Document:

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                                                                     EXHIBIT 4.3

                                                   REGISTRATION RIGHTS
                                       AGREEMENT (the "Agreement"), dated as of
                                       May 23, 2003 (the "Effective Date")
                                       among THERMADYNE HOLDINGS CORPORATION, a
                                       Delaware corporation (the "Corporation")
                                       and the STOCKHOLDERS (as herein defined).

                  The Stockholders own or have the right to purchase or
otherwise acquire shares of the Common Stock (as hereinafter defined) of the
Corporation. The Corporation and the Stockholders deem it to be in their
respective best interests to set forth their rights in connection with public
offerings and sales of the Common Stock.

                  NOW, THEREFORE, in consideration of the premises and mutual
covenants and obligations hereinafter set forth, the Corporation and the
Investors hereby agree as follows:

         SECTION 1.      Definitions.

                  As used in this Agreement, the following terms shall have the
following meanings:

                  "Affiliate" means, with respect to any Person, any (a)
equityholder holding 5% or more of the outstanding capital stock or other equity
interests of such Person, (b) director or officer of such person, (c) any
spouse, parent, sibling or descendant of such Person (or a spouse, parent,
sibling or descendant of a Person specified in clauses (a) or (b) above relating
to such Person) and (d) other Person that, directly or indirectly, through one
or more intermediaries, controls, or is controlled by, or is under common
control with, such Person. The term "control" includes, without limitation, the
possession, directly or indirectly, of the power to direct the management and
policies of a Person, whether through the ownership of voting securities, by
contract or otherwise.

                  "Board" means the Board of Directors of the Corporation.

                  "Commission" means the Securities and Exchange Commission or
any other agency at the time administering the Securities Act.

                  "Common Stock" means the common stock of the Corporation.

                  "Corporation" has the meaning set forth in the introductory
paragraph hereof.

                  "Effective Date" has the meaning set forth in introductory
paragraph hereof.

                  "Exchange Act" means the Securities Exchange Act of 1934 or
any successor statute, and the rules and regulations of the Commission
promulgated thereunder, all as the same shall be in effect from time to time.

                  "Information" has the meaning set forth in Section 7(i).

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                  "Initial Stockholder" means Angelo Gordon & Co., L.P., on
behalf of certain managed funds and accounts.

                  "Inspectors" has the meaning set forth in Section 7(i).

                  "IPO" shall mean the Corporation's initial underwritten
registration of shares of its Common Stock pursuant to a Registration Statement
filed under the Securities Act.

                  "Material Transaction" means any material transaction in which
the Corporation or any of its subsidiaries proposes to engage or is engaged,
including a purchase or sale of assets or securities, financing, merger, tender
offer or any other transaction that would require disclosure pursuant to the
Exchange Act, and with respect to which the Board reasonably has determined in
good faith that compliance with this Agreement may reasonably be expected to
either materially interfere with the Corporation's or such subsidiary's ability
to consummate such transaction in a timely fashion or require the Corporation to
disclose material, non-public information prior to such time as it would
otherwise be required to be disclosed.

                  "NASD" has the meaning set forth in Section 7(n).

                  "Other Shares" means at any time those shares of Common Stock
which do not constitute Primary Shares or Registrable Shares hereunder.

                  "Person" shall be construed in the broadest sense and means
and includes a natural person, a partnership, a corporation, an association, a
joint stock company, a limited liability company, a trust, a joint venture, an
unincorporated organization and any other entity and any federal, state,
municipal, foreign or other government, governmental department, commission,
board, bureau, agency or instrumentality, or any private or public court or
tribunal.

                  "Primary Shares" means at any time authorized but unissued
shares of Common Stock.

                  "Prospectus" means the prospectus included in a Registration
Statement, including any amendment or Prospectus subject to completion, and any
such prospectus as amended or supplemented by any prospectus supplement with
respect to the terms of the offering of any portion of the Registrable Shares
and, in each case, by all other amendments and supplements to such prospectus,
including post-effective amendments, and in each case including all material
incorporated by reference therein.

                  "Records" has the meaning set forth in Section 7(i).

                  "Registrable Shares" means the shares of Common Stock held by
the Stockholders (or its nominees or trustees, current or existing) which
constitute Restricted Shares.

                  "Registration Expenses" has the meaning set forth in Section
7(i).

                  "Registration Statement" means any registration statement of
the Corporation which covers an offering of any of the Registrable Shares, and
all amendments and supplements to any such Registration Statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference
therein.

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                  "Requesting Stockholders" has the meaning set forth in Section
2(a).

                  "Restricted Shares" means restricted shares of Common Stock
held by any Stockholder (or its nominees or trustees, current or existing)
issued in connection with the consummation of the First Amended and Restated
Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code filed
January 17,2003 in the United States Bankruptcy Court for the Eastern District
of Missouri of Thermadyne Holdings Corporation and certain of its domestic
subsidiaries, provided, however, that for purposes of this Agreement there shall
be deemed to be no Restricted Shares outstanding when all Restricted Shares are
eligible for sale under Rule 144(K) and no Stockholder owns Restricted Shares
equal to 5% or more of the then outstanding Common Stock. As to any particular
Restricted Shares, once issued, such Restricted Shares shall cease to be
Restricted Shares when (i) they have been registered under the Securities Act,
the Registration Statement in connection therewith has been declared effective
and they have been disposed of pursuant to such effective registration
statement, (ii) they have been distributed to the public pursuant to Rule 144,
or (iii) they shall have ceased to be outstanding.

                  "Rule 144" means Rule 144 promulgated under the Securities Act
or any successor rule thereto or any complementary rule thereto.

                  "Securities Act" means the Securities Act of 1933 or any
successor statute, and the rules and regulations of the Commission thereunder,
all as the same shall be in effect from time to time.

                  "Stockholders" means the holders of Restricted Shares (or its
nominees or trustees, current or existing), identified on Annex I hereto and
includes any successor to, or assignee or transferee of, any such Person which
agrees in writing to be treated as a Stockholder hereunder and to be bound by
the terms and comply with all applicable provisions hereof.

                  "Stockholders' Counsel" has the meaning set forth in Section
7(b).

                  "Suspension Period" has the meaning set forth in Section 8.

         SECTION 2.      Required Registration.

                  (a) At any time following 90 days after the Effective Date, if
(x) a Stockholder of, or (y) a group of Stockholders that holds in the
aggregate, at least 10% of the Registrable Shares then outstanding (the
"Requesting Stockholders") shall request that the Corporation effect the
registration of Registrable Shares under the Securities Act, the Corporation
shall promptly give written notice to the other Stockholders of its requirements
to so register such offering and, upon the written request, delivered to the
Corporation within 30 days after delivery of any such notice by the Corporation,
of the other Stockholders to include in such registration Registrable Shares
(which request shall specify the number of Registrable Shares proposed to be
included in such registration), the Corporation shall promptly use its
commercially reasonable best efforts to effect the registration under the
Securities Act of such Registrable Shares. Notwithstanding the foregoing, no
such request for registration on a Form S-1 will be effective hereunder unless
the Registrable Shares proposed to be sold by the Requesting Stockholders have a
market value of at least $5,000,000.

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                  (b) Notwithstanding anything contained in this Section 2 to
the contrary, the Corporation shall not be obligated to effect any registration
under the Securities Act except in accordance with the following provisions:

                           (i) The Corporation shall not be obligated to use its
         commercially reasonable best efforts to file and cause to become
         effective more than three Registration Statements which are initiated
         pursuant to Section 2(a) above on Form S-1 promulgated under the
         Securities Act (or any successor form thereto); provided, however if
         the Requesting Stockholders are unable to sell at least 90% of the
         Registrable Shares requested by such Requesting Stockholders to be
         included in any registration pursuant to Section 2(a) as a result of an
         underwriter's cutback pursuant to Section 2(b)(iii), then such
         registration shall not count as a requested registration for purposes
         of this Section 2(b)(i).

                           (ii) The Corporation may delay the filing or
         effectiveness of any registration statement for a period of up to 30
         days after the date of a request for registration pursuant to Section
         2(a) if at the time of such request: (x) the Board has decided to
         effect a registered underwritten public offering of Primary Shares in
         which the holders of Registrable Shares have been or will be permitted
         to include all the Registrable Shares so requested to be registered
         pursuant to Section 3 and the Corporation has taken substantial steps
         (including, but not limited to, selecting a managing underwriter for
         such offering) and is proceeding with reasonable diligence to effect
         such offering, or (y) the Board reasonably determines that such
         registration and offering would interfere with any Material
         Transaction; provided, however, that the Corporation shall only be
         entitled to invoke its rights under this Section 2(b)(ii) one time in
         any 12 month period.

                           (iii) With respect to any registration pursuant to
         Section 2(a), the Corporation shall give notice of such registration to
         the Stockholders that do not request registration hereunder and the
         Corporation shall include in such registration any Primary Shares or
         Other Shares so requested; provided, however, that if the managing
         underwriter advises the Corporation that the inclusion of all
         Registrable Shares, Primary Shares and/or Other Shares proposed to be
         included in such registration would interfere with the successful
         marketing (including pricing) of the Registrable Shares proposed to be
         included in such registration, then the number of Registrable Shares,
         Primary Shares and/or Other Shares proposed to be included in such
         registration shall be included in the following order:

                                    (A) first, the Registrable Shares (or, if
                  necessary, such Registrable Shares pro rata among the holders
                  thereof based upon the number of Registrable Shares requested
                  to be registered by each such holder);

                                    (B) second, the Primary Shares; and

                                    (C) third, the Other Shares

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                           (iv) At any time before the Registration Statement
         covering such Registrable Shares becomes effective, Stockholders
         holding a majority of such Registrable Shares may request that the
         Corporation withdraw or not file the Registration Statement. In that
         event, unless such request was caused by, or made in response to, (a) a
         material adverse effect or a similar event related to the business,
         properties, condition, or operations of the Corporation not known
         (without imputing the knowledge of any other Person to such holders) by
         the Stockholders initiating such request at the time their request was
         made, or other material facts not known to such Stockholders at the
         time their request was made, or (b) a material adverse change in the
         financial markets, the holders shall be deemed to have request a
         registration under Section 2(a), for purposes of Section 2(b)(i);
         provided, however, that such withdrawn registration shall not count as
         requested Registration Statement pursuant to Section 2(a) for purposes
         of Section 2(b)(i) above if the Corporation shall have been reimbursed
         (pro rata by the Requesting Stockholders holding a majority of the
         Registrable Shares requested to be registered or in such other
         proportion as the Requesting Stockholders or the other Stockholders may
         agree) for all out-of-pocket expenses incurred by the Corporation in
         connection with such withdrawn registration.

                           (v) A registration shall not count as a requested
         registration pursuant to Section 2(a) for purposes of Section 2(b)(i)
         until it has become effective. If, after it has become effective, (a)
         such Registration Statement has not been kept continuously effective
         for a period of at least 60 days (or such shorter period which will
         terminate when all the Registrable Shares covered by such Registration
         Statement have been sold pursuant thereto), (b) such registration
         requested pursuant to Section 2(a) becomes subject to any stop order,
         injunction or other order or requirement of the Commission or other
         governmental agency or court for any reason, or (c) the conditions to
         closing specified in the underwriting agreement entered into in
         connection with such registration are not satisfied or waived, other
         than by reason of some act or omission by the Requesting Stockholders,
         such registration shall not count as a requested registration pursuant
         to Section 2(a) for purposes of Section 2(b)(i).

