall reimburse the Collateral
Trustee and the other Fixed Asset Claimholders for any injury or damage to Persons or property
(ordinary wear-and-tear excepted) directly caused by the acts or omissions of Persons under the ABL
Agent’s control; provided, however, that the ABL Agent and the other ABL
Claimholders will not be liable for any diminution in the value of the Fixed Asset Priority
Collateral caused by the absence of the ABL Priority Collateral therefrom and none of the ABL
Claimholders have any duty or liability to maintain the Fixed Asset Priority Collateral in a
condition or manner better than that in which it was maintained prior to the access or use thereof
by any or all of the ABL Claimholders. In no event shall the ABL Agent or the other ABL
Claimholders have any liability to the Collateral Trustee and/or the other Fixed Asset Claimholders
to hereunder as a result of any condition (including any environmental condition, claim or
liability) on or with respect to the Fixed Asset Priority Collateral existing prior to the date of
the exercise by the ABL Agent of its rights under this Agreement. The ABL Agent and the Collateral
Trustee shall cooperate and use reasonable efforts to ensure that their activities during the
Access Period as described above do not unduly interfere with the activities of the other as
described above, including the right of the Collateral Trustee to show the Fixed Asset Priority
Collateral to prospective purchasers and to ready the Fixed Asset Priority Collateral for sale.

     (d) Consistent with the definition of the term “Access Period,” if any order or injunction is
issued or stay is granted or is otherwise effective by operation of law that prohibits the ABL
Agent from exercising any of its rights hereunder, then the Access Period granted to the ABL Agent
under this Section 3.3 shall be stayed during the period of such prohibition and shall continue
thereafter for the number of days remaining as required under this Section 3.3. The Collateral
Trustee shall not sell or dispose of any of the Fixed Asset Priority Collateral during the Access
Period or Use Period, as applicable, unless the buyer agrees in writing to acquire the Fixed Asset
Priority Collateral subject to the terms of Section 3.3 and Section 3.4 of this
Agreement and agrees therein to comply
with the terms of this Section 3.3. The rights of the ABL Agent and the other ABL
Claimholders under this Section 3.3 and Section 3.4 during the Access Period or Use
Period shall continue notwithstanding such foreclosure, sale or other disposition by the Collateral
Trustee.

     (e) The ABL Agent and the other ABL Claimholders shall have the right to bring an action to
enforce their rights under this Section 3.3 and Section 3.4, including an action
seeking possession of the applicable Collateral and/or specific performance of this Section
3.3 and Section 3.4.

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     3.4. Fixed Asset General Intangibles Rights/Access to Information. The Collateral
Trustee and each Grantor hereby grants (to the full extent of their respective rights and
interests) the ABL Agent and its agents, representatives and designees (a) an irrevocable
royalty-free, rent-free license and lease (which will be binding on any successor or assignee of
any Fixed Asset Priority Collateral) to use, all of the Fixed Asset Priority Collateral, including
any computer or other data processing Equipment and Fixed Asset General Intangibles, to collect all
Accounts included in ABL Priority Collateral, to copy, use, or preserve any and all information
relating to any of the ABL Priority Collateral, and to complete the assembly, manufacture,
processing, packaging, storage, sale or disposal (whether in bulk, in lots or to customers in the
ordinary course of business or otherwise), transportation or shipping and/or removal of, in any
lawful manner (i) work-in-process, (ii) raw materials, (iii) inventory or (iv) any other item of
ABL Priority Collateral and (b) an irrevocable royalty-free license (which will be binding on any
successor or assignee of the Fixed Asset General Intangibles) to use any and all Fixed Asset
General Intangibles at any time in connection with any Enforcement by the ABL Agent or such agents,
representatives and designees; provided, however, (A) the royalty-free, rent-free
license and lease granted in clause (a) with respect to the applicable Fixed Asset Priority
Collateral (exclusive of any Fixed Asset General Intangibles), shall immediately expire upon the
end of (1) the Access Period applicable to such Fixed Asset Priority Collateral located on any
Mortgaged Premises and (2) the Use Period with respect to any Fixed Asset Priority Collateral not
located on any Mortgaged Premises and (B) the royalty-free license granted in clause (b) with
respect to any Fixed Asset General Intangibles shall immediately expire upon the end of the Use
Period; provided, however, that such expiration shall be without prejudice to the sale or other
disposition of the ABL Priority Collateral in accordance with applicable law.

     3.5. Set-Off and Tracing of and Priorities in Proceeds. The Collateral Trustee, on
behalf of the Fixed Asset Claimholders, acknowledges and agrees that, to the extent the Collateral
Trustee or any other Fixed Asset Claimholder exercises its rights of set-off against any ABL
Priority Collateral, the amount of such set-off shall be held and distributed pursuant to
Section 4.1. The ABL Agent, for itself and on behalf of the ABL Claimholders, and the
Collateral Trustee, for itself and on behalf of the other Fixed Asset Claimholders, each further
agree that prior to an issuance of an Enforcement Notice or the commencement of any Insolvency or
Liquidation Proceeding, any Proceeds of Collateral, whether or not deposited under Account
Agreements, which are used by any Grantor to acquire other property which is Collateral shall not
(solely as between the Agents and the Claimholders) be treated as Proceeds of Collateral for
purposes of determining the relative priorities in the Collateral which was so acquired; provided,
however, that with respect to net Proceeds of asset sales of Fixed Asset Priority Collateral, such
Proceeds shall continue to constitute Fixed
Asset Priority Collateral until such Proceeds are applied as provided in the Collateral Trust
Agreement. In addition, unless and until the Discharge of ABL Obligations occurs, subject to
Section 4.2, the Collateral Trustee, on behalf of itself and the other Fixed Asset
Claimholders, hereby consents to the application, prior to the receipt by the ABL Agent of an
Enforcement Notice issued by the Collateral Trustee, and thereafter, except as it relates to
identifiable Proceeds of Fixed Asset Priority Collateral, of cash or other Proceeds of Collateral,
deposited under Account Agreements in favor of the ABL Agent to the repayment of ABL Obligations
pursuant to the ABL Loan Documents.

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     IV. PAYMENTS.

     4.1. Application of Proceeds.

     (a) Prior to the Discharge of ABL Obligations, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against any Grantor, all ABL Priority Collateral or Proceeds
thereof received in connection with the sale or other disposition of, or collection on, such ABL
Priority Collateral upon any Enforcement by any Agent or any Claimholder or in any Insolvency or
Liquidation Proceeding, shall be first, delivered to the ABL Agent and applied to repay, on
a ratable basis, all ABL Obligations in such order as is specified in the applicable ABL Documents
or as a court of competent jurisdiction may otherwise direct until the Discharge of ABL Obligations
has occurred, and second, delivered to the Collateral Trustee to repay, on a ratable basis,
all outstanding Fixed Asset Obligations in such order as specified in the Collateral Trustee
Agreement or as a court of competent jurisdiction may otherwise direct. If any exercise of remedies
or Enforcement (including as provided for in Section 3.1(b) or Section 6.8(a)) by
the ABL Agent or any other ABL Claimholder with respect to any ABL Priority Collateral produces
non-cash proceeds, then such non-cash proceeds shall be held by the ABL Agent as additional ABL
Priority Collateral and, at such time as such non-cash proceeds are monetized, shall be applied as
set forth above.

     (b) Prior to the Discharge of Fixed Asset Obligations, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against any Grantor, all Fixed Asset Priority
Collateral or Proceeds thereof received in connection with the sale or other disposition of, or
collection on, such Fixed Asset Priority Collateral upon any Enforcement by any Agent or any
Claimholder or in any Insolvency or Liquidation Proceeding, shall be first, delivered to
the Collateral Trustee and shall be applied to repay, on a ratable basis, all Fixed Asset
Obligations in such order as is specified in the Collateral Trust Agreement, or as a court of
competent jurisdiction may otherwise direct until the Discharge of Fixed Asset Obligations has
occurred, and second, to the ABL Agent and applied to repay, on a ratable basis, all
outstanding ABL Obligations in such order as specified in the applicable ABL Documents or as a
court of competent jurisdiction may otherwise direct. If any exercise of remedies or Enforcement
(including as provided for in Section 3.2(b) or Section 6.8(b)) by the Collateral
Trustee or any other Fixed Asset Claimholder with respect to any Fixed Asset Priority Collateral
produces non-cash proceeds, then such non-cash proceeds shall be held by the Collateral Trustee as
additional Fixed Asset Priority Collateral and, at such time as such non-cash proceeds are
monetized, shall be applied as set forth above.

     (c) In the event that prior to the Discharge of ABL Obligations, proceeds of the Collateral
are received in connection with a Disposition, loss,
condemnation or other disposition (whether voluntary or involuntary) of Collateral that
involves both ABL Priority Collateral and Fixed Asset Priority Collateral, for the purposes of this
Agreement with respect to such Disposition, loss, condemnation or other disposition, the ABL
Priority Collateral consisting of Accounts shall be deemed to have a valuation equal to the face
amount of each such Account and all ABL Priority Collateral consisting of Inventory shall be deemed
to have a value equal to the book value of such Inventory. In the event that proceeds of the
Collateral are received in connection with a Disposition of all or substantially all of the Capital
Stock issued by any Grantor, and the Liens of the ABL Agent, on behalf of the ABL Claimholders on
any ABL

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Priority Collateral in which such Grantor has an interest are released, then such ABL Priority
Collateral shall also be deemed to be Disposed of in connection with such Disposition for the
purposes of this Agreement.

