Document:

exv10w3

Exhibit 10.3

SECOND AMENDMENT TO LEASE AGREEMENT

     This Second Amendment to the Lease Agreement is made and entered into by and between the
Bowling Green-Warren County Industrial Park Authority, Inc., a Kentucky corporation, (“Lessor”);
and Stoody Deloro Stellite, Inc., a Delaware corporation, (“Lessee”); and Thermadyne Industries,
Inc., a Delaware corporation, and Thermadyne Holdings Corporation, a Delaware corporation,
(collectively referred to as “Guarantor”);

     WHEREAS, these parties entered into a lease agreement, dated October, 1990, (“The Lease”) and
a First Amendment to Lease, (“The First Amended Lease”); and

     WHEREAS, the parties desire to enter into Second Amendment to Lease all under the terms and
provisions hereof;

     WHEREFORE, in consideration of the mutual covenants contained in this Second Amendment to
Lease and the mutual benefits derived by the parties and for value received, the legal sufficiency
of which is hereby acknowledged, it is agreed as follows:

     1. That the Lease by and between the parties hereto shall be and is hereby amended by changing
the third paragraph of Subsection (b) of Article VII to read as follows:

          At the end of each five (5) year period the Base Rent for the next five (5) year period
shall be adjusted (up or down) in accordance with the Consumer Price Index (the “CPI”)
changes from the first day of the prior five (5) year period to the first day of the current
period provided, however, there shall be no adjustment beyond the fourth five (5) year
period of the Initial Term.

 

 

          Provided, however, that for the first five (5) year renewal term, commencing on July
1, 1996, the Base Rent shall be increased as follows: For year one (1) of the first five (5)
year renewal term, the rent shall be increased by ten percent-(10%), to an amount equal to
seventy two thousand two hundred thirty nine dollars ($72,239.00) per year; for year two
(2) of the first five (5) year renewal term, the rent shall remain at seventy two thousand
two hundred thirty nine dollars ($72,239.00) per year; for year three (3) of the first five
(5) year renewal term, the rent shall be increased by twelve percent (12%), to an amount
equal to seventy three thousand five hundred fifty three dollars ($73,553.00); for year
four (4) of the first five (5) year renewal period, the rent shall remain at seventy three
thousand five hundred fifty three dollars ($73,553.00); for year five (5) of the first five
(5) year renewal term, the rent shall be increased by fifteen and two hundred ninety four
thousandths percent (15,294%) to an amount equal to seventy five thousand seven hundred
sixteen dollars ($75,716.00).

          This modified Base Rent adjustment scale shall govern only the first five (5) year
renewal period. At the end of the first five (5) year renewal period, the rent shall
thereafter be adjusted (up or down) in accordance with the Consumer Price Index adjustment
as set forth above.

          This modified Base Rent adjustment for the first renewal period is subject to the
condition precedent that Lessee shall occupy the premises throughout the entire five (5)
year term of the lease agreement. In the event that Lessee should cease manufacturing
operations in the building that is the subject of the Lease, notwithstanding that it shall
continue to be bound by the Lease and all amendments to such lease, the lease amount shall
be adjusted by the full amount of the CPI retroactive from July 1, 1996 which shall be
annual rent of seventy five thousand seven hundred sixteen dollars ($75,716.00). Upon
ceasing manufacturing operations, the Lessee shall pay as additional rent any and all rent
adjustments owing under this provision from July 1, 1996 through and including the then
current rent period and continuing thereafter according to the terms of lease including its
amendments.

          2. That the Lease by and between the parties hereto shall further and hereby be amended by
adding a new Article XXXII to the terms and provisions of the lease to read as follows:

ARTICLE XXXII

DISCLOSURE OF FINANCIAL STATEMENTS

     Lessee hereby covenants and agrees to provide and deliver true and exact

 

 

copies of its current balance sheets and income statements to the Lessor’s lenders, (as
shall be from time to time designated by the Lessor), on a semi-annual basis, based on a
calendar year, throughout the entire term of the Lease and all extensions and renewals
thereof.

     3. All remaining provisions of the Lease and the First Amended Lease by and between the
parties hereto, which are not in conflict herewith, shall remain in full force and effect.

     WITNESS the signatures hereon on the date first below written.

	 	 	 	 	 
	 	Stoody Deloro Stellite, Inc.

 	 
	 	By:  	/s/ Stephanie U. Josephson
 	 
	 	 	Vice President, General Counsel and Secretary 	 
	 	 	 	 
	 

STATE OF MISSOURI

COUNTY OF ST. LOUIS

     On
the 2nd day of December 1996, before me personally appeared
Vice President, General Counsel Stephanie N. Josephson, and Secretary of
Stoody Deloro Stellite, Inc. to me known to be the person who executed the foregoing instrument and
acknowledged that she executed the same to be the free act and deed of said corporation.