         SECTION 3.      Piggyback Registration.

                  (a) If the Corporation at any time proposes for any reason to
register Primary Shares under the Securities Act (other than on (i) Form S-4 or
Form S-8 promulgated under the Securities Act (or any successor forms thereto),
(ii) pursuant to Section 2, or (iii) pursuant to the acquisition of or
combination with another Person), it shall give written notice to the
Stockholders of its intention to so register such Primary Shares at least 30
days before the initial filing of the registration statement related thereto
and, upon the request, delivered to the Corporation within 20 days after
delivery of any such notice by the Corporation, of the Stockholders to include
in such registration Registrable Shares (which request shall specify the number
of Registrable Shares proposed to be included in such registration), the
Corporation shall use its commercially reasonable best efforts to cause all such
Registrable Shares to be included in such registration on the same terms and
conditions as the Primary Shares being sold in such registration; provided,
however, that the Corporation may at any time withdraw or cease proceeding with
any such registration if it shall at the same time withdraw or cease proceeding
with the registration of all other equity securities to be registered; provided,
further, that if the

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managing underwriter advises the Corporation that the inclusion of all
Registrable Shares requested to be included in such registration would interfere
with the successful marketing (including pricing) of the Primary Shares proposed
to be registered by the Corporation, then the number of Primary Shares,
Registrable Shares and Other Shares proposed to be included in such registration
shall be included in the following order:

                            (i) first, the Primary Shares;

                            (ii) second, the Registrable Shares (or, if
         necessary, such Registrable Shares pro rata among the Stockholders
         based upon the number of Registrable Shares requested to be registered
         by each such holder); and

                            (iii) third, the Other Shares.

                  (b) If the Corporation at any time proposes for any reason to
register Other Shares under the Securities Act (other than on (i) Form S-4 or
Form S-8 promulgated under the Securities Act (or any successor forms thereto),
(ii) pursuant to Section 2 or (iii) pursuant to the acquisition of or
combination with another Person), it shall give written notice to the
Stockholders of its intention to so register such Other Shares at least 30 days
before the initial filing of the registration statement related thereto and,
upon the request, delivered to the Corporation within 20 days after delivery of
any such notice by the Corporation, of the Stockholders to include in such
registration Registrable Shares (which request shall specify the number of
Registrable Shares proposed to be included in such registration), the
Corporation shall use its commercially reasonable best efforts to cause all such
Registrable Shares to be included in such registration on the same terms and
conditions as the Other Shares being sold in such registration; provided,
however, that the Corporation may at any time withdraw or cease proceeding with
any such registration if it shall at the same time withdraw or cease proceeding
with the registration of all other equity securities to be registered; provided,
further, that if the managing underwriter advises the Corporation that the
inclusion of all Registrable Shares requested to be included in such
registration would interfere with the successful marketing (including pricing)
of the Other Shares proposed to be registered by the Corporation, then the
number of Primary Shares, Registrable Shares and Other Shares proposed to be
included in such registration shall be included in the following order:

                            (i) first, the Other Shares;

                            (ii) second, the Registrable Shares (or, if
         necessary, such Registrable Shares pro rata among the Stockholders
         based upon the number of Registrable Shares requested to be registered
         by each such holder); and

                            (iii) third, the Primary Shares.

                   (c) The number of requests permitted by the Stockholders
pursuant to this Section 3 shall be unlimited.

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         SECTION 4.       S-3 Registration.

                  Anything contained in Section 2 to the contrary
notwithstanding, at such time as the Corporation shall have qualified for the
use of Form S-3 promulgated under the Securities Act or any successor form
thereto, the Stockholders shall have the right to request an unlimited number of
registrations of Registrable Shares on Form S-3 or its successor form, provided,
that the Corporation shall not be obligated to initiate more than two such
registrations in any six month period. A requested registration on Form S-3 (or
its successor form) in compliance with this Section 4 shall not count as a
registration statement initiated pursuant to Section 2(a) for purposes of
Section 2(b)(i) but shall otherwise be subject to the provisions of to Section
2(b)(ii), (iii) and Section 5.

         SECTION 5.       Underwritten Offerings.

                  The Initial Stockholder, in its sole discretion, may request
that the offering of Registrable Shares to be included in a registration
pursuant to Section 2(a) or Section 4 be in the form of a fully underwritten
offering. Notwithstanding anything to the contrary contained herein, the
Corporation shall not be obligated to cause the offering of Registrable Shares
to be offered in the form of a fully underwritten offering on more than three
Registration Statements. The holders of Registrable Shares requesting such
registration shall select one or more nationally recognized firms of investment
bankers to act as the lead managing underwriter or underwriters in connection
with such offering.

         SECTION 6.       Holdback Agreements.

                  (a) If the Corporation at any time pursuant to Section 2 of
this Agreement shall register under the Securities Act an offering and sale of
Registrable Shares held by Stockholders for sale to the public pursuant to an
underwritten offering, the Corporation shall not, without the prior written
consent of the lead underwriters for such offering, effect any public sale or
distribution of securities similar to those being registered, or any securities
convertible into or exercisable or exchangeable for such securities, for such
period as shall be determined by the managing underwriters, which period shall
not begin more than 14 days prior to the effectiveness of the Registration
Statement pursuant to which such public offering shall be made and shall not
last more than 90 days after the closing of sale of shares pursuant to such
Registration Statement (except as part of such underwritten registration or
pursuant to registrations on Form S-4, Form S-8 or any successor form).

                  (b) To the extent not inconsistent with applicable law, each
Stockholder whose Registrable Shares are included in a Registration Statement
pursuant to this Agreement agrees not to effect any public sale or distribution
of such Registrable Shares or similar securities of the Corporation, including a
sale pursuant to Rule 144 under the Securities Act, during the 14 days prior to,
and during the 90-day period beginning on the commencement of an underwritten
public distribution under such Registration Statement pursuant to this Agreement
(except as part of such underwritten public distribution), if and to the extent
requested by the managing underwriter or underwriters.

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         SECTION 7.       Preparation and Filing.

                  If and whenever the Corporation is under an obligation
pursuant to the provisions of this Agreement to effect the registration of any
Registrable Shares, the Corporation shall, as expeditiously as practicable:

                  (a) use its commercially reasonable best efforts to cause a
registration statement that registers such Registrable Shares to become and
remain effective for the lesser of (x) such period as may be reasonably
necessary to effect the sale of all the Registrable Shares registered under such
registration statement, or (y) 180 days;

                  (b) furnish, at least five business days before filing a
Registration Statement that registers such Registrable Shares, a Prospectus
relating thereto or any amendments or supplements relating to such a
Registration Statement or Prospectus, to one counsel selected by the holders of
Registrable Shares requesting such registration (the "Stockholders' Counsel"),
copies of all such documents proposed to be filed (it being understood that such
five-business-day period need not apply to successive drafts of the same
document proposed to be filed so long as such successive drafts are supplied to
the Stockholders' Counsel in advance of the proposed filing by a period of time
that is customary and reasonable under the circumstances);

                  (c) prepare and file with the Commission such amendments and
supplements to such Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective
until all of such Registrable Shares have been disposed of and to comply with
the provisions of the Securities Act with respect to the sale or other
disposition of Registrable Shares. If any such Registration Statement refers to
any Stockholder by name or otherwise as the holder of any securities of the
Corporation, then such Stockholder shall have the right to require (i) the
insertion therein of language, in form and substance satisfactory to such
Stockholder, to the effect that the holding by such Stockholder of such
securities is not to be construed as a recommendation by such Stockholder of the
investment quality of the Corporation's securities covered thereby and that such
holding does not imply that such Stockholder will assist in meeting any future
financial requirements of the Corporation, or (ii) in the event that such
reference to such Stockholder by name or otherwise is not required by the
Securities Act or any similar federal statute then in force, the deletion of the
reference to such Stockholder;

                  (d) notify in writing the Stockholders' Counsel (i) of the
receipt by the Corporation of any notification with respect to any comments by
the Commission with respect to such Registration Statement or Prospectus or any
amendment or supplement thereto or any request by the Commission for the
amending or supplementing thereof or for additional information with respect
thereto, (ii) of the receipt by the Corporation of any notification with respect
to the issuance by the Commission of any stop order suspending the effectiveness
of such Registration Statement or Prospectus or any amendment or supplement
thereto or the initiation or threatening of any proceeding for that purpose, and
(iii) of the receipt by the Corporation of any notification with respect to the
suspension of the qualification of such Registrable Shares for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purposes;

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                  (e) use its commercially reasonable best efforts to register
or qualify such Registrable Shares under such other securities or blue sky laws
of such jurisdictions as the Stockholders reasonably request and do any and all
other acts and things which may be reasonably necessary or advisable to enable
the Stockholders to consummate the disposition in such jurisdictions of the
Registrable Shares owned by the Stockholders; provided, however, that the
Corporation will not be required to qualify generally to do business, subject
itself to general taxation or consent to general service of process in any
jurisdiction where it would not otherwise be required to do so but for this
paragraph (e);

                  (f) furnish to the Stockholders such number of copies of a
summary Prospectus, if any, or other Prospectus, including a preliminary
Prospectus, in conformity with the requirements of the Securities Act, and such
other documents as such Stockholders may reasonably request in order to
facilitate the public sale or other disposition of such Registrable Shares;

                  (g) without limiting paragraph (e) above, use its commercially
reasonable best efforts to cause such Registrable Shares to be registered with
or approved by such other governmental agencies or authorities as may be
necessary by virtue of the business and operations of the Corporation to enable
the Stockholders holding such Registrable Shares to consummate the disposition
of such Registrable Shares;

                  (h) notify the Stockholders holding such Registrable Shares on
a timely basis at any time when a Prospectus relating to such Registrable Shares
or any document related thereto includes an untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then
existing and, at the request of the Stockholders prepare and furnish to such
Stockholders a reasonable number of copies of a supplement to or an amendment of
such Prospectus as may be necessary so that, as thereafter delivered to the
offerees of such shares, such Prospectus shall not include an untrue statement
of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of
the circumstances then existing;

                  (i) make available upon reasonable notice and during normal
business hours, for inspection by the Stockholders holding such Registrable
Shares, any underwriter participating in any disposition pursuant to such
Registration Statement and any attorney, accountant or other agent retained by
the Stockholders or underwriter (collectively, the "Inspectors"), all pertinent
financial and other records, pertinent documents and properties of the
Corporation (collectively, the "Records"), as shall be reasonably necessary to
enable them to exercise their due diligence responsibility, and cause the
Corporation's officers, directors and employees to supply all information
(together with the Records, the "Information") reasonably requested by any such
Inspector in connection with such Registration Statement. Any of the Information
which the Corporation determines in good faith to be confidential, and of which
determination the Inspectors are so notified, shall not be disclosed by the
Inspectors unless (i) the disclosure of such Information is necessary to avoid
or correct a material misstatement or omission in the Registration Statement,
(ii) the release of such Information is ordered pursuant to a subpoena or other
order from a court or governmental agency or authority of competent
jurisdiction, (iii) such Information has been made generally available to the
public through no breach of the