     4.2. Payments Over in Violation of Agreement. So long as the Discharge of Prior Lien
Obligations has not occurred with respect to any Collateral, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against any Grantor, any Collateral (including
assets or Proceeds subject to Liens referred to in the final sentence of Section 2.3)
received by any Agent or any Claimholder in connection with any Enforcement (including set-off)
relating to the Collateral in contravention of this Agreement or in any Insolvency or Liquidation
Proceeding shall be segregated and held in trust and forthwith paid over to the Prior Lien Agent
for the benefit of the Prior Lien Claimholders, in the same form as received, with any necessary
endorsements or as a court of competent jurisdiction may otherwise direct. Each Prior Lien Agent
with respect to any Collateral is hereby authorized by the Subordinated Lien Agents and the
Subordinated Lien Claimholders with respect to such Collateral to make any such endorsements as
agent for any Subordinated Lien Agent or any Subordinated Lien Claimholder. This authorization is
coupled with an interest and is irrevocable until the Discharge of Prior Lien Obligations.

     4.3. Application of Payments. Subject to the other terms of this Agreement, all
payments received by (a) the ABL Agent or the other ABL Claimholders may be applied, reversed and
reapplied, in whole or in part, to the ABL Obligations to the extent provided for in the ABL Loan
Documents and (b) the Collateral Trustee or the other Fixed Asset Claimholders may be applied,
reversed and reapplied, in whole or in part, to the Fixed Asset Obligations to the extent provided
for in the Fixed Asset Documents.

     4.4. Revolving Nature of ABL Obligations. The Collateral Trustee, on behalf of the
Fixed Asset Claimholders, acknowledges and agrees that the ABL Credit Agreement includes a
revolving commitment and that the amount of the ABL Obligations that may be outstanding at any time
or from time to time may be increased or reduced and subsequently reborrowed, subject to
Section 5.3.

     V. OTHER AGREEMENTS.

     5.1. Releases.

     (a) (i) If, in connection with any exercise of remedies or Enforcement (including as
provided for in Section 3.1(b) or Section 6.8(a)) by the ABL Agent or any other
ABL Claimholder with respect to any ABL Priority Collateral, irrespective of whether an ABL Default
or Fixed Asset Debt Default
has occurred and its continuing, the ABL Agent, on behalf of any of the ABL Claimholders,
releases any of its Liens on any part of the ABL Priority Collateral, then the Liens, if any, of
the Collateral Trustee, for the benefit of the Fixed Asset Claimholders, on the ABL Priority
Collateral sold or disposed of in connection therewith, shall be automatically, unconditionally and
simultaneously released; provided that, to the extent the Proceeds of such ABL Priority
Collateral are not applied to reduce ABL Obligations, the Collateral Trustee shall retain Liens on
such Proceeds with the respective priorities set forth in Section 2.1. The Collateral
Trustee, on behalf of the Fixed Asset Claimholders, promptly shall

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execute and deliver to the ABL Agent such termination statements, releases and other documents as
the ABL Agent may request in writing to effectively confirm such release.

          (ii) If, in connection with any exercise of remedies or Enforcement (including as provided for
in Sections 3.2(b) or Section 6.8(b)) by the Collateral Trustee or any other Fixed
Asset Claimholder with respect to any Fixed Asset Priority Collateral, irrespective of whether a
Fixed Asset Debt Default or ABL Default has occurred and its continuing, the Collateral Trustee, on
behalf of any of the Fixed Asset Claimholders, releases any of its Liens on any part of the Fixed
Asset Priority Collateral, then the Liens, if any, of the ABL Agent, for the benefit of the ABL
Claimholders, on the Fixed Asset Priority Collateral sold or disposed of in connection therewith,
shall be automatically, unconditionally and simultaneously released; provided that the
provisions of Section 3.3 and 3.4 shall continue, to the extent such Sections are
applicable at the time of such sale, transfer or other disposition; provided,
further, that, to the extent the Proceeds of such Fixed Asset Priority Collateral are not
applied to reduce Fixed Asset Obligations, the ABL Agent shall retain Liens on such Proceeds with
the respective priorities set forth in Section 2.1. The ABL Agent, on behalf of the ABL
Claimholders, promptly shall execute and deliver to the Collateral Trustee such termination
statements, releases and other documents as the Collateral Trustee may request to effectively
confirm such release.

     (b) In addition, the Liens held by either the Collateral Trustee or the ABL Agent upon the
Collateral will be released (other than in connection with any exercise of remedies or Enforcement,
which shall be governed by Section 5.1(a)):

          (i) in whole, upon the Discharge of ABL Obligations (in the case of the ABL Agent)or the
Discharge of Fixed Asset Obligations (in the case of the Collateral Trustee);

          (ii) as to all or substantially all of the Collateral, if (A) consent to release of
that Collateral has been given by the requisite percentage or number of holders as required by the
Collateral Trust Agreement (in the case of the Collateral Trustee) or the ABL Loan Documents (in
the case of the ABL Agent) and (B) the Issuer has delivered an Officers’ Certificate to the
relevant Agent certifying that all such necessary consents have been obtained; or

          (iii) otherwise as provided in the Collateral Trust Agreement (in the case of the
Collateral Trustee) or the ABL Loan Documents (in the case of the ABL Agent).

     (c) Each Subordinated Lien Agent with respect to any Collateral, on behalf of the applicable
Subordinated Lien Claimholders, hereby irrevocably constitutes and appoints each Prior Lien Agent
with respect to such Collateral and any officer or agent of such Prior Lien Agent, with full power
of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority
in the place and stead of such Subordinated Lien Agent or such Subordinated Lien Claimholder or in
the Subordinated Lien Agent’s own name, from time to time in such Prior Lien Agent’s discretion
exercised in good faith, for the purpose of carrying out the terms of this Section 5.1, to
take any and all appropriate action and to execute any and all documents and instruments which may
be necessary to accomplish the purposes of this Section 5.1, including any endorsements or
other instruments of transfer or release.

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     5.2. Insurance.

     (a) Subject to the terms of, and the rights of the Grantors under, the ABL Loan
Documents, the ABL Agent, on behalf of the ABL Claimholders, shall have the sole and exclusive
right to adjust settlement for any insurance policy covering the ABL Priority Collateral in the
event of any loss thereunder and to approve any award granted in any condemnation or similar
proceeding (or any deed in lieu of condemnation) affecting such ABL Priority Collateral. All
Proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of
condemnation) if in respect of the ABL Priority Collateral and to the extent required by the ABL
Loan Documents shall be paid to the ABL Agent for the benefit of the ABL
Claimholders pursuant to the terms of the ABL Documents (including for purposes of cash
collateralization of letters of credit) and thereafter until the Discharge of ABL Obligations has
occurred. If the Collateral Trustee or any other Fixed Asset Claimholders shall, at any time,
receive any Proceeds of any such insurance policy or any such award or payment with respect to ABL
Priority Collateral in contravention of this Agreement, it shall segregate and hold in trust and
forthwith pay such amount over to the ABL Agent in accordance with the terms of Section
4.2.

     (b) Subject to the terms of, and the rights of the Grantors under, the Fixed Asset Documents,
the Collateral Trustee, on behalf of the Fixed Asset Claimholders, shall have the sole and
exclusive right to adjust settlement for any insurance policy covering the Fixed Asset Priority
Collateral in the event of any loss thereunder and to approve any award granted in any condemnation
or similar proceeding (or any deed in lieu of condemnation) affecting such Fixed Asset Priority
Collateral. All Proceeds of any such policy and any such award (or any payments with respect to a
deed in lieu of condemnation) if in respect of the Fixed Asset Priority Collateral and to the
extent required by the Fixed Asset Documents shall be paid to the Collateral Trustee for the
benefit of the Fixed Asset Claimholders pursuant to the terms of the Fixed Asset Documents
(including for purposes of cash collateralization of letters of credit) and thereafter until the
Discharge of Fixed Asset Obligations has occurred. If the ABL Agent or any other ABL Claimholders
shall, at any time, receive any Proceeds of any such insurance policy or any such award or payment
with respect to Fixed Asset Priority Collateral in contravention of this Agreement, it shall
segregate and hold in trust and forthwith pay such amount over to the Collateral Trustee in
accordance with the terms of Section 4.2.

     (c) To effectuate the foregoing, and to the extent that the pertinent insurance company agrees
to issue such endorsements, the Agents shall each receive separate lender’s loss payable
endorsements naming themselves as loss payee and additional insured, as their interests may appear, with respect to policies which
insure Collateral hereunder.

     (d) To the extent that an insured loss covers or constitutes both ABL Priority Collateral and
Fixed Asset Priority Collateral, then the ABL Agent and the Collateral Trustee will work jointly
and in good faith to collect, adjust or settle (subject to the rights of the relevant grantors
under the ABL Loan Documents and the Fixed Asset Documents) under the relevant insurance policy,
with the proceeds thereof being applied in accordance with the provisions of Section 4.1 of
this Agreement.

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     5.3. Amendments to ABL Loan Documents and Fixed Asset Documents; Refinancing.