	 	 	 	 	 
	 	 	 
	 	/s/ LANEAR RHODES
 	 
	 	NOTARY PUBLIC 	 
	 	My Commission Expires:                      	 
	 

	 	 	 
	 	 	LANEAR RHODES 

Notary Public — Notary Seal

STATE OF MISSOURI

ST. CHARLES COUNTY 

MY COMMISSION EXP, MAY 28, 2000exv10w4

Exhibit 10.4

THIRD AMENDMENT TO LEASE AGREEMENT

     THIS THIRD AMENDMENT TO LEASE AGREEMENT, (the “Third Amendment”) made and entered on
this 20th day of October, 2001, by and between BOWLING GREEN AREA ECONOMIC DEVELOPMENT
AUTHORITY, INC., a Kentucky corporation, previously known as the Bowling Green-Warren County
Industrial Park Authority, Inc., (the “Lessor”), and STOODY COMPANY, INC., a Delaware corporation,
(the “Lessee”); and THERMADYNE INDUSTRIES, INC., a Delaware corporation, and THERMADYNE HOLDINGS
CORPORATION, a Delaware corporation, (collectively, herein, the “Guarantor”);

WITNESSETH:

     WHEREAS, the Lessor, Lessee, and Guarantor are parties to that certain Lease Agreement
dated October 10, 1990, (the “Original Lease Agreement”) and that certain First Amendment to Lease
Agreement dated June 19, 1991, (the “First Amendment”), and that certain Second Amendment to Lease
Agreement dated July 2, 1996, (the “Second Amendment”) (the Original Lease Agreement, First
Amendment, and Second Amendment, being collectively referred to herein as the “Lease”); and,

     WHEREAS, the Lessor, Lessee, and Guarantor desire to enter into this Second Amendment to
reflect their agreement as their agreements with respect to certain amendments to the Lease;

     NOW, THEREFORE, for and in consideration of the mutual promises, covenants, and conditions
contained in the Lease and in this Second Amendment, and the mutual benefits to be derived
therefrom, and intending to be legally bound, Lessor, Lessee, and Guarantor agree as follows:

     1. RENT. The Lease is hereby amended to provide that effective upon the rental payment
due under the Lease on July 1, 2001 (the “Effective Date”), and continuing for the entire
remaining term under the Lease, rent to be paid by Lessee to Lessor shall be calculated as follows:

          A. As of the payment due on the Effective Date, and continuing
for a five-year period consisting of sixty monthly rental payments hereunder, rent
shall be paid in the amount of Seventy Five Thousand Seven Hundred Sixteen
Dollars and no/100 ($75,716.00).

          B. On the first month following the last payment under the
preceding subparagraph (“A”) rent will be adjusted to reflect any increase or
decrease in Landlord’s Mortgage indebtedness payments to Firstar Bank, N.A. or
its successors or assigns. That is, rent shall be increased or decreased, dollar
for dollar, based upon any increase or decrease in said monthly mortgage
payments. Tenant shall be entitled to request and received from Landlord a

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written certification to Tenant from Firstar Bank or the successor in interest to the mortgage
indebtedness of the amount of the increase or decrease in monthly mortgage payments upon which
the rental adjustment shall be based.

     2. LIABILITY OF GUARANTOR. Guarantor shall remain liable on the
Lease, as amended by this Second Amendment, pursuant to its guaranty as
contained in the Lease; provided, however, that the amount of rent guaranteed
by Guarantor is amended as provided in Paragraph 1, above.

     3. NO FURTHER MODIFICATION. Except as specifically set out in
this Second Amendment, the Lease is subject to no further modification, and
remains in full force and effect according to the terms thereof.

     4. BINDING EFFECT. The Lease, and this Second Amendment, shall
be binding upon and inure to the benefit of the Lessor, Lessee, and Guarantor,
their successors, agents, assigns, grantees, affiliates, and agents.

     5. ENTIRE AGREEMENT. This Second Amendment is the entire
agreement between the Lessor, Lessee, and Guarantor, with respect to
amendments to the Lease as of this date, and the Lease and this Second
Amendment may not be further amended or modified except by a writing signed
by the Lessor, Lessee, and Guarantor.

     IN TESTIMONY WHEREOF, witness the signatures of the parties hereto on the date written
above.

	 	 	 	 	 	 	 	 	 

	LESSOR:	 	BOWLING GREEN AREA ECONOMIC DEVELOPMENT AUTHORITY, INC.
	 
	 	 	 	 	 	 	 	 
	 	 	BY:	 	/s/ Margaret P. Grisson	 	 
	 	 	 	 	 	 	 
	 

	 	NAME:
	 	 	 	MARGARET P. GRISSON
 

	 	 
	 

	 	TITLE:
	 	 	 	PRESIDENT & CEO
 

	 	 
	 

	 	 	 	 	 	12/27/01	 	 
	 
	 	 	 	 	 	 	 	 
	LESSEE:	 	STOODY COMPANY, INC
	 
	 	 	 	 	 	 	 	 
	 	 	BY:	 	/s/ James H. Tate	 	 
	 	 	 	 	 	 	 
	 

	 	NAME:

TITLE:
	 	 	 	JAMES H. TATE
 

SENIOR V.P. AND CFO
 

	 	  
	 

	 	 	 	 	 	DECEMBER 15, 2001	 	 
	 
	 	 	 	 	 	 	 	 
	GUARANTOR:	 	THERMADYNE INDUSTRIES, INC.
	 
	 	 	 	 	 	 	 	 
	 	 	BY:	 	/s/ James H. Tate	 	 
	 	 	 	 	 	 	 
	 

	 	NAME:

TITLE:
	 	 	 	JAMES H. TATE
 

SENIOR V.P. AND CFO
 

	 	  
	 

	 	 	 	 	 	DECEMBER 15, 2001	 	 

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	 	 	THERMADYNE HOLDINGS CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BY:	 	/s/ James H. Tate	 	 
	 	 	 	 	 	 	 
	 

	 	NAME:

TITLE:
	 	 	 	JAMES H. TATE
 

SENIOR V.P. AND CFO
 

	 	  
	 

	 	 	 	 	 	DECEMBER 15, 2001	 	 

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