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nondisclosure obligations of the Inspectors or their Affiliates or (iv) such
disclosure is required to be made under applicable law. Each Stockholder further
agrees that it will, upon learning that disclosure of such Information is sought
in a court of competent jurisdiction, give notice to the Corporation, and allow
the Corporation, at the Corporation's expense, to undertake appropriate action
to prevent disclosure of the Information deemed confidential. Each Stockholder
further agrees that Information obtained by it as a result of such inspections
which is deemed confidential by the Corporation shall not be used by it, and it
shall use its commercially reasonable best efforts to cause any Inspector not to
use such confidential Information as the basis for any market transactions in
securities of the Corporation or for any purpose other than any due diligence
review with respect to decisions regarding such Stockholder's investment in the
Registrable Shares, unless and until such Information is made generally
available to the public;

                  (j) in the event the sale is pursuant to an underwritten
offering, use its commercially reasonable best efforts to obtain from its
independent certified public accountants "cold comfort" letters in customary
form and at customary times and covering matters of the type customarily covered
by cold comfort letters;

                  (k) in the event the sale is pursuant to an underwritten
offering, use its commercially reasonable best efforts to obtain from its
counsel an opinion or opinions in customary form;

                  (l) provide a transfer agent and registrar (which may be the
same entity and which may be the Corporation) for such Registrable Shares;

                  (m) promptly issue to any underwriter to which the
Stockholders holding such Registrable Shares may sell shares in such offering
certificates evidencing such Registrable Shares;

                  (n) list such Registrable Shares on any national securities
exchange on which any shares of the Common Stock are listed or, if the Common
Stock is not listed on a national securities exchange, use its commercially
reasonable best efforts to qualify such Registrable Shares for inclusion on the
automated quotation system of the National Association of Securities Dealers,
Inc. (the "NASD"), or such other national securities exchange as Stockholders
holding a majority of such Registrable Shares shall reasonably request;

                  (o) otherwise use its commercially reasonable best efforts to
comply with all applicable rules and regulations of the Commission and make
available to its securityholders, as soon as reasonably practicable, earnings
statements covering a period of 12 months beginning within three months after
the effective date of the subject Registration Statement (which earnings
statements shall satisfy the provisions of Section 11(a) of the Securities Act);

                  (p) otherwise use its commercially reasonable best efforts to
take all other steps necessary to effect the registration of such Registrable
Shares contemplated hereby; and

                  (q) in the event the sale is pursuant to an underwritten
offering, cause senior representatives of the Corporation to participate in any
"road show" or "road shows" reasonably requested by any underwriter of a "best
efforts" offering of Registrable Shares.

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                  The Corporation may require each Stockholder holding
Registrable Shares as to which any registration is being effected to furnish to
the Corporation such information regarding the distribution of such Registrable
Shares as the Corporation may from time to time reasonably request in writing
and such other information as may be legally required in connection with such
registration.

                  Each Stockholder, upon receipt of any notice from the
Corporation of any event of the kind described in Section 7(h) hereof, shall
forthwith discontinue disposition of the Registrable Shares pursuant to the
Registration Statement covering such Registrable Shares until such Stockholder's
receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 7(h) hereof, and, if so directed by the Corporation, such Stockholder
shall deliver to the Corporation all copies, other than permanent file copies
then in such Stockholder's possession, of the Prospectus covering such
Registrable Shares at the time of receipt of such notice.

         SECTION 8.       Suspension.

                  Anything contained in this Agreement to the contrary
notwithstanding, the Corporation may, by notice in writing to each Stockholder
to which a Prospectus relates, require such Stockholder to suspend, for up to 90
days (the "Suspension Period"), the use of any Prospectus included in a
Registration Statement filed under Section 2, Section 3, Section 4 hereof if a
Material Transaction exists that would require an amendment to such Registration
Statement or supplement to such Prospectus (including any such amendment or
supplement made through incorporation by reference to a report filed under
Section 13 of the Exchange Act). The period during which such Prospectus must
remain effective shall be extended by a period equal to the Suspension Period.
The Corporation may (but shall not be obligated to) withdraw the effectiveness
of any Registration Statement subject to this provision.

         SECTION 9.       Expenses.

                  All expenses incident to the Corporation's performance of or
compliance with this Agreement, including, without limitation, all Securities
Act registration and filing fees, fees and expenses associated with filings
required to be made with the NASD, fees and expenses of compliance with
securities or "blue sky" laws (including reasonable fees and disbursements of
counsel in connection with "blue sky" qualifications of the Registrable Shares),
printing expenses (excluding printing expenses incurred in connection with the
third and any subsequent underwritten public offering effected pursuant to a
Registration Statement initiated pursuant to Section 2(a) or Section 4),
messenger and delivery expenses, fees and expenses of counsel for the
Corporation and its independent certified public accountants (including the
expenses of any special audit or "cold comfort" letters required by or incident
to such performance), securities acts liability insurance (if the Corporation
elects to obtain such insurance), the fees and expenses of any special experts
retained by the Corporation in connection with such registration, and fees and
expenses of other persons retained by the Corporation (all such expenses being
herein called "Registration Expenses") will be borne by the Corporation whether
or not any registration statement becomes effective; provided that in no event
shall Registration Expenses include any (i) underwriting discounts, commissions,
or fees attributable to the sale of the Registrable Securities, or (ii) fees and
expenses of any counsel, accountants, or other persons retained or employed by
the Stockholders.

<PAGE>
         SECTION 10.      Indemnification.

                  (a) In connection with any registration of any Registrable
Shares under the Securities Act pursuant to this Agreement, the Corporation
shall indemnify and hold harmless the holders of Registrable Shares, each of
such holder's officers, directors, employees, members, partners, and advisors
and their respective Affiliates, each underwriter, broker or any other person
acting on behalf of the holders of Registrable Shares and each other Person, if
any, who controls any of the foregoing Persons within the meaning of the
Securities Act against any losses, claims, damages, liabilities, or actions
joint or several (or actions in respect thereof), to which any of the foregoing
persons may become subject under the Securities Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or allegedly untrue statement
of a material fact contained in the Registration Statement under which such
Registrable Shares were registered under the Securities Act, any preliminary
Prospectus or final Prospectus contained therein or otherwise filed with the
Commission, any amendment or supplement thereto or any document incident to
registration or qualification of any Registrable Shares, or arise out of or are
based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading or, with respect to any Prospectus, necessary to make the statements
therein in light of the circumstances under which they were made not misleading,
or any violation by the Corporation of the Securities Act or state securities or
blue sky laws applicable to the Corporation or relating to action or inaction
required of the Corporation in connection with such registration or
qualification under such state securities or blue sky laws; and shall reimburse
such Persons for any legal or other expenses reasonably incurred by any of them
in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Corporation shall not be liable
in any such case to the extent that any such loss, claim, damage, liability or
action (including any legal or other expenses incurred) arises out of or is
based upon an untrue statement or allegedly untrue statement or omission or
alleged omission made in said Registration Statement, preliminary Prospectus,
final Prospectus, amendment, supplement or document incident to registration or
qualification of any Registrable Shares in reliance upon and in conformity with
written information furnished to the Corporation by the holders of Registrable
Shares specifically for use in the preparation thereof; provided, further, that
the foregoing indemnity agreement is subject to the condition that, insofar as
it relates to any untrue statement, allegedly untrue statement, omission or
alleged omission made in any preliminary Prospectus but eliminated or remedied
in the final Prospectus (filed pursuant to Rule 424 of the Securities Act), such
indemnity agreement shall not inure to the benefit of any of such Persons if a
copy of such final Prospectus had been made available to such Persons and such
final Prospectus was not delivered to the purchaser of the Registrable Shares
with or prior to the written confirmation of the sale of such Registrable
Shares.

                  (b) In connection with any registration of Registrable Shares
under the Securities Act pursuant to this Agreement, each Stockholder shall
severally (based on the percentage of all Registrable, Primary and Other Shares
included in such registration that were owned by such holder) and not jointly
and severally indemnify and hold harmless (in the same

<PAGE>
manner and to the same extent as set forth in Section 10(a)) the Corporation,
each director of the Corporation, each officer of the Corporation who shall sign
such registration statement, each underwriter, broker or other Person acting on
behalf of the holders of Registrable Shares and each Person who controls any of
the foregoing Persons within the meaning of the Securities Act with respect to
any statement or omission from such registration statement, any preliminary
Prospectus or final Prospectus contained therein or otherwise filed with the
Commission, any amendment or supplement thereto or any document incident to
registration or qualification of any Registrable Shares, if such statement or
omission was made in reliance upon and in conformity with written information
furnished to the Corporation or such underwriter by such Stockholder
specifically for use in connection with the preparation of such registration
statement, preliminary Prospectus, final Prospectus, amendment, supplement or
document; provided, however, that the maximum amount of liability in respect of
such indemnification shall be limited, in the case of each Stockholder, to an
amount equal to the net proceeds actually received by such holder from the sale
of Registrable Shares effected pursuant to such registration.

                  (c) Promptly after receipt by an indemnified party of notice
of the commencement of any action involving a claim referred to in this Section
10, such indemnified party will, if a claim in respect thereof is made against
an indemnifying party, give written notice to the latter of the commencement of
such action. The failure of any indemnified party to notify an indemnifying
party of any such action shall not (unless such failure shall have a material
adverse effect on the indemnifying party) relieve the indemnifying party from
any liability in respect of such action that it may have to such indemnified
party hereunder. In case any such action is brought against an indemnified
party, the indemnifying party will be entitled to participate in and to assume
the defense thereof, jointly with any other indemnifying party similarly
notified to the extent that it may wish, with counsel reasonably satisfactory to
such indemnified party, and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, the
indemnifying party shall not be responsible for any legal or other expenses
subsequently incurred by the indemnified party in connection with the defense
thereof; provided, however, that if any indemnified party shall have reasonably
concluded that there may be one or more legal or equitable defenses available to
such indemnified party which are additional to or conflict with those available
to the indemnifying party, or that such claim or litigation involves or could
have an effect upon matters beyond the scope of the indemnity agreement provided
hereunder, the indemnifying party shall not have the right to assume the defense
of such action on behalf of such indemnified party (but shall have the right to
participate therein with counsel of its choice) and such indemnifying party
shall reimburse such indemnified party and any Person controlling such
indemnified party for that portion of the reasonable fees and expenses of any
counsel retained by the indemnified party which is reasonably related to the
matters covered by the indemnity agreement provided hereunder. If the
indemnifying party is not entitled to, or elects not to, assume the defense of a
claim, it will not be obligated to pay the fees and expenses of more than one
counsel with respect to such claim.

                  (d) If the indemnification provided for hereunder is held by a
court of competent jurisdiction to be unavailable to an indemnified party with
respect to any loss, claim, damage, liability or action referred to herein, then
the indemnifying party, in lieu of indemnifying such indemnified party
hereunder, shall contribute to the amounts paid or payable by such indemnified
party as a result of such loss, claim, damage, liability or action in such

<PAGE>
proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection
with the statements or omissions which resulted in such loss, claim, damage,
liability or action as well as any other relevant equitable considerations,
provided, however, that the maximum amount of liability in respect of such
indemnification shall be limited, in the case of each stockholder, to an amount
equal to the net proceeds actually received by such Stockholder from the sale of
Registrable Shares effected pursuant to such registration. The relative fault of
the indemnifying party and of the indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the indemnifying party or by the indemnified
party and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The parties agree
that it would not be just and equitable if contribution pursuant hereto were
determined by pro rata allocation or by any other method or allocation which
does not take account of the equitable considerations referred to herein. No
person guilty or liable of fraudulent misrepresentation shall be entitled to
contribution from any person.