     (a) Subject to Sections 5.3(c) and 5.3(d), the ABL Loan Documents and Fixed
Asset Documents may be amended, restated, supplemented or otherwise modified in accordance with
their terms, all without affecting the Lien subordination or other provisions of this Agreement.
The (i) ABL Obligations may be Refinanced without notice to, or the consent of the Collateral
Trustee or the other Fixed Asset Claimholders, and (ii) the Fixed Asset Obligations may be
Refinanced without notice to, or consent of, the ABL Agent or the other ABL
Claimholders, in each case, without affecting the Lien subordination and other provisions of this
Agreement so long as such Refinancing is on terms and conditions that would not violate any of the
Fixed Asset Documents or the ABL Loan Documents in effect at that time; provided, however, that, in each case, the lenders or holders of any such Refinancing debt that is
purported to be secured by a Lien on any Collateral shall bind themselves in writing to the terms
of this Agreement; provided further, however, that, if such Refinancing debt is
secured by a Lien on any Collateral the holders of such Refinancing debt shall be deemed bound by
the terms hereof regardless of whether or not such writing is provided. For the avoidance of doubt,
the sale or other transfer of Indebtedness is not restricted by this Agreement but the provisions
of this Agreement shall be binding on all holders of ABL Obligations and Fixed Asset Obligations.

     (b) Subject to Sections 5.3(c), and 5.3(d), the ABL Agent and the Collateral
Trustee shall each use good faith efforts to notify the other party of any written amendment or
modification to the ABL Documents and the Fixed Asset Documents, but the failure to provide such
notice shall not create a cause of action against the party failing to give such notice or create
any claim or right on behalf of any other Secured Party.

     (c) Without the consent of the Collateral Trustee, the ABL Agent and the other ABL
Claimholders will not be entitled to agree (and will not agree) to any amendment to or modification
of the ABL Loan Documents, whether in a Refinancing or otherwise, that is prohibited by any Fixed
Asset Document in effect at that time.

     (d) Without the consent of the ABL Agent, the Collateral Trustee and the other Fixed Asset
Claimholders will not be entitled to agree (and will not agree) to any amendment to or modification
of the Fixed Asset Documents, whether in a Refinancing or otherwise, that is prohibited by the ABL
Credit Agreement as in effect at that time.

     (e) So long as the Discharge of ABL Obligations has not occurred, the Collateral Trustee
agrees that each Fixed Asset Security Document shall include the following language (or similar
language acceptable to the ABL Agent): “Notwithstanding anything herein to the contrary, the liens
and security interests granted to U.S. Bank National Association, as Collateral Trustee, pursuant
to this Agreement and the exercise of any right or remedy by U.S. Bank National Association, as
Trustee hereunder, are subject to the provisions of the Intercreditor Agreement, dated as of
December 3, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the
“Intercreditor Agreement”), among U.S. Bank National Association, as the Collateral
Trustee, and General Electric Capital Corporation, as the Initial ABL Agent. In the event of any
conflict between the terms of the Intercreditor Agreement

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and the terms of this Agreement, the terms of the Intercreditor Agreement shall govern and
control.”

     (f) So long as the Discharge of Fixed Asset Obligations has not occurred, the ABL Agent agrees
that each applicable ABL Security Document shall include the following language (or similar
language acceptable to the Collateral Trustee): “Notwithstanding anything herein to the contrary,
the liens and security interests granted to General Electric Capital Corporation, as Agent,
pursuant to this Agreement and the exercise of any right or remedy by the Agent hereunder, are
subject to the provisions of the Intercreditor Agreement, dated as of December 3, 2010 (as amended,
restated, supplemented or otherwise modified from time to time, the “Intercreditor
Agreement”), among General Electric Capital Corporation, as the Initial ABL Agent, and U.S.
Bank National Association, as the Collateral Trustee. In the event of any conflict between the
terms of the Intercreditor Agreement and the terms of this Agreement, the terms of the
Intercreditor Agreement shall govern and control.”

     5.4. Bailees for Perfection.

     (a) Each Agent agrees to hold that part of the Collateral that is in its possession or control
(or in the possession or control of its agents or bailees) to the extent that possession or control
thereof is taken to perfect a Lien thereon (such Collateral, which shall include Account Agreements
and pledged intercompany notes and Capital Stock, being the “Pledged Collateral”) as (i) in
the case of the ABL Agent, the collateral agent for the ABL Claimholders under the ABL Loan
Documents or, in the case of the Collateral Trustee, the collateral agent for the Fixed Asset
Claimholders under the Fixed Asset Documents and (ii) non-fiduciary, gratuitous bailee for the
benefit of each other Agent (such bailment being intended, among other things, to satisfy the
requirements of Sections 8-301(a)(2) and 9-313(c) of the UCC) and any assignee solely for the
purpose of perfecting the security interest granted under the ABL Loan Documents and the Fixed
Asset Documents, respectively, subject to the terms and conditions of this Section 5.4. The
Collateral Trustee and the other Fixed Asset Claimholders hereby appoint the ABL Agent as their
non-fiduciary gratuitous bailee for the purposes of perfecting their security interest in all
Pledged Collateral in which the ABL Agent has a perfected security interest under the UCC. The ABL
Agent and the other ABL Claimholders hereby appoint the Collateral Trustee as their non-fiduciary
gratuitous bailee for the purposes of perfecting their security interest in all Pledged Collateral
in which the Collateral Trustee has a perfected security interest under the UCC. Each Agent hereby
accepts such appointments pursuant to this Section 5.4(a) and acknowledges and agrees that
it shall act for the benefit of the other Claimholders with respect to any Pledged Collateral and
that any Proceeds received by such Agent under any Pledged Collateral shall be applied in
accordance with Article IV. In furtherance of the foregoing, each Grantor hereby
grants a security interest in the Pledged Collateral to (x) the Collateral Trustee for the benefit
of the ABL Claimholders, and (y) the ABL Agent for the benefit of the Fixed Asset Claimholders.

     (b) No Agent shall have any obligation whatsoever to any other Claimholder as a result of
Section 5.4(a) to ensure that the Pledged Collateral is genuine or owned by any of the
Grantors or to preserve rights or benefits of any Person. The duties or responsibilities of the
respective Agents under this Section 5.4 shall be limited solely to holding the Pledged
Collateral as bailee in accordance with this Section 5.4 and delivering the Pledged
Collateral with respect to

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which it is the Prior Lien Agent that is in its possession upon a Discharge of Prior Lien
Obligations as provided in paragraph (d) below.

     (c) No Agent acting pursuant to this Section 5.4 shall have by reason of the ABL Loan
Documents, the Fixed Asset Documents, this Agreement or any other document a fiduciary relationship
in respect of any other Agent or Claimholder.

     (d) Upon the Discharge of Fixed Asset Obligations, the Collateral Trustee shall deliver the
remaining Pledged Collateral (if any) in its possession together with any necessary endorsements to
the ABL Agent to the extent the Discharge of ABL Obligations has not occurred. Upon the Discharge
of ABL Obligations, the ABL Agent shall deliver the remaining Pledged Collateral (if any) in its
possession together with any necessary endorsements to the Authorized Collateral Trustee to the
extent the Discharge of Fixed Asset Obligations has not occurred. Notwithstanding anything to the
contrary contained in this Agreement, any obligation of the Agent, to make any delivery to the
other Agent under this Section 5.4(d) or Section 5.5 is subject to (i) the order of
any court of competent jurisdiction, or (ii) any automatic stay imposed in connection with any
Insolvency or Liquidation Proceeding.

     5.5. When Discharge of ABL Obligations and Discharge of Fixed Asset Obligations Deemed to
Not Have Occurred. If at any time the Company shall enter into any Permitted Refinancing of any
ABL Obligation or Fixed Asset Obligation that would otherwise lead to the Discharge of ABL
Obligations or Discharge of Fixed Asset Obligations, as applicable, then the Discharge of ABL
Obligations or Discharge of Fixed Asset Obligations occurring prior thereto shall automatically be
deemed not to have occurred for all purposes of this Agreement (other than with respect to any
actions taken as a result of the occurrence of such first Discharge of ABL Obligations or Discharge
of Fixed Asset Obligations in order to effectuate such discharge among (i) the agent(s) and other
claimholders under the facility to be discharged, (ii) the agents and other claimholders under the
new facility, and (iii) the Grantors), and, from and after the date on which the New Debt Notice is
delivered to each Agent in accordance with the next sentence, the obligations under such Permitted
Refinancing shall automatically be treated as ABL Obligations or Fixed Asset Obligations for all
purposes of this Agreement, as applicable, including for purposes of the Lien priorities and rights
in respect of Collateral set forth herein, and the ABL Agent or the Collateral Trustee, as
applicable, under such new ABL Loan Documents or Fixed Asset Documents (including the Collateral
Trust Agreement), as applicable, shall be the ABL Agent or the Collateral Trustee, as applicable,
for all purposes of this Agreement. Upon receipt of a notice (the “New Debt Notice”)
stating that the Company has entered into new ABL Loan Documents or new Fixed Asset Documents
(which notice
shall include a complete copy of the relevant new documents and provide the identity of the
new Agent, such agent, the “New Agent”), each other Agent, upon written request of the New
Agent, shall promptly (a) enter into such documents and agreements (including amendments or
supplements to this Agreement) as the Company or such New Agent shall reasonably request in order
to provide to the New Agent the rights contemplated hereby, in each case consistent in all material
respects with the then terms of this Agreement and (b) deliver to the New Agent that is the ABL
Agent or Collateral Trustee, as applicable, any Pledged Collateral in the possession of any
Subordinated Lien Agent to the extent such New Agent is the Prior Lien Agent with respect to such
Pledged Collateral together with any necessary endorsements (or otherwise allow the New Agent to
obtain control of such Pledged Collateral). In accordance

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with Section 5.3(a), the New Agent shall agree in a writing addressed to each other Agent
and the Claimholders, as applicable, to be bound by the terms of this Agreement. Notwithstanding
this Section 5.5, any Permitted Refinancing of any ABL Obligations or Fixed Asset Obligations, as
applicable, may occur at any time subsequent to the Discharge of ABL Obligations or Discharge of
Fixed Asset Obligations and from and after the date on which a New Debt Notice is delivered to each
Agent, the obligations under such Permitted Refinancing shall automatically be treated as ABL
Obligations or Fixed Asset Obligations for all purposes of this Agreement, as applicable, including
for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the
ABL Agent or the Collateral Trustee, as applicable, under such new ABL Loan Documents or Fixed
Asset Documents (including the Collateral Trust Agreement), as applicable, shall be the ABL Agent
or the Collateral Trustee, as applicable, for all purposes of this Agreement.

     VI. INSOLVENCY OR LIQUIDATION PROCEEDINGS.

     6.1. Finance and Sale Issues. Each Subordinated Lien Agent, on behalf of the
applicable Subordinated Lien Claimholders, hereby agrees that, until the Discharge of Prior Lien
Obligations has occurred, if any Grantor shall be subject to any Insolvency or Liquidation
Proceeding and the Prior Lien Agent or the requisite Prior Lien Claimholders under the Prior Lien
Documents with respect to any of such Subordinated Lien Claimholders’ Subordinated Lien Collateral
shall desire to permit the use of “cash collateral” (as such term is defined in Section 363(a) of
the Bankruptcy Code) representing Proceeds of such Subordinated Lien Collateral or to permit any
Grantor to obtain financing, whether from the Prior Lien Claimholders or any other Person under
Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (“DIP Financing”) secured
by a Lien on such Subordinated Lien Collateral, then no Subordinated Lien Claimholder will be
entitled to raise (and will not raise or support any Person in raising), but instead shall be
deemed to have hereby irrevocably and absolutely waived, any objection to, and shall not otherwise
in any manner be entitled to oppose or will oppose or support any Person in opposing, such cash
collateral use or DIP Financing (including, except as expressly provided below, any claim that the
Subordinated Lien Claimholders are entitled to adequate protection on account of their interests in
such Subordinated Lien Collateral as a condition thereto) so long as such cash collateral use or
DIP Financing meets the following requirements: (i) the aggregate principal amount of any such DIP
Financing shall not exceed $25,000,000, (ii) each Subordinated Lien Claimholder retains a Lien on
all such Subordinated Lien Collateral with, except as provided in the following sentence, the
respective priorities provided in Section 2.1, and (x) with respect to Collateral of the
ABL Claimholders or cash collateral in respect thereof, no Lien is granted to secure such DIP
Financing on any ABL
Priority Collateral and no such cash collateral to be used constitutes Proceeds of ABL Priority
Collateral unless the requisite ABL Claimholders under the ABL Loan Documents have consented
thereto or (y) with respect to Collateral of the Fixed Asset Claimholders or cash collateral in
respect thereof, no Lien is granted to secure such DIP Financing on any Fixed Asset Priority
Collateral and no such cash collateral to be used constitutes Proceeds of Fixed Asset Priority
Collateral unless the requisite Fixed Asset Claimholders under the Collateral Trust Agreement have
consented thereto, (iii) to the extent that the Prior Lien Agent is granted adequate protection in
the form of a Lien on Collateral arising after the commencement of the Insolvency or Liquidation
Proceeding, the Subordinated Lien Claimholders are permitted to seek a Lien on such additional
Collateral with, except as set forth in the following sentence, the

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relative priority set forth in Section 2.1 (and no Prior Lien Agent or Prior Lien
Claimholder shall oppose any motion by any Subordinated Lien Claimholder to receive such a Lien),
(iv) the terms of such DIP Financing or use of cash collateral do not require any Grantor to seek
approval for any Plan of Reorganization that is not a Conforming Plan of Reorganization and (v) the
terms of such DIP Financing do not require such Subordinated Claimholders to extend additional
credit pursuant to such DIP Financing. If requested by the Prior Lien Agent, each Subordinated Lien
Agent and each Subordinated Lien Claimholder shall be required to subordinate and will subordinate
its Liens in its Subordinated Lien Collateral to the Liens securing any such DIP Financing (and all
obligations relating thereto, including any “carve-out” granting administrative priority status or
Lien priority to secure repayment of fees and expenses of professionals retained by any debtor or
creditors’ committee); provided that the Liens on such Subordinated Lien Collateral securing such
DIP Financing rank pari passu with or senior to the Liens securing the Prior Lien
Obligations. Each Subordinated Lien Agent on behalf of itself and the applicable Subordinated Lien
Claimholders, agrees that no such Person shall provide to such Grantor any DIP Financing (or
support any other Person in seeking to provide to any Grantor any such DIP Financing) to the extent
that any Subordinated Lien Claimholder would, in connection with such financing, be granted a Lien
on any of its Subordinated Lien Collateral unless the requisite Prior Lien Claimholders under the
Prior Loan Documents shall have consented thereto.

     6.2. Relief from the Automatic Stay. Until the Discharge of Prior Lien Obligations,
each Subordinated Lien Agent, and the other Subordinated Lien Claimholders, agree that none of them
shall seek (or support any other Person seeking) relief from the automatic stay or any other stay
in any Insolvency or Liquidation Proceeding in respect of any of their respective Subordinated Lien
Collateral, without the prior written consent of the Prior Lien Agent for such Collateral (given or
not given in its sole and absolute discretion), unless (i) the Prior Lien Agent already has filed a
motion (which remains pending) for such relief with respect to its interest in such Collateral and
(ii) a corresponding motion, in the reasonable judgment of the applicable Subordinated Lien Agent,
must be filed solely for the purpose of preserving such Subordinated Lien Agent’s ability to
receive residual distributions pursuant to Section 4.1, although the Subordinated Lien
Claimholders shall otherwise remain subject to the applicable restrictions in Section 3.1
and Section 3.2 following the granting of any such relief from the automatic stay until the
provisions of such Sections expire by their terms.

     6.3. Adequate Protection.

     (a) Prior to the Discharge of Prior Lien Obligations, each Subordinated Lien Agent, on behalf
of itself and the applicable Subordinated Lien
Claimholders, agrees that none of them shall be entitled to contest and none of them shall
contest (or support any other Person contesting) (but instead shall be deemed to have hereby
irrevocably, absolutely, and unconditionally waived any right):

          (i) any request by the Prior Lien Agent or the other Prior Lien Claimholders for relief
from the automatic stay with respect to the Subordinated Lien Collateral of such Subordinated Lien
Claimholders; or

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          (ii) any request by the Prior Lien Agent or the other Prior Lien Claimholders for adequate
protection with respect to the Subordinated Lien Collateral of such Subordinated Lien Claimholders;
or

          (iii) any objection by the Prior Lien Agent or the other Prior Lien Claimholders to any
motion, relief, action or proceeding based on the Prior Lien Agent or the other Prior Lien
Claimholders claiming a lack of adequate protection with respect to the Subordinated Lien
Collateral of such Subordinated Lien Claimholders.

     (b) Consistent with the foregoing provisions in this Section 6.3, and except as
provided in Sections 6.1 and 6.7, in any Insolvency or Liquidation Proceeding, no
Subordinated Lien Claimholder shall be entitled (and each Subordinated Lien Claimholder shall be
deemed to have hereby irrevocably, absolutely, and unconditionally waived any right) to seek or
otherwise be granted any type of adequate protection (or any comparable request for relief) with
respect to its interests in its Subordinated Lien Collateral (except as expressly set forth in
Section 6.1 or as may otherwise be consented to in writing by the Prior Lien Agent with
respect to such Collateral in its sole and absolute discretion); provided, however, subject to
Section 6.1, Subordinated Lien Claimholders may seek and obtain adequate protection in the
form of an additional or replacement Liens on Collateral (and no Prior Lien Agent or Prior Lien
Claimholder shall object to the granting of such Lien) so long as (i) the Prior Lien Claimholders
have been granted adequate protection in the form of a replacement lien on such Collateral, and
(ii) any such Lien on Subordinated Lien Collateral (and on any Collateral granted as adequate
protection for the Subordinated Lien Claimholders in respect of their interest in such Subordinated
Lien Collateral) is subordinated to the Liens of the Prior Lien Agent in such Collateral on the
same basis as the other Liens of the Subordinated Lien Agents on Subordinated Lien Collateral; and

     (c) Nothing herein shall limit the rights of any Prior Lien Agent or the Prior Lien
Claimholders to seek adequate protection with respect to their rights in their Prior Lien
Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in the form
of a cash payment, periodic cash payments or otherwise) so long as such request is not otherwise
inconsistent with this Agreement.