                  (e) In the defense of any claim or litigation pursuant to this
Section 10, the indemnifying party shall not, without the prior written consent
of the indemnified party, consent to entry of any judgment or enter into any
settlement which imposes restrictions or non-monetary obligations on the
indemnified party, nor shall the indemnifying party, without the prior written
consent of the indemnified party, consent to entry of any judgment or enter into
any settlement unless such judgment or settlement includes an unconditional
release of each indemnified party from any liabilities arising out of such
claim, action or proceeding.

                  (f) The indemnification provided for under this Agreement will
remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling person
of such indemnified party and will survive the transfer of Registrable Shares.

         SECTION 11.      Underwriting Agreement.

                  (a) Notwithstanding the provisions of Section 6, Section 7,
Section 8 and Section 9, to the extent that the Stockholders selling Registrable
Shares in a proposed registration shall enter into an underwriting or similar
agreement, which agreement contains provisions covering one or more issues
addressed in such Sections of this Agreement, the provisions contained in such
Sections of this Agreement addressing such issue or issues shall be of no force
or effect with respect to such registration, but this provision shall not apply
to the Corporation if the Corporation is not a party to the underwriting or
similar agreement.

                  (b) If any registration pursuant to Section 2 or Section 4 is
requested to be an underwritten offering, the Corporation shall negotiate in
good faith to enter into a reasonable and customary underwriting agreement with
the underwriters thereof. The Corporation shall be entitled to receive
indemnities from lead institutions, underwriters, selling brokers, dealer
managers and similar securities industry professionals participating in the
distribution, to the same extent as provided above with respect to information
so furnished in writing by such Persons specifically for inclusion in any
Prospectus or Registration Statement and to the extent

<PAGE>
customary given their role in such distribution. No Stockholder shall be
required to make any representations or warranties to, or agreements with, the
Corporation, other than representations, warranties or agreements regarding the
identity of such Stockholder or such Stockholder's Registrable Shares, such
Stockholder's intended method of distribution or any other representations,
warranties or agreements required by applicable law or any other representations
and warranties relating specifically to the information provided by such
Stockholder.

                  (c) No Stockholder may participate in any registration
hereunder that is underwritten unless such Stockholder agrees to (i) sell such
Stockholder's Registrable Shares proposed to be included therein on the basis
provided in any underwriting arrangements acceptable to the Corporation and the
Initial Stockholder and (ii) as expeditiously as possible, notify the
Corporation of the occurrence of any event concerning such Stockholder as a
result of which the Prospectus relating to such registration contains an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.

         SECTION 12.      Information by Stockholder.

                  The Stockholders shall furnish to the Corporation such written
information regarding the Stockholders and the distribution proposed by any
Stockholders as the Corporation may reasonably request in writing and as shall
be reasonably required in connection with any registration referred to in this
Agreement.

         SECTION 13.      Exchange Act Compliance.

                  From the hereof, the Corporation shall comply with all of the
reporting requirements of the Exchange Act applicable to it and shall comply
with all other public information reporting requirements of the Commission which
are conditions to the availability of Rule 144. The Corporation shall cooperate
with the Stockholders in supplying such information as may be necessary for the
Stockholders to complete and file any information reporting forms presently or
hereafter required by the Commission as a condition to the availability of Rule
144.

         SECTION 14.      No Conflict of Rights; Future Rights.

                  The Corporation shall not, after the date hereof, grant any
registration rights which conflict with or impair the rights granted to the
Stockholders hereby. If at any time following the date hereof, the Corporation
shall grant to any present or future stockholder of the Corporation rights to
in any manner cause or participate in any registration statement of the
Corporation that, in the judgment of the Stockholders, are superior to or
conflict with the rights granted to the Stockholders hereby, such grant shall be
null, void and ultra vires.

         SECTION 15.      Benefits of Agreement; Third Party Beneficiaries.

                  Except as provided herein, this Agreement shall bind and inure
to the benefit of the Corporation, the Stockholders and subject to Section 16,
the respective successors and assigns of the Corporation and the Stockholders.

<PAGE>
                  Each Stockholder may assign its rights hereunder to any
purchaser or transferee of at least 100,000 Registrable Shares (as adjusted in
the case of stock splits, reverse stock splits, stock dividends,
recapitalizations and like transactions); provided, however, that such purchaser
or transferee shall, as a condition to the effectiveness of such assignment, be
required to execute a counterpart to this Agreement agreeing to be treated as a
Stockholder whereupon such purchaser or transferee shall have the benefits of,
and shall be subject to the restrictions contained in, this Agreement as if such
purchaser or transferee was originally included in the definition of a
Stockholder herein and had originally been a party hereto. The Corporation may
not assign any rights hereunder without the consent of the Stockholders.

         SECTION 16.      Mergers, Etc.

                  The Corporation shall not, directly or indirectly, enter into
any merger, consolidation or reorganization in which the Corporation shall not
be the surviving corporation unless the surviving corporation shall, prior to
such merger, consolidation or reorganization, agree in writing to assume the
obligations of the Corporation under this Agreement, and for that purpose
references hereunder to "Registrable Shares" shall be deemed to include the
shares of common stock, if any, which the Stockholders would be entitled to
receive in exchange for Common Stock under any such merger, consolidation or
reorganization, provided that, to the extent the Stockholders receive securities
that are by their terms convertible into shares of common stock of the issuer
thereof, then any such shares of common stock as are issued or issuable upon
conversion of said convertible securities shall be included within the
definition of "Registrable Shares."

         SECTION 17.      Entire Agreement.

                  This Agreement, and the other writings referred to herein or
delivered pursuant hereto, contain the entire agreement among the parties hereto
with respect to the subject matter hereof and supersede all prior and
contemporaneous arrangements or understandings with respect thereto.

         SECTION 18.      Notices.

                  All notices, requests, consents and other communications
hereunder to any party shall be deemed to be sufficient if contained in a
written instrument delivered in person or sent by telecopy,
nationally-recognized overnight courier or first class registered or certified
mail, return receipt requested, postage prepaid, addressed to such party at the
address set forth below or such other address as may hereafter be designated in
writing by such party to the other parties:

                         (i)       if to the Corporation, to:

                                   Thermadyne Holdings Corporation
                                   16052 Swingley Ridge Rd., Suite 300
                                   Chesterfield, MO 63017
                                   Telephone:   636-728-3000
                                   Facsimile:   636-728-3010 (Tate)
                                                636-728-3011 (Williams)

<PAGE>
                                   Attention:        Mr. James Tate
                                                     Ms. Patti Williams

                   with a copy to:

                                   Weil, Gotshal & Manges LLP
                                   100 Crescent Court, Suite 1300
                                   Dallas, Texas 75201-6950
                                   Telephone:   (214) 746-7700
                                   Facsimile:   (214) 746-7777
                                   Attention:   R. Scott Cohen, Esq.

                        (ii) if to the Stockholders, to their respective
         addresses set forth on Annex I hereto.

                  All such notices, requests, consents and other communications
shall be deemed to have been delivered (a) in the case of personal delivery or
delivery by telecopy, on the date of such delivery, (b) in the case of dispatch
by nationally-recognized overnight courier, on the next business day following
such dispatch and (c) in the case of mailing, on the third business day after
the posting thereof.

         SECTION 19.      Modifications; Amendments; Waivers.

                  The terms and provisions of this Agreement may not be modified
or amended except pursuant to a writing signed by the Corporation and
Stockholders holding at least a majority of all Registrable Shares then
outstanding. Any waiver of any provision of this Agreement requested by any
party hereto must be granted in advance, in writing by the party granting such
waiver; provided, however, that the Stockholders holding a majority of all then
outstanding Registrable Shares may grant a waiver on behalf of all Stockholders.

         SECTION 20.      Counterparts; Facsimile Signatures.

                  This Agreement may be executed in any number of original or
facsimile counterparts, and each such counterpart hereof shall be deemed to be
an original instrument, but all such counterparts together shall constitute but
one agreement.

         SECTION 21.      Headings.

                  The headings of the various sections of this Agreement have
been inserted for convenience of reference only and shall not be deemed to be a
part of this Agreement.

         SECTION 22.      Governing Law; Consent to Jurisdiction and Venue;
                          Waiver of Jury Trial.

                  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to any
law or rule that would cause the laws of any jurisdiction other than the State
of New York to be applied.

<PAGE>
                  ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY
WAY TO THIS AGREEMENT MAY BE BROUGHT AND ENFORCED IN THE COURTS OF THE STATE OF
NEW YORK OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK, TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR, AND THE PARTIES
IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY
SUCH ACTION OR PROCEEDING. EACH OF THE PARTIES IRREVOCABLY WAIVE, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO
THE LAYING OF VENUE OF ANY SUCH ACTION OR PROCEEDING IN THE COURTS OF THE STATE
OF NEW YORK LOCATED IN NEW YORK COUNTY OR THE SOUTHERN DISTRICT OF NEW YORK AND
ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN
BROUGHT IN ANY INCONVENIENT FORUM. ANY JUDGMENT MAY BE ENTERED IN ANY COURT
HAVING JURISDICTION THEREOF.

                  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR
RELATING TO THIS AGREEMENT.

         SECTION 23.      Remedies.

                  (a) Each Stockholder shall have all rights and remedies
reserved for such Stockholder pursuant to this Agreement and the Articles of
Incorporation and the Bylaws of the Corporation and all rights and remedies
which such Stockholder has been granted at any time under any other agreement or
contract and all of the rights which such holder has under any law or equity.
Any Person having any rights under any provision of this Agreement will be
entitled to enforce such rights specifically, to recover damages by reason of
any breach of any provision of this Agreement and to exercise all other rights
granted by law or equity.

                  (b) The parties hereto agree that if any parties seek to
resolve any dispute arising under this Agreement pursuant to a legal proceeding,
the prevailing parties to such proceeding shall be entitled to receive
reasonable fees and expenses (including reasonable attorneys' fees and expenses)
incurred in connection with such proceedings.

                  (c) It is acknowledged that it will be impossible to measure
in money the damages that would be suffered if the parties fail to comply with
any of the obligations herein imposed on them and that in the event of any such
failure, an aggrieved Person will be irreparably damaged and will not have an
adequate remedy at law. Any such Person shall, therefore, be entitled to
injunctive relief, including specific performance, to enforce such obligations,
and if any action should be brought in equity to enforce any of the provisions
of this Agreement, none of the parties hereto shall raise the defense that there
is an adequate remedy at law.

<PAGE>
         SECTION 24.      Titles and Subtitles.

                  The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this
Agreement.

         SECTION 25.      Severability.

                  It is the desire and intent of the parties that the provisions
of this Agreement be enforced to the fullest extent permissible under the law
and public policies applied in each jurisdiction in which enforcement is sought.
Accordingly, in the event that any provision of this Agreement would be held in
any jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction. Notwithstanding the
foregoing, if such provision could be more narrowly drawn so as not be invalid,
prohibited or unenforceable in such jurisdiction, it shall, as to such
jurisdiction, be so narrowly drawn, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction.