     (d) Any or all of the ABL Claimholders and any or all of the Fixed Asset Claimholders shall be
entitled to seek adequate protection in the form of a superpriority administrative claim against
any Grantor that is the subject of an Insolvency or Liquidation Proceeding; provided,
however, that any administrative expense priority or any superpriority administrative
expense priority granted by any such Grantor to any or all of the ABL Claimholders shall be pari
passu with
any administrative expense priority or any superpriority administrative expense priority
granted by such Grantor to any or all of the Fixed Asset Claimholders, and vice versa.

     6.4. Avoidance Issues. If any Prior Lien Claimholder is required in any Insolvency or
Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the applicable
Grantor any amount paid in respect of ABL Obligations or the Fixed Asset Obligations, as
applicable, because the payment of such amount was declared to be fraudulent or preferential in any
respect or for any other reason (a “Recovery”), whether such amount was received as
Proceeds, as a result of enforcement of any right of set-off or otherwise, then such

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ABL Claimholders or Fixed Asset Claimholders shall be entitled to a reinstatement of ABL
Obligations or the Fixed Asset Obligations, as applicable, with respect to all such recovered
amounts. If this Agreement shall have been terminated (in whole or in part) with respect to any
Claimholder prior to such Recovery, this Agreement shall be reinstated in full force and effect,
and such prior termination shall not diminish, release, discharge, impair or otherwise affect the
obligations of the parties hereto from such date of reinstatement.

     6.5. Reorganization Securities. Subject to the ability of the ABL Claimholders and the
Fixed Asset Claimholders, as applicable, to support or oppose confirmation or approval of any
Conforming Plan of Reorganization or to oppose confirmation or approval of any Non-Conforming Plan
of Reorganization, as provided herein, if, in any Insolvency or Liquidation Proceeding, debt
obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor
are distributed pursuant to a Plan of Reorganization, both on account of Prior Lien Obligations and
on account of Subordinated Lien Obligations, then, to the extent the debt obligations distributed
on account of the Prior Lien Obligations and on account of the Subordinated Lien Obligations are
secured by Liens upon the same property, the provisions of this Agreement will survive the
distribution of such debt obligations pursuant to such plan and will apply with like effect to the
debt obligations so distributed, to the Liens securing such debt obligations and the distribution
of Proceeds thereof.

     6.6. Post-Petition Interest. No Subordinated Lien Claimholder shall oppose or seek to
challenge any claim by any Prior Lien Agent or any Prior Lien Claimholder for allowance in any
Insolvency or Liquidation Proceeding of Prior Lien Obligations consisting of post-petition
interest, fees or expenses to the extent of the value of the Lien on such Prior Lien Claimholder’s
Prior Lien Collateral, without regard to the existence of the Subordinated Lien Obligations with
respect to such Collateral.

     6.7. Separate Grants of Security and Separate Classification. The ABL Agent, on behalf
of the ABL Claimholders, and the Collateral Trustee on behalf of the Fixed Asset Claimholders,
acknowledge and intend that: the respective grants of Liens pursuant to the ABL Security Documents
and the Fixed Asset Documents constitute two separate and distinct grants of Liens, and because of,
among other things, their differing rights in the Collateral (i) the Fixed Asset Obligations are
fundamentally different from the ABL Obligations, and (ii) the ABL Obligations are fundamentally
different from the Fixed Asset Obligations and, in each case, must be separately classified in any
Plan of Reorganization proposed or confirmed (or approved) in an Insolvency or Liquidation
Proceeding. To further effectuate the intent of the parties as provided in the immediately
preceding sentence, if it is held that the claims of the ABL Claimholders and the
Fixed Asset Claimholders in respect of the Collateral constitute claims in the same class
(rather than at least two separate classes of secured claims with the priorities described in
Section 2.1), then the ABL Claimholders and the Fixed Asset Claimholders hereby acknowledge
and agree that all distributions shall be made as if there were two separate classes of ABL
Obligations and Fixed Asset Obligations (with the effect being that, to the extent that the
aggregate value of their Prior Lien Collateral is sufficient (for this purpose ignoring all claims
held by the Subordinated Lien Claimholders thereon), the Prior Lien Claimholders shall be entitled
to receive, in addition to amounts distributed to them in respect of principal, pre-petition
interest and other claims, all amounts owing in respect of post-petition interest (including any
additional interest payable pursuant to any Prior Lien Document arising from or related to a

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default regardless of whether a claim for post-petition interest is allowed or allowable in
such Insolvency or Liquidation Proceeding), fees or expenses that is available from their Prior
Lien Collateral, before any distribution is made in respect of the Subordinated Lien Obligations
with respect to such Collateral, with each Subordinated Lien Claimholder acknowledging and agreeing
to turn over to the Prior Lien Agent with respect to such Collateral amounts otherwise received or
receivable by them to the extent necessary to effectuate the intent of this sentence, even if such
turnover has the effect of reducing the aggregate recoveries of the Subordinated Lien Obligations.

     6.8. Asset Dispositions in an Insolvency or Liquidation Proceeding.

     (a) Without limiting the ABL Agent’s and the other ABL Claimholders’ rights under Section 3.1(b),
 neither the Collateral Trustee nor any other Fixed Asset Claimholder shall, in any
insolvency or Liquidation Proceeding or otherwise, oppose any sale or disposition of any ABL
Priority Collateral that is supported by the requisite ABL Claimholders under the ABL Loan
Documents, and the Collateral Trustee and each other Fixed Asset Claimholder will be deemed to have
irrevocably, absolutely, and unconditionally consented under Section 363 of the Bankruptcy Code
(and otherwise) to any sale of any ABL Priority Collateral supported by the requisite ABL
Claimholders under the ABL Loan Documents and to have released their Liens on such assets; provided
that to the extent the Proceeds of such Collateral are not applied to reduce ABL Obligations or any
DIP Financing secured by a prior Lien on such ABL Priority Collateral, the Collateral Trustee shall
retain a Lien on such Proceeds with the respective priorities described in Section 2.1.
Notwithstanding the foregoing, this Agreement shall not be construed to in any way limit or impair
the right of the Fixed Asset Claimholders from exercising a credit bid in a sale or other
disposition of their Fixed Asset Collateral under Section 363 of the Bankruptcy Code; provided that
in connection with and immediately after giving effect to such sale and credit bid there occurs a
Discharge of ABL Obligations.

     (b) Without limiting the Collateral Trustee’s and the other Fixed Asset Claimholders’ rights
under Section 3.2(b), neither the ABL Agent nor any other ABL Claimholder shall, in any
Insolvency Proceeding or otherwise, oppose any sale or disposition of any Fixed Asset Priority
Collateral that is supported by the requisite Fixed Asset Claimholders under the Fixed Asset
Documents (but in the case of the ABL Claimholders, subject to their rights under Sections 3.3
and 3.4), and the ABL Agent and each other ABL Claimholder will be deemed to have consented
under Section 363 of the Bankruptcy Code (and otherwise) to any sale of any Fixed Asset Priority
Collateral supported by the requisite Fixed Asset Claimholders under the Fixed Asset Documents and
to have released their Liens
on such assets; provided that to the extent the Proceeds of such Collateral are not
applied to reduce Fixed Asset Obligations or any DIP Financing secured by a prior Lien on such
Fixed Asset Priority Collateral, the ABL Agent shall retain a Lien on such Proceeds with the
respective priorities described in Section 2.1; provided further that the ABL
Agent’s and the other ABL Claimholders’ rights under Sections 3.3 and 3.4 shall
survive any such sale or disposition until the provisions of such Sections expire by their terms.

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     6.9. Section 1111(b) of the Bankruptcy Code; Sections 363 and 364 of
the Bankruptcy Code.

     (a) The ABL Agent, for itself and on behalf of the ABL Claimholders, waives any claim it may
hereafter have against any Fixed Asset Claimholder arising out of (i) the election by any Fixed
Asset Claimholder of Section 1111(b)(2) of the Bankruptcy Code or (ii) any borrowing of, or grant
of a security interest or administrative expense priority by, the Company or any of its
Subsidiaries as debtors-in-possession under Sections 363 and 364 of the Bankruptcy Code, in each
case, as a result of or in connection with any Insolvency or Liquidation Proceeding (but in the
case of clause (ii), only so long as such borrowing or such grant of a security interest or
administrative expense priority does not contravene this Agreement).

     (b) The Collateral Trustee, for itself and on behalf of the Fixed
Asset Claimholders, waives any claim it may hereafter have against any ABL Claimholder arising out of (i)
the election by any ABL Claimholder of Section 1111(b)(2) of the Bankruptcy Code or (ii) any
borrowing of, or grant of a security interest or administrative expense priority by, the Company or
any of its Subsidiaries as debtors-in-possession under Sections 363 and 364 of the Bankcruptcy
Code, in each case, as a result of or in connection with any Insolvency or Liquidation Proceeding
(but in the case of clause (ii), only so long as such borrowing or such grant of a security
interest or administrative expense priority does not contravene this Agreement).