                                      ****

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
Registration Rights Agreement on the date first written above.

                           THERMADYNE HOLDINGS CORPORATION

                           BY: /s/ JAMES H. TATE
                              --------------------------------------------------
                              Name:   James H. Tate
                              Title:

                           ANGELO GORDON & CO., L.P.

                           BY:
                              --------------------------------------------------
                              Name:
                              Title:

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
Registration Rights Agreement on the date first written above.

                           THERMADYNE HOLDINGS CORPORATION

                           By:
                              --------------------------------------------------
                              Name:
                              Title:

                           ANGELO GORDON & CO., L.P., on behalf of
                           certain managed funds and accounts.

                           By: /s/ MICHAEL L. GORDON
                              --------------------------------------------------
                              Name:   Michael L. Gordon
                              Title:  Chief Operating Officer

<PAGE>
                                                                         ANNEX I

ANGELO GORDON & CO., L.P.
245 Park Ave., 26th Floor
New York, NY 10167
Attn: Brad Patelli
Attn: Jeffrey H. Aronson

with a copy to:

O'Melveny & Myers LLP
30 Rockefeller Plaza, 41st Fl.
New York, NY 10112
Attn: Adam Harris

The following parties are nominees and/or trustees of Angelo Gordon & Co., L.P.
and hold, for the benefit of Angelo Gordon & Co., L.P., that number of
Registrable Shares set forth opposite such entity's name:

<Table>
<Caption>
                                       REGISTRABLE SHARES HELD FOR THE BENEFIT OF
NAME OF NOMINEE/TRUSTEE                         ANGELO GORDON & CO., L.P.
-----------------------                         -------------------------
<S>                                    <C>
Sigler & Co.
c/o AG Capital Funding Partners, L.P.                   430,659

Sigler & Co.
c/o Northwards Capital, Limited.                        251,345

Silver Oak Capital, LLC
c/o Angelo Gordon & Co., L.P.                         3,938,769

Credit Suisse First Boston
c/o AG Capital Funding Partners, L.P.                    67,707

Goldman Sachs Credit Partners, L.P.
c/o AG Capital Funding Partners, L.P.                    26,958

Goldman Sachs Credit Partners, L.P.
c/o Silver Oak Capital, LLC
for the benefit of Angelo Gordon & Co., L.P.            165,600
</Table><PAGE>

                                                                     Exhibit 4.4

           ----------------------------------------------------------

                                WARRANT AGREEMENT

                                     between

                         THERMADYNE HOLDINGS CORPORATION

                                       and

                          EQUISERVE TRUST COMPANY, N.A.

                                as Warrant Agent

           ----------------------------------------------------------

               1,157,000 Class A Warrants to Purchase Common Stock

           ----------------------------------------------------------

                            Dated as of May 23, 2003

           ----------------------------------------------------------

<PAGE>

         This Warrant Agreement (this "Warrant Agreement"), dated as of May __,
2003, is made by and between Thermadyne Holdings Corporation, a Delaware
corporation (the "Company"), and EquiServe Trust Company, N.A., a national
association, as warrant agent (the "Warrant Agent").

                             PRELIMINARY STATEMENTS

         A.       The Company proposes to issue 1,157,000 Class A warrants (the
"Warrants") to purchase Common Stock (as defined below) pursuant to the
Company's Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code
(the "Plan"), as confirmed pursuant to the order, dated April 3, 2003, of the
United States Bankruptcy Court for the Eastern District of Missouri, and the
terms and conditions of this Warrant Agreement.

         B.       The Company has requested the Warrant Agent to act on behalf
of the Company, and the Warrant Agent is willing so to act, in connection with
the issuance, division, transfer, exchange and exercise of Warrants pursuant to
the terms and conditions of this Warrant Agreement.

         Now, therefore, in consideration of the foregoing and for the purpose
of defining the terms and provisions of the Warrants and the respective rights
and obligations thereunder and hereunder of the Company, the Warrant Agent, and
the Holders, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and affirmed, the Company and the
Warrant Agent hereby agree as follows:

                             STATEMENT OF AGREEMENT

         1.       Definitions.

         As used in this Warrant Agreement, the following capitalized terms have
the respective meanings set forth below:

         "Business Day" shall mean any day that is not a Saturday or Sunday or a
day on which banks are required or permitted to be closed in the State of New
York or the State of Delaware.

         "Common Stock" shall mean the common stock, $0.01 par value per share.

         "Company" shall have the meaning assigned to such term in the preamble
of this Warrant Agreement.

         "Exercise Price" shall mean $13.85, the price at which a share of
Common Stock may be purchased pursuant to this Warrant Agreement, as such price
may be adjusted pursuant to Section 6 of this Agreement.

         "Expiration Date" shall mean the first anniversary of the date hereof.

         "Holder" shall mean the Person in whose name a Warrant is registered in
the warrant register of the Company maintained by or on behalf of the Company
for such purpose.

                                       1

<PAGE>

         "Majority Holders" shall mean the Holders of Warrants then outstanding,
exercisable for in excess of 50% of the aggregate number of shares of Common
Stock then purchasable upon exercise of all Warrants.

         "Other Property" shall have the meaning set forth in Section 6.3.

         "Person" shall mean any individual, sole proprietorship, partnership,
joint venture, trust, incorporated organization, association, corporation,
limited liability company, limited liability partnership, institution, public
benefit corporation, entity or government (whether federal, state, county, city,
municipal or otherwise, including, without limitation, any instrumentality,
division, agency, body or department thereof).

         "Plan" shall have the meaning assigned to such term in the recitals.

         "Transaction" shall have the meaning set forth in Section 6.3.

         "Warrant Agent" shall have the meaning assigned to such term in the
preamble of this Warrant Agreement and shall include any successor Warrant Agent
hereunder.

         "Warrant Agent's Principal Office" shall mean the principal office of
the Warrant Agent at 150 Royall Street, Canton, Massachusetts 02021 (or such
other office of the Warrant Agent or any successor thereto hereunder acceptable
to the Company as set forth in a written notice provided to the Company and the
Holders).

         "Warrant Agreement" shall have the meaning assigned to such term in the
preamble of this Warrant Agreement.

         "Warrant Price" shall mean an amount equal to (i) the number of shares
of Common Stock being purchased upon exercise of a Warrant pursuant to Section
4.1, multiplied by (ii) the Exercise Price.

         "Warrant Stock" shall mean the shares of Common Stock purchased by the
Holders of the Warrants upon the exercise thereof.

         "Warrants" shall have the meaning assigned to such term in the recitals
to this Warrant Agreement, and shall include all Warrants issued upon
registration of transfer, division or combination of, or in substitution for,
any thereof. All Warrants shall at all times be identical as to terms and
conditions and date, except as to the number of shares of Common Stock for which
they may be exercised.

         2.       Appointment of Warrant Agent. The Company hereby appoints the
Warrant Agent to act as agent for the Company in accordance with the
instructions set forth in this Warrant Agreement, and the Warrant Agent hereby
accepts such appointment.

         3.       Issuance; Registration; Form and Execution of Warrants.

                  3.1      Issuance. The Company hereby authorizes the Warrants
and issues and grants to the Holders listed on Schedule A hereto the number of
Warrants set forth opposite the

                                       2

<PAGE>

name of such Holder on Schedule A attached hereto under the heading "Aggregate
Number of Warrants." Each Warrant shall entitle the Holder, subject to the
satisfaction of the conditions to exercise set forth in Section 4 of this
Warrant Agreement, to purchase from and after the date hereof and until 5:00
p.m., New York City time, on the Expiration Date one share of Common Stock of
the Company at the Exercise Price. The number of Warrants issued to Holder
pursuant to this Warrant Agreement, the number of shares of Common Stock
issuable on exercise of each Warrant and the Exercise Price are all subject to
adjustment pursuant to Section 6 of this Warrant Agreement.

                  3.2      Registration. The Warrants shall be issued in
registered form only. All Warrants shall be numbered and shall be registered in
a warrant register maintained at the Warrant Agent's Principal Office by the
Warrant Agent as they are issued. The Company and the Warrant Agent shall be
entitled to treat a Holder as the owner in fact for all purposes whatsoever of
each Warrant registered in such Holder's name.

                  3.3      Form of Warrant. The text of each Warrant, the Form
of Election to Purchase and Form of Assignment shall be substantially in the
form attached hereto as Exhibit A. Each Warrant shall be executed on behalf of
the Company by its President or one of its Vice Presidents. The signatures on
the Warrants may be manual or facsimile. Warrants bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of
the Company shall bind the Company, notwithstanding that such individuals or any
one of them shall have ceased to hold such offices prior to the delivery of such
Warrants or did not hold such offices on the date of this Warrant Agreement.
Warrants shall be dated as of the date of countersignature thereof by the
Warrant Agent either upon initial issuance or upon division, exchange,
substitution, registration of transfer.

                  3.4      Countersignature of Warrants. Each Warrant shall be
manually countersigned by the Warrant Agent and shall not be valid for any
purpose unless so countersigned. Warrants may be countersigned, however, by the
Warrant Agent and may be delivered by the Warrant Agent, notwithstanding that
the persons whose manual signatures appear thereon as proper officers of the
Company shall have ceased to be such officers at the time of such
countersignature, issuance or delivery.

         4.       Exercise of Warrants.

                  4.1      Manner of Exercise. From and after the date hereof
until 5:00 p.m., New York City time, on the Expiration Date, a Holder may
exercise any of the Warrants, on any Business Day, for all or any part of the
number of shares of Common Stock purchasable thereunder. In order to exercise a
Warrant, in whole or in part, a Holder shall deliver to the Company at the
Warrant Agent's Principal Office, (i) a written notice of such Holder's election
to exercise such Warrant, which notice shall include the number of shares of
Common Stock to be purchased, (ii) payment of the Warrant Price in immediately
available funds, certified cashiers or official bank check, or any combination
thereof, in each case in United States dollars for the account of the Company
and (iii) such Warrant. Such notice shall be substantially in the form of the
Election to Purchase attached hereto as Exhibit A, duly executed by such Holder
or its agent or attorney. Upon receipt thereof, the Warrant Agent shall, as
promptly as practicable, and in any event within 3 Business Days thereafter,
deliver or cause to be delivered to such Holder an

                                       3

<PAGE>

executed certificate or certificates representing the aggregate number of full
shares of Common Stock issuable upon such exercise. The stock certificate or
certificates so delivered shall be, to the extent possible, in such denomination
or denominations as such Holder shall request in the notice and shall be
registered in the name of such Holder or such other name as shall be designated
in such notice. A Warrant shall be deemed to have been exercised and such
certificate or certificates shall be deemed to have been issued, and such Holder
or any other Person so designated to be named therein shall be deemed to have
become a holder of record of such shares for all purposes, as of the date such
notice, together with payment of the Warrant Price and such Warrant, is received
by the Warrant Agent as described above and all taxes required to be paid by
such Holder, if any, pursuant to Section 4.2 have been paid. If any Warrant
shall have been exercised in part, the Warrant Agent shall, at the time of
delivery of the certificate or certificates representing Warrant Stock, deliver
to the Holder a new Warrant evidencing the rights of such Holder to purchase the
unpurchased shares of Common Stock called for by such Warrant, which new Warrant
shall in all other respects be identical with the Warrant exercised in part, or,
at the request of such Holder, appropriate notation may be made on such
exercised Warrant and the same returned to such Holder. Notwithstanding any
provision herein to the contrary, the Warrant Agent shall not be required to
cause to be issued shares in the name of any Person who acquired a Warrant (or
part thereof) or any Warrant Stock otherwise than in accordance with such
Warrant and this Warrant Agreement.

                  4.2      Payment of Taxes. The Company shall pay all expenses
and costs in connection with the issuance or delivery of the Warrants. The
Holder shall be responsible for any taxes or other governmental charges imposed
on such Holder with respect to the issuance or delivery of the Warrants.

                  4.3      Fractional Shares. The Company shall not issue
fractional shares of Common Stock upon exercise of any Warrant. Whenever any
distribution of Warrants exercisable into fractional shares of Common Stock
would otherwise be called for, the actual distribution thereof shall be rounded
as follows: (i) fractions of 1/2 or greater shall be rounded to the next higher
whole number and (ii) fractions of less than 1/2 shall be rounded to the next
lower whole number.

         5.       Transfer; Division and Combination.

                  5.1      Transfer. Subject to the following provisions of this
Section 5.1, the Warrants are transferable, in whole or in part upon surrender
of the Warrant substantially in the form attached hereto as Exhibit A evidencing
such Warrants at the Warrant Agent's Principal Office, together with an
Assignment of such Warrant substantially in the form attached hereto as Exhibit
A duly executed by the Holder or its agent or attorney and payment of all funds
sufficient to pay any taxes payable upon the making of such transfer. Upon such
surrender and, if required, such payment, and subject to Section 9, the Company
shall execute, register or cause the registration of the transfer upon the books
maintained by the Warrant Agent and the Warrant Agent shall countersign and
deliver a new Warrant or Warrants in the name of the assignee or assignees and
in the denomination specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of such Warrant not so
assigned, and the surrendered Warrant shall promptly be cancelled. A Warrant, if
properly assigned, may be exercised by a new Holder for the purchase of shares
of Common Stock without having a new Warrant issued.

                                       4

<PAGE>

                  5.2      Division and Combination. Any Warrant may be divided
or combined with other Warrants upon presentation thereof at the Warrant Agent's
Principal Office, together with a written notice specifying the names and
denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. Subject to compliance with Section 5.1, as to any
transfer which may be involved in such division or combination, the Company
shall execute and the Warrant Agent shall countersign and deliver a new Warrant
or Warrants in exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice.

                  5.3      Maintenance of Books. The Warrant Agent agrees to
maintain, at the Warrant Agent's Principal Office, the warrant register for the
registration of warrants and the registration of transfer of the Warrants.

         6.       Adjustments. The number of shares of Warrant Stock for which a
Warrant is exercisable, and the Exercise Price shall be subject to adjustment
from time to time as set forth in this Section 6.

                  6.1      Stock Dividends, Subdivisions and Combinations. If at
any time the Company shall: (i) take a record of the holders of its Common Stock
for the purpose of entitling them to receive a dividend payable in, or other
distribution of, additional shares of Common Stock; (ii) subdivide its
outstanding shares of Common Stock into a larger number of shares of Common
Stock, or (iii) combine its outstanding shares of Common Stock into a smaller
number of shares of Common Stock, then (a) the number of shares of Common Stock
for which a Warrant is exercisable immediately after the occurrence of any such
event shall be adjusted to equal the number of shares of Common Stock that a
record holder of the same number of shares of Common Stock for which a Warrant
is exercisable immediately prior to the occurrence of such event would own or be
entitled to receive after the happening of such event and (b) the Exercise Price
shall be adjusted to equal (1) the Exercise Price multiplied by the number of
shares of Common Stock for which a Warrant is exercisable immediately prior to
the adjustment divided by (2) the number of shares for which a Warrant is
exercisable immediately after such adjustment.

                  6.2      Other Provisions Applicable to Adjustments under this
Section. The following provisions shall be applicable to the making of
adjustments of the number of shares of Common Stock for which a Warrant is
exercisable and the Exercise Price provided for in this Section 6:

                           (a)      When Adjustments to Be Made. The adjustments
required by this Section 6 shall be made whenever and as often as any specified
event requiring an adjustment shall occur, except that any adjustment of the
number of shares of Common Stock for which a Warrant is exercisable that
otherwise would be required may be postponed (except in the case of a
subdivision or combination of shares of Common Stock, as provided for in Section
6.1) up to, but not later than the date of exercise if such adjustment either by
itself or with other adjustments not previously made would result in an increase
or decrease, as the case may be, of less than 1% of the shares of Common Stock
for which a Warrant is exercisable immediately prior to the

                                       5

<PAGE>

making of such adjustment. Any adjustment representing a change of less than
such minimum amount (except as aforesaid) which is postponed shall be carried
forward and made as soon as such adjustment, together with other adjustments
required by this Section 6 and not previously made, would result in a minimum
adjustment or on the date of exercise. For the purpose of any adjustment, any
specified event shall be deemed to have occurred at the close of business on the
date of its occurrence.

                           (b)      Fractional Interests. In computing
adjustments pursuant to this Section 6, fractional interests in Common Stock
shall be taken into account to the nearest 1/1000th of a share.

                  6.3      Reorganization, Reclassification, Merger,
Consolidation or Sale of Substantially all Assets of the Company. If the Company
(or any other entity, the stock or other securities of which are at the time
receivable on the exercise of the Warrants) shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another Person
(where the Company is not the surviving corporation or resulting entity) or
where there is a change in or distribution with respect to the Common Stock of
the Company (other than as a result of a stock dividend, stock split, reverse
stock split, recapitalization or the like provided for in Section 6.1 above)
(each such event hereinafter referred to as a "Transaction"), and pursuant to
the terms of any such Transaction, the consideration to be paid or distributed
to or otherwise received by the holders of Common Stock consists of shares of
common stock of the surviving corporation or resulting entity and/or any cash,
shares of stock (not constituting common stock) or other securities or property
of any nature whatsoever (including warrants or other subscription or purchase
rights) (such non-common stock property hereinafter referred to as "Other
Property"), then each Holder shall receive, upon exercise of a Warrant, the
number of shares of common stock of the surviving corporation or resulting
entity and such amount of Other Property receivable pursuant to such Transaction
by a holder of the number of shares of Warrant Stock for which a Warrant is
exercisable immediately prior to the effective time of such Transaction. In the
case of any Transaction of the type described in the preceding sentence, it
shall be a condition precedent to consummation of the Transaction that the
surviving corporation or resulting entity expressly assume the due and punctual
observance and performance of each and every covenant and condition of this
Warrant Agreement and the Warrants to be performed and observed by the Company
and all the obligations and liabilities hereunder, subject to such modifications
as may be deemed appropriate (as determined by resolution of the Board of
Directors of the Company) in order to provide for adjustments of shares of the
Warrant Stock for which a Warrant is exercisable which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 6.3.
For purposes of this Section 6.3, "common stock of the surviving corporation or
resulting entity" shall include stock of such corporation of any class which
does not have a preference as to dividends or assets over any other class of
stock of such corporation and which is not subject to redemption and shall also
include any evidences of indebtedness, shares of stock or other securities which
are convertible into or exercisable or exchangeable for any such stock, either
immediately, after the lapse of any prescribed time period or the occurrence of
a specified event, and any warrants or other rights to subscribe for or purchase
any such stock. The foregoing provisions of this Section 6.3 shall similarly
apply to successive Transactions.

                                       6

<PAGE>

                  6.4      Below Value Issuances of Common Stock. In addition to
any other anti-dilution rights set forth in this Section 6, if the Company shall
issue any shares of Common Stock (or any security convertible into, or
exercisable or exchangeable for, any shares of Common Stock) for a value less
than the then current fair market value of the Common Stock, as determined in
good faith by the Company's Board of Directors, then there shall be a concurrent
fair and equitable adjustment of the number of shares of Common Stock for which
a Warrant is exercisable and the Exercise Price thereof (such fair and equitable
adjustment to be determined in good faith by the Company's Board of Directors);
provided, that the provisions of this sentence do not apply to any securities
issued or issuable (a) pursuant to the terms of any warrant, option or other
convertible or exchangeable security issued in connection with the Plan, (b) to
any vendor, customer, lessor or lender in connection with any commercial
transaction, lease arrangement or financing approved by the Company's Board of
Directors, (c) to directors, officers or employees of, or consultants to, the
Company under any Company stock purchase, compensation, incentive or other
similar plan, (d) in connection with any merger, consolidation, acquisition or
similar transaction with any entity or entities that are not affiliates (as such
term is defined in Rule 405 of the Securities Act of 1933) of the Company or its
executive officers or directors and is approved by the Board of Directors of the
Company, (e) in connection with any strategic alliance, including without
limitation, any joint venture and any manufacturing, development, marketing or
distribution arrangement with any entity or entities that are not affiliates (as
such term is defined in Rule 405 of the Securities Act of 1933) of the Company
or its executive officers or directors and is approved by the Board of Directors
of the Company, or (vi) in any of the transactions described in any of the other
provisions of this Section 6. Notwithstanding the foregoing, none of the
adjustments set forth in this Section 6.4 shall occur if the Company shall issue
Common Stock (or any security convertible into, or exercisable or exchangeable
for, any shares of Common Stock) for a value not less than 85% of fair market
value in connection with any public offering.

                  6.5      Certain Limitations. Notwithstanding anything herein
to the contrary, the Company agrees not to enter into any transaction which, by
reason of any adjustment hereunder, would cause the Exercise Price to be less
than the par value per share of Common Stock unless the Company shall take such
corporate action in order that the Company may validly and legally issue fully
paid and nonassessable shares of such Common Stock at such adjusted Exercise
Price.

         7.       Notice to Warrant Holders. Whenever the number of shares of
Warrant Stock for which a Warrant is exercisable, or whenever the Exercise
Price, shall be adjusted pursuant to Section 6, the Company shall forthwith
prepare a certificate setting forth, in reasonable detail, the event requiring
the adjustment and the method by which such adjustment was calculated,
specifying the number of shares of Common Stock for which a Warrant is
exercisable and describing the number and kind of any other shares of stock or
Other Property for which a Warrant is exercisable, and any change in the
purchase price or prices thereof, after giving effect to such adjustment or
change. The Company shall promptly cause a signed copy of such certificate to be
delivered to the Warrant Agent and each Holder in accordance with Section 14.2.
The Company shall keep at its office or agency designated by the Company
pursuant to Section 12 copies of all such certificates and cause the same to be
available for inspection at said office during normal business hours by any
Holder or any prospective purchaser of a Warrant designated by a Holder thereof.

                                       7

<PAGE>

         8.       No Impairment. The Company shall not by any action, including,
without limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant Agreement or any
Warrant. Without limiting the generality of the foregoing, the Company will (i)
not increase the par value of any shares of Common Stock receivable upon the
exercise of a Warrant above the amount payable therefor upon such exercise
immediately prior to such increase in par value and (ii) take all such action as
may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of Common Stock upon the
exercise of any Warrant.

         9.       Reservation and Authorization of Common Stock. From and after
the date hereof, the Company shall at all times reserve and keep available for
issue upon the exercise of Warrants such number of its authorized but unissued
shares of Common Stock as will be sufficient to permit the exercise in full of
all outstanding Warrants. All shares of Common Stock which shall be so issuable,
when issued upon exercise of any Warrant and payment therefor in accordance with
the terms of this Warrant Agreement and such Warrant, shall be duly and validly
issued and fully paid and nonassessable, and not subject to preemptive rights.