     VII. RELIANCE; WAIVERS; ETC.

     7.1. Reliance. Other than any reliance on the terms of this Agreement, the ABL Agent,
on behalf the ABL Claimholders, acknowledges that it and the other ABL Claimholders have,
independently and without reliance on the Collateral Trustee or any other Fixed Asset Claimholder,
and based on documents and information deemed by them appropriate, made their own credit analysis
and decision to enter into ABL Loan Documents and be bound by the terms of this Agreement, and they
will continue to make their own credit decision in taking or not taking any action under the ABL
Loan Documents or this Agreement. The Collateral Trustee, on behalf of the Fixed Asset
Claimholders, acknowledges that it and the other Fixed Asset Claimholders have, independently and
without reliance on the ABL Agent or any other ABL Claimholder, and based on documents and
information deemed by them appropriate, made their own credit analysis and decision to enter into
each of the other Fixed Asset Documents and be bound by the terms of this Agreement, and they will
continue to make their own
credit decision in taking or not taking any action under the Fixed Asset Documents or this
Agreement.

     7.2. No Warranties or Liability. The ABL Agent, on behalf of the ABL Claimholders,
acknowledges and agrees that none of the Collateral Trustee and the other Fixed Asset Claimholders
has made any express or implied representation or warranty, including with respect to the
execution, validity, legality, completeness, collectibility or enforceability of any of the other
Fixed Asset Documents, the ownership by any Grantor of any Collateral or the perfection of any
Liens thereon. Except as otherwise provided in this Agreement, the Collateral Trustee and the other
Fixed Asset Claimholders will be entitled to manage and supervise their loans and extensions of
credit under the Fixed Asset Documents in accordance with law and as

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they may otherwise, in their sole discretion, deem appropriate. The Collateral Trustee, on
behalf of the Fixed Asset Claimholders, acknowledges and agrees that none of the ABL Agent and the
other ABL Claimholders have made any express or implied representation or warranty, including with
respect to the execution, validity, legality, completeness, collectibility or enforceability of any
of the other ABL Loan Documents, the ownership by any Grantor of any Collateral or the perfection
of any Liens thereon. Except as otherwise provided in this Agreement, the ABL Agent and the other
ABL Claimholders will be entitled to manage and supervise their loans and extensions of credit
under the ABL Loan Documents in accordance with law and as they may otherwise, in their sole
discretion, deem appropriate. Except as expressly provided herein (i) the Collateral Trustee and
the other Fixed Asset Claimholders shall have no duty to the ABL Agent or any of the other ABL
Claimholders, and (ii) the ABL Agent and the other ABL Claimholders shall have no duty to the
Collateral Trustee or any of the other Fixed Asset Claimholders, in each case, to act or refrain
from acting in a manner which allows, or results in, the occurrence or continuance of an event of
default or default under any agreements any Grantor (including the ABL Loan Documents and the Fixed
Asset Documents), regardless of any knowledge thereof which they may have or be charged with.

     7.3. No Waiver of Lien Priorities.

     (a) No right of the Agents or the other Claimholders to enforce any provision of this
Agreement or any ABL Loan Document or Fixed Asset Document shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or
failure to act by such Agents or Claimholders or by any noncompliance by any Person with the terms,
provisions and covenants of (i) this Agreement, (ii) any of the ABL Loan Documents or (iii) any of
the Fixed Asset Documents, regardless of any knowledge thereof which the Agents or the other ABL
Claimholders or the other Fixed Asset Claimholders, or any of them, may have or be otherwise
charged with.

     (b) Without in any way limiting the generality of the foregoing paragraph (but subject to the
rights of the Grantors under the ABL Loan Documents and the Fixed Asset Documents (except as
otherwise expressly provided in this Agreement) and subject to any applicable law), and except as
otherwise expressly provided in this Agreement, the Agents and the other Claimholders may, at any
time and from time to time in accordance with the ABL Loan Documents and the Fixed Asset Documents
and/or applicable law, without the consent of, or notice to, any other Agent or any other
Claimholder (as applicable), without incurring any liabilities to such Persons and without
impairing or releasing the Lien priorities and other benefits provided in this Agreement (even
if any right of subrogation or other right or remedy is affected, impaired or extinguished
thereby) do any one or more of the following:

          (i) change the manner, place or terms of payment or change or extend the time of payment of,
or amend, renew, exchange, increase or alter, the terms of any of the Obligations or any Lien or
guaranty thereof or any liability of any Grantor, or any liability incurred directly or indirectly
in respect thereof (including any increase in or extension of the Obligations, without any
restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew,
exchange, extend, modify or supplement in any manner any Liens held by the Agents or any rights or
remedies under any of the ABL Loan Documents or the Fixed Asset Documents;

-47-

 

          (ii) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any
manner and in any order any part of the Collateral (except to the extent provided in this
Agreement) or any liability of any Grantor or any liability incurred directly or indirectly in
respect thereof;

          (iii) settle or compromise any Obligation or any other liability of any Grantor or any
security therefore or any liability incurred directly or indirectly in respect thereof and apply
any sums by whomsoever paid and however realized to any liability in any manner or order that is
not inconsistent with the terms of this Agreement; and

          (iv) exercise or delay in or refrain from exercising any right or remedy against any security
or any Grantor or any other Person, elect any remedy and otherwise deal freely with any Grantor.

     7.4. Obligations Unconditional. All rights, interests, agreements and obligations of
the ABL Claimholders and the Fixed Asset Claimholders, respectively, hereunder shall remain in full
force and effect irrespective of:

     (a) any lack of validity or enforceability of any ABL Loan Documents or any Fixed Asset
Documents;

     (b) except, in each case, as otherwise expressly set forth in this Agreement, any change in
the time, manner or place of payment of, or in any other terms of, all or any of the ABL
Obligations or Fixed Asset Obligations, or any amendment or waiver or other modification, including
any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any
ABL Loan Document or Fixed Asset Document;

     (c) except as otherwise expressly set forth in this Agreement, any exchange, release, voiding,
avoidance or non-perfection of any security interest in any Collateral or any other collateral, or
any amendment, waiver or other modification, whether in writing or by course of conduct or
otherwise, of all or any of the ABL Obligations or Fixed Asset Obligations;

     (d) the commencement of any Insolvency or Liquidation Proceeding in respect of any Grantor; or

     (e) any other circumstances which otherwise might constitute a defense available to, or a
discharge of, any Grantor in respect of any Agent or other Claimholder in respect of this
Agreement.

     VIII. MISCELLANEOUS.

     8.1. Conflicts. In the event of any conflict between the provisions of this
Agreement and the provisions of any ABL Loan Document or Fixed Asset Document, the provisions of
this Agreement shall govern and control.

     8.2. Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement
shall become effective when executed and delivered by the parties hereto (it being understood that
this Agreement shall become effective among the ABL Claimholders and the

-48-

 

Fixed Asset Claimholders upon execution and delivery of this Agreement by the ABL Agent and
the Collateral Trustee on the date hereof). This is a continuing agreement of Lien subordination
(as opposed to an agreement of debt or claim subordination), and the ABL Claimholders and the Fixed
Asset Claimholders may continue, at any time and without notice to any other Agent or Claimholder,
to extend credit and other financial accommodations and lend monies to or for the benefit of any
Grantor in reliance hereon. Each of the Agents, on behalf of the applicable Claimholders, as
applicable, hereby irrevocably, absolutely, and unconditionally waives any right any Claimholder
may have under applicable law to revoke this Agreement or any of the provisions of this Agreement.
The terms of this Agreement shall survive, and shall continue in full force and effect, in any
Insolvency or Liquidation Proceeding. Consistent with, but not in limitation of, the preceding
sentence, each of the Agents, on behalf of the applicable Claimholders irrevocably acknowledges
that this Agreement constitutes a “subordination agreement” within the meaning of both New York law
and Section 510(a) of the Bankruptcy Code. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. All references to any Grantor shall include
such Grantor as debtor and debtor-in-possession and any receiver or trustee for any Grantor (as
applicable) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of
no further force and effect subject to the rights provided to Prior Lien Claimholders under
Section 6.4:

     (a) with respect to the ABL Agent, the other ABL Claimholders and the ABL Obligations, on the
date on which the Discharge of ABL Obligations has occurred in accordance with the terms of this
Agreement; and

     (b) with respect to the Collateral Trustee, the other Fixed Asset Claimholders and the Fixed
Asset Obligations, on the date on which the Discharge of Fixed Asset Obligations has occurred in
accordance with the terms of this Agreement.

     8.3. Amendments; Waivers. Except as provided in the following sentence, no amendment,
modification or waiver of any of the provisions of this Agreement shall be deemed to be made unless
the same shall be in writing signed on behalf of each party hereto or its authorized agent and each
waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in
no way impair the rights of the parties making such waiver or the obligations of the other parties
to such party in any other respect or at any other time.
Notwithstanding the foregoing, no Grantor shall have any right to consent to or approve any
amendment, modification or waiver of any provision of this Agreement.