         10.      Stock and Warrant Transfer Books. The Company will not at any
time, except upon dissolution, liquidation or winding up of the Company, close
its stock transfer books or Warrant transfer books so as to result in preventing
or delaying the exercise or transfer of any Warrant.

         11.      Loss or Mutilation. Upon receipt by the Company and the
Warrant Agent from any Holder of evidence reasonably satisfactory to them of the
ownership of and the loss, theft, destruction or mutilation of such Holder's
Warrant and indemnity reasonably satisfactory to them, and in case of mutilation
upon surrender and cancellation thereof, the Company will execute and the
Warrant Agent will countersign and deliver in lieu hereof a new Warrant of like
tenor and representing an equal number of Warrants to such Holder; provided, in
the case of mutilation, no indemnity shall be required if such Warrant in
identifiable form is surrendered to the Company or the Warrant Agent for
cancellation.

         12.      Office of Company. As long as any of the Warrants remain
outstanding, the Company shall maintain an office or agency (which may be the
principal executive offices of the Company) where the Warrants may be presented
for exercise, registration of transfer, division or combination as provided in
this Warrant Agreement. The Company shall initially maintain such an agency at
the Warrant Agent's Principal Offices.

         13.      Warrant Agent.

                  13.1     Merger or Consolidation or Change of Name of Warrant
Agent. Any Person into which the Warrant Agent may be merged or with which it
may be consolidated, or any Person resulting from any merger or consolidation to
which the Warrant Agent shall be a party, or any Person succeeding to all or
substantially all of the corporate trust business of the Warrant Agent, shall be
the successor to the Warrant Agent hereunder without the execution or filing of
any paper or any further act on the part of any of the parties hereto. If at the
time such

                                       8

<PAGE>

successor by merger or consolidation to the Warrant Agent shall succeed to the
agency created by this Warrant Agreement any of the Warrants shall have been
countersigned but not delivered, any such successor to the Warrant Agent may
adopt the countersignature of the predecessor Warrant Agent and deliver such
Warrants so countersigned; and if at that time any of the Warrants shall not
have been countersigned, any successor to the Warrant Agent may countersign such
Warrants either in the name of the predecessor Warrant Agent or in the name of
the successor Warrant Agent; and in all such cases Warrants shall have the full
force provided in the Warrants and in this Warrant Agreement. If at any time the
name of the Warrant Agent shall be changed and at such time any of the Warrants
shall have been countersigned but not delivered, the Warrant Agent may adopt the
countersignatures under its prior name and deliver such Warrants so
countersigned; and if at that time any of the Warrants shall not have been
countersigned as provided in Section 3.3, the Warrant Agent may countersign such
Warrants either in its prior name or in its changed name; and in all such cases
such Warrants shall have the full force provided in the Warrants and in this
Warrant Agreement.

                  13.2     Certain Terms and Conditions Concerning the Warrant
Agent. The Warrant Agent undertakes the duties and obligations imposed by this
Warrant Agreement upon the following terms and conditions, by all of which the
Company and the Holders, by their acceptance of Warrants, shall be bound:

                           (a)      Correctness of Statements. The statements
contained herein and in the Warrants shall be taken as statements of the Company
and the Warrant Agent assumes no responsibility for the correctness of any of
the same. The Warrant Agent assumes no responsibility with respect to the
distribution of the Warrants except as herein expressly provided.

                           (b)      Breach of Covenants. The Warrant Agent shall
not be responsible for any failure of the Company to comply with any of the
covenants contained in this Warrant Agreement or in the Warrants to be complied
with specifically by the Company.

                           (c)      Performance of Duties. The Warrant Agent may
execute and exercise any of the rights or powers hereby vested in it or perform
any duty hereunder either itself or by or through its attorneys or agents (which
shall not include its employees) and shall not be responsible for the misconduct
or negligence of any agent appointed with due care.

                           (d)      Reliance on Counsel. The Warrant Agent may
consult at any time with legal counsel satisfactory to it and the Warrant Agent
shall incur no liability or responsibility to the Company or to any Holder in
respect of any action taken, suffered or omitted by it hereunder in good faith
and in accordance with the opinion or the advice of such counsel provided that
such counsel shall have been selected with due care.

                           (e)      Proof of Actions Taken. Whenever in the
performance of its duties under this Warrant Agreement the Warrant Agent shall
deem it necessary or desirable that any fact or matter be proved or established
by the Company prior to taking or suffering any action hereunder, such fact or
matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed conclusively to be proved and established by a
certificate signed by the President, a Vice President, the Secretary or an
Assistant Secretary of the Company and

                                       9

<PAGE>

delivered to the Warrant Agent; and such certificate shall be full authorization
to the Warrant Agent for any action taken or suffered in good faith by it under
the provisions of this Warrant Agreement in reliance upon such certificate.

                           (f)      Legal Proceedings. The Warrant Agent shall
be under no obligation to institute any action, suit or legal proceeding or to
take any other action likely to involve expense unless the Company or one or
more Holders shall furnish the Warrant Agent with reasonable security and
indemnity for any costs and expenses that may be incurred, but this provision
shall not affect the power of the Warrant Agent to take such action as the
Warrant Agent may consider proper, whether with or without any such security or
indemnity. All rights of action under this Warrant Agreement or under any of the
Warrants may be enforced by the Warrant Agent without the possession of any of
the Warrants or the production thereof at any trial or other proceeding relative
thereto, and any such action, suit or proceeding instituted by the Warrant Agent
shall be brought in its name as Warrant Agent, and any recovery of judgment
shall be for the ratable benefit of the Holders, as their respective rights or
interests may appear.

                           (g)      Other Transactions in Securities of the
Company. The Warrant Agent and any stockholder, director, officer or employee of
the Warrant Agent may buy, sell or deal in any of the Warrants or other
securities of the Company or become pecuniarily interested in any transaction in
which the Company may be interested, or contract with or lend money to the
Company or otherwise act as fully and freely as though it were not Warrant Agent
under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent
from acting in any other capacity for the Company or for any other legal entity.

                           (h)      Liability of Warrant Agent. The Warrant
Agent shall act hereunder solely as agent, and its duties shall be determined
solely by the provisions hereof. The Warrant Agent shall not be liable for
anything that it may do or refrain from doing in connection with this Warrant
Agreement except for its own gross negligence or bad faith.

                           (i)      Reliance on Documents. The Warrant Agent
will not incur any liability or responsibility to the Company or to any Holder
for any action taken in reliance on any notice, resolution, waiver, consent,
order, certificate, or other paper, document or instrument reasonably believed
by it to be genuine and to have been signed, sent or presented by the proper
party or parties.

                           (j)      Validity of Agreements. The Warrant Agent
shall not be under any responsibility in respect of the validity of this Warrant
Agreement or the execution and delivery hereof (except the due execution and
delivery hereof by the Warrant Agent) or in respect of the validity or execution
of any Warrant (except its countersignature and delivery thereof); nor shall the
Warrant Agent by any act hereunder be deemed to make any representation or
warranty as to the authorization or reservation of any Warrant Stock (or other
stock or other property) to be issued pursuant to this Warrant Agreement or any
Warrant, or as to whether any Warrant Stock (or other stock or other property)
will, when issued, be validly issued, fully paid and nonassessable, or as to the
Warrant Price or the number or amount of Warrant Stock or other securities or
other property issued upon exercise of any Warrant.

                                       10

<PAGE>

                           (k)      Instructions from Company. The Warrant Agent
is hereby authorized and directed to accept instructions with respect to the
performance of its duties hereunder from the President, a Vice President, the
Secretary or any Assistant Secretary of the Company, and to apply to such
officers for advice or instructions in connection with its duties, and shall not
be liable for any action taken or suffered to be taken by it in good faith in
accordance with instructions of any such officer or officers.

                  13.3     Change of Warrant Agent. The Warrant Agent may resign
and be discharged from its duties under this Warrant Agreement by giving to the
Company 30 days' advance notice in writing. The Warrant Agent may be removed by
like notice to the Warrant Agent from the Company. If the Warrant Agent shall
resign or be removed or shall otherwise become incapable of acting, the Company
shall appoint a successor to the Warrant Agent. If the Company shall fail to
make such appointment within a period of 30 days after such removal or after it
has been notified in writing of such resignation or incapacity by the resigning
or incapacitated Warrant Agent, then any Holder may apply to a court of
competent jurisdiction for the appointment of a successor to the Warrant Agent.
Pending the appointment of the successor warrant agent, the Company shall
perform the duties of the Warrant Agent. After appointment, the successor
warrant agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Warrant Agent without
further act or deed; provided, however, the former Warrant Agent shall be
required to deliver and transfer to the successor warrant agent any property at
the time held by it hereunder, and execute and deliver any further assurance,
conveyance, act or deed necessary for the purpose. Failure to file any notice
provided for in this Section 13.3, however, or any defect therein, shall not
affect the legality or validity of the resignation or removal of the Warrant
Agent or the appointment of the successor warrant agent, as the case may be. In
the event of such resignation or removal, the successor warrant agent shall
mail, first class, to each Holder, written notice of such removal or resignation
and the name and address of such successor warrant agent.

                  13.4     Disposition of Proceeds on Exercise of Warrants,
Inspection of Warrant Agreement. The Warrant Agent shall account promptly to the
Company with respect to Warrants exercised and concurrently pay to the Company
in immediately available funds all amounts received by the Warrant Agent for the
purchase of the Warrant Stock through the exercise of such Warrants. The Warrant
Agent shall, upon request of the Company from time to time, deliver to the
Company such complete reports of registered ownership of the Warrants and such
complete records of transactions with respect to the Warrants as the Company may
request. The Warrant Agent shall also make available to the Company for
inspection by the Company's agents or employees, from time to time as the
Company may request, such original books of accounts and records maintained by
the Warrant Agent in connection with the issuance and exercise of Warrants
hereunder, such inspections to occur at the Warrant Agent's Principal Office.
The Warrant Agent shall keep copies of this Warrant Agreement and any notices
given or received hereunder available for inspection by the Company or the
Holders at the Warrant Agent's Principal Office. The Company shall supply the
Warrant Agent from time to time with such numbers of copies of this Warrant
Agreement as the Warrant Agent may request.

                  13.5     Cancellation. The Warrant Agent shall cancel all
Warrant certificates properly surrendered for exercise, exchange, substitution,
or transfer. The Warrant Agent shall destroy all cancelled Warrant certificates
and, if requested, deliver a certificate of such destruction to the Company.

                                       11

<PAGE>

                  13.6     Survival. This Section 13 shall survive the
resignation or removal of the Warrant Agent and the termination of this Warrant
Agreement.

         14.      Miscellaneous.

                  14.1     Listing of Common Stock. The Company shall use
reasonable commercial efforts to cause the shares of Common Stock to be listed
on a national securities exchange or the NASDAQ National Market. The Company
shall voluntarily maintain the registration of the Common Stock under Section
12(g) of the Securities Exchange Act of 1934, as amended.