     8.4. Information Concerning Financial Condition of the Company and its Subsidiaries.
Each of the Agents and other Claimholders shall be responsible for keeping themselves informed of
(a) the financial condition of the Grantors and (b) all other circumstances bearing upon the risk
of nonpayment of the ABL Obligations and the Fixed Asset Obligations. No Claimholder shall have any
duty to advise any other Claimholder of information known to it or them regarding such condition or
any such circumstances or otherwise. In the event any Agent or other Claimholder undertakes at any
time or from time to time to provide any such information to any of the other Claimholders, it or
they shall be under no obligation, (i) to make, and shall not make, any express or implied
representation or warranty, including with respect to

-49-

 

the accuracy, completeness, truthfulness or validity of any such information so provided, (ii) to
provide any additional information or to provide any such information on any subsequent occasion,
(iii) to undertake any investigation, or (iv) to disclose any information, which pursuant to
accepted or reasonable commercial finance practices, such party wishes to maintain confidential or
is otherwise required to maintain confidential. The ABL Agent hereby agrees that neither the
Collateral Trustee nor any other representative of the holders of the Fixed Asset Obligations shall
have any obligation to monitor the value of any Fixed Asset Pledged Collateral or provide
information regarding the effectiveness of its Lien on any Fixed Asset Pledged Collateral that may
be required to be released as contemplated by Section 2.4(b).

     8.5. Subrogation. With respect to the value of any payments or distributions in cash,
property or other assets that any of the Subordinated Lien Claimholders actually pay over to the
Prior Lien Agent or the Prior Lien Claimholders under the terms of this Agreement, the Subordinated
Lien Claimholders shall be subrogated to the rights of such Prior Lien Claimholders;
provided, however, that each Subordinated Lien Agent, on behalf of the Subordinated
Lien Claimholders, hereby agrees not to assert or enforce all such rights of subrogation it may
acquire as a result of any payment hereunder until the Discharge of Prior Lien Obligations has
occurred. The Grantors acknowledge and agree that, to the extent permitted by applicable law, the
value of any payments or distributions in cash, property or other assets received by the
Subordinated Lien Claimholders that are paid over to the Prior Lien Claimholders pursuant to this
Agreement shall not reduce any of the Subordinated Lien Obligations. Notwithstanding the foregoing
provisions of this Section 8.5, none of the Subordinated Lien Claimholders shall have any
claim against any of the Prior Lien Claimholders for any impairment of any subrogation rights
herein granted to the Subordinated Lien Claimholders.

     8.6. SUBMISSION TO JURISDICTION; WAIVERS.

     (a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PERSON ARISING OUT OF OR RELATING HERETO MAY
BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF
NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH AGENT, FOR ITSELF AND ON BEHALF OF THE
OTHER FIXED ASSET CLAIMHOLDERS (IN THE CASE OF THE COLLATERAL TRUSTEE), AND THE OTHER ABL
CLAIMHOLDERS (IN THE CASE OF THE ABL AGENT) IRREVOCABLY:

          (i) AGREES THAT THE ONLY NECESSARY PARTIES TO ANY AND ALL JUDICIAL PROCEEDINGS ARISING
OUT OF OR RELATING TO THIS AGREEMENT SHALL BE THE PARTIES HERETO, EXCEPT WHERE IN ANY SUCH
JUDICIAL PROCEEDING RELIEF (INCLUDING INJUNCTIVE RELIEF OR THE
RECOVERY OF MONEY) IS BEING SOUGHT DIRECTLY AGAINST OR FROM A PERSON THAT IS NOT A PARTY AND EXCEPT
THAT, IN ANY SUCH JUDICIAL PROCEEDINGS AMONG THE COLLATERAL TRUSTEE OR ABL AGENT THAT DOES NOT SEEK
ANY RELIEF AGAINST OR FROM ANY GRANTOR, THE GRANTORS SHALL NOT BE NECESSARY PARTIES. WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, AND CONSISTENT WITH THE PROVISIONS OF SECTIONS 8.14 AND
8.17, NONE OF THE ABL CLAIMHOLDERS (OTHER THAN THE ABL AGENT) OR

-50-

 

THE FIXED ASSET CLAIMHOLDERS (OTHER THAN THE COLLATERAL TRUSTEE) SHALL BE NECESSARY OR OTHERWISE
APPROPRIATE PARTIES TO ANY SUCH JUDICIAL PROCEEDINGS, UNLESS IN SUCH JUDICIAL PROCEEDING SUMS ARE
BEING SOUGHT TO BE RECOVERED DIRECTLY FROM SUCH PERSONS, INCLUDING PURSUANT TO SECTION 4.2 OR
ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT IS BEING SOUGHT DIRECTLY AGAINST SUCH PERSONS.

          (ii) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH
COURTS;

          (iii) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;

          (iv) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE
BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PERSON (AND IN THE
CASE OF A PARTY, AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.7); AND

          (v) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (iv) ABOVE IS SUFFICIENT TO CONFER PERSONAL
JURISDICTION OVER THE
APPLICABLE PERSON IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND
BINDING SERVICE IN EVERY RESPECT.

     (b) WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY OF THE ABL LOAN
DOCUMENTS OR ANY OF THE FIXED ASSET DOCUMENTS. EACH OF THE PARTIES HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE ABL LOAN DOCUMENTS AND THE FIXED
ASSET DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 8.6.

     8.7. Notices. All notices permitted or required under this Agreement need be sent
only to the Collateral Trustee and any ABL Agent, as applicable, in order to be effective and
otherwise binding on any applicable Claimholder. If any notice is sent for whatever reason to the
other Fixed Asset Claimholders or the
ABL Claimholders, such notice shall also be sent to the applicable Agent. Unless otherwise
specifically provided herein, any notice hereunder shall be in writing and may be personally served
or sent by telefacsimile or other electronic format or United States mail or courier service and
shall be deemed to have been given when delivered in person or by overnight courier service and
signed for against receipt thereof, upon receipt of telefacsimile or other electronic format during
normal business hours, or three Business Days

-51-

 

after depositing it in the United States certified mails (return receipt requested) with
postage prepaid and properly addressed; provided that, with respect to the Agents, any notice shall
be deemed given only when actually received by such Agent. For the purposes hereof, the addresses
of the parties hereto shall be as set forth below each party’s name on the signature pages hereto,
or, as to each party, at such other address as may be designated by such party in a written notice
to all of the other parties.

     8.8. Further Assurances. The ABL Agent, on behalf of the ABL Claimholders, the
Collateral Trustee, on behalf of the Fixed Asset Claimholders, and the Grantors, agree that each of
them shall take such further action and shall execute and deliver such additional documents and
instruments (in recordable form, if requested) as any other Agent may reasonably request to
effectuate the terms of and the Lien priorities contemplated by this Agreement. Each of the
Collateral Trustee and the ABL Agent agrees that if it sends any Enforcement Notice to another
Agent, it shall be sent to all of the Agents.

     8.9. APPLICABLE LAW. THIS AGREEMENT AND ANY CLAIM OR CONTROVERSY RELATING TO THE
SUBJECT MATTER HEREOF, WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED
BY THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY.

     8.10. Specific Performance. Each of the ABL Agent and the Collateral Trustee may
demand specific performance of this Agreement. The ABL Agent, on behalf of itself and the other ABL
Claimholders, and the Collateral Trustee, on behalf of itself and the other Fixed Asset
Claimholders, hereby irrevocably waive any defense based on the adequacy of a remedy at law and any
other defense which might be asserted to bar the remedy of specific performance in any action which
may be brought by the ABL Agent or the other ABL Claimholders or the Collateral Trustee or the
other Fixed Asset Claimholders, as applicable. Without limiting the generality of the foregoing or
of the other provisions of this Agreement, in seeking specific performance in any Insolvency or
Liquidation Proceeding, an Agent may seek such relief as if it were the “holder” of the claims of
the other Agent’s Claimholders under Section 1126(a) of the Bankruptcy Code or otherwise had been
granted an irrevocable power of attorney by the other Agent’s Claimholders.

     8.11. Headings. Section headings in this Agreement are included herein for convenience
of reference only and shall not constitute a part of this Agreement for any other purpose or be
given any substantive effect.

     8.12. Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Agreement or any document or instrument delivered in connection
herewith by telecopy shall be effective as delivery of a manually executed counterpart of this
Agreement or such other document or instrument, as applicable.

     8.13. Authorization. By its signature, each party hereto represents and warrants to
the other parties hereto that the individual signing this Agreement on its behalf is duly

-52-

 

authorized to execute this Agreement. The Collateral Trustee hereby represents that it is
authorized to, and by its signature hereon does, bind the other Fixed Asset Claimholders to the
terms of this Agreement. The ABL Agent hereby represents that it is authorized to, and by its
signature hereon does, bind the other ABL Claimholders to the terms of this Agreement.

     8.14. No Third Party Beneficiaries. This Agreement and the rights and benefits hereof
shall inure to the benefit of each of the parties hereto and its respective successors and assigns
and shall inure to the benefit of (and shall be binding upon) each of the Agents and the other
Claimholders and their respective successors and assigns.

     8.15. Provisions Solely to Define Relative Rights. The provisions of this Agreement
are and are intended solely for the purpose of defining the respective relative rights of the ABL
Claimholders and the Fixed Asset Claimholders. No Grantor or any other creditor thereof shall have
any rights or obligations hereunder, and no Grantor may rely on the terms hereof. Nothing in this
Agreement is intended to or shall impair as between the Grantors and the ABL Agent and the other
ABL Claimholders, or as between the Grantors and the Collateral Trustee and the other Fixed Asset
Claimholders, the obligations of any Grantor, which are absolute and unconditional, to pay
principal, interest, fees and other amounts as provided in the other ABL Loan Documents or the
other Fixed Asset Documents, respectively, including as and when the same shall become due and
payable in accordance with their terms.

     8.16. Marshalling of Assets. Each Subordinated Lien Agent, on behalf of the applicable
Subordinated Lien Claimholders, hereby irrevocably, absolutely, and unconditionally waives any and
all rights or powers any Subordinated Lien Claimholder may have at any time under applicable law or
otherwise to have its Subordinated Lien Collateral, or any part thereof, marshaled upon any
foreclosure or other enforcement of such Subordinated Lien Agent’s Liens.

     8.17. Exclusive Means of Exercising Rights under this Agreement. The Fixed Asset
Claimholders shall be deemed to have irrevocably appointed the Collateral Trustee, and the ABL
Claimholders shall be deemed to have irrevocably appointed the ABL Agent, as their respective and
exclusive agents hereunder. Consistent with such appointment, the Fixed Asset Claimholders and the
ABL Claimholders further shall be deemed to have agreed that their respective Agents (and not any
individual Claimholder or group of Claimholders) shall have the exclusive right to exercise any
rights, powers, and/or remedies under or in connection with this Agreement (including bringing any
action to interpret or otherwise enforce the provisions of this Agreement) or the Collateral.
Specifically,
but without limiting the generality of the foregoing, each Fixed Asset Claimholder (other than
the Collateral Trustee) and each ABL Claimholder (other than the ABL Agent), shall not be entitled
to take or file, but instead shall be precluded from taking or filing (whether in any Insolvency or
Liquidation Proceeding or otherwise), any action, judicial or otherwise, to enforce any right or
power or pursue any remedy under this Agreement (including any declaratory judgment or other action
to interpret or otherwise enforce the provisions of this Agreement), except solely as provided in
the proviso in the preceding sentence.

     8.18. Interpretation. This Agreement is a product of negotiations among
representatives of, and has been reviewed by counsel to, the Collateral Trustee, the ABL Agent and
the Grantors and is the product of those Persons on behalf of themselves and the Fixed Asset

-53-

 

Claimholders (in the case of the Collateral Trustee) and the ABL Claimholders (in the case of the
ABL Agent). Accordingly, this Agreement’s provisions shall not be construed against, or in favor
of, any part or other Person merely by virtue of that party or other Person’s involvement, or lack
of involvement, in the preparation of this Agreement and of any of its specific provisions.

     8.19. Capacity of Collateral Trustee. U.S. Bank National Association is entering into
this Agreement in its capacity as “Collateral Trustee” under the Collateral Trust Agreement and the
rights, powers, privileges and protections afforded to the “collateral agent” under the Collateral
Trust Agreement and all other Fixed Asset Documents shall also apply to U.S. Bank National
Association as the Collateral Trustee hereunder. The Fixed Asset Claimholders have expressly
authorized and instructed the Collateral Trustee to execute and deliver this Agreement.

[Signature Pages Follow]

-54-

 

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

	 	 	 	 	 
	 	Initial ABL Agent:

GENERAL ELECTRIC CAPITAL CORPORATION,

solely in its capacity as ABL Agent and not in its individual capacity

 	 
	 	By:  	/s/ Jack F. Morrone
 	 
	 	 	Name:  	Jack F. Morrone 	 
	 	 	Title:  	Duly Authorized Signatory 	 
	 
	 	Notice Address:

General Electric Capital Corporation

500 West Monroe

Chicago, IL 60661

Attn: Thermadyne Account Manager

Facsimile: (312) 463-3840

With a copy to:

General Electric Capital Corporation 

401 Merritt 7

Norwalk, CT 06851

Attn: Barbara Gould

Facsimile: (203) 956-4216

General Electric Capital Corporation 

500 West Monroe

Chicago, IL 60661

Attn: Corporate Counsel-Corporate Finance 
Facsimile: (312) 441-6876

and

Latham & Watkins LLP

233 South Wacker Drive, Suite 5800

Chicago, Illinois 60606

Attn: Dave Crumbaugh

Facsimile: (312) 993-9767

 	 

[Signature Page to Intercreditor Agreement]

 

 

	 	 	 	 	 
	 	Collateral Trustee:

U.S. BANK NATIONAL ASSOCIATION,

not in its individual capacity, but solely in its capacity as Collateral Trustee under the Collateral Trust Agreement and the other Fixed Asset Documents

 	 
	 	By: 	/s/ Raymond S. Haverstock
 	 
	 	  	Name: Raymond S. Haverstock  	 
	 	  	Title: Vice President 	 
	 
	 	Notices:

U.S. Bank National Association

Corporate Trust Services

60 Livingston Avenue

EP-MN-WS3C

St. Paul, MN 55107

Attention: Thermadyne Holdings Corporation Administrator

Facsimile: 651-495-8098

 	 

[Signature Page to Intercreditor Agreement]

 

 

ACKNOWLEDGMENT

     The Grantors each hereby acknowledge that they have received a copy of the foregoing
Intercreditor Agreement and consent thereto, agree to recognize all rights granted thereby to the
ABL Agent, the other ABL Claimholders, the Collateral Trustee, and the other Fixed Asset
Claimholders; provided, however, that the foregoing shall not, without the consent of Company,
impair the rights of any Grantor under the ABL Loan Documents or the Fixed Asset Documents. The
Grantors and each of the Grantors’ undersigned Subsidiaries each fiarther acknowledge and agree
that they are not an intended beneficiary or third party beneficiary under the foregoing
Intercreditor Agreement, as amended, restated, supplemented or otherwise modified from time to
time.

[signatures on following pages]

 

Acknowledged as of the date first written above:

Company:

THERMADYNE HOLDINGS CORPORATION

	 	 	 	 	 
	By:  	/s/ Steven A. Schumm
 	 
	 	Name:  	Steven A. Schumm 	 
	 	Title:  	Chief Financial Officer 	 
	 

Notice Address:

16052 Swingley Ridge Road, Suite 300

Chesterfield, MO 63017

Attn: Chief Financial Officer

Facsimile: (636) 728-3010

[Signature Page to Intercreditor Agreement]

 

 

	 	 	 	 	 
	Company Subsidiaries:

RAZOR MERGER SUB INC. (to be merged with and into Thermadyne Holdings Corporation on
the Effective Date, with Thermadyne Holdings Corporation as the surviving corporation
in such merger)

 	 
	By:  	/s/ Doug Korn	 
	 	Name:  	Doug Korn 	 
	 	Title:  	President 	 
	 
	THERMADYNE INDUSTRIES, INC.

 	 
	By:  	/s/  Steven A. Schumm
 	 
	 	Name:  	Steven A. Schumm 	 
	 	Title:  	Chief Financial Officer 	 
	 
	VICTOR EQUIPMENT COMPANY

 	 
	By:  	/s/ Steven A. Schumm
 	 
	 	Name:  	Steven A. Schumm 	 
	 	Title:  	Chief Financial Officer 	 
	 
	THERMADYNE INTERNATIONAL CORP.

 	 
	By:  	/s/ Steven A. Schumm
 	 
	 	Name:  	Steven A. Schumm 	 
	 	Title:  	Chief Financial Officer 	 
	 
	THERMAL DYNAMICS CORPORATION

 	 
	By:  	/s/ Steven A. Schumm
 	 
	 	Name:  	Steven A. Schumm 	 
	 	Title:  	Chief Financial Officer 	 
	 
	STOODY COMPANY

 	 
	By:  	/s/ Steven A. Schumm
 	 
	 	Name:  	Steven A. Schumm 	 
	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 

[Signature Page to Intercreditor Agreement]

 

 

	 	 	 	 	 
	THERMADYNE TECHNOLOGIES HOLDINGS. INC. (formerly Known as Razor Holdco Inc.

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

	 	 	[Signature Page to Intercreditor Agreement]

 

 

	 	 	 	 	 	 	 	 

	Executed by THERMADYNE AUSTRALIA

	 	 	)	 	 	 	 
	PTY LTD ACN 071 843 028 in accordance

	 	 	)	 	 	 
	with section 127(1) of the Corporations Act

	 	 	)	 	 	 
	2001 (Cth):

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/ Graeme Williams

	 	 	 	 	 	/s/ Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Signature of director

	 	 	 	 	 	Signature of company secretary*
	 

	 	 	 	 	 	*delete whichever does not apply
	 
	 	 	 	 	 	 
	Graeme Williams

	 	 	 	 	 	Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Name (please print)

	 	 	 	 	 	Name (please print)
	 
	 	 	 	 	 	 
	Executed by CIGWELD PTY LTD ACN 007

	 	 	)	 	 	 
	226
815 in accordance with section 127(1) of the

	 	 	)	 	 	 
	Corporations Act 2001 (Cth):

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/ Graeme Williams

	 	 	 	 	 	/s/ Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Signature of director

	 	 	 	 	 	Signature of company secretary*
	 

	 	 	 	 	 	*delete whichever does not apply
	 
	 	 	 	 	 	 
	Graeme Williams

	 	 	 	 	 	Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Name (please print)

	 	 	 	 	 	Name (please print)
	 
	 	 	 	 	 	 
	Notice Address:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	c/o Thermadyne Holdings Corporation
	 	 	 	 	 	 
	16052 Swingley Ridge Road, Suite 300
	 	 	 	 	 	 
	Chesterfield, MO 63017
	 	 	 	 	 	 
	Attn: Chief Financial Officer
	 	 	 	 	 	 
	Facsimile: (636) 728-3010
	 	 	 	 	 	 

[Signature Page to Intercreditor Agreement]

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