                  14.2     Rights of Holders. Holders of unexercised Warrants
are not entitled to (i) receive dividends or other distributions, (ii) receive
notice of or vote at any meeting of the stockholders, (iii) consent to any
action of the stockholders, (iv) exercise any preemptive right, or (v) exercise
any other right whatsoever granted to stockholders of the Company.

                  14.3     Notice Generally. Any notice, demand, request,
consent, approval, declaration, delivery or other communication hereunder to be
made pursuant to the provisions of this Warrant Agreement shall be sufficiently
given or made if in writing and either delivered in person with receipt
acknowledged or sent by registered or certified mail, return receipt requested,
postage prepaid or by facsimile, addressed as follows:

                           If to any Holder or holder of Warrant Stock, at its
last known address appearing on the warrant register of the Company maintained
for such purpose.

                           If to Company at:

                           Thermadyne Holdings Corporation
                           16052 Swingley Ridge Rd., Suite 300
                           Chesterfield, Missouri 63017
                           Attn: Mr. James Tate
                           Telephone: (636) 728-3107
                           Facsimile: (636) 728-3010

                           with a copy to:

                           Thermadyne Holdings Corporation
                           16052 Swingley Ridge Rd., Suite 300
                           Chesterfield, Missouri 63017
                           Attn: Ms. Patti Williams
                           Telephone: (636) 728-3133
                           Facsimile: (636) 728-3011

                                       12

<PAGE>

                           If to Warrant Agent at:

                           EquiServe Trust Company, N.A.
                           150 Royall Street
                           Canton, Massachusetts 02021
                           Attention: Matthew Attubato
                           Telephone: (781) 575-2628
                           Fax: (781) 575-2901

or at such other address as may be substituted by notice given as herein
provided. The giving of any notice required hereunder may be waived in writing
by the party entitled to receive such notice. Every notice, demand, request,
consent, approval, declaration, delivery or other communication hereunder shall
be deemed to have been duly given or served on the date on which personally
delivered, the first Business Day after delivery by facsimile, receipt
acknowledged, or the third Business Day after deposit in the United States mail,
whichever is earlier.

                  14.4     Successors and Assigns. All covenants and provisions
of this Warrant Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective successors and
assigns hereunder.

                  14.5     Amendment. This Warrant Agreement and the Warrants
may only be modified or amended or the provisions hereof and thereof waived with
the written consent of the Company, the Warrant Agent and the Majority Holders,
provided that no Warrant may be modified or amended to reduce the number of
shares of Common Stock for which such Warrant is exercisable or to increase the
price at which such shares may be purchased upon exercise of such Warrant
(before giving effect to any adjustment as provided herein and therein) without
the prior written consent of the Holder thereof.

                  14.6     Third-Party Beneficiaries. All covenants and
provisions of this Warrant Agreement shall inure to the benefit of each Holder
from time to time of Warrants.

                  14.7     Severability. Wherever possible, each provision of
this Warrant Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant Agreement
shall be prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Warrant Agreement.

                  14.8     Headings. The headings used in this Warrant Agreement
are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant Agreement.

                  14.9     Governing Law. This Warrant Agreement and the
Warrants shall be governed by the laws of the State of Delaware, without regard
to the provisions thereof relating to conflict of laws.

                                       13

<PAGE>

                  14.10    Counterparts. This Warrant Agreement may be executed
in any number of counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together
constitute but one and the same instrument.

                                    * * * * *

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       14

<PAGE>

         In witness whereof, each of the Company and the Warrant Agent has
caused this Warrant Agreement to be executed by its duly authorized officers as
of the date first above written.

                             THERMADYNE HOLDINGS CORPORATION

                             By: /s/ James H. Tate
                                 ----------------------------------

                             Name: James H. Tate

                             Title: Senior Vice President, Chief
                                    Financial Officer and Office of the Chairman

                             EQUISERVE TRUST COMPANY, N.A.

                             By: __________________________________

                             Name: ________________________________

                             Title: Managing Director

<PAGE>

                                   Schedule A

Holder                                      Aggregate Number of Warrants

Cede & Co. (on behalf of US Bank            1,157,000
as Trustee for the 9 7/8% Senior
Subordinated Note Holders)

<PAGE>

                                    EXHIBIT A

                      [Form of Face of Warrant Certificate]

                                 CLASS A WARRANT
              TO PURCHASE COMMON STOCK, PAR VALUE $0.01 PER SHARE,
                                       OF
                         THERMADYNE HOLDINGS CORPORATION

CERTIFICATE NO.: ______________                 NUMBER OF WARRANTS:_____________

         Exercisable from and after the date hereof until 5:00 p.m., New York
City time on May __, 2004 (the "Expiration Date").

         This Warrant Certificate certifies that ____________________, or its
registered assigns, is the registered holder ("Holder") of the number of Class A
Warrants set forth above expiring at 5:00 p.m., New York City time, on the
Expiration Date (the "Warrants") to purchase common stock, par value $0.01 per
share (the "Common Stock"), of Thermadyne Holdings Corporation, a Delaware
corporation (the "Company"). The Common Stock issuable upon exercise of the
Warrants is hereinafter referred to as the "Warrant Stock." Each Warrant
entitles the Holder, upon exercise thereof, to purchase from the Company at any
time from and after the date hereof until 5:00 p.m., New York City time, on the
Expiration Date, one (1) share of Common Stock at the initial purchase price of
$13.85 per share subject to adjustment and the other terms and conditions set
forth herein and in the Warrant Agreement dated as of May __, 2003 (the "Warrant
Agreement") by and between the Company and EquiServe Trust Company, N.A., as
warrant agent (the "Warrant Agent"). Such purchase shall be payable in lawful
money of the United States of America by certified or official bank check or any
combination thereof to the order of the Warrant Agent for the account of the
Company at the principal office of the Warrant Agent, subject to the conditions
set forth herein and in the Warrant Agreement. The number of shares of Common
Stock for which each Warrant is exercisable, and the price at which such shares
may be purchased upon exercise of each Warrant, are subject to adjustment upon
the occurrence of certain events as set forth in the Warrant Agreement. Whenever
the number of shares of Common Stock for which a Warrant is exercisable, or the
price at which a share of such Common Stock may be purchased upon exercise of
the Warrants, is adjusted pursuant to the Warrant Agreement, the Company shall
cause written notice of such adjustment to be given to each Holder at such
Holders address appearing on the Warrant register by first class mail postage
pre-paid.

         No Warrant may be exercised after 5:00 p.m., New York City time, on the
Expiration Date, and to the extent not exercised by such time such Warrants
shall be void.

         Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse side hereof and such further provisions
shall for all purposes have the same effect as though fully set forth at this
place.

         This Warrant Certificate is not valid unless countersigned by the
Warrant Agent.

         THIS WARRANT CERTIFICATE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
DELAWARE, WITHOUT REGARD TO THE PROVISIONS THEREOF RELATING TO CONFLICT OF LAWS.

         In witness whereof, the undersigned, duly authorized officer of the
Company has caused this Warrant Certificate to be signed as of this __ day of
May, 2003.

                                        THERMADYNE HOLDINGS CORPORATION

                                        By: ____________________________________

                                        Name: __________________________________

                                        Title: _________________________________

                                        COUNTERSIGNED:

                                        EQUISERVE TRUST COMPANY, N.A.
                                        as Warrant Agent

                                        By: ____________________________________

                                        Name: __________________________________

                                        Title: _________________________________

<PAGE>

                    [Form of Reverse of Warrant Certificate]

         The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of up to 1,157,000 Warrants expiring at 5:00 p.m., New York
City time, on the Expiration Date, entitling the Holder, on exercise, to
purchase shares of Common Stock, par value $0.01 per share, of the Company, and
are issued or to be issued pursuant to the Warrant Agreement, which Warrant
Agreement is hereby incorporated by reference and made a part of this instrument
and is hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Warrant Agent, the Company
and the Holders. A copy of the Warrant Agreement may be obtained by the Holder
hereof upon written request to the Company or the Warrant Agent at the addresses
set forth below.

         Warrants may be exercised by surrendering this Warrant Certificate,
with the Election to Purchase set forth hereon properly completed and executed,
together with payment of the purchase price by certified or official bank check
payable to the order of the Warrant Agent for the account of the Company. In the
event that the number of Warrants exercised shall be less than the total number
of Warrants evidenced hereby, there shall be issued to the Holder hereof or the
Holder's assignee a new Warrant Certificate evidencing the number of Warrants
not exercised.

         The Warrant Agreement provides that the number of shares of Common
Stock for which each Warrant is exercisable, and the price at which such shares
may be purchased upon exercise of each Warrant, are subject to adjustment upon
the occurrence of certain events as set forth in the Warrant Agreement. The
Company shall not issue fractional shares of Common Stock upon the exercise of
any Warrant, and the Company shall round down to the nearest share of Common
Stock as provided in the Warrant Agreement.

         Warrant Certificates, when surrendered at the office of the Warrant
Agent by the registered Holder thereof in person or by legal representative or
attorney duly authorized in writing, may be exchanged, in the manner and subject
to the limitations provided in the Warrant Agreement for another Warrant
Certificate or Warrant Certificates of like tenor evidencing in the aggregate a
like number of Warrants.

         Upon due presentation for registration of transfer of this Warrant
Certificate at the office of the Warrant Agent a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a like number
of Warrants shall be issued to the transferee in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement.

                                    * * * * *

        COMPANY:                                   WARRANT AGENT:
        Thermadyne Holdings Corporation            EquiServe Trust Company, N.A.
        16052 Swingley Ridge Rd., Suite 300        150 Royall Street
        Chesterfield, Missouri 63017               Canton, Massachusetts 02021
        (636) 728-3000                             (781) 575-2628

                                    * * * * *

                              ELECTION TO PURCHASE

          The undersigned registered owner of this Warrant irrevocably exercises
this Warrant for the purchase of ______ shares of Common Stock of Thermadyne
Holdings Corporation and herewith makes payment therefor, all at the price and
on the terms and conditions specified in this Warrant and the Warrant Agreement
and requests that certificates for the shares of Common Stock hereby purchased
(and any securities or other property issuable upon such exercise) be issued in
and delivered to the name and address specified below and, if such shares of
Common Stock shall not include all of the shares of Common Stock issuable as
provided in this Warrant, that a new Warrant of like tenor and date for the
balance of the shares of Common Stock issuable hereunder be delivered to the
undersigned.

Date: __________                    ___________________________________________
                                    Signature of Registered Owner*

                                    ___________________________________________
                                    Name Common Stock to be Registered Under

                                    ___________________________________________
                                    Address Common Stock to be Registered Under

                                    * * * * *

                                   ASSIGNMENT

         For value received the undersigned registered owner of this Warrant
hereby sells, assigns and transfers unto the Assignee named below all of the
rights of the undersigned under this Warrant, with respect to _____________
shares of Common Stock and does hereby irrevocably constitute and appoint
_______________________ attorney-in-fact to register such transfer on the books
of Thermadyne Holdings Corporation, with full power of substitution in the
premises.

Date: __________                    ___________________________________________
                                    Signature of Registered Owner*

                                    ___________________________________________
                                    Name of Assignee

                                    ___________________________________________
                                    Address of Assignee

* THE SIGNATURE ON THE ELECTION TO PURCHASE OR ASSIGNMENT MUST CORRESPOND WITH
THE NAME AS WRITTEN UPON THE FACE OF THE WARRANT IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER.

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